DC FieldValueLanguage
dc.contributor.authorStamatopoulos, Theodoros-
dc.contributor.authorArvanitis, Stavros-
dc.contributor.authorTerzakis, Dimitrios-
dc.date.accessioned2024-02-27T17:30:13Z-
dc.date.available2024-02-27T17:30:13Z-
dc.date.issued2018-
dc.identifiergoogle_scholar-mdDxtD8AAAAJ:ufrVoPGSRksC-
dc.identifier.issn1105-8919-
dc.identifier.othermdDxtD8AAAAJ:ufrVoPGSRksC-
dc.identifier.urihttps://uniwacris.uniwa.gr/handle/3000/1222-
dc.description.abstractThe paper provides new evidence on the way that both the cash and ownership influence firms’ market value in the Athens Stock Exchange (ASE) within the Eurozone (2000-2015). Based on corporate governance theory and critical analysis we use the dynamic panel data econometrics, in order to get consistent estimations of the impact of firms’ cash and ownership upon either the return on equity or the Tobin’s Q ratio. It is confirmed the dominance of the ownership pattern on these determinants of firms’ value. Actually, we have found an inverse-U-shape value-ownership relationship, while practically, there’s no-effect of cash on business efficiency. Unlike the previous studies, the findings support not only the interest alignment hypothesis, or the ownership could be a substitute for weak legal and institutional environment, but also the expropriation of outright majority ownership (large shareholder) against the minority one. In addition, the constantly changing optimal level of cash due to the unstable economic environment is a possible explanation of the insignificant cash variable. The estimated 40% of the equity as optimal level of ownership concentration maximizing market value of firms in the ASE could be useful for candidate investors.en_US
dc.language.isoenen_US
dc.relation.ispartofSPOUDAI -Journal of Economics and Businessen_US
dc.sourceSPOUDAI-Journal of Economics and Business 68 (1), 3-25, 2018-
dc.subjectCorporate governanceen_US
dc.subjectCash managementen_US
dc.subjectCorporate ownership concentrationen_US
dc.subjectAgency theoryen_US
dc.subjectEurozone crisisen_US
dc.subjectTradeoff theoryen_US
dc.titleIs there a non-linear relationship of market value with cash and ownership?en_US
dc.typeArticleen_US
dc.relation.deptDepartment of Accounting and Financeen_US
dc.relation.facultySchool of Administrative, Economics and Social Sciencesen_US
dc.relation.volume68en_US
dc.relation.issue1en_US
dc.identifier.spage3en_US
dc.identifier.epage25en_US
dc.linkhttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=3176440en_US
dc.collaborationUniversity of West Attica (UNIWA)en_US
dc.subject.fieldSocial Sciencesen_US
dc.journalsOpen Accessen_US
dc.publicationPeer Revieweden_US
dc.countryGreeceen_US
item.fulltextNo Fulltext-
item.grantfulltextnone-
item.openairetypeArticle-
item.languageiso639-1en-
item.cerifentitytypePublications-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
crisitem.author.deptDepartment of Accounting and Finance-
crisitem.author.facultySchool of Administrative, Economics and Social Sciences-
crisitem.author.orcid0000-0002-9710-0870-
crisitem.author.parentorgSchool of Administrative, Economics and Social Sciences-
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