CEU Electronic Theses and Dissertations, 2011
| Author | Dzanic, Alen |
|---|---|
| Title | Ownership concentration and firm performance: Evidence from the Zagreb Stock Exchange |
| Summary | This study examines the relationship between the ownership structure and firm performance using the panel data from the Zagreb Stock Exchange. The effect of managerial ownership and the presence of blockholders was checked for the return on equity, Tobin's Q and labor efficiency. The results show significant negative relationship between the existance of blockholder owning more than 30% of the equity and the value of firm's Tobin's Q. However, if there is a family-type second blockholder, the effect dissappears. Further, the study gives evidence of the negative impact of the fraction of equity owned by management on the labor efficiency, weakly confirming the quiet life hypothesis stated by Bertnrand and Mullainathan (2003). Finally, it is shown that a foreign ownership is not significantly better than domestic one, while firms founded before 1991 are on average outperforming those founded after this year. |
| Supervisor | Baniak, Andrzej |
| Department | Economics MA |
| Full text | https://www.etd.ceu.edu/2011/dzanic_alen.pdf |
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