Thereby, unconcerned to the level of shareholdings, we ascertained the entrenchment effect, opposite to the goal of shareholders wealth maximization.\r\n
📌 3 Maddede Bu Makale
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Amaç & Hipotez:\r\n The aim of this paper is to provide empirical evidence regarding the effect of insider ownership on firm value which stems from the lack of such study for the case of Romania.
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Temel Bulgular & Veri:By using a sample of companies listed on the Bucharest Stock Exchange, over the period 2007-2011, our results showed a negative effect of insider shareholdings on firm value.
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Sonuç & Katkı:Thereby, unconcerned to the level of shareholdings, we ascertained the entrenchment effect, opposite to the goal of shareholders wealth maximization.\r\n
🔬Tür:Araştırma Makalesi
📍Kapsam:2007-2011 Verileri
⚙️Değişkenler:corporate governance · agency theory · insider ownership
Özet
\r\n The aim of this paper is to provide empirical evidence regarding the effect of insider ownership on firm value which stems from the lack of such study for the case of Romania. By using a sample of companies listed on the Bucharest Stock Exchange, over the period 2007-2011, our results showed a negative effect of insider shareholdings on firm value. Likewise, the negative effect on firm value was confirmed for insider ownership one-year lagged. Thereby, unconcerned to the level of shareholdings, we ascertained the entrenchment effect, opposite to the goal of shareholders wealth maximization.\r\n
VINTILA, G., GHERGHINA, S. C. (2020). Insider ownership and the value of the bucharest stock exchange listed companies: convergence-of-interest or entrenchment effect?. International Journal of Economics and Financial Issues, Cilt: 4 Sayı: 1. https://ajindex.com/articles/1039958