The Effect of Ownership Structure on Tobin's Q Ratio
Abstract
This article is done to find the effect of ownership structure on Tobins Q ratio. In many literature and financial context, the relationship between ownership structure and organizations performance and relative ratios are considered by many researchers. In this article, Tobins Q ratio is used to estimate performance.
Tobins Q ratio as independent variable is calculated with sum of market value of shares plus book value of debts to book value of assets.
Ownership of legal shareholders, Ownership of individual shareholders, Ownership of largest shareholder and Ownership of shareholders more than 5 percent are taken as ownership structure variables.
The research model is probed a relationship between ownership structures on Tobins Q ratio that can be useful for anticipating future position and decides better when bank try to increase capital. Managers may use the results of this study to change view themselves when want to attract new shareholders according to the weight of each indicators in ownership structure of bank.
Downloads
References
Golarzi, GH., Mehman, N., S., (2015), Ownership structure on the performance in the banks, international conference of management and accounting, Iran, Tehran
Priya, P.V., Shanmughan, R., (2011), Foreign ownership structure and corporate performance: empirical evidence from India, global journal of finance and management, 3(1), P. 15-24
Saiidi, A., Shirighahi, A., (2013), Performance and ownership, evidence from the Stock Exchange, Journal of stock exchange, year 5, No. 18, P. 153-172
Namazi, M., Kermani, E., (2009), Ownership structure on the performance in the stock exchange companies, Review of Accounting and Auditing, 15, No. 53, P. 83-100
Babaii, Z.M.A., Ahmadvand, ZH., (2010), The effect of ownership structure on the performance in the stock exchange companies , financial researches, year 10, No. 26, P. 41-60
Njagi, C. W. (2013). The Relationship Between Capital Structure And Financial Performance Of Agricultural Firms Listed At Nairobi Securities Exchange (Doctoral dissertation, University of Nairobi).
Ongore, V. O. (2011). The relationship between ownership structure and firm performance: An empirical analysis of listed companies in Kenya. African Journal of Business Management, 5(6), 2120-2128.
Fazlzade, A., Mohammadzade, P., Tahbaz hendi, A., (2011), Effect of ownership structure for each industry, Journal of stock exchange, year 2, No. 7, P. 5-33
Ongore, V. O., & K'Obonyo, P. O. (2011). Effects of selected corporate governance characteristics on firm performance: Empirical evidence from Kenya. International Journal of Economics and Financial Issues, 1(3), 99-122.
Florackis, C., Kostakis, A. & Ozkan, A., (2009), Managerial ownership and performance, Journal of business research, 62: 1350-1357
Mehran, H. (1995). Executive compensation structure, ownership, and firm performance. Journal of financial economics, 38(2), 163-184.
Bhagat, S., & Black, B. (1999). The uncertain relationship between board composition and firm performance. The Business Lawyer, 921-963.
Vafeas, N., & Theodorou, E. (1998). The relationship between board structure and firm performance in the UK. The British Accounting Review, 30(4), 383-407.
Sadeghi, H., Rahimi, P., (2013), System of simultaneous equations in considering ownership structure, Journal of Financial Accounting, year 4, No. 4, P. 89-102
Mehrani, S., Hoseini, A., Heidari, H., Pouyanfar, A., (2013), Ownership structure on company value, financial researches, financial researches, year 15, No. 1, P. 129-148
Sadeghi, Sh.S.J., Kafash, P.Sh.M., (2009), Shareholders effect on productivity, Review of Accounting and Auditing, 16, No. 55, P. 51-66
TRANSFER OF COPYRIGHT
JRBEM is pleased to undertake the publication of your contribution to Journal of Research in Business Economics and Management.
The copyright to this article is transferred to JRBEM(including without limitation, the right to publish the work in whole or in part in any and all forms of media, now or hereafter known) effective if and when the article is accepted for publication thus granting JRBEM all rights for the work so that both parties may be protected from the consequences of unauthorized use.
