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Large shareholders and firm value: Are high-tech firms different?

  • Irena Grosfeld

    (EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - École des Hautes Études en Sciences Sociales (EHESS) - École des Ponts ParisTech (ENPC) - École normale supérieure [ENS] - Paris)

This paper explores the relationship between ownership structure and firm value in a transition economy. It distinguishes firms belonging to the sector of innovative technologies and firms from more "traditional" industries. For the latter, the results of the estimation of a simultaneous equations system give support to the hypothesis that strong monitoring and ownership concentration are beneficial for firm performance. They also show that in high-tech firms, higher ownership concentration does not improve firm performance. The sample consists of all non-financial firms listed on the Warsaw Stock Exchange since its creation in 1991.

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Paper provided by HAL in its series PSE Working Papers with number halshs-00587856.

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Date of creation: Jan 2009
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Handle: RePEc:hal:psewpa:halshs-00587856
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00587856
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  1. Julio Pindado & Chabela De La Torre, 2004. "Why is ownership endogenous?," Applied Economics Letters, Taylor & Francis Journals, vol. 11(14), pages 901-904.
  2. Derek Jones & Panu Kalmi & Niels Mygind, 2005. "Choice of Ownership Structure and Firm Performance: Evidence from Estonia," Post-Communist Economies, Taylor & Francis Journals, vol. 17(1), pages 83-107.
  3. Klapper, Leora F & Laeven, Luc & Love, Inessa, 2005. "What drives corporate governance? Firm-level evidence from Eastern Europe," Policy Research Working Paper Series 3600, The World Bank.
  4. Erik Lehmann & Juergen Weigand, 2000. "Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany," CoFE Discussion Paper 00-05, Center of Finance and Econometrics, University of Konstanz.
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  6. Burkart, Mike & Gromb, Denis & Panunzi, Fausto, 1997. "Large Shareholders, Monitoring, and the Value of the Firm," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 693-728, August.
  7. Igor Filatotchev & Natalia Isachenkova & Tomasz Mickiewicz, 2007. "Ownership structure and investment finance in transition economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 15, pages 433-460, 07.
  8. Irena Grosfeld & Iraj Hashi, 2005. "The emergence of large shareholders in mass privatized firms: Evidence from Poland and the Czech Republic," PSE Working Papers halshs-00590865, HAL.
  9. Wendy Carlin & Colin Mayer, 1999. "Finance, Investment and Growth," OFRC Working Papers Series 1999fe09, Oxford Financial Research Centre.
  10. Coles, Jeffrey & Lemmon, Michael & Meschke, Felix, 2007. "Structural Models and Endogeneity in Corporate Finance: the Link Between Managerial Ownership and Corporate Performance," MPRA Paper 4374, University Library of Munich, Germany, revised 15 Feb 2007.
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  13. Audretsch, David B & Lehmann, Erik, 2002. "Does the New Economy Need New Governance? Ownership, Knowledge and Performance," CEPR Discussion Papers 3626, C.E.P.R. Discussion Papers.
  14. Becht, Marco & Roell, Ailsa, 1999. "Blockholdings in Europe:: An international comparison1," European Economic Review, Elsevier, vol. 43(4-6), pages 1049-1056, April.
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  16. Bortolotti, Bernardo & Fantini, Marcella & Siniscalco, Domenico, 2004. "Privatisation around the world: evidence from panel data," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 305-332, January.
  17. Rajesh K. Aggarwal & Andrew A. Samwick, 2003. "Why Do Managers Diversify Their Firms? Agency Reconsidered," Journal of Finance, American Finance Association, vol. 58(1), pages 71-118, 02.
  18. James H. Stock & Motohiro Yogo, 2002. "Testing for Weak Instruments in Linear IV Regression," NBER Technical Working Papers 0284, National Bureau of Economic Research, Inc.
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