Cookies

We use cookies to ensure that we give you the best experience on our website. By continuing to browse this repository, you give consent for essential cookies to be used. You can read more about our Privacy and Cookie Policy.


Durham Research Online
You are in:

Ownership structure and operating performance : evidence from the European maritime industry.

Lambertides, N. and Louca, C. (2008) 'Ownership structure and operating performance : evidence from the European maritime industry.', Maritime policy & management., 35 (4). pp. 395-409.

Abstract

In this paper we examine the relation between ownership structure and operating performance for European maritime firms. Using a sample of 266 firm-year observations, during the period 2002-2004, we provide evidence that operating performance is positively related with foreign held shares and investment corporation held shares, indicating better investor protection from managerial opportunism. We also find no relation between operating performance and employee held shares, suggesting no relation between employee commitment and firms' economic performance. Furthermore, we find no relation between operating performance and government held shares, indicating that government may not adequately protect shareholders' interests from managerial opportunism. Finally, we do find a positive relation between operating performance and portfolio held shares for code law maritime firms but not for common law maritime firms. Results are robust after adjusting for various firm and country risk characteristics. Overall, our results on the importance of the ownership structure are new to this setting and add to a large body of evidence linking ownership characteristics to corporate performance.

Item Type:Article
Keywords:Business & Management, Fisheries & related industries, Shipping industries.
Full text:Full text not available from this repository.
Publisher Web site:http://dx.doi.org/10.1080/03088830802198308
Record Created:22 May 2009 15:20
Last Modified:05 Mar 2010 15:18

Social bookmarking: del.icio.usConnoteaBibSonomyCiteULikeFacebookTwitterExport: EndNote, Zotero | BibTex
Usage statisticsLook up in GoogleScholar | Find in a UK Library