[雙語翻譯]企業(yè)管理外文翻譯—管理層持股和公司績效：波羅的海上市公司的證據(jù)

1、字?jǐn)?shù)：英文 字?jǐn)?shù)：英文 3709 3709 單詞， 單詞，20051 20051 字符；中文 字符；中文 6331 6331 漢字 漢字出處： 出處：Berke-Berga Berke-Berga A, A, Dovladbekova Dovladbekova I, I, Abula Abula M. M. Managerial Managerial ownership ownership and and firm firm perf

2、ormance: performance: evidence evidence of of listed listed companies companies in in the the Baltics[J]. Baltics[J]. Polish Polish Journal Journal of of Management Management Studies,2017,15(2):273-282 Studies,2

3、017,15(2):273-282外文文獻(xiàn)： 外文文獻(xiàn)： Managerial ownership and firm performance: evidence of listed companies in the BalticsAbstract This paper focuses on the relationship between managerial ownership and firm performance, which

4、 appears to be an important issue in corporate governance literature. We conduct regression analysis employing a sample of listed companies in the stock exchanges of the Baltic States. We test whether increased manageria

5、l ownership has effect on firm performance measured by Tobin’s Q and return on assets (ROA). The results reveal that there is positive relationship between managerial ownership and internal performance measure (ROA) whil

6、e it does not significantly affect the market performance measure (Tobin’s Q). We conclude that management mainly focuses on firm fundamental factors and ratios like profitability, sales growth, investment – they have po

7、sitive relation with managerial ownership. Meanwhile, there is no significant difference in market-related factors for companies with or without managerial ownership, as these factors in the Baltics are more influenced b

8、y other considerations like economics, politics and high liquidity premium.Keywords: managerial ownership, firm performance, Tobin’s Q, ROA, Baltic States share ownership.The main goal of our research is to evaluate the

9、impact of managerial ownership on firm performance in listed companies of the Baltic States. The percentage of shares of Baltic listed companies held by management varies from 0% to 94.4%, with median value of 27.1% in 2

10、015. We can say that it is comparatively high level of managerial ownership, as other researchers have found that in Australia it is 12.54%, 12.4% in the United States and 13.02% in the United Kingdom (Khan et al., 2014)

11、.Turning to measuring firm performance, we can see that there are different approaches of how to ascertain, define and evaluate it. Many studies researching companies listed in Anglo-Saxon markets (but not only) concentr

12、ate on ratios including firm’s market value. Companies of these countries excel with equity- based financing sources dominance over bank financing, rather diversified ownership structures and large number of minority sha

13、reholders. Thus, firm performance is reflected in its stock price. A common approach to analyse the link between managerial ownership and firm performance is regressing Tobin’s Q ratio on percentage share of managerial o

14、wnership (Anderson and Reeb, 2003; Florackis et al., 2009; Benson and Davidson, 2009; and others).Nevertheless, there are factors affecting share price, like economic environment, policy and indicators, market sentiment,

15、 industry performance and specifics, investor activity and other (we will call them non-managerial factors). In most cases, these are very important factors not depending of management performance. However, these factors

16、 influence the market related firm performance ratios, such as Tobin’s Q. Thus, in order to separate the impact of non-managerial factors on firm performance, it is useful to include other variables for performance measu

17、rement that are not affected by the share price. Other researchers use accounting profit (Demsetz and Lehn, 1985), earnings (in terms of earnings before interest, tax, depreciation and amortisation or EBITDA) and accrual