scholarly journals The Determinants of the Value Created by Stock Repurchase Programs

2017 ◽  
Vol 6 (2) ◽  
Author(s):  
Foued Hamouda ◽  
Mounira Ben Arab
Keyword(s):  
Board Of Directors ◽  
Fixed Effects ◽  
Panel Data Analysis ◽  
Empirical Literature ◽  
Significant Relation ◽  
Stock Repurchase ◽  
Listed Firms ◽  
Sarbanes Oxley ◽  
Repurchase Programs ◽  
The Relationship

This paper aims to extend the empirical literature on the determinants of the value created by stock repurchase programs by analyzing the characteristics of the repurchase decision-making groups. Based on a sample of 200 US-listed firms from 1998-2004, the paper examines empirically the relationship between value created by stock repurchase programs and board of directors’ characteristics. The analysis depends on panel data analysis to consider unobservable fixed-effects in this relationship. The results provide evidence of a significant relation between board of directors’ characteristics and value created by the stock repurchase programs. The two important determinants are directors’ independence and directors’ outside experience. However, we find that this relationship changed significantly for some measures after the adoption of the 2002 Sarbanes-Oxley Act.

scholarly journals The impact of corporate governance on market capitalization: evidence from Bahrain bourse

2016 ◽  
Vol 13 (3) ◽  
pp. 121-130 ◽  
Author(s):  
Muneer Mohamed Saeed Al Mubarak ◽  
Allam Mohammed Mousa Hamdan
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Ownership Structure ◽  
Fixed Effects ◽  
Future Research ◽  
Market Capitalization ◽  
Listed Firms ◽  
Econometric Methods ◽  
The Impact ◽  
The Relationship

Our study is based on the “Agency Theory”, as it interprets the relationship between corporate governance and market capitalization of firms listed in Bahrain Bourse (BB). Longitudinal data is used in this study from 36 listed firms in Bahrain Bourse during the period of 2009-2013. A set of econometric methods, including the fixed effects method, is used to overcome different measurement problems of such relationship. The study findings include a set of results that are related to effect of ownership structure and board of directors’ characteristics on market capitalization of firms. Based on these findings, a set of recommendations, along with study limitations and future research, are put forward.

The Impact of Corporate Governance Mechanisms on the Relationship Between Cash Holdings and Audit Fees in Egyptian Listed Companies

2019 ◽  
Vol 9 (2) ◽  
pp. 314
Author(s):  
Eman Abdel-Wanis
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Panel Data Analysis ◽  
Cash Holdings ◽  
Audit Fees ◽  
Governance Mechanisms ◽  
Listed Firms ◽  
Corporate Governance Mechanisms ◽  
The Impact ◽  
The Relationship

This paper explores the impact of corporate governance mechanisms on the nature of the relationship between cash holdings and audit fees, which helps provide an opportunity to identify whether these mechanisms enable to mitigate agency problems, and thus lower audit fees through a sample of 78 Egyptian listed firms in EGX 100 during the period 2014-2016 using panel data analysis. Results indicated that cash holding increases auditing fees. The board characteristics affect negatively on the relationship between cash holdings and audit fees. Also, ownership structure affects negatively on the relationship between cash holdings and audit fees. As well audit committee affects negatively on the relationship between cash holdings and audit fees. There results support the view that corporate governance mitigate on the relationship between cash holdings and audit fees.

scholarly journals Mastering Panel Metrics: Causal Impact of Democracy on Growth

2019 ◽  
Vol 109 ◽  
pp. 77-82 ◽  
Author(s):  
Shuowen Chen ◽  
Victor Chernozhukov ◽  
Iván Fernández-Val
Keyword(s):  
Panel Data ◽  
Statistical Inference ◽  
Fixed Effects ◽  
State Of The Art ◽  
Panel Data Analysis ◽  
High Dimensional ◽  
Econometric Methods ◽  
Long Run ◽  
Causal Impact ◽  
The Relationship

We revisit the panel data analysis of Acemoglu et al. (forthcoming) on the relationship between democracy and economic growth using state-of-the-art econometric methods. We argue that panel data settings are high-dimensional, resulting in estimators to be biased to a degree that invalidates statistical inference. We remove these biases by using simple analytical and sample-splitting methods, and thereby restore valid statistical inference. We find that debiased fixed effects and Arellano-Bond estimators produce higher estimates of the long-run effect of democracy on growth, providing even stronger support for the key hypothesis of Acemoglu et al.

scholarly journals Entrepreneurship, intellectual property and innovation ecosystems

2021 ◽  
Vol 9 (2) ◽  
pp. 108-134
Author(s):  
Diego Reis ◽  
Fábio Moura ◽  
Iracema Aragão
Keyword(s):  
Intellectual Property ◽  
Fixed Effects ◽  
Fixed Time ◽  
Empirical Literature ◽  
Innovation Ecosystem ◽  
Innovation Ecosystems ◽  
Time Control ◽  
Global Innovation ◽  
Structural Relationships ◽  
The Relationship

This research aims to determine the relationship between entrepreneurship, intellectual property and innovation ecosystems at a global level. To assess the structural relationships between ecosystems, the unconditional quantile regressions using annual country data are estimated from two perspectives, namely: pooled data and data with fixed effects and time control. The Global Entrepreneurship Index (GEI), the US Chamber International IP Index (IPI) and the Global Innovation Index (GII) are used as a proxy for the entrepreneurship, intellectual property and innovation ecosystem, respectively. The results indicate that the entrepreneurship and intellectual property ecosystems has a causal relationship with the global innovation ecosystem. However, when control of individual and fixed time effects is included, the relationship between ecosystems is confirmed in just a few quantiles. The sterile results require efforts from public, private and other agents to improve the performance of ecosystems, especially to increase the generation of innovative assets. This study looks at ecosystems from a different perspective, and the results are relevant to policymakers looking to improve the ecosystems of entrepreneurship, intellectual property and innovation. The originality of this article lies in bringing together issues that are generally dealt with in theoretical and empirical literature in separate domains. The study of the relationship between ecosystems from global indexes remains a little explored field, despite the various alternative approaches already investigated.

The Impact of Globalization on External Debts

2019 ◽  
pp. 23-48
Author(s):  
Serap Barış
Keyword(s):  
Developing Countries ◽  
Data Analysis ◽  
Positive Relationship ◽  
Panel Data Analysis ◽  
External Debt ◽  
Economic Globalization ◽  
Empirical Literature ◽  
Political Globalization ◽  
The Impact ◽  
The Relationship

In this chapter, the answer to this question has been researched theoretically and empirically. KOF Globalization Index has been used as the measure of globalization unlike the empirical literature that explores the relationship between globalization and external debt. In the study where panel data analysis method has been used, the findings show that there is a positive relationship between KOF Globalization Index and external debt in developing countries. When it is examined from the perspective of the sub-indexes of globalization, it is seen that the economic globalization index is positively related to external debt. Social and political globalization has no effect on external debts. Impact of the control variables used in the analysis on external debts is significant and negative. From this, it can be said that general globalization and economic globalization have increased the external debt of the nations.

scholarly journals The Effect of Institutional Ownership on Firm Performance: Evidence from Jordanian Listed Firms

2015 ◽  
Vol 7 (12) ◽  
pp. 97 ◽  
Author(s):  
Dana AL-Najjar
Keyword(s):  
Firm Performance ◽  
Panel Data ◽  
Fixed Effects ◽  
Panel Data Analysis ◽  
Institutional Ownership ◽  
Nominal Exchange Rate ◽  
Risk Level ◽  
Lagrangian Multiplier ◽  
Management Decisions ◽  
Listed Firms

<p>Last decade witnessed successive corporate scandals for various firms that points to a failure of corporate control. Expertize and interested parties all over the world proposed to focus on monitoring the management decisions to reduce such failure in firms. Therefore, the structure of ownership became more and more as an important issue to increase both efficiency and effectiveness of management decisions. This study seeks to investigate whether institutional ownership affects the firm’s performance for one of the emerging markets; Jordan. Firm’s performance is measured through applying two accounting measures Return on Assets (ROA) and Return on Equity (ROE), with 6 explanatory variables. Our sample is unique and contains 82 non-financial Jordanian firms listed at Amman Stock Exchange (ASE) for the period of 2005-2013, by applying panel data regression analysis. It depends on building three OLS models: Pooled, Fixed Effects Model and Random Effects Model. In addition, a test for Breusch and Pagan Lagrangian multiplier (LM), and Hausamn test to choose among the three models which model is most suitable for our data. A main finding of the panel data analysis is that; fixed effect regression is the most convenient model. As a result, there is no strong evidence that there is a relationship between both institutional ownership and firm performance for Jordanian listed firms. This conclusion can be due to the fact that institutional ownership has its own pros and cons, therefore, their existence and influence could affect materially the types and risk level of investment decisions taken by the management which in return will affect the firm’s performance as a whole. ociation with external reserve and net credit to the economy. Based on these results; it is recommended that, the Nigeria government should designed programmes and incentives to boost industrial capacity utilization in the country. Markets determine nominal exchange rate should prevail in the economy. The country should regulate its foreign reserve policy by setting a threshold, above which excess deposit should be plough back to the domestic economy inform of investments rather than support excessive importation.</p><p> </p>

scholarly journals Board of Directors’ Size and Firm Performance: Evidence from Non-Financial French Firms Listed on CAC 40

2020 ◽  
Vol 15 (2) ◽  
pp. 46-61
Author(s):  
Hemza Boussenna
Keyword(s):  
Firm Performance ◽  
Panel Data ◽  
Board Of Directors ◽  
Random Effects ◽  
Fixed Effects ◽  
Optimal Number ◽  
Board Size ◽  
The Relationship ◽  
Positive Effect

AbstractThe study aims to investigate the relationship between board size and firm’s performance for a sample of non-financial French firms listed on the CAC 40 between 2005 and 2017. We estimated the firm’s performance using two types of metrics, the accounting-based measures (ROA and ROE) and the market-based measures (Tobin Q and MTB). By applying the panel data regressions (fixed-effects and random-effects), the findings show that there is a positive effect of board size on firm performance. In addition, our results show that the optimal number of the board size should be between 13 and 17 members in order to achieve good performance for non-financial French firms.

scholarly journals The Relationship Between Board of Directors and Sustainability Reporting: An Empirical Study in German Large Listed Firms

2020 ◽  
Vol 68 (1) ◽  
pp. 211-218
Author(s):  
Thi Thuc Doan Nguyen
Keyword(s):  
Board Of Directors ◽  
Positive Impact ◽  
Sustainability Reporting ◽  
Global Reporting Initiative ◽  
Tobit Regression ◽  
Board Size ◽  
Listed Firms ◽  
Board Committees ◽  
The Relationship

To improve quality of sustainability reporting, Global Reporting Initiative (GRI) guidelines have been issued and widely applied. Board of directors’ characteristics can be seen as essential factors to facilitate the implementation of these practices. This paper aims to investigate the relationship between board of directors and GRI adherence in sustainability disclosures. The research uses Tobit regression for 388 observations from 97 German listed firms in the period from 2013 to 2016. The findings indicate significant negative relation between board size and GRI adherent level of sustainability reporting. Further analysis is implemented for environmentally friendly and sensitive industries. The results maintain the same for board size, and reveal positive impact of board committees on GRI adherence of sustainability reporting in sensitive industry.

scholarly journals Does the Diversity of Directors Moderates the Relationship between Prudently Governed Corporate Board and Decision to Pay the Dividend?

2018 ◽  
Vol 2 (2) ◽  
pp. 60-64
Author(s):  
Nauman Iqbal Mirza ◽  
Qaiser Ali Malik
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Panel Data Analysis ◽  
Corporate Board ◽  
Earnings Per Share ◽  
The Board Of Directors ◽  
The Relationship ◽  
Moderating Role ◽  
Nationality Diversity

This study evaluates the moderating role of diversity in the board of directors on the relationship between Corporate Governance and dividend decisions of listed companies of Pakistan. This study further explores relationship between conventional accounting variables and dividend decisions. Multifaceted diversity of the board of directors encompassing age, experience and nationality is examined. Panel Data Analysis is used to measure the cause and effect relationship among the variables. General to specific modelling is used by including all the potential regressors. Results depict that Firm Size, Leverage and Experience Diversity of Board negatively effects the Dividend Decisions, while Earnings per Share, CEO Duality, Directors Nationality and Age effects positively. Furthermore Age and Nationality Diversity of directors significantly moderate the relationship between Corporate Governance and Dividend Decisions.

scholarly journals Dividend policy and earnings quality in Vietnam

2019 ◽  
Vol 26 (2) ◽  
pp. 301-312
Author(s):  
Trang Thi Ngoc Nguyen ◽  
Phuong Kim Bui
Keyword(s):  
Fixed Effects ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Earnings Quality ◽  
Panel Data Analysis ◽  
Continuous Variables ◽  
Content Type ◽  
Listed Firms ◽  
Dummy Variable ◽  
Two Measures

Purpose The purpose of this paper is to examine the relationship between dividend policy and earnings quality of Vietnamese listed firms. Design/methodology/approach The sample includes firms listed on Vietnam stock exchange during the period between 2010 and 2016. Two measures of earnings quality are the annual firm-specific absolute value of residuals from Dechow and Dichev’s (2002) model and from Dechow and Dichev (2002) as modified by McNichols’s (2002) model. The firms’ dividend policy is captured by dividend paying status. This is a dummy variable that takes the value of 1 if the firm pays dividends and 0 otherwise. In addition, dividend yield and dividend payout ratio, which are continuous variables, are also used in this paper as alternative proxies for dividend policy. Findings Using panel data analysis, this paper documents that dividend payers have higher earnings quality than dividend non-payers. Dividends are an indicator of earnings quality. These findings are consistent with prior studies. After controlling for variables that may be related to earnings quality as well as for the year and industry fixed effects, this relation remains unchanged. In addition, this result is also robust after controlling for firm fixed effects. Originality/value This paper offers the empirical evidence on the relation between dividend policy and earnings quality in Vietnam, which is a frontier market.

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