Associating Company-Specific Characteristics with Ownership Structure and Performance: An Analysis of Publicly Listed Firms from Selected Countries in the Eurozone during the 2008 Financial Crisis and Its Aftermath

In this paper, we analyzed data from publicly listed firms from selected countries of the eurozone between 2008 and 2016, a period of high volatility in the global economy and high uncertainty in financial markets. Economic indicators, such as sales volume, debt accumulation, internationalization, and innovative activity, were combined with firm size and ownership structure to examine their impact on economic performance. We first performed a panel data analysis to associate the economic and non-economic company-specific characteristics with performance and growth, while also examining the possible differences between countries. In the second part of the paper, we focused on ownership structure, an issue of great importance in the literature on business and economics. Through structural equation modeling (SEM), we attempted to shape the profiles of closely held companies, and their impact on performance. Our findings confirmed that significant differences exist not only between firms but also between countries relative to performance indicators; however, a common trend was found relative to debt, size, and ownership. Our findings also revealed a more conservative approach of closely held companies relative to long-term commitment and risky investment projects, compared to their non-closely held counterparts.