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

Irena Grosfeld

Economic Systems, 2009, vol. 33, issue 3, 259-277

Abstract: This paper explores the relationship between ownership structure and firm value in firms listed on the Warsaw Stock Exchange. The results of the estimations, taking into account simultaneity and reverse causality, show that the relationship between ownership concentration and firm value differs across firms belonging to the sector of innovative technologies and more 'mature' firms. The results give support to the hypothesis that 'mature' firms with higher ownership concentration are likely to perform better than firms with more dispersed ownership. In contrast, in high-tech companies, with large share of knowledge related activities, higher ownership concentration is associated with lower firm value. This effect is robust to various alternative specifications.

Keywords: Ownership; structure; Corporate; governance; Knowledge; economy; Transition; economics (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Related works:
Working Paper: Large shareholders and firm value: Are high-tech firms different? (2009)
Working Paper: Large shareholders and firm value: Are high-tech firms different? (2009)
Working Paper: Large shareholders and firm value: Are high-tech firms different? (2009)
Working Paper: Large shareholders and firm value: Are high-tech firms different? (2009)
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