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Ownership Structure and Firm Performance : Evidence from a non-parametric panel

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  • Malika Hamadi

    ()

  • Andreas Heinen

    (LSF)

Abstract

This paper considers the effect on performance of very large controlling shareholders, who are mostly organized in voting blocks and business groups, in a sample of Belgian listed firms from 1991 to 2006. We use a non-parametric panel data analysis, which is a new technique that does not impose functional restrictions on the relation between ownership and performance. While parametric results indicate a negative effect of large shareholders on firm performance for non-family firms, non-parametric analysis shows that the effect on performance varies depending on the size of ownership stakes.

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File URL: http://wwwen.uni.lu/content/download/53160/634732/file/Ownership%20Structure%20and%20Firm%20Performance_Evidence%20from%20a%20non-parametric%20panel_2012%20(16).pdf
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Bibliographic Info

Paper provided by Luxembourg School of Finance, University of Luxembourg in its series LSF Research Working Paper Series with number 11-16.

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Date of creation: 2011
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Handle: RePEc:luc:wpaper:11-16

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Keywords: Semi-parametric panel; Ownership concentration; Large shareholders; Firm performance; Family firms.;

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Cited by:
  1. Anatoliy Swishchuk & Maksym Tertychnyi & Winsor Hoang, 2014. "Currency Derivatives Pricing for Markov-modulated Merton Jump-diffusion Spot Forex Rate," Papers 1402.2273, arXiv.org.
  2. Anatoliy Swishchuk & Maksym Tertychnyi & Robert Elliott, 2014. "Pricing Currency Derivatives with Markov-modulated Levy Dynamics," Papers 1402.1953, arXiv.org.

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