Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Predicting Firms Corporate Governance Choices
Download Predicting Firms Corporate Governance Choices full books in PDF, epub, and Kindle. Read online Predicting Firms Corporate Governance Choices ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Predicting Firms' Corporate Governance Choices by : Bernard S. Black
Download or read book Predicting Firms' Corporate Governance Choices written by Bernard S. Black and published by . This book was released on 2018 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contributes to a new literature on the factors that affect firms' corporate governance practices. We find that regulatory factors are highly important, largely because Korean rules impose special governance requirements on large firms (assets amp;gt; 2 trillion won). Industry factors, firm size, and firm risk are also important. Other firm-specific factors only modestly affect governance even when they are statistically significant. This suggests that many Korean firms do not choose their governance to maximize share price. Among firmspecific factors, the most significant are size (larger firms are better governed) and firm risk (riskier firms are better governed). Long-term averages of profitability and equity finance need are significant, where short-term averages are not. This is consistent with ldquo;sticky governance,rdquo; in which firms alter their governance slowly in response to economic factors.
Book Synopsis Predicting Firms' Corporate Governance Choices by : Woochan Kim
Download or read book Predicting Firms' Corporate Governance Choices written by Woochan Kim and published by . This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Corporate Governance on Firm Market Value and Profitability by : Melsa Ararat
Download or read book The Effect of Corporate Governance on Firm Market Value and Profitability written by Melsa Ararat and published by . This book was released on 2018 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the corporate governance practices of Turkish public firms from 2006 to 2012, relying on hand-collected data covering the vast majority of listed firms. We build a Turkey Corporate Governance Index, TCGI, composed of subindices for board structure, board procedure, disclosure, ownership, and shareholder rights. TCGI predicts higher market value (with firm fixed effects) and higher firm-level profitability with firm random effects. The principal subindex which predicts higher market value and profitability, and drives the results for TCGI as a whole, is disclosure subindex. We also study the determinants of firms' governance and find that most firm-specific factors have little effect on firms' governance choices.In a related project, The Effect of Business Group Governance on Group Market Value and Profitability: Time-Series Evidence from Turkey, 'http://ssrn.com/abstract=2277768' http://ssrn.com/abstract=2277768, we study the effect of business group-level corporate governance on group level market value and profitability.
Book Synopsis Determinants of Corporate Governance Choices by : Weerapat Attachot
Download or read book Determinants of Corporate Governance Choices written by Weerapat Attachot and published by . This book was released on 2017 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes corporate governance practices of foreign (non-U.S.) issuers listed on the New York Stock Exchange (NYSE) and Nasdaq. Specifically, I examine the extent to which these foreign issuers voluntarily comply with U.S. stock exchange corporate governance requirements applicable to domestic issuers. My sample consists of 201 foreign companies primarily domiciled in Brazil, China, Israel, and the United Kingdom. I find that 151 (75 per cent) of the sample firms do not elect to comply with any of the U.S. corporate governance requirements. Logistic regression analysis generally supports the hypotheses that conformance with U.S. GAAP and percentage of managerial ownership are positively associated, and that percentage ownership by major shareholders is negatively associated with foreign firms electing to comply with U.S. corporate governance rules. This evidence is relevant for regulators and investors.
Book Synopsis The Uncertainty-Governance Choice Puzzle Revisited by : Franziska König
Download or read book The Uncertainty-Governance Choice Puzzle Revisited written by Franziska König and published by Springer Science & Business Media. This book was released on 2009-06-20 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Franziska König examines the anatomy of uncertainty-governance choice relationships from different theoretical angles, including transaction costs economics, resource-based theory, and real options theory. The book provides, furthermore, comprehensive empirical insights both from secondary data examined with a “vote-counting” analysis as well as from primary data, collected through a “policy-capturing” study.
Book Synopsis Corporate Governance, Business Groups, and Market Value by : Melsa Ararat
Download or read book Corporate Governance, Business Groups, and Market Value written by Melsa Ararat and published by . This book was released on 2014 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business groups play a large, sometimes dominant economic role in many countries. A number of studies find an association between firm-level corporate governance and market value, but none study the role of business group identity in firm level corporate governance or the value of “group governance.” We begin to fill that gap through a case study of Turkey. We study the corporate governance practices of Turkish business groups and listed firms from 2006 to 2012, relying on hand-collected data covering the vast majority of listed firms. We build a Turkey Corporate Governance Index (TCGI), composed of subindices for board structure, board procedure, disclosure, ownership, and shareholder rights. This index predicts higher market value (proxied by Tobin's q) at both the firm level (with firm fixed effects) and group level (with group fixed effects); the principal driver of this result is disclosure subindex. We find large differences in the governance choices of different business groups. Some groups invest in governance; others do not; and investors reward those that do with higher market values for group firms.
Book Synopsis Does Corporate Governance Predict Firms' Market Values? Evidence from Korea by : Woochan Kim
Download or read book Does Corporate Governance Predict Firms' Market Values? Evidence from Korea written by Woochan Kim and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We report strong OLS and instrumental variable evidence that an overall corporate governance index is an important and likely causal factor in explaining the market value of Korean public companies. We construct a corporate governance index (KCGI, 0~100) for 515 Korean companies based on a 2001 Korea Stock Exchange survey. In OLS, a worst-to-best change in KCGI predicts a 0.47 increase in Tobin's q (about a 160% increase in share price). This effect is statistically strong (t = 6.12) and robust to choice of market value variable (Tobin's q, market/book, and market/sales), specification of the governance index, and inclusion of extensive control variables. We rely on unique features of Korean legal rules to construct an instrument for KCGI. Good instruments are not available in other comparable studies. Two-stage and three-stage least squares coefficients are larger than OLS coefficients and are highly significant. Thus, this article offers evidence consistent with a causal relationship between an overall governance index and higher share prices in emerging markets. We also find that Korean firms with 50% outside directors have 0.13 higher Tobin's q (roughly 40% higher share price), after controlling for the rest of KCGI. This effect, too, is likely causal. Thus, we report the first evidence consistent with greater board independence causally predicting higher share prices in emerging markets.
Book Synopsis Essays on Corporate Governance and Firm Performance by : Nava Ramezanian Bajgiran
Download or read book Essays on Corporate Governance and Firm Performance written by Nava Ramezanian Bajgiran and published by . This book was released on 2020 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most corporate governance research focusses on prescriptive measures of governance quality (e.g., board composition, attributes) and their association with measures of firm performance but neglects the dynamic nature of governance choices that impinge on firm value. In Chapter 1, I introduce a top-down approach for evaluating board effectiveness in a dynamic context focusing on the empirical outcomes of the decisions they make. A Principal Component Analysis is employed to construct an index of governance quality capturing six key aspects of board responsibilities. In Chapter 2, I turn to examine whether firms’ corporate governance quality can positively influence their stock returns and operating performance using the newly developed index that accounts for the dynamic nature of internal governance choices. By constructing decile portfolios of firms based on this measure of governance quality, I show that portfolios of firms with better governance quality outperform firms within the lower governance quality portfolios. Specifically, zero-investment strategies that buy HQ portfolios (highest governance quality) and short LQ portfolios (weakest governance quality) generate 3.9% and 3.2% returns for equally- and value-weighted portfolios, respectively. Finally, in Chapter 3, I follow a similar approach to that developed in the first two chapters to construct a dynamic governance quality index for a sample of public companies from 16 European countries. Comparing the returns of the portfolios based on this index reveals that European companies with higher governance quality (HQ portfolio) generally outperform their peers which possess a lower quality of governance (LQ portfolio). The findings also show that firm level governance can be affected by country-level elements such as legal and institutional structures.
Book Synopsis Prediction Markets for Corporate Governance by : Michael Abramowicz
Download or read book Prediction Markets for Corporate Governance written by Michael Abramowicz and published by . This book was released on 2006 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on the success of prediction markets at forecasting political elections and other matters of public interest, firms have made increasing use of prediction markets to help make business decisions. This Article explores the implications of prediction markets for corporate governance. Prediction markets can increase the flow of information, encourage truth telling by internal and external firm monitors, and create incentives for agents to act in the interest of their principals. The markets can thus serve as potentially efficient alternatives to other approaches to providing information, such as the Sarbanes-Oxley Act's internal controls provisions. Prediction markets can also produce an avenue for insiders to profit on and thus reveal inside information while maintaining a level playing field in the market for a firm's securities. This creates a harmless way around existing insider trading laws, undercutting the argument for the repeal of these laws. In addition, prediction markets can reduce agency costs by providing direct assessments of corporate policies, thus serving as an alternative or complement to shareholder voting as a means of disciplining corporate boards and managers. Prediction markets may thus be particularly useful for issues where agency costs are greatest, such as executive compensation. Deployment of these markets, whether voluntarily or perhaps someday as a result of legal mandates, could improve alignment between shareholders and managers on these issues better than other proposed reforms. These markets might also displace the business judgment rule because they can furnish contemporaneous and relatively objective benchmarks for courts to evaluate business decisions.
Book Synopsis Investor Protection and Corporate Governance by : Alberto Chong
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.
Book Synopsis Corporate Governance in a Competitive Environment by : Richard C. Sansing
Download or read book Corporate Governance in a Competitive Environment written by Richard C. Sansing and published by . This book was released on 2006 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine a firm's corporate governance choices within a competitive environment. A firm can choose a passive board that delegates decision rights to the executive manager, or an active board that retains these rights. We characterize the equilibrium governance choices and find that there generally is no systematic relation between governance systems and firm performance. We discuss how the governance choice is affected by the rate of technological innovation, board expertise, the discount rate, the benefit of using new technology, and the cost of operating an internal control system. Finally, we analyze consequences of the Sarbanes-Oxley Act.
Book Synopsis Corporate Governance, the Cross Section of Returns and Financing Choices by : Erica X. N. Li
Download or read book Corporate Governance, the Cross Section of Returns and Financing Choices written by Erica X. N. Li and published by . This book was released on 2016 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: I develop a dynamic model of corporate investment with taxes, costly equity and debt financing, agency conflicts between shareholders and managers, and a parameterized time-varying pricing kernel. The framework allows me to explore both the cross section of returns and firms' financing choices. In the model, managers seek private benefits proportional to the sizes of the firms, leading to empire-building behaviors. Corporate governance is modeled explicitly as a mechanism for shareholders to discipline managers. The predictions of the model are consistent with the recent empirical findings: (1) firms with stronger governance outperform firms with weaker governance in booms and underperform these firms in recessions; (2) firms with weaker governance enjoy lower costs of debt financing and rely less on equity financing than firms with stronger governance do. I also empirically test the predictions of the model on expected stock returns.
Book Synopsis Corporate Governance by : Chris A. Mallin
Download or read book Corporate Governance written by Chris A. Mallin and published by Oxford University Press, USA. This book was released on 2013 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is an area that has grown rapidly, fuelled by high profile corporate collapses such as Enron. This is a student-focused text which takes an international approach to the subject.
Book Synopsis Risk Management and Corporate Governance by : Abol Jalilvand
Download or read book Risk Management and Corporate Governance written by Abol Jalilvand and published by Routledge. This book was released on 2013-05-13 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: The asymmetry of responsibilities between management and corporate governance both for day-to-day operations and the board’s monthly or quarterly review and evaluation remains an unresolved challenge. Expertise in the area of risk management is a fundamental requirement for effective corporate governance, if not by all, certainly by some board members. This means that along with board committees such as "compensation", "audit", "strategy" and several others, "risk management" committees must be established to monitor the likelihood of certain events that may cause the collapse of the firm. Risk Management and Corporate Governance allows academics and practitioners to assess the state of international research in risk management and corporate governance. The chapters overlay the areas of risk management and corporate governance on both financial and operating decisions of a firm while treating legal and political environments as externalities to decisions undertaken.
Book Synopsis The Effectiveness of Boards of Directors of State Owned Enterprises in Developing Countries by : Maria Vagliasindi
Download or read book The Effectiveness of Boards of Directors of State Owned Enterprises in Developing Countries written by Maria Vagliasindi and published by World Bank Publications. This book was released on 2012 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to shed some new light on the conditions needed to ensure the effectiveness of Boards of Directors of state owned enterprises with a focus on infrastructure sectors. In the case of developing countries, empirical studies have found evidence of positive links between the composition of the Board of Directors and financial performance. Yet the lack of solid theoretical foundations, and in some cases poor data availability, makes the conclusions of most studies weak. Several policy recommendations emerge from the review of the economic literature and evidence from case studies. First, the introduction of a sufficient number of independent directors emerges as an important corporate governance milestone. Empowering them to exercise effective monitoring of management, however, may prove to be a formidable challenge for of state owned enterprises. More attention to board procedures, particularly related to the Board selection and evaluation process, is essential, to produce the necessary insulation of Boards from government interference. Ensuring sufficient continuity of services to directors is particularly crucial to improve corporate governance. In addition, other factors that may reduce directors' ability to monitor corporate activities, such as the age profile and the number of Boards on which they sit, need to be handled more carefully.
Book Synopsis Institutional Approach to Global Corporate Governance by : J. Jay Choi
Download or read book Institutional Approach to Global Corporate Governance written by J. Jay Choi and published by Emerald Group Publishing. This book was released on 2008-11-01 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contains papers examining issues concerning the effects of national and international institutional factors on corporate governance and performance. This volume focuses on the relevance of national business systems alongside industrial and institutional infrastructure to assess the efficacy of corporate governance regimes.
Book Synopsis Corporate Governance in Emerging Markets by : Sabri Boubaker
Download or read book Corporate Governance in Emerging Markets written by Sabri Boubaker and published by Springer Science & Business Media. This book was released on 2014-04-01 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book fills the gap between theories and practices of corporate governance in emerging markets by providing the reader with an in-depth understanding of governance mechanisms, practices and cases in these markets. It is an invaluable resource not only for academic researchers and graduate students in law, economics, management and finance but also for people practicing governance such as lawmakers, policymakers and international organizations promoting best governance practices in emerging countries. Investors can benefit from this book to better understand of these markets and to make judicious investment decisions.
