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Does ownership pattern affect firm performance? Empirical evidence from an emerging market

Author

Listed:
  • Sumon Kumar Das

    (Noakhali Science and Technology University)

  • Shafiqul Alam

    (Noakhali Science and Technology University)

  • Md. Jamsedul Islam

    (Noakhali Science and Technology University)

  • Fahmida Boby

    (Noakhali Science and Technology University)

  • Rabeya Begum

    (Noakhali Science and Technology University)

Abstract

This study examines the effect of stockholdings patterns on the corporate performance of a developing market like Bangladesh. The study investigated the top 50 listed firms on the Dhaka Stock Exchange (DSE) as market capitalization from 2015 to 2019, and data were analyzed using multiple regression. The findings showed that director and foreign stockholdings had a considerable positive effect on firm’s performance in both accounting and market measures. In contrast, institutional stockholdings exhibit a negative and insignificant association with all measures except Market to Book Value (MBR), which reflect a significant negative association. The outcomes of this study may contribute to the market regulators, government, and policymakers to emphasize the close monitoring of the compliance of existing rules by companies and focus on restructuring stockholdings patterns in formulating regulations and codes for better firm performance.

Suggested Citation

  • Sumon Kumar Das & Shafiqul Alam & Md. Jamsedul Islam & Fahmida Boby & Rabeya Begum, 2024. "Does ownership pattern affect firm performance? Empirical evidence from an emerging market," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 21(3), pages 406-420, September.
    • Handle: RePEc:pal:ijodag:v:21:y:2024:i:3:d:10.1057_s41310-023-00204-5
    DOI: 10.1057/s41310-023-00204-5
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    More about this item

    Keywords

    Corporate governance; Dhaka stock exchange (DSE); Director stockholdings; Firm performance; Foreign stockholdings; Institutional stockholdings;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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