Ownership Structure and Corporate Performance: The Case of Listed Tunisian Firms

Abstract

This article aims to study the effect of the ownership structure on the performance of the company. The literature review shows that there is no unanimity on the impact of the ownership structure on the performance of the company. The data have been collected from a sample of 51 Tunisian companies listed on the stock exchange of Tunis with data in five consecutive years (2008-2012). The obtained results show the existence of a positive impact and statistically significant concentration of ownership, on the performance of the company measured by the ROA. Also, the results show the existence of a positive effect of the ownership of institutional investors on the performance of the company. Foreign investors have a positive impact and statistically significant effect on the performance of the listed company.