外文题目： Ownership Structure and Corporate Performance in The Jordanian Manufacturing Companies 出 处： Jordan Journal of Business Administration 作者：Jamal Abu-Serdaneh,Majdy IZuriekat,Imad Al-Sheikh原文：DATA AND METHODOLOGYSampleThis study represents a sample consisting of all Jordanian manufacturing companies traded in Amman Stock Exchange (ASE)A five year panel data are compiled out of ownership information and financial statements of these companies between 2002 and 2006However，the data from some companies were unavailable in some years because of liquidation，merger, or the establishment of new companies; such companies have been eliminated from the sample setThe total number of companies analyzed is 56 and the total number of observations added up to 280This study uses an average for each company over five years (2002-2006) in order to reduce the effects of temporary shocks on the measurement of performance and to examine the equilibrium relationship in the dataVariables and MeasurementsTo examine the effect of ownership structure on the performance of Jordanian manufacturing companies，it is assumed that firms performance depends on a number of explanatory variables，ownership structure， dimensions，and other firm characteristicsPerformance VariableThe main objective of this study is to investigate the impact of ownership and other control variables on the Jordanian manufacturing companies，which means considering companys performance as the dependent variable The literature employs a number of different measures of firm performanceThese measures include：1) financial ratio from balance sheet and income statement；2) Tobins Q；3) financial ratios and Tobins QOwnership Structure VariablesMost of the prior empirical studies used only one dimension of ownership structure，which is proposed to be one of the reasons for producing conflicting results. This study draws a picture of ownership structure in Jordan across the time using multiple dimensionsThe following are the dimensions of ownership structure that are used in this study1Concentration OwnershipOwnership concentration measures dispersion of ownership among all or certain shareholdersThe problem with diluted ownership in public held corporations is that ownership is distributed among an extremely large number of shareholders，none of whom has incentives to monitor managementThe advantageous feature of diffuseness is producing ownership structure where shareholders are large enough to not surrender control to management and cannot control the firm，which leads to extract their private benefits or abuses minority shareholderBut this situation may make the shareholder unable to effectively control the decisions of the management team，and thus encourages management to exploit the firms resources to serve its own interestsEmpirical prior studies which are related to the effect of ownership concentration on corporate performance found contradicted resultsFor example， some studies found that concentrated structure firms have significant better performance, other studies did not find such a relationshipIn this study，concentration/dispersion is the first dimension of ownership structure，which requires to determine if ownership of Jordanian companies is diffused or concentrated and to determine if such ownership structure affects performanceTo measure this dimension，the same measure that was used in prior similar studies is used，the ratio of total percentage of shareholdings by persons who have 5%，10%，15% or 20% of issued companys sharesTherefore, hypothesis 1 is stated as follows：H1：There is a significant relationship between ownership concentration and performance among the Jordanian companies2Foreign OwnershipForeigners usually invest in profitable companies，because they do sophisticated analysis prior to investment. So, as the proportion of stock owned by foreign investors increases，performance is expected to increase as well (Sarac，2002)Increased foreign investors provide advantages for using technology and know-how，which allows the firm to be more productive and efficient than domestic firms (Caves，1996；Kumar，2003)The prior literature that examined the impact of foreign ownership on performance found different results；Sarac (2002) and Kumar (2003) did not find any relationship between ownership structure and performanceBut a relationship was found in other studies such as Sarkar and Sarkar (2000) and Patibandle (2002). Therefore，hypothesis 2 is stated as follows：H2：There is a significant relationship between the foreign ownership and performance among the Jordanian companies3Institutional OwnershipInstitutional ownership dimension is related to a portion of equity owned by institutional investorsThe choice of this dimension is lined with Fama (1980)，Severin (2001) and Sarac (2002)They indicated that it must have a beneficial influence on performance. Shleifer and Vishny (1986) and Berger (2003) justify the expected r