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Director shareownership and corporate performance in South Africa

Ntim, Collins G. (2012) Director shareownership and corporate performance in South Africa. African Journal of Accounting, Auditing and Finance, 1 (4). pp. 359-373. ISSN 2046-8083

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Abstract

This paper investigates the relationship between director shareownership and corporate performance in South Africa using a sample of 169 listed firms from 2002 to 2007. Our results suggest a statistically significant and positive association between director shareownership and corporate performance. By contrast, we find no evidence of a non-linear effect of director shareownership on corporate performance. Our findings are robust across a raft of econometric models that control for different types of endogeneity problems and corporate performance proxies. Overall, our results provide support for agency theory, which suggests that director shareownership can reduce agency problems by aligning more closely the interests of shareholders and corporate executives, and thereby improving corporate performance.

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HG Finance
Schools: The Business School
The Business School > Quantitative Analysis Research Group
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Depositing User: Sara Taylor
Date Deposited: 30 Jan 2014 15:24
Last Modified: 01 Dec 2016 22:19
URI: http://eprints.hud.ac.uk/id/eprint/19560

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