Ownership concentration among entrepreneurial firms: The growth-control trade-off

Lai, Shaojie; Liang, Hongyan; Liu, Zilong; Pu, Xiaoling; Zhang, Jianing

doi:10.1016/j.iref.2021.11.005

Cited by 9 publications

(4 citation statements)

References 54 publications

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“…Generally, emerging markets suffer from this issue because concentrated investors attempt to influence corporate governance mechanisms to promote their interests at the expense of minority shareholders . According to Iglesias et al, 2021;Kabir et al, 2020;Martínez-García et al, 2021;Lai et al, 2022;Shumali & Abuamsha, 2023, Minority shareholder expropriation in Agency Issue Type II in developing markets has been looked into a lot in the research literature. Jordan represents an institutional framework typified by high levels of ownership concentration across most ASE-listed businesses, controlled by controlling shareholders.…”

Section: The Moderating Effect Of Ownership Concentrationmentioning

confidence: 99%

The Impact of Audit Quality on Firm Performance: the Moderating Role of Ownership Concentration

Hyarat,

Husin,

Jos

2023

J. Professional Business Review

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Purpose: The main objectives of this research were to study the direct relationship between audit quality (AQ) and the performance of non-financial Jordanian companies and to look into how ownership concentration affects this relationship. Theoretical framework: This research focuses on AQ, FP, and ownership concentration. Ownership concentration moderates the relationship between AQ and FP, according to the framework. Audit fees are used to evaluate AQ and lend credibility to financial reports, protecting shareholders' interests. Design/methodology/approach: The study was conducted on public companies listed on the Stock Exchange of Amman (ASE) in the services and industry sectors, with a total of 92 firms, from 2014 to 2018. The data analysis method used was partial least squares structural equation modelling (PLS-SEM). Findings: The study's findings suggest that AQ is positively linked to FP, and ownership concentration has a positive and significant effect on FP. Additionally, the moderating influence of ownership concentration confirms that AQ has a statistically significant impact on FP. Research, Practical & Social implications: The result of this article helps firm managers, regulatory agencies, and market participants on the ASE, as well as nations with highly concentrated ownership and policymakers, understand governance. Originality/value: This study is one of the first papers in the Jordanian context to address the role of moderating the effect of ownership concentration between AC and FP.

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Section: The Moderating Effect Of Ownership Concentrationmentioning

confidence: 99%

The Impact of Audit Quality on Firm Performance: the Moderating Role of Ownership Concentration

Hyarat,

Husin,

Jos

2023

J. Professional Business Review

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“…The starting point for the reconstruction of beliefs making up the axiological background of collaborative consumption society should be the observation how the concept of good is currently being redefined and how the idea of shared ownership is spreading. For a long time ownership has been a key concept in business practice and economic thought: a concept which underlay the organisation of the practice and description of economic exchange, labour and social relations (Lai et al, 2022). Ownership was defined as a right to have, enjoy, use, derive profit from, process or destroy an object; in practice such an approach gave rise to a specific type of business activity where the ownership of an item was a prerequisite of using it.…”

Section: Shared Good Vs Ownership (Owning and Using)mentioning

confidence: 99%

On the Concept of Good with Continual Reference to Economy. What is the axiological background of collaborative consumption society?

Nowak

2022

REF

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The rationale for choosing the object of research is the recognition of the socio-cultural validity of new ways of management (New Economy), interpreted as a response to the exhaustion of traditional ways in which societies function, i.e. those based on ideas of growth and ownership. The aim of the article is to analyse selected examples of redefinition of the concept of good in the context of new social narratives and the grounding of certain beliefs related to the idea of degrowth and sharing economy. The article is theoretical and references to contemporary research on cultural philosophy and social analyses of economic practice. A socio-regulatory concept of culture was adopted as a research perspective, and humanistic interpretation was used as an explanatory procedure. Qualitative data was analysed using atlas.ti, concept driven coding was used, and content analysis was limited to concept analysis and the creation of conceptual maps. The research results are supposed to show: 1. the impact of modern forms of economic practices using the Internet and IT technology on the redefinition of good, 2. how this redefinition builds the axiological background of society of collaborative consumption.

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“…A stream of research has focused on ownership concentration and its influence on corporate performance (e.g. Lai et al, 2022;Yang and Meyer, 2019). The influence of ownership concentration on corporate performance is considered theoretically complex and empirically ambiguous (Earle et al, 2005).…”

Section: Introductionmentioning

confidence: 99%

“…A stream of research has focused on ownership concentration and its influence on corporate performance (e.g. Lai et al. , 2022; Yang and Meyer, 2019).…”

Section: Introductionmentioning

confidence: 99%

Equity ownership concentration and firm growth: the moderating role of industry growth

Torres,

Silva,

Augusto

2024

MRR

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Purpose The effects of ownership concentration on firm performance usually considers two conflicting perspectives: monitoring and expropriation hypotheses. Past studies have produced mix findings. This study aims to shed light on this relationship by focusing on a specific measure of firm performance, firm growth. The moderating effect of industry growth in the aforementioned relationship is also considered, which advances knowledge on the role of moderators. Design/methodology/approach This study resorts to data from a sample of 21,476 Portuguese firms, which is examined using hierarchical linear modelling. This approach is adequate because the data has a hierarchical structure: the firms are nested within industries. Findings The results show that equity ownership concentration has a positive effect on firms’ growth and that industry growth amplifies this relationship. Ownership concentration can spur effective monitoring, thereby alleviating principal–agent conflicts of interest and speeding up decision-making, enabling timely competitive actions that promote growth. Research limitations/implications The research conceives ownership structure in two groups. However, equity ownership concentration often acquires more complex shapes. In addition, the data used is from a single country. Practical implications The results show that firms pursuing growing strategies and operating in growing industries benefit from equity concentration. Originality/value Different from past studies, this study focuses on firm growth performance and considers the moderating effect of industry growth.

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Ownership concentration among entrepreneurial firms: The growth-control trade-off

Cited by 9 publications

References 54 publications

The Impact of Audit Quality on Firm Performance: the Moderating Role of Ownership Concentration

The Impact of Audit Quality on Firm Performance: the Moderating Role of Ownership Concentration

On the Concept of Good with Continual Reference to Economy. What is the axiological background of collaborative consumption society?

Equity ownership concentration and firm growth: the moderating role of industry growth

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