%0 Journal Article
%T Concentration of ownership and corporate performance: evidence from the Zagreb Stock Exchange
%A Alen D£¿ani£¿
%J Financial Theory and Practice
%D 2012
%I Institute of Public Finance
%X This study examines the relationship between ownership structure and firm performance using a sample of firms listed on the Zagreb Stock Exchange in period 2003-2009. The results obtained using a panel estimation with fixed effects show a significant negative relationship between the existence of a block holder owning more than 30% of the equity and the value of the firm¡¯s Tobin¡¯s Q. However, if there is a family-type second block holder, the effect disappears. Further, the study gives evidence of the negative impact of the fraction of equity owned by management on labor efficiency confirming the quiet-life hypothesis from Bertrand and Mullainathan (2003). Finally, it is shown that foreign ownership is not significantly better than domestic.
%K ownership structure
%K ownership concentration
%K Tobin¡¯s Q
%K return on equity
%K labor efficiency
%K block holder
%K management ownership
%K Croatia
%K Zagreb Stock Exchange
%U http://www.ijf.hr/upload/files/file/FTP/2012/1/dzanic.pdf