Ownership structure and firm performance: evidence from Casablanca stock exchange
Dissertant
University
Al Akhawayn University
Faculty
The School of Business Administration
University Country
Morocco
Degree
Master
Degree Date
2008
English Abstract
This study investigates relationship between ownership and firm performance in Morocco, a newly emerging stock market.
Using pooled data for all the firms listed at Casablanca Stock Exchange during 2004 to 2007, we find no relationship between ownership structure and firm performance.
Our results show that identity of the largest shareholder, ownership of the largest shareholder, and the difference between the ownership of the largest and the second largest shareholders do not affect the firm performance.
Our results are robust across different estimation techniques.
The OLS, instrument variable, and simultaneous equation estimation models yield identical results of no relationship between ownership structure and firm performance.
One of the implications of this study is that ownership structure does not convey any value relevant signal to the investors trading at the Casablanca Stock Exchange.
Firms with foreign institutions as the largest shareholders or firms with local institutions as the largest shareholders do not outperform the other.
Furthermore, our results reject the competing hypotheses of expropriation by largest shareholder or monitoring of largest shareholder for our sample.
We conclude that there is no value relevant signal for outside investors in the ownership structure of Moroccan firms
Main Subjects
Financial and Accounting Sciences
Topics
No. of Pages
28
Table of Contents
Table of contents.
Abstract.
[Chapter One] : Introduction.
Chapter Two] : Motivation and background].
Chapter Three] : Ownership characteristics and the firm performance].
Chapter Four] : Data].
Chapter Five] : Methodology].
[Chapter Six] : Robustness of results: endogeneity issues.
[Chapter Seven] : Estimation issues : difference between cash flow and voting rights.
Chapter Eight] : Conclusion].
References.
American Psychological Association (APA)
Bin Nani, Karim. (2008). Ownership structure and firm performance: evidence from Casablanca stock exchange. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-625593
Modern Language Association (MLA)
Bin Nani, Karim. Ownership structure and firm performance: evidence from Casablanca stock exchange. (Master's theses Theses and Dissertations Master). Al Akhawayn University. (2008).
https://search.emarefa.net/detail/BIM-625593
American Medical Association (AMA)
Bin Nani, Karim. (2008). Ownership structure and firm performance: evidence from Casablanca stock exchange. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-625593
Language
English
Data Type
Arab Theses
Record ID
BIM-625593
