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Ownership Structure and Financial Sustainability of Saudi Listed Firms

Sustainability, 2024-05, Vol.16 (9), p.3773 [Peer Reviewed Journal]

COPYRIGHT 2024 MDPI AG ;2024 by the author. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2071-1050 ;EISSN: 2071-1050 ;DOI: 10.3390/su16093773

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  • Title:
    Ownership Structure and Financial Sustainability of Saudi Listed Firms
  • Author: Alshareef, Mohammed Naif
  • Subjects: Corporate governance ; Corporate image ; Crude oil ; Decision making ; Econometric models ; Efficiency ; Environmental sustainability ; Financial institutions ; Financial statements ; Government business enterprises ; Growth models ; Institutional investments ; Investments ; Investors ; Legitimacy ; Stockholders ; Sustainability ; Value creation
  • Is Part Of: Sustainability, 2024-05, Vol.16 (9), p.3773
  • Description: This research assesses the impact of ownership structure on financial sustainability. Panel data from 102 Saudi non-financial listed firms covering 2013 to 2022 were analysed using OLS and fixed effects methods. Further, the GMM was employed to check for robustness. The research outcomes reveal the strong and positive effects of institutional ownership and family shareholding on financial sustainability. This positive impact implies that robust and stringent monitoring of family shareholding and institutional investors may neutralise managerial entrenchment, reduce agency costs and pave the way for financial sustainability. However, government ownership appears insignificant, while managerial ownership exerts a strong negative influence on financial sustainability. The negative effect suggests that managerial shareholding may be counterproductive to organisational efficiency. Importantly, the outcomes look consistent using several econometric models. Therefore, the research findings may further shape policymakers’ understanding of how the diverse monitoring strategies of ownership structure influence financial sustainability. Also, the results may serve as an incentive for managers and standard setters to support firms in embracing institutional and family shareholding. The presence of these shareholders may minimise agency conflicts and maximise firm value for sustainable profitability.
  • Publisher: Basel: MDPI AG
  • Language: English
  • Identifier: ISSN: 2071-1050
    EISSN: 2071-1050
    DOI: 10.3390/su16093773
  • Source: GFMER Free Medical Journals
    ROAD: Directory of Open Access Scholarly Resources
    ProQuest Central
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