Ownership Concentration and Corporate Performance on the Budapest Stock Exchange : Do Too Many Cooks Spoil the Goulash ?

@inproceedings{Earle2004OwnershipCA,
  title={Ownership Concentration and Corporate Performance on the Budapest Stock Exchange : Do Too Many Cooks Spoil the Goulash ?},
  author={John S. Earle and Csaba Kucsera and {\'A}lmos Telegdy},
  year={2004}
}
We examine the impact of ownership concentration on firm performance using panel data for firms listed on the Budapest Stock Exchange, where ownership tends to be highly concentrated and frequently involves multiple blocks. Fixed-effects estimates imply that the size of the largest block increases profitability and efficiency strongly and monotonically, but the effects of total blockholdings are much smaller and statistically insignificant. Controlling for the size of the largest block, point… CONTINUE READING
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