This study examines the influence of shareholder concentration and shareholder type on firm performance and leverage for both listed and non-listed companies based in Belgium, Germany and the Netherlands for the period 2009-2017. I provide evidence that the presence of a blockholder leads to better firm performance, especially when the controlling shareholder is a family. In contrast, a foundation or public authority leads to worse performance. No supporting evidence is found for a positive impact of private equity funds on firm performance. Besides, I find a positive impact for the presence of a blockholder on the leverage ratio. This is especially the case when the controlling shareholder is an institutional investor, family or private equity fund. I did not find a significant relation between a bank as controlling shareholder and the leverage ratio of a company.

Additional Metadata
Thesis Advisor Mayer, S.R.
Persistent URL hdl.handle.net/2105/51429
Series Economics
Citation
Feij, D. de. (2019, September 16). The effect of shareholder concentration and type on firm performance and leverage. Economics. Retrieved from http://hdl.handle.net/2105/51429