Ownership structure has been identified as a critical governance component due to its effect on firm performance. Within ownership structure, issues of institutional shareholders, cash flow rights of controlling owners, and ownership discrepancy have not been examined in the tourism sector. The current study uses listed tourism firms in Taiwan to empirically examine how these three variables influence firm performance. Results show a positive effect on return on assets and Tobin's Q from the presence of institutional shareholders and cash flow rights of controlling owners. Ownership discrepancy has a negative effect on Tobin's Q. The present results can make contributions to agency theory and principles for good governance.
International Journal of Tourism Research 21(2), p.165–179