Ownership structure and operating performance: evidence from the European maritime industry

In this paper the authors 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 to 2004, the authors provide evidence that operating performance is positively related with foreign held shares and investment corporation held shares, indicating better investor protection from managerial opportunism. The authors also find no relation between operating performance and employee held shares, suggesting no relation between employee commitment and firms' economic performance. Furthermore, the authors find no relation between operating performance and government held shares, indicating that government may not adequately protect shareholders' interests from managerial opportunism. Finally, the authors 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, study 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.

• Record URL:
  • http://www.informaworld.com/10.1080/03088830802198308
• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/oclc/2899960
• Supplemental Notes:
  • Abstract reprinted with permission from Taylor & Francis
• Authors:
  • Lambertides, Neophytos
  • Louca, Christodoulos
• Publication Date: 2008

Language

• English

Media Info

• Media Type: Print
• Features: Appendices; References; Tables;
• Pagination: pp 395-409
• Serial:
  • Maritime Policy & Management
  • Volume: 35
  • Issue Number: 4
  • Publisher: Taylor & Francis
  • ISSN: 0308-8839
  • EISSN: 1464-5254
  • Serial URL: http://www.tandfonline.com/loi/tmpm20

Subject/Index Terms

• TRT Terms: Governments; Investments; Maritime industry; Operations; Ownership; Risk management
• Geographic Terms: Europe
• Subject Areas: Administration and Management; Marine Transportation;

Filing Info

• Accession Number: 01113237
• Record Type: Publication
• Files: TRIS
• Created Date: Oct 21 2008 8:50AM