Ownership Structure and Firm Performance: A Study of Indian Companies. An Empirical Study of Select Companies in the Private Sector of India

      Аннотация: The study aims to empirically investigate the effects of ownership structure on performance of Indian companies. The sample of the study is based on BSE 200 Index companies and it spans over a period of 15 years from 2001 to 2015. This study employs four ownership variables namely, Indian Promoters, Foreign Promoters, Non-Promoter Institutions, and Non-Promoter Non-Institutions as proxy for identity of ownership. Again, Total Promoters Shareholding and Total Non-Promoters Shareholding have been considered for measuring the concentration and dispersion of ownership. Firm performance has been measured by Return on Assets, Return on Equity and Tobin’s Q. Twenty seven relevant hypotheses have been tested using multiple regression panel data models and other appropriate methods for empirical analyses. Findings of the study shed light on the relation between ownership structure and firm performance. The study contributes to various stakeholders, sheds light on the policy implications of the research findings and makes appropriate recommendations where applicable. Finally, the study identifies potential avenues for future research based on its limitations.

Ключевые слова: corporate governance, ownership structure, Firm Performance, India, Panel data analysis