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A Cross Saudi Firm Analysis Of The Impact Of Corporate Governance On The Stock Price Performance During The Recent Financial Crisis
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Book Synopsis A cross Saudi firm Analysis of the impact of corporate governance on the stock price performance during the recent financial crisis by :
Download or read book A cross Saudi firm Analysis of the impact of corporate governance on the stock price performance during the recent financial crisis written by and published by SABIC Chair for IFMS. This book was released on with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Corporate Governance on Firm Performance by : Michael Moustafa Mahmoud
Download or read book The Effect of Corporate Governance on Firm Performance written by Michael Moustafa Mahmoud and published by . This book was released on 2017 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This study investigates the impact of the separate elements of corporate governance on enterprise financial performance explained in three separate models (ROA, ROE, and Debt Ratio) for non-financial companies present within the S&P Pan Arab Composite Index. The data on corporate governance choices includes 225 firms for ten years from 2006 to 2015 gathered from ORBIS, Reuters Eikon, Datastream, as well as, annual and board reports. The firms included in this study are all listed respective to their country's stock exchange, which are present in eleven Arab countries namely: Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia and United Arab Emirates. The corporate governance variables are divided into board structure variables, ownership structure variables, and controlled variables. Furthermore, the topic attempts to understand the significance of the Arab Spring uprising on firm performance using the ROA and ROE measurements and debt ratio as a measurement of firm leverage. Furthermore, the data is used to compare the corporate governance variables five years before the Arab Spring uprising to the five years during/after the uprising. Regression results are demonstrated in the form of models. Model 1 shows the effect of corporate governance on firm performance measured by ROA. Results show that there is a significant positive relationship with board size, institutional ownership, audit type on firm performance measured by ROA, also there a significant negative relationship with duality, foreign ownership, firm size and the revolution variable on firm performance measured by ROA. Model 2 shows the effect of corporate governance on firm performance measured by ROE. Results show that there is a significant positive relationship with board size, institutional ownership, audit type on firm performance measured by ROE, also there a significant negative relationship with duality, firm size and the revolution variable on firm performance measured by ROE. Model 3 shows the effect of corporate governance on firm performance measured by Debt Ratio. Results show that there is a significant positive relationship with director ownership, foreign ownership, firm size, foreign exchange rate and the revolution variable on firm performance measured by Debt Ratio, also there a significant negative relationship with duality, institutional ownership and firm age on firm performance measured by ROE. After conducing Mann-Whitney U test, results show that the variables ROA, ROE, ownership concentration, director ownership, institutional ownership, foreign ownership, firm size, firm age, foreign exchange rate, outward foreign direct investment and inward foreign direct investment were a higher mean rank before the Arab Spring uprising compared to during/after the Arab Spring uprising. On the other hand, the variables ownership concentration, director ownership, institutional ownership, foreign ownership, firm size, firm age and GDP were a higher mean rank during/after the Arab Spring uprising compared to before the Arab Spring uprising.
Book Synopsis Toward New Corporate Governance Standards in the Kingdom of Saudi Arabia: Lessons from Delaware by : Meshal Faraj
Download or read book Toward New Corporate Governance Standards in the Kingdom of Saudi Arabia: Lessons from Delaware written by Meshal Faraj and published by SABIC Chair for IFMS. This book was released on 2016-02-14 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is currently a debate in the Kingdom of Saudi Arabia is over how directors of publicly held companies can be held accountable. Before addressing this question, we should determine when it is that a director violates her or his duties. This study seeks to bring focus to the accountability system in Saudi Arabia. It investigates a legal defect in that system: the Saudi Companies Law incorporates standards of conduct but lacks standards of review. This study argues that although directors’ duties have been formulated so that there are areas left to be developed by courts, Saudi judges do not retain residual lawmaking powers which they could use to fill a regulatory vacuum. It builds upon empirical evidence to prove the underlying reasons that the context has changed, which ultimately has created the need to reform the Saudi fiduciary duties system. New cases in Saudi Arabia evoke some of the contours of Delaware corporate law. New cases have triggered standards of conduct violations that might be identical to fiduciary violations in Delaware. Therefore, this study proposes to transplant Delaware standards of review to Saudi Arabia. It argues that the contextual change in Saudi Arabia after the establishment of the Capital Market Authority would make this transplant more significant. Closer analysis suggests that both systems are consensus on the shareholder primacy model. This convergence on the shareholder model inevitably ensures a functional convergence in the long run.
Book Synopsis Stock Market Reaction to the Global Financial Crisis by : Leonardo Becchetti
Download or read book Stock Market Reaction to the Global Financial Crisis written by Leonardo Becchetti and published by . This book was released on 2016 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse with an event study approach the stock market reaction to one of the most important episodes in the global financial crisis (Lehman Brothers filing for chapter 11). Our inquiry on abnormal returns of about 2,700 stocks around the event date documents that the shock induces investors to incorporate insights from (or re-adjust the pre-event expected impact of) corporate social responsibility (CSR) ratings in stock evaluation in a sort of "flight to CSR quality". The main CSR domains with significant effects on abnormal returns (corporate governance and product quality) are exactly those in which the defaulted company presented weaknesses according to its ex-ante CSR ratings. We also document that the reaction to the Lehman event extends beyond the event date and that investors rationally attribute more value to the direct information on strengths and weaknesses in each CSR rating domain than to affiliation/non affiliation to the CSR stock market index (FTSE KLD 400 Social Index). A more general result of our paper is that investors seem to discover, after the event, that CSR ratings provide original information which is not captured by traditional financial rating indicators.
Book Synopsis The Impact of Corporate Governance and Ownership Structure on Performance and Financial Decisions of Firms by : Khaldoun Abd Allh Mahmoud Alwshah
Download or read book The Impact of Corporate Governance and Ownership Structure on Performance and Financial Decisions of Firms written by Khaldoun Abd Allh Mahmoud Alwshah and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relationship Between Corporate Governance Indicators and Firm Value by : Attiya Y. Javed
Download or read book The Relationship Between Corporate Governance Indicators and Firm Value written by Attiya Y. Javed and published by . This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance, Institutional Framework, and Firm Performance by :
Download or read book Corporate Governance, Institutional Framework, and Firm Performance written by and published by . This book was released on 2019 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is concerned with the state of corporate governance regulations and implementation in the UAE and the extent to which board and corporate ownership structures in UAE listed firms play a role in promoting sound corporate governance and enhancing firms’ financial performance. The main objective of this dissertation is to investigate the influence of various corporate governance mechanisms on the financial performance of UAE publicly listed companies. Using ten years of panel data from 92 UAE companies (406 firm-year observations) listed on Abu Dhabi Exchange (ADX) and Dubai Financial Market (DFM), we test the role of board characteristics along with firms’ ownership structure on firm performance. Ordinary Least Squares (OLS) along with fixed effect and random effects panel regressions are used. Our results indicate that board independence, women board membership, ownership concentration, lack of CEO/board chair duality and family ownership all have, albeit with varying degrees of significance, positive effects on firm performance. On the contrary, cross ownership and state ownership seem to affect negatively the financial performance of UAE firms. For reasons, most likely, unique to the UAE, the empirical tests conducted by this research do not provide evidence of an impact of board size and foreign ownership on firm performance. Our main findings are robust to different measures of ownership concentration and to two forms of state ownership. They are also robust to further firm characteristics such as the size, age, and leverage and persist for both financial and nonfinancial firms. The dissertation is unique in many respects: it is the first comprehensive work that conducts such all-encompassing test of corporate governance hypotheses on UAE firms. It utilizes a unique database that was, specifically hand-collected for our study. It tests the relevance of corporate governance theories in the specific UAE institutional and economic setting.The findings of this dissertation are of great importance to the regulators and policy makers to understand the impact of currently adopted corporate governance regulations amongst the listed firms and to develop tailored policies to the context of UAE and suitable mechanisms to enforce those policies and regulations. Our findings may also be generalized to GCC and MENA countries given that they tend to share similar economic, social and political environments.
Book Synopsis Corporate Finance Practices and Corporate Governance Effect on Firm Performance and Information Leakage in Saudi Arabia by : Hamad Omar Hatrash
Download or read book Corporate Finance Practices and Corporate Governance Effect on Firm Performance and Information Leakage in Saudi Arabia written by Hamad Omar Hatrash and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Geographically Dispersed Ownership and Inter-Market Stock Price Arbitrage-Ahold's Crisis of Corporate Governance and its Implications for Global Standards by : n L. Clark
Download or read book Geographically Dispersed Ownership and Inter-Market Stock Price Arbitrage-Ahold's Crisis of Corporate Governance and its Implications for Global Standards written by n L. Clark and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Scandals of corporate governance in the United States and Europe in the aftermath of the TMT bubble captured the public imagination. In play were the interests of senior executives in relation to investors, prompting debate over countries' standards of corporate governance in the global market place. Ahold was (and is) an especially important instance, involving significant internal accounting and reporting failures and poor public disclosure of market-sensitive information. Ahold is also a global corporation cross-listed on major financial markets. In this paper, we report the analysis of market trading in Ahold stock between Amsterdam and New York. It is shown that greater volatility in Amsterdam daily closing prices presaged the crisis to come in Ahold shares implying leakage of information to privileged local insiders. It is also shown that in the aftermath of Ahold's crisis, management responded to the lack of global investor confidence by improving transparency and governance standards consistent with the expectations of global investors. Implications are drawn for the pricing of corporate governance and the process of convergence in national standards of corporate governance. The continuity of different regimes of governance is subject to inter-market arbitrage especially if corporations seek to maintain and enhance their reputations in the global financial market place.
Book Synopsis Corporate Governance and Performance During Plummeting and Soaring Financial Markets by : Kurt A. Desender
Download or read book Corporate Governance and Performance During Plummeting and Soaring Financial Markets written by Kurt A. Desender and published by . This book was released on 2017 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to investigate the relationship between stock market performance and ownership structure during plummeting and soaring financial markets in a Continental-European setting. Our results demonstrate the importance of ownership concentration, the presence of multiple blockholders and the type of ownership to explain stock market performance in periods of stock market turbulence. In addition, we find that the results for extreme down markets are fundamentally different from the up market results. While ownership concentration is valued positively during down market periods, it is valued negatively during up market periods. Furthermore, the presence of multiple blockholders only influences the stock price during down market periods. Finally, firms controlled by financial institutions loose less value during down markets, while firms controlled by non-founding families loose more value, compared to widely held firms, during down market periods. No significant relationship is found during up market periods.
Book Synopsis Transparency and Disclosure, Company Characteristics and Financial Performance by : Osama Ben Mansour
Download or read book Transparency and Disclosure, Company Characteristics and Financial Performance written by Osama Ben Mansour and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The State as a Shareholder by : Meshal Faraj
Download or read book The State as a Shareholder written by Meshal Faraj and published by . This book was released on 2019 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Different studies show that partially privatized firms outperform their private peers in Saudi Arabia. Ownership of Saudi government of publicly traded companies may be feasible economically, but legally creates a hard case. The literature of corporate governance is still unable to absorb the implications of government ownership. This study attempts to examine those implications and its impacts on jurisdictions featuring dual judicial legal systems (administrative and civil courts) through presenting Saudi Arabia case. The Saudi government adopts the single tier board structure. Under this structure, only shareholders are entitled to elect board of directors. When the government holds a controlling stake, its leverage over a firm's affairs is difficult to challenge. Shedding lights on the Saudi experiment with government ownership, this study attempts to answer two questions that result from government ownership: procedurally, which court will review the government's actions, the administrative court or commercial court? Substantially, what law will govern these actions? The available evidence on the performance of firms partly owned by the government emphasizes the efficiency of government ownership. This implies that when the government exercises its rights as a shareholder it acts in a business-like capacity. Therefore, this study finds that its actions would be reviewed by the Commercial Courts and the Companies Act (Saudi Corporate Law) applies to it. Although there is no lawsuits against the government as a shareholder supporting this conclusion, but analyzing current regulations and rules would draw this conclusion. Finally, this article sketches policy implications scrutinizing potential proposals aimed at eliminating the complications of state intervention in the stock market.
Book Synopsis Monitoring Mechanisms, Risk, and Equity Prices by : Yang Ni
Download or read book Monitoring Mechanisms, Risk, and Equity Prices written by Yang Ni and published by . This book was released on 2011 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the measure of the effectiveness of corporate governance? What is the relationship between corporate governance and performance? This thesis sheds light on these questions by examining the consequences of two kinds of corporate governance monitoring mechanisms, religion as an external mechanism and independent directors as an internal mechanism. Though recent work in finance and accounting provide evidence that religion is an effective external monitoring mechanism, whether it has pricing effects has yet to be examined. I explore this issue by investigating the relation between the degree of religiosity surrounding a firm's headquarters and the firm's cost of equity capital in Chapter 2. I find that firms located in more religious counties of the U.S. exhibit a lower cost of equity capital. The effects are also more pronounced for firms and during periods lacking alternative regulation mechanisms. Finally, I find that the effects of religion on the firm's cost of equity capital are more pronounced for firms with greater information asymmetry. The second part of my thesis is motivated by the considerable debate on whether board independence is an effective internal monitoring mechanism. I offer a new perspective by examining the relationship between firm risk and board independence. I find that board independence is associated with a significantly lower level of idiosyncratic risk. Further tests suggest that firms' idiosyncratic risk is negatively related to the independence of audit committees and nominating committees, but positively related to the independence of compensation committees. In addition, I find that firms with greater board independence display lower degrees of operating risk exposure, and are less prone to stock price crashes. My thesis makes several important contributions to the literature. First, my thesis shows that studying the important social factors that influence different agents and determine the deeds of collective groups may be important for corporate governance research and practice. Furthermore, my results provide robust evidence supporting the view that religion facilitates economic development. Finally, my findings provide an explanation for the insignificant relationship between board independence and firm performance documented by recent literature.
Book Synopsis Corporate Governance, Voluntary Disclosure and Financial Performance by : Waleed Mohammed Albassam
Download or read book Corporate Governance, Voluntary Disclosure and Financial Performance written by Waleed Mohammed Albassam and published by . This book was released on 2014 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effective Functioning Of The Audit Service For Saudi Firms During The Recent Financial Crises by : Hanene EZZINE
Download or read book Effective Functioning Of The Audit Service For Saudi Firms During The Recent Financial Crises written by Hanene EZZINE and published by SABIC Chair for IFMS. This book was released on with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance, Cross-Listing, and Managerial Response to Stock Price Discounting by : Rob Bauer
Download or read book Corporate Governance, Cross-Listing, and Managerial Response to Stock Price Discounting written by Rob Bauer and published by . This book was released on 2005 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Of the events signalling the end of the TMT bubble, scandals of corporate governance in the US and Europe captured the public imagination. In play were the greed and hubris of senior executives prompting further debate over countries' standards of corporate governance. If Enron and WorldCom were the US reference points, Ahold and Parmalat were the European instances. Ahold was especially important, being an instance of significant internal accounting and reporting failures and an instance of poor public disclosure of market-sensitive information. We report the analysis of market trading in Ahold stock in both Amsterdam and New York. It is shown that greater volatility in Amsterdam daily closing prices presaged the crisis to come in Ahold shares suggesting the leakage of information to privileged insiders. It is also shown that New York prices were inefficient not withstanding the advantages of a New York listing for the firm. Implications are drawn for the theory of global finance, and the nature and scope of convergence in national standards of corporate governance. It is argued that the co-existence of rather different regimes of governance may be undercut by the reaction of institutional investors in the global financial market place to the actions of corporate management.
Book Synopsis The Relationship Between Corporate Governance and Financial Performance by : Rodolph Abi Zeid
Download or read book The Relationship Between Corporate Governance and Financial Performance written by Rodolph Abi Zeid and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examine if there is a positive relationship between good corporate governance and the financial performance for Lebanese firms. However, the uncertainty of whether good corporate governance influences firm performance, raise the answer of the study by using evidence from the Lebanese market. The sample consists of thirty Lebanese commercial banks operating in the market and registered in BDL. Using SPSS16 software to create statistical relation between variables, a multiple regression equation was defined in order to explain the relation between board of director performance and firm performance. The results were unexpected showing a high level of board of director accountability where CEO duality and inside directors showed a positive relation with strong financial performance yielding superior return. While board independence demonstrates a negative insignificant relationship with financial performance, firm disclosure presents a moderate relation with performance. The present study finds that overall board of directors' action has a positive impact on firm performance in order to select the right candidate who will fulfill his job in a best way to achieve superior performance.
