Ownership structure segmentation of Indian listed firms: a governance perspective

Kansil, Ruchi

doi:10.1504/ijmef.2021.116541

Cited by 3 publications

(1 citation statement)

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“…This study uses the five largest shareholders to represent controlling shareholdings. The reason is that ownership concentration is centralized in the hands of a few shareholders who exercise corporate control proportionately or even disproportionately to their economic stake in a firm (Kansil 2021). Moreover, the observed sample of this study reveals that the five largest controlling shareholders own 54.29% of the outstanding shares of Malaysia's publicly listed firms.…”

Section: Independent Variable: Controlling Shareholdingsmentioning

confidence: 80%

Mediating effect of firm efficiency on the controlling shareholdings–firm performance nexus: evidence from public listed firms in Malaysia

Ting,

Asif,

Kweh

et al. 2024

Financ Innov

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This study examines how controlling shareholders influence firm performance through the mediating role of firm efficiency in transforming inputs into outputs. To achieve this objective, it conducts a mediation analysis with 5,000 bootstraps on a dataset of 2,849 firm-year observations of publicly listed firms in Malaysia from 2009 to 2019. The findings reveal a positive relationship between controlling shareholdings and firm performance, with both total and indirect effects having this positive relationship. Moreover, while controlling shareholdings improve firm performance, firm efficiency partially mediates this relationship. Thus, improved firm efficiency plays a critical role in understanding the relationship between governance by controlling shareholders and enhanced firm performance. In summary, this study contributes to the existing literature by expanding our understanding of the complex relationship between controlling shareholdings, firm efficiency, and firm performance. In addition, the findings shed light on the importance of indirect channels in shaping organizational outcomes. As such, this study provides a valuable direction for future research in this area.

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Section: Independent Variable: Controlling Shareholdingsmentioning

confidence: 80%