Corporate Governance Corporate Diversification And Ownership Structure
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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 Corporate Diversification
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Author : Ayoib Che Ahmad
language : en
Publisher:
Release Date : 2002
Corporate Governance Ownership Structure And Corporate Diversification written by Ayoib Che Ahmad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Corporate governance categories.
Corporate Governance And Firm Performance
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Author : Rejie George Pallathitta
language : en
Publisher:
Release Date : 2005
Corporate Governance And Firm Performance written by Rejie George Pallathitta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Corporate governance categories.
Corporate Governance And Corporate Behavior In Japan
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Author : Masaharu Hanazaki
language : en
Publisher: Springer
Release Date : 2016-07-28
Corporate Governance And Corporate Behavior In Japan written by Masaharu Hanazaki and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-28 with Business & Economics categories.
This book carefully examines the effects of changes in the corporate governance structure on corporate behavior or company performance, using micro-data from listed companies in Japan. The author found that in Japan the introduction of stock options had neither a positive impact on profitability nor the negative side effects of promoting risk-taking behaviors. Furthermore, he found that corporate diversification and division of corporations showed negative impacts on profitability. The corporate governance structure of Japan has exhibited a large change from the second half of the 1990s to the present. There have been institutional reforms involving enterprise law, such as the introduction of stock options and the removal of the ban on holding companies. With respect to the ownership structure of a company, discernible trends are that the equity holdings of financial institutions and business corporations have fallen while the presence of foreign stockholders has risen. These trends are often pointed out as signs that the Japanese corporate governance structure has been approaching the American model and that this will energize Japanese firms. The author contradicts common academic theories, however, and concludes that the formation of the corporate governance which emphasizes the agency problem between shareholders and corporate managers is inadequate. He suggests that an institutional arrangement for a corporate governance system that values a variety of stakeholders' interests is greatly needed and concludes that perspectives on maximizing surplus values for various stakeholders and distributing the surpluses appropriately among the stakeholders will become increasingly important for the purpose of managing corporations.
Three Essays On Corporate Governance Equity Capital Structure And Corporate Diversification
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Author : Markus Schmid
language : en
Publisher:
Release Date : 2004
Three Essays On Corporate Governance Equity Capital Structure And Corporate Diversification written by Markus Schmid 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.
Ownership Structure Board Structure And Corporate Diversification
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Author : Yuen Teen Mak
language : en
Publisher:
Release Date : 2000
Ownership Structure Board Structure And Corporate Diversification written by Yuen Teen Mak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
This study investigates the impact of ownership structure and board structure on corporate diversification. However, unlike previous studies that have focused on managerial ownership and ownership by institutional blockholders, this study also examines the impact of government ownership and limit on foreign shareholding on corporate diversification. We use data from an environment where significant government ownership and foreign shareholding limits are present for publicly-held firms. The study sample comprises 164 firms listed on the Singapore Stock Exchange (SES) Mainboard and Second Board (SESDAQ).Overall, the results show that ownership structure affects corporate diversification. Two of the ownership variables, blockholder and government ownership, are significantly related to diversification. However, while blockholders generally reduce diversification, diversification is greater when the government is the blockholder. There is no evidence that the outside directors or the separation of the CEO and chairperson roles affect corporate diversification.
Corporate Governance And Firm Diversification
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Author : Ronald C. Anderson
language : en
Publisher:
Release Date : 1998
Corporate Governance And Firm Diversification written by Ronald C. Anderson 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.
We empirically investigate the relationship between corporate governance structure and diversification. Using a sample of 199 firms beginning in 1985 and following these firms through 1994, we examine 1) if governance structure is significantly different between focused and diversified firms; 2) if differences in corporate governance are associated with the decision to become more focused or diverse; and 3) if the previously documented value loss from diversification is associated with governance structure. We find that, relative to focused firms, diversified firms exhibit higher levels of pay and lower sensitivity of pay to firm performance, have more outsiders on the board, have similar sensitivity of CEO turnover to performance, and no economic difference in independent blockholdings. We find that firms that increase their level of diversification over the sample period have governance and performance characteristics remarkably similar to firms that retain their focus. Firms that decrease their level of diversification, however, have lower insider ownership but more equity-based compensation relative to focused firms. We find no evidence that governance characteristics explain the value loss associated with diversification. We do find, however, that the fraction of outside directors in a diversified firm is positively related to firm value. Collectively, our results suggest that diversified firms use alternative governance mechanisms as substitutes for low pay-for-performance sensitivity and CEO ownership. We conclude that agency costs do not provide a complete explanation for the magnitude and persistence of the diversification discount.
Corporate Governance Ownership Structure And Firm Performance
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Author : Hoang N. Pham
language : en
Publisher: Routledge
Release Date : 2022-01-25
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 2022-01-25 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.
Diversification And Corporate Governance
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Author : George W.J Hendrikse
language : en
Publisher:
Release Date : 2013
Diversification And Corporate Governance written by George W.J Hendrikse and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This article addresses the impact of governance structure on diversification behavior. Hypotheses are developed regarding the differences in diversification strategy of cooperatives and stock listed companies. The analysis shows that stock listed companies are more diversified than cooperatives, related as well as unrelated.
International Corporate Governance
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Author :
language : en
Publisher: Emerald Group Publishing
Release Date : 2015-10-01
International Corporate Governance written by and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-01 with Business & Economics categories.
Advances in Financial Economics, volume 18, will present research on corporate governance both in the US and globally. The volume will aim at providing a deeper understanding of corporate governance practices, trends, innovations and challenges using international data.