The impact of state versus private ownership structure on the firm value : An empirical study / Abdelrahman Omar Mohamed ; Supervised Hala Abdelnaby Abdelfattah

Thesis (M.Sc.) - Cairo University - Faculty of Commerce - Department of Accounting

Recent reshapes of ownership structures around the world led to a number of researches on the effect of ownership concentration on the value of the firm and other firms{u2019} characteristics. Although evidence on the effect of ownership concentration on the firm value exists from developing economies, a number of studies have been conducted in Egypt but they classified ownership structures to different classifications. Therefore, this research compares the effects of the state versus the private ownership structure on the firm value. The data for analysis are gathered from the Egyptian listed companies from the Thomson Reuters Eikon database, the Egyptian Stock Exchange manuals for the most active companies and the rest from EGID for the period from 2003: 2015. Multiple regression analysis was used to test the hypotheses of the research that were used to answer the research question. The findings indicated that the state ownership structure has a significant positive effect on the firm value while the private ownership structure have no significant direct effect on the firm value according to the data used to conduct the research. In addition, the private ownership structures have an effect on the firm value through the investment decisions

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