Large shareholders and firm value: Are high-tech firms different?

Irena Grosfeld

Working Papers from HAL

Abstract: This paper explores the relationship between ownership structure and firm value in a transition economy. It distinguishes firms belonging to the sector of innovative technologies and firms from more "traditional" industries. For the latter, the results of the estimation of a simultaneous equations system give support to the hypothesis that strong monitoring and ownership concentration are beneficial for firm performance. They also show that in high-tech firms, higher ownership concentration does not improve firm performance. The sample consists of all non-financial firms listed on the Warsaw Stock Exchange since its creation in 1991.

Keywords: ownership structure; corporate governance; knowledge economy; transition economics (search for similar items in EconPapers)
Date: 2009-01
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00587856v1
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Citations: View citations in EconPapers (6)

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Related works:
Journal Article: Large shareholders and firm value: Are high-tech firms different? (2009)
Working Paper: Large shareholders and firm value: Are high-tech firms different? (2009)
Working Paper: Large shareholders and firm value: Are high-tech firms different? (2009)
Working Paper: Large shareholders and firm value: Are high-tech firms different? (2009)
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