公司股权结构与公司绩效：数据来自希腊公司外文翻译.doc

外文翻译 原文 Corporate Ownership Structure and Firm Performance: evidence from Greek firms Material Source: Author:Panayotis Kapopoulos and Sophia Lazaretou The Berle-Means (1932) thesis implies that diffuse ownership adversely affects firm performance.We test this hypothesis by assessing the impact of the structure of ownership on profitability, taking into account the endogeneity of ownership structure and modelling separately inside and outside ownership.Table 3 presents the results from the model estimation using Tobin’s Q as a firm performance measure when managerial ownership is taken into account. It uses the total sample size (175 firms) and compares OLS estimates to 2SLS estimates. Table 4 uses the smaller firm sample size (163 firms) excluding utilities and financial institutions. Focusing on OLS estimates for the profitability equation, we note that profitability is always statistically dependent on at least one measure of ownership structure. The regression coefficient of the fraction of shares owned by important outside investors takes a positive sign and is statistically significant. This implies that outside investor shareholdings affect Tobin’s Q ratio positively. This finding is consistent with what one would expect: greater ownership concentration by outside investors may lead to superior performance. The second measure of ownership concentration, namely the fraction of shares owned by management, also has a positive effect on performance, although the coefficient is statistically significant at much lower levels of significance (10 per cent or 15 per cent). This result is consistent with the finding that the simple correlation coefficient between the two ownership variables is 0.54. Moreover, the results shown in the tables for the 2SLS estimates confirm the finding for the effect of ownership concentration on profitability. The coefficients of both ownership variables, important SH and managerial SH, have the correct positive sign and are stat