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Ownership Structure And Firm Value
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Book Synopsis Does Ownership Structure Influence Firm Value? Evidence from India by : Jayesh Kumar
Download or read book Does Ownership Structure Influence Firm Value? Evidence from India written by Jayesh Kumar and published by . This book was released on 2012 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance deals with the issue of how the suppliers of finance to various corporations assure themselves of getting a return on their investment. Several Studies have examined the relationship between ownership structure and firm performance. Using different data samples from different countries, most of the studies provide evidence that ownership in uence firm performance. This study examines empirically the effects of ownership structure on the firm performance for a panel of Indian corporate firms, from an 'agency perspective'. We examine the effect of interactions between corporate, foreign, institutional, and managerial ownership on firm performance. Using panel data framework, we show that a large fraction of cross-sectional variation, in firm performance, found in several studies, can be explained by unobserved firm heterogeneity. We also provide some evidence that the shareholding by institutional investors and managers affect firm performance, after controlling for observed firm characteristics and unobserved firm heterogeneity and the effect is non-linear.
Book Synopsis Ownership Structure and Firm Value by : Soodong Kim
Download or read book Ownership Structure and Firm Value written by Soodong Kim and published by . This book was released on 2005 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Firm Value by : Paolo Saona Hoffmann
Download or read book Firm Value written by Paolo Saona Hoffmann and published by BoD – Books on Demand. This book was released on 2018-08-01 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume aims to discuss the most contemporary state of the determinants of the firm value. This book presents theoretical works as well as empirical studies that contrast the arguments offered by the leading, ground-breaking theories on the firm value. What variables determine the firm value? Are these determinants controllable or uncontrollable by the managers of the companies? Is the impact of corporate governance systems on the firm value symmetrical between different institutional contexts? Do the financial reports affect the value of the firm? What role does corporate social responsibility play as a determinant of the firm value? These and other questions are analyzed and scrutinized step by step throughout this book.
Book Synopsis How Does Ownership Structure Affect Firm Value? A Comparison Using Different Corporate Governance Systems by : Alberto de Miguel
Download or read book How Does Ownership Structure Affect Firm Value? A Comparison Using Different Corporate Governance Systems written by Alberto de Miguel and published by . This book was released on 2009 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm value. Our study gives rise to the following findings. First, ownership concentration and insider ownership levels are determined by several institutional features such as investor protection, development of capital markets, activity of the market for corporate control, and effectiveness of boards. Second, the relationship between ownership concentration and firm value is not directly affected by these institutional factors. Third, there is, however, a direct influence of corporate governance characteristics on the relationship between insider ownership and firm value.
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 2022-01-24 with total page 132 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 Ownership Structure and Investor Protection by : Marco Klapper
Download or read book Ownership Structure and Investor Protection written by Marco Klapper and published by GRIN Verlag. This book was released on 2012-06-22 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2012 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, University of Tubingen, language: English, abstract: It is the purpose of this paper to examine to what extent ownership structure can alleviate the agency problem and limit managerial expropriation of small shareholders. Since stock options and other forms of equity are frequently used as compensation for managers, special emphasis is placed on the question of how managerial ownership can affect agency costs and firm value. To evaluate the impact of ownership patterns on shareholder value, this paper surveys and reinterprets scientific advances in the corporate governance literature. A significant part of the analysis covers the interrelation of inside ownership, corporate policies, and shareholder value; as well as the role of endogeneity.
Book Synopsis Ownership Structure and Firm Value for Firms in Financial Distress by : Shelly Eldridge Webb
Download or read book Ownership Structure and Firm Value for Firms in Financial Distress written by Shelly Eldridge Webb and published by . This book was released on 19?? with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does Ownership Structure Affect Firm Value? Evidence from the Egyptian Stock Market by : Dr. Shahira F. Abdel Shahid
Download or read book Does Ownership Structure Affect Firm Value? Evidence from the Egyptian Stock Market written by Dr. Shahira F. Abdel Shahid and published by . This book was released on 2003 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance addresses the checks and balances placed in the system to prevent abuse of power. Such power may reside in a Chief Executive Officer, if ownership of a company is widely dispersed (as in the case of US or UK) or it may rest in the hands of an individual or a group(s) with controlling shareholding as more happens in markets dominated by family ownership. Thus, who owns the firm's equity and how does ownership affect firm value has been a topic investigated by researchers for decades. Thus, the impact of ownership structure on firm performance has been widely tackled in various developed markets and more recently in emerging markets, but was not addressed before, in Egypt. The paper aims to explore if there are dominant certain types of owners of actively listed and traded companies on Cairo amp; Alexandria Stock Exchanges. Further, it investigates whether the ownership type affects some key accounting and market performance indicators of listed firms. The 90 most actively listed companies on CASE, that constitute the bulk of trading, were chosen to constitute the sample of the study as of end of 2000. The findings indicate the presence of highly concentrated ownership structure in the Egyptian market. The results of the regression analyses indicate that the dispersed ownership percentage influences certain dimensions of accounting performance indicators (i.e. ROA and ROE) but not stock market performance indicators (i.e. P/E and P/BV ratios), which indicate that there might be other factors (economic, political, contextual) affecting firms performance other than ownership structure, which supports the findings of Heracleous (2001) that researches must develop methodologies that can account for multiple, systemic and multi-directional influences on firm performance and avoid models that attempt to correlate only one element such as ownership structure with firm performance.
Book Synopsis OWNERSHIP STRUCTURE. CORPORATE GOVERNANCE, AND FIRM VALUE: EVIDENCE FROM THE EAST ASIAN FINANCIAL CISIS by : MICHEAL LEMMON AND KARL LINS
Download or read book OWNERSHIP STRUCTURE. CORPORATE GOVERNANCE, AND FIRM VALUE: EVIDENCE FROM THE EAST ASIAN FINANCIAL CISIS written by MICHEAL LEMMON AND KARL LINS and published by . This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Ownership Structure and the Firm Value by : Cheol S. Eun
Download or read book International Ownership Structure and the Firm Value written by Cheol S. Eun and published by . This book was released on 1996 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ownership Structure and Firm Value by : Florian M. Muenkel
Download or read book Ownership Structure and Firm Value written by Florian M. Muenkel and published by . This book was released on 2014 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first chapter I investigate the effect of the dispersion of institutional shareholders on firm value. By using mergers of institutional investors as exogenous changes to the ownership structure of firms in their portfolios I find that institutional investor monitoring is a complement to monitoring by other institutional investors. Concentration of institutional ownership is negatively related to firm value. The average cumulative abnormal return over an 11-day window around the merger announcement is 69 basis points lower for firms that experience an increase in institutional ownership concentration than for firms whose ownership structure is unaffected. My findings are consistent with Edmans and Manso (2011) which shows that multiple small shareholders can be more effective monitors than few large shareholders. Besides shedding light on the relation between institutional ownership and firm value my results have implications on the use of institutional ownership variables in corporate governance research, in general. The second chapter is joint work with my co-authors Henrik Cronqvist and Stephan Siegel. We investigate the question of what explains variation across individuals in homeownership and home location choices. We address this question by decomposing the variation in individuals' choices into (i) a genetic factor, (ii) parental influence, and (iii) individual-specific environmental factors. We find that variation across individuals in their decisions to own or rent has a strong genetic component, while parental influence seems to not affect that choice once we control for socioeconomic characteristics. Furthermore, conditional on homeownership, the amount of housing individuals consume is also attributable to important genetic factors. Our findings contribute to a deeper understanding of the factors that explain individual behavior with respect to the housing market, and add to an expanding literature on the biological and genetic factors that influence individuals' economic and financial decisions.
Book Synopsis choice of ownership structure and firm performance by : derek c. jones, panu kalmi and niels mygind
Download or read book choice of ownership structure and firm performance written by derek c. jones, panu kalmi and niels mygind and published by . This book was released on 2003 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Impacts of Political Connections and Ownership Structure on Firm Value by : Yu Chun Wang
Download or read book Impacts of Political Connections and Ownership Structure on Firm Value written by Yu Chun Wang and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Family Firms in Latin America by : Claudio G. Müller
Download or read book Family Firms in Latin America written by Claudio G. Müller and published by Routledge. This book was released on 2018-09-03 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is one of the first books of its kind to highlight family firms in a Latin American context, helping students to understand the distinctive nature and challenges of Latin American family businesses and how these issues compare to family businesses around the world. Building on their experience in teaching, research, speaking, and consulting on the subject of family firms in Latin America, the editors explain the need to implement and adapt traditional frameworks in the changing Latin American reality. Each section provides background on the most important topics in the management of family firms, including strategy, entrepreneurship, and performance, followed by illustrative cases and a discussion of how this knowledge is similar to or different from other parts of the world. The book’s clear writing and in-depth approach will appeal to undergraduate and graduate students of international business, business in Latin America, and family business.
Book Synopsis Ownership Structure and Firm Value by : Saikat Sovan Deb
Download or read book Ownership Structure and Firm Value written by Saikat Sovan Deb and published by . This book was released on 2006 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we investigate the relationship between ownership structure and value in Indian firms by testing for quot;Monitoring and Expropriationquot; hypothesis, as well as quot;Convergence of Interestquot; and quot;Entrenchment hypothesisquot;. This study provides evidences in support of monitoring hypothesis. But we could not find any evidence in support of expropriation hypothesis. This paper reports evidence in support of both quot;convergence of interestquot; and quot;entrenchment hypothesisquot;. We find that though there is no evidence of quot;Expropriationquot; by significant shareholders in Indian firms but at a certain range of insider ownership, Indian managers get entrenched and firm value gets affected negatively.
Book Synopsis Ownership Structure, Related Party Transactions, and Firm Valuation by : Amrinder Khosa
Download or read book Ownership Structure, Related Party Transactions, and Firm Valuation written by Amrinder Khosa and published by Cambridge University Press. This book was released on 2019-03-21 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Concentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for the expropriation of minority shareholders. While more concentrated direct ownership of controlling families results in a higher market value of equity, indirect ownership obtained through cross-holding provides incentives to extract private benefits and results in value loss. This finding requires the prompt attention of regulatory bodies, outside investors and other interested parties. This book examines the effect of ownership structure and disclosure of related-party transactions on firm valuation of group-affiliated firms in India, by using a sample of 317 listed firms comprising 1350 firm-year observations from 2008 to 2017. Well-accepted value-relevance models are employed to examine the effect of ownership rights on market value of equity and valuation effect of RP trading, asset transfer, investment and loan transactions.
Book Synopsis Ownership Structure, Firm Value and Investment Opportunities Set by : Juan Manuel San Martín-Reyna
Download or read book Ownership Structure, Firm Value and Investment Opportunities Set written by Juan Manuel San Martín-Reyna and published by . This book was released on 2013 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the influence of ownership, board of directors, and financial leverage on companies' performance when these either face, or do not face, profitable growth opportunities. Towards that end we examined a sample of 83 listed Mexican firms during the period 2005-2011. The results confirm the relevance of debt and board of directors in terms of firm market value by showing a negative relationship between performance and both, board of directors and leverage, in the presence of growth opportunities. In contrast, the relationship between debt and performance becomes positive when firms have no profitable investment projects. The results also demonstrate that the relevance of controlling shareholders on firm value is different when firms have or not growth opportunities. Therefore, our results show that ownership structure, composition and size of board and the level of leverage play a dual role on performance (increase or decrease the firm value) and determine whether the firms have profitable investment projects.
