Date of Publication

4-10-2025

Document Type

Master's Thesis

Degree Name

Master of Science in Accountancy

Subject Categories

Accounting | Business

College

Ramon V. Del Rosario College of Business

Department/Unit

Accountancy

Thesis Advisor

Dr. Rodiel C. Ferrer

Defense Panel Chair

Dr. Joy Lynn R. Legaspi

Defense Panel Member

Mr. Aaron C. Escartin
Dr. Ryan C. Roque

Abstract/Summary

ABSTRACT

This study utilizes panel regression analysis to examine the impact of ownership concentration on firm performance and firm value among publicly listed companies in the Philippines from 2018 to 2023. It incorporates moderating variables such as firm size, firm age, industry classification, and the COVID-19 pandemic to evaluate their contextual influences. The findings suggest that ownership concentration does not significantly affect firm performance, as measured by Return on Assets (ROA) and Return on Equity (ROE). However, it demonstrates a more pronounced effect on firm value, assessed through Tobin’s Q. Firm age and industry type are significant moderators; older firms experience diminishing returns due to governance entrenchment, while industry-specific dynamics affect valuation. Although COVID-19 had a limited effect on ROA and ROE, it selectively influenced firm value in companies with concentrated second-largest shareholder stakes. These insights are valuable for investors, auditors, regulatory bodies, publicly listed companies, and future researchers interested in corporate governance within emerging markets.

Abstract Format

html

Language

English

Format

Electronic

Keywords

Corporate governance; Stockholders

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Embargo Period

4-23-2026

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Available for download on Thursday, April 23, 2026

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