Corporate ownership structure and its relation to firm performance : case of Baltic States

The main goal of this research is to assess the relationship of corporate ownership structure - block, managerial and institutional ownership to firm performance in Baltic listed companies. First chapter is dedicated to explore previous theoretical and empirical studies to present main issues of corporate ownership and its relation to firm performance. Second chapter describes the regulatory framework of corporate governance in EU, the development of corporate ownership structure in Baltic markets and empirical research methodology. The last chapter presents the results of the analysis. The main findings include a significant positive relationship between block ownership and firm performance. Companies with controlling shareholder have higher Tobin’s Q. The involvement of the largest shareholder in the Board improves the Tobin’s Q as well. The managerial ownership was found to have no significant relationship to firm performance while the existence of institutional investors in the company impact positively the firm performance.Master [120] en sciences de gestion, Université catholique de Louvain, 201