Download or read book Examining the Effect of Ownership Structure on Firm Financial Performance in Egypt written by Karim El Din El Nahas and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of Board Characteristics and Ownership Structure on Firm Financial Performance written by Marwa Anis and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Performance Consequences of Privatizing Egyptian State Owned Enterprises written by Mohammed Omran and published by . This book was released on 2016 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the financial and operating performance of newly privatized Egyptian state-owned enterprises and determines whether such performance differs across firms according to their new ownership structure. The Egyptian privatization program provides unique post-privatization data on different ownership structures. Since most studies do not distinguish between the types of ownership, this paper provides new insight into the impact that post-privatization ownership structure has on firm performance. The study covers 69 firms, which were privatized between 1994 and 1998. For these newly privatized firms, this study documents significant increases in profitability, operating efficiency, capital expenditures, and dividends. Conversely, significant decreases in employment, leverage, and risk are found, although output shows an insignificant decrease following privatization.
Download or read book Ownership Structure and Firm Performance in the Egyptian Manufacturing Sector written by Christian Pfeifer and published by . This book was released on 2014 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Ownership Capital Structure and Firm Performance written by Timezghine Mohammed Rafik and published by . This book was released on 2014 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance in the Asian context has witnessed a critical review and investigation from scholars after the Asian Financial crisis in 1997. This is due to the negative effect of ownership structure, which is concentrated, on minority shareholders. Previous studies considered this problem and tried to propose solutions and proposals to come up with efficient corporate governance mechanism. It has been argued that environment with weak legal protection of minority shareholders and inefficient external market and financial institutions is associated with concentrated ownership structure. Literatures in this context provided contradicted arguments about the effect of concentrated ownership in ensuring efficient corporate governance practice and better firm performance. Earlier studies claimed that dispersed ownership is the most efficient structure, where recent studies argued that block holders, such as families state and foreign, showed better governance practice and better firm performance. Within this debate this study tried to contribute to the literature by evaluating the corporate governance practice in Malaysia by focusing on ownership structure and its effect on firm performance and including a new factor, capital structure, to investigate its potential effect on the governance, and taking agency theory as un underlying theoretical background to explain the relationships. Malaysian firms are characterized with concentrated ownership which provides better environment to conduct this study. Based on data collected from the top 100 largest listed companies in Bursa Malaysia, our results showed that after nearly 15 years from the Asian Financial crisis concentrated ownership is still an important component in the Malaysian firms' ownership structure. The results showed further that managerial ownership and leverage are two governance mechanisms which are not used efficiently in governance. Panel Data analysis showed that ownership structure has different relationships with firm performance measurements, negative with the market based measurement (Tobin's Q), and positive with accounting based measurement (ROA), which indicate for potential expropriation of minority shareholders; where managerial ownership recoded negative relationships with both measurements. Foreign and state ownership have positive association with firm value, but state ownership is insignificant, whilst all ownership types are positively related with profitability. By including leverage as a moderating variable the results showed that moderating effect is significant and implies that leverage should be considered as an efficient corporate governance mechanism to ensure better performance and low agency problem.
Download or read book Ownership Structure and Firm Performance written by Ali Tahbaz Hendi and published by LAP Lambert Academic Publishing. This book was released on 2012 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study is aimed to determine the role of ownership structure on firm performance. Using panel data regression analysis method, the role of variables of ownership structure which includes: ownership concentration, institutional ownership and institutional ownership concentration have been examined for 137 listed firms of Tehran stock exchange within the period 2001 to 2006. The findings of this research shed light on the role of ownership structure plays in corporate performance and thus offer insights to policy makers interested in improving corporate governance system.
Download or read book The Effect of Corporate Governance on Firm Performance written by Michael Moustafa Mahmoud and published by . This book was released on 2017 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This study investigates the impact of the separate elements of corporate governance on enterprise financial performance explained in three separate models (ROA, ROE, and Debt Ratio) for non-financial companies present within the S&P Pan Arab Composite Index. The data on corporate governance choices includes 225 firms for ten years from 2006 to 2015 gathered from ORBIS, Reuters Eikon, Datastream, as well as, annual and board reports. The firms included in this study are all listed respective to their country's stock exchange, which are present in eleven Arab countries namely: Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia and United Arab Emirates. The corporate governance variables are divided into board structure variables, ownership structure variables, and controlled variables. Furthermore, the topic attempts to understand the significance of the Arab Spring uprising on firm performance using the ROA and ROE measurements and debt ratio as a measurement of firm leverage. Furthermore, the data is used to compare the corporate governance variables five years before the Arab Spring uprising to the five years during/after the uprising. Regression results are demonstrated in the form of models. Model 1 shows the effect of corporate governance on firm performance measured by ROA. Results show that there is a significant positive relationship with board size, institutional ownership, audit type on firm performance measured by ROA, also there a significant negative relationship with duality, foreign ownership, firm size and the revolution variable on firm performance measured by ROA. Model 2 shows the effect of corporate governance on firm performance measured by ROE. Results show that there is a significant positive relationship with board size, institutional ownership, audit type on firm performance measured by ROE, also there a significant negative relationship with duality, firm size and the revolution variable on firm performance measured by ROE. Model 3 shows the effect of corporate governance on firm performance measured by Debt Ratio. Results show that there is a significant positive relationship with director ownership, foreign ownership, firm size, foreign exchange rate and the revolution variable on firm performance measured by Debt Ratio, also there a significant negative relationship with duality, institutional ownership and firm age on firm performance measured by ROE. After conducing Mann-Whitney U test, results show that the variables ROA, ROE, ownership concentration, director ownership, institutional ownership, foreign ownership, firm size, firm age, foreign exchange rate, outward foreign direct investment and inward foreign direct investment were a higher mean rank before the Arab Spring uprising compared to during/after the Arab Spring uprising. On the other hand, the variables ownership concentration, director ownership, institutional ownership, foreign ownership, firm size, firm age and GDP were a higher mean rank during/after the Arab Spring uprising compared to before the Arab Spring uprising.
Download or read book The Effect of Ownership and Financing on Firm s Inventory and Profitability written by Chun-Yu Ho and published by . This book was released on 2015 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a large-scale, firm-level panel dataset on Chinese manufacturing firms to examine the effect of ownership structure on inventory, the relationship between inventory and profitability and the effect of the availability of external financial resources on inventory for each ownership type firms. In addition, we test a number of the operational level factors examined in the prior literature such as capital intensity, gross margin, and sales growth in the setting of an emerging market (i.e., China). Our key findings are: (1) State owned firms, on average, have the higher inventory, than private firms. Relative to private firms, state owned firms hold inventories that are, on average, 4 million dollars higher. (2) The inventory for state owned firms decreases while that for foreign firms increases when external financial resources become more available to non-state firms. Interestingly, foreign firms may have lower inventory than private firms when the external financial resources are not sufficiently available but higher inventory than private firms when the external financial resources are sufficiently available. (3) Firms with lower inventory are associated with greater financial performance as measured by both returns on assets (ROA) and returns on sales (ROS). (4) And finally, firms with lower gross margin, higher capital intensity, higher cost of capital and higher sales growth have lower inventory. We discuss the theoretical and managerial implications of the findings.
Download or read book The Financial Aspects of the Corporate Responsibility Index in Egypt written by Tarek Ibrahim Eldomiaty and published by . This book was released on 2016 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - This study has two main objectives: (a) to examine the financial aspects of high versus low ranked firms in the Corporate Responsibility Index in Egypt, and (b) to construct a Z score model to discriminate between high and low ranked firms in the Corporate Responsibility Index.Design/Method/Approach - This study empirically examines a comprehensive list of financial ratios for 24 firms listed in EGX301 for four fiscal years, 2007-2010. The authors calculate 90 financial ratios to provide better insights and evaluation of the firms' financial performance. The ordinary least square (OLS) regression method and discriminant analysis are utilized to explain differences between the low and high ranked firms regarding their corporate social governance index.Findings - The results show that corporate governance and corporate social responsibility are positively related to the firms' financial performance in terms of sales turnover and customer loyalty. This suggests that in the long run, the market mechanism should be able to provide additional resources to those companies that are better at maximizing a widely defined bottom line of their social governance. The results also show that highly ranked firms are characterized financially by: (a) strong bargaining power with suppliers, (b) financing growth in fixed assets using debt mainly.Originality/Value - The study contributes to the literature in terms of providing practical insights on the financial strategies that help support effective corporate governance and corporate social responsibility in Egypt. In addition, this study offers a unique quantitative attempt to measure and examine the benefits of incorporation of socioeconomics into business practices.
Download or read book Ownership Structure and Firm Performance in the Egyptian Manufactoring Sector written by Ahmed Fayez Abdelgouad and published by . This book was released on 2014 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pattern Recognition and Signal Processing written by C.H. Chen and published by Springer. This book was released on 1978-12-31 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt: Both pattern recognition and signal processing are rapidly growing areas. Organized with emphasis on many inter-relations between the two areas, a NATO Advanced Study Institute on Pattern Recognition and Signal Processing was held June 25th - July 4, 1978 at the E.N.S.T. (Department of Electronics) in Paris, France. This volume is the Proceedings of the Institute. It contains what I believed to be a truly outstanding collection of papers which cover all major activities in both pattern recognition and signal processing. The papers are grouped by topics as follows: I. Syntactic Methods: paper numbers 1, 2. II. Statistical Methods: paper numbers 3, 4, 5, 6. III. Detection and Estimation: paper numbers 7, 8. IV. Image Processing, Modelling, and Analysis: paper numbers 9, 10, 11, 12. V. Speech Application: paper numbers 13, 14. VI. Radar Application: paper number 15. Seismic Application: paper number 16. VII. Biomedical Application: paper numbers 17, 18, 19. VIII. IX. Reconstruction From Projections: paper numbers 20, 21- X. Signal Modelling and Application: paper numbers 22, 23, 24. XI. NATO Pattern Recognition Research Study Group Report: paper number 25. It is my strong belief that there is a need for continuing interaction between pattern recognition and signal processing. The book will serve as a useful text and reference for such a need, and for both areas. Finally on behalf of all participants of the Institute, I would like to thank Drs. T. Kester and M. N. Czdas of NATO for their support.
Download or read book The Impact of Corporate Governance and Ownership Structure on Performance and Financial Decisions of Firms written by Khaldoun Abd Allh Mahmoud Alwshah and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Income Inequality and Education Revisited written by Mr.David Coady and published by International Monetary Fund. This book was released on 2017-05-26 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents new results on the relationship between education expansion and income inequality. While human capital theory suggests that income inequality increases with inequality of education outcomes, the expected relationship between income inequality and the level of education is ambiguous. Consistent with these theoretical priors, when dynamic panel estimation techniques are used to address issues of persistence and endogeneity we find a large, positive, statistically significant and stable relationship between education inequality and income inequality, especially in emerging and developing economies and among older age cohorts. The relationship between income inequality and education levels is positive but small and not always statistically significant, but we find a statistically significant negative relationship with schooling levels of younger cohorts. Statistical tests indicate that our dynamic estimators are consistent and that our identifying instruments are valid. Policy simulations suggest that education expansion will continue to be inequality reducing but that this role will diminish as countries develop.
Download or read book Ownership Structure Related Party Transactions and Firm Valuation written by Amrinder Khosa and published by Cambridge University Press. This book was released on 2019-03-21 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Concentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for the expropriation of minority shareholders. While more concentrated direct ownership of controlling families results in a higher market value of equity, indirect ownership obtained through cross-holding provides incentives to extract private benefits and results in value loss. This finding requires the prompt attention of regulatory bodies, outside investors and other interested parties. This book examines the effect of ownership structure and disclosure of related-party transactions on firm valuation of group-affiliated firms in India, by using a sample of 317 listed firms comprising 1350 firm-year observations from 2008 to 2017. Well-accepted value-relevance models are employed to examine the effect of ownership rights on market value of equity and valuation effect of RP trading, asset transfer, investment and loan transactions.
Download or read book Making It Big written by Andrea Ciani and published by World Bank Publications. This book was released on 2020-10-08 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Download or read book Corporate Governance Around the World written by Ahmed Naciri and published by Routledge. This book was released on 2008-02-14 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last Asian financial crisis, coupled with the western series of corporate scandals, has caused investors and citizens to doubt mangers ability to guarantee credible financial information about organizations. Consequently, legislators all over the world have come to realise the necessity of legislating in the area of corporate governance.
Download or read book The Routledge Companion to Accounting in Emerging Economies written by Pauline Weetman and published by Routledge. This book was released on 2019-07-23 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: As researchers reveal the increasing complexities of accounting practices in emerging economies, there is a growing need for an overview of the topic. The Routledge Companion to Accounting in Emerging Economies is a prestige work offering an introduction to current scholarship in the field, with indications of future directions for enhancing the contribution to knowledge. With regional coverage of key emerging economies such as Brazil, Russia, India and China, the team of contributors analyse issues in accounting in detail, while shedding light on the role of the accounting profession in providing accountability and governance across the developing world. Each chapter is headed up by an internationally recognised author who is a leading expert in designing and implementing research approaches to the topic. Within the team of authors, some are experienced senior contributors while others are developing new avenues of exploration on the basis of high-quality doctoral study. This range of author experience has been deliberately chosen to allow the reader to envisage working in such a team while growing in confidence. This unique reference offers a comprehensive guide to advanced students, academics, practitioners and policy makers on the current state of, and potential developments in, accounting in developing economies globally. This work will be of particular interest to students and researchers looking to identify topics in emerging economies, academics and practitioners seeking convenient access to an unfamiliar area, and established researchers seeking a single repository on the current state of knowledge, current debates and relevant literature.
