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Ownership structure and financial performance : Evidence from panel data of South Korea

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  • Ownership structure and financial performance
  • Lee, Sanghoon
  • Political Economy Research Institute


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Title Ownership structure and financial performance
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Sub Title

Evidence from panel data of South Korea

Material Type Articles
Author(English)

Lee, Sanghoon

Publisher

[Amherst] : Political Economy Research Institute

Date 2008
Journal Title; Vol./Issue Department of economics working paper series:2008-17
Pages 43
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic System
Holding Political Economy Research Institute
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Abstract

The study seeks to examine the effect of equity ownership structure on firm financial performance in South Korea. I focus on the role of two main dimensions of the ownership structure: Ownership concentration (i.e., the distribution of shares owned by majority shareholders) and identity of owners (especially, foreign investors and institutional investors). Using panel data for South Korea in 2000--2006, I find that firm performance measured by the accounting rate of return on assets generally improves as ownership concentration increases, but the effects of foreign ownership and institutional ownership are insignificant. I also find that there exists a hump-shaped relationship between ownership concentration and firm performance, in which firm performance peaks at intermediate levels of ownership concentration. (The rest omitted)