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Author : Daokui Li
Publisher :
ISBN 13 :
Total Pages : 258 pages
Book Rating : 4.:/5 (37 download)
Download or read book Essays on Ownership, Corporate Control and Privatization written by Daokui Li and published by . This book was released on 1992 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Beril Kilcioglu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Essays on Common Ownership and Corporate Control written by Beril Kilcioglu and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wanrapee Banchuenvijit
Publisher :
ISBN 13 :
Total Pages : 270 pages
Book Rating : 4.:/5 (144 download)
Download or read book Three Essays on Privatization and Corporate Governance written by Wanrapee Banchuenvijit and published by . This book was released on 2006 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation seeks not only to extend the existing privatization literature but also to provide the association between privatization and corporate governance literatures. It is divided into three essays. The first essay examines changes in the financial and operating performance of 103 firms worldwide that were partially or fully privatized through public share offerings during 1993-2003. The empirical results from the Wilcoxon and proportion tests show increases in profitability, operating efficiency, capital spending, output, and dividend payments as well as decreases in leverage and total employment. A combined result of this essay and the three previous and comparable papers indicates that, for the whole period from 1961 to 2003, privatization helps improve firm performance in a wide variety of countries, industries, and competitive environments. The second essay investigates the impact of macro corporate governance mechanisms (anti-director rights index, enforcement index, and corporate disclosure index) on the subsequent performance of 103 privatized firms around the world during 1993-2003. After controlling for endogeneity, the empirical results exhibit that macro governance mechanisms are important determinants of firm performance following privatization in both developed and developing countries. Finally, the third essay studies how internal control mechanisms (board size, board composition, CEO duality, and financial expertise of boards) affect the subsequent performance of 103 privatized firms around the world during 1993-2003. After controlling for endogeneity, the empirical results demonstrate that internal governance mechanisms (with the concentration on the role of board of directors) are important determinants of firm performance following privatization in only developing countries.
Author : Ravi Ramamurti
Publisher : World Bank Publications
ISBN 13 : 9780821318638
Total Pages : 344 pages
Book Rating : 4.3/5 (186 download)
Download or read book Privatization and Control of State-owned Enterprises written by Ravi Ramamurti and published by World Bank Publications. This book was released on 1991-01-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4./5 ( download)
Download or read book Private Ownership and Corporate Performance written by and published by World Bank Publications. This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The assumption behind privatisation in eastern Europe and elsewhere is that private ownership improves corporate performance. We focus on comparing the performance of state firms with either private or privatised firms operating under reasonably similar conditions in three countries of eastern Europe. We supplement this comparison by an examination of the relative performance of privatised and state firms in the period before the former were privatised. Our empirical results confirm the hypothesis that the effect of ownership change is particularly pronounced on the revenue side of corporate performance. In general, we find that firms with outsider owners significantly outperform the firms with insider owners on most performance measures, and that the employees are particularly ineffective owners (indeed less effective than the state). Subscribe to publications email alerts.
Author : Andrey G. Zagorchev
Publisher :
ISBN 13 : 9781124193748
Total Pages : 141 pages
Book Rating : 4.1/5 (937 download)
Download or read book Three Essays on Financial Markets written by Andrey G. Zagorchev and published by . This book was released on 2010 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: The third essay examines the impact of government ownership and financial markets on corporate governance using 1327 firms from fourteen EU countries in the period 2003 to 2008. The results show that aggregate government ownership measured through privatization and financial markets lead to improvements in the corporate governance practices of firms.
Author : Kurt A. Desender
Publisher :
ISBN 13 :
Total Pages : 137 pages
Book Rating : 4.:/5 (85 download)
Download or read book Essays on Ownership Structure, Corporate Governance and Corporate Finance written by Kurt A. Desender and published by . This book was released on 2010 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul W. Macavoy
Publisher : Springer Science & Business Media
ISBN 13 : 9401174296
Total Pages : 366 pages
Book Rating : 4.4/5 (11 download)
Download or read book Privatization and State-Owned Enterprises written by Paul W. Macavoy and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book is divided into three major sections. The first presents a theoretical discussion that underlies the other essays. The second section deals with privatization issues from the perspective of the United States. The third describes research addressed to the U. K. and Canada. In the first chapter, Richard Zeckbauser and Murray Horn develop a wide-ranging theoretical framework for assessing the capabilities and role of state-owned enterprises; it provides a foundation for the analyses that follow. In The Control and Perfonnance o[ State-Owned Enterprises , they describe state-owned enterprises as an extreme case of the separation of ownership and control. The focus is on management --the incentives it faces and the conflicts to which it is subjected. The distinguishing characteristics of public enterprise, the authors suggest, give it a comparative advantage over both public bureaucracy and private enterprise in certain situations. They argue that legislators are more likely to prefer SOEs over private enterprise when the efficiency of private enterprise is undermined by regulation or the tbreat of opportunistic state action, when the informational demands of subsidizing private production to meet distributional objectives are high, when it is difficult to assign property rights, or when state ownership is ideologically appealing. These considerations suggest why SOEs are usually assigned special rights and responsibilities, and they help explain observed regularities in the distribution of SOEs across countries and sectors. Zeckhauser and Horn apply principal-agent theory to identify the key factors underlying the performance of state-owned enterprises.
Author : Mary M. Shirley
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4./5 ( download)
Download or read book Public Versus Private Ownership written by Mary M. Shirley and published by World Bank Publications. This book was released on 2000 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disappointment with insider trading in Russia, with voucher privatization in the Czech Republic, and with the privatization of infrastructure in many developing countries in many developing countries has spawned new critiques of privatization. How do theory and empirical evidence answer the much-debated questions, which is more important to performance, competition or private ownership? Are state enterprises more subject to welfare-reducing interventions by government than private firms are? Do state enterprises suffer more from problems of corporate governance?
Author : Donald H. Chew
Publisher : Columbia University Press
ISBN 13 : 0231519974
Total Pages : 393 pages
Book Rating : 4.2/5 (315 download)
Download or read book Global Corporate Governance written by Donald H. Chew and published by Columbia University Press. This book was released on 2009-08-24 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective corporate governance, or the set of controls and incentives that drive top management, originates both outside and inside the firm and assures investors who hope to commit their capital. Essential when buying stocks in one's own country, effective corporate governance is even more important abroad, where information can be less reliable and investor influence (or protection) more limited. In this collection of articles from the Journal of Applied Corporate Finance, more than thirty leading scholars and practitioners discuss the possibilities and limitations of global corporate finance and governance systems, whether in Europe and North America or in the emerging markets of Israel, India, Korea, and South Africa. Essays discuss the political roots of American corporate finance; the structural and financial variations between international corporations; control premiums and the effectiveness of corporate governance systems; debt, folklore, and cross-country differences in financial structures; the driving forces behind the East Asian Financial Crisis of 1997; corporate ownership and control in India, Germany, France, and the United Kingdom; financial and economic lessons of Italy's privatization program; changes in Korean corporate governance; sovereign wealth funds; and the new organization of Canadian business trusts. A special roundtable discussion addresses shareholder activism in the U.K.
Author : Ludwig Dobmeier
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (127 download)
Download or read book Essays on the Impact of Institutional Ownership on the Market for Corporate Control written by Ludwig Dobmeier and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Konstantin Kosenko
Publisher :
ISBN 13 :
Total Pages : 159 pages
Book Rating : 4.:/5 (827 download)
Download or read book Essays on Complex Ownership Structures and Corporate Governance written by Konstantin Kosenko and published by . This book was released on 2012 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sehyun Yoo
Publisher :
ISBN 13 :
Total Pages : 272 pages
Book Rating : 4.:/5 (846 download)
Download or read book Essays on Corporate Ownership and Governance in an Emerging Market written by Sehyun Yoo and published by . This book was released on 2005 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gonzalo Andres Islas Rojas, 1974-
Publisher :
ISBN 13 :
Total Pages : 418 pages
Book Rating : 4.:/5 (228 download)
Download or read book Essays on Corporate Ownership and Governance written by Gonzalo Andres Islas Rojas, 1974- and published by . This book was released on 2007 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mohammed Omran
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (129 download)
Download or read book Post-Privatization Corporate Governance and Firm Performance written by Mohammed Omran and published by . This book was released on 2009 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine and analyze the post-privatization corporate governance of a sample of 52 newly privatized firms from Egypt over the 1995-2005 period. We look at the ownership structure that results from privatization and its evolution; the determinants of private ownership concentration; and the impact of private ownership concentration, identity and board composition on firm performance. We find that the state gives up control over time to the private sector, but still controls, on average, more than 35 percent of these firms. We also document a trend in private ownership concentration over time, mostly for the benefit of foreign investors. Firm size, sales growth, industry affiliation, and timing and method of privatization seem to play a key role in determining private ownership concentration. Ownership concentration and ownership identity, in particular foreign investors, prove to have a positive impact on firm performance, while employees ownership concentration has a negative ones. The higher proportion of outside directors and the change in the board composition following privatization affect firm performance positively. These results could have some important policy implications; in which private ownership by foreign investors seem to add more value to firms; while selling state-owned enterprises (SOEs) to employees is not recommended. Also, the state is highly advised to relinquishes control and allow for changes in the board of director following privatization as changing ownership, per se, might not have an impact on firm performance unless it is coupled with new management style.
Author : Randall K. Morck
Publisher : University of Chicago Press
ISBN 13 : 0226536831
Total Pages : 700 pages
Book Rating : 4.2/5 (265 download)
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.
Author : Stijn Claessens
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Ownership and Corporate Governance written by Stijn Claessens and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Czech Republic's mass-privatization scheme improved the management of privatized firms by concentrating ownership. And contrary to expectations, banks with an (indirect) equity stake in a privatized firm have a positive influence on the firm's corporate governance. The Czech Republic's mass-privatization scheme changed the governance of many firms in a short time. Claessens, Djankov, and Pohl show that mass privatization was effective in improving firm management because of the concentrated ownership structure that resulted. For a cross section of 706 firms for the period 1992-95, they find that the more concentrated the firm's ownership, the higher the firm's market valuation and profitability. Large ownership through bank-sponsored investment funds and strategic investors appears to be particularly important in improving corporate governance and turning firms around. They find no evidence that market valuation or profitability were lower for firms in which investment funds sponsored by a firm's main bank represented a large ownership stake. It is often argued that the firm's main bank having (indirect) ownership control could represent a conflict of interest. The empirical analysis here shows, quite the contrary, that such indirect ownership control has a significant positive influence. On balance, banks that had an (indirect) equity stake in a firm have a positive influence on the firm's corporate governance. This paper - a joint product of the Office of the Regional Vice President, East Asia and Pacific, and the Finance and Private Sector Development Division Division, Europe and Central Asia, and Middle East and North Africa Technical Department - was presented at the International Symposium on Capital Markets and Enterprise Reform in Beijing, November 8-9, 1996.
