Examining the effects of ownership concentration on firm performance and value as moderated by firm demographics and COVID-19 pandemic
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ID: 284610
2025
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Abstract
ABSTRACT
This study utilizes panel regression analysis to examine the impact of ownership concentration on firm performance and firm value among publicly listed companies in the Philippines from 2018 to 2023. It incorporates moderating variables such as firm size, firm age, industry classification, and the COVID-19 pandemic to evaluate their contextual influences. The findings suggest that ownership concentration does not significantly affect firm performance, as measured by Return on Assets (ROA) and Return on Equity (ROE). However, it demonstrates a more pronounced effect on firm value, assessed through Tobin’s Q. Firm age and industry type are significant moderators; older firms experience diminishing returns due to governance entrenchment, while industry-specific dynamics affect valuation. Although COVID-19 had a limited effect on ROA and ROE, it selectively influenced firm value in companies with concentrated second-largest shareholder stakes. These insights are valuable for investors, auditors, regulatory bodies, publicly listed companies, and future researchers interested in corporate governance within emerging markets.
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| Authors | Palabrica, Glynnie Grace |
| Journal | Malay Journal |
| Year | 2025 |
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| Keywords | Keywords not found |
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