Afgan, Nouman; Mumtaz, Muhammad Zubair; Kunst, Robert M. - In: PSL quarterly review 77 (2024) 311, pp. 511-529
We apply panel estimation techniques to full population of Austrian corporations from 2007-2020 in order to analyze the impact of ownership concentration on performance. Return on investment (ROI) is lower than cost of capital, which insinuates that managers invest beyond optimal investment...