Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Ownership Concentration And Corporate Governance Practices Substitution Or Expropriation Effects
Download Ownership Concentration And Corporate Governance Practices Substitution Or Expropriation Effects full books in PDF, epub, and Kindle. Read online Ownership Concentration And Corporate Governance Practices Substitution Or Expropriation Effects ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author :Bozec, Richard Publisher :School of Management, University of Ottawa = École de gestion, Université d'Ottawa ISBN 13 : Total Pages :41 pages Book Rating :4.:/5 (3 download)
Book Synopsis Ownership Concentration and Corporate Governance Practices : Substitution Or Expropriation Effects? by : Bozec, Richard
Download or read book Ownership Concentration and Corporate Governance Practices : Substitution Or Expropriation Effects? written by Bozec, Richard and published by School of Management, University of Ottawa = École de gestion, Université d'Ottawa. This book was released on 2005 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ownership Concentration, Corporate Governance and Disclosure Practices by : Pankaj Madhani
Download or read book Ownership Concentration, Corporate Governance and Disclosure Practices written by Pankaj Madhani and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Ownership concentration is a significant internal governance mechanism in which owners can control and influence the management of the firm to protect their interests. This research focuses on the relationship between ownership concentration and corporate governance and disclosure practices of firms. Accordingly, this study identifies and tests the empirical evidence for such relationship for sample firms listed in Bombay Stock Exchange (BSE) and selected from nine different sectors of the S&P BSE sectoral indices. Indian firms are predominantly of family origin and promoter controlled. This ownership effect provides promoters enough control over the management of the firm. The ownership concentration provides two offsetting effects: substitution effect and expropriation effect. From this perspective, the research explains the principal-agent agency theory as well as principal-principal theory. This research studies ownership concentration in terms of promoters' holding and finds that promoters' holding have a negative but insignificant correlation with corporate governance and disclosure practices of firms. As shareholding patterns in India show a high level of promoters' concentration, it is interesting to see whether external efforts at improving corporate governance would succeed as it happened in economies of dispersed ownership.
Book Synopsis The Complex Relationship of Concentrated Ownership Structures and Corporate Governance by : Vasiliki Stergiou
Download or read book The Complex Relationship of Concentrated Ownership Structures and Corporate Governance written by Vasiliki Stergiou and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Concentrated ownership is perceived as an inefficient form of ownership because it allegedly increases the risk of minority expropriation, which is further exacerbated by the disproportionality of control and cash-flow rights of the controller. This thesis challenges the perception of concentration as a per se inefficient ownership structure. It argues that the 'inefficiency bias' is based on the oversimplified, incorrect assumption that concentration is characterised by the presence of one controlling shareholder and therefore disregards the variety of the forms of concentration. To substantiate this argument, this thesis categorises the forms of concentration based on the identity and number of the controllers and examines their impact on corporate governance. It is shown, that the distinct characteristics of the varieties of shareholders' profiles have an ambivalent impact on corporate governance: Families are strongly committed investors but also prone to extract private benefits of control; the state is inefficient in monitoring but can also be a driver of good corporate governance practices; multiple large shareholders improve internal contestability of control but shareholders' agreements can also be used for minority expropriation. In this context, the effectiveness of the legal framework to mitigate the arising corporate governance problems becomes the key factor which differentiates efficient from inefficient corporate ownership structures. The different corporate governance problems of concentration imply that adapted legal solutions and adequately flexible rules are the prerequisites of effective investor protection. Given the varieties of concentration, legal effectiveness and strong investor protection can therefore only be defined by reference to a given ownership structure. This thesis presents concrete examples of investor protection mechanisms which are adapted to the distinct characteristics of the varieties of concentration: In the case of family and state ownership, effective minority protection takes the form of special minority rights of board-representation; within multiple large blockholdings, shareholders' agreements limit the abuse of the governance rights of majority shareholders. Ultimately, the thesis deals with the implications of this complex interaction between ownership structures and corporate governance which compromise the reliability of indices as a metric of the quality of corporate governance, to the extent that the applied methodology fails to encompass the differences in shareholders' profiles and that a functional approach to the substantive legal analysis preceding the compilation of an index is not adopted.
Book Synopsis Corporate Governance and Contingency Theory by : Abdul Ghofar
Download or read book Corporate Governance and Contingency Theory written by Abdul Ghofar and published by Springer. This book was released on 2014-11-19 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the determinants and effectiveness of corporate governance in an integrated model drawing on contingency theory and employing structural equation modeling (SEM). Business competition as an environmental factor and strategy as an organizational factor are important determinants of corporate governance, while organizational performance and earnings quality are two dimensions of its effectiveness. This book focuses on the relationship between corporate governance and earnings management, and shows that corporate governance is effective in improving earnings quality and reducing accounting and governance risks. The authors also question the relation between corporate governance and company performance and present results of their analysis in this book.
Book Synopsis Substitutability vs. Complementarity Among Corporate Governance Mechanisms by : Diego C. Cueto
Download or read book Substitutability vs. Complementarity Among Corporate Governance Mechanisms written by Diego C. Cueto and published by . This book was released on 2008 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging economies are typically characterized by weak shareholders' protection and highly concentrated ownership structures which are relatively stable over time. With concentrated ownership, the conflict of interests shifts from the principal-agent problem to a dominant shareholders-minority shareholders focus. The conflict of interests between shareholders is characterized as the potential for asset diversion from the firm to dominant shareholders, reducing overall firm value. I analyze the effects of the discrepancy between voting rights and cash-flow rights for dominant shareholders and other governance mechanisms on firm value. Departing from previous literature I propose a detailed analysis of the identity of each shareholder. Voting rights and cash-flow rights are therefore aggregated only at the core of identified business groups. To minimize negative effects of ownership concentration on firm value, Latin-American firms resort to a number of different corporate governance mechanisms that are complements rather than substitutes. I find that while firm value do suffer market discounts due to the separation of ownership and control, blockholders detached from dominant shareholders assume monitoring roles and help curtailing asset expropriation. Although multiple-class shares are common in some countries, firms with a single class of shares are highly valued by market participants. I also find that Latin-American firms are underleveraged and that the benefits and costs imposed by the passing of the Sarbanes-Oxley act in year 2002 have already been incorporate in other governance mechanisms. Beyond the potential large private benefits of control, concentrated ownership may be prescribed in dynamic competitive environments. I explore the motivations for outside investors to take large stakes to finance the firm's activities, facing expropriation, illiquidity and under diversification risks.
Book Synopsis Ethics, Governance and Risk Management in Organizations by : Intan Marzita Saidon
Download or read book Ethics, Governance and Risk Management in Organizations written by Intan Marzita Saidon and published by Springer Nature. This book was released on 2020-04-06 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together research works, ideas, critical reviews and strategic proposals encompassing various ethical and corporate governance issues in workplaces and organizations around the globe. For the most part, organizations are managed by policies, guidelines and systems. Good ethics and solid corporate governance help to tie these three elements together so that an effective and successful organization is established. Alongside corporate governance, ethics play an integral role in ensuring the long term survival of businesses. Multidisciplinary in approach, this book provides a platform for scholars and researchers from various backgrounds and interdisciplinary expertise to showcase their research work, ideas, critical review and strategic proposals on the ethical aspects, governance and risk management issues in organizations. The book includes discussions of ethical issues in a variety of organizations around the globe including the non-profit and non-governmental sector and also provides readers with ideas, guidelines and strategic recommendations for handling such issues.
Book Synopsis Handbook on Hybrid Organisations by : David Billis
Download or read book Handbook on Hybrid Organisations written by David Billis and published by Edward Elgar Publishing. This book was released on 2020-02-28 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hybrid Organisations – that integrate competing organisational principles – have become a preferred means of tackling the complexity of today's societal problems. One familiar set of examples are organisations that combine significant features from market, public and third sector organisations. Many different groundbreaking approaches to hybridity are contained in this Handbook, which brings together a collection of empirical studies from an international body of scholars. The chapters analyse and theorise the position of hybrid organisations and have important implications for theory, practice and policy in a context of proliferating hybrid forms of organisation.
Book Synopsis Dividend Policy and Corporate Governance by : Luis Correia da Silva
Download or read book Dividend Policy and Corporate Governance written by Luis Correia da Silva and published by OUP Oxford. This book was released on 2004-02-26 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.
Book Synopsis Business Challenges in the Changing Economic Landscape - Vol. 1 by : Mehmet Huseyin Bilgin
Download or read book Business Challenges in the Changing Economic Landscape - Vol. 1 written by Mehmet Huseyin Bilgin and published by Springer. This book was released on 2015-10-29 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first of the two volumes featuring selected articles from the 14th Eurasia Business and Economics conference held in Barcelona, Spain, in October 2014. Peer-reviewed articles in this first volume present latest research breakthroughs in the areas of Accounting, Corporate Governance, Finance and Banking, Institutional and International Economics, and Regional Studies. The contributors are both distinguished and young scholars from different parts of the World.
Book Synopsis Impact of Ownership Concentration and Corporate Governance on Sustainability and Stakeholder Risk: An Empirical Analysis of Listed Firms from USA, UK and Germany by : Zahid Irshad Younas
Download or read book Impact of Ownership Concentration and Corporate Governance on Sustainability and Stakeholder Risk: An Empirical Analysis of Listed Firms from USA, UK and Germany written by Zahid Irshad Younas and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Payout Policy by : Harry DeAngelo
Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Book Synopsis Ownership Concentration and Firm Valuation in a Typical Frontier Market by : Nam Tran
Download or read book Ownership Concentration and Firm Valuation in a Typical Frontier Market written by Nam Tran and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the valuation effect of concentrated ownership in a typical frontier market. Using an extensive sample of Vietnamese publicly listed firms, we find that the valuation effect is inconclusive before combined equity holdings reach a certain threshold beyond which market valuation increases exponentially with ownership. The latter log-linear effect can be interpreted as a more profound dominance of the monitoring incentives of large shareholders over the potential expropriation of minority shareholders at higher levels of concentration. Our finding reconciles the seemingly conflicting results of previous studies and contributes to understanding corporate governance practices in frontier markets.
Book Synopsis Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors by : OECD
Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Book Synopsis Generalized Linear Models With Examples in R by : Peter K. Dunn
Download or read book Generalized Linear Models With Examples in R written by Peter K. Dunn and published by Springer. This book was released on 2018-11-10 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook presents an introduction to generalized linear models, complete with real-world data sets and practice problems, making it applicable for both beginning and advanced students of applied statistics. Generalized linear models (GLMs) are powerful tools in applied statistics that extend the ideas of multiple linear regression and analysis of variance to include response variables that are not normally distributed. As such, GLMs can model a wide variety of data types including counts, proportions, and binary outcomes or positive quantities. The book is designed with the student in mind, making it suitable for self-study or a structured course. Beginning with an introduction to linear regression, the book also devotes time to advanced topics not typically included in introductory textbooks. It features chapter introductions and summaries, clear examples, and many practice problems, all carefully designed to balance theory and practice. The text also provides a working knowledge of applied statistical practice through the extensive use of R, which is integrated into the text. Other features include: • Advanced topics such as power variance functions, saddlepoint approximations, likelihood score tests, modified profile likelihood, small-dispersion asymptotics, and randomized quantile residuals • Nearly 100 data sets in the companion R package GLMsData • Examples that are cross-referenced to the companion data set, allowing readers to load the data and follow the analysis in their own R session
Book Synopsis Rethinking Corporate Governance by : Alessio M. Pacces
Download or read book Rethinking Corporate Governance written by Alessio M. Pacces and published by Routledge. This book was released on 2012 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a comparative law and economics approach to the study of corporate governance. It looks at the overall impact of corporate law on separation of ownership and control across different jurisdictions and in doing so reappraises the existing framework for economic analysis of corporate law.
Book Synopsis The American Political Economy by : Jacob S. Hacker
Download or read book The American Political Economy written by Jacob S. Hacker and published by Cambridge University Press. This book was released on 2021-11-11 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing together leading scholars, the book provides a revealing new map of the US political economy in cross-national perspective.
Book Synopsis Investor Protection and Corporate Governance by : Alberto Chong
Download or read book Investor Protection and Corporate Governance written by Alberto Chong and published by World Bank Publications. This book was released on 2007-06-26 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.
