Mediating effect of firm efficiency on the controlling shareholdings–firm performance nexus: evidence from public listed firms in Malaysia

IF 6.9 1区经济学 Q1 BUSINESS, FINANCE

Financial Innovation Pub Date : 2024-02-29 DOI:10.1186/s40854-023-00518-x

Irene Wei Kiong Ting, Jawad Asif, Qian Long Kweh, Tran Thi Kim Phuong

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引用次数: 0

Abstract

This study examines how controlling shareholders influence firm performance through the mediating role of firm efficiency in transforming inputs into outputs. To achieve this objective, it conducts a mediation analysis with 5,000 bootstraps on a dataset of 2,849 firm-year observations of publicly listed firms in Malaysia from 2009 to 2019. The findings reveal a positive relationship between controlling shareholdings and firm performance, with both total and indirect effects having this positive relationship. Moreover, while controlling shareholdings improve firm performance, firm efficiency partially mediates this relationship. Thus, improved firm efficiency plays a critical role in understanding the relationship between governance by controlling shareholders and enhanced firm performance. In summary, this study contributes to the existing literature by expanding our understanding of the complex relationship between controlling shareholdings, firm efficiency, and firm performance. In addition, the findings shed light on the importance of indirect channels in shaping organizational outcomes. As such, this study provides a valuable direction for future research in this area.

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公司效率对控股权-公司业绩关系的中介效应：来自马来西亚上市公司的证据

本研究探讨了控股股东如何通过公司将投入转化为产出的效率这一中介作用来影响公司业绩。为实现这一目标，本研究对 2009 年至 2019 年马来西亚上市企业的 2,849 个企业年观测数据集进行了 5,000 次引导分析。研究结果表明，控股权与公司业绩之间存在正相关关系，总效应和间接效应都具有这种正相关关系。此外，在控股提高公司业绩的同时，公司效率也在一定程度上促进了这种关系的发展。因此，公司效率的提高对于理解控股股东治理与公司业绩提升之间的关系起着至关重要的作用。总之，本研究拓展了我们对控股股东持股、公司效率和公司业绩之间复杂关系的理解，为现有文献做出了贡献。此外，研究结果还揭示了间接渠道在塑造组织结果方面的重要性。因此，本研究为这一领域的未来研究提供了有价值的方向。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial Innovation Economics, Econometrics and Finance-Finance

CiteScore

11.40

自引率

11.90%

发文量

审稿时长

5 weeks

期刊介绍： Financial Innovation (FIN), a Springer OA journal sponsored by Southwestern University of Finance and Economics, serves as a global academic platform for sharing research findings in all aspects of financial innovation during the electronic business era. It facilitates interactions among researchers, policymakers, and practitioners, focusing on new financial instruments, technologies, markets, and institutions. Emphasizing emerging financial products enabled by disruptive technologies, FIN publishes high-quality academic and practical papers. The journal is peer-reviewed, indexed in SSCI, Scopus, Google Scholar, CNKI, CQVIP, and more.