Ownership Structure and Firm Performance: Evidence from a non-parametric panel

Malika Hamadi () and Andréas Heinen

LSF Research Working Paper Series from Luxembourg School of Finance, University of Luxembourg

Abstract: This paper considers the effect on performance of very large controlling shareholders, who are mostly organized in voting blocks and business groups, in a sample of Belgian listed firms from 1991 to 2006. We use a non-parametric panel data analysis, which is a new technique that does not impose functional restrictions on the relation between ownership and performance. While parametric results indicate a negative effect of large shareholders on firm performance for non-family firms, non-parametric analysis shows that the effect on performance varies depending on the size of ownership stakes.

Keywords: Semi-parametric panel; Ownership concentration; Large shareholders; Firm performance; Family firms. (search for similar items in EconPapers)
JEL-codes: C14 C23 G32 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:crf:wpaper:11-16

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