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Ownership Structure Corporate Governance And Firm Value
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Book Synopsis Ownership Structure, Corporate Governance, and Firm Value by : Karl V. Lins
Download or read book Ownership Structure, Corporate Governance, and Firm Value written by Karl V. Lins and published by . This book was released on 2003 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effect of ownership structure on firm value during the East Asian financial crisis that began in July 1997. The crisis represents a negative shock to the investment opportunities of firms in these markets that raises the incentives of controlling shareholders to expropriate minority shareholders. Moreover, the large separation between cash flow and control rights that often arise from the use of pyramidal ownership structures and cross-holdings in these markets suggests that insiders have both the incentive and the ability to engage in expropriation. Using data from over 800 firms in eight East Asian countries, we find evidence consistent with this view. Tobin's Q ratios of those firms in which minority shareholders are potentially most subject to expropriation decline twelve percent more than Q ratios in other firms during the crisis period. A similar result holds for stock returns - firms in which minority shareholders are most likely to experience expropriation underperform other firms by about nine percent per year during the crisis period. Further, during the pre-crisis period we find no evidence that firms with a separation between cash flow rights and control rights exhibit performance changes different from firms with no such separation. All of these results are robust to controls for country and industry effects, as well as proxies for differences in risk across firms and the strength of the country's legal institutions. The evidence indicates that corporate ownership structure plays an important role in determining the incentives of insiders to expropriate minority shareholders during the times of declining investment opportunities. Our results add to the literature that examines the link between ownership structure and firm performance and provide additional guidance to policymakers engaged in the ongoing debate about the proper role and design of corporate governance features and legal institutions in developing economies.
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 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, Corporate Governance, and Firm Value by : Michael Lemmon
Download or read book Ownership Structure, Corporate Governance, and Firm Value written by Michael Lemmon and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 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 The Board of Directors by : Ettore Croci
Download or read book The Board of Directors written by Ettore Croci and published by Springer. This book was released on 2018-12-04 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Boards of directors are a central feature of any corporate governance regime. The role of directors and how they affect firm value and policies is examined in depth in academic literature. However, it is easy to get both lost and overwhelmed when searching through the literature review that investigates several characteristics, often one at the time. This book provides a careful and concise look at corporate finance literature, specifically with regard to the board of directors, summarizing the main findings and reconciling them. This book documents the pros and cons associated with the various attributes of the board and the directors as found in the current literature and provides sections geared specifically to practitioners in this space, as well, allowing for a better and more comprehensive description of this important corporate governance mechanism. The resulting book aims to facilitate the interpretation of changes in corporate governance through the lens of the recent academic literature.
Book Synopsis Managing Technology for Global Competitiveness by : Epictetus E. Patalinghug
Download or read book Managing Technology for Global Competitiveness written by Epictetus E. Patalinghug and published by . This book was released on 2000 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 Liquidity, Ownership Concentration, Corporate Governance, and Firm Value by : Panu Prommin
Download or read book Liquidity, Ownership Concentration, Corporate Governance, and Firm Value written by Panu Prommin and published by . This book was released on 2016 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the interactions among ownership structure, liquidity, and corporate governance in an important emerging market. The results suggest that firms with more concentrated ownership experience significantly lower stock liquidity. Large shareholders are assumed to possess private information, leading to information asymmetry and thus a higher adverse selection cost. As a result, higher ownership concentration is associated with less liquidity. Nevertheless, there is no evidence that corporate governance plays a significant role in the relationship between ownership and liquidity in Thailand.
Book Synopsis Corporate Governance Mechanisms and Firm Performance by : Shveta Singh
Download or read book Corporate Governance Mechanisms and Firm Performance written by Shveta Singh and published by Springer Nature. This book was released on 2022-05-12 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book begins by analysing the various corporate governance mechanisms explored in the extant literature and determining their effectiveness in enhancing the firm value using multivariate analysis. The findings are of global relevance as the corporate governance regulations of most countries focus on independent directors as the mainstay of good governance. The empirical evidence from the first objective of this study corroborates the claim that independent directors do not strengthen the firms’ governance quality. The book is one of the few works to have analysed the possible reasons behind the ineffectiveness of the independent directors. Also, in view of the famous concept of the bundle of governance mechanisms, it might be possible that the independent directors strengthen the firms’ governance quality indirectly by strengthening other governance mechanisms. This aspect too has little precedence. This study adopts a novel moderation and mediation approach to analyse the monitoring behaviour of independent directors in relation to other governance mechanisms. The work is a must read for corporate players as well as researchers and scholars studying this discipline.
Book Synopsis Does Corporate Governance Affect Firm Value? by : Sebastian Schilling
Download or read book Does Corporate Governance Affect Firm Value? written by Sebastian Schilling and published by diplom.de. This book was released on 2003-05-27 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: This thesis provides evidence that companies showing stronger corporate governance performance are on average also valued higher in terms of Tobin s q. This evidence is found using a dataset of 242 of Europe s largest corporations listed in the FTSE Eurotop 300 index. For each of these corporations, a dataset of over 300 corporate governance rating variables is analysed to establish a detailed overview of a firm s corporate governance performance. These 300 rating variables result out of a corporate governance standard established by an independent rating agency in cooperation with the largest European institutional investors and in reference to the respective national corporate governance codes of the companies in the sample. The final regression model containing independent score components for Corporate Governance performance and financial performance proxied by ROA represents an R square adjusted of 42 per cent, thereby making the model and the inherent coefficients highly representative. The coefficient of the corporate governance score component suggests that, ceteris paribus, a one point increase in the value of the score component leads on average to a 0.3 point increase in Tobin s q. The statistical findings are tested in depth for their practical validity in the subsequent Interview with the DWS Investment Group. Inhaltsverzeichnis:Table of Contents: Abstractiii 1.Introduction1 2.An Introduction to Corporate Governance6 2.1The Agency Problem6 2.1.1Transaction Conditions8 2.1.2Incentive Mechanisms10 2.1.3Economic Importance11 2.1.4Intermediate Conclusion12 2.2The Stakeholder Impact on Corporate Governance12 2.2.1Corporate Governance, contractual governance, and work governance13 2.3Culture, ownership concentration and law15 2.4Corporate Governance: A Definition18 3.The Corporate Governance Rating Framework20 3.1Rights and Duties of Shareholders20 3.1.1Academic Review21 3.1.2Key Criteria and Best Practice Recommendations21 3.1.3Code Review24 3.2Range of Takeover Defenses24 3.2.1Academic Review24 3.2.2Key Criteria and Best Practice Recommendations25 3.2.3Codes26 3.3Disclosure on Corporate Governance27 3.3.1Academic Review27 3.3.2Key Criteria and Best Practice Recommendations28 3.3.3Code Review30 3.4Board Structure and Functioning31 3.5Conclusion36 4.Statistical Analysis38 4.1Data39 4.1.1Corporate Governance Rating Data39 4.1.2Financial Data39 4.1.3Analysis of Omission [...]
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 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 Corporate Governance and Sustainability by : Suzanne Benn
Download or read book Corporate Governance and Sustainability written by Suzanne Benn and published by Routledge. This book was released on 2013-01-11 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, as corporations and governments have increasingly been confronted with managing the expectations of a society newly alerted to the social and environmental risks of economic development, recognition is dawning that achieving a sustainable world is dependent upon the democratic management and equitable distribution of these risks for now, and for the future. This book, the first to explore the themes of corporate governance and sustainability, argues that a better system of governance on a number of levels holds the key. Contributed to and edited by a distinguished international team, this book recognizes the complex and contested nature of both sustainability and governance, and that these key concepts have been redefined considerably over time. As sustainability poses new and major challenges for the theory and practice of corporate governance, this book, ideal for postgraduate students of business and management, identifies and addresses these challenges.
