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Ownership Structure and Corporate Performance: Australian Evidence

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Abstract

This paper seeks to analyse the relationship between ownership structure and corporate performance for fifty firms listed on the Australian Stock Exchange during 2002-2003. The study initially tests a two equation model similar to that in the existing literature, but is distinguished from prior literature by subsequently reclassifying leverage. By categorising leverage as an endogenous variable, an examination of the relationship between ownership and performance is undertaken through ordinary least squares and two stage least squares analysis of a three equation econometric model. Interestingly, empirical results illustrate the fact that managerial ownership impacts negatively on firm performance which is consistent with the management entrenchment hypothesis.

Suggested Citation

  • Julian Fishman & Gerard Gannon & Russell Vinning, 2007. "Ownership Structure and Corporate Performance: Australian Evidence," Working Papers 2007_03, Deakin University, Department of Economics.
    • Handle: RePEc:dkn:acctwp:aef_2007_03
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    File URL: http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/2007_03aef.pdf
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    More about this item

    Keywords

    Ownership Structure; Corporate Performance; Endogenous Leverage;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • 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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