Ownership structure and the performance of firms: Evidence from France

Séverin, Éric

doi:10.1051/ejess:2001117

Cited by 15 publications

(11 citation statements)

References 40 publications

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“…The results may not reflect the actual situation. It is also consistent with what was found by researchers like (Severin, 2001;Kumar, 2003).…”

Section: H2: There Is a Significant Relationship Between Managerial Osupporting

confidence: 93%

“…This evidence was explained through "incentive and entrenchment integrated theory". Researchers also found conflicting results regarding managerial ownership as some found a positive relationship (Severin, 2001;Kumar, 2003). Others did not find that relationship (Demsetz & Villalonga, 1999;Rowe & Davidson, 2002;Long & So, 2002).…”

Section: Related Literature and Hypothesismentioning

confidence: 99%

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The Relationship between Ownership Structure Dimensions and Corporate Performance: Evidence from Bahrain

Khamis¹,

Hamdan²,

Elali³

2015

AABFJ

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In this study we examine the relation between ownership structure and corporate performance; the sample of the study included 42 out of 48 companies of all sectors in Bahrain Bourse in five years from [2007][2008][2009][2010][2011]. Several dimensions of ownership concentration were studied in addition to managerial and institutional ownership. Two different measurements of performance were used (ROA and Tobin's Q). The study investigated this relation using several control variables and 2SLS statistical method to overcome the problem of endogeneity that may exist between the study variables. It was found that ownership concentration have a negative effect with statistical significance on company performance. Institutional ownership was found to have a positive effect on company performance. Managerial ownership was not found to have a significant effect on company performance, however it was found that managerial ownership has a positive effect on performance only in the case of declining ownership concentration. Other results were revealed by the study regarding company age, size, growth, board size and liquidity. The study is considered to have theoretical and practical implications. It contributes to the debate about agency theory and managerial entrenchment. It also may help officials in Bahrain in making laws and legislations concerning corporate governance improvement in Bahraini market. AbstractIn this study we examine the relation between ownership structure and corporate performance; the sample of the study included 42 out of 48 companies of all sectors in Bahrain Bourse in five years from 2007-2011. Several dimensions of ownership concentration were studied in addition to managerial and institutional ownership. Two different measurements of performance were used (ROA and Tobin's Q). The study investigated this relation using several control variables and 2SLS statistical method to overcome the problem of endogeneity that may exist between the study variables. It was found that ownership concentration have a negative effect with statistical significance on company performance. Institutional ownership was found to have a positive effect on company performance. Managerial ownership was not found to have a significant effect on company performance, however it was found that managerial ownership has a positive effect on performance only in the case of declining ownership concentration. Other results were revealed by the study regarding company age, size, growth, board size and liquidity. The study is considered to have theoretical and practical implications. It contributes to the debate about agency theory and managerial entrenchment. It also may help officials in Bahrain in making laws and legislations concerning corporate governance improvement in Bahraini market. JEL Classification: M40, G34

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“…The results may not reflect the actual situation. It is also consistent with what was found by researchers like (Severin, 2001;Kumar, 2003).…”

Section: H2: There Is a Significant Relationship Between Managerial Osupporting

confidence: 93%

Section: Related Literature and Hypothesismentioning

confidence: 99%

The Relationship between Ownership Structure Dimensions and Corporate Performance: Evidence from Bahrain

Khamis¹,

Hamdan²,

Elali³

2015

AABFJ

View full text Add to dashboard Cite

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“…Also; Thomsen and Pedersen (2000), Chen et al (2005), Vein Krivogorsky (2006), Cornett et al (2008 and Jaafar & El-Shawwa (2009) found a positive relation between ownership concentration and firm's performance. On the contrast; the study results disagree with the study of Severin (2001). Also; the result of this study is lined with Khamees et al, (2015).…”

Section: Empirical Analysis and Discussioncontrasting

confidence: 49%

The Impact of Ownership Structure and Dividends on Firm’s Performance: Evidence from Manufacturing Companies Listed on the Amman Stock Exchange

Al-Sa’eed¹

2018

AABFJ

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This study aims to present empirical analysis from Amman Stock Exchange (ASE) to address the impact of ownership structure and dividends on the performance of Jordanian Manufacturing Companies. To test the study hypotheses and to achieve its objectives, the annual financial reports of all manufacturing companies and other related data during the period 2011 to 2015 were analyzed. Thus, Ownership structure and dividends are presented as independent variables, while the firm's performance is articulated as the dependent variable. It applies four diverse acceptable measurement tools as a proxy for the firm's performance (dependent variable); (Tobin's Q), (ROA), (ROE), and (NPM). The study found that the main variables (MO, CO, and DYLD) and the control variables (EPS and Total Assets) are good predictors of firm's performance. Also; the study found that (ROA) and (Tobin's Q) are the most representative indicators as proxies of the firm's performance. The study recommends considering another control variable to enhance predicting the firm's performance such as governance mechanisms, board structure, management competence, motivation-based payment structure, capital structure and external and internal auditing.

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“…Analiz sonuçlarına göre, özsermaye/aktifler oranının piyasa değeri üzerine istatistiksel olarak anlamlı düzeyde negatif etkisinin olduğu bulunmuş olup bu sonuç literatürdeki bazı çalışmalarla (Severin, 2001;Pagano vd., 1998;Yener ve Karakuş, 2012) paralellik göstermektedir. Aktiflerin yoğun bir şekilde özkaynaklar ile finanse edilmesi öncelikle Kıta Avrupası'nda bir fonlama yöntemi olup Anglo-Saxon kurumsal yönetim biçimine aykırılık göstermektedir.…”

Section: Sonuçunclassified

Kurumsal Yönetim Derecelendirme Notu ile Piyasa Değeri Arasındaki İlişki: BIST XKURY Şirketleri Üzerine Bir Araştırma

Kula¹

2014

UUSBD

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Kurumsal yönetim uygulamaları paydaşlar arasındaki çıkar çatışmalarını engellemeye yönelik uygulamalar bütünü olarak yatırımcılar açısından şirketin cazibesini arttıran bir unsurdur. Türkiye'de kurumsal yönetim uygulamaları 2000'li yıllar sonrası mevzuat düzenlemesine tabi olmuş olup bu kapsamda 2007 yılı itibariyle Borsa İstanbul'da Kurumsal Yönetim Endeksi oluşturulmuştur. Mevcut çalışmada söz konusu endekste yer alan 47 şirketin, 2013 yılının üçüncü çeyrek verileri kullanarak, kurumsal yönetim derecelendirme notu ile piyasa değeri arasındaki ilişki yatay-kesit regresyon yönetimi ile araştırılmıştır. Analizde kurumsal yönetim derecelendirme notları yanı sıra bağımsız değişken olarak kârlılık, özsermaye büyüklüğü ve sektörel ayrım da dâhil edilmiştir. Analiz sonucunda kurumsal yönetim derecelendirme notları, kârlılık ve sektörel ayrım ile şirketlerin piyasa değerleri arasında pozitif anlamlı ilişki; özsermaye büyüklüğü ve piyasa değeri arasında ise negatif anlamlı bir sonuç elde edilmiştir. Elde edilen sonuçlar, ileri kurumsal yönetim uygulamalarının; yüksek piyasa değeri ve daha iyi finansal performans getirdiği hipotezini desteklemektedir.

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Ownership structure and the performance of firms: Evidence from France

Cited by 15 publications

References 40 publications

The Relationship between Ownership Structure Dimensions and Corporate Performance: Evidence from Bahrain

The Relationship between Ownership Structure Dimensions and Corporate Performance: Evidence from Bahrain

The Impact of Ownership Structure and Dividends on Firm’s Performance: Evidence from Manufacturing Companies Listed on the Amman Stock Exchange

Kurumsal Yönetim Derecelendirme Notu ile Piyasa Değeri Arasındaki İlişki: BIST XKURY Şirketleri Üzerine Bir Araştırma

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