Ownership structure’s effect on financial performance: An empirical analysis of Jordanian listed firms : WestminsterResearch

Publication dates
Title	Ownership structure’s effect on financial performance: An empirical analysis of Jordanian listed firms
Type	Journal article
Authors	Alkurdi, A., Hamad, A., Thneibat, H. and Elmarzouky, M.
Abstract	This study aims to examine the impact of the ownership structure on firm performance in Jordan. This study employed the multiple-regression model and fixed regression effect to analyse the data. The sample included all Jordanian first market firms listed on the Amman Stock Exchange (ASE) from 2012 to 2018. The paper’s findings reveal a positive and significant relationship between institutional ownership and both accounting measure Return on Assets (ROA) and market measure Tobin’s Q (TQ). Other ownership structure types, such as concentration of ownership, also affect ROA and TQ. While managerial ownership shows a negative relationship with ROA, but there is no association with TQ. This study has broad and comprehensive practical implications that are good for policymakers. On the one hand, it adds to the debate on agency theory from the ownership structure and firm’s performance relationship. On the other hand, it helps the Jordanian Government formulate policies and regulations to strengthen corporate governance (CG), which increases the interests of all stakeholders in the Jordanian market.
Keywords	Ownership Structure
	Financial performance
	Emerging Markets
	Return on Assets
	Tobin’s Q
Article number	1939930
Journal	Cogent Business & Management
Journal citation	8 (1)
ISSN	2331-1975
Year	2021
Publisher	Taylor & Francis
Publisher's version	Ownership structure s effect on financial performance An empirical analysis of Jordanian listed firms.pdf License CC BY 4.0 File Access Level Open (open metadata and files)
Digital Object Identifier (DOI)	https://doi.org/10.1080/23311975.2021.1939930
Web address (URL)	https://www.tandfonline.com/doi/full/10.1080/23311975.2021.1939930
Published online	19 Jul 2021

Related outputs

Managing Sustainability-Related Human Rights Risks: The Role of Multi-Level Governance and Institutional Accountability
Shohaieb, D., Moussa, T., Allam, A. and Elmarzouky, M. 2026. Managing Sustainability-Related Human Rights Risks: The Role of Multi-Level Governance and Institutional Accountability. Business Strategy and The Environment. https://doi.org/10.1002/bse.71124

Digital Disclosure Complexity and Tax Aggressiveness: Insights from U.S. XBRL Filings
Allam, A., Elmarzouky, M., Moussa, T., Hawas, A. and Karim, E. 2026. Digital Disclosure Complexity and Tax Aggressiveness: Insights from U.S. XBRL Filings. Journal of Accounting Literature. Advanced online publication. https://doi.org/10.1108/JAL-05-2025-0227

Competing to Waste Less? How Tournament Incentives Influence Corporate Waste Outcomes
Khalifa, M., Moussa, T., Elmarzouky, M. and Shaker, R. 2026. Competing to Waste Less? How Tournament Incentives Influence Corporate Waste Outcomes. 48th Annual Congress of the European Accounting Association. Prague, Czech Republic 27 - 29 May 2026 European Accounting Association (EAA).

Examining the relationship between CEO power and modern slavery disclosures: The moderating role of board gender diversity in UK companies
Allam, A., Moussa, T. and Elmarzouky, M. 2024. Examining the relationship between CEO power and modern slavery disclosures: The moderating role of board gender diversity in UK companies. Business Strategy and The Environment. 33 (8), pp. 8067-8085. https://doi.org/10.1002/bse.3910

An examination of UK companies' modern slavery disclosure practices: Does board gender diversity matter?
Moussa, T., Allam, A. and Elmarzouky, M. 2023. An examination of UK companies' modern slavery disclosure practices: Does board gender diversity matter? Business Strategy and The Environment. 32 (8), pp. 5382-5402. https://doi.org/10.1002/bse.3426

An examination of UK firms’ modern slavery disclosures: A gender socialisation theory perspective
Moussa, T., Allam, A. and Elmarzouky, M. 2022. An examination of UK firms’ modern slavery disclosures: A gender socialisation theory perspective. European Accounting Conference 2022.

Global Modern Slavery and Sustainable Development Goals: Does Institutional Environment Quality Matter?
Moussa, T., Allam, A. and Elmarzouky, M. 2022. Global Modern Slavery and Sustainable Development Goals: Does Institutional Environment Quality Matter? Business Strategy and The Environment. 31 (5), pp. 2230-2244. https://doi.org/10.1002/bse.3018

A novel measure of corporate carbon emission disclosure, the effect of capital expenditures and corporate governance
Karim, E, Albitar, K and Elmarzouky, M. 2021. A novel measure of corporate carbon emission disclosure, the effect of capital expenditures and corporate governance. Journal of Environmental Management. 290 112581. https://doi.org/10.1016/j.jenvman.2021.112581

Do Assurance and Assurance Providers Enhance Covid-Related Disclosures In CSR Reports? An Examination In The UK Context
Albitar, K., Al-Shaer, H. and Elmarzouky, M. 2021. Do Assurance and Assurance Providers Enhance Covid-Related Disclosures In CSR Reports? An Examination In The UK Context. International Journal of Accounting & Information Management. 29 (3). https://doi.org/10.1108/IJAIM-01-2021-0020

Permalink - https://westminsterresearch.westminster.ac.uk/item/v684w/ownership-structure-s-effect-on-financial-performance-an-empirical-analysis-of-jordanian-listed-firms

Ownership structure’s effect on financial performance: An empirical analysis of Jordanian listed firms

Related outputs

Share this

Usage statistics

Export as