EN
Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?
Abstract
The aim of this paper is to provide empirical evidence regarding the effect of insider ownership on firm value which stems from the lack of such study for the case of Romania. By using a sample of companies listed on the Bucharest Stock Exchange, over the period 2007-2011, our results showed a negative effect of insider shareholdings on firm value. Likewise, the negative effect on firm value was confirmed for insider ownership one-year lagged. Thereby, unconcerned to the level of shareholdings, we ascertained the entrenchment effect, opposite to the goal of shareholders wealth maximization.
Keywords
Details
Primary Language
English
Subjects
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Journal Section
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Publication Date
March 1, 2014
Submission Date
March 1, 2014
Acceptance Date
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Published in Issue
Year 2014 Volume: 4 Number: 1
APA
Vintila, G., & Gherghina, S. C. (2014). Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect? International Journal of Economics and Financial Issues, 4(1), 183-195. https://izlik.org/JA63UK34XY
AMA
1.Vintila G, Gherghina SC. Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect? IJEFI. 2014;4(1):183-195. https://izlik.org/JA63UK34XY
Chicago
Vintila, Georgeta, and Stefan Cristian Gherghina. 2014. “Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?”. International Journal of Economics and Financial Issues 4 (1): 183-95. https://izlik.org/JA63UK34XY.
EndNote
Vintila G, Gherghina SC (March 1, 2014) Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect? International Journal of Economics and Financial Issues 4 1 183–195.
IEEE
[1]G. Vintila and S. C. Gherghina, “Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?”, IJEFI, vol. 4, no. 1, pp. 183–195, Mar. 2014, [Online]. Available: https://izlik.org/JA63UK34XY
ISNAD
Vintila, Georgeta - Gherghina, Stefan Cristian. “Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?”. International Journal of Economics and Financial Issues 4/1 (March 1, 2014): 183-195. https://izlik.org/JA63UK34XY.
JAMA
1.Vintila G, Gherghina SC. Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect? IJEFI. 2014;4:183–195.
MLA
Vintila, Georgeta, and Stefan Cristian Gherghina. “Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?”. International Journal of Economics and Financial Issues, vol. 4, no. 1, Mar. 2014, pp. 183-95, https://izlik.org/JA63UK34XY.
Vancouver
1.Georgeta Vintila, Stefan Cristian Gherghina. Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect? IJEFI [Internet]. 2014 Mar. 1;4(1):183-95. Available from: https://izlik.org/JA63UK34XY