欢迎来到天天文库
浏览记录
ID:9882717
大小:275.00 KB
页数:14页
时间:2018-05-13
《股权结果与公司绩效一个描述性探讨[文献翻译]》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、外文题目:OwnershipStructure,CorporatePerformanceAndFailure:EvidenceFromPanelDataofEmergingMarketTheCaseofJordan出处:CorporateOwnership&Control作者:RamiZeitun原文:2.OwnershipStructureandFirmPerformance:aDescriptiveDiscussion2.1OwnershipStructure(Mix)andFirmPerformanceSincethees
2、tablishmentoftheASEinthe1970s,thenumberoflistedcompanies,tradingvolume,andtotalmarketcapitalisationhaveincreaseddrastically.Table1reportstheownershipstructureoflistedcompaniesbysectors.Despiteitsprivatisationprogram,thegovernmentstillholdsalargestakeinMedia,Utilityan
3、dEnergy,andSteel,MiningandHeavyEngineeringcompanies(43.20%,33.70%,and22.04%,respectively)becausetheyareconsideredstrategicindustries.Institutionalownershipisveryhighintransportation,realestate,andtradeandcommercialservicesandrental,andcommunication(44.80%,44.00%,and3
4、6.89%,respectively).IndividualcitizensasagrouparethelargestshareholderofEducationalServices,MedicalPharmacies,TextilesandClothing,andConstructionandEngineering.ThelargestforeignownershipstakesareinSteel,MiningandHeavyEngineering,followedbyTobacco(16.05%and13.41%,resp
5、ectively),foreignownershipisalsohighintheInsurancesector.Table2presentsthebasicstatisticsoftheownershipstructurefordefaultedandnon-defaultedfirms.Theindividual(citizen)ownsanaverageof51.42percentofdefaultedfirms,afigurewhichislargerthan45.36percentinnon-defaultedfirm
6、s.Thefractionsofgovernmentandforeignerownershiphavetheirlowestmedianinthedefaultedfirms,0.58and1.21percentrespectively,comparedwith2.37and4.20percentinnon-defaultedfirmsforgovernmentandforeignerrespectively.Thereareseveralnotabledifferences.Firstofall,defaultedfirmsh
7、avealower14medianofgovernmentownership.Also,themedianofinstitutionalownershipislower,asisthemedianofforeignerownership.Table2suggeststhatJordanianfirmswithgovernment,institutional,andforeignownershiphavealowerriskoffailure(default)(inthisanalysis,wewillconcentrateont
8、hejointfactorofArabandforeignownershipratherthantakingeachoneseparatelyasbothofthemareconsideredforeignowners).Thenextsectiondiscus
此文档下载收益归作者所有