Ownership Structure Corporate Governance And Financial Policy
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| Author | : Hoang N. Pham |
| Publisher | : Routledge |
| Total Pages | : 190 |
| Release | : 2022-01-25 |
| Genre | : Business & Economics |
| ISBN | : 1000540278 |
The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
| Author | : Josephine Waithira Ngure |
| Publisher | : |
| Total Pages | : 550 |
| Release | : 2003 |
| Genre | : Corporate governance |
| ISBN | : |
| Author | : Josephine Waithira Ngure |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2003 |
| Genre | : Corporate governance |
| ISBN | : |
| Author | : Morten Balling |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 358 |
| Release | : 2013-11-11 |
| Genre | : Business & Economics |
| ISBN | : 1475726333 |
for many years been heavily dependent on bank financing, and this situation has not changed fundamentally. In his paper on stock exchange governance in the European Union Guido Ferrarini discusses the relative merits of member and investor ownership and compares stock exchange regulation in a number of EU countries. Faced with increasing competition amongst themselves and against other enterprises that offer transaction services, such as proprietary trading systems, it is essential for European stock exchanges to improve their efficiency and to generate volume. Large investments in new information technology are necessary in order to preserve competitiveness in agIobaI financial market. The implementation of the ISD has accelerated cross-border transaction activity of member firms and investors and strengthened the pressure for convergence of national stock exchange laws in the EU. In their paper, Francesco Giavazzi and Marco Battaglini look at the role played by banks in privatization processes. Banks can be involved in such processes in several ways. They may themselves be the objects of privatization since in many countries a significant fraction of the banking industry is publicly owned. This is the case in France, Spain and Italy. But banks can also be important buyers of the equity of industrial firms sold by the government if they are allowed to do so. The authors characterize privatizations as a very good opportunity to set up the right environment for the development of new financial intermediaries and in general for asound corporate governance system.
| Author | : Jeffrey Neil Gordon |
| Publisher | : Oxford University Press |
| Total Pages | : 1217 |
| Release | : 2018 |
| Genre | : Business & Economics |
| ISBN | : 0198743688 |
Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.
| Author | : Mark Hirschey |
| Publisher | : Elsevier |
| Total Pages | : 395 |
| Release | : 2004-12 |
| Genre | : Business & Economics |
| ISBN | : 0762311339 |
This volume contains fourteen research papers with theoretical and empirical treatment of important financial aspects of corporate governance. The papers cover major corporate governance issues such as the role of the board of directors, ownership structure, ownership concentration, and the influence of outside blockholders. Another salient feature of this collection is that it offers substantial international evidence, including that from the United States of America, Australia, Germany, Saudi Arabia, China, India, and Malaysia.
| Author | : Robert Watson |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 584 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : |
This innovative collection brings together key papers which examine the motivations and interests of ownership groups, the processes of corporate decision making, and the consequences of particular governance arrangements for other corporate stakeholders. The careful selection of articles reflects the wide range of research methods used to study the complex inter-relationships involved. Part I considers the diversity of forms of corporate ownership. The following parts examine in detail the relationships between ownership structures and the various aspects of corporate governance. This insightful volume will be of interest to students, researchers and practitioners alike. 20 articles, dating from 1994 to 2001
| Author | : Donald H. Chew |
| Publisher | : Columbia University Press |
| Total Pages | : 385 |
| Release | : 2009-09-22 |
| Genre | : Business & Economics |
| ISBN | : 0231148577 |
Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of U.S. governance in achieving that end. They address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.
| Author | : Alberto Chong |
| Publisher | : World Bank Publications |
| Total Pages | : 584 |
| Release | : 2007-06-26 |
| Genre | : Business & Economics |
| ISBN | : 0821369148 |
'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.
| Author | : Luis Correia da Silva |
| Publisher | : OUP Oxford |
| Total Pages | : 204 |
| Release | : 2004-02-26 |
| Genre | : Business & Economics |
| ISBN | : 0191531812 |
Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.
