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Author : Benjamin Moldenhauer
Publisher :
ISBN 13 : 9783896734297
Total Pages : 351 pages
Book Rating : 4.7/5 (342 download)
Download or read book Insider Ownership, Shareholder Structures and Corporate Governance written by Benjamin Moldenhauer and published by . This book was released on 2007 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yan Wang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (19 download)
Download or read book Ownership Structure, Corporate Governance, and Corporate Performance: The Case of Chinese Stock Companies written by Yan Wang and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: June 1997 Does the ownership structure of publicly listed firms in China affect their performance? Yes. Institutional shareholders seem to have a positive impact on corporate governance and performance; state ownership seems to lead to inefficiency; and an overly dispersed ownership structure can create problems in the Chinese setting. Xu and Wang investigate whether ownership structure significantly affects the performance of publicly listed firms in China and if so, in what way. With public listed stocks, one can quantify the ownership mix and concentration, which makes it possible to study this issue. The authors use the recent literature on the role of large institutional shareholders in corporate governance as a theoretical base. A typical listed stock company in China has a mixed ownership structure, with three predominant groups of shareholders- state, legal persons (institutions), and individuals- holding about 30 percent of the stock. (Employees and foreign investors together hold less than 10 percent.) Ownership is heavily concentrated: the five largest shareholders accounted for 58 percent of outstanding shares in 1995, compared with 57.8 percent in the Czech Republic, 42 percent in Germany, and 33 percent in Japan. Their empirical analysis shows that the mix and concentration of stock ownership do indeed significantly affect a company's performance: * There is a positive, significant correlation between concentration of ownership and profitability. * The effect of concentrated ownership is greater with companies dominated by institutions than with those dominated by the state. * The firms' profitability is positively correlated with the fraction of legal person (institutional) shares; it is either negatively correlated or uncorrelated with the fraction of state shares and with tradable A-shares held mostly by individuals. * Labor productivity tends to decline as the proportion of state shares increases. This paper- product of the Office of the Director, Economic Development Institute- part of a larger effort in the Bank to understand and disseminate various models of corporate governance. The study was funded by the Bank's Research Support Budget under the research project Ownership Structure, Corporate Governance, and Firm's Performance (RPO 681-08).
Author : Xiaonian Xu
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4./5 ( download)
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:
Author : Michael J. Rubach
Publisher : Taylor & Francis
ISBN 13 : 9780815335023
Total Pages : 202 pages
Book Rating : 4.3/5 (35 download)
Download or read book Institutional Shareholder Activism written by Michael J. Rubach and published by Taylor & Francis. This book was released on 1999 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.
Author : Phani BV
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (129 download)
Download or read book Insider Ownership, Corporate Governance and Corporate Performance written by Phani BV and published by . This book was released on 2005 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insider ownership reflects the governance problem arising due to variance in the cash flow and control rights such ownership entails. Insider ownership is normally defined as managerial ownership without distinguishing between manager-owner and owner-manager. We believe that without taking due care of this distinction any generalization of prior conclusions relating insider ownership with performance particularly in the Indian context will not be meaningful. This paper attempts to study this anomaly by examining the role of insider ownership on the performance of the firm in the Indian context within the framework of changing external environment.
Author : Stuart L. Gillan
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)
Download or read book Institutional Investors, Corporate Ownership, and Corporate Governance written by Stuart L. Gillan and published by . This book was released on 2002 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael J. Rubach
Publisher : Routledge
ISBN 13 : 1000525007
Total Pages : 200 pages
Book Rating : 4.0/5 (5 download)
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).
Author : Fernando A.C.
Publisher : Pearson Education India
ISBN 13 : 9788131734629
Total Pages : 560 pages
Book Rating : 4.7/5 (346 download)
Download or read book Business Ethics and Corporate Governance written by Fernando A.C. and published by Pearson Education India. This book was released on 2010-09 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert Watson
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 584 pages
Book Rating : 4.:/5 (318 download)
Download or read book Governance and Ownership written by Robert Watson and published by Edward Elgar Publishing. This book was released on 2005 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Kerstin Groß
Publisher : Springer Science & Business Media
ISBN 13 : 3790819344
Total Pages : 380 pages
Book Rating : 4.7/5 (98 download)
Download or read book Equity Ownership and Performance written by Kerstin Groß and published by Springer Science & Business Media. This book was released on 2007-05-06 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.
Author : Ying Li
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Ownership Structure and Corporate Performance written by Ying Li and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rob Bauer
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (13 download)
Download or read book Insider Ownership, Governance Mechanisms, and Corporate Bond Pricing Around the World written by Rob Bauer and published by . This book was released on 2019 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the effect of insider ownership on corporate bond yield spreads from 2003 to 2014 using a sample of 10,470 bonds issued by 1,222 non-financial firms from 48 countries. We find that greater insider ownership is associated with higher yield spreads. This positive relationship holds after controlling for measures of risk-taking, which suggests that bondholders price-protect against greater insider ownership for reasons beyond insiders' heightened incentives to take risk. We consider consumption of private benefits as another economic channel through which insider ownership hurts bondholders. Using a global index of shareholder rights, we show that the positive association between insider ownership and the spread decreases for firms with relatively stronger shareholder rights, in which consumption of private benefits is less likely to occur. Furthermore, we present evidence that the probability of tunnelling, through related-party transactions, is larger in firms with more insider ownership. The positive relation between insider ownership holds even after excluding firms that deviate from the one-share-one-vote principle and firms with cross-ownership. We conclude that bondholders anticipate that greater insider ownership facilitates consumption of private benefits, with implications for the valuation of corporate debt around the world.
Author : Elida Maia-Ramires
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Ownership Structure and Diversification in a Scenario of Weak Shareholder Protection written by Elida Maia-Ramires and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the influence of ownership concentration and insider ownership on the selection of corporate strategies of diversification in a scenario characterized by poor protection of shareholders' interests. We find evidence of a quadratic relationship between ownership concentration and diversification and a cubic relationship between diversification and insider ownership, which evidence the likeliness of both expropriation and entrenchment phenomena, respectively, in this kind of scenario. It also suggests that sometimes the costs of the principal-principal conflict are more severe than the managers-shareholders conflict. We also uncover that concentrated ownership requires high levels of insider ownership in order to prevent the negative externalities of diversification, a result which could be expected a priori for low shareholder protection countries. Other innovative result shows that entrenchment externalities affect diversification before it erodes firm value, which is also a proof that for low levels of diversification, firm values is still not negatively affected. Additionally, our results show that control mechanisms such as debt, directors' remuneration and the compliance with codes of good practices are negatively related to the level of diversification. All in all, our results confirm the theoretical relevance of the agency theory in explaining the managerial attitudes towards corporate strategy, i.e., diversification. Furthermore, companies located in civil-law countries, characterized by deficiencies in legal shareholder protection, concentrated ownership structures and a higher likeliness of managers being entrenched, should place their emphasis on enhancing the correct functioning of corporate governance mechanisms. In fact, our results corroborate the relevance of these mechanisms to promote firm value maximizing strategies.
Author : Klaus J. Hopt
Publisher : Oxford University Press
ISBN 13 : 9780198268888
Total Pages : 1304 pages
Book Rating : 4.2/5 (688 download)
Download or read book Comparative Corporate Governance written by Klaus J. Hopt and published by Oxford University Press. This book was released on 1998 with total page 1304 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book goes back to a symposium held at the Max Planck Institute for Foreign Private and Private International Law in Hamburg on May 15-17 1997"--P. [v].
Download or read book Essays in Ownership Structure and Corporate Governance written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: These results indicate that insiders are using insider trading as a substitute to cash compensation, and keeping the total direct compensation level less volatile than previous research relied on. This effect is robust to exogenous shock to insider trading return, such as Sarbanes-Oxley Act of 2002. The result suggests the importance to take into account of insider trading profit in context of executive compensation.
Author : Sanjai Bhagat
Publisher : MIT Press
ISBN 13 : 9780262524384
Total Pages : 138 pages
Book Rating : 4.5/5 (243 download)
Download or read book The Econometrics of Corporate Governance Studies written by Sanjai Bhagat and published by MIT Press. This book was released on 2005 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation of the relationships among takeovers, takeover defenses, management turnover, corporate performance, corporate capital structure, and corporate ownership performance.
Author : Laixiang Sun
Publisher : Springer
ISBN 13 : 1403943907
Total Pages : 275 pages
Book Rating : 4.4/5 (39 download)
Download or read book Ownership and Governance of Enterprises written by Laixiang Sun and published by Springer. This book was released on 2003-10-16 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
