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Original Research

OWNERSHIP CONCENTRATION, BLOCKHOLDER IDENTITY, AND COMPANY RISK

MOHAMED FATHALLAH 1, and HOUSSEM BOUZGARROU 2.

Vol 18, No 10 ( 2023 )   |  DOI: 10.5281/zenodo.10081651   |   Author Affiliation: University of Sousse 1,2.   |   Licensing: CC 4.0   |   Pg no: 961-985   |   Published on: 17-10-2023

Abstract

Despite the growing research on the relationship between ownership structure and performance, research on ownership concentration and blockholder identity and their impact on company risk seems to be very limited. This paper examines the relationship between block ownership and blockholder identity and risk in Tunisian companies listed on the Tunis Stock Exchange. We showed a negative relationship between ownership concentration and company risk for all companies in our sample as well as a negative and significant effect between institutional ownership and risk for the listed financial companies in our sample. Moreover, we found that the presence of a family controlling shareholder is positively related to company risk, and this is for non-financial companies listed on the Tunisian stock market.


Keywords

Ownership Structure, Ownership Concentration, Blockholder Identity, Family Ownership, Institutional Ownership Systematic Risk.