Does ownership structure affect value? A panel data analysis for the Spanish market |
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Authors: | Antonio Mínguez-Vera |
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Institution: | a Dpto. de Economía Financiera y Contabilidad, Facultad de Ciencias de la Empresa, Universidad Politécnica de Cartagena, Paseo Alfonso XIII, 30203 Cartagena (Murcia), Spain b Dpto. de Organización de Empresas y Finanzas, Facultad de Economía y Empresa, Campus de Espinardo, Universidad de Murcia, 30100 Espinardo (Murcia) Spain |
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Abstract: | This paper analyzes the influence of ownership structure on firm value. We find a non-significant relationship between the ownership of large blockholders and firm value. We also find a positive effect of the degree of control with regard to firm value. Endogenous treatment of these variables then reveals a positive effect for the ownership by major shareholders on firm value, although the opposite relationship is not significant; and a positive effect of the degree of control on Tobin's Q and vice versa. A positive effect is seen when the major shareholders are individuals. |
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Keywords: | G32 G34 |
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