所有权结构与公司业绩。波兰的面板回归研究

IF 0.5 Q4 ECONOMICS

Central European Journal of Economic Modelling and Econometrics Pub Date : 2024-07-09 DOI:10.24425/cejeme.2024.151364

Andrzej Gryko, Jakub Cierocki, Konrad Celer

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引用次数: 0

摘要

本文在代理理论的框架下探讨了所有权结构与公司业绩之间的关系。我们以 2016-2021 年间在华沙证券交易所上市的 126 家波兰非金融企业为样本，采用固定效应和随机效应面板回归，并采用稳健的标准误差，对规范性、内生性、横截面异方差性和序列自相关性进行了检验。我们的模型确定了所采用的所有权结构与以会计和市场为基础的衡量标准衡量的公司业绩之间的几种重要关联。我们发现，最大股东的所有权集中与企业的市场衡量绩效呈负相关。此外，我们的结果还表明股东异质性的重要性。

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Ownership Structure and Firm Performance. A Panel Regression Study from Poland

This paper explores the relationship between ownership structure and firm performance, using the framework of agency theory. Given a sample of 126 Polish non-financial firms listed on the Warsaw Stock Exchange between 2016-2021, we applied fixed and random effects panel regressions with robust standard errors, tested for specification, endogeneity, cross-sectional heteroskedasticity, and serial autocorrelation. Our models identify several significant associations of adopted ownership structures with firm performance measured by accounting and market-based measures. We find that ownership concentration by the largest shareholder is negatively related to enterprise market-measured performance. Additionally, our results indicate the significance of shareholder heterogeneity.

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来源期刊

Central European Journal of Economic Modelling and Econometrics ECONOMICS-

CiteScore

0.60

自引率

0.00%

发文量

期刊介绍： The Central European Journal of Economic Modelling and Econometrics (CEJEME) is a quarterly international journal. It aims to publish articles focusing on mathematical or statistical models in economic sciences. Papers covering the application of existing econometric techniques to a wide variety of problems in economics, in particular in macroeconomics and finance are welcome. Advanced empirical studies devoted to modelling and forecasting of Central and Eastern European economies are of particular interest. Any rigorous methods of statistical inference can be used and articles representing Bayesian econometrics are decidedly within the range of the Journal''s interests.