Highlights ► We model concentrated ownership in the maritime sector and firm performance. ► Concentrated ownership is positively associated with better firm performance. ► We examine ownership concentration for a sample of 107 listed shipping firms. ► Ownership structures are similar despite different corporate governance settings.
Abstract This paper addresses the issue of ownership structure and corporate performance. It employs a sample of 107 internationally listed shipping firms (about 60% of the total) and examines their financial data and ownership concentration for the year 2009. Ownership is treated as an endogenous variable and GMM estimation is used incorporating the significant advance provided by . Empirical results suggest that concentrated ownership is positively and strongly associated with better firm performance in the shipping industry. Furthermore, this paper offers evidence on ownership concentration and shows that despite the different corporate governance settings, ownership structures are quite similar in shipping.
Concentrated ownership and corporate performance revisited: The case of shipping
Transportation Research Part E: Logistics and Transportation Review ; 48 , 4 ; 843-852
2011-12-16
10 pages
Article (Journal)
Electronic Resource
English
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