Article2004

A note on equity ownership and corporate value in Greece

George A. Karathanassis · Anastassios A. Drakos

26 citations0/0 files storedManagerial and Decision Economics

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

Abstract This study attempts to investigate whether corporate performance is affected by the ownership structure, using data from companies quoted on the Athens Stock Exchange for the period 1996–1998. Given such an objective, the basic hypothesis examined, is that corporate performance as measured by Tobin's Q ratio is a function of ownership and other control variables. Our econometric approach relies on the use of a combination of time series and cross section data (panel‐data analysis), a procedure that avoids many statistical problems. After examining the role of each identifiable shareholder, we find a positive relationship between institutional investors and corporate performance. Copyright © 2004 John Wiley & Sons, Ltd.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1980Agency Problems and the Theory of the Firm 1979Moral Hazard and Observability 2003Analysis of Panel Data 1988Management ownership and market valuation 1971Industrial Market Structure and Economic Performance.1985The Structure of Corporate Ownership: Causes and Consequences

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