Articlediamond2021

Ownership structure and firm performance: Evidence manufacturing companies listed in Dhaka Stock Exchange

S. M. Khaled Hossain · Md. Imtiaz Sultan · Md. Mekail Ahmed

12 citations0/0 files storedInternational Journal of Financial Accounting and Management

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Corporate Finance and Governance Financial Analysis and Corporate Governance Corporate Governance and Financial Management

Abstract

Abstract: Purpose: This study aims at examining the relationship between ownership structure and firm performance about manufacturing companies listed in Dhaka Stock Exchange (DSE). Research Methodology: The analysis empirically uses dynamic panel data from 15 pharmaceutical and chemical companies enlisted in Dhaka Stock Exchange (DSE). The study period was 2011-2020. The study used panel data regression analysis. Results: The study confirms that sampled companies' financial performance represented by ROA and ROE is significantly influenced by institutional ownership, ownership concentration, and foreign ownership whereas, negatively influenced by managerial ownership and insider ownership. The study didn't find any noteworthy association between block holders' ownership with firms' performance. Contribution: This study keeps a significant role in understanding the ownership structures’ influence on firms’ performance. More specifically the policymakers may consider the study for implementing the relevant issues. Limitations: The study's results were restricted to 15 Bangladeshi pharmaceutical and chemical companies enlisted in DSE and could not be applied to other companies doing business in Bangladesh. Keywords: 1. Firm Performance 2. Managerial Ownership 3. Ownership Concentration 4. Ownership Structure 5. ROA 6. ROE

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1986Large Shareholders and Corporate Control 1985The Structure of Corporate Ownership: Causes and Consequences 1990Additional evidence on equity ownership and corporate value 1996Theory of the firm; managerial Behavior, Agency Costs, and Ownership Structure 2008Bank Governance, Regulation, and Risk Taking 2008Bank governance, regulation and risk taking 1998Agency Problems and Dividend Policies Around the World

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