Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download The Relationship Between Largest Shareholders Ownership And Firm Performance full books in PDF, epub, and Kindle. Read online The Relationship Between Largest Shareholders Ownership And Firm Performance ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : shiyi Ding
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book The Relationship Between Largest Shareholder's Ownership and Firm Performance written by shiyi Ding and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ying Li
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Ownership Structure and Corporate Performance written by Ying Li and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael J. Rubach
Publisher : Routledge
ISBN 13 : 1136535195
Total Pages : 202 pages
Book Rating : 4.1/5 (365 download)
Download or read book The Changing Face of Corporate Ownership written by Michael J. Rubach and published by Routledge. This book was released on 2013-10-28 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the shareholder activism of institutional investors, and the effect of this activism on portfolio performance. By focusing on 118 institutional investors headquartered in the United States, the book is unique in addressing the shareholder activism of a large sample. Institutional shareholder activism is defined to include both traditional mechanisms of influence (i.e. filing shareholder proposals) and relationship investing. Institutional owners included private and public pension funds, mutual funds, bank trusts, insurance companies, endowments, and foundations. These institutional owners differ substantially, and these differences lead institutions to use their ownership power to pursue different philosophies and actions. Some institutions follow a passive governance policy, While others adopt an activist role. This book seeks to answer four questions: (1) Are institutional owners actively involved in the strategic affairs of companies in their portfolios? (2)Which forms of activism do institutional owners employ (either confrontational mechanisms, such as filing shareholder proposals, or relationship building mechanisms)? (3)Which forms of activism employed are most effective? and (4) Does the institutional type affect its pursuit of shareholder activism? In answering these questions the author suggests new important results that in many cases are contrary to what prior reports of the activities by a small number of institutional owners may intimate.
Author : Esra Memili
Publisher : MDPI
ISBN 13 : 3038427810
Total Pages : 174 pages
Book Rating : 4.0/5 (384 download)
Download or read book Performance and Behavior of Family Firms written by Esra Memili and published by MDPI. This book was released on 2018-03-23 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Performance and Behavior of Family Firms" that was published in IJFS
Author : Frank R. Lichtenberg
Publisher : MIT Press
ISBN 13 : 9780262121644
Total Pages : 180 pages
Book Rating : 4.1/5 (216 download)
Download or read book Corporate Takeovers and Productivity written by Frank R. Lichtenberg and published by MIT Press. This book was released on 1992 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this revealing study Frank Lichtenberg uses Census Bureau and other data on hundreds of business transactions during the 1970s and 1980s to examine the effects of changes in corporate control on productivity. The 1980s saw explosive activity in the arena of corporate takeovers. In this revealing study Frank Lichtenberg uses Census Bureau and other data on hundreds of business transactions during the 1970s and 1980s to examine the effects of changes in corporate control on productivity. He concludes that the restructuring of the U.S. economy during the past decade has contributed to higher productivity and increased international competitiveness. Corporate Takeovers and Productivity examines the effects of mergers and acquisitions, in general, and leveraged buyouts, in particular on a number of important, interrelated variables: on the productivity and market share of manufacturing plants, on fixed and R&D investment, on the employment and wages of both blue- and white-collar workers, and on corporate diversification. Among Lichtenberg's findings are that the least productive plants are most likely to change owners - a change that tends to raise productivity performance; that takeovers significantly reduce the employment and wages of white-collar workers (except R&D personnel) but not of blue-collar workers; that industrial consolidation is one source of the productivity gains from takeovers; and that the U.S. LBOs and foreign mergers and acquisitions do not have the same effects as U.S. mergers and acquisitions.
Author : Dilesha Rathnayake
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (13 download)
Download or read book Does Corporate Ownership Matter for Firm Performance? Evidence from Chinese Stock Exchanges written by Dilesha Rathnayake and published by . This book was released on 2019 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of corporate ownership structure and ownership concentration (OC) on the corporate performance of listed firms in China. Ordinary least square and two-stages least squares models are used to capture the relationship between the independent variables and firm performance by considering the possible endogeneity of both performance and ownership variables. The ownership structure variables (executive shares, State shares, legal shares, and Negotiable A-shares) are negatively related with firm performance measured by Tobin's Q ratio. The proportion of state-owned shares and negotiable A-shares are significantly correlated with the firm profitability. Second, the results show that Chinese firm ownership is severely concentrated. The top ten largest shareholders accounted for 60% of the outstanding shares in 2017 and had a strong positive relationship with firm performance. In contrast, the largest shareholder's OC ratio variable has a significant negative relationship with the firm performance.
Author : Hicabi Ersoy
Publisher :
ISBN 13 :
Total Pages : 11 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Relationship Between Corporate Performance and Ownership Structure written by Hicabi Ersoy and published by . This book was released on 2017 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the effects of ownership structure on the performance of the listed companies in BorsaIstanbul Stock Exchange 30 Firms (BIST 30). The main hypothesis of our study is that there is a significant relationship between companies' performances and their ownership structures. The statistical population includes 19 non-financial companies in the period of years between 2008 and 2013. The results show that, the concentration of the large shares of companies one or a few shareholders has a negative effect on related firm's performance.
Author : David L. Kang
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.3/5 ( download)
Download or read book The Impact of Ownership Type on Performance in Public Corporations written by David L. Kang and published by . This book was released on 1998 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study explores how power relationships between large-block shareholders and professional managers affect performance in public corporations. Certain types of shareholders with large ownership stakes are hypothesized to have formal authority, social influence and expertise that enables them to control public corporations, resulting in superior corporate performance. This idea is tested in a study of the U.S. textile industry from 1983-1992, an industry characterized by "transparent" economic conditions and strong social relationships between owners and managers, observed during a highly turbulent time period. Pooled, cross-sectional time series models indicate that controlling for ownership concentration, public corporations with outside-director owners, sustained owners and family owners each enjoy increased firm performance relative to industry competitors. These results suggest that large-block owners are not homogenous and that certain types of owners have a disproportionately large amount of influence in corporate governance.
Author : Mohamad Nur Utomo
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Relationship Between Ownership Concentration, Environmental Performance and Firm Performance Evidence from Indonesia written by Mohamad Nur Utomo and published by . This book was released on 2018 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study the relationships between ownership concentration and environmental performance and firm performance are examined. Companies manufacturing and mining sectors are listed in the Indonesia Stock Exchange as the sample in this study. Environmental performance is measured using Performance Rating Program (PROPER) by the Ministry of Environment and Forestry of the Republic Indonesia. Ownership concentration is measured by the percentage ownership of largest shareholders the first three (at least 5 percent) of the outstanding shares. Firm performance is measured by proxy ROA and Tobins Q. The findings indicate that there is no relationship between ownership concentration and environmental performance. Additionally Ownership concentration positively related to firm performance, and environmental performance is positively related to firm performance (in measurement of Tobins Q but not in ROA). The overall findings support agency theory and legitimacy theory. Environmental performance can be a strategy to increase firm performance.
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264116052
Total Pages : 78 pages
Book Rating : 4.2/5 (641 download)
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.
Author : Eka Anas
Publisher :
ISBN 13 :
Total Pages : 69 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Impact of Ownership Concentration, Structure, and Corporate Governance to the Firm's Performance and Credit Rating written by Eka Anas and published by . This book was released on 2015 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this paper is to provide evidence whether firms with more or less concentrated ownership and better corporate governance will have better performance and enjoy higher credit ratings, as default risk will be reduced. While some theories and empirical studies suggest that ownership structure affects firms' performance, some others suggest there is no such relationship. Also whether the practice of corporate governance is for the appearance of compliance to the regulation only and therefore it does not have positive impact to the shareholders and creditors.This paper investigates the relationship between ownership concentration and structure, governance mechanism and firm performance in Indonesia listed companies for a sample of 271 firms during 2006.The results of the regressions tend to support the above hypothesis. In Indonesia, companies are still dominated by single largest or majority shareholders, with its positive effect that it will minimize the agency cost with the management, thus improves performance.
Author : Limei Che
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (954 download)
Download or read book Governance Structure and Firm Performance in Private Family Firms written by Limei Che and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kurt Hess
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)
Download or read book State Dominant and Non-State Dominant Ownership Concentration and Firm Performance written by Kurt Hess and published by . This book was released on 2008 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relationship between firm ownership structure and performance for a comprehensive sample of Chinese listed firms for the period from 2000 to 2004. We find a convex relationship between state ownership and firm value, i.e. ownership by the state is beneficial at levels above approximately 35% but negative effects on value are observed at lower levels. The main theme of the paper relates to analysis of effects of private block shareholders on value. We examine this issue both in an OLS and 2SLS equation framework which takes account of potential endogeneities in ownership-performance relationship. We find evidence that the presence of large private shareholders at firms with no significant state holdings is detrimental to the performance of these firms.
Author : Dimitris A. Tsouknidis
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Effect of Institutional Ownership on Firm Performance written by Dimitris A. Tsouknidis and published by . This book was released on 2019 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between institutional ownership and firm performance for US listed shipping companies using quarterly 13F reports of institutional holdings over the period 2002 to 2016. Traditionally, public shipping companies exhibit a large concentration of ownership as specific individuals and families hold large percentages of the total shares outstanding. However, institutional investors also hold a substantial percentage of ownership of U.S. listed shipping firms, whose effects on firm performance have not been examined previously in the literature. Results reveal a negative relationship between the percentage of institutional ownership and firm performance, which is primarily attributed to non-strategic rather than strategic institutional investors. This result survives a set of panel data estimators which take into account the presence of dynamic endogeneity in the relationship examined.
Author : Krishna Dayal Pandey
Publisher : Taylor & Francis
ISBN 13 : 1000924971
Total Pages : 135 pages
Book Rating : 4.0/5 (9 download)
Download or read book Capital Structure, Equity Ownership and Corporate Performance written by Krishna Dayal Pandey and published by Taylor & Francis. This book was released on 2023-08-16 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides empirical insights into the relationship between capital and equity-ownership structure of Indian manufacturing companies and their financial performance. It discusses and analyses the basic theories and concepts associated with capital structure, debt financing, levered and unlevered firms, the various forms of ownership, agency problem and its kind and the exploitation of minority owners by the large and largest owners. The study employs a set of the most reliable and suitable econometric estimation techniques to draw meaningful inferences on the Indian manufacturing sector. The novelty of this book lies in three particular aspects: the depth and dimension with which the topic is addressed; the robust empirical evidence that it has produced and the simple and intelligible approach with which it is authored. It communicates the crucial relevance of corporate capital structure and equity-ownership to the moderation of agency relationship and shaping the internal governance mechanism, which ultimately results in increased or decreased operational efficiency and financial performance. It will enable readers to understand whether an increased amount of debt capital would bring about positive results for firms or create an extra burden on the management of their finances, preventing them from taking productive investment decisions due to the threat of liquidation. The book will find an audience among advanced students, scholars and researchers who are interested in understanding the corporate finance practices and governance mechanism of Indian organizations.
Author : Abdella Kormie Dinga
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (757 download)
Download or read book Corporate Ownership and Control Structures and Firm Performance written by Abdella Kormie Dinga and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The research study comprises of two preceding Chapters, three main empirical Parts, and CONCLUSION. The first Chapter, Introduction, presents the overall research objectives and questions of the study based on the existing agency perspectives regarding the issues of control and governance conflicts in modern corporations. The second Chapter, Review of Theoretical Frameworks, presents a brief account of similarities and differences between the existing theoretical frameworks relevant to the control of corporations. The review identified that the agency theory provides powerful testable models and tools that can be used in the investigation of the agency conflicts and the possible solutions that mitigate the governance problems. The three empirical Chapters follow mainly the deductive research approach of making statistical inferences using a sample of major UK listed firms in the FTSE All Share Index for the period 2003-2007. Chapter Three deals with the analysis of the state and trends or evolution of corporate ownership and control structure and some board structures of the UK listed firms. The Chapter has been instrumental in preparing the raw materials of ownership and control structure variables that are used in the succeeding two chapters. Chapter Four deals with the analysis of the relationship between ownership structure and performance using aggregate stake of all identifiable blockholders? categories and all external blockholders in the agency perspective. Chapter Five presents analysis of the relationship among ownership, control structures and firm performance using the structural equations framework in the control dominance-contestability perspective. Finally, the Thesis closes with a Conclusion. In summary, the Theses of this empirical research study suggest the followings. Firstly, there is the prevalence of multiple significant blockholders in the modern listed firms even when share ownership is dispersed. Secondly, in the presence of multiple significant blockholders in the firm, there is a likelihood that the second-type agency conflicts between large shareholders and minority shareholders exists, and that might be the dominant force that determines the possible control configuration even in listed firms with dispersed ownership. Thirdly and finally, the traditional one-equation modelling and their estimations in the methodology of looking into the relationship of separate share ownership categories or accounting for few of the categories might not precisely identify (1) the blockholders? (control forces?) incentives and ability of exerting control over the modern corporations, (2) the problem of endogeneity that might arise in the relationships, and (3) the way significant multiple blockholders interact and share control of the firms. Hence, the use of structural equations modelling and control dominance-contestability perspectives, in which the roles of blockholders structure control forces, internal and external governance mechanisms, and the problems of endogeneity are accounted for might be appropriate to reveal the control configuration of modern listed firms with multiple large blockholders.
Author : JIAYIN. ZHENG
Publisher :
ISBN 13 : 9781361006832
Total Pages : pages
Book Rating : 4.0/5 (68 download)
Download or read book Ownership Structure and Company Performance written by JIAYIN. ZHENG and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Ownership Structure and Company Performance: the Case of Listed Real Estate Companies in Mainland China" by Jiayin, Zheng, 郑嘉吟, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Although Chinese economy has been growing remarkably, the development of the institutional, legal infrastructure and financial system remains a numbers of distinctive characteristics (Allen et al., 2004). One of the unique features is the dominance role of the government as shareholder of corporations, even for those listed on the stock exchange. This paper investigates empirically the impact of this significant characteristic on company performance. In particular, this dissertation presents an empirical study of the relationship between ownership structure and the company performance of listed property companies in China. Previous theoretical and empirical studies suggest government ownership is detrimental to company performance. Estrin and Perotin (1991) propose that corporations with the government as ultimate owner and/or with a large stake of government shareholding may not pursue profit maximization objective since the government tends to focus on its political objectives rather than the economic ones. Consequently, the firm performance in such government-related publicly listed firms will be inferior. Moreover, Shleifer and Vishny (1998) show that private ownership is preferable to state ownership because the government has a 'grabbing hand' that expropriates firm assets for the benefit of politicians and bureaucrats. However, the impact of state ownership on property company performance in China is more complicated and may not be always be negative due to (1) state owned company usually have better access to cheaper credit offered by major state banks; (2) state owned companies may be able to acquire development rights and can go through the development approval process more smoothly; (3) weaker institutions for protecting small investors in Mainland China's as it is still a less developed equity market; (4) the government may have motive to demonstrate the efficiency of companies that the government has a major stake. By separating property companies into two groups according to the place of listing, namely Mainland listed group and Hong Kong listed group, based on a more recent panel data including 170 real estate firms between 2006 and 2011, this dissertation generates several distinctive results. Firstly, tradable ownership concentration has a significant positive effect on firm performance. Secondly, by separating the property companies into two groups, I found an initial positive but non-linear impact of state ownership on firm performance in Mainland listed property companies; whereas an initial negative but non-linear impact is found in those listed in Hong Kong. However, when the state's stake of shares is relative large, the positive impact outweighs the negative impact in Mainland China. This is because the investor protection rules and regulations and their enforcement are relatively weak in Mainland China, the government shareholder can act as private block-holder and provide effective monitor on management in solving the traditional agency problems. This is not the case in Hong Kong where the market is more transparent and the interests of small investors are better protected. When the state owns a sufficiently large percentage of the shares, the relationship between state ownership and firm performance becomes positive for both groups. This empirical result suggests that the positive impact of
