Publication: Ownership structure and firm performance: The role of R&D
Date
2016
Authors
Ting I.W.K.
Kweh Q.L.
Lean H.H.
Ng J.H.
Journal Title
Journal ISSN
Volume Title
Publisher
Faculty of Economics and Administration
Abstract
This study aims to examine the impact of ownership structure (i.e. family ownership, government ownership, and foreign ownership) on firm performance, viz. Tobin�s Q and return on assets. The impact of R&D on the relationship between ownership structure and firm performance is also assessed using a sample of 201 Malaysian public listed companies for the period of 2002-2011. Findings show that family ownership and foreign ownership positively relate to firm performance, but not government ownership. More importantly, R&D strengthens the relationship between family ownership and foreign ownership with firm performance respectively. While prior studies have shown that ownership structure is related to firm performance, this paper contributes to a new understanding of the role of R&D in moderating the relationship between ownership structure and firm performance. � 2016, Faculty of Economics and Administration. All rights reserved.