Izvorni znanstveni članak
https://doi.org/10.17559/JF-2026010000022
ANALYSIS OF THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURE AND THE QUALITY OF CORPORATE GOVERNANCE
Ivana Lovrić Senjak
orcid.org/0009-0004-9004-5356
; Sveučilište u Slavonskom Brodu, Trg I. B. Mažuranić 2, 35000 Slavonski Brod, Hrvatska
*
Matej Galić
; Veleučilište "Lavoslav Ružička" u Vukovaru, Blage Zadre 2, 32000 Vukovar, Hrvatska
* Dopisni autor.
Sažetak
The paper analyses the relationship between ownership structure and the quality of corporate governance in Croatian joint-stock companies listed on the Zagreb Stock Exchange. The purpose of the research is to determine the extent to which ownership concentration and the type of majority owner influence the level of compliance with the Corporate Governance Code and business performance indicators. The empirical analysis was conducted on a sample of 30 companies using data from annual reports, financial indicators, and corporate governance statements for the year 2024. Descriptive statistics, correlation analysis, and t-tests were applied. The results show that ownership in the observed companies is highly concentrated, although concentration is not statistically significantly related to the level of formal compliance with the Code. At the same time, the number of independent supervisory board members is negatively associated with return on equity (ROE), while the type of owner has a limited but noticeable influence on governance practices. The paper contributes by empirically confirming contemporary theoretical insights into the role of ownership in shaping governance quality in developing markets such as Croatia.
Ključne riječi
Hrčak ID:
343904
URI
Datum izdavanja:
30.1.2026.
Posjeta: 545 *