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Title: Bi-directional Relationship between Ownership Concentration and Performance in Bangladesh under Simultaneous Equations Approach
Contributor(s): Farooque, Omar  (author)orcid ; van Zijl, Tony (author); Dunstan, Keitha (author); Karim, AKM Waresul (author)
Publication Date: 2005
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Abstract: Employing a simultaneous equations approach this paper models the ownership concentration and financial performance relationship. We document a 'Two-way' causal relationship for Bangladesh listed firms. Using an unbalanced pooled sample of 567 firm-years, the two-stage least square regression results suggest that both Tobin's Q and ROA, as performance measures, have a significant positive effect on ownership concentration. Similarly, shareholding concentration shows a positive significant impact on these performance measures. This implies that these variables interactively determined. A few other governance variables are also significant explanators. These results suggest that despite the institutional differences between Bangladesh and other developed economies there remains some similarity in internal governance mechanisms and agency problems.
Publication Type: Conference Publication
Conference Details: 17th APC: Seventeenth Asian Pacific Conference on International Accounting Issues, Wellington, New Zealand, 20/11/2005
Source of Publication: Proceedings of the 17th APC: Seventeenth Asian Pacific Conference on International Accounting Issues
Publisher: APC
Place of Publication: Wellington, New Zealand
Field of Research (FOR): 150303 Corporate Governance and Stakeholder Engagement
Socio-Economic Objective (SEO): 910402 Management
Peer Reviewed: Yes
HERDC Category Description: E1 Refereed Scholarly Conference Publication
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