(영문 글쓰기) Research Report; Relationship between ownership structure and firm performance of listed companies in New Zealand

Abstract

It has been disclosed that the financial performance of family companies has surpassed non-family owned companies all around the world. Research on board ownership is also one of the fields that have actively been researched in the global economy. In New Zealand, however, there have been almost no studies on these topics. Therefore, this research has stemmed from the question of whether those findings from other countries indeed correspond to New Zealand’s economic context. To examine the relationship of family ownership with firm performance of listed companies in New Zealand, twenty-six family firms and forty-four board ownership firms’ data were collected from the financial annual reports. A t-test was run, and return on equity (ROE) and simplified Tobin’s Q are used as proxies for firm performance. To investigate the relationship of board ownership with firm performance, a regression model was run, and also ROE and simplified Tobin’s Q are utilised as proxies for firm performance. The results in this study show family firms outperformed non-family firms in terms of Tobin’s Q, while there was no significant relationship between family ownership and ROE. As for board ownership, it had no significant relationship with ROE or Tobin’s Q. This research might imply the limitations which are the small sample size, a single period, the use of the simplified Tobin’s Q and omission of other contributing factors. Although there is still much room for improvement, this study can be an important step towards further analogous study aiming at New Zealand.

 

 

Relationship between ownership structure and firm performance of listed companies in New Zealand.pdf

0.77MB

 

 

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