Download or read book Corporate Governance and Firm Performance in Indian Pharmaceutical Sector written by Akshita Arora and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance has received a lot of attention in India because of the scandals that have taken place in the corporate world in the last two decades. Investors are also concerned over the relationship between corporate governance and performance indicators. In this context, our study empirically examines the impact of corporate governance on firm performance for Indian firms for the period 2001-2010. We utilize a range of measures of corporate governance including board size, outside directors, number of meetings held and firm performance variables covering both market-based and financial indicators. For empirical analysis, different specifications like fixed effects and simultaneous equation method have been employed for the robustness of the results. Findings of the analysis suggest that corporate governance has a significant impact on firm performance.

Download or read book Corporate Governance and Firm Performance written by Zurab Iashvili and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Performance of Pharmaceutical Companies in India written by Mainak Mazumdar and published by Physica. This book was released on 2012-10-20 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains how government support and institutional set up facilitated the evolution of the Indian pharmaceutical industry and provides an economic analysis of firm strategies due to recent policy changes. The book is useful for researchers interested in understanding the transition of a lifeline sector for an emerging economy like India. Students of public policy, health administrators and health economists who are interested in the functioning of the pharmaceutical sector that produces life saving drugs in developing nations will find this book useful. The book also provides good coverage on data envelopment analysis (DEA), a useful technique for understanding productivity and efficiency. It can provide guidance to the research students on the applicability of DEA technique to address various research questions for analysis. The book will be a valuable addition to libraries in colleges of pharmacy and medicine as well as to all other academic and research centers.

Download or read book Does Ownership Affect Performance Empirical Evidence from the Indian Pharmaceutical Industry written by Malla Praveen Bhasa and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The research study empirically investigates the efficacy of ownership groups in enhancing firm performance by analyzing 103 firms in the pharmaceutical industry during the period 1995-2001. It seeks to answer three primary questions: One, are promoters because of their large stakeholdings, better suited to increase firm performance over other ownership groups and does the market reward an owner-controlled firm; two, do the other equity owners play any role in the governance process which could be reflected in firm performance; three at what percentages of equity ownership do different stockholders affect or don't affect firm performance? Firm performance is measured both in accounting terms and also using a market related measure viz., market-to-book ratio. Overall the results suggest that there exists a relationship between ownership structure and firm performance. We find mixed evidences of the impact of different ownership classes on firm performance. We find evidence that markets reward generously to firms that have higher concentrations of insider holdings and foreign shareholders. Firms, with high concentration of corporate bodies, were found to be punished by the markets Except for the market metric of performance, higher concentration of insider holdings was found to have a negative or an insignificant impact on the other performance metrics. Retail shareholders were found to defy the monitoring hypothesis by having either no or insignificant impact on firm performance. Foreign-controlled firms were found to perform better than Indian-controlled firms.

Download or read book Corporate Governance Mechanisms and Firm Performance written by Shveta Singh and published by Springer Nature. This book was released on 2022-05-12 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book begins by analysing the various corporate governance mechanisms explored in the extant literature and determining their effectiveness in enhancing the firm value using multivariate analysis. The findings are of global relevance as the corporate governance regulations of most countries focus on independent directors as the mainstay of good governance. The empirical evidence from the first objective of this study corroborates the claim that independent directors do not strengthen the firms’ governance quality. The book is one of the few works to have analysed the possible reasons behind the ineffectiveness of the independent directors. Also, in view of the famous concept of the bundle of governance mechanisms, it might be possible that the independent directors strengthen the firms’ governance quality indirectly by strengthening other governance mechanisms. This aspect too has little precedence. This study adopts a novel moderation and mediation approach to analyse the monitoring behaviour of independent directors in relation to other governance mechanisms. The work is a must read for corporate players as well as researchers and scholars studying this discipline.

Download or read book Corporate Governance and Firm Performance 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: Corporate governance has become the latest buzzword in India triggered by the series of scandals and failures in the corporate world. The purpose of this study is to examine the impact of corporate governance on firm performance for a large representative sample of Indian manufacturing firms for the period 2001-2010. For the analysis purposes, we use five different but alternative measures of firm performance i.e., Return on Assets, Return on Equity, Net Profit Margin, Adjusted Tobin's q and Stock Returns. We also utilize several alternative specifications and estimation techniques to test the robustness of estimation results. Results of the analysis show that corporate governance has a significant and sizable impact on Tobin's q but its relationship with other firm performance measures does not seem to be very robust. The findings indicate that corporate governance improves the industrial performance in India but the linkage is not very strong as of now. This research can alert policy makers in the developing countries to the need for increasing the awareness of board in the context of corporate governance reforms.

Download or read book Corporate Governance in India Impact on Firm Performance written by Preeti Kumari and published by . This book was released on 2020 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate India witnessed the burgeoning economic growth since the 1990s that brought to the forefront the need for Indian companies to adopt corporate governance standards and practices, which are in line with international guidelines. This paper contributes to the existing literature by providing a review of the conceptual as well as empirical researches in the area of corporate governance and firm performance by highlighting the relationship between the corporate governance mechanisms (board size, board composition, frequency of board meetings, CEO duality) and firm performance. The research findings are contradictory and inconsistent. Some studies founded a strong positive association while some reported negative relationship between corporate governance mechanisms and firm performance while others did not found any significant relationship between the two.

Download or read book Corporate Governance and Firm Performance written by Amitava Roy and published by . This book was released on 2016 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of corporate governance (CG) systems is the agency problem, and it refers to the set of mechanisms that influences managerial decisions when there is a separation of ownership and control. Better CG may or may not be related to higher organizational performance. In this article, we propose to study whether firm level good CG lead to better firm performance and higher value creation in the form of share price returns. We use a panel of 58 top Indian listed companies in terms of market capitalization -- BSE 100 and NSE 100 -- over the five-year period from 2007-2008 to 2011-2012 for our analysis. Our measurement analysis starts with a broad sample of 25 structural indicators of CG relating to directors, boards committees, audit considerations, ownership and capital structure characteristics, and our defined set of control variables. We have used two measures of firm performance, Market to Book Value Ratio (MTBVR) and Return on Equity (ROE). We used principal component analysis to identify the underlying dimensions of CG and determined which indicators are associated with each factor. We regressed MTBVR and ROE against the factor scores generated. MTBVR resulted in an R-square of 34.9 per cent and has a strong association with five factors. ROE resulted in an R-square of 48.6 per cent and was significantly influenced by the five factors.

Download or read book Corporate Governance written by Vasudha Joshi and published by Cambridge India. This book was released on 2004 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is part of an economy's system which has today become the most important mechanism for resource allocation. It is affected by capital market, block holders, institutional investors, proxy wars, company law and capital market regulations, and many other macro-economic as well as political factors. Historical evolution of corporate governance naturally has a bearing on current developments. This book is an attempt to weave these factors together coherently. Much of the concerned literature revolves around the agency problem, while in developing countries expropriation of small shareholders is the governance problem. However, shareholder activism is not likely to resolve the issue. Many more measures, from audit committees of the board, rigorous disclosures, exercise of voting rights by institutional investors, strict monitoring by capital market regulator to takeover bids are required to ensure corporate accountability.

Download or read book Corporate Governance and Firm Performance Evidence from Indian Listed Companies written by Amitava Roy and published by . This book was released on 2016 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The belief that better CG leads to superior firm performance is widespread. Extant literature, however, has not consistently identified a relationship between CG and performance. The aim of this paper is to provide an exploratory inquiry into the dimensions and measurement of CG and to understand how it influences firm performance using principal component analysis (PCA). Our data consist of 58 listed Indian firms over the five year period from 2007-08 to 2011-12. Our measurement analysis begins with a broad sample of 37 structural indicators of CG relating to the board of directors, boards committees, audit considerations, ownership and capital structure characteristics, and control variables. We regressed ROA and MTBV, as measures of firm performance, against the factor scores generated in PCA. Firm performance, measured by ROA, resulted in R-square of 43.7%, and was significantly influenced by the 7 factors. Firm performance, measured by MTBV, resulted in R-square of 34.5%, and was significantly influenced by the 8 factors. We conclude that firm performance and value is strongly influenced by the CG structure of the firm.

Download or read book Corporate Governance and Firm Strategy in the Pharmaceutical Industry written by Steven Casper and published by . This book was released on 1997 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance Mechanisms and Firm Performance written by Pankaj Varshney and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Numerous studies have analyzed the relationship between corporate governance and firm performance but those have primarily been in the context of western countries. Early studies linking corporate governance and firm performance explore the impact of various aspects of corporate governance such as composition and size of boards, frequency of board meetings (board activity), number of directorships (board busyness), CEO-Chair duality, and ownership structure on firm performance. In this paper, we examine the relationship between four corporate governance variables (a) composition of board, (b) size of board, (c) board activity, and (d) CEO-Chair duality and firm performance using Economic Value Added (EVA) as the primary performance measurement metric.

Download or read book Does Corporate Governance Increases Firm Performance and Value Among Specific Sectors in Indian Context An Empirical Analysis written by Varun Bhandari and published by . This book was released on 2015 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is a ...

Download or read book Linkage Between the Quality of Corporate Governance and Firm Performance written by Anurag Pahuja and published by . This book was released on 2016 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides an overview of Indian corporate governance practices, based primarily on the responses to a survey in 2008 of 50 Indian public limited listed companies. Constructing a broad Corporate Governance Quality Index (CGQI) for Indian public firms, we document a positive relationship between governance practices and firm valuation. The findings suggest that an increase in CGQI by one point (where the index ranges from 1-100) causes an increase of the market capitalization by 8.5%, on average, of company's book asset value i.e. Tobin's Q and an increase of 13.9% in MBV ratio. We find evidence of a positive relationship for an overall governance index and for a sub-index covering Board Composition and Independence (BCII). Where the sub-index for BCII is individually significant, the sub-indices for Shareholders rights, transparency and disclosures, board and committee functioning, and CSR and stakeholder value are not significant.

Download or read book Impact of Corporate Governance on Firm Performance written by Aswathy Mohan and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of corporate governance is gaining momentum as corporate governance compliance has been made mandatory. Even though made mandatory, the number of corporate governance issues are on the rise. The high profile scandals in Enron, World Com and also the Satyam scandal, Tata Mistry issues in India have also stimulated policy makers, investors, academicians and other stakeholders. Innumerable studies have investigated the relationship between corporate governance factors and performance, Spanos (2005) argues that corporate governance has significant implications for the growth prospects of an economy. In spite of the numerous studies, the results rather remain inconclusive. The variables considered in the model are measures of firm performance like Return On Equity (ROE) and Price to Book ratio (PB ratio) and corporate governance characteristics which include board composition, board size and CEO duality. The model used for analysis also included certain firm specific variables. These firm specific variables are financial leverage, asset turnover and growth in sales. To investigate the impact of corporate governance structure on firm performance, the study used a panel data OLS regression model for a sample of 30 firms quoted in the Bombay Stock Exchange. The results of the panel data analysis show that the CG factor, namely CEO duality and board size has a significant negative impact on firm performance whereas board composition revealed no significant impact on firm performance. It reveals that there is a need to undertake the monitoring process to lead to superior firm performance and indicates the need for firms to separate the post of CEO and Chair in order to ensure optimal performance. The results also suggest the leverage and asset turnover to have a significant positive impact on firm performance. The results may not be conclusive, as the inclusion of other corporate governance and performance variables would also be considered. Moreover, the corporate governance impacts on firm performance may vary from one industry to another which is another area that can be examined.

Download or read book Corporate Governance and Firm Performance written by Rejie George Pallathitta and published by . This book was released on 2005 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Study of Impact of Corporate Governance Practices on Firm Performance in Indian Japanese and South Korean Companies written by Pooja Gupta and published by . This book was released on 2013 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance exists today at a complex intersection of law, morality, and economic efficiency. Governance issue arises whenever a corporate entity acquires a life of its own and the ownership of the enterprise is separated from the management. Corporate Governance is needed to create a corporate culture of consciousness, transparency and openness. It enables a company to maximize the long term value of the company which is seen in terms of performance of the company. In this context, an attempt is made in this paper to study various Corporate Governance practices followed by companies in India, Japan and South Korea. A sample of five multinational companies from each country is studied based on the Corporate Governance practices that are being followed by them. This will include parameters like Board Constitution, Board Structure, Different Committees, Independent Directors and their roles, Conflict of interest and Disclosure of information. The objective is to determine if there is a relationship between corporate governance and firm performance. The study will check whether higher and better corporate governance scores lead to better performance of the companies. It is found in the study that corporate governance practices have limited impact on both the share prices of the companies as well as on their financial performance.