Ownership Structure Board And Manager Discretion On Performance
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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.
Discussion Of Accounting Discretion Corporate Governance And Firm Performance
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Author : Wayne R. Guay
language : en
Publisher:
Release Date : 2011
Discussion Of Accounting Discretion Corporate Governance And Firm Performance written by Wayne R. Guay 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.
Bowen, Ragjopal, and Venkatachalam (2008) explore whether managers, on average, use accounting discretion for reporting objectives that are in the interests of shareholders (e.g., signaling, tax minimization, etc.), or alternatively whether managers use discretion opportunistically in the presence of governance structures that allow greater discretion. The authors find that although accounting discretion is positively related to governance structures that allow managers greater discretion in decision-making, there is no evidence that the portion of accounting discretion related to governance structures is negatively associated with firm performance.In this discussion, I emphasize the importance of decision rights allocation within widely held corporations, and how this allocation naturally leads to cross-sectional variation in the degree of discretion afforded managers. In contrast to much of the existing governance literature, I argue that governance structures that allow managers greater discretion in making decisions do not necessarily imply weak/poor governance. For example, it is difficult to see why a firm that allocates the least possible decision-making rights to their board or executives is necessarily the firm with highest quality governance. I also discuss why the observed relation between accounting discretion and firm performance may be uninformative about whether accounting discretion is used for opportunistic purposes. If shareholders/boards thoughtfully select an appropriate amount of overall decision-making discretion to allow managers, it will be difficult to determine whether specific types of discretion are used opportunistically.
Managerial Discretion And Performance In China
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Author : Hagen Wülferth
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
Managerial Discretion And Performance In China written by Hagen Wülferth and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.
The theoretical and empirical literature to date has fallen short of reaching a consensus as to whether granting more managerial discretion to managers tends to enhance, not alter or diminish organizational performance (the discretion puzzle). This book aims to build a bridge between these contradictory results by synthesising principal-agent theory, stewardship theory, and managerial discretion theory into a new empirically-validated model. Using a representative sample of 'double-blind' interviews with managers of 467 firms in China and applying partial least squares path modelling (PLS), the study identifies a potential cause of the discretion puzzle: the failure of the extant literature to account for granularity in the way that managers use their discretion. This generates far-reaching implications for theoretical and empirical research as well as practical recommendations for managing managers in multinationals and Chinese companies.
Inside The Boardroom
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Author : Richard Leblanc
language : en
Publisher: John Wiley & Sons
Release Date : 2010-02-10
Inside The Boardroom written by Richard Leblanc and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-10 with Business & Economics categories.
Distinguished governance experts offer cures for what ails our boards of directors In light of corporate malfeasance in recent years, the governance of corporations has been receiving great attention from regulators, researchers, shareholders, and directors themselves. Based on Richard Leblanc's in-depth five-year study of 39 boards of directors of both for- and not-for-profit organizations, Building a Better Board goes behind the scenes to reveal the inner workings of boards of directors, including how they make decisions. Recently chosen as one of Canada's "Top 40 Under 40"(TM), Dr Richard Leblanc is an award-winning teacher and researcher, certified management consultant, professional speaker, professor, lawyer and specialist on boards of directors. He can be reached at [email protected]. James Gillies, PhD (Toronto, Ontario, Canada), is Professor Emeritus at the Schulich School of Business, York University, where he serves as Chair of the Canada-Russia Corporate Governance Program.
The Corporate Governance Structure And Corporate Performance
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Author :
language : en
Publisher:
Release Date : 2005
The Corporate Governance Structure And Corporate 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 2005 with categories.
This study examines the effectiveness of the corporate governance mechanisms and their impact on corporate performance, using the data of one industry sector? China?s listed real estate companies. The studies include four parts: (1) the ownership structure; (2) the board structure; (3) the manager compensation; and (4) the agency costs measured by asset utilization efficiency and manager discretionary expenses.
Corporate Governance The Environment
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Author : Luis Diestre
language : en
Publisher:
Release Date : 2008
Corporate Governance The Environment written by Luis Diestre and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This paper brings together the two important topics of corporate environmental management and corporate governance by exploring the impact of various governance mechanisms on the level of environmental performance that is realized by firms. Specifically, we hypothesize that anti-takeover amendments and provisions that restrict managers' personal liability create a sphere of "bad" discretion that allows managers to shirk by underinvesting in potentially financially beneficial levels of environmental performance. On the other hand, we suggest that corporate governance structures that emphasize higher levels of performance pay and lower degrees of monitoring create a degree of "good" discretion that enhances environmental firm performance. We find strong and robust support for these hypotheses in a sample of U.S. manufacturing firms, suggesting that different corporate governance mechanisms can serve as important tools for public policy and corporate board level efforts to enhance environmental performance.
Executive Compensation And Shareholder Value
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Author : Jennifer Carpenter
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
Executive Compensation And Shareholder Value written by Jennifer Carpenter and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.
Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in stock market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.
Investor Capitalism
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Author : Michael Useem
language : en
Publisher: Basic Books
Release Date : 1999-02-05
Investor Capitalism written by Michael Useem and has been published by Basic Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-02-05 with Business & Economics categories.
A behind-the-scenes look at today's kingmakers: institutional investors. Out of the public eye, a small group of professionals--investment experts who handle other people's monies--are exerting ever-greater control over corporate managers, firing CEOs and pushing through 'restructurings' that cost thousands of jobs. Michael Useem's "Investor Capitalism" portrays the quiet, veiled nature of this dance of elephants, and portrays the enormous implications of its results. --John Rekenthaler, Publisher, Morningstar, Inc.
Corporate Governance Strengthening Latin American Corporate Governance The Role Of Institutional Investors
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2011-07-01
Corporate Governance Strengthening Latin American Corporate Governance The Role Of Institutional Investors 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 2011-07-01 with categories.
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Corporate Governance Ceo Compensation And Firm Performance
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Author : John E. Core
language : en
Publisher:
Release Date : 1997
Corporate Governance Ceo Compensation And Firm Performance written by John E. Core and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Chief executive officers categories.