Download or read book Institutional Ownership and Firm Value in Thailand written by Yordying Thanatawee and published by . This book was released on 2014 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the crucial roles of institutional investors in corporate governance mechanisms, there is little empirical evidence regarding the impact of institutional ownership on firm value in Thailand. This paper examines the relationship between institutional shareholdings and firm value in a sample of 1,451 observations from 323 non-financial firms listed on the Stock Exchange of Thailand (SET) over the period 2007 to 2011. After controlling for firm characteristics and endogeneity problems, the evidence indicates that equity ownership by domestic institutional investors has a positive impact on firm value while higher foreign institutional ownership is associated with lower corporate value. The findings suggest that domestic institutional investors provide effective monitoring roles, thereby increasing corporate governance and firm value, whereas foreign institutional investors are inactive in monitoring the managers and may even expropriate corporate resources at the expense of minority shareholders.
Download or read book Foreign Institutional Ownership and Liquidity written by Yordying Thanatawee and published by . This book was released on 2019 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of foreign institutional ownership on stock liquidity in a sample of 950 firm-year observations from 190 listed companies in the Stock Exchange of Thailand (SET) over a period 2011 to 2015. Multiple regressions are used to examine relationships between foreign institutional ownership and liquidity measures. The two-stage least squares (2SLS) are also employed to ensure that the regression results are not susceptible to endogeneity problem. After controlling for price, return volatility, and firm size, the results indicate that equity ownership by foreign institutional investors has a negative impact on stock liquidity. The results are still robust even after controlling for endogeneity. The findings of this paper suggest that foreign institutional ownership may increase the degree of information asymmetry between foreign and local investors, and that foreign institutional investors adopt buy-and-hold strategy following their high ownership in local firms. Both the higher information asymmetry and the inactive trading activity reduce liquidity.
Download or read book Liquidity Ownership Concentration Corporate Governance and Firm Value written by Panu Prommin and published by . This book was released on 2016 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the interactions among ownership structure, liquidity, and corporate governance in an important emerging market. The results suggest that firms with more concentrated ownership experience significantly lower stock liquidity. Large shareholders are assumed to possess private information, leading to information asymmetry and thus a higher adverse selection cost. As a result, higher ownership concentration is associated with less liquidity. Nevertheless, there is no evidence that corporate governance plays a significant role in the relationship between ownership and liquidity in Thailand.
Download or read book Effects of Corporate Social Responsibility and Corporate Governance on Firm Value written by Watcharapong Tunpornchai and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study demonstrates the empirical impact of Corporate Social Responsibility (CSR) and Corporate Governance (CG) on Firm Value (FV). The CSR was measured using the CSR index developed by KLD Research & Analytics, Inc (KLD rating model). The CSR was categorized into the following six areas including (1) environment, (2) community, (3) diversity, (4) employee relations, (5) product, and (6) corporate governance, CG was measured by the proportion of ownership structure, institutional ownership structure, and board structure. Additionally, firm value was calculated by market value using Tobin's Q. The results revealed that the average overall CSR Score of 0.7997. Employee relation exhibited the highest score of 0.9625. On the other hand, community had the lowest score of 0.5625. Multiple regression analysis result revealed a positive overall effects of CSR and CG on FV. All six areas of CSR demonstrated consistent results with positive significant effects.
Download or read book Concentrated Ownership and Firm Responses to a Crisis written by Piruna Polsiri and published by . This book was released on 2008 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a unique and comprehensive dataset of Thai listed firms during 1995-2000 to examine whether concentrated ownership is associated with the effective or inadequate corporate governance. Rather than testing the relation between ownership structure and firm value in which the results are questionable and diverse, this study explores an impact of concentrated ownership on a critical corporate decision during crisis situations. We find that the ownership characteristics of Thai firms that are commonly shared with other emerging markets, seem not to be associated with effective corporate governance, but with the exploitation of private benefits. The results appear to contradict the hypothesis that concentrated ownership is beneficial to firms in crisis. In contrast, we present the evidence that controlling shareholders are entrenched when they employ control-enhancing mechanisms and participate in management. Hence, they are able to oppose some actions that are efficient in response to a crisis but hurt their interests.
Download or read book Corporate Governance Ownership Structure and Firm Performance written by Narong Preedanan and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between ownership structures and the performance of listed Thai financial firms, using a sample of 39 companies which is accounted for 86% of the market capitalisation of all financial firms listed on the Stock Exchange of Thailand (SET) in 1996. The study employs both univariate and multivariate regression analysis. The empirical results reveal that the presence of controlling shareholders is associated with higher performance, particularly when measured, for example, by return on equity (ROE). This evidence is consistent with the view that large shareholders mitigate the “free-rider” problem of monitoring a management team, and reduce agency costs, as contended by Shleifer and Vishny (1986) and Admati et al. (1994). In addition, the separation of voting and cash-flow rights through the use of pyramid and cross-shareholding is not detrimental to the value of a firm. The study does not find evidence to support the argument that a family’s involvement in management has a negative effect on company performance. Rather, there is strong evidence to support the hypotheses that state-owned financial institutions display superior performance. Finally, the study does not find evidence to support the argument that there is a non-monotonic relationship between ownership concentration and company value. Nevertheless, there is strong evidence that, at higher levels of ownership (in this case 50-75%), the involvement in management by controlling shareholders has a positive effect on firm performance, in terms of accounting, ROE, and market measures, price-to-book ratio. The results add to the literature that evaluates an empirical the link between ownership structure and firm performance, and provide additional information to policy-makers engaged in the ongoing development of corporate governance in developing countries, particularly in Thailand.
Download or read book Form Versus Substance written by J. Thomas Connelly and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines how incentive conflicts and the quality of corporate governance practices in Thai family firms influence firm value. We hypothesize that the agency conflicts between majority and minority shareholders in Thai family-controlled and family-managed firms (Type II Agency Problem) are more serious than the incentive conflicts between insiders and shareholders in widely held and professionally managed companies (Type I Agency Problem) in Thailand. This is because of the weak protection for the rights of minority shareholders in Thailand and the opaque and poor governance practices that are facilitated by extra-contractual relationships between controlling families and directors. Supportive of our conjecture, we find that q values are significantly lower for firms with high family control and family management compared to q values for low family control and non-family managed firms. Further, we find, for our sample of Thai firms, that while conventional governance variables such as board size and independence have no association with q, a more in-depth assessment score, that better captures actual governance practices, has a positive association with q only for high family control and family-managed firms. We interpret our results to be consistent with the notion that family firms can compensate for any potential adverse impact of control on value through improvements in corporate governance practices.
Download or read book Global Financial Stability Report September 2003 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2003-09-04 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This September 2003 issue of the Global Financial Stability Report highlights that since March 2003, further progress has been made in addressing the lingering effects of the bursting of the equity price bubble. Household and corporate balance sheets have continued to improve gradually and corporate default levels have declined. Companies in mature markets have cut costs, enhancing their ability to cope with slower growth and other potential difficulties. Corporations—particularly in the United States—have made good progress in their financial consolidation efforts and are in a better financial position to increase investment spending.
Download or read book Corporate Governance in Asia written by Sang-Woo Nam and published by . This book was released on 2004 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Governance written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2010-08-20 with total page 690 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed look at the importance of corporate governance in today's business world The importance of corporate governance became dramatically clear at the beginning of the twenty-first century as a series of corporate meltdowns from managerial fraud, misconduct, and negligence caused a massive loss of shareholder wealth. As part of the Robert W. Kolb Series in Finance, this book provides a comprehensive view of the shareholder-manager relationship and examines the current state of governance mechanisms in mitigating the principal-agent conflict. This book also offers informed suggestions and predictions about the future direction of corporate governance. Relies on recent research findings to provide guidance through the maze of theories and concepts Uses a structured approach to put corporate governance in perspective Addresses essential issues related to corporate governance including the idea of principal-agent conflict, role of the board of directors, executive compensation, corporate monitoring, proxy contests and corporate takeovers, and regulatory intervention Corporate governance is an essential part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.
Download or read book Portfolio Preferences of Foreign Institutional Investors written by Reena Aggarwal and published by World Bank Publications. This book was released on 2003 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dividends and Dividend Policy written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2009-05-04 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.
Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Download or read book ICASI 2020 written by Rahmat Hidayat and published by European Alliance for Innovation. This book was released on 2020-06-18 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: As an annual event, The 3rd INTERNATIONAL CONFERENCE ON ADVANCE & SCIENTIFIC INNOVATION (ICASI) 2020 continued the agenda to bring together researcher, academics, experts and professionals in examining selected theme by applying multidisciplinary approaches. In 2020, this event will be held in 20 June at Garuda Plaza Hotel Medan. The conference from any kind of stakeholders related with Management, Economy, Administration Business, Tourism, Policy, Law, Operation Management and all research in Social Science and Humanities. Each contributed paper was refereed before being accepted for publication. The double-blind peer reviewed was used in the paper selection.
Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Download or read book Corporate Governance in Thailand written by Sakulrat Montreevat and published by Institute of Southeast Asian Studies. This book was released on 2006 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thailand's currency crisis set off a national and regional economic meltdown in the closing years of the twentieth century. Written by Thai economists, this book gives a progress report on good corporate governance practices in listed non-financial companies, financial institutions, state-owned enterprises, and non-listed companies in Thailand.
Download or read book Firm Value written by Paolo Saona Hoffmann and published by BoD – Books on Demand. This book was released on 2018-08-01 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume aims to discuss the most contemporary state of the determinants of the firm value. This book presents theoretical works as well as empirical studies that contrast the arguments offered by the leading, ground-breaking theories on the firm value. What variables determine the firm value? Are these determinants controllable or uncontrollable by the managers of the companies? Is the impact of corporate governance systems on the firm value symmetrical between different institutional contexts? Do the financial reports affect the value of the firm? What role does corporate social responsibility play as a determinant of the firm value? These and other questions are analyzed and scrutinized step by step throughout this book.
