Government Ownership And Performance
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Government Ownership And Performance
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Author : Rubi Ahmad
language : en
Publisher:
Release Date : 2013
Government Ownership And Performance written by Rubi Ahmad 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 relationship between ownership structure and company performance has been issue of interest among academics, investors and policy makers because of key issue in understanding the effectiveness of alternative governance system in which government ownership serve as a control mechanism. Therefore, this paper examines the impact of an alternative ownership/control structure of corporate governance on firm performance among government linked companied (GLCs) and Non-GLC in Malaysia. It is believed that government ownership serve as a monitoring device that lead to better company performance after controlling company specific characteristics. We used Tobin's Q as market performance measure while ROA is to determine accounting performance measure. This study is based on a sample of 210 firms over a period from 1995 to 2005. We use panel based regression approach to determine the impact of ownership mechanism on firm's performance. Findings appear to suggest that there is a significant impact of government ownership on company performance after controlling for company specific characteristics such as company size, non-duality, leverage and growth. The finding is off significant for investors and policy marker which will serve as a guiding for better investment decision.
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.
State Owned Enterprises In A Mixed Economy
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Author : Mehdi Haririan
language : en
Publisher: Routledge
Release Date : 2019-09-05
State Owned Enterprises In A Mixed Economy written by Mehdi Haririan and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-05 with Political Science categories.
A distinctive feature of economic trends of the past three decades has been the increase in microeconomic intervention by state-owned enterprises (SOEs) in the market economies of rich industrial and poor developing nations. The majority of SOEs were established as policy instruments of choice in response to a variety of socioeconomic needs and socio-political problems. As persuasively demonstrated in this book, microeconomic efficiency criteria alone, stemming from the theory of a perfectly competitive economy, are badly designed criteria for public firms. The historical part of the book, in particular, discusses quite compellingly a number of causes other than market failures for the existence of state-owned enterprises. This discussion develops complex answers regarding causes for the existence of public firms.
Corporate Governance Of State Owned Enterprises
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Author : World Bank Publications
language : en
Publisher: World Bank Publications
Release Date : 2014-10-02
Corporate Governance Of State Owned Enterprises written by World Bank Publications and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-02 with Business & Economics categories.
This Toolkit provides an overall framework with practical tools and information to help policymakers design and implement corporate governance reforms for state-owned enterprises. It concludes with guidance on managing the reform process, in particular how to prioritize and sequence reforms, build capacity, and engage with stakeholders.
Ownership Structure And Corporate Performance
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Author : Nazrul Hisyam Ab Razak
language : en
Publisher:
Release Date : 2013
Ownership Structure And Corporate Performance written by Nazrul Hisyam Ab Razak 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.
Government ownership serves as a control mechanism for management activities hence better performance. This paper examines the impact of an alternative ownership/control structure of corporate governance on firm performance. Specifically, we investigate the governance system of government linked companied (GLCs) and non government linked companies after controlling firms' specific characteristics such as corporate governance, agency cost, growth, risk and profitability. The measure of performance is proxy by Tobin's Q as a market measure while ROA is as an accounting performance measure. In this paper we adopted panel based pooling regression over a period from 1995 to 2005. The results suggest an interesting distinction between these two groups of companies. Generally GLCs appears to performance better than non GLCs companies which in other words align with the contention that government ownership mechanism help to perform better.
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.
Public Versus Private Ownership
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Author : Mary M. Shirley
language : en
Publisher: World Bank Publications
Release Date : 2000
Public Versus Private Ownership written by Mary M. Shirley and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Competition categories.
Disappointment with insider trading in Russia, with voucher privatization in the Czech Republic, and with the privatization of infrastructure in many developing countries in many developing countries has spawned new critiques of privatization. How do theory and empirical evidence answer the much-debated questions, which is more important to performance, competition or private ownership? Are state enterprises more subject to welfare-reducing interventions by government than private firms are? Do state enterprises suffer more from problems of corporate governance?
Broadening The Ownership Of State Owned Enterprises
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Author : OECD
language : en
Publisher: OCDE
Release Date : 2016
Broadening The Ownership Of State Owned Enterprises written by OECD and has been published by OCDE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Government business enterprises categories.
The State continues to remain an important shareholder in listed companies worldwide, especially among emerging economies, which rely increasingly on mixed-ownership models. With the benefit of hindsight and more recent examples, this book provides fresh perspectives on the motivation to list state-owned enterprises (SOEs) and the process it entails. Drawing from the experiences of five economies (People's Republic of China, India, New Zealand, Poland and Turkey), the book concludes that broadened ownership generally has a positive impact on the governance and performance of these companies. However, country practices show that the act of listing cannot guarantee that these companies are completely averse to State interests; and deviations from sound corporate governance practices, as enshrined in the OECD Guidelines on Corporate Governance of SOEs, can in some cases, raise concerns with regards to non-State shareholder rights, commercial orientation, board independence, conflicting State objectives, transparency, disclosure and more.
Ownership Structure Board And Manager Discretion On Performance
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Author : Vincent Ongore
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2011-02
Ownership Structure Board And Manager Discretion On Performance written by Vincent Ongore 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 2011-02 with categories.
The study investigated the combined effects of ownership structure, board effectiveness and managerial discretion on firm performance using agency theory as an analytical framework. Measures of performance used in the study were Return on Assets, Return on Equity and Dividend Yield. Using Pearson s Product Moment Correlation and Logistic Regression, Step-wise regression and ANOVA to analyze data obtained from companies listed at the Nairobi Stock Exchange, the study found out that Ownership Concentration and Government Ownership have significant negative relationships with firm performance. On the other hand, Foreign Ownership, Diffuse Ownership, Corporation Ownership, and Manager Ownership were found to have significant positive relationships with firm performance. The results of this study have indicted the Board of Directors for not playing any meaningful role in corporate governance in Kenya. On the other hand, the results support the need for managers to bear more responsibility of their mismanagement and also share in the residual income of the firms they manage.
Does State Capitalism Work In Singapore
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Author : Isabel Joo Lay Sim
language : en
Publisher:
Release Date : 2011
Does State Capitalism Work In Singapore written by Isabel Joo Lay Sim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Corporations, Government categories.
There is divided literature on the utility of government-owned and governmentrun enterprises. This study adds to this literature by examining Singapore's stateowned companies called Government Linked Companies ("GLCs"). It addresses three questions: (i) How does Temasek, Singapore's state holding company own and govern listed GLCs? (ii) Do financial and operating performances of Singapore's GLCs improve after privatisation? (iii) Is there a link between the GLCs' performance and their corporate governance? Using data relating to the period 1980 to 2008, the study examines the role of GLCs within Singapore's economic policies; how they are privatised; their corporate background and management; the role of Temasek; and GLCs' performance and corporate governance practices. In providing insights into the role of Singapore's GLCs, this thesis brings into question much of the literature that is adverse to government ownership. Singapore's GLCs are well managed, efficient and profitable. They have played a vital economic role in transforming Singapore from a developing third world country to a developed first world country. The study suggests that Temasek applies stringent governance and operating guidelines to GLCs. The financial and operating performance of GLCs does not improve post-privatisation. The study further suggests that GLCs' performance is not related to several attributes of governance including board size, duality of office, the political connectedness of board members and board interlocks.