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A note on equity ownership and corporate value in Greece

  • G.A. Karathanassis

    (Department of Business Administration, Athens University of Economics and Business, Greece)

  • A.A. Drakos

    (Department of Accounting and Finance, Athens University of Economics and Business, Greece)

This study attempts to investigate whether corporate performance is affected by the ownership structure, using data from companies quoted on the Athens Stock Exchange for the period 1996-1998. Given such an objective, the basic hypothesis examined, is that corporate performance as measured by Tobin's Q ratio is a function of ownership and other control variables. Our econometric approach relies on the use of a combination of time series and cross section data (panel-data analysis), a procedure that avoids many statistical problems. After examining the role of each identifiable shareholder, we find a positive relationship between institutional investors and corporate performance. Copyright © 2004 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1181
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Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 25 (2004)
Issue (Month): 8 ()
Pages: 537-547

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Handle: RePEc:wly:mgtdec:v:25:y:2004:i:8:p:537-547
Contact details of provider: Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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