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The Effects of Corporate Owner Structure on Stock Returns

기업의 소유구조가 주식수익률에 미치는 영향

  • Lee, Hae-Young (College of Business Administration, Kangnam University)
  • Received : 2012.06.07
  • Accepted : 2012.07.12
  • Published : 2012.07.31

Abstract

This paper examines the effects of corporate ownership structure variables on stock returns. The dependent variables identified in this paper include the equity ratio of large shareholders, institutional investors and foreign investors, and the control variables are firm size, book-to-market ratio, and earning-to-price ratio and leverage. This paper finds that the results of regressions say that institutional investors and foreign investors, firm size, book-to-market ratio and earning-to-price ratio can explain the differences in stock returns using panel data.

Keywords

Equity ratio of large shareholders;Institutional investors;Foreign investors;Pannel data analysis;Book-to-market ratio;Earning-to-price ratio

Acknowledgement

Supported by : 강남대학교

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