| Abstract [eng] |
Investment decisions are made to ensure the smooth running of the company's daily operations and its long-term growth and development. The people (shareholders, managers) in the company are responsible for making every decision, so the ownership structure is one of the most important factors influencing investment decisions. Due to its various characteristics and unequal decision-making power in the company, the ownership structure has a different impact on the volume of investments, their efficiency and financing directions. Investment decisions affected by the ownership structure lead to changes in the corporate value. The scientific literature provides research that analyses the impact of ownership structure on investment decisions and corporate value. These studies are often conducted in large markets, choosing one direction for evaluating investment decisions and rarely integrating the impact on the corporate value. Considering to the shortcomings of the existing research, this project aims to comprehensively study and determine the impact of the ownership structure on the investment decisions and corporate value of Baltic listed companies. The first part of the project identifies the directions of ownership structure analysis in the scientific literature and the need for research. The second part of the project examines the theoretical aspects of the impact of ownership structure on investment decisions and corporate value. The third part presents the methodology of the empirical research of the project. The fourth part of the project analyses the impact of the ownership structure on the investment decisions and the corporate value of Baltic listed companies using regression analysis. The results of the study showed that the increasing ownership concentration lead to an increase in the volume of investments, investment-cash flow sensitivity and, in part, investment efficiency of Baltic listed companies. For the reasons above, the ownership concentration in Baltic listed companies has a significant positive effect on the corporate value. The managerial ownership in Baltic listed companies does not have a significant impact on the change in investment and the corporate value. The impact of managerial ownership on investment efficiency could not be determined as the regression models developed for this purpose are not suitable for data analysis. However, the results have shown that the growth of managerial ownership increases the dependence of corporate investment on internal funding sources. Institutional ownership has a positive effect on the investments of Baltic listed companies and reduces their dependence on internal sources of financing. The above circumstances lead to a statistically significant positive relationship between institutional ownership and corporate value. However, institutional ownership does not affect investment efficiency. The results of the study also showed that investments have a negative impact on the corporate value, which may be due to inefficient investments, premature assessment of the impact of investments on the corporate value and (or) low investment opportunities. |
