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Ownership Structure and Firm Performance : Evidence from a non-parametric panel

Author

Listed:
  • Malika Hamadi
  • Andreas Heinen

    (LSF)

Abstract

This paper considers the effect on performance of very large controlling shareholders, who are mostly organized in voting blocks and business groups, in a sample of Belgian listed firms from 1991 to 2006. We use a non-parametric panel data analysis, which is a new technique that does not impose functional restrictions on the relation between ownership and performance. While parametric results indicate a negative effect of large shareholders on firm performance for non-family firms, non-parametric analysis shows that the effect on performance varies depending on the size of ownership stakes.

Suggested Citation

  • Malika Hamadi & Andreas Heinen, 2011. "Ownership Structure and Firm Performance : Evidence from a non-parametric panel," LSF Research Working Paper Series 11-16, Luxembourg School of Finance, University of Luxembourg.
    • Handle: RePEc:crf:wpaper:11-16
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    File URL: http://wwwen.uni.lu/content/download/53160/634732/file/Ownership%20Structure%20and%20Firm%20Performance_Evidence%20from%20a%20non-parametric%20panel_2012%20(16).pdf
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    More about this item

    Keywords

    Semi-parametric panel; Ownership concentration; Large shareholders; Firm performance; Family firms.;
    All these keywords.

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • 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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