scholarly journals Ownership Concentration, Managerial Ownership and Firm Performance: Evidence from Turkey

2010 ◽  
Vol 5 (1) ◽  
pp. 57-66 ◽  
Author(s):  
Pınar Mandacı ◽  
Guluzar Gumus
Keyword(s):  
Firm Performance ◽  
Firm Value ◽  
Stock Exchange ◽  
Emerging Market ◽  
Ownership Concentration ◽  
Managerial Ownership ◽  
Holding Companies ◽  
Listed Firms ◽  
Average Percentage ◽  
Negative Effect

Ownership Concentration, Managerial Ownership and Firm Performance: Evidence from TurkeyThis study examines the effects of ownership concentration and managerial ownership on the profitability and the value of non-financial firms listed on the Istanbul Stock Exchange (ISE) in the context of an emerging market. We measure the firm's performance by Return on Assets (ROA) and Tobin's Q ratios, where the former measures profitability and the latter the value of the firm. In addition, we give detailed information on the main characteristics of the ownership structures of the firms in our sample and find that ownership of Turkish firms is highly concentrated. In addition, the unlisted holding companies have the highest average percentage of shares, which supports the belief that individuals or families establish the holding companies in order to control their listed firms. After controlling for investment intensity, leverage, growth and size, we find that ownership concentration has a significantly positive effect on both firm value and profitability, while managerial ownership has a significantly negative effect on firm value.

scholarly journals The structure of corporate ownership and firm performance: Sri Lankan evidence

2013 ◽  
Vol 11 (1) ◽  
pp. 723-734 ◽  
Author(s):  
Athula Manawaduge ◽  
Anura De Zoysa
Keyword(s):  
Firm Performance ◽  
Performance Measures ◽  
Ownership Structure ◽  
Emerging Market ◽  
Ownership Concentration ◽  
Sri Lankan ◽  
Accounting Performance ◽  
Listed Firms ◽  
Strong Positive Relationship ◽  
The Impact

This paper examines the impact of ownership structure and concentration on firm performance in Sri Lanka, an emerging market in Asia. The study estimates a series of regressions using pooled data for a sample of Sri Lankan-listed firms to investigate the impact of ownership concentration and structure on firm performance based on agency theory framework, using both accounting and market-based performance indicators. The results of the study provide evidence for a strong positive relationship between ownership concentration and accounting performance measures. This suggests that a greater concentration of ownership leads to better performance. However, we found no significant impact using market-based performance measures, which suggests the existence of numerous market inefficiencies and anomalies. Furthermore, the findings of the study show that ownership structure does not have a significant distinguishable effect on performance.

scholarly journals The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013

2018 ◽  
Vol 3 (2) ◽  
pp. 224-235 ◽  
Author(s):  
Iswajuni Iswajuni ◽  
Arina Manasikana ◽  
Soegeng Soetedjo
Keyword(s):  
Risk Management ◽  
Firm Value ◽  
Stock Exchange ◽  
Enterprise Risk Management ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Content Type ◽  
Significant Negative Effect ◽  
Enterprise Risk ◽  
Negative Effect

Purpose The purpose of this paper is to identify the effect of enterprise risk management (ERM) with firm size, ROA and managerial ownership as control variables on firm value that is proxied by Tobin’s Q. Design/methodology/approach Population of this research was manufacturing companies listed on the Indonesian Stock Exchange (IDX) in 2010–2013. The used method in this research is multiple linear regression-ordinary least square and hypotheses testing using t-test to test the regression coefficients with level of significance of 5 percent. Findings The results showed that ERM, ROA and size of the company have a significant positive effect on the firm value. While the managerial ownership has a significant negative effect on the firm value. Originality/value The results showed that firm value increases as ERM, ROA and size of the company improves. While the managerial ownership has a significant negative effect on the firm value.

scholarly journals Corporate governance, institutional investor type and firm performance: Evidence from an emerging market

2021 ◽  
Vol 5 (4) ◽  
pp. 20-27
Author(s):  
Rama Sastry Vinjamury
Keyword(s):  
Firm Performance ◽  
Institutional Investors ◽  
Firm Value ◽  
Fixed Effects ◽  
Stock Exchange ◽  
Emerging Market ◽  
Developed Economies ◽  
Financial Firms ◽  
Pressure Sensitive

The study analyses the role of institutional investors in improving firm performance. Unlike in developed economies where firm ownership is widely dispersed, firms in emerging economies such as India have substantial promoter shareholdings (often in a majority or close to a majority). Given the promoter control of Indian companies, the role of institutional investors as external monitors is analysed. Following Brickley, Lease, and Smith (1988) and Almazan, Hartzell, and Starks (2005), the study categorises institutional investors as pressure-sensitive and pressure-insensitive institutional investors. Panel data for non-financial firms from India included in National Stock Exchange (NSE) 500 over the period 2008–2017 is studied using fixed-effects models. The study finds that the increased ownership of pressure-insensitive institutional investors is positively associated with firm performance. Also, the increased ownership of pressure-sensitive institutional investors is negatively associated with firm performance. These findings are consistent with the view that pressure-insensitive institutional investors are more effective monitors compared to pressure-sensitive institutional investors. The study offers insights into the role of institutional investors in economies where firms have a substantial promoter shareholding. The study documents that even with a substantial promoter shareholding and control, pressure-insensitive institutional investors aid in enhancing firm value

scholarly journals Pengaruh Struktur Modal Terhadap Nilai Perusahaan dan Kinerja Perusahaan Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia

2016 ◽  
Vol 3 (1) ◽  
pp. 62-69
Author(s):  
Rizky Mangondu ◽  
Yossi Diantimala
Keyword(s):  
Firm Performance ◽  
Linear Regression ◽  
Capital Structure ◽  
Analytical Method ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Purposive Sampling ◽  
Negative Effect

This study is aimed at examining the effect of capital structure on firm value and firm performance. The population in this research is banking companies listed in Indonesia Stock Exchange for three years (2021-2014). Using purposive sampling method, a sample of 54 companies is obtained. The analytical method used in this research is the analysis of linear regression. The results of this research shows that capital structure have a negative effect on firm value and firm performance.

scholarly journals The effect of stakeholder on firm value and environmental performance as intervening variable

2020 ◽  
Vol 2 (1) ◽  
pp. 41-56
Author(s):  
Djoko Suhardjanto ◽  
◽  
Sigit Santosa ◽  
Tri Fitrianto Suratno ◽  
Rini Fatmawati ◽  
...  
Keyword(s):  
Regression Analysis ◽  
Path Analysis ◽  
Research Methodology ◽  
Environmental Performance ◽  
Firm Value ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Analysis Method ◽  
Negative Effect ◽  
The Relationship

Purpose: This study aimed to understand the relationship between stakeholder and firm value with environmental performance as the intervening variable. The study was conducted on companies listed in Indonesia Stock Exchange and listed in the PROPER program during 2016 and 2017. The stakeholder variables in this study consist of managerial ownership (manager), consumer, and employee. Research methodology: The samples were determined using purposive sampling with a total of 131 companies and using path analysis method as an expansion of regression analysis. Result: The result is managerial ownership, consumer, and employee do not affect firm value directly. Managerial ownership has a positive and significant effect on firm value through environmental performance. The consumer has a significant and negative effect on the firm value through environmental performance and employee has a significant and negative effect on the firm value. Limitation: The sample is limited for two years period and adjusted R2 is 21.5%. Contribution: This study can identify variables that affect firm value, especially: manager, consumer, employee and environmental performance. Keywords: Firm value, Stakeholder, Environmental performance

scholarly journals Ownership Structure and Firm Value of Quoted Consumers Goods Firms in Nigeria

2020 ◽  
Vol 3 (2) ◽  
pp. 214-228
Author(s):  
Godwin Emmanuel Oyedokun ◽  
Shehu Isah ◽  
Niyi Solomon Awotomilusi
Keyword(s):  
Ownership Structure ◽  
Consumer Goods ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Ownership Concentration ◽  
Annual Reports ◽  
Managerial Ownership

This study examined the ownership structure's effect on the firms' value of quoted manufacturing firms (consumer goods) in Nigeria for 2010-2018. The total numbers of quoted consumer goods firms in the Nigeria stock exchange as of 31st December 2018 were twenty-one (21). A judgmental sampling technique was used to sample nineteen (19) consumer goods firms for the study. The study sought to examine whether ownership structure proxy by managerial Ownership, Institutional Ownership, foreign Ownership, and ownership concentration affect firms' values of quoted consumer goods in Nigeria. Data were collected from secondary sources through the annual reports and accounts of sampled consumer goods firms in Nigeria. The study adopted a panel regression technique as a tool of analysis. The result showed a negative effect of managerial ownership on firm value. While institutional Ownership, foreign Ownership, and Ownership concentration all positively affect the firm value of consumer goods firms in Nigeria. Therefore, the study recommends that the numbers of shares held by management should be reduced to increase the firm value of the listed consumer goods companies in Nigeria. 

PENGARUH PROFITABILITAS, STRUKTUR MODAL DAN KEPEMILIKAN MANAJERIAL TERHADAP RETURN SAHAM DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL MODERATING (Studi Empiris pada Perusahaan Sektor Pertanian di BEI)

2021 ◽  
Vol 6 (1) ◽  
pp. 14
Author(s):  
Rossy Novia Ellidianti ◽  
Murhaban Murhaban ◽  
Andria Zulfa
Keyword(s):  
Capital Structure ◽  
Stock Returns ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Managerial Ownership ◽  
Panel Data Regression ◽  
Data Regression ◽  
Negative Effect ◽  
Positive Effect

This study aims to examine the effect of profitability, capital structure and managerial ownership on stock return with firm value as a moderator veriable in Agricultural Companies in Indonesia Stock Exchange during the period 2009-2018. The number of samples in this study are 10 agricultural companies in the Indonesia Stock Exchange obtained by using purposive sampling technique. Data analysis method used is Panel Data Regression. The results of this study prove that capital structure has negative effect on stock returns, firm value has positive effect on stock returns, profitability and managerial ownership have no significant effect on stock returns. Meanwhile, the moderating effect test prove that firm value is able to moderate the effect of profitability on stock returns, but is unable to moderate the effect of capital structure and managerial ownership on stock returns

scholarly journals Use of Derivative and Firm Performance: Evidence from the Chinese Shenzhen Stock Exchange

2021 ◽  
Vol 14 (2) ◽  
pp. 83
Author(s):  
Yantao Wen ◽  
Yuanfei Kang ◽  
Yafeng Qin ◽  
Jeffrey C. Kennedy
Keyword(s):  
Firm Performance ◽  
Performance Improvement ◽  
Stock Exchange ◽  
Financial Derivatives ◽  
Financial Risks ◽  
Firm Level ◽  
Listed Firms ◽  
Tax Shield ◽  
Negative Effect ◽  
Research Findings

Financial derivatives have been increasingly used by firms to hedge against financial risks. However, it is still not clear what factors at the firm level lead to firms’ derivative use and whether derivative use can generate performance improvement, especially in the context of firms operating in emerging economies. Using the unbalanced panel data consisting of 2529 listed firms from China covering an 11-year period from 2005 to 2015, this study examines these two questions regarding firms’ use of financial derivatives. Based on results from the empirical analysis, this study identified operational cash flow, tax shield, R&D investment, and the possibility of bankruptcy, as the firm-level factors that enable firms’ decision to invest in financial derivatives. More importantly, empirical findings from this study suggest that a firm’s derivative use tends to negatively affect firm performance, rather than improve firm performance. The negative effect of derivative use on firm performance is not consistent between the two groups of the better performer and poorer performer firms. While the poorly performed firms are more likely to use financial derivatives for the purpose of performance improvement, their derivative use tends to further damage, rather than improve, performance. These research findings have theoretical and practical implications.

scholarly journals How CSR Moderates the Impact of Basic Industry and Chemicals Companies' Values in Indonesia

2021 ◽  
pp. 66-79
Author(s):  
Widya Sari ◽  
Leondy Wijaya ◽  
Sherly . ◽  
Sally Sofian
Keyword(s):  
Firm Value ◽  
Audit Committee ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
P Value ◽  
Managerial Ownership ◽  
Basic Industry ◽  
Negative Effect ◽  
The Impact ◽  
Positive Effect

The purpose of this study was to see how the influence of profitability and corporate governance on firm value with or without CSR as a moderating variable. The researchers collected data on companies in the Basic Industry and Chemicals sector listed on the Indonesia Stock Exchange by accessing the website www.idx.co.id.  The population in this study consisted of 80 companies and a sample of 27 companies with a five-year research period. The research method used was quantitative, utilizing data analysis techniques based on the Partial Least Squares (PLS) model and Smart PLS software. The results showed that institutional ownership (p-value 0.064) has no effect on firm value, managerial ownership (p-value 0.462) has no effect on firm value, independent commissioners (p-value 0.836) has no effect on firm value, ROE (p-value 0.119) has no effect on firm value and the audit committee (p-value 0.012) has a positive effect on firm value, institutional ownership with CSR as a moderating variable (p-value 0.756) has no effect on firm value, managerial ownership with CSR as a moderating variable (p -value 0.141) has no effect on firm value, the audit committee with CSR as a moderating variable (p-value 0.084) has no effect on firm value, independent commissioners with CSR as a moderating variable (p-value 0.745) has no effect on firm value, ROE with CSR as a moderating variable (p-value 1.906) has no effect on firm value an, institutional ownership (P-value = 894) has no effect on CSR, managerial ownership (P-value = .361) has no effect on the audit committee CSR (P-value = .984) has no effect on CSR,  Independent Commissioner (P- value = .000) has a negative effect on CSR, ROE (P-value = .001) has a negative effect on CSR, CSR (P-value = .018) has a positive effect on firm value.

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