Corporate Governance, Disclosure and Market Liquidity PDF Download

Author: Ariadna Dumitrescu
Publisher:
ISBN:
Category :
Languages : en
Pages : 43

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Book Description
This paper investigates how corporate decisions such as the choice of corporate governance mechanisms or information disclosure by management, affect firm stock liquidity. The model studies the interaction between a firm's manager and its shareholders and shows that the quality of the firm's dividend report, a result of this interaction, affects information asymmetry in the financial market, and therefore, liquidity. Interestingly, the effect of disclosure quality on liquidity is non-monotonical. The model also highlights the complementarity between internal and external corporate governance mechanisms. Thus, the optimal level of disclosure required to maximize market liquidity increases in the quality of the firm's internal corporate governance mechanisms.

Author: Clara Antoine Chedid
Publisher:
ISBN:
Category :
Languages : en
Pages : 258

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Author: Sumi Jang
Publisher:
ISBN:
Category : Social responsibility of business
Languages : en
Pages : 117

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Book Description
Recent increases in corporate social responsibility (CSR) disclosure have raised several questions as to why firms engage in CSR disclosure behaviour. One of many possible benefits might be the increased level of market liquidity. In this context, this study examines the relation between CSR disclosure and market liquidity for 200 listed CSR-sensitive firms on the Australia Stock Exchange (ASX) for the year 2014. In particular, this study uses two CSR disclosure measures and four types of market liquidity measures to investigate the association between the two.

Author: L. P. Yong
Publisher: CCH Australia Limited
ISBN: 1921485922
Category : Business & Economics
Languages : en
Pages : 209

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Book Description
Lessons in Corporate Governance from the Global Financial Crisis poses and attempts to answer key questions about the Global Financial Crisis (GFC). Did it have to happen? What caused it and, more importantly, why? Could it have been avoided? Could it happen again? This book covers issues such as importance of the fiduciary duties of board members, risk management, influence of hedge funds, impact on members’ pension funds, currency hedging, role of government regulation and the extensive use of financial derivatives.

Author: Yuting Wang
Publisher:
ISBN:
Category : Disclosure in accounting
Languages : en
Pages : 234

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Book Description
This thesis provides evidence on the importance of disclosure quality on stock market and firm corporate governance. It investigates the effect of disclosure quality on stock liquidity and earnings management for Chinese firms listed on the Shenzhen Stock Exchange. My analysis is conducted in two parts. The first part investigates the relationship between disclosure quality and stock liquidity. The results from various proxies for market liquidity suggest that higher disclosure quality leads to improved stock liquidity with reduced information asymmetry. Further, as the disclosure rating improves, the ability for information disclosure to mitigate information asymmetry and stimulate market liquidity becomes stronger. The second part of the thesis examines the effect of disclosure quality on listed firms’ earnings management. I find that a higher level of disclosure quality is associated with less earnings management and lower information asymmetry. However, the results do not provide any significant evidence on the relationship between the change in disclosure quality and the change in the inclination to engage in earnings management. This indicates that the ratio of earnings management level in adjacent fiscal years cannot capture the change in earnings management, and it further confirms that accruals reversion among accounting periods should be considered when constructing models for changes in earnings management.

Author: Markus Berndt
Publisher: Springer-Verlag
ISBN: 3322814319
Category : Business & Economics
Languages : de
Pages : 159

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Book Description
Markus Berndt explains the observable evolution and persistence of differences in financial systems by elaborating on the influence of network effects on corporate governance systems. He develops a coherent theoretical framework pulling together existing agency theories and providing new theoretical foundations wherever there is a gap in the current theoretical understanding of corporate governance.

Author: Jens Forssbaeck
Publisher: Oxford Handbooks
ISBN: 0199917698
Category : Business & Economics
Languages : en
Pages : 619

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Book Description
'Transparency' has become both a catch-word in public debate and also an important research topic. Comprised of authoritative yet accessible contributions, this handbook surveys existing economic research on transparency and provides an up-to-date account of its meaning and significance in economic policy, market integration and regulation, and corporate governance and disclosure.

Author: Sabri Boubaker
Publisher: World Scientific
ISBN: 9814520381
Category : Business & Economics
Languages : en
Pages : 613

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Book Description
While emerging market economies do not have a mature market structure yet, there is a need for research on corporate governance practices in these economies from different perspectives, including corporate social responsibility. Corporate Governance and Corporate Social Responsibility: Emerging Markets Focus fills the gap with a collection of high-quality research and policy-based papers addressing these issues, using various market cases as illustrations. Unlike previous books that often focused on one or several emerging markets, this book covers a much broader set of countries and tackles ethical, legal and societal aspects of corporate governance, beyond financial issues. It also discusses how companies work towards best corporate governance practices, particularly, in the aftermath of recent financial and economic crises. Readers will benefit from the wide range of theoretical, empirical, and case analyses, selected with care to reflect cutting-edge corporate governance and corporate social responsibility issues in countries with emerging markets. Contents: Corporate Governance: Legal Framework and Codes of Best Practices: Corporate Governance Bundles for Emerging Markets (Rahul Bedi and Darshan Desai); OC GoodOCO Corporate Governance in Transformation Countries OCo A Comparison of Experts' Perceptions in East Germany, Estonia and Hungary (Thomas Steger, Ruth Alas and Klliki Tafel-Viia); Corporate Governance, Policies and Public Listing: The Case of Chinese State-owned Enterprises (Zigan Wang); Corporate Governance in Turkey: The Case of Borsa Istanbul 50 Companies (Esra Nemli Caliskan and Basak Turan Icke); Barriers to Effective Corporate Governance Reforms: Corruption and the Peculiar Case of Nigeria (Ngozi Okoye); The Brazilian Fiscal Council OCo Protecting Minority Shareholders in a Weak Legal System (Jairo Laser Procianoy and Roberto Frota Decourt); Using Market Incentives to Move Beyond Law and Regulation in Emerging Markets OCo The Case for Corporate Governance Stock Exchange Indices (Andreas Grimminger); Corporate Governance: Some Country Experiences: The Audit Committee in the EU Emerging Countries (Daniela M Salvioni, Francesca Gennari, Luisa Bosetti and Alex Almici); Great Expectations from Pension Fund Activism: Insight from Poland (Agnieszka Seomka-GoeObiowska); Ownership Structure and Directors' Compensation Disclosure in Malaysia (Elinda Binti Esa and Abdul Rahman Zahari); Corporate Governance, Performance and Liquidity Risk of West African Economic and Monetary Union (WAEMU) Banks (Alassane Ouattara, Luc Paugam and Olivier Ramond); Board Composition and Company Performance: A Study of Sub-Saharan African Countries (Gibson Munisi); Emerging Markets Banks Ownership and Performance: Evidence from China (Xiaoxi Zhang and Kevin Daly); Corporate Governance in Romania: Theories and Practices (Gheorghe N Popescu, Veronica Adriana Popescu and Cristina Raluca Popescu); Corporate Social Responsibility: Corporate Governance and Corporate Social Responsibility in Financial Institutions: Evidence from Islamic Banks (Hisham Farag); Is Corporate Governance Related to Corporate Social Responsibility? The Case of South Africa (Idoya Ferrero-Ferrero, Mar a ungeles Fernindez-Izquierdo, Mar a Jess Muoz-Torres, Juana Mar a Rivera-Lirio, Ral Len-Soriano and Elena Escrig-Olmedo); Achieving Corporate Governance and Corporate Social Responsibility in an Emerging Market through Gender Diversity on Boards in India (Sharon Ayson); Executive Compensation in Emerging Markets: Theoretical Developments and Empirical Evidence (Yongli Luo); Placing Stakeholder Theory within the Debate on Corporate Social Responsibility (Tarek Miloud); Corporate Governance and Corporate Social Responsibility Reporting: Empirical Evidence from Bangladesh (Pallab Kumar Biswas). Readership: Policymakers, professionals, academics, and graduate students in law, economics, management and finance, organizations promoting best governance practices in emerging countries, investors, as well as those interested in corporate governance, corporate finance, and business and management. Key Features: Addresses current issues and cutting-edge trends in corporate governance and corporate social responsibility within economies with emerging markets; Sheds light on how companies adopt and move towards best corporate governance practices, especially in the aftermath of recent crises; Illustrates corporate governance theories with real business cases and assesses the effects of various governance practices on corporate behavior"

Author: Sakthi Mahenthrian
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
Companies with relatively thin trading, a high concentration of insider ownership, and a privatized pension system characterize Chile's Santiago Stock Exchange. Within this setting, we study the relationship between ownership concentration, corporate governance, and stock market liquidity. Our results suggest that board independence, corporate disclosure and outside monitoring by institutions help moderate the effects that insiders have on trading costs and liquidity. We also find that market makers with inventory reduce the informational component of trading costs. Finally, the trades of insiders provide price guidance to market makers, while traders employ a follow-the-insider strategy when transparency is low.

Author: Alberto Chong
Publisher: World Bank Publications
ISBN: 0821369148
Category : Business & Economics
Languages : en
Pages : 584

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Book Description
'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.