Corporate Governance State Ownership And Firm Performance

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Corporate Governance State Ownership And Firm Performance

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Author :
language : en
Publisher:
Release Date : 2018

Corporate Governance State Ownership And Firm Performance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

Objective - The purpose of this research is to determine the effect of good corporate governance (GCG) on Indonesia's SOEs and the influence of state ownership on company performance.Methodology/Technique - This study examines State Owned Enterprises in Indonesia that were listed on the Indonesia Stock Exchange between 2011 and 2015.Findings - The empirical results show that GCG and state ownership both have a positive influence on the company's financial performance (in this case, Return On Assets). However, the percentage of state ownership has a negative effect on the relationship between Good Corporate Governance and Return On Assets.Novelty - One agency cost is monitoring expenditure by the principal. Privatization is one way to improve the performance of SOEs. Privatization is believed to improve the performance of SOEs, as a result of increased supervision of the performance of SOEs in Indonesia.

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.

Demystifying The Role Of A State Ownership In Corporate Governance And Firm Performance

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Author : Amran Rasli
language : en
Publisher:
Release Date : 2013

Demystifying The Role Of A State Ownership In Corporate Governance And Firm Performance written by Amran Rasli 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.

The aim of this research is to examine the role of state ownership in corporate governance and firm performance. We employed ordinary least squares and two-stage least squares regressions to analyze the effects of state ownership on firm performance. We go beyond existing research on state ownership by carefully disentangle investment objectives of state-controlled financial institutions. Such state ownership can be classified as profit-oriented and non-profit-oriented, in which the former consider return on investment to be the primary investment objective, whereas the latter prioritizes socio-economic development. We found that profit-oriented state ownership is an effective corporate governance mechanism and provides political patronage to the firm in the form of firm's specific resources and credit financing. Although nonprofit-oriented state ownership firms also receive similar political patronage, they tend to be associated with inefficiencies such as the free-rider problems, bureaucracies and political intervention in firm management. We conclude that state ownership consists of heterogeneous entities with respect to corporate governance and firm performance.

State Ownership And The Performance Of Privatised Firms In Chin

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Author : Trien Le
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2011-10

State Ownership And The Performance Of Privatised Firms In Chin written by Trien Le 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 2011-10 with categories.

This book is about privatisation and corporate governance, examining the association between state ownership and firm performance in privatised firms in China. The book presents two arguably novel approaches. First, it distinguishes itself by proving the mediating role of agency costs in the ownership/performance association. Second, it demonstrates that debt, as a source of corporate governance in the nuanced institutional context of transition economies, moderates the association between state ownership and firm performance. Given the possible power and/or efficiency influences of the Chinese government in the context of nascent Chinese institutions, the book may have practical significance for policy makers and other practitioners such as international managers and investors planning to invest in the country. Moreover, it may be a useful reference for examining similar issues in other transition economies.

State On Board

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Author : Nga Pham
language : en
Publisher: Springer Nature
Release Date : 2021-09-01

State On Board written by Nga Pham and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-01 with Political Science categories.

Research in this book focuses on the strategic behaviour of the State as a shareholder in businesses, and the implications it has for the other shareholder(s) and business performance. It investigates the institutional characteristics of State-linked and State-owned firms (SIEs & SOEs), in emerging markets using Vietnam as a case study with comparative analysis on China and selected ASEAN countries. In doing so, the book adopts an evidence-based approach to explain the State’s role as a shareholder in the different aspects of corporate governance, including CEO appointment, board structure and impact of State ownership on business strategy and performance. It highlights the influence of the State as a shareholder by investigating institutional factors consistent with “path dependence” theory, which postulates that the initial and underlying structure of an economy influences its performance. In addition, the book presents empirical evidence of the dynamics of corporate governance arising from interactions between the State and other shareholders, which has not yet been addressed in the literature, and is distinctive in providing new insights from both qualitative and empirical research on how to successfully navigate the emerging market business environments from the perspective of the State as an “owner-participant”. Explaining the theoretical constructs in corporate governance in State-invested firms, empirical research methodologies, and results to draw and validate inferences, the book is comprehensive and provides a practical guide for practitioners as well as a reference for academics, undergraduate and postgraduate students. The new theoretical models proposed integrate traditional political-economic and agency theories, which also underpin tertiary business courses and academic research.

Ownership Structure Corporate Governance And Corporate Performance The Case Of Chinese Stock Companies

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Author : Yan Wang
language : en
Publisher:
Release Date : 1999

Ownership Structure Corporate Governance And Corporate Performance The Case Of Chinese Stock Companies written by Yan Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.

June 1997 Does the ownership structure of publicly listed firms in China affect their performance? Yes. Institutional shareholders seem to have a positive impact on corporate governance and performance; state ownership seems to lead to inefficiency; and an overly dispersed ownership structure can create problems in the Chinese setting. Xu and Wang investigate whether ownership structure significantly affects the performance of publicly listed firms in China and if so, in what way. With public listed stocks, one can quantify the ownership mix and concentration, which makes it possible to study this issue. The authors use the recent literature on the role of large institutional shareholders in corporate governance as a theoretical base. A typical listed stock company in China has a mixed ownership structure, with three predominant groups of shareholders- state, legal persons (institutions), and individuals- holding about 30 percent of the stock. (Employees and foreign investors together hold less than 10 percent.) Ownership is heavily concentrated: the five largest shareholders accounted for 58 percent of outstanding shares in 1995, compared with 57.8 percent in the Czech Republic, 42 percent in Germany, and 33 percent in Japan. Their empirical analysis shows that the mix and concentration of stock ownership do indeed significantly affect a company's performance: * There is a positive, significant correlation between concentration of ownership and profitability. * The effect of concentrated ownership is greater with companies dominated by institutions than with those dominated by the state. * The firms' profitability is positively correlated with the fraction of legal person (institutional) shares; it is either negatively correlated or uncorrelated with the fraction of state shares and with tradable A-shares held mostly by individuals. * Labor productivity tends to decline as the proportion of state shares increases. This paper- product of the Office of the Director, Economic Development Institute- part of a larger effort in the Bank to understand and disseminate various models of corporate governance. The study was funded by the Bank's Research Support Budget under the research project Ownership Structure, Corporate Governance, and Firm's Performance (RPO 681-08).

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.

The Changing Face Of Corporate Ownership

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Author : Michael J. Rubach
language : en
Publisher: Routledge
Release Date : 2013-10-28

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 2013-10-28 with Business & Economics categories.

This book examines the shareholder activism of institutional investors, and the effect of this activism on portfolio performance. By focusing on 118 institutional investors headquartered in the United States, the book is unique in addressing the shareholder activism of a large sample. Institutional shareholder activism is defined to include both traditional mechanisms of influence (i.e. filing shareholder proposals) and relationship investing. Institutional owners included private and public pension funds, mutual funds, bank trusts, insurance companies, endowments, and foundations. These institutional owners differ substantially, and these differences lead institutions to use their ownership power to pursue different philosophies and actions. Some institutions follow a passive governance policy, While others adopt an activist role. This book seeks to answer four questions: (1) Are institutional owners actively involved in the strategic affairs of companies in their portfolios? (2)Which forms of activism do institutional owners employ (either confrontational mechanisms, such as filing shareholder proposals, or relationship building mechanisms)? (3)Which forms of activism employed are most effective? and (4) Does the institutional type affect its pursuit of shareholder activism? In answering these questions the author suggests new important results that in many cases are contrary to what prior reports of the activities by a small number of institutional owners may intimate.

Governing Corporate Tax Management

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Author : Chen Zhang
language : en
Publisher: Springer Nature
Release Date : 2019-10-04

Governing Corporate Tax Management written by Chen Zhang and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-04 with Law categories.

This book focuses on corporate sector development in the context of transition economies, such as China. In doing so, the book uses quantitative methods to test several hypotheses that are salient to the Chinese economic situation. Topics covered in the book include the relationship between tax management and firm performance, the extent to which a short-term focus on tax management can lead to long-term vulnerabilities, the impact of government ownership on tax management impact, and the link between the co-evolution of marketization and corruption, and institutional change and tax management. With that the book offers rich empirical evidence to examine tax management, firm performance and corruption in a broad context, while permitting comparison between the Chinese experience and the market economies.

Broadening The Ownership Of State Owned Enterprises A Comparison Of Governance Practices

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2016-02-04

Broadening The Ownership Of State Owned Enterprises A Comparison Of Governance Practices written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-04 with categories.

The State continues to remain an important shareholder in listed companies worldwide. This book provides fresh perspectives on the motivation to list state-owned enterprises (SOEs) and the process it entails.