Impact of Ownership Structure on Performance of Firms-Evidence from KSE-100 Index Firms PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Impact of Ownership Structure on Performance of Firms-Evidence from KSE-100 Index Firms PDF full book. Access full book title Impact of Ownership Structure on Performance of Firms-Evidence from KSE-100 Index Firms by Hassan Raza Syed. Download full books in PDF and EPUB format.
Author: Hassan Raza Syed Publisher: ISBN: Category : Languages : en Pages :
Book Description
This study deals with ownership concentration and mix and shows their effects on financial and market performance of firm. The analysis is performed on the data from listed companies of Karachi Stock Exchange of Pakistan. By using OLS regression model and descriptive statistics, firstly it is found that ownership concentration has positive but insignificant effect on financial performance of firms, whereas it has negative and significant effect on the market performance of firms. Secondly, It is revealed that the fraction of state ownership, legal person ownership and the individual person ownership is irrelevant to the firm performance as all has the same effects.
Author: Hassan Raza Syed Publisher: ISBN: Category : Languages : en Pages :
Book Description
This study deals with ownership concentration and mix and shows their effects on financial and market performance of firm. The analysis is performed on the data from listed companies of Karachi Stock Exchange of Pakistan. By using OLS regression model and descriptive statistics, firstly it is found that ownership concentration has positive but insignificant effect on financial performance of firms, whereas it has negative and significant effect on the market performance of firms. Secondly, It is revealed that the fraction of state ownership, legal person ownership and the individual person ownership is irrelevant to the firm performance as all has the same effects.
Author: Farman Khan Publisher: ISBN: Category : Languages : en Pages : 23
Book Description
In Pakistan, the ownership of majority of the firms is characterized by the concentration of different groups including family members, associated firms, institutional investors and insiders. The present study aims to investigate whether different ownership structure including family ownership, associated ownership, institutional ownership, concentrated ownership, managerial ownership, block holding, and foreign ownership contribute to the financial performance of non- financial firms listed at the Pakistan Stock Exchange (PSX). Findings suggest that a firm's performance increases significantly in the presence of associated ownership, concentrated ownership, institutional ownership and block holding. This indicates that these ownership structures add value and help in reducing agency problems. On the other hand, family and managerial ownership have a negative relationship with firm performance. These findings are consistent with the hypothesis of minority shareholder expropriation which states that when family ownership and managers' involvement is higher in a firm, they exploit the funds of minor shareholders. Similarly, foreign ownership also does not add value.
Author: Hicabi Ersoy Publisher: ISBN: Category : Languages : en Pages : 11
Book Description
This study investigates the effects of ownership structure on the performance of the listed companies in BorsaIstanbul Stock Exchange 30 Firms (BIST 30). The main hypothesis of our study is that there is a significant relationship between companies' performances and their ownership structures. The statistical population includes 19 non-financial companies in the period of years between 2008 and 2013. The results show that, the concentration of the large shares of companies one or a few shareholders has a negative effect on related firm's performance.
Author: Mahmood Osman Imam Publisher: ISBN: Category : Languages : en Pages : 23
Book Description
This paper examines how corporate governance is practiced through ownership structure and how firm's performance as well as its dividend payout policy is influenced by different ownership pattern. In doing so, this paper attempts to investigate the pattern of ownership mix and ownership concentration scenario towards sponsorship in Bangladesh, the relationship between the ownership structure and firm performance and finally the impact of ownership structure upon firm's dividend payout policy. An analysis has been made as evidence taking all listed non-financing firms from the Dhaka Stock Exchange. There are several alternative corporate governance mechanisms, which may play an important role to improve firm's performance. Here ownership structure has been considered as an effective tool of corporate governance. In this study, the relations between firm's return and value with ownership variables along with firm's specific variables controlling the industry effects have been examined. Using the data from two sample points of 2000 and 2003, it is shown that a large fraction of cross-sectional variation in performance, found in several studies, is explained by unobserved firm heterogeneity, rather than the shareholders holding. Our empirical results provide evidence that foreign holding is positively and significantly related to the firm performance as measured by firm's holding period returns and Tobin's Q, and the relationship is a monotonic one. We also provide empirical evidence that firms with high institutional ownership and firms with concentrated ownership pay high and less dividend payout respectively.
Author: Vedat Mizrahi Publisher: LAP Lambert Academic Publishing ISBN: 9783845431871 Category : Languages : en Pages : 132
Book Description
Do corporate governance practices affect firm performance? Are shareholders willing to pay a premium for higher governance standards? How does the ownership structure of a firm affect its corporate governance practices and firm performance? This book investigates whether differences in the quality of firm-level corporate governance affects firm performance. Constructing a broad corporate governance index for listed Turkish companies, it is documented that there is a positive relationship between governance scores and Tobin's Q as a measure for firm performance. Firms with better corporate governance scores in the model used in this book have higher firm values, which implies that firms can increase shareholder value by restructuring their corporate governance standards. The analysis also sheds light on the impact of ownership structure on stock performance. Listed companies withhigher corporate governance scores and higher foreign ownership ratios experienced a smaller reduction in their share prices during the equity market crash in Turkey parallel to the global equity markets between 2008 and 2009.
Author: Christian Funke Publisher: GRIN Verlag ISBN: 3638702251 Category : Business & Economics Languages : en Pages : 109
Book Description
Diploma Thesis from the year 2003 in the subject Business economics - Investment and Finance, grade: 1,1 (A), European Business School - International University Schlo Reichartshausen Oestrich-Winkel (Endowed-Chairf for Corporate Finance and Capital Markets), language: English, abstract: The idea that the general characteristics of a firm's ownership structure can affect performance has achieved considerable attention and related research brought forward relatively consistent empirical evidence e.g. on the positive impact of managerial ownership on firm performance. However, the evidence on the relation between ownership and capital structure is less consistent and numerous, although there are good reasons to believe that there may be such a relationship. Since the capital structure irrelevance propositions of MODIGLIANI/MILLER economists have devoted considerable time to studying cross-sectional and time-series variations in capital structure. More recent work following the seminal contribution by JENSEN/MECKLING has employed an agency theory perspective in the search for an explanation of capital structure variations. With this managerial perspective capital structure is not only explained by variations in internal and external contextual factors of the firm, but also by the values, goals, preferences and desires of managers. Corporate financing decisions are influenced by managers' incentives and the incentives for managers to act opportunistically can be influenced by the ownership structure of the firm. However, most empirical work analyzing a firm's capital structure in cross-sectional and time-series studies ignores the equity ownership structure as a possible explanatory variable. This can be partly explained by problems associated with the availability of ownership data, when compared to readily available accounting and market data on other relevant variables. Notwithstanding, it entails a problem of model misspecification as omitting a relevant variable
Author: Kerstin Groß Publisher: Springer Science & Business Media ISBN: 3790819344 Category : Business & Economics Languages : en Pages : 380
Book Description
The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.
Author: Hassan Raza Syed
Author: Hassan Raza Syed
Author: Farman Khan
Author: Hicabi Ersoy
Author: derek c. jones, panu kalmi and niels mygind
Author: Mahmood Osman Imam
Author: Vedat Mizrahi
Author: Christian Funke
Author: Sytse Wybren Douma
Author: Evžen Kočenda
Author: Kerstin Groß