The Impact Of Corporate Governance On The Performance Of U S Small Cap Firms
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The Impact Of Corporate Governance On The Performance Of U S Small Cap Firms
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Author : Mingjun Tang
language : en
Publisher:
Release Date : 2007
The Impact Of Corporate Governance On The Performance Of U S Small Cap Firms written by Mingjun Tang 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.
The Impact Of Corporate Governance On The Performance Of U S Small Cap Firms
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Author : Ming Jun Tang
language : en
Publisher:
Release Date : 2007
The Impact Of Corporate Governance On The Performance Of U S Small Cap Firms written by Ming Jun Tang 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 examines the interactions between governance mechanisms and performance for US small cap firms over the period from 2000 to 2004. We perform analyses accounting for both simultaneity between the variables and a sample selection bias that may be related to the venue of listing firm's stock. The results demonstrate significant interactions between board independence, firm leverage, CEO ownership, and pay-performance sensitivity. With regard to the impact of governance mechanisms on corporate performance, leverage significantly reduces firm value while strong pay-performance compensation links are beneficial to corporate performance. We also find a weak association between board independence and firm performance. The results do not show a significant relationship between CEO ownership and performance. Another finding is that the passage of the Sarbanes-Oxley Act considerably increases the market value of small cap firms with a rate of return of around 15%, suggesting that the benefits of improved transparency outweigh their potential costs. The results are also consistent with the contention that CEOs may lack the power or will to remove insiders from the boards when firms are required to comply with independence standards.
Corporate Governance Mechanisms And Small Cap Firm Performance
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Author : Catherine Kelly
language : en
Publisher:
Release Date : 2005
Corporate Governance Mechanisms And Small Cap Firm Performance written by Catherine Kelly 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.
Identifying corporate governance mechanisms to improve firm performance has been at the forefront of policy discussion and research in recent years. Existing research in this area focuses on U.S. based large capitalisation firms. Although some work has been performed on U.S. small caps, little work has been done in the area of governance of small-caps for other countries. Small-caps merit investigation not merely because of alleged performance attributes as first demonstrated by Banz (1981) but also because they represent the largest contingent of firms listed on the exchange. This study extends the international evidence on small-cap governance to Canada, where unlike the U.S., 'best practice' guidelines are provided, but not mandated, there are two legal systems, and multiple class voting structures, which have been suggested to be inimical to performance, are common. We test for the optimal deployment of four governance mechanisms by estimating a simultaneous equation system linking these mechanisms to firm performance, using recent data. The results confirm the interdependence of governance mechanisms and firm performance. CEO ownership and shareholder rights are shown to determine board independence while CEO ownership is shown to depend on the extent of shareholder rights and whether she is also chairperson of the board. When taking endogeneity into account, we find Canadian small-cap firms appear to over utilise debt as a control mechanism. No robustly significant discount is observed for Quebec firms, or for those with multiple voting class shares; we do, however, note a premium for U.S. cross-listing.
The Changing Face Of Corporate Ownership
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Author : Michael J. Rubach
language : en
Publisher: Routledge
Release Date : 2013-10-28
The Changing Face Of Corporate Ownership written by Michael J. Rubach and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-28 with Business & Economics categories.
This book examines the shareholder activism of institutional investors, and the effect of this activism on portfolio performance. By focusing on 118 institutional investors headquartered in the United States, the book is unique in addressing the shareholder activism of a large sample. Institutional shareholder activism is defined to include both traditional mechanisms of influence (i.e. filing shareholder proposals) and relationship investing. Institutional owners included private and public pension funds, mutual funds, bank trusts, insurance companies, endowments, and foundations. These institutional owners differ substantially, and these differences lead institutions to use their ownership power to pursue different philosophies and actions. Some institutions follow a passive governance policy, While others adopt an activist role. This book seeks to answer four questions: (1) Are institutional owners actively involved in the strategic affairs of companies in their portfolios? (2)Which forms of activism do institutional owners employ (either confrontational mechanisms, such as filing shareholder proposals, or relationship building mechanisms)? (3)Which forms of activism employed are most effective? and (4) Does the institutional type affect its pursuit of shareholder activism? In answering these questions the author suggests new important results that in many cases are contrary to what prior reports of the activities by a small number of institutional owners may intimate.
The Perfect Corporate Board A Handbook For Mastering The Unique Challenges Of Small Cap Companies
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Author : Adam Epstein
language : en
Publisher: McGraw Hill Professional
Release Date : 2012-12-21
The Perfect Corporate Board A Handbook For Mastering The Unique Challenges Of Small Cap Companies written by Adam Epstein and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-21 with Business & Economics categories.
The first corporate governance book of its kind—written specifically for board members of smaller companies The Perfect Corporate Board covers the critical issues board members of smaller companies routinely face, helping them make better decisions for organizational success. It provides objective, practical advice on such critical issues as analyzing prospective financing, equity research, stock buy-backs, short selling, investment banking, and purchasing legal services. Adam Epstein is a corporate director and capital markets expert with extensive legal and operating experience. He is a member of the National Association of Corporate Directors, and speaks and writes regularly in national forums with respect to corporate governance.
Hedge Fund Activism
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Author : Alon Brav
language : en
Publisher: Now Publishers Inc
Release Date : 2010
Hedge Fund Activism written by Alon Brav and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.
The Impact Of Institutional Investors On Corporate Governance Takeovers And The Capital Markets
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities
language : en
Publisher:
Release Date : 1990
The Impact Of Institutional Investors On Corporate Governance Takeovers And The Capital Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Capital market categories.
Perspectives On Corporate Governance
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Author : F. Scott Kieff
language : en
Publisher: Cambridge University Press
Release Date : 2010-07-30
Perspectives On Corporate Governance written by F. Scott Kieff and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-30 with Law categories.
The events that began with the collapse of Enron, WorldCom, Tyco, and Adelphia and continued into the financial crisis of 2008 teach us an important lesson: corporate governance matters. Although it is widely acknowledged that good corporate governance is a linchpin of good corporate performance, how can one improve corporate governance and its impact on corporate and overall economic performance. This book offers a diverse and forward-looking set of approaches from experts, covering the major areas of corporate governance reform and analyzing the full range of issues and concerns. Written to be both theoretically rigorous and grounded in the real world, the book is well suited for practicing lawyers, managers, lawmakers, and analysts, as well as academics conducting research or teaching a wide range of courses in law schools, business schools, and economics departments.
Corporate Governance
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Author : Jonathan R. Macey
language : en
Publisher: Princeton University Press
Release Date : 2010-12-12
Corporate Governance written by Jonathan R. Macey and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-12 with Business & Economics categories.
Even in the wake of the biggest financial crash of the postwar era, the United States continues to rely on Securities and Exchange Commission oversight and the Sarbanes-Oxley Act, which set tougher rules for boards, management, and public accounting firms to protect the interests of shareholders. Such reliance is badly misplaced. In Corporate Governance, Jonathan Macey argues that less government regulation--not more--is what's needed to ensure that managers of public companies keep their promises to investors. Macey tells how heightened government oversight has put a stranglehold on what is the best protection against malfeasance by self-serving management: the market itself. Corporate governance, he shows, is about keeping promises to shareholders; failure to do so results in diminished investor confidence, which leads to capital flight and other dire economic consequences. Macey explains the relationship between corporate governance and the various market and nonmarket institutions and mechanisms used to control public corporations; he discusses how nonmarket corporate governance devices such as boards and whistle-blowers are highly susceptible to being co-opted by management and are generally guided more by self-interest and personal greed than by investor interests. In contrast, market-driven mechanisms such as trading and takeovers represent more reliable solutions to the problem of corporate governance. Inefficient regulations are increasingly hampering these important and truly effective corporate controls. Macey examines a variety of possible means of corporate governance, including shareholder voting, hedge funds, and private equity funds. Corporate Governance reveals why the market is the best guardian of shareholder interests.
Corporate Governance And The U S Firm
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Author : El Mahdy, Ph.D. (CFE, Dina)
language : en
Publisher:
Release Date : 2016
Corporate Governance And The U S Firm written by El Mahdy, Ph.D. (CFE, Dina) 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.
In the past, corporate governance was an important control mechanism for maintaining the accountability of management and directors of an organization. However, the value of strong corporate governance has assumed a critical role in organizations since recent highly publicized business failures of a number of large companies. Claims about the unreliability of reported earnings continue, as evidenced by an increase in the frequency of earnings restatements, earnings management, and fraud. Thus, corporate governance systems continue to be of utmost importance based on the impact of financial reporting (e.g., firm value, earnings and audit quality, firm performance) on capital markets. This book provides a comprehensive review, discussion, and analysis of over 150 research works on the usefulness of corporate governance codes to US firms based on theory underlying corporate governance, anecdotal evidence, and practices. The book first introduces the multi-faceted aspects of corporate governance, reviews corporate governance codes and their unplanned consequences on US firms, and then classifies the extant literature on corporate governance over the last two decades, from 1990 to 2010. The book further discusses the association between corporate governance and organizational outcomes such as firm value, performance, and financial reporting quality to draw conclusions regarding the overall effectiveness of corporate governance codes to US firms. Based on this classification, the book offers directions for future research regarding corporate governance mechanisms to maximize their benefit to US firms.