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Large shareholding and firm value in the Alternative Investment Market (AIM)

  • Mona Mortazian
    ,
  • Seyedeh Asieh H. Tabaghdehi
    ,
  • Bryan Mase
  • Regent's University London
    ,
  • Brunel University London
Research Output: Contribution to journal Article Peer-review

Abstract

This paper investigates the impact of non-managerial and managerial blockholders on the value of the firms listed in the Alternative Investment Market (AIM). This study mainly investigates whether the effect of blockholders on firm value is due to the AIM high ownership concentration and low investor protection. The primary empirical finding, using GMM, justifies that non-managerial and managerial blockholders in the AIM affect the firm value in different ways. Non-managerial blockholders in the AIM improve the firm value by monitoring managers when their block sizes are up to 32%. However, when their block sizes exceed 32%, the blockholders expropriate other shareholders.

Publication Information

Output type

Research Output: Contribution to journal Article Peer-review

Original language

English

Pages from-to (Number of pages)

Pages 229-252

Journal (Volume, Issue Number)

Asia-Pacific Financial Markets (Volume 26, Issue 2)

Publication milestones

  • Published - 30/11/2018

Publication status

Published - 30/11/2018

ISSN

1387-2834

External Publication IDs

  • handle.net: 10547/625067
  • Scopus: 85057964813

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