Влияние концентрации инсайдерской собственности на эффективность инвестиций компаний на развивающихся рынках

Виктория Артуровна Черкасова; Регина Ф. Дуняшева

doi:10.17323/j.jcfr.2073-0438.8.2.2014.4-19

Does Insider Ownership Concentration Matter For Investment Performance In Emerging Markets?

Виктория Артуровна Черкасова HSE http://orcid.org/0000-0001-7756-7513
Регина Ф. Дуняшева HSE

DOI: https://doi.org/10.17323/j.jcfr.2073-0438.8.2.2014.4-19

Keywords: corporate performance, ownership concentration, insider ownership, investment performance, agency conflict, institutional ownership

Abstract

This paper contributes to understanding the relationship between insider ownership and investment performance in emerging markets measured by marginal Tobin's Q. We will attempt to separate the positive wealth effect of managerial ownership from the negative entrenchment effect. The research analyses other determinants of corporate investment performance: institutional ownership, firm size and R&D intensity. The study was conducted on the sample of companies of Brazil, Russia, India and South Africa over 4-year period, 2009-2012.

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Published

2014-08-06

How to Cite

ЧеркасоваВ. А. and ДуняшеваР. Ф. (2014) “Does Insider Ownership Concentration Matter For Investment Performance In Emerging Markets?”, Journal of Corporate Finance Research | ISSN: 2073-0438, 8(2), pp. 4-19. doi: 10.17323/j.jcfr.2073-0438.8.2.2014.4-19.

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Issue

Vol 8 No 2 (2014)

Section

New Research