Factors affecting ownership pattern: Indian evidence

Daman Jeet

International Journal of Business Excellence, 2023, vol. 31, issue 1, 32-48

Abstract: Percentage of shares is considered to be one of the primary measures of ownership structure. Studies have been conducted on interrelationships among corporate ownership and board structure characteristics and on the determinants and mechanism by which the ownership structure is formed. Largely these studies only reflect on one or two governance characteristics with an exception by Agrawal and Knoeber (1996). The indecisive studies of ownership structure make it necessary to study the identity the determinants of ownership. Taking a proportional sample of companies from the four major industries, this study tries to find the factors affecting ownership pattern. Captivating ownership as director ownership, foreign ownership, institutional investors, Indian and foreign promoters, financial performance measured using Tobin's q and duality (chairman and managing director being single person) positively and significantly affect ownership. Nevertheless, financial leverage negatively impacts ownership.

Keywords: return on assets; ROA; Tobin's Q; corporate governance. (search for similar items in EconPapers)
Date: 2023
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