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首页> 外文期刊>African Journal of Business Management >The relationship between ownership structure and firm performance: An empirical analysis of listed companies in Kenya
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The relationship between ownership structure and firm performance: An empirical analysis of listed companies in Kenya

机译：股权结构与公司绩效之间的关系：肯尼亚上市公司的实证分析

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The study investigated the effects of ownership structure on performance of listed companies in Kenya using agency theory as an analytical framework. Ownership structure was operationalized in terms of ownership concentration (percentage of shares owned by the top five shareholders) and ownership identity (actual identity of shareholders). Measures of performance were return on assets, return on equity and dividend yield. Forty two (out of fifty four) listed companies were studied using both primary and secondary data. Reliability of data was tested using Cronbach’s Alpha, while tolerance and variance-inflation factor were used to test multicolinearity. Using Pearson’s product moment correlation and logistic regression, the study found that ownership concentration and government ownership have significant negative relationships with firm performance. On the other hand, foreign ownership, diffuse ownership, corporation ownership, and manager ownership were found to have significant positive relationships with firm performance.
机译：该研究使用代理理论作为分析框架，研究了股权结构对肯尼亚上市公司业绩的影响。所有权结构按照所有权集中度（前五名股东所持股份的百分比）和所有权身份（股东的实际身份）进行操作。绩效指标是资产回报率，股本回报率和股息收益率。使用一级和二级数据对42家（五十四家）上市公司进行了研究。数据的可靠性使用Cronbach的Alpha进行了测试，而公差和方差膨胀因子则用于测试多重共线性。利用皮尔逊的产品动量相关性和逻辑回归，研究发现所有权集中度和政府所有权与公司绩效之间存在显着的负相关关系。另一方面，发现外资所有权，分散所有权，公司所有权和经理所有权与公司绩效有着显着的正相关关系。

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