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

Yıl 2014, Cilt: 4 Sayı: 1, 183 - 195, 01.03.2014

Georgeta Vintila Stefan Cristian Gherghina

Öz

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.

Anahtar Kelimeler

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

Yıl 2014, Cilt: 4 Sayı: 1, 183 - 195, 01.03.2014

Georgeta Vintila Stefan Cristian Gherghina

Öz

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Ayrıntılar

Diğer ID JA77DB69VP
Bölüm Araştırma Makalesi
Yazarlar

Georgeta Vintila Bu kişi benim

Stefan Cristian Gherghina Bu kişi benim

Yayımlanma Tarihi 1 Mart 2014
Yayımlandığı Sayı Yıl 2014 Cilt: 4 Sayı: 1

Kaynak Göster

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.
AMA Vintila G, Gherghina SC. Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?. IJEFI. Mart 2014;4(1):183-195.
Chicago 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 4, sy. 1 (Mart 2014): 183-95.
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 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, 2014.
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 (Mart 2014), 183-195.
JAMA 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, 2014, ss. 183-95.
Vancouver 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):183-95.