The value of blockholders shaped by moderators
This paper investigates the role of moderators in affecting the relationship between ownership and value. The results generally reveal a positive influence of blockholders on performance, that is significantly affected by moderating factors. The link becomes negative in listed firms, as well as in f...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Vilnius Gediminas Technical University
2013-12-01
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| Series: | Journal of Business Economics and Management |
| Subjects: | |
| Online Access: | https://journals.vgtu.lt/index.php/JBEM/article/view/3775 |
| _version_ | 1818874369983643648 |
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| author | Maurizio La Rocca Fabiola Montalto |
| author_facet | Maurizio La Rocca Fabiola Montalto |
| author_sort | Maurizio La Rocca |
| collection | DOAJ |
| description | This paper investigates the role of moderators in affecting the relationship between ownership and value. The results generally reveal a positive influence of blockholders on performance, that is significantly affected by moderating factors. The link becomes negative in listed firms, as well as in family ones, and vanishes in financial constrained ones. Moreover, in case of managerial opportunism, the role of blockholders increases the positive effect of ownership on performance. Conversely, new governance reforms, improving the investors’ protection, have resized the centrality of the majority shareholder. Overall, results can be used to make recommendations on how to improve corporate and country-specific governance mechanisms. |
| first_indexed | 2024-12-19T13:09:31Z |
| format | Article |
| id | doaj.art-a49d1b87fdb84349b004c4c11fae193f |
| institution | Directory Open Access Journal |
| issn | 1611-1699 2029-4433 |
| language | English |
| last_indexed | 2024-12-19T13:09:31Z |
| publishDate | 2013-12-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | Journal of Business Economics and Management |
| spelling | doaj.art-a49d1b87fdb84349b004c4c11fae193f2022-12-21T20:19:57ZengVilnius Gediminas Technical UniversityJournal of Business Economics and Management1611-16992029-44332013-12-0114110.3846/16111699.2013.794750The value of blockholders shaped by moderatorsMaurizio La Rocca0Fabiola Montalto1Department of Business and Legal Sciences, University of Calabria, Cubo 3C, Campus di Arcavacata, Via P. Bucci, 87036 Rende (CS), ItalyDepartment of Business and Legal Sciences, University of Calabria, Cubo 3C, Campus di Arcavacata, Via P. Bucci, 87036 Rende (CS), Italy; Department of Accounting and Finance, University of AntwerpStadscampus, Prinsstraat 13, 2000 Antwerpen, BelgiumThis paper investigates the role of moderators in affecting the relationship between ownership and value. The results generally reveal a positive influence of blockholders on performance, that is significantly affected by moderating factors. The link becomes negative in listed firms, as well as in family ones, and vanishes in financial constrained ones. Moreover, in case of managerial opportunism, the role of blockholders increases the positive effect of ownership on performance. Conversely, new governance reforms, improving the investors’ protection, have resized the centrality of the majority shareholder. Overall, results can be used to make recommendations on how to improve corporate and country-specific governance mechanisms.https://journals.vgtu.lt/index.php/JBEM/article/view/3775corporate governanceblockholdersmoderating variablesperformance |
| spellingShingle | Maurizio La Rocca Fabiola Montalto The value of blockholders shaped by moderators Journal of Business Economics and Management corporate governance blockholders moderating variables performance |
| title | The value of blockholders shaped by moderators |
| title_full | The value of blockholders shaped by moderators |
| title_fullStr | The value of blockholders shaped by moderators |
| title_full_unstemmed | The value of blockholders shaped by moderators |
| title_short | The value of blockholders shaped by moderators |
| title_sort | value of blockholders shaped by moderators |
| topic | corporate governance blockholders moderating variables performance |
| url | https://journals.vgtu.lt/index.php/JBEM/article/view/3775 |
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