The Governance of Canadian Traded Firms: An Analysis of the Ultimate Ownership Structure

2003 ◽  
Author(s):  
Najah Attig ◽  
Yoser Gadhoum
Keyword(s):  
Ownership Structure ◽  
Ultimate Ownership

scholarly journals Ownership Structure and Corporate Performance from the Perspective of Ultimate Ownership: Evidence from Chinese State-owned Listed Enterprises

2016 ◽  
Vol 10 (1) ◽  
pp. 34 ◽  
Author(s):  
Qianguang Xia ◽  
Yong Cheng
Keyword(s):  
Significant Influence ◽  
Ownership Structure ◽  
Corporate Performance ◽  
Institutional Environment ◽  
Stock Exchange ◽  
Ultimate Ownership ◽  
Chinese State ◽  
The Impact

This paper selects 850 state-owned listed enterprises from 2009 to 2014 in China's Shanghai and Shenzhen Stock Exchange to explore the impact of ownership structure on corporate performance from the perspective of ultimate ownership, and takes the endogeneity of ownership structure into deeper consideration. The study finds that ultimate ownership has no significant influence on corporate performance in state-owned enterprises. The separation of two rights and corporate performance shows a significant inverse U-shaped relationship. Taking the institutional environment into account, the inverse U-shaped relationship only exists in areas with poor institutional environment. To a certain degree, there exists the endogeneity of ownership structure.

scholarly journals Corporate governance and the dynamics of ownership of German firms between 1997 and 2007

2008 ◽  
Vol 6 (2) ◽  
pp. 25-32 ◽  
Author(s):  
Bernhard Schwetzler ◽  
Marco O. Sperling
Keyword(s):  
Corporate Governance ◽  
Financial Institutions ◽  
Ownership Structure ◽  
Capital Market ◽  
Ownership Concentration ◽  
Legal Systems ◽  
Ultimate Ownership ◽  
Threshold Data

La Porta et al. (1999) find that countries with weak corporate governance tend to have higher ownership concentration than countries with legal systems that protect shareholders well. Changes in the quality of corporate governance are often followed by adjustments in ownership structure. On a sample of first layer as well as ultimate ownership (10% and 20% cut-off threshold) data for 11 years between 1997 and 2007 for German firms listed in the DAX, we examine the dynamics of ownership structure. We find that ownership concentration strongly declined. Further, foreign financial institutions became an important investor group with an increase of average stake from 0.4% in 1997 to 9.1% in 2007. We conclude that the quality of corporate governance increased and the Germany capital market became more open during that period.

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