The effects of ownership concentration and controlling shareholders on firm performance the evidence from Malaysia

The effects of ownership concentration and controlling shareholders on firm performance the evidence from Malaysia

This thesis examines the effect of ownership concentration and controlling shareholder on firm performance with evidence from listed-Malaysian firms. Five research question are investigated: (1) What is the relationship between ownership concentration and firm performance; (2) What is the relationsh...

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Main Author: Aniza, Shaik Abdul Kader
Format: Thesis
Language:eng
eng
Published: 2014
Subjects:
HG Finance
Online Access:https://etd.uum.edu.my/4578/1/s810526.pdf
https://etd.uum.edu.my/4578/2/s810526_abstract.pdf
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id my-uum-etd.4578
record_format uketd_dc
institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Mazlan, Ahmad Rizal
topic HG Finance
spellingShingle HG Finance
Aniza, Shaik Abdul Kader
The effects of ownership concentration and controlling shareholders on firm performance the evidence from Malaysia
description This thesis examines the effect of ownership concentration and controlling shareholder on firm performance with evidence from listed-Malaysian firms. Five research question are investigated: (1) What is the relationship between ownership concentration and firm performance; (2) What is the relationship between controlling shareholders and firm performance; (3) What is the relationship between board size and firm performance; (4) What is the relationship between firm size and firm performance; and (5) What is the relationship between debt-to-equity ratio and firm performance. Two measurement of firm performance are used: Return on Assets (ROA) and Tobin’s Q (TQ). In the theory review, corporate governance theory and principal-agent theory are introduces as theoretical foundation. Corporate governance theory discusses the principal-agent problem and model of corporation (stockholder and shareholder model). Ownership structure is believed to affect firm performance, thus different arguments related to the effect of ownership concentration and owner characteristics on firm performance are reviewed. In regards to the methodology, five testable hypotheses are generated for empirical analyses using panel data on 150 firms over five years from 2008 to 2012. Simple statistics analysis and regression analysis are combined: simple statistics analysis used descriptive statistics and correlation analysis to analyze firm’s characteristics; regression analysis applies OLS regression to test the effect of ownership concentration and controlling shareholder on firm performance. Finally, the research question are answered: ownership concentration has positive effect, while controlling shareholders has negative effects on firm performance. It is found that ownership has a positive effect on ROA and TQ, but the results are insignificant; thus the results concluded that ownership concentration has not effect on firm performance. The effect of controlling shareholder on firm performance exhibit a negative results. Thus, the results concluded that the positive and negative effect of controlling shareholders on firm performance depends upon the size and characteristics of the large shareholders.
format Thesis
qualification_name masters
qualification_level Master's degree
author Aniza, Shaik Abdul Kader
author_facet Aniza, Shaik Abdul Kader
author_sort Aniza, Shaik Abdul Kader
title The effects of ownership concentration and controlling shareholders on firm performance the evidence from Malaysia
title_short The effects of ownership concentration and controlling shareholders on firm performance the evidence from Malaysia
title_full The effects of ownership concentration and controlling shareholders on firm performance the evidence from Malaysia
title_fullStr The effects of ownership concentration and controlling shareholders on firm performance the evidence from Malaysia
title_full_unstemmed The effects of ownership concentration and controlling shareholders on firm performance the evidence from Malaysia
title_sort effects of ownership concentration and controlling shareholders on firm performance the evidence from malaysia
granting_institution Universiti Utara Malaysia
granting_department Othman Yeop Abdullah Graduate School of Business
publishDate 2014
url https://etd.uum.edu.my/4578/1/s810526.pdf
https://etd.uum.edu.my/4578/2/s810526_abstract.pdf
_version_ 1747827757733117952
spelling my-uum-etd.45782022-04-10T00:09:11Z The effects of ownership concentration and controlling shareholders on firm performance the evidence from Malaysia 2014 Aniza, Shaik Abdul Kader Mazlan, Ahmad Rizal Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance This thesis examines the effect of ownership concentration and controlling shareholder on firm performance with evidence from listed-Malaysian firms. Five research question are investigated: (1) What is the relationship between ownership concentration and firm performance; (2) What is the relationship between controlling shareholders and firm performance; (3) What is the relationship between board size and firm performance; (4) What is the relationship between firm size and firm performance; and (5) What is the relationship between debt-to-equity ratio and firm performance. Two measurement of firm performance are used: Return on Assets (ROA) and Tobin’s Q (TQ). In the theory review, corporate governance theory and principal-agent theory are introduces as theoretical foundation. Corporate governance theory discusses the principal-agent problem and model of corporation (stockholder and shareholder model). Ownership structure is believed to affect firm performance, thus different arguments related to the effect of ownership concentration and owner characteristics on firm performance are reviewed. In regards to the methodology, five testable hypotheses are generated for empirical analyses using panel data on 150 firms over five years from 2008 to 2012. Simple statistics analysis and regression analysis are combined: simple statistics analysis used descriptive statistics and correlation analysis to analyze firm’s characteristics; regression analysis applies OLS regression to test the effect of ownership concentration and controlling shareholder on firm performance. Finally, the research question are answered: ownership concentration has positive effect, while controlling shareholders has negative effects on firm performance. It is found that ownership has a positive effect on ROA and TQ, but the results are insignificant; thus the results concluded that ownership concentration has not effect on firm performance. The effect of controlling shareholder on firm performance exhibit a negative results. Thus, the results concluded that the positive and negative effect of controlling shareholders on firm performance depends upon the size and characteristics of the large shareholders. 2014 Thesis https://etd.uum.edu.my/4578/ https://etd.uum.edu.my/4578/1/s810526.pdf text eng public https://etd.uum.edu.my/4578/2/s810526_abstract.pdf text eng public masters masters Universiti Utara Malaysia Aboody, D. and Lev, B. (2000). Information Asymmetry, R&D, and Insider Gains, The Journal of Finance, Vol. Lv, No 6. Adams, R.B., Hermalin, B.E., and Weisbach, M.S. 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