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Three Essays On Ownership Structure And Firm Focus The Impact Of Ownership Structure On The Corporate Sell Off Decision The Long Term Impact On The Firm From Large Sell Offs The Relationship Between Ownership Structure Firm Focus And Tobins Q
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Book Synopsis Three essays on ownership structure and firm focus: the impact of ownership structure on the corporate sell-off decision; the long term impact on the firm from large sell-offs; the relationship between ownership structure, firm focus, and Tobin's Q. by : Thomas Lorenz Steiner
Download or read book Three essays on ownership structure and firm focus: the impact of ownership structure on the corporate sell-off decision; the long term impact on the firm from large sell-offs; the relationship between ownership structure, firm focus, and Tobin's Q. written by Thomas Lorenz Steiner and published by . This book was released on 1994 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ownership Structure as a Determinant of Capital Structure - An Empirical Study of DAX Companeis by : Christian Funke
Download or read book Ownership Structure as a Determinant of Capital Structure - An Empirical Study of DAX Companeis written by Christian Funke and published by GRIN Verlag. This book was released on 2012-03-02 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2004 in the subject Business economics - Business Management, Corporate Governance, grade: 1.1, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, language: English, abstract: Empirische Diplomarbeit die mit einer multivariaten Regression untersucht, ob sich die beobachtete Variabilität der Kapitalstrukturen von Unternehmen durch unterschiedliche Eigentümerstrukturen erklären lässt.
Book Synopsis The Relationship Between a Firm's Ownership Structure, Governance, and Innovation by : Erica J. Wagner
Download or read book The Relationship Between a Firm's Ownership Structure, Governance, and Innovation written by Erica J. Wagner and published by . This book was released on 2018 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firm innovation is key for many companies to continuously thrive in the marketplace. Unfortunately, there are drawbacks to making innovative investments because of the upfront costs and riskiness of future returns. This creates conflicts because managers are under pressure to meet short-term earnings forecasts. A managers' short-term focus on a firm's business strategy may not be in the best interests of the shareholders' long-term vision of a firm. For this reason, a strong corporate governance system can trigger an increased level of monitoring of the decision-making of managers so that it's aligned with shareholders' goals. Often, a firm's long-term strategy focuses on firm innovation. A major influencer of a firm's innovative strategy is its ownership structure. This research specifically focuses on the impact of ownership concentration, institutional ownership, activist investors, large passive investors, and Board of Director composition on firm innovation. Key components of a firm's organizational structure, such as ownership concentration and Board member composition, are analyzed to explain the variance iv of innovation when other variables are controlled. Based on a sample of technology firms, the findings show that publicly-traded information technology firms' level of passive investors and percentage of independent Board members are significant relative to firm innovation. There are also important findings from the unsupported variables, which are the firm's ownership concentration of shareholders, activist investors, and institutional investors. Finally, inferences are drawn from these results as to whether a firm's ownership structure and governance affect a firm's long-term strategy.
Book Synopsis The Impact of Ownership Structure and Executive Team Composition on Firm Performance by : Eva M. Meyerson
Download or read book The Impact of Ownership Structure and Executive Team Composition on Firm Performance written by Eva M. Meyerson and published by Coronet Books. This book was released on 1992 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a survey of 29 public companies conducted in 1980-1988.
Book Synopsis American Doctoral Dissertations by :
Download or read book American Doctoral Dissertations written by and published by . This book was released on 1993 with total page 704 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relationship Between Ownership Structure and Firm Performance by : Katarzyna Piela
Download or read book The Relationship Between Ownership Structure and Firm Performance written by Katarzyna Piela and published by LAP Lambert Academic Publishing. This book was released on 2014-05-29 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The available literature encourages to study the relation between the ownership structure and the company efficiency in various contexts. This work is devoted to the analysis of the ownership structure of the companies included by Dow Jones U.S. Airlines Index in the period from 2008 to 2012. In detailed studies were used various profitability indicators, such as ROA, ROE, ROI. Moreover, the less popular indicator of the efficiency of the use of assets, Asset Turnover, was introduced. Tobin's Q ratio was also used. The companies owned by Dow Jones U.S. Airlines are in majority characterized by the ownership structure with the significant number of institutional owners, which is why the conclusions and the final views are mostly focused on this particular group of owners.
Book Synopsis Complex Ownership Structures and Corporate Valuations by : Luc Laeven
Download or read book Complex Ownership Structures and Corporate Valuations written by Luc Laeven and published by International Monetary Fund. This book was released on 2007-06 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely-held firms. Moreover, the relationship between corporate valuations and the distribution of cash-flow rights across multiple large owners is consistent with the predictions of recent theoretical models.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 1994 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Ownership Issues in Corporate Finance Dissertation by : Yuan Wang
Download or read book Three Essays on Ownership Issues in Corporate Finance Dissertation written by Yuan Wang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study consists of three research topics about corporate ownership and financial issues. Existing literature focuses on overall corporate ownership structure. This study extends the existing literature by studying the impacts of different ownership types. Different types of shareholders are different in several key aspects such as investment policies, targets, and risk preference, all of which influence how they execute their screening role over the companies, and are important determinants of firms' decisions. To the extant literature, scholars have employed various perspectives to examine corporate ownership. In this study, I will be focusing on the behavior agency theory, agency theory, and socioemotional wealth theory, in the hope of bringing a more nuanced insight of the impacts of different corporate ownership on financial issues, such as, cost of bank loan, the formation of international joint venture, and CEO turnover. In the first essay, I employ a sample of U.S. public companies between 2007 and 2016 to explore the joint effects of executive inside debt (EID) and family involvement on the cost of bank loans. The empirical results indicate that the mitigating effect of EID on the cost of bank loans is attenuated for family firms. In addition, I provide evidence for the following: 1) the mitigating effect of EID on cost of debt is strengthened when a firm's performance is lower than its aspiration level and 2) the moderating effect of family involvement is significant when firm performance is above its aspiration level. Collectively, our findings support the behavioral agency prediction that family involvement shapes firms' risk-taking preference, which acts as a substitute for EID in decreasing the cost of debt. In the second essay, I examine whether family involvement in business affects firms' engagement in international joint ventures (IJVs). Building on the narrow framing perspective, I argue that family businesses are more prone to utilize risk diversifying strategies over multiple IJV choices than non-family firms, because the family firms' decisions tend to be broadly-framed. Examining the interaction between three IJV decisions (type of IJV, choice of host country, and number of partners) in a sample of 1,439 IJVs formed by publicly traded companies in the US, we found support for our predictions. In the third essay, I explore how institutional holding together with other finance factors affect the likelihood of CEO turnover and whether analyst forecast accuracy serves as a mechanism through which institutional holding influences the likelihood of CEO turnover. I find that increased institutional shareholding results in a lower likelihood of CEO turnover directly as well as indirectly (through the mechanism of analyst forecast accuracy). We also investigate the impact of CEO turnover on subsequent firm performance using market-based measures, including firm value and the cost of equity. Moreover, we examine whether different types of CEO turnover would make a difference on firm value and cost of equity. Our results reveal that after CEO turnover-especially when the previous CEO is forced to leave, and the successor is from outside the company-the firm value is higher, and the cost of equity is lower.
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, Corporate Performance and Failure by : Rami Zeitun
Download or read book Ownership Structure, Corporate Performance and Failure written by Rami Zeitun and published by . This book was released on 2008 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the impact of ownership structure (mix and concentrate) on a company's performance and failure in a panel estimation using 167 Jordanian companies during 1989-2006. The empirical evidence in this paper shows that ownership structure and ownership concentration play an important role in the performance and value of Jordanian firms. It shows that inefficiency is related to ownership concentration and to institutional ownership. A negative correlation between ownership concentration and firm's performance both, ROA and Tobin's Q, is found, while there is a positive impact on firm performance MBVR. The research also found that there is a significant negative relationship between government ownership and a firm's accounting performance, while the other ownership structure mixes have significant coefficients only in Tobin's Q using the matched sample. Firm's profitability ROA was negatively and significantly correlated with the fraction of institutional ownership, and positively and significantly related to the market performance measure, MBVR. The result is robust when indicators of both concentration and ownership mix are included in the regressions. The results of this study are, to some extent, inconsistent with previous findings.This paper also used ownership structure to predict the corporate failure. The results suggest that government ownership is negatively related to the likelihood of default. Government ownership decreases the likelihood of default, but has a negative impact on a firm's performance. The results suggest that, in order to increase a firm's performance and decrease the likelihood of default, it is reasonable to reduce government ownership to some extent. Furthermore, a certain degree of ownership concentration is needed to increase the firm's performance and to decrease the firm's chance of default.
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 Concentrated Corporate Ownership by : Randall K. Morck
Download or read book Concentrated Corporate Ownership written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-12-01 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.
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 Does Ownership Structure Affect Corporate Performance? Evidence from the Divestiture Market by : Michael J. Bennett
Download or read book Does Ownership Structure Affect Corporate Performance? Evidence from the Divestiture Market written by Michael J. Bennett and published by . This book was released on 2009 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of ownership structure on the market assessment of asset sales. Three types of ownership structures are identified: large block outside, inside, and widely held. Empirical results indicate that firms with large block outside shareholders experience significantly positive announcement effects for both buying and selling firm samples. These are significantly greater than those for the inside shareholder and large widely held firms. This paper also examines whether ownership structure of the firm being transacted with and disclosure of the price of the transaction has an effect on the market assessment of the deal.lease enter abstract text here.
Book Synopsis The Effects of Corporate and Business Strategies on the Relationship Between Ownership Structure and Firm Performance by : Jeffrey P. Katz
Download or read book The Effects of Corporate and Business Strategies on the Relationship Between Ownership Structure and Firm Performance written by Jeffrey P. Katz and published by . This book was released on 1995 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ownership Structure and Corporate Performance by : Ying Li
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:
