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首页> 外文期刊>Research Journal of Finance and Accounting >The Effect of Ownership Structure on Share Price Volatility of Listed Companies in Amman Stock Exchange
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The Effect of Ownership Structure on Share Price Volatility of Listed Companies in Amman Stock Exchange

机译：股权结构对安曼证券交易所上市公司股价波动的影响

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This dissertation investigates the effect of different ownership structure (The largest, Five Greatest, Institutional and Individual Shareholder Structure) on a share price volatility of listed companies in Amman Stock Exchange. The research has four hypotheses. To test each hypothesis; a model was defined based on dependent variables employed to measure share price volatility. A panel data procedure is applied to the dataset that includes 51 Jordanians companies from 2005 to 2009. Two empirical models are used OLS (Ordinary Least Square) and SUR (Seemingly Unrelated Regression), and we found that SUR shows better and accurate result than OLS. The results provide evidence of positive statistically significant relationship between the largest shareholder and share price volatility .Also; the results reveal a positive and significant relationship between the five greatest shareholder and share price volatility. The study, however, could not provide a significant relationship between the individual and institutional shareholder in one hand and share price volatility on the other. These results are consistent with prior empirical studies. This dissertation helps managers and investors to have insight into the nature of ownership structure and is it possible for companies’ ownership structures to influence firms’ risk and the stocks’ return.
机译：本文研究了不同的股权结构（最大，五个，机构和个人股东结构）对安曼证券交易所上市公司股价波动的影响。该研究有四个假设。检验每个假设;基于用来衡量股价波动性的因变量定义了一个模型。面板数据程序应用于2005年至2009年的51个约旦公司的数据集。使用了两个经验模型OLS（普通最小二乘法）和SUR（看似无关回归），我们发现SUR比OLS表现出更好，更准确的结果。该结果提供了最大股东与股价波动之间具有正向统计显着关系的证据。结果表明，五个最大股东与股价波动之间存在正相关关系。然而，该研究一方面无法提供个人与机构股东之间的重大关系，另一方面却无法提供股价波动的关系。这些结果与先前的经验研究一致。这篇论文可以帮助经理和投资者洞悉所有权结构的本质，以及公司的所有权结构是否可能影响公司的风险和股票收益。

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