Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies
The aim of this study is to research the influence of ownership structure on firm value in order to provide, from our knowledge, the first results for the case of the Bucharest Stock Exchange listed companies. Therefore, we have considered the shareholdings of the following types of shareholders: i...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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EconJournals
2015-04-01
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| Series: | International Journal of Economics and Financial Issues |
| Online Access: | http://mail.econjournals.com/index.php/ijefi/article/view/1017 |
| _version_ | 1797920979419136000 |
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| author | Georgeta Vintila Stefan Cristian Gherghina |
| author_facet | Georgeta Vintila Stefan Cristian Gherghina |
| author_sort | Georgeta Vintila |
| collection | DOAJ |
| description |
The aim of this study is to research the influence of ownership structure on firm value in order to provide, from our knowledge, the first results for the case of the Bucharest Stock Exchange listed companies. Therefore, we have considered the shareholdings of the following types of shareholders: insiders, companies from financial intermediation sector, State, and employees’ organizations, over the period 2007-2011. Thus, after the econometric estimations using panel data regression models, we have concluded a negative influence of insider shareholdings and employees’ organizations ownership on firm value. However, the results showed a lack of association between State shareholdings and firm value. There resulted a nonlinear relationship between the shareholdings of the companies from financial intermediation sector and firm value. Furthermore, the impact of ownership structure, one year lagged, on contemporaneous firm value was the same, although the magnitude of the influence was higher.
Keywords: corporate governance; ownership structure; firm value; Romania; panel data models
JEL Classifications: G32; G34
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| first_indexed | 2024-04-10T14:09:22Z |
| format | Article |
| id | doaj.art-f26a26afa2ec410fabc1141af3b3f054 |
| institution | Directory Open Access Journal |
| issn | 2146-4138 |
| language | English |
| last_indexed | 2024-04-10T14:09:22Z |
| publishDate | 2015-04-01 |
| publisher | EconJournals |
| record_format | Article |
| series | International Journal of Economics and Financial Issues |
| spelling | doaj.art-f26a26afa2ec410fabc1141af3b3f0542023-02-15T16:09:50ZengEconJournalsInternational Journal of Economics and Financial Issues2146-41382015-04-0152Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed CompaniesGeorgeta Vintila0Stefan Cristian Gherghina1The Bucharest University of Economic StudiesThe Bucharest University of Economic Studies The aim of this study is to research the influence of ownership structure on firm value in order to provide, from our knowledge, the first results for the case of the Bucharest Stock Exchange listed companies. Therefore, we have considered the shareholdings of the following types of shareholders: insiders, companies from financial intermediation sector, State, and employees’ organizations, over the period 2007-2011. Thus, after the econometric estimations using panel data regression models, we have concluded a negative influence of insider shareholdings and employees’ organizations ownership on firm value. However, the results showed a lack of association between State shareholdings and firm value. There resulted a nonlinear relationship between the shareholdings of the companies from financial intermediation sector and firm value. Furthermore, the impact of ownership structure, one year lagged, on contemporaneous firm value was the same, although the magnitude of the influence was higher. Keywords: corporate governance; ownership structure; firm value; Romania; panel data models JEL Classifications: G32; G34 http://mail.econjournals.com/index.php/ijefi/article/view/1017 |
| spellingShingle | Georgeta Vintila Stefan Cristian Gherghina Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies International Journal of Economics and Financial Issues |
| title | Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies |
| title_full | Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies |
| title_fullStr | Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies |
| title_full_unstemmed | Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies |
| title_short | Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies |
| title_sort | does ownership structure influence firm value an empirical research towards the bucharest stock exchange listed companies |
| url | http://mail.econjournals.com/index.php/ijefi/article/view/1017 |
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