choice of ownership structure and firm performance
Author | : derek c. jones, panu kalmi and niels mygind |
Publisher | : |
Total Pages | : 52 |
Release | : 2003 |
Genre | : |
ISBN | : |
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Author | : derek c. jones, panu kalmi and niels mygind |
Publisher | : |
Total Pages | : 52 |
Release | : 2003 |
Genre | : |
ISBN | : |
Author | : Derek C. Jones |
Publisher | : |
Total Pages | : 39 |
Release | : 2003 |
Genre | : Business enterprises |
ISBN | : 9789516868625 |
Tiivistelmä.
Author | : Stijn Claessens |
Publisher | : |
Total Pages | : 36 |
Release | : 2002 |
Genre | : Capital market |
ISBN | : |
This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-96. We find that mature and slow-growing firms with ownership structures more likely to create agency problems gain more from group affiliation, while young and high-growth firms more likely lose. Agency problems are important explanatory factors of firm value in economies outside Japan, but less so in Japan. Consistent with the literature, financially-constrained firms benefit from group affiliation. Our results are robust to different time periods and estimation techniques.
Author | : Eva M. Meyerson |
Publisher | : Coronet Books |
Total Pages | : 192 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : |
Based on a survey of 29 public companies conducted in 1980-1988.
Author | : Malla Praveen Bhasa |
Publisher | : |
Total Pages | : |
Release | : 2007 |
Genre | : |
ISBN | : |
This paper attempts to review literature on corporate governance on the ownership structure from a firm performance perspective. The dominant paradigm of corporate governance is based on the argument of Berle and Means (1932) that separation of ownership and control affects the reported level of income of firms, either positively or negatively. Subsequent studies have taken off from this concept of separation of ownership and control or in what is otherwise more famously known as 'conflict of interests' theory. Seven major arguments that have emerged within the context of 'conflict of interests' theory are explained in this paper. These arguments are basically considered to have emerged as an explanation to discuss the motivations that govern the managers and owners running the corporations. The uniqueness of the paper is in the way the literature is organized. As alluded earlier, corporate governance within the conflict of interests framework is subject to behavioral motivations of those who run the corporations. The profoundness of conflict of interests lies in where the locus of control is - with the managers, the owners, the institutional investors or with the markets. Hence, the literature has been classified under a few major headings to explain the importance of 'locus of control' and its impacts on firm's performance. Finally, some concluding remarks are offered in the summary.
Author | : Katarzyna Piela |
Publisher | : LAP Lambert Academic Publishing |
Total Pages | : 100 |
Release | : 2014-05-29 |
Genre | : |
ISBN | : 9783659534768 |
The available literature encourages to study the relation between the ownership structure and the company efficiency in various contexts. This work is devoted to the analysis of the ownership structure of the companies included by Dow Jones U.S. Airlines Index in the period from 2008 to 2012. In detailed studies were used various profitability indicators, such as ROA, ROE, ROI. Moreover, the less popular indicator of the efficiency of the use of assets, Asset Turnover, was introduced. Tobin's Q ratio was also used. The companies owned by Dow Jones U.S. Airlines are in majority characterized by the ownership structure with the significant number of institutional owners, which is why the conclusions and the final views are mostly focused on this particular group of owners.
Author | : Vedat Mizrahi |
Publisher | : LAP Lambert Academic Publishing |
Total Pages | : 132 |
Release | : 2011-08 |
Genre | : |
ISBN | : 9783845431871 |
Do corporate governance practices affect firm performance? Are shareholders willing to pay a premium for higher governance standards? How does the ownership structure of a firm affect its corporate governance practices and firm performance? This book investigates whether differences in the quality of firm-level corporate governance affects firm performance. Constructing a broad corporate governance index for listed Turkish companies, it is documented that there is a positive relationship between governance scores and Tobin's Q as a measure for firm performance. Firms with better corporate governance scores in the model used in this book have higher firm values, which implies that firms can increase shareholder value by restructuring their corporate governance standards. The analysis also sheds light on the impact of ownership structure on stock performance. Listed companies withhigher corporate governance scores and higher foreign ownership ratios experienced a smaller reduction in their share prices during the equity market crash in Turkey parallel to the global equity markets between 2008 and 2009.
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 78 |
Release | : 2011-07-01 |
Genre | : |
ISBN | : 9264116052 |
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author | : Katinka Wölfer |
Publisher | : Europäische Hochschulschriften / European University Studies / Publications Universitaires Européennes |
Total Pages | : 0 |
Release | : 2016 |
Genre | : Corporations |
ISBN | : 9783631667156 |
The book illustrates that the impact of ownership on firm value depends not only on the concentration of ownership but also on the identity of blockholders. Large shareholders can use their power to influence corporate performance. However, owners are no homogenous group and have different motivations and abilities.