Download or read book Governance and Returns on Investment An Empirical Investigation written by Jonathan Isham and published by World Bank Publications. This book was released on 1995 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Governance and Returns on Investment An Empirical Investigation written by Jonathan Isham and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1995 There is a strong statistical link between a country's civil liberties and the performance of its aid-financed govern-ment investment projects. But type of political regime (whether authoritarian or democratic) and the status of more purely political liberties do not appear to significantly affect project performance. Using data from the World Bank's Operations Evaluation Department, Isham, Kaufmann, and Pritchett examine the link between the performance of Bank-financed projects and various indicators of country governance. They find that: * There is a strong statistical, and possibly causal, link between civil liberties and project performance. After controlling for a variety of determinants of project performance, they find that in countries with the best civil liberties records projects have an economic rate of return between 8 and 22 percentage points higher than the rate of return in countries with the worst civil liberties. (The average rate of return in the sample is 16 percent.) * The type of political regime (whether authoritarian or democratic) and the status of more purely political liberties do not appear to significantly affect project performance. This paper -- a product of the Poverty and Human Resources Division, Policy Research Department -- is part of a larger effort in the department to understand the donor and country determinants of aid effectiveness. The study was funded by the Bank's Research Support Budget under the research project Bank Project Effectiveness and Country Policy Environment (RPO 679-49).

Download or read book Governance and Returns on Investment written by Jonathan Isham and published by . This book was released on 2016 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a strong statistical link between a country's civil liberties and the performance of its aid-financed govern-ment investment projects. But type of political regime (whether authoritarian or democratic) and the status of more purely political liberties do not appear to significantly affect project performance.Using data from the World Bank's Operations Evaluation Department, Isham, Kaufmann, and Pritchett examine the link between the performance of Bank-financed projects and various indicators of country governance. They find that:deg; There is a strong statistical, and possibly causal, link between civil liberties and project performance. After controlling for a variety of determinants of project performance, they find that in countries with the best civil liberties records projects have an economic rate of return between 8 and 22 percentage points higher than the rate of return in countries with the worst civil liberties. (The average rate of return in the sample is 16 percent.)deg; The type of political regime (whether authoritarian or democratic) and the status of more purely political liberties do not appear to significantly affect project performance.This paper - a product of the Poverty and Human Resources Division, Policy Research Department - is part of a larger effort in the department to understand the donor and country determinants of aid effectiveness. The study was funded by the Bank's Research Support Budget under the research project Bank Project Effectiveness and Country Policy Environment (RPO 679-49).

Download or read book Corporate Governance and Expected Stock Returns written by Andreas Schillhofer and published by Springer-Verlag. This book was released on 2013-03-08 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on his Corporate Governance Rating (CGR) for German firms, Andreas Schillhofer documents a positive relationship between the CGR and firm value. In addition, there is strong evidence that expected returns are negatively correlated with the CGR if dividend yields and price-earnings ratios are used as proxies for the cost of capital.

Download or read book Investment Fund Governance written by Jan Jaap Hazenberg and published by . This book was released on 2012 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Does Owner s Identity Matter written by Bersant Hobdari and published by . This book was released on 2003 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Empirical Study of SOE Corporate Governance Attributes for Emerging Markets written by Giang Hoang and published by Springer Nature. This book was released on 2023-04-29 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the institutional characteristics of state-linked firms in Vietnam to draw lessons for investors/MNCs targeting Vietnam and other emerging markets in the region. Vietnam and many other ASEAN countries have gone through a period of privatization and equitization of wholly controlled SOEs, with the State retaining partial ownership in many privatized businesses. This book explains the dynamic relationships between the State, BODs, shareholders, and regulators and their influence on corporate governance and SOE performance. This book differs from other publications in that it extrapolates the findings from our study to a broader context on how the defined internal mechanisms implicate the local economy and global supply chains/markets. This book investigates robust theoretical foundations, and rigorous applied empirical research underpin the role of the State in SOEs. It differs from other studies in terms of qualitative and empirical research to provide the contextual setting to elucidate how to successfully navigate emerging market business with the State as an "owner-participant." This book explains the theoretical constructs of corporate governance in SOEs, applies empirical research methodologies, and draws results to validate inferences to (1) investigate the link between the board of directors and ownership attributes and agency cost levels using Vietnamese listed firms for the period from 2006 to 2013, (2) evaluate the effectiveness of State's corporate initiatives and monitoring through its sovereign wealth fund known as the State Capital Investment Corporation (SCIC), and (3) infer and explain the motivation of the State as a shareholder. This book takes cognizance of Vietnam's idiosyncratic institutional (using its sovereign wealth fund as an investment vehicle and management proxy), economic, regulatory, and corporate environments and the realities for developing an effective and sustainable business model, vis-à-vis the ownership structure, board of directors' composition and corporate governance, for better business performance. While the focus is on Vietnam, the content is also relevant to the role of the State in other emerging markets as a player in shaping the business strategy, model, and direction of SOEs.

Download or read book The Role of Institutional Investors in Corporate Governance written by P. Nix and published by Palgrave Macmillan. This book was released on 2013-07-12 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: What role do independent institutional investors play in the corporate governance of listed German companies? The authors provide insight into an empirical and qualitative research study, exploring the importance of communication and the role, independence and expertise, responsibilities, influence and monitoring of institutional investors.

Download or read book Is the Public Investment Multiplier Higher in Developing Countries An Empirical Exploration written by Mr.Alejandro Izquierdo and published by International Monetary Fund. This book was released on 2019-12-20 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last decade, empirical studies analyzing macroeconomic conditions that may affect the size of government spending multipliers have flourished. Yet, in spite of their obvious public policy importance, little is known about public investment multipliers. In particular, the clear theoretical implication that public investment multipliers should be higher (lower) the lower (higher) is the initial stock of public capital has not, to the best of our knowledge, been tested. This paper tackles this empirical challenge and finds robust evidence in favor of the above hypothesis: countries with a low initial stock of public capital (as a proportion of GDP) have significantly higher public investment multipliers than countries with a high initial stock of public capital. This key finding seems robust to the sample (European countries, U.S. states, and Argentine provinces) and to the identification method (Blanchard-Perotti, forecast errors, and instrumental variables). Our results thus suggest that public investment in developing countries would carry high returns.

Download or read book Investment less Growth written by German Gutierrez and published by . This book was released on 2016 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze private fixed investment in the U.S. over the past 30 years. We show that investment is weak relative to measures of profitability and valuation – particularly Tobin’s Q, and that this weakness starts in the early 2000’s. There are two broad categories of explanations: theories that predict low investment because of low Q, and theories that predict low investment despite high Q. We argue that the data does not support the first category, and we focus on the second one. We use industry-level and firm-level data to test whether under-investment relative to Q is driven by (i) financial frictions, (ii) measurement error (due to the rise of intangibles, globalization, etc), (iii) decreased competition (due to technology or regulation), or (iv) tightened governance and/or increased short-termism. We do not find support for theories based on risk premia, financial constraints, or safe asset scarcity, and only weak support for regulatory constraints. Globalization and intangibles explain some of the trends at the industry level, but their explanatory power is quantitatively limited. On the other hand, we find fairly strong support for the competition and short-termism/governance hypotheses. Industries with less entry and more concentration invest less, even after controlling for current market conditions. Within each industry-year, the investment gap is driven by firms that are owned by quasi-indexers and located in industries with less entry/more concentration. These firms spend a disproportionate amount of free cash flows buying back their shares.

Download or read book An Empirical Investigation of Internal Governance written by Rajesh K. Aggarwal and published by . This book was released on 2017 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Acharya, Myers, and Rajan (2011) theorize that CEO rent extraction is constrained by subordinate managers. This internal governance works best when the relative contributions of CEOs and managers to output are balanced. Consistent with the theory, we find a hump-shaped relation between relative contributions and corporate investment, and between relative contributions and firm performance. These hump-shaped relations are stronger for firms with older CEOs, for firms more likely to promote insiders to CEO, for firms with non-founder CEOs, and for firms in growing industries. Other forms of governance do not diminish the importance of internal governance, and the results are robust to endogeneity concerns.

Download or read book ESG and Responsible Institutional Investing Around the World A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.

Download or read book An Empirical Investigation Into the Effects of Government Borrowing Upon Investment by the Private Sector written by John Howard Killingsworth and published by . This book was released on 1993 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Investment Less Growth written by German Gutierrez Gallardo and published by . This book was released on 2019 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze private fixed investment in the U.S. over the past 30 years. We show that investment is weak relative to measures of profitability and valuation - particularly Tobin's Q, and that this weakness starts in the early 2000's. There are two broad categories of explanations: theories that predict low investment because of low Q, and theories that predict low investment despite high Q. We argue that the data does not support the first category, and we focus on the second one. We use industry-level and firm-level data to test whether under-investment relative to Q is driven by (i) financial frictions, (ii) measurement error (due to the rise of intangibles, globalization, etc), (iii) decreased competition (due to technology, regulation or common ownership), or (iv) tightened governance and/or increased short-termism. We do not find support for theories based on risk premia, financial constraints, or safe asset scarcity, and only weak support for regulatory constraints. Globalization and intangibles explain some of the trends at the industry level, but their explanatory power is quantitatively limited. On the other hand, we find fairly strong support for the competition and short-termism/governance hypotheses. Industries with more concentration and more common ownership invest less, even after controlling for current market conditions. Within each industry-year, the investment gap is driven by firms that are owned by quasi-indexers and located in industries with more concentration and more common ownership. These firms spend a disproportionate amount of free cash flows buying back their shares.

Download or read book Impact Investing in the Era of Collaborative Governance written by Shangshang Chen and published by Open Dissertation Press. This book was released on 2017-01-26 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Impact Investing in the Era of Collaborative Governance: an Empirical Study on Four Cases in Hong Kong" by Shangshang, Chen, 陈上上, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Impact investing, a new form of investment intended to create positive social and environmental impacts beyond financial returns, has prevailed around the globe. As a hybrid concept, impact investing embodies social responsibility and financial sustainability, and its development has been a collaborative effort engaging players from the public, private and third sectors. Such an unprecedented convergence of tri-sector stakeholders has also brought about new challenges. Despite the proliferation of research reports of impact investing in the practitioners' field, little systematic study has been devoted to understanding the intractability of effective collaboration and its policy perspective in this cross-sector arena. Hong Kong has also been enthusiastic about impact investing, however, not all of the momentum has translated into concrete actions. Local players are still trapped in their own silos with limited investing activities, and "cross-sector collaboration"remains a black box. An empirical inquiry into the collaborative issues in Hong Kong's local context is long overdue. Given the launch of the Social Innovation and Entrepreneurship Fund by the Hong Kong SAR, the policy implications of impact investing and the role of government can be explored using concrete examples. To address the challenge confronting collaboration, this study seeks answers to three research questions. First, what factors influence impact investors to collaborate with other stakeholders? Second, how are the collaborative dynamics shaped to induce impact-investing activities? Third, what effect does government intervention have on this collaboration? The research design is framed by the collaborative governance model, rested on the theoretical foundation of collective action. As an exploratory study, the literature review draws upon a board set of extant frameworks and propositions to generate observable implications such as resource dependency theory and power dynamics to understand the motives, means and barriers in collaboration. It is a multi-phased qualitative case study on four impact investors in Hong Kong through analysis of documents, interviews and observations. Process-tracing and multiple narratives are employed to further develop two embedded cases of collaborative projects. The cross-case comparison reveals how starting conditions and collaboration process affect different types of impact investors/venture philanthropists, with both commonalities and variations in the generic rationale of stakeholder engagement and specific consideration on typical investment. The paradoxes of embeddedness vs publicness, and institutionalization vs joint discretion are discussed. Recommendations are made on the respective roles backbone organization and government could play to best use impact investing in the era of collaborative governance for a better society. Subjects: Investments - Environmental aspects - China - Hong Kong Social responsibility of business - China - Hong Kong Investments - Social aspects - China - Hong Kong Public-private sector cooperation - China - Hong Kong

Download or read book Corporate Governance written by Xavier Vives and published by Cambridge University Press. This book was released on 2006-11-23 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is an active area of research and public debate. The recent generalization of "shareholder value" ideas and institutional investment, the establishment of codes of best practice for boards of directors, and the controversy about whether market oriented or bank/relations oriented systems are better for economic performance provide cogent examples. The volume takes stock of the most recent research in the topic, criticizes the standard agency view, and presents new ideas and analysis about the role of competition, the political economy of corporate governance, and the effects of different systems on growth and performance.

Download or read book Insider Ownership and Capital Constraints written by Bersant Hobdari and published by . This book was released on 2007 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the impact of corporate governance structures on access to capital using a unique and rich panel data for a large and representative sample of Estonian firms over the period 1993 through 1999. We distinguish among five different governance structures and provide estimates on the impact of each of them on capital constraints. Our results indicate that: (i) separate regimes exist in investment behavior; (ii) the likelihood of being financially constrained is higher in firms that are recently privatized, small and where ownership is concentrated in the hands of insiders; (iii) soft budget constraints lower the probability of a firm being financially constrained; (iv) the actual probabilities of operating in the financially constrained regime are calculated to be quite high and essentially stable during 1993-1999: 0.52-0.57 for state owned firms, 0.40-0.46 for domestic owned firms and 0.53-0.57 for employee owned firms. Corporate Investment, Corporate Governance, Liquidity Constraints, GMM Estimates, Switching Regression.