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A note on equity ownership and corporate value in Greece
Author(s) -
Karathanassis G.A.,
Drakos A.A.
Publication year - 2004
Publication title -
managerial and decision economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.288
H-Index - 51
eISSN - 1099-1468
pISSN - 0143-6570
DOI - 10.1002/mde.1181
Subject(s) - equity (law) , panel data , stock exchange , shareholder , econometrics , economics , accounting , econometric analysis , business , value (mathematics) , stock (firearms) , financial economics , corporate governance , finance , statistics , mathematics , political science , law , mechanical engineering , engineering
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.