Article ID Journal Published Year Pages File Type
1023596 Transportation Research Part E: Logistics and Transportation Review 2012 10 Pages PDF
Abstract

This paper addresses the issue of ownership structure and corporate performance. It employs a sample of 107 internationally listed shipping firms (about 60% of the total) and examines their financial data and ownership concentration for the year 2009. Ownership is treated as an endogenous variable and GMM estimation is used incorporating the significant advance provided by Lewbel (1997). Empirical results suggest that concentrated ownership is positively and strongly associated with better firm performance in the shipping industry. Furthermore, this paper offers evidence on ownership concentration and shows that despite the different corporate governance settings, ownership structures are quite similar in shipping.

► We model concentrated ownership in the maritime sector and firm performance. ► Concentrated ownership is positively associated with better firm performance. ► We examine ownership concentration for a sample of 107 listed shipping firms. ► Ownership structures are similar despite different corporate governance settings.

Keywords
Related Topics
Social Sciences and Humanities Business, Management and Accounting Business and International Management
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