Institutional environment, debit ratio, and enterprise performance-evidence listed companies in China

2013 ◽  
Author(s):  
Honbo Duan ◽  
Zhili Wang ◽  
Abdul Razak bin Chik
Keyword(s):  
Institutional Environment ◽  
Listed Companies ◽  
Enterprise Performance

scholarly journals Research on the Differentiated Impact Mechanism of Parent Company Shareholding and Managerial Ownership on Subsidiary Responsive Innovation: Empirical Analysis Based on ‘Principal–Agent’ Framework

2019 ◽  
Vol 11 (19) ◽  
pp. 5252 ◽  
Author(s):  
Peng Xu ◽  
Heng Zhang ◽  
Guiyu Bai
Keyword(s):  
Institutional Environment ◽  
Negative Impact ◽  
Reference Value ◽  
Listed Companies ◽  
Governance Structure ◽  
Parent Company ◽  
Principal Agent ◽  
Corporate Governance Structure ◽  
The Difference ◽  
Innovation Competition

Under the dynamic competition situation, the innovation competition interaction between enterprises will take the form of mutual responding, while the formulation and implementation of responsive innovation strategy will be influenced by both shareholders and managers in the principal–agent relationship. In our research, we try to understand how the difference of governance logic between shareholders and managers affects innovation interaction strategy of enterprises. In order to achieve this research goal, this study takes all eligible listed companies (from 2007 to 2016) in China’s stock market as samples. The results show that the parent company shareholding has a negative impact on the subsidiary responsive innovation, while companies whose managers hold more shares select the relatively positive strategy responsive innovation. Moreover, the degree of separation between ownership and control rights and the external institutional environment can moderate the above relationship. Relevant conclusions can provide some reference value for the formulation of responsive innovation decision of listed companies and provide new insights for the design of parent–subsidiary corporate governance structure and the design of managerial equity incentive mechanism in the context of corporate group governance.

Corporate governance and firm performance in Malaysia

2017 ◽  
Vol 17 (5) ◽  
pp. 896-912 ◽  
Author(s):  
Padmanabha Ramachandra Bhatt ◽  
R. Rathish Bhatt
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Design Methodology ◽  
Institutional Environment ◽  
Listed Companies ◽  
Resource Dependency ◽  
Government Agencies ◽  
Content Type ◽  
Corporate Governance Code ◽  
The Relationship

Purpose The purpose of this paper is to study the effect of Malaysian Code on Corporate Governance (MCCG, 2007 and 2012) on the performance of the listed companies in Malaysia. The agency theory and resource dependency theories indicate that the firms with strong corporate governance outperform firms with weaker governance. This paper explores this relationship in a developing country like Malaysia having different institutional environment compared to western countries. Design/methodology/approach The study used a sample of 113 listed companies in Malaysia. The study incorporates the endogenous relationship between corporate governance, firm performance and leverage. Findings The study analyzes how the corporate governance framework affected firm performance in Malaysia with the help of self-developed corporate governance index (MCGI). The authors’ findings show that the performance of the firm is positively and significantly related with corporate governance measured by MCGI. Secondly, corporate governance of sample firms shows marked improvements after implementation of MCCG 2012 as compared to MCCG 2007. Originality/value The findings of this paper support the agency and the resource dependency theories. The study contributes to the understanding of the relationship between the corporate governance and firm performance in emerging economy and builds a case for enforcement of strong corporate governance code by government agencies.

scholarly journals Social Responsibility, Institutional Environment and Stock Price Crash Risk: Evidence from Chinese GEM

2021 ◽  
Vol 9 (2) ◽  
pp. p1
Author(s):  
Zhou Yuying ◽  
Wang Yuyu
Keyword(s):  
Social Responsibility ◽  
Stock Price ◽  
Institutional Environment ◽  
Listed Companies ◽  
Crash Risk ◽  
First Year ◽  
Real Economy ◽  
Inhibiting Effect ◽  
Growth Enterprise Market ◽  
The Impact

The stock price crash risk has become the focus of corporate finance and macroeconomics research in recent years because it affects the stock market, listed companies, market investors and the real economy. This paper takes 1822 gem listed companies from 2011 to 2017 as samples, and empirically tests the impact of social responsibility on the risk of stock price collapse and takes into account the regulatory effect of institutional environment. The study finds that social responsibility can inhibit the stock price collapse risk of listed companies on the growth enterprise market, and the institutional environment can also inhibit the risk of stock price collapse of listed companies on the growth enterprise market. Considering the influence of the institutional environment, the influence of social responsibility on the risk of stock price collapse of listed companies on the growth enterprise market is more obvious, which shows that the institutional environment has a moderating effect between social responsibility and the risk of stock price collapse. This conclusion still exists after considering the endogenous influence. Further research shows that the inhibiting effect of social responsibility and the regulating effect of institutional environment are more obvious among gem listed companies in the first year of listing.

Sign in / Sign up

Export Citation Format

Share Document