International Research Journal of Business Studies
Vol. 2 No. 2 (2009): August-November 2009

Ownership Concentration and Firm Value : A Panel Data Analysis on The Impact of Ownership Concentration on Firm Value

Atmaja, Lukas Setia (Unknown)

Article Info

Publish Date
01 Aug 2009

Abstract

This study examines the impact of ownership concentration on firm value. This study finds a negative and significant relationship between ownership concentration (measured by aggregate substantial shareholdings and the presence of controlling shareholders) and firm value. This suggests that large or controlling shareholders can extract the private benefits of control which in turn leads to lower firm value. The results support the rent extraction hypothesis, but not the agency relationship.

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Journal Info
International Research Journal of Business Studies
Website

Abbrev

jurnalirjbs

Publisher

Universitas Prasetiya Mulya

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

Description

International Research Journal of Business Studies (IRJBS) comprises three constructs. The word “International” refers to our mission to provide readers with relevant fields of study and to involve authors in giving their contributions on an international scale. ”Research Journal” refers to ...