Economics at your fingertips  

Large Shareholding and Firm Value in the Alternative Investment Market (AIM)

Mona Mortazian (), Seyedeh Asieh H. Tabaghdehi () and Bryan Mase ()
Additional contact information
Mona Mortazian: Brunel University London
Seyedeh Asieh H. Tabaghdehi: Regents University London
Bryan Mase: Brunel University London

Asia-Pacific Financial Markets, 2019, vol. 26, issue 2, 229-252

Abstract: Abstract This paper investigates the impact of non-managerial and managerial blockholders on the value of the firms listed in the Alternative Investment Market (AIM). This study mainly investigates whether the effect of blockholders on firm value is due to the AIM high ownership concentration and low investor protection. The primary empirical finding, using GMM, justifies that non-managerial and managerial blockholders in the AIM affect the firm value in different ways. Non-managerial blockholders in the AIM improve the firm value by monitoring managers when their block sizes are up to 32%. However, when their block sizes exceed 32%, the blockholders expropriate other shareholders.

Keywords: Corporate governance; Alternative Investment Market (AIM); Managerial blockholders; Firm value; Tobin’s Q; Generalized Method of Moments (GMM) (search for similar items in EconPapers)
JEL-codes: G23 G32 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

Asia-Pacific Financial Markets is currently edited by Jiro Akahori

More articles in Asia-Pacific Financial Markets from Springer, Japanese Association of Financial Economics and Engineering
Bibliographic data for series maintained by Sonal Shukla ().

Page updated 2019-05-25
Handle: RePEc:kap:apfinm:v:26:y:2019:i:2:d:10.1007_s10690-018-9256-3