Ownership Structure and Performance of the Listed Tunisian Companies

Abstract

Across this study, we propose to study the role of the ownership structure in the discipline of executives and test if the managerial shareholdings, the concentration of property and the property of the institutional investors improve the performance of companies. Based on a sample of 17 Tunisian firms listed on the TSE between 2001 and 2005, we performed the variables regressions of ownership structure on the various measures of accounting and stock market performance.

Our results show that the concentration of ownership acts positively only on the accounting performance measured by ROE and the ownership of the institutional investors has a positive and significant effect on the accounting and stock market performance, while the managers shareholding has a negative and significant effect on the market performance measured by the Marris ratio.