Corporate Governance, Ownership Structure and Firm Performance PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Corporate Governance, Ownership Structure and Firm Performance PDF full book. Access full book title Corporate Governance, Ownership Structure and Firm Performance by Hoang N. Pham. Download full books in PDF and EPUB format.
Author: Hoang N. Pham Publisher: Routledge ISBN: 1000540278 Category : Business & Economics Languages : en Pages : 190
Book Description
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.
Author: Hoang N. Pham Publisher: Routledge ISBN: 1000540278 Category : Business & Economics Languages : en Pages : 190
Book Description
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.
Author: Alqatan, Ahmad Publisher: IGI Global ISBN: 1799848531 Category : Business & Economics Languages : en Pages : 425
Book Description
After the global financial crisis, the topic of corporate governance has been gaining momentum in accounting and finance literature since it may influence firm and bank management in many countries. Corporate Governance and Its Implications on Accounting and Finance provides emerging research exploring the implications of a good corporate governance system after global financial crises. Corporate governance mechanisms may include board and audit committee characteristics, ownership structure, and internal and external auditing. This book is devoted to all topics dealing with corporate governance including corporate governance characteristics, board diversity, CSR, big data governance, bitcoin governance, IT governance, and governance disclosure, and is ideally designed for executives, BODs, financial analysts, government officials, researchers, policymakers, academicians, and students.
Author: Stijn Claessens Publisher: ISBN: Category : Capital market Languages : en Pages : 36
Book Description
This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-96. We find that mature and slow-growing firms with ownership structures more likely to create agency problems gain more from group affiliation, while young and high-growth firms more likely lose. Agency problems are important explanatory factors of firm value in economies outside Japan, but less so in Japan. Consistent with the literature, financially-constrained firms benefit from group affiliation. Our results are robust to different time periods and estimation techniques.
Author: Malla Praveen Bhasa Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper attempts to review literature on corporate governance on the ownership structure from a firm performance perspective. The dominant paradigm of corporate governance is based on the argument of Berle and Means (1932) that separation of ownership and control affects the reported level of income of firms, either positively or negatively. Subsequent studies have taken off from this concept of separation of ownership and control or in what is otherwise more famously known as 'conflict of interests' theory. Seven major arguments that have emerged within the context of 'conflict of interests' theory are explained in this paper. These arguments are basically considered to have emerged as an explanation to discuss the motivations that govern the managers and owners running the corporations. The uniqueness of the paper is in the way the literature is organized. As alluded earlier, corporate governance within the conflict of interests framework is subject to behavioral motivations of those who run the corporations. The profoundness of conflict of interests lies in where the locus of control is - with the managers, the owners, the institutional investors or with the markets. Hence, the literature has been classified under a few major headings to explain the importance of 'locus of control' and its impacts on firm's performance. Finally, some concluding remarks are offered in the summary.
Author: Meysam Foroughi Publisher: ISBN: Category : Languages : en Pages : 6
Book Description
Corporate governance as a mechanism helps to align management's goals with those of the stakeholders which are to increase firm performance. The relevant literature suggests that ownership structure is one of the main corporate governance mechanisms influencing the scope of a firm performance. Therefore, the aim of this study is to answer this question: ''is there any relationship between ownership concentration and firm performance?'' Based on stratified random sampling of listed firms on Tehran Stock Exchange and applying the panel least squared with cross-section weights as the underlying statistical test, it is found that firm performance is negatively related to ownership concentration of Iranian listed firms. In addition, the impact of ownership structure on firm performance depends on industry.
Author: OECD Publisher: OECD Publishing ISBN: 9264116052 Category : Languages : en Pages : 78
Book Description
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author: Katinka Wölfer Publisher: Europäische Hochschulschriften / European University Studies / Publications Universitaires Européennes ISBN: 9783631667156 Category : Corporations Languages : en Pages : 0
Book Description
The book illustrates that the impact of ownership on firm value depends not only on the concentration of ownership but also on the identity of blockholders. Large shareholders can use their power to influence corporate performance. However, owners are no homogenous group and have different motivations and abilities.
Author: Vedat Mizrahi Publisher: LAP Lambert Academic Publishing ISBN: 9783845431871 Category : Languages : en Pages : 132
Book Description
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.
Author: Arvin Ghosh Publisher: Routledge ISBN: 1351530178 Category : Business & Economics Languages : en Pages : 140
Book Description
Capital structure theory is one of the most dynamic areas of finance and forms the basis for modern thinking on the capital structure of firms. Much controversy has resulted from comparisons of the theory of capital structure originally developed by Franco Modigliani and Merton Miller to real-world situations. Two competing theories have emerged over the years, the optimal capital structure theory and the pecking order theory.Arvin Ghosh begins with an overview of the controversies regarding capital structure theories, and then statistically tests both the optimal capital structure and pecking order theories. Using the binomial approach he analyzes the determinants of capital structure while discussing the role of market power in determining capital structure decisions. Ghosh probes the questions of new stock offerings and stockholders' returns, and analyzes capital structure and executive compensation. He then looks into debt financing ownership structure, and the controversal relationship between capital structure and firm profitability. Finally, he discusses the latest developments in the field of capital structure.A concise overview of a major issue in business economics and finance, this volume provides a fuller understanding of capital structure influence on the financial performance of firms, and will certainly stimulate further debate. While hundreds of scholarly articles have been written on the subject this is the first book to test competing theories against measurements of firms' performance and their underlying capital structure.
Author: Hoang N. Pham
Author: Hoang N. Pham
Author: Alqatan, Ahmad
Author: Stijn Claessens
Author: Malla Praveen Bhasa
Author: Meysam Foroughi
Author: OECD
Author: Katinka Wölfer
Author: Vedat Mizrahi
Author: derek c. jones, panu kalmi and niels mygind
Author: Arvin Ghosh