Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?

Georgeta VİNTİLA; Stefan Cristian GHERGHİNA

Makale detayları

Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?

Yazarlar:

Georgeta VİNTİLA | Stefan Cristian GHERGHİNA

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Economics and Financial Issues 2014 Vol.4 Issue 1, pp.183-195

Belge Tipi:

Makale

Yayın Tarihi:

2/2014

Belge Dili:

Türkçe

Document ID (Org No.):

2000814551

Sıklık:

İki Aylık

eISSN:

2146-4138

Özet:

 

The aim of this paper is to provide empirical evidence regarding the effect of insider ownership on firm value which stems from the lack of such study for the case of Romania. By using a sample of companies listed on the Bucharest Stock Exchange, over the period 2007-2011, our results showed a negative effect of insider shareholdings on firm value. Likewise, the negative effect on firm value was confirmed for insider ownership one-year lagged. Thereby, unconcerned to the level of shareholdings, we ascertained the entrenchment effect, opposite to the goal of shareholders wealth maximization.

Makale detayları

Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence-of-Interest or Entrenchment Effect?

Yazarlar: Georgeta VİNTİLA | Stefan Cristian GHERGHİNA

Yayıncı: İlhan ÖZTÜRK

Dergi: International Journal of Economics and Financial Issues 2014 Vol.4 Issue 1, pp.183-195

Belge Tipi: Makale

Yayın Tarihi: 2/2014

Belge Dili: Türkçe

Document ID (Org No.): 2000814551

Sıklık: İki Aylık

eISSN: 2146-4138

Sayı

Yazarlar:

Georgeta VİNTİLA | Stefan Cristian GHERGHİNA

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Economics and Financial Issues 2014 Vol.4 Issue 1, pp.183-195

Belge Tipi:

Makale

Yayın Tarihi:

2/2014

Belge Dili:

Türkçe

Document ID (Org No.):

2000814551

Sıklık:

İki Aylık

eISSN:

2146-4138