Ownership concentration beyond good and evil: is there an effect on corporate performance?

Christian Weiss () and Stefan Hilger ()

Journal of Management & Governance, 2012, vol. 16, issue 4, 727-752

Abstract: In this paper, we analyze the relationship between ownership concentration and firm performance, while accounting for the endogeneity of the ownership structure, a potential curvilinearity of the performance effect, differences in corporate governance systems, and alternative performance measures. Using a sample of 1,079 firms from 8 countries we find evidence for a curvilinear effect of ownership concentration on firm performance, which becomes insignificant after controlling for endogeneity. Hence, our results support the findings by Demsetz and Villalonga (J Corp Fin 7(3):209–233, 2001 ). More research is needed to disentangle the contradictory findings in prior works. Copyright Springer Science+Business Media, LLC. 2012

Keywords: Ownership concentration; Corporate performance; Endogeneity; Corporate governance (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://hdl.handle.net/10.1007/s10997-011-9170-9 (text/html)
Access to full text is restricted to subscribers.

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: https://EconPapers.repec.org/RePEc:kap:jmgtgv:v:16:y:2012:i:4:p:727-752

Ordering information: This journal article can be ordered from
http://www.springer. ... 29/journal/10997/PS2

DOI: 10.1007/s10997-011-9170-9

Access Statistics for this article

Journal of Management & Governance is currently edited by Lino Cinquini

More articles in Journal of Management & Governance from Springer, Accademia Italiana di Economia Aziendale (AIDEA) Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().