This study examines how controlling shareholders influence firm performance through the mediating role of firm efficiency in transforming inputs into outputs. To achieve this objective, it conducts a mediation analysis with 5,000 bootstraps on a dataset of 2,849 firm-year observations of publicly listed firms in Malaysia from 2009 to 2019. The findings reveal a positive relationship between controlling shareholdings and firm performance, with both total and indirect effects having this positive relationship. Moreover, while controlling shareholdings improve firm performance, firm efficiency partially mediates this relationship. Thus, improved firm efficiency plays a critical role in understanding the relationship between governance by controlling shareholders and enhanced firm performance. In summary, this study contributes to the existing literature by expanding our understanding of the complex relationship between controlling shareholdings, firm efficiency, and firm performance. In addition, the findings shed light on the importance of indirect channels in shaping organizational outcomes. As such, this study provides a valuable direction for future research in this area.

中文翻译：

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企业效率对控股股权-企业绩效关系的中介作用：来自马来西亚上市公司的证据

本研究探讨控股股东如何通过企业效率在投入转化为产出过程中的中介作用来影响企业绩效。为了实现这一目标，它对 2009 年至 2019 年马来西亚上市公司的 2,849 个公司年度观察数据集进行了 5,000 个引导程序的中介分析。研究结果表明，控股股权与公司绩效之间存在正相关关系，无论是总持股量还是公司绩效具有这种正相关关系的间接影响。此外，虽然控股权可以提高公司绩效，但公司效率在一定程度上调节了这种关系。因此，提高公司效率对于理解控股股东治理与提高公司绩效之间的关系起着至关重要的作用。总之，本研究扩展了我们对控股股权、公司效率和公司绩效之间复杂关系的理解，对现有文献做出了贡献。此外，研究结果揭示了间接渠道在塑造组织成果方面的重要性。因此，本研究为该领域的未来研究提供了有价值的方向。