@ARTICLE{Gryko_Andrzej_Ownership_2024,
 author={Gryko, Andrzej and Cierocki, Jakub and Celer, Konrad},
 number={No 1},
 journal={Central European Journal of Economic Modelling and Econometrics},
 pages={25-60},
 howpublished={online},
 year={2024},
 publisher={Oddział PAN w Łodzi},
 abstract={This paper explores the relationship between ownership structure and firm performance, using the framework of agency theory. Given a sample of 126 Polish non-financial firms listed on the Warsaw Stock Exchange between 2016-2021, we applied fixed and random effects panel regressions with robust standard errors, tested for specification, endogeneity, cross-sectional heteroskedasticity, and serial autocorrelation. Our models identify several significant associations of adopted ownership structures with firm performance measured by accounting and market-based measures. We find that ownership concentration by the largest shareholder is negatively related to enterprise market-measured performance. Additionally, our results indicate the significance of shareholder heterogeneity.},
 type={Article},
 title={Ownership Structure and Firm Performance. A Panel Regression Study from Poland},
 URL={http://czasopisma.pan.pl/Content/131995/PDF-MASTER/mainFile.pdf},
 doi={10.24425/cejeme.2024.151364},
 keywords={ownership structure, ownership concentration, dual-class shares, shareholder heterogeneity, panel regression},
}