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A note on equity ownership and corporate value in Greece

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  • G.A. Karathanassis

    (Department of Business Administration, Athens University of Economics and Business, Greece)

  • A.A. Drakos

    (Department of Accounting and Finance, Athens University of Economics and Business, Greece)

Abstract

This study attempts to investigate whether corporate performance is affected by the ownership structure, using data from companies quoted on the Athens Stock Exchange for the period 1996-1998. Given such an objective, the basic hypothesis examined, is that corporate performance as measured by Tobin's Q ratio is a function of ownership and other control variables. Our econometric approach relies on the use of a combination of time series and cross section data (panel-data analysis), a procedure that avoids many statistical problems. After examining the role of each identifiable shareholder, we find a positive relationship between institutional investors and corporate performance. Copyright © 2004 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1181
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 25 (2004)
Issue (Month): 8 ()
Pages: 537-547

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Handle: RePEc:wly:mgtdec:v:25:y:2004:i:8:p:537-547

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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Cited by:
  1. Harilaos Mertzanis, 2011. "The effectiveness of corporate governance policy in Greece," Journal of Financial Regulation and Compliance, Emerald Group Publishing, Emerald Group Publishing, vol. 19(3), pages 222-243, July.
  2. Toudas, Kanellos & Karathanassis, George, 2007. "Corporate Governance and Firm Performance: Results from Greek Firms," MPRA Paper 6414, University Library of Munich, Germany.
  3. Panayotis Kapopoulos & Sophia Lazaretou, 2006. "Corporate Ownership Structure and Firm Performance: Evidence from Greek Firms," Working Papers, Bank of Greece 37, Bank of Greece.
  4. A. A. Drakos & F. V. Bekiris, 2010. "Endogeneity and the relationship between board structure and firm performance: a simultaneous equation analysis for the Athens Stock Exchange," Managerial and Decision Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 31(6), pages 387-401.
  5. Vasiliou, Dimitrios & Daskalakis, Nikolaos, 2009. "Institutional characteristics and capital structure: A cross-national comparison," Global Finance Journal, Elsevier, vol. 19(3), pages 286-306.
  6. Drakos, A.A. & Bekiris, F.V., 2010. "Corporate performance, managerial ownership and endogeneity: A simultaneous equations analysis for the Athens stock exchange," Research in International Business and Finance, Elsevier, Elsevier, vol. 24(1), pages 24-38, January.

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