Ownership Structure of Publicly Traded Newspaper Companies and Their Financial Performance

Soontae An, Hyun Seung Jin and Todd Simon

Journal of Media Economics, 2006, vol. 19, issue 2, 119-136

Abstract: This study examined the effects of ownership structure on the financial performance of publicly traded newspaper companies. The results showed that the level of institutional ownership in a year was negatively associated with the subsequent year's profitability, as measured by return on equity and return on assets. Increased insider ownership in a given year was followed by decreased debt-to-equity ratio in the next year. Agency theory and financial control theory were discussed.

Date: 2006
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DOI: 10.1207/s15327736me1902_3

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