The Relationship between Corporate Performance and Ownership Structure: Evidence from Turkey

Ersoy, Hicabi; Koy, Ayben

doi:10.5195/emaj.2015.75

Cited by 3 publications

(3 citation statements)

References 5 publications

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“…The existing literature also found an inverse relation between operating leverage and profitability, which is also concluded by Baker (1973) and Selling and Stickney (1989). We also found two control variables, that is, promoters holding and firm size, which have a negative relationship with MVA (Athanasoglou et al, 2008;Ersoy & Koy, 2015;Lehmann & Weigand, 2000;Thonet & Poensgen, 1979;Qi & Wu, 2006).…”

Section: Relationship Between Market Value Added and Degree Of Operat...supporting

confidence: 76%

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The Impact of Leverages and Operating Efficiency on Market Value Added: Empirical Evidence from India

Kumar

Bhatia

Chattopadhyay

2021

Vision: The Journal of Business Perspective

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This article examines the relationship between the market value added and degree financial leverage, degree of operating leverage, and asset turnover ratio of the listed firms in India. The period of study was from 2013 to 2019, and data were collected in annual frequency. Our study concludes that the degree of financial leverage and asset turnover ratio are significantly and negatively associated with the market value added of listed firms in India. We also reported an insignificant relationship between market value added and degree of operating leverage. Our results indicate that promoters holding and firm size are important factors driving the performance of the firms listed in India.

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Section: Relationship Between Market Value Added and Degree Of Operat...supporting

confidence: 76%

“…The prime reason for this interference by promoters is to secure their claim over present cashflows. Previous literature found the same relationship (Ersoy & Koy, 2015; Lehmann & Weigand, 2000; Thonet & Poensgen, 1979).…”

Section: Empirical Findingssupporting

confidence: 70%

The Impact of Leverages and Operating Efficiency on Market Value Added: Empirical Evidence from India

Kumar

Bhatia

Chattopadhyay

2021

Vision: The Journal of Business Perspective

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“…Michael and Eric (2008) discovered that freestanding family owned businesses organizations with a single share class have equivalent market performance than other businesses organizations based on Tobin's q ratios, excellent accounting performance based on ROA. Ersoy (2015) found that the concentration of the large shares of companies one or a few shareholders has a negative effect on related firm's performance. They further demonstrated that large shareholders and concentrated ownership of the firms would actually lead to different financial performances.…”

Section: Wwwccsenetorg/ijefmentioning

confidence: 99%

The Effect of Ownership Structure on Firm Profitability in India: A Panel Data Approach

Nazir¹,

Malhotra²

2016

IJEF

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This paper attempts to analyze whether there is solid evidence to support the idea that variations across firms in observed ownership structures lead to systematic variations in observed firm performance. The current study examines this hypothesis by evaluating the impact of the ownership structure on corporate performance, measured by profitability, using data of BSE 100 Index companies. This study design ownership structure, first, as an exogenous variable and, second; we take into account four different measures of ownership structure showing different groups of shareholders with conflicting interests. Using panel data regression model in between all ownership structure measures and profitability measures, the empirical findings suggest that the non-promoters holding and non-promoters non institutional holding have a significant impact on EPS of the firm. In case of promoters holding and non-promoters institutional holding no effect is found on EPS of the firm. And in case of ROI promoters holding, non-promoters institutional holding and non-promoters non institutional holding have a significant impact on ROI of the firm. In case when non-promoters holding is taken as individual measure no effect is found on ROI of the firm. Further in case of PAT, it is found that the non-promoters holding and non-promoters non-institutional holding have a significant impact on PAT of the firm. In case of promoters holding and non-promoter institutional holding no effect is found on PAT of the firm. Presence of concentrated ownership is found in Indian firms.

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Financial Performance Among Top10 Automotive Leaders in the EU: Essential Techniques to Investigate the Structure of Moments While Using the GMM with Dynamic Panel Data

Heryán,

Růčková,

Cerulli

2024

Studia Universitatis „Vasile Goldis” Arad – Economics Series

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The automotive industry is widely considered to be crucial for the economy, as it reflects economic development in general. Despite interest in financial performance, few studies have considered paying attention to the ownership structure among stockholders. Hence, the study aims to find out how the degree of ownership concentration, measured through the independence indicator of the Bureau van Dijk, is reflected in the financial management of companies in the automotive industry among selected European countries. The generalized method of moments (GMM) technique is widely used while investigating panel data with a short estimating period, i.e. nine years annually in this case. However, this study reveals that, without deploying techniques, subsequently introduced a modified version of GMM estimators with panel data by providing an implementation using Stata statistical software. Otherwise, these particular econometric tools to analyze a dynamic panel can often give false significant estimates. Overall, liquidity seems to be significant in the case of firms with less concentrated ownership, whereas companies with a major owner are affected more by selected macroeconomic variables.

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The Relationship between Corporate Performance and Ownership Structure: Evidence from Turkey

Cited by 3 publications

References 5 publications

The Impact of Leverages and Operating Efficiency on Market Value Added: Empirical Evidence from India

The Impact of Leverages and Operating Efficiency on Market Value Added: Empirical Evidence from India

The Effect of Ownership Structure on Firm Profitability in India: A Panel Data Approach

Financial Performance Among Top10 Automotive Leaders in the EU: Essential Techniques to Investigate the Structure of Moments While Using the GMM with Dynamic Panel Data

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