Abstract
This article reexamines the relationship between ownership patterns and firm financial performance through the prism of firm life‐cycle stages. We use an unbalanced panel data set from the S&P BSE 500 companies in the emerging Indian market over nine years. We adopt multivariate analysis with covariance to explore the relationship between ownership patterns and firm performance across various stages of a firm's life cycle. Empirical results suggest that firm life cycle is a key indicator in the study of relationship between ownership patterns and firm performance. Performance is optimized by different patterns of ownership over different life‐cycle stages. Closely held firms perform better than widely held firms, and those with foreign promoter holdings outperform in most life‐cycle stages. © 2018 Wiley Periodicals, Inc.
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