Abstract

This study aims to examine the impact of the ownership structure on firm performance in the Jordan. This study employed the multiple-regression model and fixed regression effect to analyse the data. The sample included all Jordanian first market firms listed on the Amman Stock Exchange (ASE) from 2012 to 2018. The paper’s findings reveal a positive and significant relationship between institutional ownership and both accounting measure Return on Assets (ROA) and market measure Tobin’s Q (TQ). Other ownership structure types, such as concentration of ownership, also affect ROA and TQ. While managerial ownership shows a negative relationship with ROA, but there is no association with TQ. This study has broad and comprehensive practical implications that are good for policymakers. On the one hand, it adds to the debate on agency theory from the ownership structure and firm’s performance relationship. On the other hand, it helps the Jordanian Government formulate policies and regulations to strengthen corporate governance (CG), which increases the interests of all stakeholders in the Jordanian market.

摘要

本研究旨在检验所有权结构对约旦公司绩效的影响。本研究采用多元回归模型和固定回归效应对数据进行分析。样本包括 2012 年至 2018 年在安曼证券交易所 (ASE) 上市的所有约旦第一批市场公司。本文的研究结果揭示了机构所有权与会计指标资产回报率 (ROA) 和市场指标托宾 Q ( TQ）。其他所有权结构类型，例如所有权集中，也会影响 ROA 和 TQ。虽然管理层所有权与 ROA 呈负相关，但与 TQ 没有关联。这项研究具有广泛而全面的实际意义，对决策者有利。一方面，它从所有权结构和公司绩效关系增加了对代理理论的争论。另一方面，帮助约旦政府制定政策法规，加强公司治理（CG），增加约旦市场所有利益相关者的利益。