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Does ownership structure affect value? A panel data analysis for the Spanish market

  • Minguez-Vera, Antonio
  • Martin-Ugedo, Juan Francisco
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    File URL: http://www.sciencedirect.com/science/article/pii/S1057-5219(05)00053-0
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    Article provided by Elsevier in its journal International Review of Financial Analysis.

    Volume (Year): 16 (2007)
    Issue (Month): 1 ()
    Pages: 81-98

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    Handle: RePEc:eee:finana:v:16:y:2007:i:1:p:81-98
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620166

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    1. 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 08-96, Wharton School Rodney L. White Center for Financial Research.
    2. Holl, Peter, 1975. "Effect of Control Type on the Performance of the Firm in the U.K," Journal of Industrial Economics, Wiley Blackwell, vol. 23(4), pages 257-71, June.
    3. Richard J. Zeckhauser & John Pound, 1990. "Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 149-180 National Bureau of Economic Research, Inc.
    4. Renneboog, Luc, 2000. "Ownership, managerial control and the governance of companies listed on the Brussels stock exchange," Journal of Banking & Finance, Elsevier, vol. 24(12), pages 1959-1995, December.
    5. Cho, Myeong-Hyeon, 1998. "Ownership structure, investment, and the corporate value: an empirical analysis," Journal of Financial Economics, Elsevier, vol. 47(1), pages 103-121, January.
    6. Pound, John, 1988. "Proxy contests and the efficiency of shareholder oversight," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 237-265, January.
    7. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    8. 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.
    9. Himmelberg, C.P. & Hubbard, R.G. & Palia, D., 1997. "Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance," Papers 97-21, Columbia - Graduate School of Business.
    10. Leech, D. & Leahy, J., 1989. "Ownership Structure, Control Type Classifications And The Performance Of Large British Companies," The Warwick Economics Research Paper Series (TWERPS) 345, University of Warwick, Department of Economics.
    11. Prowse, Stephen D, 1992. " The Structure of Corporate Ownership in Japan," Journal of Finance, American Finance Association, vol. 47(3), pages 1121-40, July.
    12. Cubbin, John S & Leech, Dennis, 1983. "The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement," Economic Journal, Royal Economic Society, vol. 93(37), pages 351-69, June.
    13. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, 1999. "Investor Protection and Corporate Valuation," Harvard Institute of Economic Research Working Papers 1882, Harvard - Institute of Economic Research.
    14. Cronqvist, Henrik & Nilsson, Mattias, 2000. "Agency Costs of Controlling Minority Shareholders," SSE/EFI Working Paper Series in Economics and Finance 364, Stockholm School of Economics, revised 06 Jun 2000.
    15. Ram Mudambi & Carmela Nicosia, 1998. "Ownership structure and firm performance: evidence from the UK financial services industry," Applied Financial Economics, Taylor & Francis Journals, vol. 8(2), pages 175-180.
    16. 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.
    17. Dennis Leech & Miguel Manjon, 2003. "Corporate governance and game theoretic analyses of shareholder power: the case of Spain," Applied Economics, Taylor & Francis Journals, vol. 35(7), pages 847-858.
    18. Demsetz, Harold & Villalonga, Belen, 2001. "Ownership structure and corporate performance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 209-233, September.
    19. Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(03), pages 377-397, September.
    20. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
    21. 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.
    22. 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 375-90, June.
    23. Lucy F. Ackert & George Athanassakos, 2003. "A Simultaneous Equations Analysis of Analysts' Forecast Bias, Analyst Following, and Institutional Ownership," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30, pages 1017-1042.
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