The moderating effect of entrepreneurship orientation on the relationship between ownership structure and corporate performance: Jordanian evidence

Amneh Alkurdi

International Journal of Sustainable Economy, 2022, vol. 14, issue 2, 132-150

Abstract: This study attempts to investigate whether ownership structure influences corporate performance. The study is based on a sample of 62 firms listed on the first market of the Amman Stock Exchange (ASE) using data from 2012 to 2019. The findings reveal a positive relationship between institutional ownership and both return on equity (ROE) and Tobin's Q (TQ), while foreign ownership has a positive impact on TQ only. In contrast, managerial ownership has a negative relationship with ROE and TQ. However, under the moderating effect of entrepreneurship orientation, managerial ownership has a positive significant relationship both with ROE and TQ. Other ownership structures, i.e., institutional and foreign ownership, show no moderating effect from entrepreneurship orientation. These findings may thus be of interest to investors as they demonstrate that ownership structure can enhance the level of corporate performance. Additionally, Jordanian regulators can review policies and regulations to strengthen corporate governance, which will increase stakeholder benefits.

Keywords: ownership structure; corporate performance; entrepreneurship orientation; emerging markets; Jordan. (search for similar items in EconPapers)
Date: 2022
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