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Share holding Pattern and Firm Performance

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Author Info
Jayesh Kumar (Xavier Institute of Management)

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Abstract

Corporate Governance deals with the issue of how suppliers of finance to corporations assure themselves of getting a return on their investment. Several Studies have examined the relationship between ownership structure and firm performance. Using di erent data samples most of the studies provide general support for the argument that increase in managerial ownership increases firm performance. However, these results have been questioned recently. This study examines empirically the effects of ownership structure on the firm performance for a large sample of Indian Corporate Firms, from an `agency perspective'. We examine the effect of interactions between corporate, foreign, financial institutions, and managerial ownership on firm performance. We provide empirical evidence, which suggests that firm size and age in positively related to the firm performance. Using panel data framework, we show that a large fraction of cross-sectional variation, in firm performance, found in several studies, is explained by unobserved firm heterogeneity, rather than the ownership structure. We do not find any evidence that the differences in ownership structure, affect firm performance; after controlling for observed firm characteristics and firm fixed effects.

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Paper provided by EconWPA in its series Finance with number 0409008.

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Length: 10 pages
Date of creation: 06 Sep 2004
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Handle: RePEc:wpa:wuwpfi:0409008

Note: Type of Document - pdf; pages: 10
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Web page: http://129.3.20.41

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Related research
Keywords: corporate governance shareholding pattern and firm performance

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Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

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  1. Michel Habib & Alexander Ljungqvist, 2000. "Firm Value and Managerial Incentives: A Stochastic Frontier Approach," OFRC Working Papers Series 2000fe03, Oxford Financial Research Centre. [Downloadable!]
    Other versions:
  2. 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 1155-77, December. [Downloadable!] (restricted)
  3. Jayati Sarkar & Subrata Sarkar, 2000. "Large Shareholder Activism in Corporate Governance in Developing Countries: Evidence from India," International Review of Finance, International Review of Finance Ltd., vol. 1(3), pages 161-194. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
  5. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law & Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
  6. Nandini Gupta, 2005. "Partial Privatization and Firm Performance," Journal of Finance, American Finance Association, vol. 60(2), pages 987-1015, 04. [Downloadable!] (restricted)
  7. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20, pages 293-315. [Downloadable!] (restricted)
  8. Chhibber, Pradeep & Majumdar, Sumit K, 1998. "State as Investor and State as Owner: Consequences for Firm Performance in India," Economic Development and Cultural Change, University of Chicago Press, vol. 46(3), pages 561-80, April.
  9. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June. [Downloadable!] (restricted)
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  10. Anup Agrawal & Charles R. Knoeber, . "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (Revision of 29-94)," Rodney L. White Center for Financial Research Working Papers 8-96, Wharton School Rodney L. White Center for Financial Research.
  11. Stigler, George J & Friedland, Claire, 1983. "The Literature of Economics: The Case of Berle and Means," Journal of Law & Economics, University of Chicago Press, vol. 26(2), pages 237-68, June.
  12. Das, Sanghamitra, 1995. "Size, age and firm growth in an infant industry: The computer hardware industry in India," International Journal of Industrial Organization, Elsevier, vol. 13(1), pages 111-126, March. [Downloadable!] (restricted)
  13. Charles P. Himmelberg & R. Glenn Hubbard & Darius Palia, 2000. "Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance," NBER Working Papers 7209, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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