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Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis

Author

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  • Iwasaki, Ichiro
  • Mizobata, Satoshi
Abstract
This paper aims to perform a large-scale meta-analysis to examine the relationship between ownership concentration and firm performance in emerging economies of Central and Eastern Europe and the former Soviet Union. A meta-synthesis of 1517 estimates collected from 69 previous studies indicated the presence of a statistically significant and positive effect of ownership concentration on firm performance. The synthesized effect size, however, is only modest at best. A meta-regression analysis conducted to identify the factors underlying the small effect size revealed that differences in target industries, estimation periods, design of ownership variables, data sources, estimators, and choices of control variables could have had systematic and profound effects on the empirical results presented in previous studies. We have also noted that publication selection bias is strongly suspected in this research field, and that, due to the magnitude of this bias, existing studies cannot be expected to provide genuine evidence regarding the effect of ownership concentration on firm performance in European emerging economies. Further empirical studies are required to identify the true effect in this region.

Suggested Citation

  • Iwasaki, Ichiro & Mizobata, Satoshi, 2018. "Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis," CEI Working Paper Series 2018-8, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hitcei:2018-8
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    9. Tleubayev, Alisher & Bobojonov, Ihtiyor & Gagalyuk, Taras & García Meca, Emma & Glauben, Thomas, 2021. "Corporate governance and firm performance within the Russian agri-food sector: does ownership structure matter?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 24(4), pages 649-668.
    10. Huang, Qiubin, 2020. "Ownership concentration and bank profitability in China," Economics Letters, Elsevier, vol. 196(C).
    11. Waseem, Fareeha, 2023. "Impact of Managerial Entrenchment on Firm Performance," OSF Preprints hmuab, Center for Open Science.
    12. Iwasaki, Ichiro & Ma, Xinxin & Mizobata, Satoshi, 2022. "Ownership structure and firm performance in emerging markets: A comparative meta-analysis of East European EU member states, Russia and China," Economic Systems, Elsevier, vol. 46(2).
    13. Tong, Tong & Chen, Xiaoyue & Singh, Tarlok & Li, Bin, 2022. "Corporate governance and the outward foreign direct investment: Firm-level evidence from China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 962-980.
    14. Fernanda Ricotta & Victoria Golikova & Boris Kuznetsov, 2021. "The Role Of CEO Characteristics In Firm Innovative Performance: A Comparative Analysis Of EU Countries And Russia," HSE Working papers WP BRP 251/EC/2021, National Research University Higher School of Economics.
    15. Jitao Hu & Longying Hu & Mingzhu Hu & Antony Dnes, 2023. "Entrepreneurial human capital, equity concentration and firm performance: Evidence from companies listed on China's Growth Enterprise Market," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(1), pages 187-196, January.
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    Keywords

    ownership concentration; enterprise restructuring; firm performance; European emerging economies; meta-analysis; publication selection bias;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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