Does ownership matter in publicly listed tourism firms? Evidence from Jordan

Al-Najjar, Basil (2015) Does ownership matter in publicly listed tourism firms? Evidence from Jordan. Tourism Management 49 , pp. 87-96. ISSN 0261-5177.

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Official URL: http://dx.doi.org/10.1016/j.tourman.2015.02.008

Abstract

This paper aims to provide new evidence on the relationship between ownership structure and firm performance. Unlike the previous empirical studies in the area of firm performance, we examine this relationship within a unique setting of publicly listed tourism firms. Our contribution is extended by investigating this relationship in Jordan as an emerging market and a famous tourist destination in the region. This is an interesting setting since ownership is more concentrated in the investigated firms. Our results show that institutional investors are self-opportunistic and negatively affect firm performance. In addition, we report that foreign investors holding a minimum stake in a firm tend not to act as a monitoring device. Furthermore, we detect that mutual funds have a positive impact on firm performance. Finally, the findings of this paper provide interesting empirical implications to academics and policy makers.

Metadata

Item Type:	Article
Keyword(s) / Subject(s):	Jordan, Institutional ownership, Government ownership, Mutual funds, Foreign ownership, Financial crisis
School:	School of Business, Economics & Informatics > Management
Depositing User:	Administrator
Date Deposited:	16 Mar 2015 09:25
Last Modified:	16 Mar 2015 09:25
URI:	https://eprints.bbk.ac.uk/id/eprint/11827

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