scholarly journals Ownership Structure and Corporate Performance from the Perspective of Ultimate Ownership: Evidence from Chinese State-owned Listed Enterprises

2016 ◽  
Vol 10 (1) ◽  
pp. 34 ◽  
Author(s):  
Qianguang Xia ◽  
Yong Cheng
Keyword(s):  
Significant Influence ◽  
Ownership Structure ◽  
Corporate Performance ◽  
Institutional Environment ◽  
Stock Exchange ◽  
Ultimate Ownership ◽  
Chinese State ◽  
The Impact

This paper selects 850 state-owned listed enterprises from 2009 to 2014 in China's Shanghai and Shenzhen Stock Exchange to explore the impact of ownership structure on corporate performance from the perspective of ultimate ownership, and takes the endogeneity of ownership structure into deeper consideration. The study finds that ultimate ownership has no significant influence on corporate performance in state-owned enterprises. The separation of two rights and corporate performance shows a significant inverse U-shaped relationship. Taking the institutional environment into account, the inverse U-shaped relationship only exists in areas with poor institutional environment. To a certain degree, there exists the endogeneity of ownership structure.

PENGARUH FAMILY OWNERSHIP, PERUBAHAN TARIF PAJAK DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN

2017 ◽  
Vol 9 (2) ◽  
Author(s):  
Elfina Astrella Sambuaga
Keyword(s):  
Ownership Structure ◽  
Tax Reform ◽  
Stock Exchange ◽  
Family Ownership ◽  
Corporate Debt ◽  
Tax Rates ◽  
Manufacturing Companies ◽  
The Impact ◽  
The Relationship ◽  
Debt Policy

<p>This study aims to provide empirical evidence related to the influence of family ownership, tax reform on corporate debt policy, and further prove the impact on the firm value.This study examined the effect of changes in tax rates in 2009 and 2010 on the relationship between family ownership structure and corporate debt policy. The population of this research is manufacturing companies listed in Indonesia Stock Exchange for 8 consecutive years (2006-2013), with the period of observation for 7 years (2007-2013). A period of 8 years was taken to see a company that is consistently listed on the Stock Exchange prior to the end of the observation period. The result of this study shows that tax reform from progressive tax rates to a flat rate does not affect the relationship between family ownership structure and corporate debt policy. In contrast to the year 2009, changing rate from 28% to 25% in late 2010 was a significant effect on the debt policy with the company of family ownership. Based on the results, it was found that family ownership and debt policy significantly affect the company's enterprise value. It can be concluded, the higher the family ownership, the company's value would be diminished. Instead, the company's value will increase when the company adds to its debt policy.</p><p>Keywords : debt policy, family ownership, firm value, tax reform.</p>

Managers' and auditors' narcissism on the management team's stability and relative corporate performance

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mahdi Salehi ◽  
Safoura Rouhi ◽  
Mohana Usefi Moghadam ◽  
Faezeh Faramarzi
Keyword(s):  
Significant Relationship ◽  
Fixed Effects ◽  
Corporate Performance ◽  
Stock Exchange ◽  
Relative Performance ◽  
Psychological Characteristics ◽  
Content Type ◽  
The Impact ◽  
The Relationship ◽  
Performance Research

PurposeSuccess in corporate relative performance is one of the factors for the growth and durability of firms. Since the relative performance is a function of managers' decisions and such decisions are under the influence of behavioral and psychological characteristics, this paper aims to assess the managers’ and auditors’ narcissism's effect on the management team's stability relative to corporate performance.Design/methodology/approachThis paper has used the signature magnitude for examining narcissism and the regression model of Jenter and Kanaan (2015) for assessing relative corporate performance. The logistic regression is used to test the model of the management team's stability, and the multivariate regression is used to test the model of relative corporate performance. Research hypotheses were also examined using a sample of 768 listed year-companies on the Tehran Stock Exchange during 2012–2017 and by employing a panel data approach and fixed effects method.FindingsThe obtained results show a negative and significant relationship between managers' and auditors' narcissism and the management team's stability. The relationship between the narcissism of managers and auditors and relative corporate performance is positive and significant. Moreover, managers' narcissism positively and significantly impacts the relationship between auditors' narcissism and team management stability. A negative and significant relationship is evident between auditors’ narcissism and relative corporate performance.Originality/valueThis study's results can identify the effect of psychological components such as narcissism on people's performance by directing and influencing their decisions. Many studies have been conducted on narcissism, but none of them have examined the impact auditors’ and managers' narcissism has on the management team's stability and the corporate relative performance. Therefore, considering the importance of success in the corporate relative performance and benefits of the management team's stability, this study's results can reveal the importance of such features in accounting research. Also, the results of this research can make it important to know more about financial behavioral theory.

scholarly journals Gender diversity and governance: Analysis of Italian listed companies

2020 ◽  
Vol 17 (4, Special Issue) ◽  
pp. 329-338
Author(s):  
Graziella Sicoli ◽  
Giovanni Bronzetti ◽  
Dominga Ippolito ◽  
Giada Leonetti
Keyword(s):  
Corporate Performance ◽  
Positive Impact ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Corporate Board ◽  
Italian Law ◽  
Governance Analysis ◽  
Female Presence ◽  
Underrepresentation Of Women ◽  
The Impact

In recent years, many countries have adopted different legislative and self-regulatory initiatives to be able to tackle the problem of the underrepresentation of women on boards. Also, Italy with Law No. 120/2011 introduced the gender issue adopting the normative that 1/3 of the elected members would be women. In this job, a primary aim was to study over the period 2016/2018 the impact of female presence on boards of 50 companies listed on the Italian Stock Exchange. In depth, our results confirm that Italian Law has produced significant effects on the composition of the corporate board. The result of our study shows that women positively influence corporate performance, this is perfectly in line with the literature on gender diversity. The contribution of the work is that the empirical study conducted on the 50 companies listed on the Milan Stock Exchange allows confirming what has been claimed in the literature and that is the importance of the female presence on the boards. An immediate reading of the data allows us to confirm that the female presence in corporate governance has a positive impact on corporate performance and productivity.

scholarly journals The impact of firms’ and CEOs’ social media usage on corporate performance

2021 ◽  
Vol 18 (4) ◽  
pp. 21-35
Author(s):  
Wafa Ghardallou
Keyword(s):  
Social Media ◽  
Corporate Performance ◽  
Stock Exchange ◽  
Estimation Method ◽  
Annual Reports ◽  
Short Term ◽  
Listed Firms ◽  
Media Usage ◽  
Funding Program ◽  
The Impact

The impact of social media usage on corporate performance has not been examined in the Saudi context. This paper aims to investigate the influence of social media, namely companies’ and CEOs’ involvement in Twitter and LinkedIn, on the profitability of Saudi Arabia listed firms. A dynamic panel estimation method is used to empirically assess this relationship. The study employs 120 firms listed on the Saudi Stock Exchange Tadawul from 2014 to 2017. Data are obtained from the companies’ annual reports. Statements of financial status as well as income statements are used to collect data on the dependent variable and control variables. The results show that having a LinkedIn official account by both the CEO and the company does not improve the enterprise performance. In contrast, companies that are active on Twitter will contribute to an increase in their short-term performance. CEOs who engage in Twitter via a high number of followers help to boost the performance of their companies in the long and short term. Hence, this paper recommends that Saudi firms should be aware that their performance could be increased by monitoring their presence on social networks and by having a strong intention to use these tools. AcknowledgmentsThis study was funded by the Deanship of Scientific Research at Princess Nourah bint Abdulrahman University through the Fast-track Research Funding Program.

scholarly journals THE IMPACT OF OWNERSHIP STRUCTURE IN PROMOTING CONTINUITY - APPLIED STUDY OF A SAMPLE ON LISTED COMPANIES IN IRAQI STOCK EXCHANGE

2021 ◽  
Vol 11 (2) ◽  
Author(s):  
Amer Mohamed Salman Al-Janabi ◽  
Hassnain Kadhem Ojah
Keyword(s):  
Ownership Structure ◽  
Stock Exchange ◽  
Research Problem ◽  
Listed Companies ◽  
Specific Class ◽  
Control Environment ◽  
Financial Reports ◽  
Applied Study ◽  
Corporate Governance Mechanisms ◽  
The Impact

The research aims to diagnose the property structure for a sample of listed companies shares in the Iraq Stock Exchange as well as determining the ability of the property structure in the continuity of the company, as the research problem is the effect of the structure of ownership of the corporate sample study in promoting continuity of companies? The research assumed a significant impact of the structure of ownership in enhancing the continuity of the sample of the research, the research reached that the diversity of the property structure is centralized through it is part of corporate governance mechanisms, as it is responsible for specific policies and decisions, which in turn has a solid control environment As well as the powers of the protection of shareholders, as well as the diversity of ownership structure leads to the protection of the interests of economic unity and the interests of all equity holders through that decisions do not have a specific class interests at the expense of the rest of the stock campaign, as well as non-continuity It is the results of many behaviors and non-right decisions and decisions of the ownership structure. The discovery of those factors and indicators contributes to avoiding non-continuation of the samples of the research sample. Those who have 5% stake through special statements are discriminated with financial reports to clearly identify the diversity of the property structure as well as account monitors should give an indication. The landmarks are clear in their reports and their views are clearly and impressed with regard to the imposition of continuity of economic units listed on the Iraq Stock Exchange.

Corporate governance mechanisms and corporate performance of firms in Nigeria and Ghana

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Martha Coleman ◽  
Mengyun Wu
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Financial Distress ◽  
Corporate Performance ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Content Type ◽  
Structure Index ◽  
The Impact ◽  
The Relationship

PurposeThis study investigates the impact of corporate governance (CG) mechanisms with inclusion of compliance and diligence index on corporate performance (CP) of firms in Nigeria and Ghana. It further examines the moderating effect of financial distress on the relationship between CG and CP.Design/methodology/approachThe study used panel data of 102 nonfinancial listed firms of Nigeria and Ghana stock exchange for the period 2012–2016 with total observation of 510. The study first used OLS in estimating the influence of CG mechanisms on CP. Due to multicollinearity in the independent variables, ridge regression was employed.FindingsIt was revealed that ownership structure index and board compliance and diligence index, board size, board disclosure, ownership structure, shareholders' right and board compliance and diligence index had positive influence on ROA and ROE. Growth of Tobin's Q depends on board procedure and board compliance and diligence index. Also, financial distress (ZFS) negatively moderates the relationship between board structure index, board disclosure index, board procedure index, shareholders' right and performance (ROA and ROE) but negatively moderates between ownership structure index and Tobin's Q.Practical implicationsThis study provides interesting findings to policymakers in full implementation of CG codes as stated by OCED (2015) by West African firms with greater emphasis on compliance and diligence index since it positively influences all CP measures.Originality/valueThe study provides evidence of the importance of the introduction of the new index: compliance and diligence, which looks at disclosure of CSR activities. This has been overlooked by most researchers especially in Africa in assessing quality CG mechanisms.

scholarly journals CORPORATE GOVERNANCE AND FIRM PERFORMANCE NEXUS: A CASE OF CEMENT INDUSTRY OF PAKISTAN

2018 ◽  
Vol 1 (1) ◽  
pp. 1-6 ◽  
Author(s):  
Abdul Ghafoor Kazi ◽  
Muhammad Asad Arain ◽  
Payal Devi Sahetiya
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Ownership Structure ◽  
Significant Relationship ◽  
Stock Exchange ◽  
Study Data ◽  
Cement Industry ◽  
Annual Reports ◽  
Board Structure ◽  
The Impact

Corporate governance is the system of rules, practices and method by that business corporations are directed and controlled. The aim of this research is to examine the impact of the corporate governance on the financial performance of the enlisted cement industry on the Pakistan Stock Exchange from the year 2013-17. This research is a “quantitative research” which focuses on numbers and results based on empirical analysis of actual data and logic. Ten out of seventeen cement firms listed at PSX from the period 2013-17 are selected as sample of the study. Data was collected from documents and records. Descriptive statistics, Pearson’s correlation and multiple regressions were used for data analysis. The results showed that there is no significant relationship between leverage and firm performance, the board structure has no significant relationship with firm performance, and firm size has an insignificant relationship with firm performance. The results however suggested that ownership structure has significant relationship with firm performance. The future investors in cement industry of Pakistan must consider above factors before investments. This study helps shareholders and management in decision making about the effect of ownership structure on firm performance and how these can change ownership structure. This study helps students to gain knowledge and understanding about good corporate governance and its impact on firm performance. It will also help them to go through the annual reports of companies and to analyse the financial statements so that they could learn how to analyse the performance of the firm in terms of ROE. Moreover, the study would also be a direction for future researchers and students to further add value to the subject of corporate governance and firm performance.

scholarly journals The Relationship between Corporate Performance and Ownership Structure: Evidence from Turkey

2015 ◽  
Vol 5 (2) ◽  
pp. 9-18
Author(s):  
Hicabi Ersoy ◽  
Ayben Koy
Keyword(s):  
Ownership Structure ◽  
Significant Relationship ◽  
Corporate Performance ◽  
Stock Exchange ◽  
Listed Companies ◽  
Main Hypothesis ◽  
Statistical Population ◽  
Istanbul Stock Exchange ◽  
Negative Effect ◽  
The Relationship

This study investigates the effects of ownership structure on the performance of the listed companies in Borsa Istanbul Stock Exchange 30 Firms (BIST 30). The main hypothesis of our study is that there is a significant relationship between companies' performances and their ownership structures.The statistical population includes 19 non-financial companies in the period of years between 2008 and 2013. The results show that the concentration of the large shares of companies one or a few share holders has a negative effect on related firm’s performance.

scholarly journals Impak Struktur Modal, Struktur Kepemilikkan dan Karakteristik Perusahaan Terhadap Financial Distress dan Financial Health Perusahaan

2021 ◽  
Vol 23 (1) ◽  
pp. 135-149
Author(s):  
Ratnawati Raflis ◽  
Enny Arita
Keyword(s):  
Logistic Regression ◽  
Capital Structure ◽  
Financial Performance ◽  
Ownership Structure ◽  
Financial Distress ◽  
Stock Exchange ◽  
Financial Health ◽  
Z Score ◽  
Score Model ◽  
The Impact

Corona Virus Pandemic affected the world economy, including Indonesia. Many companies are out of business due to this pandemic.With the background of the conditions mentioned above, the researchers are interested in examining more deeply the variables that determine the level of financial distress and at the same time the financial health of the company. Furthermore, the variables that are used as independent variables and are thought to affect the company's financial performance are capital structure, ownership structure and company characteristics. In assessing financial performance, the Altman Z Score model is used and then to see the impact of the variables that are thought to affect the company's financial performance.The research model used is the Logistic Regression equation.Population and sample are taken from financial data of companies listed on the Indonesia Stock Exchange. Data is taken manually on the website: www.idx.co.id. And the period in this study was taken from 2015-2019. The test results prove that the Capital Structure and Ownership Structure are factors that have a significant influence on the Company's Financial Distress and Financial Health. ABSTRAK Pandemi Virus Corona berimbas pada perekonomian dunia tidak terkecuali pada perekonomian di Indonesia. Banyak perusahaan yang gulung tikar akibat pandemik ini. Dengan berlatar belakang kondisi tersebut diatas maka peneliti tertarik untuk mengkaji lebih dalam menentukkan variabel yang sangat menentukan tingkat Financial Distress dan sekaligus financial health (Kinerja Keuangan) perusahaan. Selanjutnya variabel yang di jadikan variabel independen dan di duga berpengaruh terhadap kinerja keuangan perusahaan adalah struktur modal, struktur kepemilikkan dan Kharakteristik Perusahaan. Dalam menilai kinerja keuangan maka digunakan model Altman Z Score dan selanjutnya untuk melihat dampak variabel yang di duga berpengaruh terhadap kinerja keuangan perusahaan. Model penelitian yang di pakai adalah persamaan Logistic Regression. Model ini kemudian akan di lakukan uji T , Uji F dan Uji Asumsi Klasik sebelum di gunakan dalam melihat signifikasi variabel independen terhadap variabel dependen. Populasi dan sampel diambil dari data keuangan perusahaan yang terdaftar di Bursa Efek Indonesia. Data diambil secara manual di website: www.idx.co.id. Periode pada penelitian ini diambilkan data dari tahun 2015-2019. Hasil Pengujian membuktikan bahwa Struktur Modal dan Struktur Kepemilikkan adalah faktor yang sangat berpengaruh signifikan terhadap Financial Distress dan Financial Health Perusahaan.

Sign in / Sign up

Export Citation Format

Share Document