Abstract
We investigate the impact of institutional ownership and ownership concentration on firm stock return performance using panel data model. Our main ownership measures include; percentage of institutional ownership held by different institutions in a firm and percentage of a firm’s outstanding stocks held by the largest three block holders. We find that there is no significant relationship between either institutional ownership or ownership concentration and both ex post and ex ante return. Also, we find that there is negative and significant relationship between institutional ownership represented by some institutions and ex post risk, while the relationship is negative and significant only between institutional ownership by employee associations and ex ante risk. Ownership concentration has no effect on ex post risk but it has a positive and significant effect on ex ante risk. The results are consistent with some past studies from the literature.
Publication Date
2017-03-13
Publication Title
International Research Journal of Finance and Economics
Volume
Issue 160
Issue
42795
Publisher
EuroJournals
ISSN
1450-2887
Embargo Period
2024-11-19
Keywords
Ownership, Stock return, Performance, Ex post risk, Ex ante risk, Egypt
First Page
63
Last Page
83
Recommended Citation
El-Masry, A., & El-Ghouty, A. (2017) 'Effect of Ownership Structure on Firm Stock Return Performance: Evidence from the Egyptian Stock Market', International Research Journal of Finance and Economics, Issue 160(42795), pp. 63-83. EuroJournals: Retrieved from https://pearl.plymouth.ac.uk/pbs-research/420
