IDEAS home Printed from https://ideas.repec.org/a/spr/eurasi/v7y2017i1d10.1007_s40821-016-0050-8.html
   My bibliography  Save this article

Does ownership structure matter for corporate intellectual capital performance? An empirical test in the Iranian context

Author

Listed:
  • Farhad Shahveisi

    (Razi University)

  • Farshid Khairollahi

    (Razi University)

  • Mohammad Alipour

    (Islamic Azad University)

Abstract

The purpose of the this paper is to study the relationship between types of ownership on intellectual capital performance (ICP) and its components in the companies listed in Tehran Stock Exchange. The results show that there is a significant positive relationship between ownership concentration,corporate, institutional ownership and ICP and that state ownership is negatively associated with ICP. Moreover, individual ownership has no significant relationship with ICP. Intellectual capital paradigms require corporate governance members to think holistically about all the intangible resources that can be used to create value through both intra-organizational and extra-organizational relationships.

Suggested Citation

  • Farhad Shahveisi & Farshid Khairollahi & Mohammad Alipour, 2017. "Does ownership structure matter for corporate intellectual capital performance? An empirical test in the Iranian context," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 7(1), pages 67-91, April.
    • Handle: RePEc:spr:eurasi:v:7:y:2017:i:1:d:10.1007_s40821-016-0050-8
    DOI: 10.1007/s40821-016-0050-8
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s40821-016-0050-8
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s40821-016-0050-8?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Irena Grosfeld & Iraj Hashi, 2007. "Changes in Ownership Concentration in Mass Privatised Firms: evidence from Poland and the Czech Republic," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(4), pages 520-534, July.
    2. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    3. repec:bla:jomstd:v:47:y:2010:i:s2:p:1561-1589 is not listed on IDEAS
    4. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
    5. Barnhart, Scott W & Rosenstein, Stuart, 1998. "Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis," The Financial Review, Eastern Finance Association, vol. 33(4), pages 1-16, November.
    6. Ho, Carol-Anne & Williams, S. Mitchell, 2003. "International comparative analysis of the association between board structure and the efficiency of value added by a firm from its physical capital and intellectual capital resources," The International Journal of Accounting, Elsevier, vol. 38(4), pages 465-491.
    7. Massimo Colombo & Annalisa Croce & Samuele Murtinu, 2014. "Ownership structure, horizontal agency costs and the performance of high-tech entrepreneurial firms," Small Business Economics, Springer, vol. 42(2), pages 265-282, February.
    8. Ho, Carol-Anne & Williams, S. Mitchell, 2003. "Reply to "International comparative analysis of the association between board structure and the efficiency of value added by a firm from its physical capital and intellectual capital resources: A," The International Journal of Accounting, Elsevier, vol. 38(4), pages 499-502.
    9. Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(3), pages 377-397, September.
    10. Magali Delmas & Michael W. Toffel, 2004. "Stakeholders and environmental management practices: an institutional framework," Business Strategy and the Environment, Wiley Blackwell, vol. 13(4), pages 209-222, July.
    11. Eskil Goldeng & Leo A. Grünfeld & Gabriel R. G. Benito, 2008. "The Performance Differential between Private and State Owned Enterprises: The Roles of Ownership, Management and Market Structure," Journal of Management Studies, Wiley Blackwell, vol. 45(7), pages 1244-1273, November.
    12. Demsetz, Harold & Villalonga, Belen, 2001. "Ownership structure and corporate performance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 209-233, September.
    13. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
    14. Won Oh & Young Chang & Aleksey Martynov, 2011. "The Effect of Ownership Structure on Corporate Social Responsibility: Empirical Evidence from Korea," Journal of Business Ethics, Springer, vol. 104(2), pages 283-297, December.
    15. Lihui Tian, 2001. "Government Shareholding and the Value of China's Modern Firms," William Davidson Institute Working Papers Series 395, William Davidson Institute at the University of Michigan.
    16. Demsetz, Harold, 1983. "The Structure of Ownership and the Theory of the Firm," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 375-390, June.
    17. Anup Agrawal & Charles R. Knoeber, "undated". "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (Revision of 29-94)," Rodney L. White Center for Financial Research Working Papers 8-96, Wharton School Rodney L. White Center for Financial Research.
    18. Stefan Beiner & Wolfgang Drobetz & Markus M. Schmid & Heinz Zimmermann, 2006. "An Integrated Framework of Corporate Governance and Firm Valuation," European Financial Management, European Financial Management Association, vol. 12(2), pages 249-283, March.
    19. James Keenan & Maria Aggestam, 2001. "Corporate Governance and Intellectual Capital: some conceptualisations," Corporate Governance: An International Review, Wiley Blackwell, vol. 9(4), pages 259-275, October.
    20. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    21. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    22. Kira Kristal Reed & Michael Lubatkin & Narasimhan Srinivasan, 2006. "Proposing and Testing an Intellectual Capital‐Based View of the Firm," Journal of Management Studies, Wiley Blackwell, vol. 43(4), pages 867-893, June.
    23. Pound, John, 1988. "Proxy contests and the efficiency of shareholder oversight," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 237-265, January.
    24. Mark A. Youndt & Mohan Subramaniam & Scott A. Snell, 2004. "Intellectual Capital Profiles: An Examination of Investments and Returns," Journal of Management Studies, Wiley Blackwell, vol. 41(2), pages 335-361, March.
    25. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    26. Qiao Liu & Kit Pong Wong, 2011. "Intellectual Capital and Financing Decisions: Evidence from the U.S. Patent Data," Management Science, INFORMS, vol. 57(10), pages 1861-1878, October.
    27. Gavin J. Nicholson & Geoffrey C. Kiel, 2004. "A Framework for Diagnosing Board Effectiveness," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(4), pages 442-460, October.
    28. Mohammad Alipour, 2013. "An investigation of the association between ownership structure and corporate performance," Management Research Review, Emerald Group Publishing Limited, vol. 36(11), pages 1137-1166, October.
    29. Anup Agrawal & Charles R. Knoeber, "undated". "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (Revision of 29-94)," Rodney L. White Center for Financial Research Working Papers 08-96, Wharton School Rodney L. White Center for Financial Research.
    30. Brian L. Connelly & Robert E. Hoskisson & Laszlo Tihanyi & S. Trevis Certo, 2010. "Ownership as a Form of Corporate Governance," Journal of Management Studies, Wiley Blackwell, vol. 47(8), pages 1561-1589, December.
    31. Francesco Perrini & Ginevra Rossi & Barbara Rovetta, 2008. "Does Ownership Structure Affect Performance? Evidence from the Italian Market," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(4), pages 312-325, July.
    32. Vernon-Wortzel, Heidi & Wortzel, Lawrence H., 1989. "Privatization: Not the only answer," World Development, Elsevier, vol. 17(5), pages 633-641, May.
    33. Anne Wyatt & Hermann Frick, 2010. "Accounting for Investments in Human Capital: A Review," Australian Accounting Review, CPA Australia, vol. 20(3), pages 199-220, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Quan Tran & Anh‐Tuan Doan & Thao Tran, 2022. "What are the drivers of SMEs' financial performance? The interaction of intellectual capital and ownership," Australian Economic Papers, Wiley Blackwell, vol. 61(4), pages 751-777, December.
    2. Manhwa Wu & Paoyu Huang & Yensen Ni, 2020. "The Impact of Institutional Shareholdings on Price Limits," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 27(3), pages 343-361, September.
    3. Gholamreza Zandi & Jaspal Singh & Shafi Mohamad & Syed Ehsanullah, 2020. "Ownership Structure and Firm Performance," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(2), pages 293-300, April.
    4. Akron, Sagi & Taussig, Roi D., 2022. "Income statement leverage and expected stock returns," Finance Research Letters, Elsevier, vol. 47(PB).
    5. Muhammad Arif Khan & Xuezhi Qin & Khalil Jebran, 2020. "Uncertainty and leverage nexus: does trade credit matter?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 10(3), pages 355-389, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Amitava Roy, 2014. "Corporate Governance and Firm Performance: An Exploratory Analysis of Indian Listed Companies," Jindal Journal of Business Research, , vol. 3(1-2), pages 93-120, June.
    2. Wiem Elmanaa Madani & Wafa Khlif, 2005. "Effets De La Structure De Propriete Sur La Performance Comptable : Etude Empirique Sur Les Entreprises Tunisiennes Indistruelles Non Cotees," Post-Print halshs-00581192, HAL.
    3. Kun Wang & Greg Shailer, 2015. "Ownership Concentration And Firm Performance In Emerging Markets: A Meta-Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 29(2), pages 199-229, April.
    4. Aziz Jaafar & Lynn Hodgkinson & Mao-Feng Kao, 2019. "Ownership Structure, Board of Directors and Firm Performance: Evidence from Taiwan," Working Papers 19011, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    5. Al-Najjar, Basil, 2015. "Does ownership matter in publicly listed tourism firms? Evidence from Jordan," Tourism Management, Elsevier, vol. 49(C), pages 87-96.
    6. Jean-Christophe Duhamel & Réda Sefsaf, 2017. "Valeur de la gouvernance d'entreprise et gouvernance des valeurs de l'entreprise. Recherche sur les effets des codes de gouvernance et les stratégies de communication en matière de gouvernance," Working Papers halshs-01633982, HAL.
    7. Georgeta Vintila & tefan Cristian Gherghina, 2015. "Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 501-514.
    8. Jimmy A. Saravia, 2014. "Why has the literature on corporate governance and firm performance yielded mixed results?," Documentos de Trabajo de Valor Público 10914, Universidad EAFIT.
    9. repec:mth:ijafr8:v:8:y:2018:i:3:p:256-277 is not listed on IDEAS
    10. 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.
    11. Igor Filatotchev & Yung-Chih Lien & Jenifer Piesse, 2005. "Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan," Asia Pacific Journal of Management, Springer, vol. 22(3), pages 257-283, September.
    12. Booth, James R. & Cornett, Marcia Millon & Tehranian, Hassan, 2002. "Boards of directors, ownership, and regulation," Journal of Banking & Finance, Elsevier, vol. 26(10), pages 1973-1996, October.
    13. Christoph Kaserer & Benjamin Moldenhauer, 2008. "Insider ownership and corporate performance: evidence from Germany," Review of Managerial Science, Springer, vol. 2(1), pages 1-35, March.
    14. Chen, Ming-Yuan, 2005. "Group affiliation, identity of managers, and the relation between managerial ownership and performance," International Review of Financial Analysis, Elsevier, vol. 14(5), pages 533-558.
    15. Sofi Mohd Fikri & Mohamed Hisham Yahya & Taufiq Hassan, 2017. "A Review on Agency Cost of Shariah Governance in Mutual Fund," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 530-538.
    16. de Jong, Abe & DeJong, Douglas V. & Mertens, Gerard & Wasley, Charles E., 2005. "The role of self-regulation in corporate governance: evidence and implications from The Netherlands," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 473-503, June.
    17. Bjuggren, Per-Olof & Eklund, Johan & Wiberg, Daniel, 2008. "Institutional Ownership and the Returns on Investment," Ratio Working Papers 128, The Ratio Institute.
    18. J. Mulherin, 2005. "Corporations, collective action and corporate governance: One size does not fit all," Public Choice, Springer, vol. 124(1), pages 179-204, July.
    19. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    20. Mertzanis, Charilaos & Basuony, Mohamed A.K. & Mohamed, Ehab K.A., 2019. "Social institutions, corporate governance and firm-performance in the MENA region," Research in International Business and Finance, Elsevier, vol. 48(C), pages 75-96.
    21. Gregorio Sanchez-Marin & J. Samuel Baixauli-Soler & M. Encarnacion Lucas-Perez, 2010. "Ownership Structure and Board Effectiveness as Determinants of TMT Compensation in Spanish Listed Firms," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 12(1), pages 92-109, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:eurasi:v:7:y:2017:i:1:d:10.1007_s40821-016-0050-8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.