Ownership Structure and Performance of Companies from Developing Countries

The thesis considers the influence of the ownership structure on company performance. The ownership structure includes ownership concentration and the presence of various types of shareholders. Based data of 533 companies from the BRIC countries for 2011-2016, it is shown that ownership concentration, insider ownership and ownership of institutional investors that have only investment relations with the company (pressure-resistant) have a positive effect on performance. On the contrary, ownership of state, ownership of special trusts for storage of shares for employee stock ownership plan, and ownership of institutional investors with possible business relations with company (pressure sensitive) reduce performance. The work also takes into account the possible endogeneity of the ownership structure. The result of the work is evidence of the influence of ownership structure on company performance, and opportunity to manage company performance using parameters of ownership structure.