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Further Evidence on the Relationship between Ownership and Performance

Author

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  • Hudson, Carl D
  • Jahera, John S, Jr
  • Lloyd, William P

Abstract

The objective of this paper is to extend prior research into the relationship between ownership and performance while controlling for the known market anomalies of firm size and earnings to price. The empirical results do support recent works indicating a positive relationship between the degree of insider ownership and performance. Using a piecewise regression model, both size and ownership are found to be significant. An additional finding of the paper supplements several recent works questioning the earlier works of S. Basu (1977 and 1983). Copyright 1992 by MIT Press.

Suggested Citation

  • Hudson, Carl D & Jahera, John S, Jr & Lloyd, William P, 1992. "Further Evidence on the Relationship between Ownership and Performance," The Financial Review, Eastern Finance Association, vol. 27(2), pages 227-239, May.
    • Handle: RePEc:bla:finrev:v:27:y:1992:i:2:p:227-39
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    Cited by:

    1. Li, Kuei-Fu & Liao, Yi-Ping, 2014. "Directors' and officers' liability insurance and investment efficiency: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 29(C), pages 18-34.
    2. repec:mth:ijafr8:v:9:y:2019:i:1:p:432-449 is not listed on IDEAS
    3. Lee Shin-Ping & Chuang Tsung-Hsien, 2009. "The determinants of corporate performance: A viewpoint from insider ownership and institutional ownership," Managerial Auditing Journal, Emerald Group Publishing, vol. 24(3), pages 233-247, March.
    4. Houmes, Robert & Chira, Inga, 2015. "The effect of ownership structure on the price earnings ratio — returns anomaly," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 140-147.
    5. Pattaragit Netiniyom, 2016. "Does Free Float Affect Shareholder Wealth? New Evidence from the Stock Exchange of Thailand," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 8(2), pages 043-053, December.
    6. Manuel Landajo & Javier De Andrés & Pedro Lorca, 2008. "Measuring firm performance by using linear and non‐parametric quantile regressions," Journal of the Royal Statistical Society Series C, Royal Statistical Society, vol. 57(2), pages 227-250, April.
    7. Sheeba Kapil & Rakesh K Mishra, 2019. "Corporate Governance structure and firm performance in Indian context: A Structural Equation Modelling Approach," Working Papers 1937, Indian Institute of Foreign Trade.

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