EN
Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies
Abstract
The aim of this study is to research the influence of ownership structure on firm value in order to provide, from our knowledge, the first results for the case of the Bucharest Stock Exchange listed companies. Therefore, we have considered the shareholdings of the following types of shareholders: insiders, companies from financial intermediation sector, State, and employees’ organizations, over the period 2007-2011. Thus, after the econometric estimations using panel data regression models, we have concluded a negative influence of insider shareholdings and employees’ organizations ownership on firm value. However, the results showed a lack of association between State shareholdings and firm value. There resulted a nonlinear relationship between the shareholdings of the companies from financial intermediation sector and firm value. Furthermore, the impact of ownership structure, one year lagged, on contemporaneous firm value was the same, although the magnitude of the influence was higher.
Keywords
Details
Primary Language
English
Subjects
-
Journal Section
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Publication Date
June 1, 2015
Submission Date
June 1, 2015
Acceptance Date
-
Published in Issue
Year 2015 Volume: 5 Number: 2
APA
Vintila, G., & Gherghina, S. C. (2015). Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies. International Journal of Economics and Financial Issues, 5(2), 501-514. https://izlik.org/JA22LU55NM
AMA
1.Vintila G, Gherghina SC. Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies. IJEFI. 2015;5(2):501-514. https://izlik.org/JA22LU55NM
Chicago
Vintila, Georgeta, and Stefan Cristian Gherghina. 2015. “Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies”. International Journal of Economics and Financial Issues 5 (2): 501-14. https://izlik.org/JA22LU55NM.
EndNote
Vintila G, Gherghina SC (June 1, 2015) Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies. International Journal of Economics and Financial Issues 5 2 501–514.
IEEE
[1]G. Vintila and S. C. Gherghina, “Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies”, IJEFI, vol. 5, no. 2, pp. 501–514, June 2015, [Online]. Available: https://izlik.org/JA22LU55NM
ISNAD
Vintila, Georgeta - Gherghina, Stefan Cristian. “Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies”. International Journal of Economics and Financial Issues 5/2 (June 1, 2015): 501-514. https://izlik.org/JA22LU55NM.
JAMA
1.Vintila G, Gherghina SC. Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies. IJEFI. 2015;5:501–514.
MLA
Vintila, Georgeta, and Stefan Cristian Gherghina. “Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies”. International Journal of Economics and Financial Issues, vol. 5, no. 2, June 2015, pp. 501-14, https://izlik.org/JA22LU55NM.
Vancouver
1.Georgeta Vintila, Stefan Cristian Gherghina. Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies. IJEFI [Internet]. 2015 Jun. 1;5(2):501-14. Available from: https://izlik.org/JA22LU55NM