Profits persistence and ownership: evidence from the Italian banking sector

Mariarosaria Agostino · Leone Leonida · Francesco Trivieri

30 citations0/0 files storedApplied Economics

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Banking stability, regulation, efficiency Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

The hypothesis that ownership structure affects persistence of profits in the Italian banking industry is tested. The time-invariant components of ROA and ROE are regressed against ownership concentration and the fraction of shares held by the major shareholders. The results show that abnormal profits increase if ownership is concentrated in foundations and banks, and decrease if market forces are allowed to operate.

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References

1988Management ownership and market valuation 1985The Structure of Corporate Ownership: Causes and Consequences 1989Recursive Methods in Economic Dynamics 2001Ownership structure and corporate performance 1983The Structure of Ownership and the Theory of the Firm 1997Empirics for Growth and Distribution: Stratification, Polarization, and Convergence Clubs 1998Ownership structure, investment, and the corporate value: An empirical analysis 2002Competition, concentration and their relationship: An empirical analysis of the banking industry

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