Please use this identifier to cite or link to this item: http://ktisis.cut.ac.cy/handle/10488/6845
Title: Ownership structure and operating performance: evidence from the european maritime industry
Authors: Lambertides, Neophytos 
Louca, Christodoulos 
Keywords: Marine engineering
Corporate strategy
Maritime economics
Ownership--economics
Issue Date: 2008
Publisher: Taylor & Francis online
Source: Maritime policy and management, 2008, Volume 35, Issue 4, Pages 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
URI: http://ktisis.cut.ac.cy/handle/10488/6845
ISSN: 03088839
DOI: 10.1080/03088830802198308
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