Furthermore, Panel B of Table II reports blockholder
2016), are more likely to experience business failure (Johnson and Milton 2003), and increase the blockholder
rent appropriation (Sun et al.
, the inquiry is highly fact intensive, and one must not
H1: The degree of earnings management tends to diminish as the level ownership concentration (family, institutional or blockholder
This study considers blockholder
ownership which is very relevant to the context of this study; Nigerian corporate market is dominated with blockholder
monitoring and the efficiency of payperformance benchmarking.
In contrast, this study examines the relations between government ownership and firm performance (the terms "firm performance" and "firm valuation" are used interchangeably below) from the corporate governance perspective, focusing on listed firms with at least one government blockholder
The hypothesis that a nonfinancial firm as the controlling shareholder may induce higher dividend payout is tested with the use of a dummy variable that is set to 1 when there is such a blockholder
. Then we construct a cross variable that interacts earnings for firm i at time t ([E.sub.i,t]) and the dummy variable (NFFCS) that indicates the presence of a nonfinancial firm that holds more that 50% of voting shares.
Other important determinants of performance-turnover sensitivity include managerial ownership, blockholder
ownership, and the threat of takeover activity.
Schnitzler's finding that the identity of the activist blockholder
Nor do we discuss companies with a dominant blockholder
that exerts considerable influence without having a lock on control.
The heterogeneity of goals of multiple family owners introduces unique agency problems, which Zellweger and Kammerlander refer to as blockholder