A note on equity ownership and corporate value in Greece

G.A. Karathanassis and Anastasios A. Drakos
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G.A. Karathanassis: Department of Business Administration, Athens University of Economics and Business, Greece, Postal: Department of Business Administration, Athens University of Economics and Business, Greece

Managerial and Decision Economics, 2004, vol. 25, issue 8, pages 537-547

Abstract: 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.

Date: 2004
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