Download or read book The Effect of Corporate Governance Mechanisms on the Volume of Share Trading in Companies Listed in Tehran Stock Exchange written by Seyyed Oskuee and published by . This book was released on 2016 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lack of monitoring the performance of managers not only has trampled the rights of shareholders and other stakeholders of the company, but also has increased the personal interests of managers in the absence of adequate monitoring on their performance. The aim of this study is to investigate the effect of some of the corporate governance mechanisms on the volume of share trading in companies listed in Tehran Stock Exchange.93 companies listed in Tehran Stock Exchange are selected as sample using systematic removal method for the period 2007-2014. Data were also collected as combined panel data and were tested using multiple regression and econometrics models. The results showed that the independence of board of directors has a significant negative impact on the volume of share trading in companies. Moreover, the separation of the responsibilities of the manager and his membership in board of directors has no significant effect on the dependent variable of the study. Institutional investors ownership and auditor industry specialization have also a significant negative impact on the volume of share trading in companies. Eventually, the size of audit firm as one of the other audit quality standards has no significant effect on the volume of share trading in companies.

Download or read book Investigating the Effect of Corporate Sovereignty Mechanisms on the Stock Returns of Listed Companies of Tehran Stock Exchange written by Saeed Samimi and published by . This book was released on 2017 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Facilitating domestic and foreign investment and the expected stock returns of shareholders are issues that are typically important for all stakeholders of the company. The alignment of the interests of stakeholders and managers of companies can be achieved by reducing the problems of the agency. The decrease of these problems increases the shareholder's interest in trading on the capital markets and results in the increase of stock liquidity and expected return of shareholders. This study aims to explore some of the corporate governance mechanisms on the stock returns of listed companies in Tehran Stock Exchange. The explored governance mechanisms of the study included non-executive members of the board of directors, the duality of responsibility of the managing director, ownership of institutional shareholders, and audit quality. To this end, 93 companies were chosen through the systematic elimination from 2007 to 2014 which were analyzed using panel data regression analysis. The results of the study indicated that institutional ownership and auditor specialization in industry had an effect on the stock return. In addition, independence of the board of directors, managing director responsibilities and the size of audit institution had no effect on the stock return.

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 and Firm Value written by Majid Abbasi and published by LAP Lambert Academic Publishing. This book was released on 2012 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research examines the effect of corporate governance on firm's value. The research has been carried out on the food industry of companies listed in the Tehran Stock Exchange (TSE) which is a major contributor to Iran's Exports for five years from 2007 to 2011. There are several aspects and dimensions of corporate governance, which may influence a firm's value but this study focused on four aspects namely Ownership Concentration (OWNCON), Institutional Ownership (INOWN), Chief Executive Officer Duality (CEO) and Board's Independence (BOIN). Firm's value has been measured through Tobin's Q. Strong and positive impact of corporate governance on firm's value has been seen.

Download or read book Corporate Governance and Earnings Informativeness written by Mehdi Sarikhani and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this research is to study of the effect of corporate governance on earnings informativeness of companies listed on the Tehran Stock Exchange. The effect of variables of ownership concentration, management ownership, institutional ownership, corporate ownership, board composition, duality of the CEO and chairman roles and size of the board on the earnings response coefficient have been investigated. The sample consists of 70 companies between 2002 and 2008. The statistical model used for testing the suggested hypothesis in this research is 'panel data'. The results show that earnings informativeness has a positive and significant relationship with ownership concentration and institutional ownership. Also, no evidence was found indicative of the existence of a meaningful relationship between other variables of ownership structure and board structure and earnings informativeness. Furthermore, results show that there is no nonlinear relationship between management ownership and earnings informativeness.

Download or read book The Effect of Corporate Governance Dividend Policy and Informativeness of Risk Disclosure on the Firm Value written by Tariq Hassaneen Ismail and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to investigate the effect of corporate governance, dividend policy and the risk disclosure level on firm value and in turn, explore the main drivers of implementing corporate governance mechanisms, declaring dividend and risk disclosure within the annual reports of the Egyptian listed companies. A risk disclosure index was constructed to measure the level of the risk disclosure. Structure equation modelling has been employed to test the hypotheses using a sample of the most active 30 companies that are listed on the Egyptian Stock Exchange Market (EGX30). The findings suggest that (i) the board independence and board size have insignificant effect on the firm value, while CEO duality shows a significant positive impact on the firm value, and (ii) risk disclosure level allows investors to better predict future earnings growth. Furthermore, dividend policy and risk disclosure informativeness affect significantly the firm's ability to raise money and its value in a positive direction. Hence, this contributes to the literature of emerging markets by providing evidence in Egypt that may highlight the magnitude of corporate governance mechanisms, risk disclosure informativeness and dividend policy and their impact on the firm value.

Download or read book Corporate Governance and Financial Performance written by Samereh Pour nouroz ghadi and published by . This book was released on 2013 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examined the relationship between Corporate Governance and Financial Performance in Tehran stock exchange in Iran. The study aimed at establishing the relationship between corporate governance, financial performance and economic performance and also indicators that Represents market value and size of company. A cross sectional and correlation study was conducted Statistical population of this research including Companies listed on the Tehran Stock Exchange between 2007 to 2012.The findings revealed that corporate governance among the financial performance indicators of companies respectively indicators of profitability, return on assets more relationship will be have with Ownership concentration.

Download or read book An Overview of Corporate Governance in Iran Case Study written by and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: There are two major ways of determining the corporate governance practices of a country - one by undertaking a country level macro analysis of corporate governance rules and regulations focusing on the presence or absence of a particular corporate governance factor, the other is by undertaking a firm level micro analysis, focusing on implementation of corporate governance regulations. In this research paper we have quantified the corporate governance compliance of public companies listed in Tehran Stock Exchange (TSE), to determine the overall corporate governance climate in Iran. We created a questionnaire comprising of 91 variables reflecting the Iran Business Code, and TSE's regulations (both of which were based on the OECD Principles of Corporate Governance). The variables were divided into four broad categories: shareholders rights, board responsibilities and structure, audit committee, and disclosures. We applied this questionnaire to 310 listed companies in TSE in 2013. The survey used publicly available information to gain a neutral view of the firms' corporate governance practices. Based on the survey we created a 100 point corporate governance compliance index, the TSE Corporate Governance ratings (TSECGR). We found that the highest compliance is in the category of audit committees, while weak compliance appears in the board responsibility and structure. The average score of all listed companies was 51 out of 100, and the Monetary Intermediation sector, Pharmaceutical & Medicinal Products sector and Financial Leasing sector had the highest rate. The findings of this paper provide an opportunity for setting a benchmark corporate governance index for firms listed in TSE, provides a survey of firm level corporate governance compliance in Iran, and we hope will act as a valuable decision making tool for both investors and managers.

Download or read book Economic Consequences of Regulation on Corporate Governance written by Asish K. Bhattacharyya and published by . This book was released on 2008 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulations dealing with investor protection are essential for economic development of any country. India, with more than 20 million shareholders, is one of the largest emerging markets in terms of market capitalization. In order to protect the large investor base, the Securities and Exchange Board of India (SEBI) has enforced a regulation requiring mandatory disclosure of information and change in the corporate governance mechanisms of Indian listed companies. The aim of this study is to empirically examine the economic impact of this Regulation on Indian stock market. The results provide evidence of significant reduction in beta of the experimental group, where beta is used as surrogate for cost of equity capital. The result is consistent with the notion that increased information and better corporate governance mechanism reduces the cost of equity capital of these companies.

Download or read book Does Market Globalization Affect Corporate Governance Structure and Governance Quality Evidence from Chinese Companies written by Minyue Dong and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, we use overseas listing and overseas incorporation as two attributes of market globalization and examine their impacts on corporate governance structures (internal governance mechanisms), and corporate governance quality. Based on a sample of Top 100 Chinese listed firms, our results indicate that governance structures of a Chinese company depend whether it is registered (or listed) in mainland China or abroad. The governance structures of overseas-incorporated Chinese companies are characterized by the stock-option remuneration for executives and the function of special committees. However, the governance structures of overseas listed companies are quite similar to those locally-listed, characterized by the existence of supervisor committee, rare executive ownership, and the at-least-one-tier proportion of independent directors in board. We further test which governance mechanism(s) is (are) positively associated with governance quality. Out results indicate that only the number of special committees is significantly linked with governance-quality ranking, but the sign of correlation is negative. Overall, we conclude that Chinese companies do set up their internal governance mechanisms as regulated by the law and rules, which are promulgated by either Chinese or overseas authorities. Comparing with the local companies, the overseas companies do not present improved corporate governance, despite that their external governance mechanisms are more efficient and that their internal governance mechanisms are more market-orientated than do the local ones.

Download or read book The Effect of Corporate Governance Mechanisms on Earnings Management Practices in Saudi Listed Companies written by Bayan Abdullah Almalki 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 Investigating the Impact of Corporate Governance on Capital Structure written by Aamer Shahzad and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The study investigates the impact of multidimensional aspects of corporate governance on capital structure of manufacturing firms listed on the Karachi Stock Exchange (KSE), Pakistan during the period 2007-2012. All the manufacturing firms covered in KSE 100 index have been considered for analysis. The findings of the study suggest that the Corporate Governance Index (CGI) is statistically significant and negatively related to both measures of capital structure (i.e., total debt ratio and long-term debt ratio). This implies that sound corporate governance firms pursue lower leverage to avoid financial risk and dilution of powers. The findings of the study will help the firm managers in achieving an optimal level of capital structure. It also helps the regulatory authorities in making laws and providing institutional support to make corporate governance mechanisms more effective.

Download or read book Related Party Transactions and Corporate Governance Mechanisms written by Hamid Ullah and published by . This book was released on 2015 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study has investigated the impact of corporate governance mechanisms on related party transactions of Pakistani firms. A sample of 160 non-financial firms are used for the analysis that has reported related party transactions in their annual reports for the sample period 2006 to 2012. The empirical results of different regression models suggested that board independence, blockholdings and institutional ownership play a vital role in the internal governance mechanism. While associated firm ownership, CEO-duality and managerial ownership act as agents that expropriate minor shareholders wealth through related party transactions. Moreover, banking loan, multiple banks in relation and audit quality act as external governance agents and can mitigate the conflict of interest between the minor and major shareholders. These agents may lessen the expropriation through related party transactions by major shareholders, there by securing the interest of minor shareholders.

Download or read book The Effect of Corporate Governance on Firm Market Value and Profitability written by Melsa Ararat and published by . This book was released on 2018 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the corporate governance practices of Turkish public firms from 2006 to 2012, relying on hand-collected data covering the vast majority of listed firms. We build a Turkey Corporate Governance Index, TCGI, composed of subindices for board structure, board procedure, disclosure, ownership, and shareholder rights. TCGI predicts higher market value (with firm fixed effects) and higher firm-level profitability with firm random effects. The principal subindex which predicts higher market value and profitability, and drives the results for TCGI as a whole, is disclosure subindex. We also study the determinants of firms' governance and find that most firm-specific factors have little effect on firms' governance choices.In a related project, The Effect of Business Group Governance on Group Market Value and Profitability: Time-Series Evidence from Turkey, 'http://ssrn.com/abstract=2277768' http://ssrn.com/abstract=2277768, we study the effect of business group-level corporate governance on group level market value and profitability.

Download or read book The Islamic Finance Handbook written by REDmoney and published by John Wiley & Sons. This book was released on 2014-04-07 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: Get up to speed quickly on the world's fastest growing financial sector The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets is the definitive report for the Islamic finance industry. Written by the industry's leading practitioners, the book provides a country-by-country breakdown of the current state of the Islamic market, including league tables by region and by country. Relevant case studies are used throughout to illustrate the practical aspect of the information presented. Organized for easy navigation, each chapter features sub-sections that allow instant comparison between countries in a specific area of interest. The Islamic finance industry is the world's fastest growing sector, valued at over U.S. $1.3 trillion by the UK Islamic Finance secretariat, with an annual growth of 24% for the past five years. To compete globally, practitioners need a true understanding of key markets within the industry. The Islamic Finance Handbook paints a clear picture of where each country stands in its development and role within the market, and provides a straightforward comparison between markets. Features include: Current macroeconomic and microeconomic conditions Regulatory and political situations Recent transactions, key participants, and the investor climate Real-world cases, as opposed to speculative scenarios The book places a clear focus on current conditions versus past performance, and on practical applications versus theoretical speculation. Each chapter is authored by a leading practitioner from within each country, allowing a true glimpse inside the day-to-day workings of the Islamic markets. For finance professionals who need to get up to speed on this rapidly growing sector, The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets is a clear, comprehensive guide.

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 Liquidity and Asset Prices written by Yakov Amihud and published by Now Publishers Inc. This book was released on 2006 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquidity and Asset Prices reviews the literature that studies the relationship between liquidity and asset prices. The authors review the theoretical literature that predicts how liquidity affects a security's required return and discuss the empirical connection between the two. Liquidity and Asset Prices surveys the theory of liquidity-based asset pricing followed by the empirical evidence. The theory section proceeds from basic models with exogenous holding periods to those that incorporate additional elements of risk and endogenous holding periods. The empirical section reviews the evidence on the liquidity premium for stocks, bonds, and other financial assets.