Concomitant of inside-shareholding, group affiliation and firm value: evidence from Pakistan
Abstract
The present study inspects the comparative effects of inside shareholding on firm value for group-affiliated firms and non-group-affiliated firms in Pakistan. The research uses the excess-value as a performance measure by employing a chop-shop approach in treatment effects regression model (TERM). The results reveal that lower level and higher level inside shareholding negatively associated with firms’ value. However, it positively relates at a moderate level. Also, inside shareholding-value relationship differs significantly for group-affiliated firms and non-group-affiliated firms. Firms with inside shareholding at lower level appear to more visible in business groups, and these firms show adverse firms’ value consistent with divergence of interest effect. Nevertheless, inside ownership firms at a higher level, namely standalone firms, negatively affect firm value with entrenchment effect. The findings also confirm non-linearity in inside shareholding-firm value relationships.
Keyword : inside shareholding, firm value, excess value, business groups, incentives effect, entrenchment effect
How to Cite
Waseemullah, Tahir, S. H., Kaleem, M. S., Kanwal, T., & Quddoos, M. U. (2021). Concomitant of inside-shareholding, group affiliation and firm value: evidence from Pakistan. Business: Theory and Practice, 22(1), 133-145. https://doi.org/10.3846/btp.2021.13241
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bebchuk, L. A., & Weisbach, M. S. (2010). The state of corporate governance research. The Review of Financial Studies, 23(3), 939−961. https://doi.org/10.1093/rfs/hhp121
Belghitar, Y., Clark, E. & Kassimatis, K. (2011). Managerial ownership and firm performance: A re-examination using marginal conditional stochastic dominance. European Financial Management Association. https://pdfs.semanticscholar.org/7552/afa8ad14697d31581ff1fbc1ab6647c89fed.pdf
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Berke-Berga, A., I. Dovladbekova, & Abula, M. (2017). Managerial ownership and firm performance: Evidence of listed companies in the Baltics. Polish Journal of Management Studies, 15(2), 273−283. https://doi.org/10.17512/pjms.2017.15.2.25
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Choe, C., Dey, T., & Mishra, V. (2014). Corporate diversification, executive compensation and firm value: Evidence from Australia. Australian Journal of Management, 39, 395–414. https://doi.org/10.1177/0312896213499027
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (1999). Expropriation of minority shareholders: Evidence from East Asia. World Bank Washington, DC. https://doi.org/10.1596/1813-9450-2088
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance, 57(6), 2741−2771. https://doi.org/10.1111/1540-6261.00511
Coles, J. L., Lemmon, M. L., & Meschke, F. (2012). Structural models and endogeneity in corporate finance: The link between managerial ownership and corporate performance. Journal of Financial Economics, 103(1), 149−168. https://doi.org/10.1016/j.jfineco.2011.04.002
De Miguel, A., Pindado, J., & De La Torre, C. (2005). How dentrenchment and expropriation phenomena affect control mechanisms? Corporate Governance: An International Review, 13(4), 505−516. https://doi.org/10.1111/j.1467-8683.2005.00445.x
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155–1177. https://doi.org/10.1086/261354
Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430–65. https://doi.org/10.1016/j.jfineco.2007.02.007
Fahlenbrach, R., & Stulz, R. M. (2008). Managerial ownership dynamics and firm value. Journal of Financial Economics, 92(3), 342−361. https://doi.org/10.2139/ssrn.992919
Filatotchev, I., Jackson, G., & Nakajima, C. (2013). Corporate governance and national institutions: A review and emerging research agenda. Asia Pacific Journal of Management, 30(4),965−986. https://doi.org/10.1007/s10490-012-9293-9
Gohar, R., & Karacaer, S. (2009). Pakistani business groups: A comparison of group affiliated and unaffiliated firm performance. NUST Journal of Business and Economics, 2(2), 41−53.
Gordon, G., & Nicholson, N. (2010). Family wars: Stories and insights from famous family business feuds. Kogan Page. https://www.amazon.com/Family-Wars-Stories-Insights-Businessebook/dp/B005EROETC
Hamza, S. M., & Suman, S. S. (2018). The impact of ownership structure and firm performance: A study on Bombay Stock Exchange in India. International Journal of Accounting & Business Management, 6(1), 21−38.
He, J., Mao, X., Rui, O. M., & Zha, X. (2013). Business groups in China. Journal of Corporate Finance, 22, 166–192. https://doi.org/10.1016/j.jcorpfin.2013.05.001
Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153–61. https://doi.org/10.2307/1912352
Heugens, P. P., & Lander, M. W. (2009). Structure! Agency! (and other quarrels): A meta-analysis of institutional theories of organisation. Academy of Management Journal, 52(1), 61−85. https://doi.org/10.5465/amj.2009.36461835
Hoang, L. T., Nguyen, C. C., & Hu, B. (2017). Ownership structure and firm performance improvement: Does it matter in the Vietnamese Stock Market? Economic Papers, 36(4), 416−428. https://doi.org/10.1111/1759-3441.12185
Hu, Y., & Zhou, X. (2008). The performance effect of managerial ownership: Evidence from China. Journal of Banking & Finance, 32(10), 2099−2110. https://doi.org/10.1016/j.jbankfin.2007.12.047
Itturalde, D. T., Maseda, D. A., & Arosa, D. B. (2011). Insiders ownership and firm performance. Empirical evidence. International Research Journal of Finance and Economics, 67, 118−129.
Javid, A. Y., & Iqbal, R. (2008). Ownership concentration, corporate governance and firm performance: Evidence from Pakistan. The Pakistan Development Review, 47(4), 643−659. https://doi.org/10.30541/v47i4IIpp.643-659
Jensen, M. C. (1986). Agency costs of free cash ow, corporate finance, and takeovers. The American Economic Review, 76(2), 323−329. https://doi.org/10.2139/ssrn.99580
Kamardin, H. (2014). Managerial ownership and firm performance: The influence of family directors and non-family directors. In Ethics, governance and corporate crime: challenges and consequences, Vol. 6 (pp. 47−83). https://doi.org/10.1108/S2043-052320140000006002
Kaserer, C., & Moldenhauer, B. (2008). Insider ownership and corporate performance: evidence from Germany. Review of Managerial Science, 2(1), 1−35. https://doi.org/10.1007/s11846-007-0009-3
Katper, N., Shaikh, S. S., Anand, V., & Imtiaz, N. (2018). Analysing the impact of managerial ownership on the performance of shariah-compliant firms in Pakistan. International Business Research, 11(11), 55−66. https://doi.org/10.5539/ibr.v11n11p55
Khan, A., Mather, P. R., & Balachandran, B. (2014). Managerial share ownership and operating performance: Do independent and executive directors have different incentives. Australian Journal of Management, 39(1), 47−71. https://doi.org/10.1177/0312896212463152
Khan, F. U., & Nouman, M. (2017). Does ownership structure affect firm’s performance? Empirical evidence from Pakistan. Pakistan Business Review, 19(1), 228−250.
Kidwell, R. (2008). Adelphia communications: The public company that became a private piggy bank, a case of fraud in the Rigas family firm. In S. Matulich & D. M. Currie (Eds.), Handbook of frauds, scams and swindles: Failures of ethics in leadership (pp. 191–206). Taylor and Francis Group. https://doi.org/10.1201/9781420072860.sec5
King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 32(11), 2423−2432. https://doi.org/10.1016/j.jbankfin.2008.02.002
Laeven, L., & Levine, R. (2007). Complex ownership structures and corporate valuations. The Review of Financial Studies, 21(2), 579−604. https://doi.org/10.1093/rfs/hhm068
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1), 3–27. https://doi.org/10.1016/S0304-405X(00)00065-9
Lee, K., Peng, M. W., & Lee, K. (2008). From diversification premium to diversification discount during institutional transitions. Journal of World Business, 43(1), 47−65. https://doi.org/10.1016/j.jwb.2007.10.010
Li, D., Moshirian, F., Nguyen, P., & Tan, L. W. (2007). Managerial ownership and firm performance: Evidence from China’s privatisations. Research in International Business and Finance, 21(3), 396−413. https://doi.org/10.1016/j.ribaf.2007.02.001
Lins, K. V. (2003). Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis, 38(1), 159−184. https://doi.org/10.2139/ssrn.214909
Martin, G., Gomez-Mejia, L. R, Berrone, P., & Makri, M. (2017). Conflict between controlling family owners and minority shareholders: Much ado about nothing? Entrepreneurship Theory and Practice, 41(6), 999−1027. https://doi.org/10.1111/etap.12236
McKee, D., Madden, T. M., Kellermanns, F. W., & Eddleston, K. A. (2014). Conflicts in family firms: The good and the bad. Sage handbook of family business. Sage. https://doi.org/10.4135/9781446247556.n26
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293−315. https://doi.org/10.1016/0304-405X(88)90048-7
Mueller, E., & Spitz, A. (2001). Managerial ownership and firm performance in German small and medium-sized enterprises. Corporate Finance, Capital Structure & Payout Policies. https://doi.org/10.2139/ssrn.327567
Nguyen, T., Locke, S., & Reddy, K. (2015). Does boardroom gender diversity matter? Evidence from a transitional economy. International Review of Economics & Finance, 37, 184−202. https://doi.org/10.1016/j.iref.2014.11.022
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