Download or read book Impact of Corporate Governance Mechanism and Firm Performance with Special Reference to BSE Listed Companies in India written by karpagam Venkatraman and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Corporate Governance (CG) investigates how to secure, motivate efficient management of corporation by the use of mechanism, such as organizational designs, directors and boards. The adequacy and quality of corporate governance shapes the growth and future of emerging economy. Without good corporate governance, it is exceedingly difficult to increase the shareholder's value and protect the interests of other stakeholders of a company. The objective of this study is to explore the corporate governance mechanism that influences the firm performance. The paper analysed board independence and financial performance of listed companies in Bombay Stock Exchange (BSE 100) during the study period. The study found that corporate governance mechanism which incorporated Promoters' Ownership and Profitability creates more opportunity and resources for better performance.
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 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 Impact of Corporate Governance on Firms Performance written by Venkatraman Karpagam and published by LAP Lambert Academic Publishing. This book was released on 2014-12-18 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the impact of Corporate Governance Mechanism on the performance of sample firms listed in NSE. The success or failure of firms mainly depends on the extent to which the firms are managed efficiently. The performance of firms is influenced by Corporate Governance Mechanism in India. The study of governance mechanism would be helpful for the shareholders to take better investment decisions. Besides, it is also helpful to corporates to organize accounting and auditing transparently and synchronies reporting system with global standards. It is beneficial for the firms to enhance the quality of corporate strategy, financial integrity of their organisations to protect the interests of all the stakeholders including creditors, investors, policy makers, apex regulating bodies and the economy as a whole. Besides, it increases the responsiveness of the firm to the needs of the society.
Download or read book Proceedings of the International Congress 14 IntCongress 2014 written by Association of Scientists, Developers and Faculties and published by Association of Scientists, Developers and Faculties. This book was released on 2014-11-19 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proceedings of the combined volumes of International Congress (IntCongress 2014) held at Holiday Inn Silom, Bangkok, Kingdom of Thailand between 19th November, 2014 and 21st November, 2014.
Download or read book Corporate Governance Practices Ownership Structure and Firm Performance written by Amitava Roy and published by . This book was released on 2016 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance (CG) has gained substantial ground in developed economies; it has begun to make an impact in emerging markets like India only recently. Several studies, the majority from the developed economies, have examined the relationship between corporate governance mechanisms, ownership structure and firm performance. Those studies yielded different results, affected by the nature of the prevailing economies. Investigating India's listed firms could enhance the diversity of the growing body of work that examines this relationship. Using listed Indian firms (BSE SENSEX and CNX NIFTY) we study the relationship between ownership structure, corporate governance practices and firm value. In particular we have looked into the nature of relationship between family run companies and firm value. Family based governance system is widely prevalent in the India. While the monitoring hypothesis predicts a positive relation, the entrenchment hypothesis predicts a negative one between insider shareholding and firm value. We study the details of top Indian companies in terms of market confidence and use Return on Asset (ROTA) and Market Capitalisation to Enterprise Value as proxies for Firm Value. We use regression analysis to study the impact of ownership structure and corporate governance practises on firm value. We try to explain the impact of these variables on the valuation of family run companies and analyse how different they are from the non-family run companies.
Download or read book Corporate Governance Related Party Transactions and Firm Performance written by Pankaj Gupta and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior work in India does not consider the effect of Related Party Transactions on performance in detail. There is no study that considers Related Party Transactions as motivation to tunnel and prop up the firms. This direct method approach of Tunneling and Propping is the focus of this chapter. Here, we estimate the value effect of Related Party Transactions on firm performance. The role of corporate governance mechanism is included in RPTs-performance relationship. The moderating role of corporate governance is included to study.The result suggests that large firms have the high amount of Related Party Transactions with Tunneling effect and the market penalizes them. Corporate governance mechanism plays a deterring role in Tunneling. Finally, when controlling owner has institution-driven motivations other than business transactions, the relationship between Tunneling and Propping is found to exist.
Download or read book Corporate Governance Practices Transparency and Performance of Indian Companies written by Jyotsna Ghildiyal Bijalwan and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to examine the impact of corporate governance on firm's financial performance in the Indian context. The study is based on the 121 companies listed on the Bombay Stock Exchange (BSE), India, for the period 2010-2011. It is based on a self-designed structured questionnaire. The study highlights the significance of transparency disclosure and good governance policies of the firm and the relative advantage thereof to the firm in the Indian context for the first time to the best of our knowledge. Distinct from previous empirical research, it develops its own index to measure the transparency and level of disclosure. Tamhane T2 post hoc test is also applied for the first time in the study related to corporate governance. The study finds a positive and significant relationship between the level of transparency and firm's financial performance. Similarly, corporate governance policies and practices of the firm are also found to be positively related to firm performance. The results also suggest that corporate governance policies and transparency and disclosure are positively and significantly correlated.
Download or read book Corporate Governance and Performance of Peer Firms written by Gul Rukh and published by GRIN Verlag. This book was released on 2018-03-20 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project Report from the year 2014 in the subject Business economics - General, grade: A, , language: English, abstract: In this study we elaborate the effects of corporate governance practices which recently practiced in Pakistani firms and also examine the relationship among corporate governance mechanisms, capital structure, dividend policy and firm performance. Those researchers who could not find significant link between corporate governance and firm performance suggest that good corporate governance has at least indirect effect on performance. This research attempts to prove that corporate governance effects firm performance directly; relatively it exerts its effects on firm performance through other factors such as capital structure decisions and dividend policy. This research study develops a multilevel model linking corporate governance, capital structure, dividend policy and firm performance then proves it through structural equation modeling (SEM). Corporate governance has been measured and conceptualized through Board Size, Board Composition, CEO Duality, Audit Committee Size and Annual General Meetings. Capital structure has been measured through it standardized proxy that is debt to equity ratio, while dividend policy is measured by dividend payout ratio. Firm performance has measured by two ratios return on assets (ROA) and return on equity (ROE) both are used as accounting and financial measure in the literature review.
Download or read book written by _春燕、_田交_ and published by 西南財經大學出版社. This book was released on 2018-02-28 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: �公司治理__受到__界和__界人士的_泛_注。_有研究_注更多的是西方成熟__体的公司治理__。在新_市__家，_中小股__益的法律保_相比成熟__体有所欠缺，如何_解控股股__中小股__富的侵占__是公司治理的一_重要__。中_公司所有__构高度集中、存在非流通股，容易_生大股__中小股_利益的侵占__。由_春燕、_田交_著的《公司治理_构与治理机制研究--基于金融危机股_分置改革的_角》_用中__据研究公司治理机制如何保_中小股_利益的__。具体__，本_研究了以下三_方面的__：(1)在全球金融危机期_公司治理机制_公司市___的影_；(2)高管更替后公司市___的_期表_；(3)公司_金股利支付与公司所有__构之_的_系。已有文___了中_公司治理_公司__的影_，本_在受到更少治理_量內生性__影_的研究_置下再一次__中_公司治理_公司__的影_。 2007—2009年全球金融危机___公司__是不可__的，采用全球金融危机期_的_据__治理机制_公司__的影_可以避免治理_量的內生性__。研 究__在金融危机前表_差一些的_有企_在金融危机期_反而表_更好了，特_是那些公司所有__构集中和_行__多的_有企_。__果表明集中的_家所有__解了金融危机期__有企_的__困境。_研究___在控制了各种公司特征_量后，管理者持股与有企_金融危机期_的市___呈_著正相__系，表明管理者持股_解了_有企_的委托代理__。最后，___聘用有__的___事_所_任__的公司在全球金危机期___了更少的市___下降。 2005年，_了消除非流通股，中______了股_分置改革，__中_的公司治理_构__了巨大_化。本_分_探究了股_分置改革前后高管更替公司的市___表_，_果表明股_分置改革前高管更替_有改_公司市___，但在股_分置改革完成后，_那些投_者股票回___的公司的高管_行更替后，公司股票__取得了_著改善。_表明在股_分置改革后，公司控股股_有_力去_戒市___表_ 差的公司高管。 本_探究了中_上市公司_金股利支付相_的侵占__，具体研究了股_分置改革前后非流通比例的改_、控股股_持股比例的改_与公司_金股利支付_化的_系。本_研究表明，在中_，由于_中小股_保__不足，加上集中的所有__构，控股股_的_机非常重要。股_分置改革在一定程度上使控股股_与中小股_的利益__一致，但是只要控股股_有_机持有充足的股份以_到他_控制公司的目的，控股股_与中小股_之_的利益_突就不_完全消除。
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 Does Corporate Governance Play Role in Firms Performance A Comparative Study of Pakistan India and Bangladesh written by Ahmed Imran Hunjra and published by . This book was released on 2018 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose: To answer the question regarding impact of corporate governance on firms' performance in Pakistan, India and Bangladesh, current study is conducted which is unique in the sense that it consists of integrative approach using ownership structure and board structure as two main corporate governance mechanisms. Methodology: Panel data of thirty listed firms from nonfinancial sector of Pakistan and India and of twenty seven listed firms from the Bangladesh is taken from Pakistan Stock Exchange, Bombay Stock Exchange and Dhaka Stock Exchange respectively. Data ranges from year 2010 to 2015. Panel regression has been applied for data analysis. Findings: Findings of the study revealed that some of variables have significant impact on firms' performance in one country while remaining variables impact significantly in other countries. Managerial ownership is significantly and negatively associated with firm performance when measured through ROA. On the other hand institutional ownership, foreign ownership and board structure variables show insignificant relationship with firm performance in Pakistan. All of the variables of ownership and board structure show insignificant association with firms' performance measured through ROA and ROE in India and Pakistan respectively. CEO/chairman duality is positive and significantly associated with ROE in India. Foreign ownership is significantly and positively associated with ROA and board independence has a significant and positive association with ROE in Bangladesh. Recommendations: Policy recommendations have been provided.
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 CORPORATE GOVERNANCE PRACTICES written by Dr. J. K. Khetiya and published by Lulu.com. This book was released on 2015-09-10 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Corporate Governance Practices" is very useful for the people who are interested in commercial field. This book is a result of my experience of thinking. I have tried to make this book user friendly, with simple and lucid style and presentation.
Download or read book Corporate Governance and Company Performance written by Palanisamy Saravanan and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this work an attempt is made to study the impact of corporate governance in the determination of firm value in the manufacturing firms in India. The purposing sampling method was adopted while choosing the sample firms that are listed in Bombay Stock Exchange (BSE). Out of 6000 firms listed in BSE, banking, insurance, financial firms were excluded as they are governed different bodes and their accounts and differently structured. Foreign firms, companies acquired during the period of investigation were also excluded, so the researchers choose a sample of 1732 firms and the relevant data were collected during the period 2001 to 2010. The data were analyzed using a multiple regression analysis to identify the factors that affect firm value. It is found that the firm value is significantly affected by the corporate governance variables for manufacturing firms.
Download or read book Corporate Governance written by Vasudha Joshi and published by Foundation Books. This book was released on 2004 with total page 188 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 Impact of Corporate Governance on Capital Structure written by Priyanka Chadha and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The study tries to understand the dynamic relationship between capital structure and corporate governance variables in Indian context by taking the sample of BSE-Sensex companies for a period of 12 years. The paper tries to estimate the impact of selected corporate governance attributes such as board size, outside directors, ownership concentration etc., on capital structure of sample firms. It applies correlation analysis and panel data framework by taking into account both short term and long term debt equity ratio as dependent variable and different variables representing ownership structure, corporate governance and other control variables to study the relationship. Overall results indicate a positive relationship between short term and long term debt equity ratio which was considered as a proxy for capital structure of a firm and the corporate governance variables providing evidence that capital structure of the firm is influenced by governance variables. The positive relationship suggests that companies with higher debt are better governed which indicates that debt may be acting as a self-enforcing governance mechanism.
