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A Meta‐Analytic Vision of the Effect of Ownership Structure on Firm Performance

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  • Juan P. Sánchez‐Ballesta
  • Emma García‐Meca

Abstract

There is a considerable volume of research on the effects of ownership structure on firm performance. However, the empirical results in this field are often conflicting and inconsistent. A meta‐analysis based on 33 studies allows an integration of the results on the association between insider ownership, ownership concentration and firm performance. The findings show that governance system, measurement of performance, and control for endogeneity moderate the effect of ownership on firm performance.

Suggested Citation

  • Juan P. Sánchez‐Ballesta & Emma García‐Meca, 2007. "A Meta‐Analytic Vision of the Effect of Ownership Structure on Firm Performance," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(5), pages 879-892, September.
    • Handle: RePEc:bla:corgov:v:15:y:2007:i:5:p:879-892
    DOI: 10.1111/j.1467-8683.2007.00604.x
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    Cited by:

    1. Yves Mard & Sylvain Marsat, 2011. "Gestion des résultats comptables et structure de l'actionnariat : le cas français," Post-Print hal-00650550, HAL.
    2. Christian Weiss & Stefan Hilger, 2012. "Ownership concentration beyond good and evil: is there an effect on corporate performance?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(4), pages 727-752, November.
    3. Marc van Essen & J. (Hans) van Oosterhout & Pursey P. M. A. R. Heugens, 2013. "Competition and Cooperation in Corporate Governance: The Effects of Labor Institutions on Blockholder Effectiveness in 23 European Countries," Organization Science, INFORMS, vol. 24(2), pages 530-551, April.
    4. Prasnikar, Janez & Mikerevic, Dragan & Voje, Damjan, 2014. "Blockholding and organisational diversity: the case of a transition economy," Journal of East European Management Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 19(3), pages 277-304.
    5. Sanghoon Lee, 2008. "Ownership Structure and Financial Performance: Evidence from Panel Data of South Korea," Working Paper Series, Department of Economics, University of Utah 2008_17, University of Utah, Department of Economics.
    6. Weiß, Christian, 2010. "The Ownership Concentration of Firms: Three Essays on the Determinants and Effects," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 30247, March.

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