Firm performance when ownership is very concentrated: Evidence from a semiparametric panel |
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| Institution: | 1. School of Management, University of Leicester, LE1 7RH Leicester, UK;2. THEMA, Université de Cergy-Pontoise, 33 Boulevard du Port, 95011 Cergy-Pontoise, France;3. Department of Economics and Business, University of Sassari and Center for North South Economic Research (CRENoS), Italy;1. Gebze Technical University, Department of Economics, P.K.:141, 41400 Gebze, Kocaeli, Turkey;2. Sabanci University, Faculty of Arts and Social Sciences, Orhanli/Tuzla, 34956 Istanbul, Turkey;1. Montpellier Business School, Montpellier Research in Management, 2300 avenue des Moulins, 34000 Montpellier, France;2. Department of Banking and Financial Management, School of Finance and Statistics, University of Piraeus, 18534 Piraeus, Greece;3. Institute of Global Law, Economics and Finance (IGLEF), Queen Mary University of London, UK;4. School of Social Sciences, Hellenic Open University, 26335 Patra, Greece;1. Department of Finance, The College of Business, The University of Akron, 302 Buchtel Mall, Akron, OH 44325-4803, United States;2. Department of Finance, College of Business, Florida Atlantic University, 777 Glades Road, Boca Raton, FL 33431-0991, United States;3. W. Fielding Rubel College of Business, Bellarmine University, 2001 Newburg Road, Louisville, KY 40205, United States;1. University of Liverpool, The Management School, United Kingdom;2. University of Piraeus, Department of Economics, Greece;3. University of Manchester, Manchester Business School, United Kingdom\n |
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| Abstract: | We consider 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. Since the shape of the relation between ownership and firm value is a controversial issue in corporate finance, we use semiparametric local-linear kernel-based panel models. These models allow us not to impose a priori functional restrictions on the relation between ownership and performance. Our semiparametric analysis shows that the effect on performance varies depending on the size of ownership stakes and that there are departures from linearity, especially in family firms. Our results suggest that this non-linearity in family firms is related to whether or not the CEO is a family member. |
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