The relationship between ownership concentration and firm performance: Empirical evidence from Thai IPOs
Sa-nguannam, Praphaporn (2010) The relationship between ownership concentration and firm performance: Empirical evidence from Thai IPOs. [Dissertation (University of Nottingham only)] (Unpublished)
This research provides an empirical analysis on the relationship between ownership concentration and firm performances in both short-term and long-term of 111 Thai initial public offerings (IPOs) during January 2003 to July 2010. The short-term and long-term performances are represented as initial returns (underpricing) and aftermarket returns, respectively. The ownership concentration is measured by the concentration ratio, the stock ownership of a single largest shareholder who holds at least 50 percent of share outstanding. This paper further examines the indirect effect of ownership control through the controlling shareholders, who own at least 25 percent of a company’s shares, to gain more insight to its effect of long-term aftermarket performance.
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