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Ownership Structure and Performance of the Listed Tunisian Companies

Author

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  • Dr. Habib AFFES
  • Mrs. Nourch¨¦ne Hamza Hakim

Abstract

Across this study, we propose to study the role of the ownership structure in the discipline of executives and test if the managerial shareholdings, the concentration of property and the property of the institutional investors improve the performance of companies. Based on a sample of 17 Tunisian firms listed on the TSE between 2001 and 2005, we performed the variables regressions of ownership structure on the various measures of accounting and stock market performance. Our results show that the concentration of ownership acts positively only on the accounting performance measured by ROE and the ownership of the institutional investors has a positive and significant effect on the accounting and stock market performance, while the managers shareholding has a negative and significant effect on the market performance measured by the Marris ratio.

Suggested Citation

  • Dr. Habib AFFES & Mrs. Nourch¨¦ne Hamza Hakim, 2013. "Ownership Structure and Performance of the Listed Tunisian Companies," Business and Economic Research, Macrothink Institute, vol. 3(2), pages 218-235, December.
    • Handle: RePEc:mth:ber888:v:3:y:2013:i:2:p:218-235
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    References listed on IDEAS

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    More about this item

    Keywords

    Ownership structure; Ownership of institutional investors; Concentration of ownership; Managerial shareholding; Performance.;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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