Ownership structure and corporate performance : Australian evidence

Fishman, Julian, Gannon, Gerard and Vinning, Russell 2008, Ownership structure and corporate performance : Australian evidence, Corporate ownership & control, vol. 6, no. 2, Winter, pp. 114-131.

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Title Ownership structure and corporate performance : Australian evidence
Author(s) Fishman, Julian
Gannon, Gerard
Vinning, Russell
Journal name Corporate ownership & control
Volume number 6
Issue number 2
Season Winter
Start page 114
End page 131
Total pages 18
Publisher Virtus Interpress
Place of publication Sumy, Ukraine
Publication date 2008
ISSN 1727-9232
Keyword(s) corporate performance
endogenous leverage
ownership structure
Summary This paper seeks to analyse the relationship between ownership structure and corporate performance for fifty firms listed on the Australian Stock Exchange during 2002-2003. The study initially tests a two equation model similar to that in the existing literature, but is distinguished from prior literature by subsequently reclassifying leverage. By categorising leverage as an endogenous variable, an examination of the relationship between ownership and performance is undertaken through ordinary least squares and two stage least squares analysis of a three equation econometric model. Interestingly, empirical results illustrate the fact that managerial ownership impacts negatively on firm performance which is consistent with the management entrenchment hypothesis.
Language eng
Field of Research 150203 Financial Institutions (incl Banking)
HERDC Research category C1 Refereed article in a scholarly journal
Persistent URL http://hdl.handle.net/10536/DRO/DU:30017327

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