Digitala Vetenskapliga Arkivet

Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Performance of Young Public Firms: Managerial vs Outside Shareholder Control in an international context
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2017 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 HE creditsStudent thesis
Abstract [en]

This paper studies the relationship between firm performance, proxied by Tobin's Q, and two distinct ownership types, managerial owned firms and outside owned firms. The sample consists of 2005 young firms from Europe and the US that incorporated since the dot-com-bubble 2001. Very similar to the pre-2001 period, young and highly funded firms are of popular concern. In particular their owners, founders and CEOs are topic of interest and serve as figurehead for their company, raising the question whether their firms perform better if they also own them or not and whether that differs with the institutional framework that the company is situated in. Thus the research question is the following: What is the effect of having management as majority shareholder(s) on the performance of the young firm in different environments? To find an answer, I used quantitative data from Orbis and analyzed it using time-series panel data, recent information using simple OLS as well as multiple analyses of variance. I find evidence of higher valuations of firms owned by managers, especially in countries with common law and stronger shareholder rights. I also find evidence of relatively lower valuations of firms owned by their managers when these are situated in code law countries or countries with stronger creditor rights. A surprising addition to the findings were extreme values of Tobin's Q that may indicate another bubble in the making, coincidentally closing the circle of this study.

Place, publisher, year, edition, pages
2017. , p. 63
Keywords [en]
International, Financial, Management, Ownership, Firm Performance
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-317047OAI: oai:DiVA.org:uu-317047DiVA, id: diva2:1080314
Subject / course
Business Studies
Educational program
Freestanding course
Presentation
2017-01-27, Groningen, the Netherlands, 13:00 (English)
Supervisors
Available from: 2017-03-13 Created: 2017-03-09 Last updated: 2017-03-13Bibliographically approved

Open Access in DiVA

fulltext(2839 kB)153 downloads
File information
File name FULLTEXT01.pdfFile size 2839 kBChecksum SHA-512
ca9fc620e656d8d57318f6938b92e70176b9c45c8989d5727ab2763a54741b51eee6a160d502f6694a5a791efc78c2f6fb4a7701dd487fac59c0e153f717afda
Type fulltextMimetype application/pdf

By organisation
Department of Business Studies
Business Administration

Search outside of DiVA

GoogleGoogle Scholar
Total: 153 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

urn-nbn

Altmetric score

urn-nbn
Total: 504 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf