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

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  • Irena Grosfeld

    (PSE - Paris School of Economics, PJSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)

Abstract

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.

Suggested Citation

  • Irena Grosfeld, 2009. "Large shareholders and firm value: Are high-tech firms different?," PSE Working Papers halshs-00587856, HAL.
  • Handle: RePEc:hal:psewpa:halshs-00587856
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00587856
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    Cited by:

    1. Kun Wang & Greg Shailer, 2015. "Ownership Concentration And Firm Performance In Emerging Markets: A Meta-Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 29(2), pages 199-229, April.

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