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Concentration of ownership and corporate performance: evidence from the Zagreb Stock Exchange

Alen Džanić

Puni tekst: engleski pdf 434 Kb

str. 29-52

preuzimanja: 1.586



This study examines the relationship between ownership structure and firm performance using a sample of firms listed on the Zagreb Stock Exchange in period 2003-2009. The results obtained using a panel estimation with fixed effects show a significant negative relationship between the existence of a block holder owning more than 30% of the equity and the value of the firm’s Tobin’s Q. However, if there is a family-type second block holder, the effect disappears. Further, the study gives evidence of the negative impact of the fraction of equity owned by management on labor efficiency confirming the quiet-life hypothesis from Bertrand and Mullainathan (2003). Finally, it is shown that foreign ownership is not significantly better than domestic.

Ključne riječi

ownership structure; ownership concentration; Tobin’s Q; return on equity; labor efficiency; block holder; management ownership; Croatia; Zagreb Stock Exchange

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