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
Ayrıntılar
Birincil Dil
İngilizce
Konular
-
Bölüm
-
Yayımlanma Tarihi
1 Mart 2014
Gönderilme Tarihi
1 Mart 2014
Kabul Tarihi
-
Yayımlandığı Sayı
Yıl 2014 Cilt: 4 Sayı: 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, ve 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 (01 Mart 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 ve S. C. Gherghina, “Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?”, IJEFI, c. 4, sy 1, ss. 183–195, Mar. 2014, [çevrimiçi]. Erişim adresi: 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 (01 Mart 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, ve 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, c. 4, sy 1, Mart 2014, ss. 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]. 01 Mart 2014;4(1):183-95. Erişim adresi: https://izlik.org/JA63UK34XY