Large Shareholders Ownership and Firms Financial Performance; Evidence from MENA Countries

This paper aims to investigate whether the large shareholder's ownership influences the firm's financial performance during the year 2018 in the non-financial firms listed in the MENA countries. In this paper large shareholders measured as a percentage of shares held by the top largest shareholder, financial performance was measured using ROA, ROE as an accounting performance measure, and MTBR as a market performance measure. Firm age, firm size, and leverage were used as control variables. This study using all non-financial listed firms in nine MENA countries with 361 total observations. The finding shows a positive significant relationship between large shareholders' ownership and firm financial performance (ROA, ROE, and MTBR). But control variables are a negative significant relationship with large shareholders.