scholarly journals Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis

2001 ◽  
Author(s):  
Michael L. Lemmon ◽  
Karl V. Lins
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Ownership Structure ◽  
Firm Value ◽  
East Asian ◽  
Asian Financial Crisis

scholarly journals Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis?

2017 ◽  
Vol 18 (3) ◽  
pp. 274-297 ◽  
Author(s):  
Mili Mehdi ◽  
Jean-Michel Sahut ◽  
Frédéric Teulon
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Ownership Structure ◽  
Dividend Policy ◽  
East Asian ◽  
Emerging Countries ◽  
Ownership Concentration ◽  
Ceo Duality ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to study the impact of the ownership structure and board governance on dividend policy in emerging markets. The authors test whether the effects of corporate governance on dividend policy change during crisis periods. Design/methodology/approach The authors use a panel regression approach on a sample of 362 non-financial listed firms from East Asian and Gulf Cooperation Council countries. Findings The results provide evidence that dividend payout decision increases with institutional ownership and board activity. The authors find that in emerging countries, dividend policy of firms with CEO duality and without CEO duality does not depend on the same set of factors. It is shown that the ownership concentration and board independency affect significantly the dividend policy of firms with COE duality. Finally, the results show that during the recent financial crisis, dividend decision is inversely related to CEO duality, board size and the frequency of board meetings. Research limitations/implications Other variables of corporate governance and ownership structure can be studied more in depth. The results can be directly compared to an alternative sample of developed countries. Practical implications This study is of particular interest for managers and shareholders when adjusting their strategies of dividend payout during financial crisis. Originality/value The authors employ a specific approach to investigate the impact of CEO duality on dividend policy in East Asian countries. An important aspect of the results is that that for firms with CEO who is also the chairperson, the dividend decision is negatively related to ownership concentration and board independence. This research contributes to the understanding of dividend policy by testing whether the impact of corporate governance on dividend policy changes during crisis periods in emerging countries. To the best of the authors’ knowledge, this work is the first to directly address this issue from this perspective.

The Next Stage of Reforms: Korean Corporate Governance in the Post-Asian Financial Crisis Era

2006 ◽  
Vol 1 ◽  
pp. 1-23
Author(s):  
Joongi Kim
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Boards Of Directors ◽  
Corporate Control ◽  
Asian Financial Crisis ◽  
Governance Framework ◽  
Quantum Leap ◽  
World Class

AbstractFollowing the 1997 financial crisis, Korea underwent a dramatic overhaul of its corporate governance framework. Drastic changes in its legal and regulatory infrastructure led to more transparent and accountable companies. Boards of directors, shareholders, stakeholders, and auditors began to function effectively and even a corporate control market emerged. Many forms of internal and external corporate governance and market-oriented discipline were established. Korean companies are poised to make a quantum leap to reach the most competitive international levels of corporate governance. This paper argues that Korea must continue its reform efforts. It first discusses the Asian financial crisis and the first stage of reforms that followed. It then explores the areas where Korea needs to undergo the next stage of reforms. It will argue that only then can Korean corporations receive proper valuations. Korean companies have indeed come a long way but lingering perceptions of weak corporate governance thwart them from becoming world-class competitors.

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