Corporate Ownership Structure And Firm Performance
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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.
Corporate Ownership Structure And Firm Performance
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Author : Meysam Foroughi
language : en
Publisher:
Release Date : 2013
Corporate Ownership Structure And Firm Performance written by Meysam Foroughi 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.
Corporate governance as a mechanism helps to align management's goals with those of the stakeholders which are to increase firm performance. The relevant literature suggests that ownership structure is one of the main corporate governance mechanisms influencing the scope of a firm performance. Therefore, the aim of this study is to answer this question: ''is there any relationship between ownership concentration and firm performance?'' Based on stratified random sampling of listed firms on Tehran Stock Exchange and applying the panel least squared with cross-section weights as the underlying statistical test, it is found that firm performance is negatively related to ownership concentration of Iranian listed firms. In addition, the impact of ownership structure on firm performance depends on industry.
Ownership Structure And Firm Performance
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Author : Malla Praveen Bhasa
language : en
Publisher:
Release Date : 2007
Ownership Structure And Firm Performance written by Malla Praveen Bhasa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
This paper attempts to review literature on corporate governance on the ownership structure from a firm performance perspective. The dominant paradigm of corporate governance is based on the argument of Berle and Means (1932) that separation of ownership and control affects the reported level of income of firms, either positively or negatively. Subsequent studies have taken off from this concept of separation of ownership and control or in what is otherwise more famously known as 'conflict of interests' theory. Seven major arguments that have emerged within the context of 'conflict of interests' theory are explained in this paper. These arguments are basically considered to have emerged as an explanation to discuss the motivations that govern the managers and owners running the corporations. The uniqueness of the paper is in the way the literature is organized. As alluded earlier, corporate governance within the conflict of interests framework is subject to behavioral motivations of those who run the corporations. The profoundness of conflict of interests lies in where the locus of control is - with the managers, the owners, the institutional investors or with the markets. Hence, the literature has been classified under a few major headings to explain the importance of 'locus of control' and its impacts on firm's performance. Finally, some concluding remarks are offered in the summary.
Corporate Governance And Its Implications On Accounting And Finance
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Author : Alqatan, Ahmad
language : en
Publisher: IGI Global
Release Date : 2020-09-25
Corporate Governance And Its Implications On Accounting And Finance written by Alqatan, Ahmad and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-25 with Business & Economics categories.
After the global financial crisis, the topic of corporate governance has been gaining momentum in accounting and finance literature since it may influence firm and bank management in many countries. Corporate Governance and Its Implications on Accounting and Finance provides emerging research exploring the implications of a good corporate governance system after global financial crises. Corporate governance mechanisms may include board and audit committee characteristics, ownership structure, and internal and external auditing. This book is devoted to all topics dealing with corporate governance including corporate governance characteristics, board diversity, CSR, big data governance, bitcoin governance, IT governance, and governance disclosure, and is ideally designed for executives, BODs, financial analysts, government officials, researchers, policymakers, academicians, and students.
Corporate Governance Ownership Structure And Firm Performance
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Author : Narong Preedanan
language : en
Publisher:
Release Date : 2005
Corporate Governance Ownership Structure And Firm Performance written by Narong Preedanan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business enterprises categories.
This study examines the relationship between ownership structures and the performance of listed Thai financial firms, using a sample of 39 companies which is accounted for 86% of the market capitalisation of all financial firms listed on the Stock Exchange of Thailand (SET) in 1996. The study employs both univariate and multivariate regression analysis. The empirical results reveal that the presence of controlling shareholders is associated with higher performance, particularly when measured, for example, by return on equity (ROE). This evidence is consistent with the view that large shareholders mitigate the “free-rider” problem of monitoring a management team, and reduce agency costs, as contended by Shleifer and Vishny (1986) and Admati et al. (1994). In addition, the separation of voting and cash-flow rights through the use of pyramid and cross-shareholding is not detrimental to the value of a firm. The study does not find evidence to support the argument that a family’s involvement in management has a negative effect on company performance. Rather, there is strong evidence to support the hypotheses that state-owned financial institutions display superior performance. Finally, the study does not find evidence to support the argument that there is a non-monotonic relationship between ownership concentration and company value. Nevertheless, there is strong evidence that, at higher levels of ownership (in this case 50-75%), the involvement in management by controlling shareholders has a positive effect on firm performance, in terms of accounting, ROE, and market measures, price-to-book ratio. The results add to the literature that evaluates an empirical the link between ownership structure and firm performance, and provide additional information to policy-makers engaged in the ongoing development of corporate governance in developing countries, particularly in Thailand.
Ownership Structure And Firm Performance
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Author : Ali Tahbaz Hendi
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2012
Ownership Structure And Firm Performance written by Ali Tahbaz Hendi 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 2012 with categories.
This study is aimed to determine the role of ownership structure on firm performance. Using panel data regression analysis method, the role of variables of ownership structure which includes: ownership concentration, institutional ownership and institutional ownership concentration have been examined for 137 listed firms of Tehran stock exchange within the period 2001 to 2006. The findings of this research shed light on the role of ownership structure plays in corporate performance and thus offer insights to policy makers interested in improving corporate governance system.
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.
Performance And Behavior Of Family Firms
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Author : Esra Memili
language : en
Publisher: MDPI
Release Date : 2018-03-23
Performance And Behavior Of Family Firms written by Esra Memili and has been published by MDPI this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-23 with Electronic book categories.
This book is a printed edition of the Special Issue "Performance and Behavior of Family Firms" that was published in IJFS
Ownership Capital Structure And Firm Performance
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Author : Timezghine Mohammed Rafik
language : en
Publisher:
Release Date : 2014
Ownership Capital Structure And Firm Performance written by Timezghine Mohammed Rafik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Corporations categories.
Corporate governance in the Asian context has witnessed a critical review and investigation from scholars after the Asian Financial crisis in 1997. This is due to the negative effect of ownership structure, which is concentrated, on minority shareholders. Previous studies considered this problem and tried to propose solutions and proposals to come up with efficient corporate governance mechanism. It has been argued that environment with weak legal protection of minority shareholders and inefficient external market and financial institutions is associated with concentrated ownership structure. Literatures in this context provided contradicted arguments about the effect of concentrated ownership in ensuring efficient corporate governance practice and better firm performance. Earlier studies claimed that dispersed ownership is the most efficient structure, where recent studies argued that block holders, such as families state and foreign, showed better governance practice and better firm performance. Within this debate this study tried to contribute to the literature by evaluating the corporate governance practice in Malaysia by focusing on ownership structure and its effect on firm performance and including a new factor, capital structure, to investigate its potential effect on the governance, and taking agency theory as un underlying theoretical background to explain the relationships. Malaysian firms are characterized with concentrated ownership which provides better environment to conduct this study. Based on data collected from the top 100 largest listed companies in Bursa Malaysia, our results showed that after nearly 15 years from the Asian Financial crisis concentrated ownership is still an important component in the Malaysian firms' ownership structure. The results showed further that managerial ownership and leverage are two governance mechanisms which are not used efficiently in governance. Panel Data analysis showed that ownership structure has different relationships with firm performance measurements, negative with the market based measurement (Tobin's Q), and positive with accounting based measurement (ROA), which indicate for potential expropriation of minority shareholders; where managerial ownership recoded negative relationships with both measurements. Foreign and state ownership have positive association with firm value, but state ownership is insignificant, whilst all ownership types are positively related with profitability. By including leverage as a moderating variable the results showed that moderating effect is significant and implies that leverage should be considered as an efficient corporate governance mechanism to ensure better performance and low agency problem.
Firm Performance And Corporate Governance Through Ownership Structure
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Author : Mahmood Osman Imam
language : en
Publisher:
Release Date : 2013
Firm Performance And Corporate Governance Through Ownership Structure written by Mahmood Osman Imam 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 paper examines how corporate governance is practiced through ownership structure and how firm's performance as well as its dividend payout policy is influenced by different ownership pattern. In doing so, this paper attempts to investigate the pattern of ownership mix and ownership concentration scenario towards sponsorship in Bangladesh, the relationship between the ownership structure and firm performance and finally the impact of ownership structure upon firm's dividend payout policy. An analysis has been made as evidence taking all listed non-financing firms from the Dhaka Stock Exchange. There are several alternative corporate governance mechanisms, which may play an important role to improve firm's performance. Here ownership structure has been considered as an effective tool of corporate governance. In this study, the relations between firm's return and value with ownership variables along with firm's specific variables controlling the industry effects have been examined. Using the data from two sample points of 2000 and 2003, it is shown that a large fraction of cross-sectional variation in performance, found in several studies, is explained by unobserved firm heterogeneity, rather than the shareholders holding. Our empirical results provide evidence that foreign holding is positively and significantly related to the firm performance as measured by firm's holding period returns and Tobin's Q, and the relationship is a monotonic one. We also provide empirical evidence that firms with high institutional ownership and firms with concentrated ownership pay high and less dividend payout respectively.