The Impact Of Ownership Structure And Other Corporate Governance Mechanisms On Firm Performance Accounting Discretions And Investor Perceptions
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Ownership Structure, Related Party Transactions, and Firm Valuation
Author | : Amrinder Khosa |
Publisher | : Cambridge University Press |
Total Pages | : 194 |
Release | : 2019-03-21 |
Genre | : Business & Economics |
ISBN | : 1108624863 |
Concentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for the expropriation of minority shareholders. While more concentrated direct ownership of controlling families results in a higher market value of equity, indirect ownership obtained through cross-holding provides incentives to extract private benefits and results in value loss. This finding requires the prompt attention of regulatory bodies, outside investors and other interested parties. This book examines the effect of ownership structure and disclosure of related-party transactions on firm valuation of group-affiliated firms in India, by using a sample of 317 listed firms comprising 1350 firm-year observations from 2008 to 2017. Well-accepted value-relevance models are employed to examine the effect of ownership rights on market value of equity and valuation effect of RP trading, asset transfer, investment and loan transactions.
The Changing Face of Corporate Ownership
Author | : Michael J. Rubach |
Publisher | : Routledge |
Total Pages | : 200 |
Release | : 2021-11-19 |
Genre | : Business & Economics |
ISBN | : 1000525007 |
First Published in 2000. This book examines the shareholder activism of institutional investors and the effect of shareholder activism on portfolio performance. Institutional shareholder activism includes both traditional mechanisms of influence (e.g., filing shareholder proposals) and relationship investing (e.g., long-term interorganizational contacts between owners and a corporation’s top managers).
公司治理_构与治理机制研究——基于金融危机、股_分置改革的_角
Author | : _春燕、_田交_ |
Publisher | : 西南財經大學出版社 |
Total Pages | : 161 |
Release | : 2018-02-28 |
Genre | : Business & Economics |
ISBN | : 7550423482 |
�公司治理__受到__界和__界人士的_泛_注。_有研究_注更多的是西方成熟__体的公司治理__。在新_市__家,_中小股__益的法律保_相比成熟__体有所欠缺,如何_解控股股__中小股__富的侵占__是公司治理的一_重要__。中_公司所有__构高度集中、存在非流通股,容易_生大股__中小股_利益的侵占__。由_春燕、_田交_著的《公司治理_构与治理机制研究--基于金融危机股_分置改革的_角》_用中__据研究公司治理机制如何保_中小股_利益的__。具体__,本_研究了以下三_方面的__:(1)在全球金融危机期_公司治理机制_公司市___的影_;(2)高管更替后公司市___的_期表_;(3)公司_金股利支付与公司所有__构之_的_系。已有文___了中_公司治理_公司__的影_,本_在受到更少治理_量內生性__影_的研究_置下再一次__中_公司治理_公司__的影_。 2007—2009年全球金融危机___公司__是不可__的,采用全球金融危机期_的_据__治理机制_公司__的影_可以避免治理_量的內生性__。研 究__在金融危机前表_差一些的_有企_在金融危机期_反而表_更好了,特_是那些公司所有__构集中和_行__多的_有企_。__果表明集中的_家所有__解了金融危机期__有企_的__困境。_研究___在控制了各种公司特征_量后,管理者持股与有企_金融危机期_的市___呈_著正相__系,表明管理者持股_解了_有企_的委托代理__。最后,___聘用有__的___事_所_任__的公司在全球金危机期___了更少的市___下降。 2005年,_了消除非流通股,中______了股_分置改革,__中_的公司治理_构__了巨大_化。本_分_探究了股_分置改革前后高管更替公司的市___表_,_果表明股_分置改革前高管更替_有改_公司市___,但在股_分置改革完成后,_那些投_者股票回___的公司的高管_行更替后,公司股票__取得了_著改善。_表明在股_分置改革后,公司控股股_有_力去_戒市___表_ 差的公司高管。 本_探究了中_上市公司_金股利支付相_的侵占__,具体研究了股_分置改革前后非流通比例的改_、控股股_持股比例的改_与公司_金股利支付_化的_系。本_研究表明,在中_,由于_中小股_保__不足,加上集中的所有__构,控股股_的_机非常重要。股_分置改革在一定程度上使控股股_与中小股_的利益__一致,但是只要控股股_有_机持有充足的股份以_到他_控制公司的目的,控股股_与中小股_之_的利益_突就不_完全消除。
Ownership Structure, Corporate Governance, and Firm Performance
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.
Shareholder Empowerment
Author | : Maria Goranova |
Publisher | : Springer |
Total Pages | : 349 |
Release | : 2015-12-27 |
Genre | : Business & Economics |
ISBN | : 1137373938 |
In this volume, leading management experts offer critical insights into the promises and illusions of shareholder empowerment, the discrepancies between theory and practice, and the challenges posed by variations in global corporate governance regimes.
The Impact of Ownership Structure and Executive Team Composition on Firm Performance
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.
Firm Performance and Corporate Governance Through Ownership Structure
Author | : Mahmood Osman Imam |
Publisher | : |
Total Pages | : 23 |
Release | : 2013 |
Genre | : |
ISBN | : |
This paper examines how corporate governance is practiced through ownership structure and how firm's performance as well as its dividend payout policy is influenced by different ownership pattern. In doing so, this paper attempts to investigate the pattern of ownership mix and ownership concentration scenario towards sponsorship in Bangladesh, the relationship between the ownership structure and firm performance and finally the impact of ownership structure upon firm's dividend payout policy. An analysis has been made as evidence taking all listed non-financing firms from the Dhaka Stock Exchange. There are several alternative corporate governance mechanisms, which may play an important role to improve firm's performance. Here ownership structure has been considered as an effective tool of corporate governance. In this study, the relations between firm's return and value with ownership variables along with firm's specific variables controlling the industry effects have been examined. Using the data from two sample points of 2000 and 2003, it is shown that a large fraction of cross-sectional variation in performance, found in several studies, is explained by unobserved firm heterogeneity, rather than the shareholders holding. Our empirical results provide evidence that foreign holding is positively and significantly related to the firm performance as measured by firm's holding period returns and Tobin's Q, and the relationship is a monotonic one. We also provide empirical evidence that firms with high institutional ownership and firms with concentrated ownership pay high and less dividend payout respectively.
Investor Protection and Corporate Governance
Author | : Alberto Chong |
Publisher | : A copublication of Stanford Economics and Finance |
Total Pages | : 596 |
Release | : 2007 |
Genre | : Business & Economics |
ISBN | : |
Investor Protection in Latin America represents the largest data-gathering effort of firm-level corporate governance practices, ownership structures, and dividend policies. The results presented show that on top of country-wide legal protection of investors, there is a positive effect on valuation and performance of higher firm-level protections and better corporate governance practices. This evidence matches previous research in the area for other regions of the world.
Ownership and Governance of Enterprises
Author | : Laixiang Sun |
Publisher | : Springer |
Total Pages | : 275 |
Release | : 2003-10-16 |
Genre | : Business & Economics |
ISBN | : 1403943907 |
Conventional wisdom recommends the superiority of private ownership of enterprises. The reality confronts it with a rich diversity in ownership and governance structures. This volume examines five types of unorthodox ownership and governance form emerging in the industrial sector across major economies. It analyzes two cases to demonstrate that there are alternative ways to harden budget constraints of state-owned enterprises. It investigates the driving forces behind these evolving dynamics and explores policy implications for developing and transition economies.