Title Page
Acknowledgements
Contents
Abstract 7
Chapter 1. Introduction 8
Chapter 2. Background 13
2.1. Institutional Background 13
2.2. Literature Background and Testable Hypotheses 15
2.2.1. Ownership Concentration 16
2.2.2. Ownership Structure 18
Chapter 3. Empirical Research 23
3.1. Model 23
3.2. Data, Sample 26
3.3. Key Variables and Statistics 27
Chapter 4. Results and Conclusions 33
4.1. Analyses on Concentrated Ownership 33
4.2. Analyses on Ownership Structure 35
4.3. Further Analyses on the Controlling shareholders 38
4.4. Conclusions 40
References 45
Table 1. Summary of Key Variables 49
Table 2. Summary Statistics 51
Table 3-1. Correlation Matrix of Variables - Ownership Concentration (Tobin's Q) 52
Table 3-2. Correlation Matrix of Variables - Ownership Concentration (ROA) 53
Table 3-3. Correlation Matrix of Variables - Ownership Structure (Tobin's Q) 54
Table 3-4. Correlation Matrix of Variables - Ownership Structure (ROA) 55
Table 4-1. Regression Results of Firm Performance on Concentrated Ownership Variables (S1) 56
Table 4-2. Regression Results of Firm Performance on Concentrated Ownership Variables (H_5) 57
Table 4-3. Regression Results of Firm Performance on Ownership Structure Variables (Ps and Pl) 58
Table 4-4. Regression Results of Firm Performance on Ownership Structure Variables (Ps and Pl) - Firms with Controlling Shareholders 59