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Corporate Ownership And Control Structures And Firm Performance
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Book Synopsis Corporate Ownership and Control Structures and Firm Performance by : Abdella Kormie Dinga
Download or read book Corporate Ownership and Control Structures and Firm Performance written by Abdella Kormie Dinga and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The research study comprises of two preceding Chapters, three main empirical Parts, and CONCLUSION. The first Chapter, Introduction, presents the overall research objectives and questions of the study based on the existing agency perspectives regarding the issues of control and governance conflicts in modern corporations. The second Chapter, Review of Theoretical Frameworks, presents a brief account of similarities and differences between the existing theoretical frameworks relevant to the control of corporations. The review identified that the agency theory provides powerful testable models and tools that can be used in the investigation of the agency conflicts and the possible solutions that mitigate the governance problems. The three empirical Chapters follow mainly the deductive research approach of making statistical inferences using a sample of major UK listed firms in the FTSE All Share Index for the period 2003-2007. Chapter Three deals with the analysis of the state and trends or evolution of corporate ownership and control structure and some board structures of the UK listed firms. The Chapter has been instrumental in preparing the raw materials of ownership and control structure variables that are used in the succeeding two chapters. Chapter Four deals with the analysis of the relationship between ownership structure and performance using aggregate stake of all identifiable blockholders? categories and all external blockholders in the agency perspective. Chapter Five presents analysis of the relationship among ownership, control structures and firm performance using the structural equations framework in the control dominance-contestability perspective. Finally, the Thesis closes with a Conclusion. In summary, the Theses of this empirical research study suggest the followings. Firstly, there is the prevalence of multiple significant blockholders in the modern listed firms even when share ownership is dispersed. Secondly, in the presence of multiple significant blockholders in the firm, there is a likelihood that the second-type agency conflicts between large shareholders and minority shareholders exists, and that might be the dominant force that determines the possible control configuration even in listed firms with dispersed ownership. Thirdly and finally, the traditional one-equation modelling and their estimations in the methodology of looking into the relationship of separate share ownership categories or accounting for few of the categories might not precisely identify (1) the blockholders? (control forces?) incentives and ability of exerting control over the modern corporations, (2) the problem of endogeneity that might arise in the relationships, and (3) the way significant multiple blockholders interact and share control of the firms. Hence, the use of structural equations modelling and control dominance-contestability perspectives, in which the roles of blockholders structure control forces, internal and external governance mechanisms, and the problems of endogeneity are accounted for might be appropriate to reveal the control configuration of modern listed firms with multiple large blockholders.
Book Synopsis Corporate Governance, Ownership Structure and Firm Performance by : Hoang N. Pham
Download or read book Corporate Governance, Ownership Structure and Firm Performance written by Hoang N. Pham and published by Routledge. This book was released on 2022-01-25 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Corporate Governance and Its Implications on Accounting and Finance by : Alqatan, Ahmad
Download or read book Corporate Governance and Its Implications on Accounting and Finance written by Alqatan, Ahmad and published by IGI Global. This book was released on 2020-09-25 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the global financial crisis, the topic of corporate governance has been gaining momentum in accounting and finance literature since it may influence firm and bank management in many countries. Corporate Governance and Its Implications on Accounting and Finance provides emerging research exploring the implications of a good corporate governance system after global financial crises. Corporate governance mechanisms may include board and audit committee characteristics, ownership structure, and internal and external auditing. This book is devoted to all topics dealing with corporate governance including corporate governance characteristics, board diversity, CSR, big data governance, bitcoin governance, IT governance, and governance disclosure, and is ideally designed for executives, BODs, financial analysts, government officials, researchers, policymakers, academicians, and students.
Book Synopsis Ownership Structure and Firm Performance by : Malla Praveen Bhasa
Download or read book Ownership Structure and Firm Performance written by Malla Praveen Bhasa and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Changing Face of Corporate Ownership by : Michael J. Rubach
Download or read book The Changing Face of Corporate Ownership written by Michael J. Rubach and published by Routledge. This book was released on 2021-11-19 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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).
Book Synopsis The Influence of Ownership and Control Structures on the Firm Performance by : Dante Aldrighi
Download or read book The Influence of Ownership and Control Structures on the Firm Performance written by Dante Aldrighi and published by . This book was released on 2010 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims at evaluating the influence of ownership and control concentration as well as of characteristics of the controlling shareholders on the performance of limited liability companies. To tackle this objective, a panel analysis is carried out relying on data over the period 1997-2002, compiled from financial and ownership structure reports firms in Brazil are required to file to the stock market regulator. The main findings are the following: (1) high voting rights by the largest ultimate shareholder are negatively associated with firms' returns on assets, vindicating the thesis of minority shareholders' expropriation by controlling shareholders; (2) the presence of either pyramids or non-voting right shares has a significant negative impact on the largest firms' performance; and (3) among the largest corporations, those whose largest ultimate shareholder is a foreign investor tend to yield higher returns on assets than those controlled by families while pyramid ownership structures render them systematically under-performing. These results are in accordance with the literature that associates large voting power, pyramidal schemes, non-voting right shares, and weak disclosure with expropriation of outsider investors.
Book Synopsis Ownership Structure, Corporate Governance, and Firm Performance by : Vedat Mizrahi
Download or read book Ownership Structure, Corporate Governance, and Firm Performance written by Vedat Mizrahi and published by LAP Lambert Academic Publishing. This book was released on 2011-08 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Ownership Structure and Corporate Performance by : Katinka Wölfer
Download or read book Ownership Structure and Corporate Performance written by Katinka Wölfer and published by Europäische Hochschulschriften / European University Studies / Publications Universitaires Européennes. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Performance and Behavior of Family Firms by : Esra Memili
Download or read book Performance and Behavior of Family Firms written by Esra Memili and published by MDPI. This book was released on 2018-03-23 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Performance and Behavior of Family Firms" that was published in IJFS
Book Synopsis Ownership Structure and Corporate Performance by : Harold Demsetz
Download or read book Ownership Structure and Corporate Performance written by Harold Demsetz and published by . This book was released on 2002 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the relation between the ownership structure and the performance of corporations if ownership is made multi-dimensional and also is treated as an endogenous variable. To our knowledge, no prior study has treated the corporate control problem this way. We find no statistically significant relation between ownership structure and firm performance. This finding is consistent with the view that diffuse ownership, while it may exacerbate some agency problems, also yields compensating advantages that generally offset such problems. Consequently, for data that reflect market-mediated ownership structures, no systematic relation between ownership structure and firm performance is to be expected.The accepted paper version of this abstract can be accessed using the following URL: http://ssrn.com/abstract_id=304181.
Book Synopsis The Emergence of Corporate Governance by : Knut Sogner
Download or read book The Emergence of Corporate Governance written by Knut Sogner and published by Routledge. This book was released on 2021-05-31 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is not just about models of best practice organisation or prescriptions following laws or social conventions. Corporate governance is also about persons of power seeking performance, and they do so in ways that transcend structures and pre-conceived notions of the structural set-up of the business. This book emphasises the decision-making dimensions of corporate governance, placing it right in the messy middle of the ever-changing world of capitalism, focussing on the interplay between professional managers and shareholders. This book aims to bring together several fresh perspectives on the development of capitalism seen through the lens of corporate governance. It illustrates the role of intentionality and persons, both as a method with which to understand processes of change, but also as a principle with which to seek a deeper understanding of the corporate governance choices made. It will be of interest to researchers, academics and students in the fields of corporate governance and entrepreneurship, as well as practitioners and other audience interested in the evolution of capitalism and corporate culture.
Book Synopsis Ownership Structure, Corporate Governance, and Corporate Performance by : Xiaonian Xu
Download or read book Ownership Structure, Corporate Governance, and Corporate Performance written by Xiaonian Xu and published by World Bank Publications. This book was released on 1997 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A History of Corporate Governance around the World by : Randall K. Morck
Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Book Synopsis Firm Innovation in Emerging Markets by : Meghana Ayyagari
Download or read book Firm Innovation in Emerging Markets written by Meghana Ayyagari and published by World Bank Publications. This book was released on 2012 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors investigate the determinants of firm innovation in over 19,000 firms across 47 developing economies. They define the innovation process broadly, to include not only core innovation such as the introduction of new products and new technologies, but also other types of activities that promote knowledge transfers and adapt production processes. The authors find that more innovative firms are large exporting firms characterized by private ownership, highly educated managers with mid-level managerial experience, and access to external finance. In contrast, firms that do not innovate much are typically state-owned firms without foreign competitors. The identity of the controlling shareholder seems to be particularly important for core innovation, with those private firms whose controlling shareholder is a financial institution being the least innovative. While the use of external finance is associated with greater innovation by all private firms, it does not make state-owned firms more innovative. Financing from foreign banks is associated with higher levels of innovation compared with financing from domestic banks.
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 External Control of Organizations by : Jeffrey Pfeffer
Download or read book The External Control of Organizations written by Jeffrey Pfeffer and published by Stanford University Press. This book was released on 2003 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work explores how external constraints affect organizations and provides insights for designing and managing organizations to mitigate these constraints. All organizations are dependent on the environment for their survival. It contends that it is the fact of the organization's dependence on the environment that makes the external constraint and control of organizational behaviour both possible and almost inevitable. Organizations can either try to change their environments through political means or form interorganizational relationships to control or absorb uncertainty.
Book Synopsis Corporate Governance by : Jira Yammeesri
Download or read book Corporate Governance written by Jira Yammeesri and published by . This book was released on 2003 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt:
