DC FieldValueLanguage
dc.contributor.authorStamatopoulos, Theodoros-
dc.contributor.authorArvanitis, Stavros-
dc.contributor.authorChatzimarkaki, Maria-
dc.date.accessioned2024-02-27T17:50:19Z-
dc.date.available2024-02-27T17:50:19Z-
dc.date.issued2017-
dc.identifiergoogle_scholar-mdDxtD8AAAAJ:WF5omc3nYNoC-
dc.identifier.issn2381-7356-
dc.identifier.othermdDxtD8AAAAJ:WF5omc3nYNoC-
dc.identifier.urihttps://uniwacris.uniwa.gr/handle/3000/1223-
dc.description.abstractWe implement panel data econometrics on non-linear empirical models to investigate how the firms’ market value is related with cash holdings and ownership concentration, on non-financial listed companies in Greece, before (2000-2009) and during the Eurozone crisis 2010-2015. It is confirmed the existence of an optimum level of cash (CASH) and the top 5 major shareholders ownership (OWN5) at which firms’ return on equity (ROE) has been maximized (concave function), especially over the crisis period and the total one. Yet, a convex function of the Tobin’s Q ratio (Q) on OWN5 has also been revealed significant for all sample periods. The findings support the tradeoff theory and the new kind of agency cost literature on expropriation effects of the minority by the majority. Interaction terms have also been found statistically significant, confirming that the special context of the Eurozone has influenced business, in the narrow Athens Stock Exchange (ASE). The estimated averages that maximize firms’ market values (for instance ROE), in relation to either CASH (0.83 of net assets, during the whole sample period 2000-’15, while 0.77 in the crisis one 2010-’15) or OWN5 (0.10 of equity, during 2000-’15, while 0.36 in the crisis one 2010-’15) could be useful for both investors and policy makers in Greece, a member-country of “sui generis” Eurozone, with an unsustainable public debt.en_US
dc.language.isoenen_US
dc.relation.ispartofInternational Journal of Economics and Business Administrationen_US
dc.sourceEleftherios Thalassinos, 2017-
dc.titleCash and ownership on firms’ market value: evidence from Greek panel dataen_US
dc.typeArticleen_US
dc.identifier.doi10.35808/ijeba/120en_US
dc.relation.deptDepartment of Accounting and Financeen_US
dc.relation.facultySchool of Administrative, Economics and Social Sciencesen_US
dc.relation.volume5en_US
dc.relation.issue1en_US
dc.identifier.spage70en_US
dc.identifier.epage99en_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.cerifentitytypePublications-
item.languageiso639-1en-
item.openairetypeArticle-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.fulltextNo Fulltext-
item.grantfulltextnone-
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-
Appears in Collections:Articles / Άρθρα
CORE Recommender
Show simple item record

Page view(s)

26
checked on Nov 5, 2024

Google ScholarTM

Check

Altmetric

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.