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Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis

Ichiro Iwasaki () and Satoshi Mizobata

No 2018-8, CEI Working Paper Series from Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University

Abstract: This paper aims to perform a large-scale meta-analysis to examine the relationship between ownership concentration and firm performance in emerging economies of Central and Eastern Europe and the former Soviet Union. A meta-synthesis of 1517 estimates collected from 69 previous studies indicated the presence of a statistically significant and positive effect of ownership concentration on firm performance. The synthesized effect size, however, is only modest at best. A meta-regression analysis conducted to identify the factors underlying the small effect size revealed that differences in target industries, estimation periods, design of ownership variables, data sources, estimators, and choices of control variables could have had systematic and profound effects on the empirical results presented in previous studies. We have also noted that publication selection bias is strongly suspected in this research field, and that, due to the magnitude of this bias, existing studies cannot be expected to provide genuine evidence regarding the effect of ownership concentration on firm performance in European emerging economies. Further empirical studies are required to identify the true effect in this region.

Keywords: ownership concentration; enterprise restructuring; firm performance; European emerging economies; meta-analysis; publication selection bias (search for similar items in EconPapers)
JEL-codes: D22 G32 G34 L25 P21 P31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-cis, nep-eff, nep-sbm and nep-tra
Date: 2018-10
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Persistent link: https://EconPapers.repec.org/RePEc:hit:hitcei:2018-8

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