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The effect of ownership on firm value: a meta-analysis

Maurizio La Rocca (), Fabiola Montalto (), Tiziana La Rocca () and Raffaele Staglianò ()
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Fabiola Montalto: Department of Business Administration and Law, University of Calabria, Italy
Tiziana La Rocca: Department of Economics, University of Messina, Italy
Raffaele Staglianò: Montpellier Business School, Montpellier Research in Management, Montpellier, France

Economics Bulletin, 2017, vol. 37, issue 4, 2324-2353

Abstract: This paper focuses on the controversial relationship between ownership and value with the aim of synthesizing the main empirical literature and highlighting the source of heterogeneity among the studies. Through the use of meta-analysis, there emerges a prevalent positive effect of ownership concentration on firm value, and a non-monotonic effect between managerial ownership and firm value. As the main output of the paper, the use of meta-regressions allowed the identification of the variables that moderate the relationship between ownership and value, detecting their potential function in explaining the reasons of controversial outcomes in previous studies. These latter results offer a number of suggestions for further research and, hopefully, ideas for actions to improve corporate governance in the interests of stakeholders.

Keywords: Meta-regression analysis; corporate governance; ownership concentration; managerial ownership; firm value (search for similar items in EconPapers)
JEL-codes: G3 (search for similar items in EconPapers)
Date: 2017-10-26
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