Ownership Structure and Corporate Performance: A Panel Data Analysis for the German Market (Europäische Hochschulschriften / European University Studies / Publications Universitaires Européennes) - Softcover
Synopsis
The book sheds new light on the relation between equity ownership and corporate performance. Empirical studies presented in this book are based on a large panel data set and model the impact of concentrated ownership on performance, with nonlinear effect shapes being estimated through cubic splines. The final model incorporates the identity of owners into the investigation and illustrates the differing performance effects of various large shareholders. This approach adds to the understanding of ownership effects as previous research was mainly concerned with the role of ownership concentration and neglected the identity of blockholders as an equally important dimension of ownership. The new perspective will give fresh impetus to researchers, corporate decision makers and public policy.
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About the Author
Katinka Wölfer studied business administration at EBS Universität für Wirtschaft und Recht (Germany), the University of Gießen (Germany), the University of Wisconsin-Milwaukee (USA) and the University of Kentucky (USA). In recognition of academic excellence, she was selected for membership in Beta Gamma Sigma. Her research interests center on corporate finance and strategic management.
"About this title" may belong to another edition of this title.
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Ownership structure and corporate performance : a panel data analysis for the German market. Europäische Hochschulschriften / Reihe 5 / Volks- und Betriebswirtschaft ; volume 3442
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Frankfurt am Main : PL Academic Research [2016]., 2016
ISBN 10: 3631667159
ISBN 13: 9783631667156
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Broschur. Condition: Sehr gut. XXIV, 321 Seiten ; 21 cm Tadelloses Exemplar. - Summary oi Contents -- 1 Introduction 1 -- 11 Motivation and Objectives1 -- 12 Outline 5 -- 2 Characteristics of Ownership Structure and Performance 7 -- 21 Introduction ? -- 22 Concentration of Ownership7 -- 23 Identity of Owners11 -- 24 Corporate Performance 26 -- 3 Theoretical Framework 35 -- 31 Introduction 35 -- 32 Theory Base 35 -- 33 The Concept of Ownership Concentration and Performance46 -- 34 The Concept of Owner Identity and Performance52 -- 4 Related Literature89 -- 41 Introduction 89 -- 42 Moderating Factors89 -- 43 Review of Existing Studies93 -- 5 Research Design133 -- 51 Introduction 133 -- 52 Data 133 -- 53 Model160 -- 54 Econometric Approach166 -- 6 Empìrica? Analyses 185 -- 61 Ownership Concentration Effects185 -- 62 Owner Identity Effects 222 -- 63 Concentration and Identity Interaction Effects 229 -- 64 Summaty and Discussion of R e s ? s 239 -- 7 Conclusion 255 -- List of Figures -- List of Tables -- List of Abbreviations -- List of Symbols -- 1 Introduction -- 11 Motivation and Objectives -- 12 Outline -- 2 Characteristics of Ownership Structure and Performance ? -- 21 Introduction -- 22 Concentration of Ownership -- 221 Preliminary Considerations -- 222 Ownership Concentration Measures -- 2221 Categorical Concentration Measures^ -- 2222 Continuous Concentration Measures -- 23 Identity of Owners -- 231 Preliminary Considerations -- 232 Owner Typology -- 2321 Indi?ddu^ Investors -- 2322 Insiders -- 2323 Corporations -- 2324 Financial Investors -- 2325 Commercial Banks -- 2326 Government -- 24 Corporate Performance -- 241 Performance Dimensions -- 242 Performance Measures -- 2421 Capital Market Performance -- 2422 Accounting Performance -- 3 Theoretical Framework -- 31 Introduction -- 32 Theory Base -- 321 Early Approaches and Roots of Agency Theory -- 322 Agency Theory -- 3221 Origin OÎ Agency Conflicts -- 3222 The Shareholder-Management Conflict -- 3223 Consequences From Shareholder-Management Conflicts -- 3224 Agency Control Mechanisms -- 323 Summary45 -- 33 The Concept of Ownership Concentration and Performance 46 -- 331 Effects of Ownership Concentration on Performance 46 -- 332 Reverse Effects of Performance on Ownership Concentration 50 -- 333 Summary and Hypotheses Development50 -- 34 The Concept of Owner Identity and Performance52 -- 341 Indi^dual Investor Ownership53 -- 3411 Effects of Individual Investor Ownership on Performance 54 -- 3412 Reverse Effects on In d id u a l Investor Ownership 55 -- 3413 Summary and Hypothesis Development 57 -- 342 Insider Ownership 58 -- 3421 Effects of Insider Ownership on Performance 59 -- 3422 Reverse Effects on Insider Ownership62 -- 3423 Summary and Hypothesis Development 63 -- 343 Intercorporate Ownership64 -- 3431 Effects of Intercorporate Ownership on Performance 65 -- 3432 Reverse Effects on Interco^orate Ownership 66 -- 3433 Summary and Hypothesis Development67 -- 344 Financial Investor Ownership 69 -- 3441 Effects of Financial Investor Ownership on Performance 69 -- 3442 Reverse Effects on Financial Investor Ownership 74 -- 3443 Summary and Hypothesis Development 75 -- 345 Bank Ownership77 -- 3451 Effects of Bank Ownership on Performance 78 -- 3452 Reverse Effects on Performance79 -- 3453 Summary and Hypothesis Development 80 -- 346 Government Ownership82 -- 3461 Effects of Government Ownership on Performance 82 -- 3462 Reverse Effects on Government Ownership 85 -- 3463 Summary and Hypothesis Development 85 -- 4 Related Literature 89 -- 41 Introduction 89 -- 42 Moderating Factors 89 -- 421 Corporate Governance System89 -- 422 Variable Measurement and Data Quality92 -- 423 Methodology 93 -- 43 Redew of Existing Studies 93 -- 431 Pre^ous Research on Ownership Concentration and Performance 94 -- 4311 Studies Modeling a One-Way Causation 94 -- 4312 Studies Addressing Endogeneity of Ownership 98 -- 4313 M iicountry Studies 102 -- 4314 Summary 106 -- 432 Previous Research on Owner Identity 107 -- 4321 Individual Investor Ownership and Performance 107 -- 4322 Insider Ownership and Performance108 -- 4323 Intercorporate Ownership and Performance 119 -- 4324 Financial Investor Ownership and Performance 119 -- 4325 Bank Ownership and Performance 125 -- 4326 Government Ownership and Performance 127 -- 4327 Summary 131 -- 5 Research Design 133 -- 51 Introduction 133 -- 52 Data 133 -- 521 Sample Selection and Data Sources133 -- 522 Variables Used 138 -- 5221 Ownership Variables 139 -- 5221 Performance Variables140 -- 5223 Control Variables 142 -- 5224 Summary 145 -- 523 Descriptive Statistics 147 -- 53 Model 160 -- 531 Model Structure160 -- 532 Modeling Aspects in the Ownership-Performance Relation 160 -- 5321 Endogeneity of Ownership Structure 161 -- 5322 Linearity of Ownership Effects164 -- 5323 Timing of Effects166 -- 54 Econometric Approach166 -- 541 Advantages ana Limitations of Panel Data Sets 166 -- 542 Fundamental Panel Methods 168 -- 421? Pooled OLS Estimation168 -- 5422 Fixed- and Random-Effects Estimation 170 -- 5423 Choice of the Appropriate Estimation Method 173 -- 543 Advanced Panel Methods175 -- 5431 Pooled 2SLS Estimation175 -- 5432 Within-2SLS Estimation182 -- 544 Summary183 -- 6 Empirical Analyses185 -- 61 Ownership Concentration Effects 185 -- 611 Base Case185 -- 6111 Linear WiAin-Regression Results 185 -- 6112 Summary 192 -- 612 Variations of the Base Case192 -- 6121 Instrumentai Variable Regression Results 193 6122 Nonlinear and Pieceée-Lmear Regression Results 205 -- 6123 Restricted Cubic Spline Regression Results212 -- 6124 Summary 220 -- 62 Owner Identity Effects222 -- 621 Identity of General Shareholder Base 222 -- 622 Summary228 -- 63 Concentration and Identity Interaction Effects229 -- 631 Identity of the Largest Owner 229 -- 632 Identity and Stake Size of the Largest Owner 233 -- 633 Summary 238 -- 64 Summary and Discussion of Results 239 -- 7 Conclusion 255 -- Appendices 261 -- ?1 Previous Research on Ownership and Performance 262 -- ?2 Pooled OLS Regr. 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Ownership Structure and Corporate Performance: A Panel Data Analysis for the German Market (Europäische Hochschulschriften / European University Studies / Publications Universitaires Européennes)
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Published by
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ISBN 10: 3631667159
ISBN 13: 9783631667156
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Taschenbuch. Condition: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -The book sheds new light on the relation between equity ownership and corporate performance. Empirical studies presented in this book are based on a large panel data set and model the impact of concentrated ownership on performance, with nonlinear effect shapes being estimated through cubic splines. The final model incorporates the identity of owners into the investigation and illustrates the differing performance effects of various large shareholders. This approach adds to the understanding of ownership effects as previous research was mainly concerned with the role of ownership concentration and neglected the identity of blockholders as an equally important dimension of ownership. The new perspective will give fresh impetus to researchers, corporate decision makers and public policy. 346 pp. Englisch. Seller Inventory # 9783631667156