Ownership Structure and Firm Performance: The Role of R&D

Irene Wei Kiong Ting (), Qian Long Kweh (), Hooi Hooi Lean () and Jin Hwa Ng ()
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Irene Wei Kiong Ting: Department of Finance and Economics, College of Business Management and Accounting, Universiti Tenaga Nasional, Sultan Haji Ahmad Shah Campus
Qian Long Kweh: Department of Accounting, College of Business Management and Accounting, Universiti Tenaga Nasional, Sultan Haji Ahmad Shah Campus
Jin Hwa Ng: Tenaga Nasional Berhad, Financial Planning Department

Institutions and Economies (formerly known as International Journal of Institutions and Economies), 2016, vol. 8, issue 4, 1-21

Abstract: This study aims to examine the impact of ownership structure (i.e. family ownership, government ownership, and foreign ownership) on firm performance, viz. Tobin’s Q and return on assets. The impact of R&D on the relationship between ownership structure and firm performance is also assessed using a sample of 201 Malaysian public listed companies for the period of 2002-2011. Findings show that family ownership and foreign ownership positively relate to firm performance, but not government ownership. More importantly, R&D strengthens the relationship between family ownership and foreign ownership with firm performance respectively. While prior studies have shown that ownership structure is related to firm performance, this paper contributes to a new understanding of the role of R&D in moderating the relationship between ownership structure and firm performance.

Keywords: Family ownership; foreign ownership; government ownership; ownership strucutre; performance; research and development (R&D) (search for similar items in EconPapers)
JEL-codes: G32 L21 L25 O3 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:umk:journl:v:8:y:2016:i:4:p:1-21

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