Ownership Concentration and Firm Value A Panel Data Analysis on The Impact of Ownership Concentration on Firm Value  

Oleh:

Atmaja, Lukas Setia

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: International Research Journal of Business Studies vol. 2 no. 2 (2009), page 99-110.
Topik: Ownership Concentration; Firm Value; Panel Regression
Fulltext: 51-127-1-PB.pdf (740.61KB)

Isi artikel

This study examines the impact of ownership concentration on firm value. This study finds a negative and significant relationship between ownership concentration (measured by aggregate substantial shareholdings and the presence of controlling shareholders) and firm value. This suggests that large or controlling shareholders can extract the private benefits of control which in turn leads to lower firm value. The results support the rent extraction hypothesis, but not the agency relationship.

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