Corporate Governance and the Effects of Ownership Structure on Financial Performance in the American Semiconductors Industry PDF Download

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Corporate Governance and the Effects of Ownership Structure on Financial Performance in the American Semiconductors Industry

Corporate Governance and the Effects of Ownership Structure on Financial Performance in the American Semiconductors Industry PDF Author: Jihane Nicolas Assaf
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ISBN:
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Languages : en
Pages : 126

Book Description
Corporate Governance is currently a subject of great international concern and debate. Ownership structure is one major aspect of it that varies widely among d ifferent systems. Many literatures have been written on the subject but academics still a rgue that there is a tradeoff between large ownership concentration and liquidity. This study examines the relationship between ownership structure and financial performance. The variables used to represent ownership structure in te rms of ownership concentration and shareholders' identity are: Percentage of shares hel d by insiders and 5% owners, Percentage of shares held by institutions, Percentage of shares held by the major shareholder, four dummy variables indicating whether the major shareholder is an institution, a beneficial owner, the CEO, or an insider other than the CEO. Other control variables, which are the size of the firm, debt- to- equity r atio, and capital intensity, are used in order to capture the variability of firms' charac teristics and obtain a solid regression model. Financial performance is represented by both accounting and financial measures, which are: ROA, Market to Book Ratio, and Returns on Stocks on both the short and long- run. This study results in: * A positive relationship exists between the Percentage of Shares Held by Institutions & Mutual Funds Owners and ROA. * Having an insider as the major shareholder affects positively ROA. * Having the COE as the major shareholder has a positive impact on the Market To Book Ratio. * A positive relationship exists between the Percentage of Shares Held by Institutions & Mutual Funds Owners and the Five- Year Returns on Stocks. * A positive relationship exists between the Percentage of Shares Held by Insiders & 5% Owners and the Five- Year Returns on Stocks. * A negative relationship exists between the Number of Ownership Blocks exceeding 5% and The Five- Year Returns on Stocks. * Having an institution as the major shareholder affects negatively the Five-Yea r Returns on Stocks.
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