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Title: Firm performance when ownership is very concentrated: Evidence from semiparametric panel
Authors: Hamadi, Malika
First Published: 8-Aug-2015
Publisher: Elsevier
Citation: Journal of Empirical Finance, 2015, 34, pp. 172-194
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.
DOI Link: 10.1016/j.jempfin.2015.07.004
ISSN: 0927-5398
Version: Post-print
Status: Peer-reviewed
Type: Journal Article
Rights: Copyright © 2015 Elsevier B.V. All rights reserved. This manuscript version is made available after the end of the embargo period under the CC-BY-NC-ND 4.0 license
Description: The file associated with this record is under a 36-month embargo from publication in accordance with the publisher's self-archiving policy, available at The full text may be available through the publisher links provided above.
Appears in Collections:Published Articles, School of Management

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