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

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  • Alen Dzanic
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    Abstract

    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.

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    File URL: http://www.ijf.hr/upload/files/file/FTP/2012/1/dzanic.pdf
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    Bibliographic Info

    Article provided by Institute of Public Finance in its journal Financial Theory and Practice.

    Volume (Year): 36 (2012)
    Issue (Month): 1 ()
    Pages: 29-52

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    Handle: RePEc:ipf:finteo:v:36:y:2012:i:1:p:29-52

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    Related research

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

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