Koncentracja własności i kontroli a wyniki spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie

Abstract

Purpose – The purpose of the research is to investigate the links between concentration of ownership and control of analysed companies and the value of their financial and market performance, as well as to test whether this performance depends on the presence of owners of large, but non -controlling blocks of votes among shareholders. Research method – The article presents an analysis of data contained in financial statements and Management Board’s reports. Pearson’s correlation coefficient, one -way ANOVA test and Kruskal -Wallis test were also used to investigate the links between concentration of ownership and control of analysed companies and the value of their financial and market performance.Results – The conducted studies showed theconcomitance of concentration of owner-ship and control in hands of shareholders holding over 5% of votes at the general meeting and the financial performance in the analysed entities.The research also showed that the relation between the market value of shares and their book value in companies in which shares of two largest shareholders were the same or comparable was higher than in entities in which a difference between these shares was observed. Moreover, ownership and control structure in such entities allowed them for a better use of resources.Originality / value / implications / recommendations – The article emphasises not only the role of ownership and control concentration as regards the value of financial and market performance of companies, but also presents the desired scope of concentration in the hands of the individual shareholders. It draws attention to the role of large, but non -controlling shareholders in corporate governance, especially in the mitigation of the horizontal agency conflict.