scholarly journals Corporate governance, control type, and performance: the New Zealand story

2008 ◽  
Vol 5 (2) ◽  
pp. 24-35 ◽  
Author(s):  
Jianguo Chen ◽  
Dar-Hsin Chen ◽  
Ping He
Keyword(s):  
Corporate Governance ◽  
New Zealand ◽  
Ownership Structure ◽  
Firm Value ◽  
Profit Maximization ◽  
Management Control ◽  
Complex Nature ◽  
Corporate Managers ◽  
And Performance ◽  
And Control

This study investigates the ownership structure of New Zealand non-financial companies in terms of both ownership and management control and examines the effect of ownership structure on corporate governance and firms’ performance. The Berle and Mean’s hypothesis of separation of ownership and control does not find support in New Zealand. Further analysis tests the proposition that the diffusion of corporate ownership has allowed corporate managers to pursue goals other than profit maximization. The findings do provide evidence of a non-monotonic relation between managerial shareholdings and firm performance. This result indicates the complex nature of the relationship between ownership structure and firm value.

scholarly journals Corporate governance in connection with performance and digital

2020 ◽  
Vol 89 ◽  
pp. 01008
Author(s):  
Igor Dimitriev ◽  
Elena Krasilnikova
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Positive Impact ◽  
Business Agility ◽  
Life Cycle Stages ◽  
It Integration ◽  
And Performance ◽  
Social Environmental ◽  
And Control

The article concerned issues, related to the characteristics of Corporate governance and performance. The characteristics of Corporate governance are pervasive: ownership structure, separation from control, Board of directors, protection of rights. For Russian companies traditional organizational characteristics of life cycle stages are not decisive. Currently there is a tendency for owners to get out from management and focus on social, environmental results. The ownership of private insiders is the highest at the stage of formation, and the foreign ownership rises at the stage of growth. Based on the model was estimated significant positive impact of companies’ age on an increase in property rights, ownership and control, protecting minority investors encourages R&D. Results of estimation of 62 countries in 2020 represented significant positive relation Technology factors: adaptive attitudes, business agility, IT integration with performance and Corporate governance. An increase in digital is associated with a higher quality of Corporate governance.

scholarly journals CORPORATE OWNERSHIP STRUCTURE AND FIRM VALUE: EMPIRICAL EVIDENCE OF JSE-LISTED FIRMS, SOUTH AFRICA

2021 ◽  
Vol 9 (2) ◽  
pp. 89-106
Author(s):  
Adeyanju Adebiyi Sunday ◽  
◽  
Farai Kwenda ◽  
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Ownership Structure ◽  
Firm Value ◽  
Ownership Concentration ◽  
Corporate Ownership ◽  
Listed Firms ◽  
Governance Practices ◽  
Corporate Ownership Structure ◽  
And Control

This paper examines the relationship between corporate ownership structure and firm value of JSE-listed firms in the phase of the Black Economic Empowerment program in South Africa. Since the end of the apartheid era, corporate governance practices have evolved and the enactment of the BBE Act has altered ownership and control in the South African corporate sector. Using data from 187 firms between 2004 and 2016, we observed that ownership concentration measured by five large shareholders and foreign ownership has a negative impact on firm value proxied with Tobin’s Q and return on assets, while domestic share ownership has a positive relationship with corporate performance. Contrary to the agency theory notion on the role of large shareholders in minimizing losses that arise from the separation of ownership and control and significant foreign investors corporate governance practices in the host countries, the results obtained in this study suggest that local shareholders in the host capital market are important in strengthening corporate governance practices and improve corporate performance. This study contributes to the ownership-firm value relationship literature by offering new evidence on the impact of ownership concentration, foreign ownership, and domestic ownership in an emerging market undergoing transformation through programs addressing its historical inequalities.

Societal institutions and control system characteristics: empirical evidence from the UAE

2015 ◽  
Vol 6 (2) ◽  
pp. 268-291 ◽  
Author(s):  
Mayada Abd El-Aziz Youssef ◽  
Essam Moustafa
Keyword(s):  
Performance Evaluation ◽  
Empirical Evidence ◽  
Business Environment ◽  
Management Control ◽  
Survey Method ◽  
Content Type ◽  
The Government ◽  
Business Entities ◽  
And Performance ◽  
And Control

Purpose – This paper aims to explore the existence of two sets of factors societal institutions and management control systems’ (MCS) characteristics in the UAE business entities. Subsequently, this paper empirically examines the bilateral and the multivariate associations between the two sets. The societal institutions include six factors categorised in three main groups: cultural conventions, state structures and policies and skill development and control. The MCS characteristics consist of four factors which are: reliance on formal rules, control over the behaviour of employees, involvement of subordinates in target setting and performance evaluation and scope of information used in performance evaluation. Design/methodology/approach – Whitley’s model (1999) is adopted in the UAE business environment and the analyses are performed at the organisational level. Qualified accounting officials and managers are surveyed. The Kruskal-Wallis test, Spearman’s partial correlation and multiple regression are used for data analyses. Findings – Findings reveal the characteristics of the UAE societal institutions and the MCS in UAE organisations. They also reveal significant associations among four of the societal institution factors and most of the MCS characteristics. The results highlight the role played by the government structures and policies group in influencing the MCS characteristics in the UAE organisations. However, these results do not entirely agree with Whitley’s model. Research limitations/implications – The results of this study are restricted by the typical constraints associated with the survey method. The obtained results have implications for researchers and managers in facilitating the understanding of the relations among the various societal institutions and the MCS characteristics. Originality/value – This research, to the best of the authors’ knowledge, provides significant new empirical evidence into the relation between societal institutions and MCS characteristics in a non-Western economy.

Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand

2012 ◽  
Vol 36 (6) ◽  
pp. 1722-1743 ◽  
Author(s):  
J. Thomas Connelly ◽  
Piman Limpaphayom ◽  
Nandu J. Nagarajan
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Firm Value ◽  
Form Versus

scholarly journals Agency costs, ownership structure and corporate governance mechanisms: A case study in New Zealand unlisted small companies

2011 ◽  
Vol 6 (3) ◽  
Author(s):  
Nirosha Hewa Wellalage ◽  
Stuart Locke
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Small Businesses ◽  
Diagnostic Tests ◽  
Agency Costs ◽  
Small Companies ◽  
Dynamic Panel ◽  
Corporate Governance Mechanisms ◽  
And Performance

This study investigates the linkage between agency costs, ownership structure and corporate governance in small business. Eleven years of data for 100 unlisted small businesses, are collected and 1099 observations are analysed using as dynamic panel GMM estimation. Various diagnostic tests are utilised to check for stationary and convergence of variables. The results indicate that ownership concentration has the most significant governance effect and also has the largest impact on corporate governance. Moreover, this study finds U-shape relationship between internal ownership and performance, which under that agency proxy. Agency costs vary with leverage the life of the business and with its size.

scholarly journals Índice de Governança Corporativa, Desempenho e Valor da Firma no Brasil

2005 ◽  
Vol 3 (1) ◽  
pp. 1 ◽  
Author(s):  
André Luiz Carvalhal da Silva ◽  
Ricardo Pereira Câmara Leal
Keyword(s):  
Corporate Governance ◽  
Return On Assets ◽  
Good Corporate Governance ◽  
Total Capital ◽  
Significant Difference ◽  
Governance Practices ◽  
And Performance ◽  
And Control ◽  
High Degree

This study investigates the relationship between the quality of a firms corporate governance practices and its valuation and performance, through the construction of a broad firm-specific corporate governance index for Brazilian listed companies. The empirical results indicate a high degree of ownership and control concentration. We can also note a significant difference between the voting and total capital owned by the largest shareholders, mainly through the existence of non-voting shares. Panel data results indicate that less than 4% of Brazilian firms have good corporate governance practices, and that firms with better corporate governance have significantly higher performance (return on assets). There is also positive relationship between Tobin’s Q and better corporate governance practices although the results are not statistically significant.

scholarly journals Ownership structure and performance: A comparison of different corporate governance systems

2005 ◽  
Vol 2 (4) ◽  
pp. 76-85 ◽  
Author(s):  
Alberto de Miguel Hidalgo ◽  
Julio Pindado ◽  
Chabela de la Torre
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Ownership Concentration ◽  
Institutional Factors ◽  
Insider Ownership ◽  
Market For Corporate Control ◽  
Governance Systems ◽  
The World ◽  
And Performance ◽  
The Relationship

This paper analyses how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm performance. Our analysis gives rise to the following remarks. First, ownership concentration and insider ownership levels are determined by several institutional features such as investor protection, development of capital markets, activity of the market for corporate control, and effectiveness of boards. Second, the relationship between ownership concentration and performance is not directly affected by these institutional factors. Third, there is, however, a direct influence of corporate governance characteristics on the relationship between insider ownership and performance.

scholarly journals Effect of Earnings Management on Firm Value with Corporate Governance as a Moderating Variable

2021 ◽  
Vol 9 (2) ◽  
pp. 262-268
Author(s):  
Jevri Afrizal ◽  
Rindu Rika Gamayuni ◽  
Usep Syaipudin
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Firm Value ◽  
Management Practices ◽  
Governance System ◽  
Corporate Governance System ◽  
And Performance ◽  
Conceptual Study ◽  
Positive Effect

This study aims to provide a conceptual study of the effect of earnings management on firm value by including corporate governance. as a moderating variable. This paper is a conceptual paper that discusses issues related to earnings management on firm value and the role of corporate governance in minimizing earnings management practices so as to increase firm value. Previous theoretical studies have shown that earnings management is effectively controlled by the corporate governance system and performance. In addition, the results of previous studies found empirical evidence that there is a positive relationship between earnings management and firm value. From the theoretical discussion and previous research, it is concluded that earnings management practices have a positive effect on firm value as moderated by corporate governance.

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