Download or read book Insider Ownership Shareholder Structures and Corporate Governance written by Benjamin Moldenhauer and published by . This book was released on 2007 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Ownership Structure Corporate Governance and Corporate Performance The Case of Chinese Stock Companies written by Yan Wang and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: June 1997 Does the ownership structure of publicly listed firms in China affect their performance? Yes. Institutional shareholders seem to have a positive impact on corporate governance and performance; state ownership seems to lead to inefficiency; and an overly dispersed ownership structure can create problems in the Chinese setting. Xu and Wang investigate whether ownership structure significantly affects the performance of publicly listed firms in China and if so, in what way. With public listed stocks, one can quantify the ownership mix and concentration, which makes it possible to study this issue. The authors use the recent literature on the role of large institutional shareholders in corporate governance as a theoretical base. A typical listed stock company in China has a mixed ownership structure, with three predominant groups of shareholders- state, legal persons (institutions), and individuals- holding about 30 percent of the stock. (Employees and foreign investors together hold less than 10 percent.) Ownership is heavily concentrated: the five largest shareholders accounted for 58 percent of outstanding shares in 1995, compared with 57.8 percent in the Czech Republic, 42 percent in Germany, and 33 percent in Japan. Their empirical analysis shows that the mix and concentration of stock ownership do indeed significantly affect a company's performance: * There is a positive, significant correlation between concentration of ownership and profitability. * The effect of concentrated ownership is greater with companies dominated by institutions than with those dominated by the state. * The firms' profitability is positively correlated with the fraction of legal person (institutional) shares; it is either negatively correlated or uncorrelated with the fraction of state shares and with tradable A-shares held mostly by individuals. * Labor productivity tends to decline as the proportion of state shares increases. This paper- product of the Office of the Director, Economic Development Institute- part of a larger effort in the Bank to understand and disseminate various models of corporate governance. The study was funded by the Bank's Research Support Budget under the research project Ownership Structure, Corporate Governance, and Firm's Performance (RPO 681-08).

Download or read book Ownership Structure Corporate Governance and Corporate Performance written by Xiaonian Xu and published by World Bank Publications. This book was released on 1997 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Institutional Shareholder Activism written by Michael J. Rubach and published by Taylor & Francis. This book was released on 1999 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

Download or read book Insider Ownership Corporate Governance and Corporate Performance written by Phani BV and published by . This book was released on 2005 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insider ownership reflects the governance problem arising due to variance in the cash flow and control rights such ownership entails. Insider ownership is normally defined as managerial ownership without distinguishing between manager-owner and owner-manager. We believe that without taking due care of this distinction any generalization of prior conclusions relating insider ownership with performance particularly in the Indian context will not be meaningful. This paper attempts to study this anomaly by examining the role of insider ownership on the performance of the firm in the Indian context within the framework of changing external environment.

Download or read book Institutional Investors Corporate Ownership and Corporate Governance written by Stuart L. Gillan and published by . This book was released on 2002 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Changing Face of Corporate Ownership written by Michael J. Rubach and published by Routledge. This book was released on 2021-11-19 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2000. This book examines the shareholder activism of institutional investors and the effect of shareholder activism on portfolio performance. Institutional shareholder activism includes both traditional mechanisms of influence (e.g., filing shareholder proposals) and relationship investing (e.g., long-term interorganizational contacts between owners and a corporation’s top managers).

Download or read book Ownership Structure and Corporate Performance written by Ying Li and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Governance and Ownership written by Robert Watson and published by Edward Elgar Publishing. This book was released on 2005 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: This innovative collection brings together key papers which examine the motivations and interests of ownership groups, the processes of corporate decision making, and the consequences of particular governance arrangements for other corporate stakeholders. The careful selection of articles reflects the wide range of research methods used to study the complex inter-relationships involved. Part I considers the diversity of forms of corporate ownership. The following parts examine in detail the relationships between ownership structures and the various aspects of corporate governance. This insightful volume will be of interest to students, researchers and practitioners alike. 20 articles, dating from 1994 to 2001

Download or read book Equity Ownership and Performance written by Kerstin Groß and published by Springer Science & Business Media. This book was released on 2007-05-06 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.

Download or read book Business Ethics and Corporate Governance written by Fernando A.C. and published by Pearson Education India. This book was released on 2010-09 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Ownership Structure and Investor Protection written by Marco Klapper and published by GRIN Verlag. This book was released on 2012-06-22 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2012 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, University of Tubingen, language: English, abstract: It is the purpose of this paper to examine to what extent ownership structure can alleviate the agency problem and limit managerial expropriation of small shareholders. Since stock options and other forms of equity are frequently used as compensation for managers, special emphasis is placed on the question of how managerial ownership can affect agency costs and firm value. To evaluate the impact of ownership patterns on shareholder value, this paper surveys and reinterprets scientific advances in the corporate governance literature. A significant part of the analysis covers the interrelation of inside ownership, corporate policies, and shareholder value; as well as the role of endogeneity.

Download or read book Ownership Structure and Diversification in a Scenario of Weak Shareholder Protection written by Elida Maia-Ramires and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the influence of ownership concentration and insider ownership on the selection of corporate strategies of diversification in a scenario characterized by poor protection of shareholders' interests. We find evidence of a quadratic relationship between ownership concentration and diversification and a cubic relationship between diversification and insider ownership, which evidence the likeliness of both expropriation and entrenchment phenomena, respectively, in this kind of scenario. It also suggests that sometimes the costs of the principal-principal conflict are more severe than the managers-shareholders conflict. We also uncover that concentrated ownership requires high levels of insider ownership in order to prevent the negative externalities of diversification, a result which could be expected a priori for low shareholder protection countries. Other innovative result shows that entrenchment externalities affect diversification before it erodes firm value, which is also a proof that for low levels of diversification, firm values is still not negatively affected. Additionally, our results show that control mechanisms such as debt, directors' remuneration and the compliance with codes of good practices are negatively related to the level of diversification. All in all, our results confirm the theoretical relevance of the agency theory in explaining the managerial attitudes towards corporate strategy, i.e., diversification. Furthermore, companies located in civil-law countries, characterized by deficiencies in legal shareholder protection, concentrated ownership structures and a higher likeliness of managers being entrenched, should place their emphasis on enhancing the correct functioning of corporate governance mechanisms. In fact, our results corroborate the relevance of these mechanisms to promote firm value maximizing strategies.

Download or read book Insider Ownership Governance Mechanisms and Corporate Bond Pricing Around the World written by Rob Bauer and published by . This book was released on 2019 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the effect of insider ownership on corporate bond yield spreads from 2003 to 2014 using a sample of 10,470 bonds issued by 1,222 non-financial firms from 48 countries. We find that greater insider ownership is associated with higher yield spreads. This positive relationship holds after controlling for measures of risk-taking, which suggests that bondholders price-protect against greater insider ownership for reasons beyond insiders' heightened incentives to take risk. We consider consumption of private benefits as another economic channel through which insider ownership hurts bondholders. Using a global index of shareholder rights, we show that the positive association between insider ownership and the spread decreases for firms with relatively stronger shareholder rights, in which consumption of private benefits is less likely to occur. Furthermore, we present evidence that the probability of tunnelling, through related-party transactions, is larger in firms with more insider ownership. The positive relation between insider ownership holds even after excluding firms that deviate from the one-share-one-vote principle and firms with cross-ownership. We conclude that bondholders anticipate that greater insider ownership facilitates consumption of private benefits, with implications for the valuation of corporate debt around the world.

Download or read book Comparative Corporate Governance written by Klaus J. Hopt and published by Oxford University Press. This book was released on 1998 with total page 1304 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book goes back to a symposium held at the Max Planck Institute for Foreign Private and Private International Law in Hamburg on May 15-17 1997"--P. [v].

Download or read book Essays in Ownership Structure and Corporate Governance written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: These results indicate that insiders are using insider trading as a substitute to cash compensation, and keeping the total direct compensation level less volatile than previous research relied on. This effect is robust to exogenous shock to insider trading return, such as Sarbanes-Oxley Act of 2002. The result suggests the importance to take into account of insider trading profit in context of executive compensation.

Download or read book Corporate Governance and the Effects of Ownership Structure on Financial Performance in the American Semiconductors Industry written by Jihane Nicolas Assaf and published by . This book was released on 2004 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance is currently a subject of great international concern and debate. Ownership structure is one major aspect of it that varies widely among d ifferent systems. Many literatures have been written on the subject but academics still a rgue that there is a tradeoff between large ownership concentration and liquidity. This study examines the relationship between ownership structure and financial performance. The variables used to represent ownership structure in te rms of ownership concentration and shareholders' identity are: Percentage of shares hel d by insiders and 5% owners, Percentage of shares held by institutions, Percentage of shares held by the major shareholder, four dummy variables indicating whether the major shareholder is an institution, a beneficial owner, the CEO, or an insider other than the CEO. Other control variables, which are the size of the firm, debt- to- equity r atio, and capital intensity, are used in order to capture the variability of firms' charac teristics and obtain a solid regression model. Financial performance is represented by both accounting and financial measures, which are: ROA, Market to Book Ratio, and Returns on Stocks on both the short and long- run. This study results in: * A positive relationship exists between the Percentage of Shares Held by Institutions & Mutual Funds Owners and ROA. * Having an insider as the major shareholder affects positively ROA. * Having the COE as the major shareholder has a positive impact on the Market To Book Ratio. * A positive relationship exists between the Percentage of Shares Held by Institutions & Mutual Funds Owners and the Five- Year Returns on Stocks. * A positive relationship exists between the Percentage of Shares Held by Insiders & 5% Owners and the Five- Year Returns on Stocks. * A negative relationship exists between the Number of Ownership Blocks exceeding 5% and The Five- Year Returns on Stocks. * Having an institution as the major shareholder affects negatively the Five-Yea r Returns on Stocks.