Using data of listed Croatian firms from the Zagreb
Stock Exchange we analyze the relationship between firm ownership
(ownership concentration and type) and performance (ROA).
Empirical research was conducted for the period 2003-2010, yielding
with the total of 1,430 observations. Empirical findings based on
dynamic panel analysis indicate that ownership concentration
variable - CR4 is negatively related with performance, i.e. listed firms
with dispersed ownership perform better than firms with concentrated
ownership. Also, the research indicated that foreign controlled listed
firms perform better than domestically controlled firms. Majority
state owned firms perform worse than privately held firms but
dummy variable for privately controlled firms was not statistically
significant in the estimated panel model.
Croatia, firm, ownership, performance