Ownership Structure and Firm Performance in the Middle East: A Meta-Analysis
Abstract
This paper applies a meta-analysis method to investigate the moderating impact of political
stability on the relationship between ownership identities and firm performance in the Middle
Eastern countries (i.e., the Arab World). The study collected 105 correlations from 46 previous studies
with 11,999 observations in 11 Middle Eastern countries. The findings show that most ownership
identities such as institutional ownership, government ownership, inside ownership, and family
ownership have positive relationship with firm performance. Another interesting finding shows that
in countries with political instability, the level of ownership identities such as institutional ownership,
foreign ownership, and inside ownership play an important role in controlling companies, which
leads to firm performance. The meta-analysis results reveal that different levels of political stability
have an impact on the role of the majority shareholders. The findings provide evidence that the
performance of ownership identities in the Middle Eastern countries remains effective, especially
with the existence of fair protection rights and political stability.
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