Ownership Structure Financial Rent And Performance
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Ownership Structure Financial Rent And Performance
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Author : Ei Yet Chu
language : en
Publisher:
Release Date : 2008
Ownership Structure Financial Rent And Performance written by Ei Yet Chu 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 addresses the interaction relationship between debt financing and ownership structure towards firms' value in Malaysia. Two issues are addressed in this study. The study examines whether managers and controlling large shareholders pursue rent seeking objective through excessive leverage in a firm. Secondly, the paper examines whether financial restraint policy is effective in enhancing corporate governance. The sample of the study covers a small economy - Malaysia where rent seeking opportunities prevail. A total 256 manufacturing firms are examined. The hypotheses are set to examine whether rent seeking prevails in firms with high intangible assets and less competitive industries. The findings show that first, financial restraint policy is only effective when managerial equity interest is relatively low. Managers with a higher equity interest hinder the positive effects driven by financial restraint policy. Second, at a higher threshold of equity interest, the use of excessive leverage by managers leads to a lower firm value, confirming the presence of rent seeking motive. The presence of the largest shareholder as directors also follows the same conjecture despite at a lower magnitude. Both findings could not be refuted in less competitive industries. Other findings from this paper conclude that a high industrial concentration industry increases firms' value in this economy. Financial institutions can also exert corporate governance on firms in less competitive industries. It is, however, the agency problem mitigates the positive effects brought forth by financial rent in this emerging economy.
Ownership Structure As A Determinant Of Capital Structure An Empirical Study Of Dax Companies
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Author : Christian Funke
language : en
Publisher: GRIN Verlag
Release Date : 2007-07
Ownership Structure As A Determinant Of Capital Structure An Empirical Study Of Dax Companies written by Christian Funke and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07 with Business & Economics categories.
Diploma Thesis from the year 2003 in the subject Business economics - Investment and Finance, grade: 1,1 (A), European Business School - International University Schlo Reichartshausen Oestrich-Winkel (Endowed-Chairf for Corporate Finance and Capital Markets), language: English, abstract: The idea that the general characteristics of a firm's ownership structure can affect performance has achieved considerable attention and related research brought forward relatively consistent empirical evidence e.g. on the positive impact of managerial ownership on firm performance. However, the evidence on the relation between ownership and capital structure is less consistent and numerous, although there are good reasons to believe that there may be such a relationship. Since the capital structure irrelevance propositions of MODIGLIANI/MILLER economists have devoted considerable time to studying cross-sectional and time-series variations in capital structure. More recent work following the seminal contribution by JENSEN/MECKLING has employed an agency theory perspective in the search for an explanation of capital structure variations. With this managerial perspective capital structure is not only explained by variations in internal and external contextual factors of the firm, but also by the values, goals, preferences and desires of managers. Corporate financing decisions are influenced by managers' incentives and the incentives for managers to act opportunistically can be influenced by the ownership structure of the firm. However, most empirical work analyzing a firm's capital structure in cross-sectional and time-series studies ignores the equity ownership structure as a possible explanatory variable. This can be partly explained by problems associated with the availability of ownership data, when compared to readily available accounting and market data on other relevant variables. Notwithstanding, it entails a problem of model misspecification as omitting a relevant variable
Firm Ownership Structure And Its Impact On Corporate Financial Performance
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Author : Benedikt Emanuel Maissenhälter
language : en
Publisher:
Release Date : 2012
Firm Ownership Structure And Its Impact On Corporate Financial Performance written by Benedikt Emanuel Maissenhälter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Based on existing theoretical and empirical research, as well as on logically derived thoughts on the potential impact of ownership on performance, a conceptual model is developed. Using a panel data set of large German firms in the period 1997-2011, the empirical analysis tests the conceptual model and can validate several hypotheses. Valuable findings enable an extension an refinement of the original empirical model. The thesis ends with concluding remarks and several ideas for further research.
Ownership Structure And Corporate Performance
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Author : Dr. Arindam Gupta Dr.SohagJoarder
language : en
Publisher: Archers & Elevators Publishing House
Release Date :
Ownership Structure And Corporate Performance written by Dr. Arindam Gupta Dr.SohagJoarder and has been published by Archers & Elevators Publishing House this book supported file pdf, txt, epub, kindle and other format this book has been release on with Antiques & Collectibles categories.
Ownership Structure And Corporate Performance In The U S And Japan
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Author : George M. Pushner
language : en
Publisher:
Release Date : 1993
Ownership Structure And Corporate Performance In The U S And Japan written by George M. Pushner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Corporations categories.
Choice Of Ownership Structure And Firm Performance
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Author : derek c. jones, panu kalmi and niels mygind
language : en
Publisher:
Release Date : 2003
Choice Of Ownership Structure And Firm Performance written by derek c. jones, panu kalmi and niels mygind 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.
Ownership Structure Firm Performance And Stock Market Comovement
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Author : Jin Tang
language : en
Publisher:
Release Date : 2002
Ownership Structure Firm Performance And Stock Market Comovement written by Jin Tang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Real Estate Investment And Finance
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Author : David Hartzell
language : en
Publisher: John Wiley & Sons
Release Date : 2021-01-05
Real Estate Investment And Finance written by David Hartzell 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 2021-01-05 with Business & Economics categories.
The fully revised and updated version of the leading textbook on real estate investment, emphasising real estate cycles and the availability and flow of global capital Real Estate Investment remains the most influential textbook on the subject, used in top-tier colleges and universities worldwide. Its unique, practical perspective on international real estate investment focusses on real-world techniques which measure, benchmark, forecast and manage property investments as an asset class. The text examines global property markets and real estate cycles, outlines market fundamentals and explains asset pricing and portfolio theory in the context of real estate. In the years since the text’s first publication, conditions in global real estate markets have changed considerably following the financial crisis of 2008-2009. Real estate asset prices have increased past pre-crisis levels, signalling a general market recovery. Previously scarce debt and equity capital is now abundant, while many institutions once averse to acquiring property are re-entering the markets. The latest edition – extensively revised and updated to address current market trends and practices as well as reflect feedback from instructors and students – features new content on real estate development, improved practical examples, expanded case studies and more. This seminal textbook: Emphasises practical solutions to real investing problems rather than complex theory Offers substantial new and revised content throughout the text Covers topics such as valuation, leasing, mortgages, real estate funds, underwriting and private and public equity real estate Features up-to-date sections on performance measurement, real estate debt markets and building and managing real estate portfolios Includes access to a re-designed companion website containing numerous problems and solutions, presentation slides and additional instructor and student resources Written by internationally-recognised experts in capital management and institutional property investing strategies, Real Estate Investment, Second Edition: Strategies, Structures, Decisions is an indispensable textbook for instructors and students of real estate fund management, investment management and investment banking, as well as a valuable reference text for analysts, researchers, investment managers, investment bankers and asset managers.
Does Ownership Structure Affect Corporate Performance Evidence From The Divestiture Market
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Author : Michael J. Bennett
language : en
Publisher:
Release Date : 2009
Does Ownership Structure Affect Corporate Performance Evidence From The Divestiture Market written by Michael J. Bennett 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 examines the effect of ownership structure on the market assessment of asset sales. Three types of ownership structures are identified: large block outside, inside, and widely held. Empirical results indicate that firms with large block outside shareholders experience significantly positive announcement effects for both buying and selling firm samples. These are significantly greater than those for the inside shareholder and large widely held firms. This paper also examines whether ownership structure of the firm being transacted with and disclosure of the price of the transaction has an effect on the market assessment of the deal.lease enter abstract text here.
Ownership Structure And Stock Price Performance During Turbulent Financial Markets
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Author : Kurt A. Desender
language : en
Publisher:
Release Date : 2012
Ownership Structure And Stock Price Performance During Turbulent Financial Markets written by Kurt A. Desender and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
The objective of this study is to investigate the relationship between stock market performance and ownership structure during plummeting and soaring financial markets in a Continental-European setting. Our results show the importance of ownership concentration, the presence of secondary blockholders and the type of the controlling owner to explain stock price performance. In addition, the analysis shows that the results for extreme down markets are fundamentally different from the results for the up market. While ownership concentration is valued positively during down market periods, it is valued negatively during up market periods. The results of the study also have implications for policy makers, by showing that firms with concentrated ownership are less subjective to extreme market periods. To the extent that ownership concentration might contribute to the financial and economic stability of listed firms, this study provides empirical insights against regulations that could hamper the persistence of large controlling shareholders.