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Author : Michael Lemmon
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (494 download)
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:
Author : Karl V. Lins
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)
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.
Author : MICHEAL LEMMON AND KARL LINS
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.L/5 ( download)
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:
Author : _春燕、_田交_
Publisher : 西南財經大學出版社
ISBN 13 : 7550423482
Total Pages : 161 pages
Book Rating : 4.5/5 (54 download)
Download or read book 公司治理_构与治理机制研究——基于金融危机、股_分置改革的_角 written by _春燕、_田交_ and published by 西南財經大學出版社. This book was released on 2018-02-28 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: �公司治理__受到__界和__界人士的_泛_注。_有研究_注更多的是西方成熟__体的公司治理__。在新_市__家，_中小股__益的法律保_相比成熟__体有所欠缺，如何_解控股股__中小股__富的侵占__是公司治理的一_重要__。中_公司所有__构高度集中、存在非流通股，容易_生大股__中小股_利益的侵占__。由_春燕、_田交_著的《公司治理_构与治理机制研究--基于金融危机股_分置改革的_角》_用中__据研究公司治理机制如何保_中小股_利益的__。具体__，本_研究了以下三_方面的__：(1)在全球金融危机期_公司治理机制_公司市___的影_；(2)高管更替后公司市___的_期表_；(3)公司_金股利支付与公司所有__构之_的_系。已有文___了中_公司治理_公司__的影_，本_在受到更少治理_量內生性__影_的研究_置下再一次__中_公司治理_公司__的影_。 2007—2009年全球金融危机___公司__是不可__的，采用全球金融危机期_的_据__治理机制_公司__的影_可以避免治理_量的內生性__。研 究__在金融危机前表_差一些的_有企_在金融危机期_反而表_更好了，特_是那些公司所有__构集中和_行__多的_有企_。__果表明集中的_家所有__解了金融危机期__有企_的__困境。_研究___在控制了各种公司特征_量后，管理者持股与有企_金融危机期_的市___呈_著正相__系，表明管理者持股_解了_有企_的委托代理__。最后，___聘用有__的___事_所_任__的公司在全球金危机期___了更少的市___下降。 2005年，_了消除非流通股，中______了股_分置改革，__中_的公司治理_构__了巨大_化。本_分_探究了股_分置改革前后高管更替公司的市___表_，_果表明股_分置改革前高管更替_有改_公司市___，但在股_分置改革完成后，_那些投_者股票回___的公司的高管_行更替后，公司股票__取得了_著改善。_表明在股_分置改革后，公司控股股_有_力去_戒市___表_ 差的公司高管。 本_探究了中_上市公司_金股利支付相_的侵占__，具体研究了股_分置改革前后非流通比例的改_、控股股_持股比例的改_与公司_金股利支付_化的_系。本_研究表明，在中_，由于_中小股_保__不足，加上集中的所有__构，控股股_的_机非常重要。股_分置改革在一定程度上使控股股_与中小股_的利益__一致，但是只要控股股_有_机持有充足的股份以_到他_控制公司的目的，控股股_与中小股_之_的利益_突就不_完全消除。
Author : Sang-Woo Nam
Publisher :
ISBN 13 :
Total Pages : 220 pages
Book Rating : 4.3/5 (91 download)
Download or read book Corporate Governance in Asia written by Sang-Woo Nam and published by . This book was released on 2004 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sidney Leung
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (129 download)
Download or read book Is Concentrated Management Ownership Value Increasing or Decreasing? Evidence in Hong Kong, China During the Asian Financial Crisis written by Sidney Leung and published by . This book was released on 2007 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates the effects of concentrated management (board director) ownership on changes of firm performance (value and ROA) following the Asian Financial Crisis (1997-98), a shock period when corporate governance structures are of greater concern and strongly tested. Our results show that Hong Kong firms with higher concentrated management ownership had less negative returns (better market performance) and smaller decreases in returns on assets (better accounting performance) during the Crisis. We also find more ownership by non-executive directors is value increasing and no evidence that their proportion improves performance. The results are consistent with the convergence of interests theory between controlling and minority shareholders at concentrated levels of management ownership leading to value increases.
Author : Dick K. Nanto
Publisher : DIANE Publishing
ISBN 13 : 1437919847
Total Pages : 127 pages
Book Rating : 4.4/5 (379 download)
Download or read book The Global Financial Crisis written by Dick K. Nanto and published by DIANE Publishing. This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.
Author : Soodong Kim
Publisher :
ISBN 13 :
Total Pages : 194 pages
Book Rating : 4.:/5 (318 download)
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:
Author : Juzhong Zhuang
Publisher :
ISBN 13 :
Total Pages : 102 pages
Book Rating : 4.3/5 (91 download)
Download or read book Corporate Governance and Finance in East Asia: A consolidated report written by Juzhong Zhuang and published by . This book was released on 2000 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Chandrasekhar Krishnamurti
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (129 download)
Download or read book Legal Environment, Firm-Level Corporate Governance and Expropriation of Minority Shareholders in Asia written by Chandrasekhar Krishnamurti and published by . This book was released on 2003 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Claessens, Djankov, and Lang (2000) show that corporate control is substantially enhanced by using pyramid structures and cross-holdings by firms in nine East Asian countries. Claessens, Djankov, Fan, and Lang (1999) (CDFL) provide empirical evidence regarding expropriation arising from the separation of cash flow from voting rights in Asian firms. Their analysis suggests a high degree of expropriation in Indonesia, Philippines and Thailand. We re-examine the problem of expropriation in Asian firms reported by earlier research. We explore firm-level governance-control structure interactions, and control-legal environment interaction for a set of Asian firms for which we are able to obtain relevant data for all the required variables. The major contribution of this paper is that it jointly examines ownership-control structure, firm-level governance and country-level legal protection available to external suppliers of capital. Using post-crisis data, we find a strong country effect in governance. In general, high control firms in countries with weak legal protection have lower firm-level governance scores in general. On the other hand, high control firms, in countries which have a stronger legal protection environment, signal their intention to not expropriate minority shareholders' wealth by voluntarily adopting measures to strengthen their discipline and responsibility scores. Contrary to earlier findings, we do not find a relationship between control-ownership wedge and firm value. Furthermore, we do not find any relation between firm-level governance and firm value as measured by Tobin's Q.
Author : Alberto Chong
Publisher : World Bank Publications
ISBN 13 : 0821369148
Total Pages : 584 pages
Book Rating : 4.8/5 (213 download)
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.
Author : Fabrizio Barca
Publisher : OUP Oxford
ISBN 13 : 0191530050
Total Pages : 354 pages
Book Rating : 4.1/5 (915 download)
Download or read book The Control of Corporate Europe written by Fabrizio Barca and published by OUP Oxford. This book was released on 2001-11-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on the voting control of companies listed on the official markets in Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and, as a benchmark comparison, the United States. The authors record a high concentration of control of corporations in many European countries with single blockholders frequently controlling more than fifty per cent of corporate votes. In contrast, a majority of UK listed companies have no blockholder owning more than ten per cent of shares, and a majority of US listed companies have no blockholder with more than six per cent of shares. Those chapters devoted to individual countries illustrate how blockholders can use legal devices to leverage their voting power over their cash-flow rights, or how incumbents prevent outsiders from gaining voting control. It is shown that the cultural and linguistic diversity of Europe is (almost) matched by its variety of corporate control arrangements.
Author : Amrinder Khosa
Publisher : Cambridge University Press
ISBN 13 : 1108492193
Total Pages : 193 pages
Book Rating : 4.1/5 (84 download)
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 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the effect of ownership structure and the disclosure of related party transactions on the firm valuation of group-affiliated firms in India.
Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 0470877952
Total Pages : 690 pages
Book Rating : 4.4/5 (78 download)
Download or read book Corporate Governance written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2010-08-20 with total page 690 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed look at the importance of corporate governance in today's business world The importance of corporate governance became dramatically clear at the beginning of the twenty-first century as a series of corporate meltdowns from managerial fraud, misconduct, and negligence caused a massive loss of shareholder wealth. As part of the Robert W. Kolb Series in Finance, this book provides a comprehensive view of the shareholder-manager relationship and examines the current state of governance mechanisms in mitigating the principal-agent conflict. This book also offers informed suggestions and predictions about the future direction of corporate governance. Relies on recent research findings to provide guidance through the maze of theories and concepts Uses a structured approach to put corporate governance in perspective Addresses essential issues related to corporate governance including the idea of principal-agent conflict, role of the board of directors, executive compensation, corporate monitoring, proxy contests and corporate takeovers, and regulatory intervention Corporate governance is an essential part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.
Author : Nayan Mitra
Publisher : Springer Nature
ISBN 13 : 303024444X
Total Pages : 254 pages
Book Rating : 4.0/5 (32 download)
Download or read book Mandated Corporate Social Responsibility written by Nayan Mitra and published by Springer Nature. This book was released on 2019-08-28 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the Indian mandate for Corporate Social Responsibility (CSR) and its implementations in various individual organizations. Although the mandate is applicable only to certain large and stable companies, many believe that India is poised to become the birthplace of social, economic and environmental transformation, given the immense size of the Indian population and its challenging socio-economic index. The book explores the various facets of CSR investigation and places special emphasis on the Schedule VII of the Indian Companies Act of 2013, which defines specific areas of intervention for these companies. In addition, it provides a wealth of first-hand case studies that exemplify the ongoing developments and the fundamental challenges and opportunities of mandated CSR.
Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 0857249150
Total Pages : 210 pages
Book Rating : 4.8/5 (572 download)
Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Author : Bernard S. Black
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (129 download)
Download or read book How Corporate Governance Affects Firm Value written by Bernard S. Black and published by . This book was released on 2012 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior work in emerging markets provides evidence of an association between corporate governance and firm market value (based on the trading prices of minority shares), more limited evidence of a causal relationship, but very little evidence on the channels through which governance may affect firm behavior and therefore market value, and whether governance affects only the value of minority shares or also affects overall firm value. We first confirm the association between governance and the market value of Korean public companies in a firm fixed effects framework, using panel data 1998-2004. Firms with higher scores on an overall Korean corporate governance index (KCGI) have higher Tobin's q; this result is driven by the board structure subindex of KCGI and, less strongly, by ownership parity and disclosure subindices. Shareholder rights and board procedure subindices are not significant. We then provide evidence supporting two broad channels: Reduced insider self-dealing, and hence wealth transfer from controllers to outside shareholders; and improved firm performance, and hence higher overall firm value. For self-dealing, we find that for better-governed firms, related party transactions are less adverse to firm value and firm profitability is more sensitive to shocks to industry profitability. For overall firm value; we find that for better-governed firms (i) capital expenditures and sales growth are lower, but investment is more sensitive to profitability; (ii) profitability is more sensitive to growth opportunities; (iii) dividends are higher, controlling for profits, and are more sensitive to profits. In addition, lagged board structure is associated with higher firm profitability. Board structure subindex is associated with all results except those for dividends. A 2SLS analysis (using 1999 legal rules which apply only to large firms to instrument for board structure) offers evidence that the link between board structure and these channels is likely to be causal.
