Concentrated ownership and corporate performance revisited: The case of shipping

被引：33
|
作者：
Tsionas, Mike G. [2 ]
Merikas, Andreas G. [1 ]
Merika, Anna A. [3 ]
机构：
[1] Univ Piraeus, Dept Maritime Studies, Piraeus 18534, Greece
[2] Athens Univ Econ & Business, Dept Econ, Athens 10434, Greece
[3] Amer Coll Greece, Deree Coll, Dept Econ, Athens 15342, Greece
来源：
TRANSPORTATION RESEARCH PART E-LOGISTICS AND TRANSPORTATION REVIEW | 2012年 / 48卷 / 04期
关键词：
Firm value; Equity ownership structure; Shipping firm; GENERALIZED-METHOD; DETERMINANTS; SHAREHOLDERS; INSTRUMENTS; FIRMS; MODEL;
D O I：
10.1016/j.tre.2012.01.004
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper addresses the issue of ownership structure and corporate performance. It employs a sample of 107 internationally listed shipping firms (about 60% of the total) and examines their financial data and ownership concentration for the year 2009. Ownership is treated as an endogenous variable and GMM estimation is used incorporating the significant advance provided by Lewbel (1997). Empirical results suggest that concentrated ownership is positively and strongly associated with better firm performance in the shipping industry. Furthermore, this paper offers evidence on ownership concentration and shows that despite the different corporate governance settings, ownership structures are quite similar in shipping. (C) 2012 Elsevier Ltd. All rights reserved.
引用
收藏
页码：843 / 852
页数：10
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