Download or read book Board Characteristics And Its Impact On Firm Free Cash Flows written by Razieh Adinehzadeh and published by LAP Lambert Academic Publishing. This book was released on 2012 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research tries to achieve to provide sufficient view about free cash flow and internal governance in corporate governance (CG) by addressing the relationship between board and audit characteristics with free cash flow. Specifically, this research tries to explore if internal governance practices are substitutes to control agency problem within the Malaysian firms. This book employs panel regression analysis. The panel data set comprise of 50 Malaysian companies (200 observations) which has be done for four consecutive years which comprise of 2005 to 2008. According to samples which has been taken from 2005 to 2008; the results show no significant relationship between board characteristics except board size and free cash flow. Instead, it shows a significant relationship between all audit committee variables except financial expertise and free cash flow. The finding of this book provides that the structure of audit committee is an important element in firm's decisions which consist of deciding on keeping or spending free cash flow in different ways that can be of interests to both managers and shareholders in Malaysian firms.
Download or read book Report of the Committee on the Financial Aspects of Corporate Governance written by Committee on the Financial Aspects of Corporate Governance and published by . This book was released on 1992 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Impact of Firm Performance on Board Characteristics written by Akshita Arora and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study attempts to examine the impact of prior and current firm performance on board composition as it is the least explored issue in the corporate governance area. For this purpose, our analysis covers a large sample of the Indian manufacturing firms for the period 2001-2010. We utilize a range of measures of firm performance such as Return on Assets, Return on Equity, Net Profit Margin, Adjusted Tobin's q and Stock Returns in the analysis. We also use a range of alternative measures of board characteristics like board size, independence and meetings in the estimation process. The results of the study show that firm performance has a negative impact on board characteristics. Findings of the study also indicate that the larger board, outside membership and more meetings are considered as expensive affairs in the firm. Our findings in this study are expected to generate further debate on the related issue and sensitize the scholars to reason further research in this area especially in context of developing countries.
Download or read book Comparative Research on Earnings Management Corporate Governance and Economic Value written by Vieira, Elisabete S. and published by IGI Global. This book was released on 2021-02-12 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: New trends are emerging regarding earnings management and corporate governance showing similarities and striking differences in the practices of different countries and economies. These new trends currently shape the field of modern corporate governance with crucial issues being looked at in governance law and practices, accounting systems, earnings quality and management, stakeholder involvement, and more. In order to advance these new avenues in corporate governance, research looks at accounting policies firms use in different opportunistic circumstances in order to manage earnings, the corporate governance practices in different countries, firm performance, and other dimensions of companies. The understanding of these topics is beneficial in understanding the current state of different types of firms and their practices in modern times. Comparative Research on Earnings Management, Corporate Governance, and Economic Value is focused on the investigation of key challenges and perspectives of corporate governance and earnings management and outlines possible scenarios of its development. The chapters explore this new avenue of research and cover theoretical, empirical, and experimental studies related to different themes in the global context of earnings management and corporate governance. This book is ideal for economists, businesses, managers, accountants, practitioners, stakeholders, researchers, academicians, and students who are interested in the current issues and advancements in corporate governance and earnings management.
Download or read book The Efficiency View of Corporate Boards written by Angelo S. Baglioni and published by . This book was released on 2009 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the determinants and characteristics of the board structure of Italian listed companies over the period 2004-2007. Our results are consistent with the view, commonly shared by the governance literature, that corporate boards are designed so as to control agency issues and maximize firm value. The idea that boards in closely held firms -- typical of the Italian market -- are shaped in order to enable large shareholders to extract private benefits is refuted by the data. In particular, we find that board composition favors independent members in firms where free cash flow (measuring the scope for private benefit extraction) is higher. Conversely, it favors executive members in firms with high ownership concentration, where small shareholders are more protected by the quot;incentive alignment effectquot;; the same holds for family firms. Large boards are more likely to be organized in committees, presumably to enhance the efficiency of the decision process. Firms with higher growth opportunities -- and high tech firms in particular -- rely more heavily on the specific knowledge provided by executive members.
Download or read book Corporations in Evolving Diversity written by Masahiko Aoki and published by Oxford University Press. This book was released on 2010-05-06 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008-9 financial crisis demands we look anew at the role of corporations, and the working of financial markets around the world. In this book, Masahiko Aoki provides a compelling new analysis of the corporate firm; the role of shareholders, managers and workers; and institutional governance structures.
Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Download or read book Empirical Capital Structure written by Christopher Parsons and published by Now Publishers Inc. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.
Download or read book Responsible Corporate Governance written by Maria Aluchna and published by Springer. This book was released on 2017-05-10 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the tasks and functions of corporate governance in the light of current challenges and the dynamics that arise from a broader approach to company management and the integration of corporate governance with corporate social responsibility (CSR) and sustainability. Addressing the corporate governance shortcomings that are believed to have contributed to the recent financial crisis, it explores the interplay between corporate governance and CSR, and includes examples of company practice to show how such changes affect the practices of shareholders, boards of directors and regulators. In particular, the book examines shareholders’ activities, their different investment strategies, specific reporting expectations and the submission of proposals to the annual meeting. Further, for boards of directors it explores the need to revise their tasks with respect to the criteria for executive appointments, their corporate strategy, performance measures and diversity recommendations, while for directors it provides recommendations to reconsider the structure of executive pay and performance incentives. Lastly, for regulators the book investigates the need to introduce new laws addressing, for instance, the need for integrated reporting, limiting the voice of short term oriented shareholders and providing guidelines for executive compensation.
Download or read book Dividend based Earnings Management written by Eero Kasanen and published by . This book was released on 1992 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Does the Board of Directors Affect Cash Holdings A Study of French Listed Firms written by Sabri Boubaker and published by . This book was released on 2013 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior studies show that agency conflicts are important in explaining corporate financial policies and that the board of directors is central to corporate governance. In this study, we examine the role of this governing body in the accumulation of cash reserves. Using a sample of 597 French listed firms during 2001-2007, we find that firms with boards deemed to be effective in mitigating agency problems -- that is, those appointing independent directors and splitting chief executive officer and chair positions -- accumulate less cash reserves than those with less effective boards. Moreover, two-tier boards are more efficient in mitigating the agency costs of free cash flow, leading to less corporate cash hoarding. These findings support the idea that agency conflicts influence cash management policy and that effective boards of directors play an important disciplinary role in a concentrated ownership setting.
Download or read book Complex Ownership Structures and Corporate Valuations written by Luc Laeven and published by International Monetary Fund. This book was released on 2007-06 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely-held firms. Moreover, the relationship between corporate valuations and the distribution of cash-flow rights across multiple large owners is consistent with the predictions of recent theoretical models.
Download or read book Applied Corporate Finance written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, has delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.
Download or read book formal versus informal finance evidence from china written by Vojislav Maksimovic and published by World Bank Publications. This book was released on 2008 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.
Download or read book The Limits of Corporate Power written by Ira M. Millstein and published by Beard Books. This book was released on 2003 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a reprint of a previosly published work. It deals with the constraints on corporate decison making.
Download or read book Business Innovation and Development in Emerging Economies written by Irwan Trinugroho and published by CRC Press. This book was released on 2019-05-16 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business Innovation driven by the advancement of technology has dramatically changed the business landscape over recent years, not only in advanced countries but also in emerging markets. It is expected that business innovation could help achieve economic inclusion, which has been a global initiative over the last decade, creating opportunities for all people to benefit from the economic development. These proceedings provide an outlet for discussing the importance of business innovation, especially in emerging countries in helping to reach inclusive economies. The papers cover the subject areas management, accounting, finance, economics and social sciences.
Download or read book Corporate Finance written by Stefan Cristian Gherghina and published by MDPI. This book was released on 2021-05-18 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book comprises 19 papers published in the Special Issue entitled “Corporate Finance”, focused on capital structure (Kedzior et al., 2020; Ntoung et al., 2020; Vintilă et al., 2019), dividend policy (Dragotă and Delcea, 2019; Pinto and Rastogi, 2019) and open-market share repurchase announcements (Ding et al., 2020), risk management (Chen et al., 2020; Nguyen Thanh, 2019; Štefko et al., 2020), financial reporting (Fossung et al., 2020), corporate brand and innovation (Barros et al., 2020; Błach et al., 2020), and corporate governance (Aluchna and Kuszewski, 2020; Dragotă et al.,2020; Gruszczyński, 2020; Kjærland et al., 2020; Koji et al., 2020; Lukason and Camacho-Miñano, 2020; Rashid Khan et al., 2020). It covers a broad range of companies worldwide (Cameroon, China, Estonia, India, Japan, Norway, Poland, Romania, Slovakia, Spain, United States, Vietnam), as well as various industries (heat supply, high-tech, manufacturing).
