 Ownership structure, corporate governance reform and firm performance: evidence from KuwaitAbdullah E. Alajmi and Andrew Worthington International Journal of Corporate Governance, 2023, vol. 13, issue 4, 315-342 Abstract: This paper examines the link between ownership structure and firm performance in Kuwaiti industrial and services sector firms over the period 2010-2021 in the regulatory context of recent and extensive corporate governance code reform. Panel data regression analysis with robust and clustered standard errors of firm performance for 980 listed industrial and services firms in Kuwait over an 11-year period. All measures of firm performance were found to positively relate to family, local institutional, and government ownership, accounting for anywhere between 12% and 28% of the variation in firm performance. The study is unique in incorporating ownership structure types and analysing ownership structure reforms in Kuwait, which progressed from no governance code to a compulsory regime. The findings suggest that the complexity of ownership structure law and guidelines, the difficulty of changing firm behaviour, and self-selection of firms in regulated markets make it challenging to model the ownership structure-firm performance relationship. Keywords: corporate governance reform; leverage; debt to equity; Tobin's Q; Kuwait. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:ijcgov:v:13:y:2023:i:4:p:315-342 Access Statistics for this article More articles in International Journal of Corporate Governance from Inderscience Enterprises Ltd |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.