Ownership structure and firm performance: Evidence manufacturing companies listed in Dhaka Stock Exchange

https://doi.org/10.35912/ijfam.v3i3.621
Published: Dec 21, 2021

Abstract:

Purpose: This study aims at examining the relationship between ownership structure and firm performance about manufacturing companies listed in Dhaka Stock Exchange (DSE).

Research Methodology: The analysis empirically uses dynamic panel data from 15 pharmaceutical and chemical companies enlisted in Dhaka Stock Exchange (DSE). The study period was 2011-2020. The study used panel data regression analysis.

Results: The study confirms that sampled companies' financial performance represented by ROA and ROE is significantly influenced by institutional ownership, ownership concentration, and foreign ownership whereas, negatively influenced by managerial ownership and insider ownership. The study didn't find any noteworthy association between block holders' ownership with firms' performance.

Contribution: This study keeps a significant role in understanding the ownership structures’ influence on firms’ performance. More specifically the policymakers may consider the study for implementing the relevant issues.

Limitations: The study's results were restricted to 15 Bangladeshi pharmaceutical and chemical companies enlisted in DSE and could not be applied to other companies doing business in Bangladesh.

Keywords:
1. Firm Performance
2. Managerial Ownership
3. Ownership Concentration
4. Ownership Structure
5. ROA
6. ROE
Authors:
1 . S. M. Khaled Hossain
Assistant Professor, Army Institute of Business Administration (AIBA), Dhaka, Bangladesh
https://orcid.org/0000-0002-4503-3581
2 . Md. Imtiaz Sultan
Graduate Student, Department of AIS, Jatiya Kabi Kazi Nazrul Islam University, Mymensingh, Bangladesh
https://orcid.org/0000-0002-1102-6631
3 . Md. Mekail Ahmed
Graduate Student, Department of AIS, Jatiya Kabi Kazi Nazrul Islam University, Mymensingh, Bangladesh
https://orcid.org/0000-0002-6140-7299
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How to Cite
Hossain, S. M. K., Sultan, M. I., & Ahmed, M. M. (2021). Ownership structure and firm performance: Evidence manufacturing companies listed in Dhaka Stock Exchange. International Journal of Financial, Accounting, and Management, 3(3), 227–243. https://doi.org/10.35912/ijfam.v3i3.621
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Issue & Section
Vol. 3 No. 3 (2021): December
Articles
References

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  1. Ahmed, N., & Hadi, O. A. (2017). Impact of ownership structure on firm performance in the MENA region: An empirical study. Accounting and Finance Research, 6(3), 105-115.
  2. Al Farooque, O., Buachoom, W., & Sun, L. (2019). Board, audit committee, ownership, and financial performance–emerging trends from Thailand. Pacific Accounting Review.
  3. Al Nimer, M., Warrad, L., & Al Omari, R. (2015). The impact of liquidity on Jordanian banks profitability through return on assets. European Journal of Business and Management, 7(7), 229-232.
  4. Alabdullah, T. T. Y. (2018). The relationship between ownership structure and firm financial performance: Evidence from Jordan. Benchmarking: An International Journal.
  5. Aljifri, K., & Moustafa, M. (2007). The impact of corporate governance mechanisms on the performance of UAE firms: an empirical analysis. Journal of Economic and Administrative Sciences.
  6. Al-Manaseer, M. F. A., Al-Hindawi, R. M., Al-Dahiyat, M. A., & Sartawi, I. I. (2012). The impact of corporate governance on the performance of Jordanian banks. European Journal of Scientific Research, 67(3), 349-359.
  7. Al-Matari, E. M., Al-Matari, Y. A., & Saif, S. A. (2017). Ownership structure, audit quality and firm performance moderating and direct-effect models: An empirical study. Corporate Board: Role, Duties and Composition, 13(1), 28-35.
  8. Amin, A. A., & Hamdan, A. M. (2018). Evaluating the effect of ownership structure on firm performance: Evidence from Saudi Arabian listed companies. Journal of Economic Cooperation & Development, 39(3), 65-92.
  9. Arosa, B; Iturralde, T; Maseda, A. (2010), “Ownership structure and firm performance in non-listed firms: Evidence from Spain” Journal of Family Business Strategy, Vol. 1(2), pp. 88-96.
  10. Arouri, H., Hossain, M., & Muttakin, M. B. (2014). Effects of board and ownership structure on corporate performance: Evidence from GCC countries. Journal of Accounting in Emerging Economies.
  11. Barako, D. G., & Tower, G. (2007). Corporate governance and bank performance: Does ownership matter? Evidence from the Kenyan banking sector. Corporate Ownership and Control, 4(2), 133-144.
  12. Barry, T. A., Lepetit, L., & Tarazi, A. (2011). Ownership structure and risk in publicly held and privately owned banks. Journal of Banking & Finance, 35(5), 1327-1340.
  13. Berle, A., & Means, G. (1932). The Modern Corporation and Private Property Macmillan. New York Times, 2(3), 45-53.
  14. Bhabra, G. S. (2007). Insider ownership and firm value in New Zealand. Journal of Multinational Financial Management, 17(2), 142-154.
  15. Bhabra, H. S., & Huang, J. (2013). An empirical investigation of mergers and acquisitions by Chinese listed companies, 1997–2007. Journal of Multinational Financial Management, 23(3), 186-207.
  16. Chaibi, H., & Ftiti, Z. (2015). Credit risk determinants: Evidence from a cross-country study. Research in international business and finance, 33, 1-16.
  17. Chalermchatvichien, P., Jumreornvong, S., Jiraporn, P., & Singh, M. (2014). The effect of bank ownership concentration on capital adequacy, liquidity, and capital stability. Journal of Financial Services Research, 45(2), 219-240.
  18. Chari, A., Chen, W., & Dominguez, K. M. (2012). Foreign ownership and firm performance: Emerging market acquisitions in the United States. IMF Economic Review, 60(1), 1-42.
  19. Chen, P. Y., & Popovich, P. M. (2002). Special cases of Pearson’s r. Correlation: Parametric and Nonparametric Measures, 38-40.
  20. Chung, D. S., Kim, B. G., Kim, D. W., & Choi, S. (2008). Corporate governance and firm performance: the Korea evidence. Journal of International Business and Economics, 8(2), 46–54.
  21. Dakhlallh, M. M., Rashid, N. M., Abdullah, W. A. W., & Dakhlallh, A. M. (2019). The Effect of Ownership Structure on Firm Performance among Jordanian Public Shareholders Companies: Board Independence as a Moderating Variable. International Journal of Academic Research in Progressive Education and Development, 8(3), 13-31.
  22. De Jonghe, O., & Öztekin, Ö. (2015). Bank capital management: International evidence. Journal of Financial Intermediation, 24(2), 154-177.
  23. Demsetz, H. (1983). The structure of ownership and the theory of the firm. The Journal of law and economics, 26(2), 375-390.
  24. Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of political economy, 93(6), 1155-1177.
  25. Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of corporate finance, 7(3), 209-233.
  26. Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689-709.
  27. Din, S.M.U., Abu-bakar, A., & Regupathi, A. (2017). Does insurance promotes economic growth: A comparative study of developed and emerging/developing economies. Cogent Economics & Finance, 5(1).
  28. Drakos, A., Kyriakakis, G., Evageliou, V., Protonotariou, S., Mandala, I., & Ritzoulis, C. (2017). Influence of jet milling and particle size on the composition, physicochemical and mechanical properties of barley and rye flours. Food Chemistry, 215, 326-332.
  29. Duggal, R., & Millar, J. A. (1999). Institutional ownership and firm performance: The case of bidder returns. Journal of Corporate Finance, 5(2), 103-117.
  30. Ehikioya, B. I. (2009). Corporate governance structure and firm performance in developing economies: evidence from Nigeria. Corporate Governance: The international journal of business in society.
  31. Fattoum-Guedri, A., & Delmar, F. (2017). Founder status and defensive mechanisms at IPO: evidence from French firms. In Handbook of Research on Corporate Governance and Entrepreneurship. Edward Elgar Publishing.
  32. Ghahroudi, M. R. (2011). Ownership advantages and firm factors influencing the performance of foreign affiliates in Japan. International Journal of Business and Management, 6(11), 119.
  33. Gomez-Mejia, L.; Nunez-Nickel, M.; Gutierrez, I. (2001), “The role of family ties in agency contracts”, Academy of Management Journal, Vol. 44, pp. 81-95.
  34. Gorton, G., & Kahl, M. (1999). Blockholder identity, equity ownership structures, and hostile takeovers (No. w7123). National bureau of economic research.
  35. Guedri, Z., and Hollandts, X. (2008). Beyond Dichotomy: The Curvilinear Impact of Employee Ownership on Firm Performance. Corporate Governance: An International Review, 16, 460-474.
  36. Gujarati, D., & Porter, D. (2003). Multicollinearity: What happens if the regressors are correlated. Basic econometrics, 363.
  37. Gürbüz, A. O., Aybars, A., & Kutlu, Ö. (2010). Corporate Governance and Financial Performance with a Perspective on Institutional Ownership: Empirical Evidence from Turkey. Journal of Applied Management Accounting Research, 8(2).
  38. Haron, N. A., Devi, P., Hassim, S., Alias, A. H., Tahir, M. M., & Harun, A. N. (2017, December). Project management practice and its effects on project success in Malaysian construction industry. In IOP Conference Series: Materials Science and Engineering (Vol. 291, No. 1, p. 012008). IOP Publishing.
  39. Hasnah, K. (2009). The impact of corporate governance and board performance on the performance of public listed companies in Malaysia. Ph.D Dissertation, University Sains Malaysia.
  40. Hill, C. and S. Snell (1988), "External control, Corporate Strategy, and Firm performance in Research-Intensive Industries", Strategic Management Journal, Vol. 9, pp. 577-90.
  41. 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: A journal of applied economics and policy, 36(4), 416-428.
  42. Hossain, S. K., Khan, M. R., & Haque, M. M. (2018). Corporate voluntary disclosure practices and its association with corporate attributes: an empirical investigation of listed and non-listed commercial banks in Bangladesh. International Journal of Managerial and Financial Accounting, 10(4), 331-351.
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