Large shareholders and firm value: Are high-tech firms different?

Pre-print, Working paper: This paper explores the relationship between ownership structure and firm value in a transition economy. It distinguishes firms belonging to the sector of innovative technologies and firms from more "traditional" industries. For the latter, the results of the estimation of a simultaneous equations system give support to the hypothesis that strong monitoring and ownership concentration are beneficial for firm performance. They also show that in high-tech firms, higher ownership concentration does not improve firm performance. The sample consists of all non-financial firms listed on the Warsaw Stock Exchange since its creation in 1991.

Author(s)

Irena Grosfeld

Date of publication
  • 2009
Keywords JEL
D21 G32 O16 P2 P34
Keywords
  • Ownership structure
  • Corporate governance
  • Knowledge economy
  • Transition economics
Internal reference
  • PSE Working Papers n°2007-26
Version
  • 1