Ownership Structure Corporate Governance And Firm Value
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Ownership Structure Corporate Governance And Firm Value
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Author : Karl V. Lins
language : en
Publisher:
Release Date : 2003
Ownership Structure Corporate Governance And Firm Value written by Karl V. Lins and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
We study the effect of ownership structure on firm value during the East Asian financial crisis that began in July 1997. The crisis represents a negative shock to the investment opportunities of firms in these markets that raises the incentives of controlling shareholders to expropriate minority shareholders. Moreover, the large separation between cash flow and control rights that often arise from the use of pyramidal ownership structures and cross-holdings in these markets suggests that insiders have both the incentive and the ability to engage in expropriation. Using data from over 800 firms in eight East Asian countries, we find evidence consistent with this view. Tobin's Q ratios of those firms in which minority shareholders are potentially most subject to expropriation decline twelve percent more than Q ratios in other firms during the crisis period. A similar result holds for stock returns - firms in which minority shareholders are most likely to experience expropriation underperform other firms by about nine percent per year during the crisis period. Further, during the pre-crisis period we find no evidence that firms with a separation between cash flow rights and control rights exhibit performance changes different from firms with no such separation. All of these results are robust to controls for country and industry effects, as well as proxies for differences in risk across firms and the strength of the country's legal institutions. The evidence indicates that corporate ownership structure plays an important role in determining the incentives of insiders to expropriate minority shareholders during the times of declining investment opportunities. Our results add to the literature that examines the link between ownership structure and firm performance and provide additional guidance to policymakers engaged in the ongoing debate about the proper role and design of corporate governance features and legal institutions in developing economies.
Ownership Structure Corporate Governance And Firm Value Evidence From The East Asian Financial Cisis
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Author : MICHEAL LEMMON AND KARL LINS
language : en
Publisher:
Release Date : 2001
Ownership Structure Corporate Governance And Firm Value Evidence From The East Asian Financial Cisis written by MICHEAL LEMMON AND KARL LINS and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Ownership Structure Corporate Governance And Firm Value
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Author : Michael Lemmon
language : en
Publisher:
Release Date : 2001
Ownership Structure Corporate Governance And Firm Value written by Michael Lemmon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
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.
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.
Family Firms In Latin America
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Author : Claudio G. Müller
language : en
Publisher: Routledge
Release Date : 2018-09-03
Family Firms In Latin America written by Claudio G. Müller and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-03 with Business & Economics categories.
This is one of the first books of its kind to highlight family firms in a Latin American context, helping students to understand the distinctive nature and challenges of Latin American family businesses and how these issues compare to family businesses around the world. Building on their experience in teaching, research, speaking, and consulting on the subject of family firms in Latin America, the editors explain the need to implement and adapt traditional frameworks in the changing Latin American reality. Each section provides background on the most important topics in the management of family firms, including strategy, entrepreneurship, and performance, followed by illustrative cases and a discussion of how this knowledge is similar to or different from other parts of the world. The book’s clear writing and in-depth approach will appeal to undergraduate and graduate students of international business, business in Latin America, and family business.
The Board Of Directors
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Author : Ettore Croci
language : en
Publisher: Springer
Release Date : 2018-12-04
The Board Of Directors written by Ettore Croci and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-04 with Business & Economics categories.
Boards of directors are a central feature of any corporate governance regime. The role of directors and how they affect firm value and policies is examined in depth in academic literature. However, it is easy to get both lost and overwhelmed when searching through the literature review that investigates several characteristics, often one at the time. This book provides a careful and concise look at corporate finance literature, specifically with regard to the board of directors, summarizing the main findings and reconciling them. This book documents the pros and cons associated with the various attributes of the board and the directors as found in the current literature and provides sections geared specifically to practitioners in this space, as well, allowing for a better and more comprehensive description of this important corporate governance mechanism. The resulting book aims to facilitate the interpretation of changes in corporate governance through the lens of the recent academic literature.
How Does Ownership Structure Affect Firm Value A Comparison Using Different Corporate Governance Systems
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Author : Alberto de Miguel
language : en
Publisher:
Release Date : 2009
How Does Ownership Structure Affect Firm Value A Comparison Using Different Corporate Governance Systems written by Alberto de Miguel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper studies how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm value. Our study gives rise to the following findings. First, ownership concentration and insider ownership levels are determined by several institutional features such as investor protection, development of capital markets, activity of the market for corporate control, and effectiveness of boards. Second, the relationship between ownership concentration and firm value is not directly affected by these institutional factors. Third, there is, however, a direct influence of corporate governance characteristics on the relationship between insider ownership and firm value.
Liquidity Ownership Concentration Corporate Governance And Firm Value
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Author : Panu Prommin
language : en
Publisher:
Release Date : 2016
Liquidity Ownership Concentration Corporate Governance And Firm Value written by Panu Prommin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We examine the interactions among ownership structure, liquidity, and corporate governance in an important emerging market. The results suggest that firms with more concentrated ownership experience significantly lower stock liquidity. Large shareholders are assumed to possess private information, leading to information asymmetry and thus a higher adverse selection cost. As a result, higher ownership concentration is associated with less liquidity. Nevertheless, there is no evidence that corporate governance plays a significant role in the relationship between ownership and liquidity in Thailand.
Ownership Structure And Firm Value
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Author : Saikat Sovan Deb
language : en
Publisher:
Release Date : 2006
Ownership Structure And Firm Value written by Saikat Sovan Deb and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
In this paper, we investigate the relationship between ownership structure and value in Indian firms by testing for quot;Monitoring and Expropriationquot; hypothesis, as well as quot;Convergence of Interestquot; and quot;Entrenchment hypothesisquot;. This study provides evidences in support of monitoring hypothesis. But we could not find any evidence in support of expropriation hypothesis. This paper reports evidence in support of both quot;convergence of interestquot; and quot;entrenchment hypothesisquot;. We find that though there is no evidence of quot;Expropriationquot; by significant shareholders in Indian firms but at a certain range of insider ownership, Indian managers get entrenched and firm value gets affected negatively.