Corporate Governance And The Effects Of Ownership Structure On Financial Performance In The American Semiconductors Industry
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Corporate Governance And The Effects Of Ownership Structure On Financial Performance In The American Semiconductors Industry
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Author : Jihane Nicolas Assaf
language : en
Publisher:
Release Date : 2004
Corporate Governance And The Effects Of Ownership Structure On Financial Performance In The American Semiconductors Industry written by Jihane Nicolas Assaf and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Corporate Governance is currently a subject of great international concern and debate. Ownership structure is one major aspect of it that varies widely among d ifferent systems. Many literatures have been written on the subject but academics still a rgue that there is a tradeoff between large ownership concentration and liquidity. This study examines the relationship between ownership structure and financial performance. The variables used to represent ownership structure in te rms of ownership concentration and shareholders' identity are: Percentage of shares hel d by insiders and 5% owners, Percentage of shares held by institutions, Percentage of shares held by the major shareholder, four dummy variables indicating whether the major shareholder is an institution, a beneficial owner, the CEO, or an insider other than the CEO. Other control variables, which are the size of the firm, debt- to- equity r atio, and capital intensity, are used in order to capture the variability of firms' charac teristics and obtain a solid regression model. Financial performance is represented by both accounting and financial measures, which are: ROA, Market to Book Ratio, and Returns on Stocks on both the short and long- run. This study results in: * A positive relationship exists between the Percentage of Shares Held by Institutions & Mutual Funds Owners and ROA. * Having an insider as the major shareholder affects positively ROA. * Having the COE as the major shareholder has a positive impact on the Market To Book Ratio. * A positive relationship exists between the Percentage of Shares Held by Institutions & Mutual Funds Owners and the Five- Year Returns on Stocks. * A positive relationship exists between the Percentage of Shares Held by Insiders & 5% Owners and the Five- Year Returns on Stocks. * A negative relationship exists between the Number of Ownership Blocks exceeding 5% and The Five- Year Returns on Stocks. * Having an institution as the major shareholder affects negatively the Five-Yea r Returns on Stocks.
The Changing Face Of Corporate Ownership
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Author : Michael J. Rubach
language : en
Publisher: Routledge
Release Date : 2021-11-19
The Changing Face Of Corporate Ownership written by Michael J. Rubach and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-19 with Business & Economics categories.
First Published in 2000. This book examines the shareholder activism of institutional investors and the effect of shareholder activism on portfolio performance. Institutional shareholder activism includes both traditional mechanisms of influence (e.g., filing shareholder proposals) and relationship investing (e.g., long-term interorganizational contacts between owners and a corporation’s top managers).
Ownership Structure Corporate Goverance And Financial Performance Of Public Listed Companies In Singapore
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Author : Charlie Tai-Joo Koh
language : en
Publisher:
Release Date : 2008
Ownership Structure Corporate Goverance And Financial Performance Of Public Listed Companies In Singapore written by Charlie Tai-Joo Koh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business enterprises categories.
The object of this empirical study is to clarify, consolidate and build on various conflicting research findings on the relationships among ownership structure, corporate governance, and corporate performance using data from 149 Singapore public listed companies. This study contributes to our understanding of these relationships by examining the total continuum of ultimate ownership structures measured by control rights within a single economic and legal research context and various performance measures. Adapting the approach advocated by Agrawal and Knoeber (1996), the seven governance control variables used in this study are self monitoring by the inside manager-shareholder, monitorings by outside blockholders, institutional investors, government shareholders, independent directors, market for CEO, and bank and financial institutions. This study firstly shows an interesting pattern of interrelationships among the corporate governance mechanisms which evolve so as to minimise systemic agency costs if the corporation has in place an optimal mix of the governance control mechanisms. The more general pattern of the interrelationship is that of substitution while the two special cases of complementary interdependence exist.
Institutional Shareholder Activism
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Author : Michael J. Rubach
language : en
Publisher: Taylor & Francis
Release Date : 1999
Institutional Shareholder Activism written by Michael J. Rubach and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
First Published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.
Research Handbook On Shareholder Power
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Author : Jennifer G. Hill
language : en
Publisher: Edward Elgar Publishing
Release Date : 2015-07-31
Research Handbook On Shareholder Power written by Jennifer G. Hill 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 2015-07-31 with Law categories.
Much of the history of corporate law has concerned itself not with shareholder power, but rather with its absence. Recent shifts in capital market structure require a reassessment of the role and power of shareholders. These original, specially commiss
The Impact Of Ownership Type On Performance In Public Corporations
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Author : David L. Kang
language : en
Publisher:
Release Date : 1998
The Impact Of Ownership Type On Performance In Public Corporations written by David L. Kang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
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.
Ownership Structure And Financial Performance
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Author : Jinesh N. Panchali
language : en
Publisher:
Release Date : 1997
Ownership Structure And Financial Performance written by Jinesh N. Panchali and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Corporate governance categories.
Ownership Structure Corporate Governance And Firm Performance
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Author : Vedat Mizrahi
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2011-08
Ownership Structure Corporate Governance And Firm Performance written by Vedat Mizrahi and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08 with categories.
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.
Ownership And Governance Of Enterprises
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Author : Laixiang Sun
language : en
Publisher: Springer
Release Date : 2003-10-16
Ownership And Governance Of Enterprises written by Laixiang Sun and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-16 with Business & Economics categories.
Conventional wisdom recommends the superiority of private ownership of enterprises. The reality confronts it with a rich diversity in ownership and governance structures. This volume examines five types of unorthodox ownership and governance form emerging in the industrial sector across major economies. It analyzes two cases to demonstrate that there are alternative ways to harden budget constraints of state-owned enterprises. It investigates the driving forces behind these evolving dynamics and explores policy implications for developing and transition economies.
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.