Complex Ownership Structures And Corporate Valuations
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Complex Ownership Structures And Corporate Valuations
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Author : Luc Laeven
language : en
Publisher: International Monetary Fund
Release Date : 2007-06
Complex Ownership Structures And Corporate Valuations written by Luc Laeven and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06 with Business & Economics categories.
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.
Complex Ownership Structures And Corporate Valuations
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Author :
language : en
Publisher:
Release Date : 2006
Complex Ownership Structures And Corporate Valuations written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Complete Ownership Structures And Corporate Valuations
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Author : Luc Laeven
language : en
Publisher:
Release Date : 2006
Complete Ownership Structures And Corporate Valuations written by Luc Laeven and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Corporate Governance Corporate Diversification And Ownership Structure
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Author : Raffaele Stagliano
language : en
Publisher:
Release Date : 2011
Corporate Governance Corporate Diversification And Ownership Structure written by Raffaele Stagliano and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The purpose of this thesis is to examine how corporate diversification and ownership structure affect value creation for firms. In Chapter 2, we review the relevant theoretical models in the field of corporate finance. The chapter also summarizes the empirical results found regarding the relationship between corporate diversification, ownership concentration and the firm's value. In Chapter 3, we extend the analysis of corporate diversification and consider the effects of the interaction of both product and international diversification on a firm. Empirically, this chapter considers the impact of diversification decisions on the capital structure for a sample of Italian manufacturing firms. We find that the interaction of both international and product diversification has a negative impact on debt capacity. Finally, in Chapter 4, we empirically examine the impact of complex ownership structures on the risk choices of U.S. firms. Most previous studies on ownership structure focus on the differences between firms with at least one blockholder and widely held firms, without considering the potential effect that the existence of other blockholders might have on the financial variables. We find that the blockholders with intermediate holdings play a mitigating role in the conflicts of interest between the largest blockholder and the minority shareholders.
Corporate Governance Ownership Structure And Firm Performance
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Author : Hoang N. Pham
language : en
Publisher: Routledge
Release Date : 2022-01-24
Corporate Governance Ownership Structure And Firm Performance written by Hoang N. Pham and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-24 with Business & Economics categories.
The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
Ownership Structure And Investor Protection
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Author : Marco Klapper
language : en
Publisher: GRIN Verlag
Release Date : 2012-06-22
Ownership Structure And Investor Protection written by Marco Klapper and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-22 with Business & Economics categories.
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.
Governance And Ownership
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Author : Robert Watson
language : en
Publisher: Edward Elgar Publishing
Release Date : 2005
Governance And Ownership written by Robert Watson and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Corporate governance categories.
This innovative collection brings together key papers which examine the motivations and interests of ownership groups, the processes of corporate decision making, and the consequences of particular governance arrangements for other corporate stakeholders. The careful selection of articles reflects the wide range of research methods used to study the complex inter-relationships involved. Part I considers the diversity of forms of corporate ownership. The following parts examine in detail the relationships between ownership structures and the various aspects of corporate governance. This insightful volume will be of interest to students, researchers and practitioners alike. 20 articles, dating from 1994 to 2001
Ownership Structure Corporate Governance And Firm Value Evidence From The East Asian Financial Cisis
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Author : MICHEAL LEMMON AND KARL LINS
language : en
Publisher:
Release Date : 2001
Ownership Structure Corporate Governance And Firm Value Evidence From The East Asian Financial Cisis written by MICHEAL LEMMON AND KARL LINS and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Ownership Structure Related Party Transactions And Firm Valuation
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Author : Amrinder Khosa
language : en
Publisher: Cambridge University Press
Release Date : 2019-03-21
Ownership Structure Related Party Transactions And Firm Valuation written by Amrinder Khosa and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-21 with Business & Economics categories.
Examines the effect of ownership structure and the disclosure of related party transactions on the firm valuation of group-affiliated firms in India.
Ownership Structure Corporate Governance And Firm Value
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Author : Karl V. Lins
language : en
Publisher:
Release Date : 2003
Ownership Structure Corporate Governance And Firm Value written by Karl V. Lins and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
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.