scholarly journals Takeover deterrents and cross partial ownership: The case of golden shares

2019 ◽  
Vol 40 (3) ◽  
pp. 243-250 ◽  
Author(s):  
Jean-Philippe Serbera ◽  
John Fry
Keyword(s):  
Golden Shares ◽  
Partial Ownership

Pengaruh Struktur Kepemilikan Terhadap Manajemen Laba dan Dampaknya Terhadap Nilai Perusahaan

2020 ◽  
Vol 1 (2) ◽  
Author(s):  
Rita Tri Yusnita
Keyword(s):  
Earnings Management ◽  
Ownership Structure ◽  
Consumer Goods ◽  
Firm Value ◽  
Stock Exchange ◽  
Secondary Data ◽  
Industry Sector ◽  
Company Value ◽  
Partial Ownership ◽  
Consumer Goods Industry

This study aims to determine the effect of simultaneous and partial ownership structure and earnings management on firm value in the Consumer Goods Industry Sector Companies that are listed on the Indonesia Stock Exchange in 2014. The method used in this study is the census method. The population studied was 32 companies in the Consumer Goods Industry Sector that were listed on the Indonesia Stock Exchange in 2014. The data collected were secondary data. Analysis of the data in this study used path analysis using SPSS V. 24. The results showed that the ownership structure and earnings management, simultaneously, had a significant effect on the value of the company in the Consumer Goods Industry Sector Companies that were listed on the Indonesia Stock Exchange in 2014. The ownership structure, partially, has no significant effect on the value of the company in the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange in 2014. Earnings management, partially, has a significant effect on the firm value of the Consumer Goods Industry Sector Companies that are listed on the Exchange Indonesian Securities in 2014, and ownership structure does not significantly influence earnings management in the Consumer Goods Industry Sector Companies that are listed on the Indonesia Stock Exchange in 2014. Keywords: ownership structure, earnings management, company value

Product innovation transfer under passive partial ownership holdings

2019 ◽  
Vol 177 ◽  
pp. 22-25 ◽  
Author(s):  
Konstantinos G. Papadopoulos ◽  
Emmanuel Petrakis ◽  
Panagiotis Skartados
Keyword(s):  
Product Innovation ◽  
Innovation Transfer ◽  
Partial Ownership

scholarly journals Partial Ownership Arrangements in the Japanese Automobile Industry; 1990 - 2000

2004 ◽  
Vol 7 (2) ◽  
pp. 355-367 ◽  
Author(s):  
Hiroshi Ono ◽  
Takuya Nakazato ◽  
Colin Davis ◽  
Wilson Alley
Keyword(s):  
Automobile Industry ◽  
Partial Ownership

scholarly journals Complex state ownership, competition, and firm performance – Russian evidence

2019 ◽  
Vol 15 (2) ◽  
pp. 189-221
Author(s):  
Eva Liljeblom ◽  
Benjamin Maury ◽  
Alexander Hörhammer
Keyword(s):  
State Ownership ◽  
State Control ◽  
Government Control ◽  
Content Type ◽  
Listed Firms ◽  
Market Index ◽  
Performance Effects ◽  
Golden Shares ◽  
Sales Employees ◽  
The Impact

Purpose State ownership has been common especially in industries with restricted competition. In Russia, state-controlled firms represent around 41 percent of the market value of all listed firms (Deloitte, 2015). Yet, there is a significant gap in the literature regarding the effects of various forms of government control in listed firms. The purpose of this paper is to fill this gap by exploring the impact of the complexity of state ownership and competition on the performance of Russian listed firms. Design/methodology/approach The sample consists of data for 72 firms (360 firm-years) in the Russian MOEX broad market index during 2011–2015. The complexity of state ownership is captured by studying forms of state control including majority/minority, direct/indirect, federal/regional, mixed structures and golden shares. Findings The authors find significant differences in performance relating to different forms of state ownership. State control is negatively related to firm valuation and the sales/employees ratio. Performance is weakest when state ownership takes the form minority, regional or direct ownership. State control through golden shares typically outperforms other state-controlled firms. The authors find indications of employment prioritization beyond the economical optimum. In addition, the relation between state ownership and profitability becomes positive in sectors where state firms appear to enjoy lower competition. Originality/value While the effects of state ownership have been studied on many markets, there is a lack of studies on the effects of different forms, or the complexity, of state ownership beyond direct and indirect ownership. The authors contribute to the literature on the performance effects of state ownership by studying a multitude of forms of governmental ownership as well as the role of competition in Russia. Especially the profitability of state-controlled firms is significantly affected by industry characteristics. Implications of the results are discussed both from firm and policy maker perspectives.

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