文章基本信息

标题：Concomitant of inside-shareholding, group affiliation and firm value: evidence from Pakistan
本地全文：下载
作者：Waseemullah ; Safdar Husain Tahir ; Muhammad Shafiq Kaleem 等
期刊名称：Business: Theory and Practice
印刷版ISSN：1648-0627
出版年度：2021
卷号：22
期号：1
DOI：10.3846/btp.2021.13241
语种：English
出版社：Vilnius Gediminas Technical University
摘要：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.