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Ownership Structure and Firm Performance in EU New Member States, Russia, and China: A Comparative Meta-Analysis

Author

Listed:
  • Iwasaki, Ichiro
  • Ma, Xinxin
  • Mizobata, Satoshi

Abstract

The existing literature provides rich evidence regarding the effect of ownership structure on firm performance in Eastern Europe and China. In this paper, using reported estimates in 208 previous works, we compare EU new member states in Eastern Europe, Russia, and China from this viewpoint. Meta-analysis of 4425 collected estimates reveals that state ownership has a negative effect on performance of firms irrespective of their location. While ownership by outside investors and managers is positively related to firm performance in these countries. It is noteworthy that managerial ownership in Russia has a larger impact than that in the new EU members and China despite of the arguments concerning insider-control and entrenchment problems of Russian firms. Nevertheless, the overall results obtained from the meta-analysis suggest that the association between ownership and performance is weakin these economies. The further improvements in corporate governance and business environments are necessary.

Suggested Citation

  • Iwasaki, Ichiro & Ma, Xinxin & Mizobata, Satoshi, 2021. "Ownership Structure and Firm Performance in EU New Member States, Russia, and China: A Comparative Meta-Analysis," Economic Review, Hitotsubashi University, vol. 72(1), pages 81-109, January.
    • Handle: RePEc:hit:ecorev:v:72:y:2021:i:1:p:81-109
    DOI: 10.15057/71066
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    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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