IDEAS home Printed from https://ideas.repec.org/a/eee/mulfin/v17y2007i2p142-154.html
   My bibliography  Save this article

Insider ownership and firm value in New Zealand

Author

Listed:
  • Bhabra, Gurmeet Singh

Abstract

No abstract is available for this item.

Suggested Citation

  • Bhabra, Gurmeet Singh, 2007. "Insider ownership and firm value in New Zealand," Journal of Multinational Financial Management, Elsevier, vol. 17(2), pages 142-154, April.
  • Handle: RePEc:eee:mulfin:v:17:y:2007:i:2:p:142-154
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1042-444X(06)00050-8
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Fama, Eugene F & French, Kenneth R, 1992. "The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
    2. James H. Scott Jr., 1976. "A Theory of Optimal Capital Structure," Bell Journal of Economics, The RAND Corporation, vol. 7(1), pages 33-54, Spring.
    3. Himmelberg, Charles P. & Hubbard, R. Glenn & Palia, Darius, 1999. "Understanding the determinants of managerial ownership and the link between ownership and performance," Journal of Financial Economics, Elsevier, vol. 53(3), pages 353-384, September.
    4. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    5. Prevost, Andrew K. & Rao, Ramesh P. & Hossain, Mahmud, 2002. "Determinants of board composition in New Zealand: a simultaneous equations approach," Journal of Empirical Finance, Elsevier, vol. 9(4), pages 373-397, November.
    6. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    7. Davies, J.R. & Hillier, David & McColgan, Patrick, 2005. "Ownership structure, managerial behavior and corporate value," Journal of Corporate Finance, Elsevier, vol. 11(4), pages 645-660, September.
    8. Sanford J. Grossman & Oliver D. Hart, 1982. "Corporate Financial Structure and Managerial Incentives," NBER Chapters, in: The Economics of Information and Uncertainty, pages 107-140, National Bureau of Economic Research, Inc.
    9. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    10. Hossain, Mahmud & Prevost, Andrew K. & Rao, Ramesh P., 2001. "Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performance," Pacific-Basin Finance Journal, Elsevier, vol. 9(2), pages 119-145, April.
    11. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
    12. Kee H. Chung & Stephen W. Pruitt, 1994. "A Simple Approximation of Tobin's q," Financial Management, Financial Management Association, vol. 23(3), Fall.
    13. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-1177, December.
    14. Short, Helen & Keasey, Kevin, 1999. "Managerial ownership and the performance of firms: Evidence from the UK," Journal of Corporate Finance, Elsevier, vol. 5(1), pages 79-101, March.
    15. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    16. Billett, Matthew T, 1996. "Targeting Capital Structure: The Relationship between Risky Debt and the Firm's Likelihood of Being Acquired," The Journal of Business, University of Chicago Press, vol. 69(2), pages 173-192, April.
    17. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    18. Mikkelson, Wayne H. & Ruback, Richard S., 1985. "An empirical analysis of the interfirm equity investment process," Journal of Financial Economics, Elsevier, vol. 14(4), pages 523-553, December.
    19. Demsetz, Harold, 1983. "The Structure of Ownership and the Theory of the Firm," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 375-390, June.
    20. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    21. Kester, W Carl, 1992. "Industrial Groups as Systems of Contractual Governance," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 8(3), pages 24-44, Autumn.
    22. Bradbury, Michael E. & Mak, Y. T., 2000. "Ownership structure, board composition and the adoption of charter takeover procedures," Journal of Corporate Finance, Elsevier, vol. 6(2), pages 165-188, July.
    23. Sang-Mook Lee & Keunkwan Ryu, 2003. "Management Ownership and Firm's Value: An Empirical Analysis Using Panel Data," ISER Discussion Paper 0593, Institute of Social and Economic Research, Osaka University.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Georgeta Vintila & tefan Cristian Gherghina, 2015. "Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 501-514.
    2. Nguyen, Minh Hong & Trinh, Vu Quang, 2023. "U.K. economic policy uncertainty and innovation activities: A firm-level analysis," Journal of Economics and Business, Elsevier, vol. 123(C).
    3. Won-Yong Oh & Jongseok Cha & Young Kyun Chang, 2017. "Does Ownership Structure Matter? The Effects of Insider and Institutional Ownership on Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 146(1), pages 111-124, November.
    4. Imad Jabbouri & Rachid Jabbouri, 2021. "Ownership identity and firm performance: Pre‐ and post‐crisis evidence from an African emerging market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5963-5976, October.
    5. Jiang, Haiyan & Habib, Ahsan & Hu, Baiding, 2011. "Ownership concentration, voluntary disclosures and information asymmetry in New Zealand," The British Accounting Review, Elsevier, vol. 43(1), pages 39-53.
    6. Hardjo Koerniadi & Chandrasekhar Krishnamurti & Alireza Tourani-Rad, 2014. "Corporate governance and risk-taking in New Zealand," Australian Journal of Management, Australian School of Business, vol. 39(2), pages 227-245, May.
    7. Kubo, Katsuyuki & Phan, Huu Viet, 2019. "State ownership, sovereign wealth fund and their effects on firm performance: Empirical evidence from Vietnam," Pacific-Basin Finance Journal, Elsevier, vol. 58(C).
    8. Qaiser Rafique Yasser & Abdullah Al Mamun, 2017. "The Impact of Ownership Concentration on Firm Performance: Evidence from an Emerging Market," Emerging Economy Studies, International Management Institute, vol. 3(1), pages 34-53, May.
    9. Hafiz Mustansar Javaid & Snober Javid, 2017. "Determining Agency Theory Framework through Financial Leverage & Insider Ownership," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(3), pages 21-28, March.
    10. Houmes, Robert & Chira, Inga, 2015. "The effect of ownership structure on the price earnings ratio — returns anomaly," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 140-147.
    11. Mohamed Abulgasem A. Elhaj & Nurul Aini Muhamed & Nathasa Mazna Ramli & Nor Balkish Zakaria, 2016. "Ownership Monitoring Mechanism over Sukuk Credit Rating," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 6(12), pages 700-720, December.
    12. Aroh Nkechi Nympha. Ph.D & Egolum, Priscilla Uchenna. Ph.D & Chukwuani Victoria Nnenna. Ph.D, 2021. "Dividend Policy Determinants of Firm Value: Empirical Evidence from Listed Non-Financial Companies in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(07), pages 612-634, July.
    13. Georgeta Vintila & Stefan Cristian Gherghina, 2014. "Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?," International Journal of Economics and Financial Issues, Econjournals, vol. 4(1), pages 183-195.
    14. Hyung-Jong Na & Hyeon Kang & Hyang-Eun Lee, 2021. "Does Tax Incentives Affect Future Firm Value for Corporate Sustainability?," Sustainability, MDPI, vol. 13(22), pages 1-17, November.
    15. Tukur Garba PhD & Bilkisu Aliyu Abubakar, 2014. "Corporate Board Diversity and Financial Performance of Insurance Companies in Nigeria: An Application of Panel Data Approach," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(2), pages 257-277, February.
    16. Detthamrong, Umawadee & Chancharat, Nongnit & Vithessonthi, Chaiporn, 2017. "Corporate governance, capital structure and firm performance: Evidence from Thailand," Research in International Business and Finance, Elsevier, vol. 42(C), pages 689-709.
    17. Ofuan .J. Ilaboya & Monday .O. Izevbekhai & Friday .I. Ohiokha, 2016. "Tax Planning and Firm Value: A Review of Literature," Business and Management Research, Business and Management Research, Sciedu Press, vol. 5(2), pages 81-91, June.
    18. Aroh Nkechi Nympha. Ph.D & Egolum, Priscilla Uchenna. Ph.D & Chukwuani Victoria Nnenna. Ph.D, 2021. "Dividend Policy Determinants of Firm Value: Empirical Evidence from Listed Non-Financial Companies in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(7), pages 612-634, July.
    19. Bruce Burton & Abeyratna Gunasekarage & Jayanthi Kumarasiri, 2013. "The influence of blockownership level and identity on board composition: evidence from the New Zealand market," Applied Financial Economics, Taylor & Francis Journals, vol. 23(16), pages 1287-1299, August.
    20. Sana Noor & Abubakr Saeed & Muhammad Saad Baloch & Muhammad Awais, 2020. "CSR permanency, family ownership, and firm value: Evidence from emerging economies," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(5), pages 2135-2149, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Prevost, Andrew K. & Rao, Ramesh P. & Hossain, Mahmud, 2002. "Determinants of board composition in New Zealand: a simultaneous equations approach," Journal of Empirical Finance, Elsevier, vol. 9(4), pages 373-397, November.
    2. Margaritis, Dimitris & Psillaki, Maria, 2010. "Capital structure, equity ownership and firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 621-632, March.
    3. Yasser, Qaiser Rafique & Mamun, Abdullah Al, 2014. "Implications of Ownership Identity and Insider's Supermacy on the Economic Performance of the Liste Companies," MPRA Paper 61426, University Library of Munich, Germany.
    4. Georgeta Vintila & Stefan Cristian Gherghina, 2014. "Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?," International Journal of Economics and Financial Issues, Econjournals, vol. 4(1), pages 183-195.
    5. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    6. Bradley W. Benson & Wallace N. Davidson III & Hongxia Wang & Dan L. Worrell, 2011. "Deviations from Expected Stakeholder Management, Firm Value, and Corporate Governance," Financial Management, Financial Management Association International, vol. 40(1), pages 39-81, March.
    7. Stavros E. Arvanitis & Theodoros V. Stamatopoulos & Dimitris Terzakis, 2018. "Is There a Non-linear Relationship of Market Value with Cash and Ownership?," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 68(1), pages 3-25, January-M.
    8. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
    9. Pradiptarathi PANDA & Jinesh PANCHALI, 2019. "Corporate ownership structure and performance: An enquiry into India," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(621), W), pages 93-110, Winter.
    10. Pablo de Andrés-Alonso & Valentín Azofra-Palenzuela & Juan A. Rodríguez-Sanz, 2000. "Endeudamiento, oportunidades de crecimiento y estructura contractual: un contraste empírico para el caso español," Investigaciones Economicas, Fundación SEPI, vol. 24(3), pages 641-679, September.
    11. Aziz Jaafar & Lynn Hodgkinson & Mao-Feng Kao, 2019. "Ownership Structure, Board of Directors and Firm Performance: Evidence from Taiwan," Working Papers 19011, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    12. Benson, Bradley W. & Chen, Yu & James, Hui L. & Park, Jung Chul, 2020. "So far away from me: Firm location and the managerial ownership effect on firm value," Journal of Corporate Finance, Elsevier, vol. 64(C).
    13. Grzegorz Pawlina & Luc Renneboog, 2005. "Is Investment‐Cash Flow Sensitivity Caused by Agency Costs or Asymmetric Information? Evidence from the UK," European Financial Management, European Financial Management Association, vol. 11(4), pages 483-513, September.
    14. repec:mth:ijafr8:v:8:y:2018:i:3:p:256-277 is not listed on IDEAS
    15. Hossain, Mahmud & Prevost, Andrew K. & Rao, Ramesh P., 2001. "Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performance," Pacific-Basin Finance Journal, Elsevier, vol. 9(2), pages 119-145, April.
    16. Collins G. Ntim, 2012. "Director shareownership and corporate performance in South Africa," African Journal of Accounting, Auditing and Finance, Inderscience Enterprises Ltd, vol. 1(4), pages 359-373.
    17. Christian Engelen, 2015. "The effects of managerial discretion on moral hazard related behaviour: German evidence on agency costs," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(4), pages 927-960, November.
    18. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    19. Maureen Muller-Kahle, 2015. "The impact of dominant ownership: the case of Anglo-American firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(1), pages 71-89, February.
    20. Georgeta Vintila & tefan Cristian Gherghina, 2015. "Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 501-514.
    21. Davies, J.R. & Hillier, David & McColgan, Patrick, 2005. "Ownership structure, managerial behavior and corporate value," Journal of Corporate Finance, Elsevier, vol. 11(4), pages 645-660, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:mulfin:v:17:y:2007:i:2:p:142-154. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/mulfin .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.