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Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?

Year 2014, Volume: 4 Issue: 1, 183 - 195, 01.03.2014

Georgeta Vintila Stefan Cristian Gherghina

https://izlik.org/JA63UK34XY

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

corporate governance agency theory insider ownership firm value panel data regression models

Year 2014, Volume: 4 Issue: 1, 183 - 195, 01.03.2014

Georgeta Vintila Stefan Cristian Gherghina

https://izlik.org/JA63UK34XY

Abstract

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Details

Other ID JA77DB69VP
Authors

Georgeta Vintila This is me

Stefan Cristian Gherghina This is me

Publication Date March 1, 2014
IZ https://izlik.org/JA63UK34XY
Published in Issue Year 2014 Volume: 4 Issue: 1

Cite

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.Vintila G, Gherghina SC. 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