The Impact of Ownership Structure on Market Value: A Field Study on Iraqi Commercial Banks
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Abstract
This study aimed to analyze the effect of ownership structure, considering its combined dimensions (government ownership, foreign ownership, institutional ownership, ownership concentration, and managerial ownership), on the market value of Iraqi commercial banks. The study adopted a descriptive-analytical approach. The study population comprised 350 individuals from management levels (top, middle, and executive), using a comprehensive census survey method. A set of statistical tools was employed, including percentages, frequencies, arithmetic means, standard deviations, loading factors, and impact analysis, relying on the SmartPLS4 program for structural equation modeling. The study found a high level of the overall performance indicator for both ownership structure and market value. Furthermore, the results revealed a statistically significant effect of all dimensions of ownership structure except for the dimension related to foreign ownership on the market value of the banking sector under study. In light of the findings, the study recommended the necessity of adopting incentive policies to promote managerial ownership, accompanied by strict regulatory controls such as timed selling windows and linking reward systems to long-term performance. This is to enhance incentive alignment, mitigate conflicts of interest risks, and ensure that management goals are consistent with the strategic interests of the banks.
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