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The Relationship Between Corporate Governance Practices And Firm Performance In The Junior Canadian Life Sciences Sector
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Book Synopsis The Relationship Between Corporate Governance Practices and Firm Performance in the Junior Canadian Life Sciences Sector by : Robyn Cook
Download or read book The Relationship Between Corporate Governance Practices and Firm Performance in the Junior Canadian Life Sciences Sector written by Robyn Cook and published by . This book was released on 2013 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance and Performance by : Aji Jacob
Download or read book Corporate Governance and Performance written by Aji Jacob and published by . This book was released on 2010 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Following the episodes of WorldCom, Enron, Parmalat, Lehman Brother, Nortel (in Canada), corporate governance and its impact on shareholder value has been brought into the forefront of the debate. Studies on the relationship between corporate governance and the performance of firms to date suggest a positive association between corporate governance and various measures of performance of companies. Unlike the widely dispersed ownership in countries like United States and United Kingdom, the ownership of companies in Canada is concentrated a controlling shareholder (usually a wealthy family) owns majority of the equity and ownership of firms. In Canada studies on the relationship between corporate governance and various performance indicators of firms are mixed. The present study examines the relationship between corporate governance and firm performance in Canada using financial performance data of 152 firms in 2009 and corporate governance ranking of those firms. The empirical results based on regression (ordinary least squares) showed that an overall corporate governance variable has a positive impact on firm's performance in Canada. These results are invariant to the choice of firm performance indicators like Return on Asset (ROA) and Return on Equity (ROE). These results are broadly in conformity with earlier studies (although there were mixed results in earlier empirical investigation). These results are also interesting given the fact that Canadian ownership structure is more concentrated. Most of the Canadian companies are listed also in US markets and that provides impetus for corporate governance practices to be implemented in Canada as well. Given these facts, the empirical results are not surprising. Apart from these facts, these results are based on data set of 152 Canadian companies for 2009 only; there is need for more empirical verification and calibration. But that is beyond the scope of the present study due to constraint of resources and time."--P.iii-iv.
Book Synopsis Corporate Governance & Organization Life Cycle by :
Download or read book Corporate Governance & Organization Life Cycle written by and published by Cambria Press. This book was released on with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Governance Structure, Corporate Decision-making and Firm Performance in North America by : Ponugoti Someshwar Rao
Download or read book Governance Structure, Corporate Decision-making and Firm Performance in North America written by Ponugoti Someshwar Rao and published by . This book was released on 1996 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent upsurge of interest in corporate governance issues in Canada and other industrial countries is a reflection of the recognition of the rising importance of corporate governance for strong economic performance of firms and nations. The corporate governance debate in Canada and other countries to date, however, has mainly concentrated on the role of the board of directors in ensuring shareholders' interests and the minimization of agency costs. This document specifically looks at governance structure, corporate decision-making and firm performance in North America. Topics covered are: the governance systems in Canada and the United States; analytical framework; and, empirical results.
Book Synopsis Corporate Governance Mechanisms and Small-cap Firm Performance by : Catherine Kelly
Download or read book Corporate Governance Mechanisms and Small-cap Firm Performance written by Catherine Kelly and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Identifying corporate governance mechanisms to improve firm performance has been at the forefront of policy discussion and research in recent years. Existing research in this area focuses on U.S. based large capitalisation firms. Although some work has been performed on U.S. small caps, little work has been done in the area of governance of small-caps for other countries. Small-caps merit investigation not merely because of alleged performance attributes as first demonstrated by Banz (1981) but also because they represent the largest contingent of firms listed on the exchange. This study extends the international evidence on small-cap governance to Canada, where unlike the U.S., 'best practice' guidelines are provided, but not mandated, there are two legal systems, and multiple class voting structures, which have been suggested to be inimical to performance, are common. We test for the optimal deployment of four governance mechanisms by estimating a simultaneous equation system linking these mechanisms to firm performance, using recent data. The results confirm the interdependence of governance mechanisms and firm performance. CEO ownership and shareholder rights are shown to determine board independence while CEO ownership is shown to depend on the extent of shareholder rights and whether she is also chairperson of the board. When taking endogeneity into account, we find Canadian small-cap firms appear to over utilise debt as a control mechanism. No robustly significant discount is observed for Quebec firms, or for those with multiple voting class shares; we do, however, note a premium for U.S. cross-listing.
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 A Configurational Approach for Exploring Corporate Governance Practices and Firm Performance in Different Organizational Life Cycles by : Hala Amin
Download or read book A Configurational Approach for Exploring Corporate Governance Practices and Firm Performance in Different Organizational Life Cycles written by Hala Amin and published by . This book was released on 2018 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores corporate governance practices in different organizational life cycles that can lead firms' better performance. We propose a configurational approach to explore how different causal conditional effects are interdependent in explaining firms' performance. Using fuzzy-set qualitative comparative analysis, we find that no single causal condition is sufficient for firms achieving high performance. Instead ownership structure and the role of board of directors (in combination with country specific factors' strength of formal institutions) configurational conditions that lead firms' higher performance amongst different organizational life cycles. Moreover, the causal factors configure in different ways for firms growth, maturity and declining trends. This study demonstrates the value of using a configurational analytical approach to explore both the firm and country specific corporate governance practices (together) that engage firms to achieve the desired level of performance.
Book Synopsis Corporate Governance and Its Effect on the Performance on Family and Non-family Companies Listed on the Cyprus Stock Exchange by : Andreas K. Georgiou
Download or read book Corporate Governance and Its Effect on the Performance on Family and Non-family Companies Listed on the Cyprus Stock Exchange written by Andreas K. Georgiou and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The main aim of this research is to investigate the relationship between corporate governance and performance of firms operating in Cyprus and to apply these findings to a private university in Cyprus, namely the Frederick University of Cyprus (thereafter FUCy). The main objective of the research is to apply the research findings to the improvement of course programmes in accounting and finance and business administration. The research focuses on firms operating in Cyprus. However this research is supported by overseas research in the area. In contrast to most previous studies it was found that family firms (thereafter FFs) have a negative impact on firm performance however the results of the study provide significant evidence that the implementation of corporate governance mechanisms by FFs can lead to performance benefits. It was found that FFs that operate in markets where there is full compliance with the CGC have a positive impact on firm values. Ensuring more effective corporate governance practices and adequate information disclosure are likely to increase the confidence of investors in the firm and make the FFs less risky to invest in. This will result in lower costs of capital and higher firm values as a result. Furthermore, the results of this study generally suggest that the adoption of corporate governance mechanisms has some important implications for FFs in the CSE. Corporate governance can greatly assist the FF sector via the introduction of better management practices and greater opportunities for growth through the utilisation of non-executive directors. Effective corporate governance mechanisms are likely to result in boards exerting much needed pressure for improved performance by ensuring that the interests of the firms are served. Empirical evidence also shows differences in the effect of corporate governance mechanisms for firms operating in the Alternative Market compared to the Main and Parallel Markets. For firms in the Alternative Market, a market with low corporate governance standards, the effect of several corporate governance variables was significant. For firms operating in AM, it was found that leverage and board size had a significant negative impact on Tobin's Q value, in contrast to the firms operating in the MM & PM. In addition, the number of meetings, insider ownership and the presence of audit committees plays a more important positive role in the AM compared to MM&PM. Substantial differences between markets are also shown for the relationship of corporate governance factors and ROA. However in contrast to this there is significant evidence from the perception of CSE managers that the benefits of corporate governance are not fully understood. Further to this there is also evidence of a lack of corporate governance education to students on accounting and finance and business administration degree programs in Cyprus. This evidence is based on data received from a sample of students and faculty interviews at FUCy, one of three private universities operating in the Republic of Cyprus. The main recommendation of the research is that a new module be introduced for both the accounting and finance and business administration degrees to meet the increasing need for corporate governance education. This will meet the needs of the Cyprus business world where the role of corporate governance in business is increasing. This module will cover the main aspects concerning corporate governance. It should be mentioned that in recent years major professional accounting bodies have increased the coverage of corporate governance in their courses and their syllabi. This addition will result in benefits to the students and improvements in the relevant degree programmes. The research is divided into seven chapters. Chapter 1 is an introduction concerning the research area. Chapter 2 outlines the research statement, objectives, theoretical background and literature review on the subject. Chapter 3 outlines the methodology of the research whereas Chapter 4 outlines the actual project activity and what helped and hindered the activity. Chapter 5 provides an analysis of the findings of the research whereas Chapter 6 provides the conclusions, suggestions for future research and recommendations. Finally chapter 7 is a reflective account of the researcher's personal and professional learning. It also discussed the impact the project has on the various stakeholders.
Book Synopsis Corporate Governance and Firm Performance by : Jonathan Karpoff
Download or read book Corporate Governance and Firm Performance written by Jonathan Karpoff and published by Blackwell Publishing. This book was released on 2000-11-09 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many studies indicate that a company's stock price decreases when the company adds restrictions regarding corporate governance to its charter or bylaws. The authors of this monograph analyzed the effect of 20 different governance provisions and report that companies with the fewest restrictive provisions in their industries have the best industry-adjusted performance.
Book Synopsis An Investigation of the Relationship Between Corporate Governance and Firm Performance by : Jimmy Saravia
Download or read book An Investigation of the Relationship Between Corporate Governance and Firm Performance written by Jimmy Saravia and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance and Performance of Peer Firms by : Gul Rukh
Download or read book Corporate Governance and Performance of Peer Firms written by Gul Rukh and published by . This book was released on 2018-03-21 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project Report from the year 2014 in the subject Business economics - General, grade: A, language: English, abstract: In this study we elaborate the effects of corporate governance practices which recently practiced in Pakistani firms and also examine the relationship among corporate governance mechanisms, capital structure, dividend policy and firm performance. Those researchers who could not find significant link between corporate governance and firm performance suggest that good corporate governance has at least indirect effect on performance. This research attempts to prove that corporate governance effects firm performance directly; relatively it exerts its effects on firm performance through other factors such as capital structure decisions and dividend policy. This research study develops a multilevel model linking corporate governance, capital structure, dividend policy and firm performance then proves it through structural equation modeling (SEM). Corporate governance has been measured and conceptualized through Board Size, Board Composition, CEO Duality, Audit Committee Size and Annual General Meetings. Capital structure has been measured through it standardized proxy that is debt to equity ratio, while dividend policy is measured by dividend payout ratio. Firm performance has measured by two ratios return on assets (ROA) and return on equity (ROE) both are used as accounting and financial measure in the literature review.
Book Synopsis Corporate Governance and Firm Performance by : Jonathan M. Karpoff
Download or read book Corporate Governance and Firm Performance written by Jonathan M. Karpoff and published by . This book was released on 2000 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis "Do Corporate Governance Standards Impact Firm Performance? by : Carlos Pineda
Download or read book "Do Corporate Governance Standards Impact Firm Performance? written by Carlos Pineda and published by . This book was released on 2004 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the relationship between firm performance, as measured by Tobin's q, and the Corporate Governance Index published by the Globe and Mail Report on Business for a sample of Canadian firms over the three year period 2002- 2004. Both annual and pooled data are analyzed. The results suggest that few measured governance variables are important, and the effects depend to some degree on firm ownership. In general, there is no evidence that a comprehensive measure of governance affects performance.
Book Synopsis Essays in Corporate Governance by : Pedram Fardnia
Download or read book Essays in Corporate Governance written by Pedram Fardnia and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is a heavily researched area in the finance literature, with previous studies exploring a multitude of variables that describe a firm's board structure, management, compensation, etc., and how they affect corporate decisions, firm performance, and various other aspects of corporate life. Corporate governance has important implications for nearly all business entities, yet many research questions within the field still remain unaddressed. In the first part of my thesis, I explore the relation between corporate governance practices and shareholder litigation. At the same time, I explore whether firms improve any shortcomings in their governance structure and/or governance practices post-litigation. We find evidence that variables that describe a firm's corporate governance, the compensation of its CEO, as well as the CEO's characteristics have a significant influence on the firm's litigation risk. Our results further show that, after a lawsuit, sued firms tend to improve their corporate governance and the proportion of their independent directors. In summary, our results provide important insights into the role of ex-ante active monitoring (via the board of directors) versus ex-post passive monitoring (via shareholder litigation), and how litigation as a passive monitoring device can cause firms to improve their active monitoring. In another research, I choose the aviation industry and examine the potential effects corporate governance policies may have on the safety record of that industry. Pilot errors and mechanical failures, which are responsible for 75% of all accidents, are, to some extent, preventable because they relate to the way an airline company is managed. My findings reveal that airline safety is significantly affected by a series of firm-level characteristics that describe an airline's governance as well as its financial well-being. In addition, I find that airline safety is affected by a variety of country-level factors that characterize the legal, institutional, and economic environment of a given country, as well as its air transport infrastructure. The results of this study have important policy implications for both the airline industry and regulators. To allocate resources more efficiently, regulators may find it beneficial to focus their supervision on airlines with poor governance practices as well as airlines that are in financial distress.
Book Synopsis A Cross-national Study of Corporate Governance, Strategy and Firm Performance by : Eric R. Gedajlovic
Download or read book A Cross-national Study of Corporate Governance, Strategy and Firm Performance written by Eric R. Gedajlovic and published by . This book was released on 1993 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using pooled-cross-sectional data spanning the 1985-1990 fiscal years of 1030 firms, this dissertation examines the relationship between ownership concentration, strategy and firm performance within, and across the Canadian, French, German, U.K. and U.S. national contexts.
Book Synopsis Challenges in Implementing Corporate Governance by : John Zinkin
Download or read book Challenges in Implementing Corporate Governance written by John Zinkin and published by John Wiley & Sons. This book was released on 2011-11-08 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: "John Zinkin's new book on Challenges in Implementing Corporate Governance is a welcome addition for board members and senior management on how to improve corporate governance in the post-crisis period. John correctly identifies that most boards on underperforming companies have three elements of failure: a lack of proper understanding of the business and its strategy; a total lack of appreciation of both the strategic and systemic risks created by new product markets; and a total failure by boards to ensure that the incentive structures for top management reflect long-term needs rather than short-term profits, thereby putting the company's future at risk. John has written a useful and practical handbook that is a must read for all board members on how to improve corporate governance." —Datuk Seri Panglima Andrew Sheng, Chief Adviser, China Banking Regulatory Commission and the Boards of the Qatar Financial Centre Regulatory Authority , Sime Darby Berhad and Khazanah Nasional "This timely book will interest those wanting to improve corporate governance and risk management. It should also appeal to anyone curious about what caused banks to fail in a number of markets in recent times, and the values which led to this failure. In considering principles which are essential to good governance, ACCA recognizes that corporate governance evolves and improves over time. We accept that organizations in different sectors and across the world operate in diverse environments in terms of culture, regulation, legislation and enforcement. What is appropriate, in terms of governance, for one type of organization will not be appropriate to all organizations. John Zinkin’s book seeks to address this challenge, analyzing the essential cultural and behavioral issues which sit at the heart of the challenges." —Paul Moxey, Head of Risk Management and Corporate Governance, Association of Chartered Certified Accountants "A scholarly combination of practical guidelines and strategic vision." —Lady Sylvia Jay CBE, Vice-Chairman, L'Oreal UK; Independent Director, Alcatel-Lucent, Compagnie de Saint Gobain, Lazard Limited and Carrefour "This is a highly topical and timely publication. Globally, the crisis that has gripped the financial services sector following the failure of well known global banks in recent years has focused attention on corporate governance. To restore confidence in the financial services sector is a long-term goal and effective corporate governance, together with the closely associated topic of risk management, has gripped not only governments and banks, but the public too. In this book, John Zinkin clearly asserts that financial institutions need to exert their responsibilities beyond their shareholders and far more into the wider group of stakeholders, including employees and wider society. In considering issues globally, John provides a book that is not only thought-provoking but pragmatic and useful at a time when stakeholders in our banks need to see real change in transparent, practical ways from those charged with governing our banks." —Ruth Martin, Managing Director, The Chartered Institute of Securities and Investment
Book Synopsis Corporate Governance and Firm Performance in Indian Pharmaceutical Sector by : Akshita Arora
Download or read book Corporate Governance and Firm Performance in Indian Pharmaceutical Sector written by Akshita Arora and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance has received a lot of attention in India because of the scandals that have taken place in the corporate world in the last two decades. Investors are also concerned over the relationship between corporate governance and performance indicators. In this context, our study empirically examines the impact of corporate governance on firm performance for Indian firms for the period 2001-2010. We utilize a range of measures of corporate governance including board size, outside directors, number of meetings held and firm performance variables covering both market-based and financial indicators. For empirical analysis, different specifications like fixed effects and simultaneous equation method have been employed for the robustness of the results. Findings of the analysis suggest that corporate governance has a significant impact on firm performance.
