Download or read book Impact of Corporate Governance and Ownership Structure on Capital Structure written by Imran Khan and published by . This book was released on 2016 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores the relationship between corporate governance and ownership structure and capital structure of all non-financial firms listed in KSE 100 index, Pakistan. The time period is of 6 years from 2008 to 2013. The effect of corporate governance and ownership structure variables like board size, non-executive directors, average board meeting attendance, CEO/Chair duality, remuneration structure and managerial ownership and control variables like, return on assets (ROA) and firm size on leverage (Debt/Equity) has been observed using multivariate regression analysis under fixed effect approach. Results show that board size, NED, CEO/Chair duality, Remuneration Structure and ROA have negative impact on Debt/Equity ratio. However leverage is not found significantly influenced by Board size, NED and CEO/Chair duality. Board meeting attendance, managerial ownership and firm size have positive effect on leverage. Relationship of managerial ownership and leverage is not significant. Also, relationship between firm size and leverage is not significant. Significant variables are average board meetings attendance, remuneration structure and ROA, while board size, NED, CEO/Chair duality, managerial ownership and firm size are insignificant variables. Therefore results advocate that corporate governance variables like average board meeting attendance, Remuneration structure and Return on assets play essential role to determine of financial blend of the firms.

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.

Download or read book Business Governance and Society written by Rajagopal and published by Palgrave Macmillan. This book was released on 2018-10-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume critically analyzes the convergence of technology, business practices, public policies, political ideologies, and societal values for improving business performance at the global-local paradigm. It also enriches knowledge on contemporary business strategies against conventional wisdom of managing companies today. Shifts in the global economic and political order have significantly affected the business patterns within developed, developing, and emerging markets. The reversal of political ideologies from liberal to protectionist business frameworks are disrupting the trade flows that were rooted in the international economy since the mid-twentieth century. The essays contemplate developing new visions and business perspectives to match with the changing political ideologies in emerging markets. This volume will serve as a valuable tool to readers looking for global market management strategies to generate cost-effective business models and create convergence with political and social values to drive better governance of businesses.

Download or read book Impact of Corporate Governance on Capital Structure A Study of KSE Listed Firms written by Maryam Masnoon and published by . This book was released on 2014 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this research is to analyze the impact of corporate governance on capital structure of Pakistani firms. Study sample of this research consists of 30 renowned companies that are based or operational in Pakistan and listed in KSE. We used ordinary least square method of regression to determine the relationship between corporate governance attributes and capital structure of organizations. The analysis shows that although the corporate governance structure of Pakistani companies is not very well developed, but it definitely has a strong impact on the organizational structure of companies to some extent. The results achieved, suggest that board composition, CEO duality, ownership concentration, and profitability are negatively related to debt ratio and is statistically significant. This shows that if we increase any of these variables, a decrease in the debt ratio can be expected. Board size shows positive as well as significant relationship with the debt ratio; while director remuneration and Tangibility of assets and size shows positive, but insignificant relationship with the debt ratio.

Download or read book Corporate Governance and Organisational Performance written by Naeem Tabassum and published by Springer Nature. This book was released on 2020-06-28 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: Establishing a corporate governance strategy that promotes the efficient use of organisational resources is instrumental in the economic growth of a country, as well as the successful management of firms. This book reviews existing literature and identifies board structural features as key variables of an effective corporate governance system, establishing a multi-theoretical model that links Board structural characteristics with firm performance. It then, using a comprehensive empirical study of 265 companies listed on the Karachi Stock exchange, tests this conceptual model. This research serves as a significant milestone, reflecting the socio-economic setting of emerging economies, and highlighting the need for the corporate sector in emerging markets to move away from a 'tick-box' culture. It argues that the sector needs to implement corporate governance as a tool to mitigate business risks; appoint and empower non-executive directors to achieve an effective monitoring of management; and establish their own ethical and governance principles, applicable to the Board of Directors. Based on an extensive data base, collected painstakingly over five years, this book offers new insights and conceptual framework for further research in this area. Given the breadth and width of the research, it is a useful source of future reference for students, researchers and policy makers.

Download or read book Examining Corporate Governance Impact on Capital Structure in Publicly Traded Companies written by Corey David Cole and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Capital Structure and Firm Performance written by Arvin Ghosh and published by Routledge. This book was released on 2017-07-05 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital structure theory is one of the most dynamic areas of finance and forms the basis for modern thinking on the capital structure of firms. Much controversy has resulted from comparisons of the theory of capital structure originally developed by Franco Modigliani and Merton Miller to real-world situations. Two competing theories have emerged over the years, the optimal capital structure theory and the pecking order theory.Arvin Ghosh begins with an overview of the controversies regarding capital structure theories, and then statistically tests both the optimal capital structure and pecking order theories. Using the binomial approach he analyzes the determinants of capital structure while discussing the role of market power in determining capital structure decisions. Ghosh probes the questions of new stock offerings and stockholders' returns, and analyzes capital structure and executive compensation. He then looks into debt financing ownership structure, and the controversal relationship between capital structure and firm profitability. Finally, he discusses the latest developments in the field of capital structure.A concise overview of a major issue in business economics and finance, this volume provides a fuller understanding of capital structure influence on the financial performance of firms, and will certainly stimulate further debate. While hundreds of scholarly articles have been written on the subject this is the first book to test competing theories against measurements of firms' performance and their underlying capital structure.

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 Financial Management and Analysis written by Frank J. Fabozzi and published by John Wiley & Sons. This book was released on 2003-07-25 with total page 1023 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Management and Analysis, Second Edition covers many important financial topics that are neglected elsewhere--from raising funds via securitization to managing a financial institution. This book provides valuable insights into many major aspects of financial management and analysis, and includes expert advice, real-world examples, useful charts and graphs, and incisive end-of-chapter questions that help develop the skill set necessary to deal with the important financial problems encountered in today's business world.

Download or read book Corporate Governance and Capital Structure Dynamics written by Li-Kai (Connie) Liao and published by . This book was released on 2016 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Morellec, Nikolov, and Schürhoff (2012) predict that a self-interested manager prefers a leverage level that is lower than the shareholders' desired level, and effective corporate governance encourages timely capital structure rebalancing. In a U.S. sample during 1996-2008, we confirm that both a higher level of financial leverage and a faster speed of adjustment of leverage toward the shareholders' desired level are associated with a better corporate governance quality as defined by a more independent board featuring CEO-Chairman separation and greater presence of outside directors, coupled with larger institutional shareholding. In contrast, managerial incentive compensation on average discourages use of debt or adjustments toward the shareholders' desired level, consistent with its entrenchment effect. The effect of corporate governance on leverage adjustments is most pronounced when the initial leverage is between the manager's desired level and the shareholders' desired level where the interests of managers and shareholders conflict.

Download or read book Corporate Governance written by Bob Tricker and published by . This book was released on 2012 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance and Its Implications on Accounting and Finance written by Alqatan, Ahmad and published by IGI Global. This book was released on 2020-09-25 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the global financial crisis, the topic of corporate governance has been gaining momentum in accounting and finance literature since it may influence firm and bank management in many countries. Corporate Governance and Its Implications on Accounting and Finance provides emerging research exploring the implications of a good corporate governance system after global financial crises. Corporate governance mechanisms may include board and audit committee characteristics, ownership structure, and internal and external auditing. This book is devoted to all topics dealing with corporate governance including corporate governance characteristics, board diversity, CSR, big data governance, bitcoin governance, IT governance, and governance disclosure, and is ideally designed for executives, BODs, financial analysts, government officials, researchers, policymakers, academicians, and students.

Download or read book Impact of Corporate Governance Practices on Firm Capital Structure and Profitability written by Ajanthan Alagathurai and published by . This book was released on 2014 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance issues have been a growing area of management research especially among large listed firms. Good corporate governance practices are regarded as important in reducing risk for investors, attracting investment capital and improving the performance of companies. Companies need financial resources and better earnings to promote their objectives. Therefore, factors may affect the capital structure and profitability of companies should be considered carefully. The purpose of the present study is to investigate whether there is any relationship among some specific characters of corporate governance, capital structure and profitability of listed Hotels &Restaurant companies in Colombo Stock Exchange (CSE). To do so, 18 companies were selected from those which were listed in CSE during the 2007-2012. The 'Board Composition(BC)', 'Board Size (BS)' and 'CEO Duality (CEOD)' were considered as independent variables, whereas,' Debt Ratio (DR)','Debt-to-Equity Ratio (DER)','Returns on Equity (ROE)',and 'Return on Assets (ROA)' as dependent variable. The results indicate a positive relationship between 'BS; BC; CEOD; ROE; ROA and DER whereas negative relationship between BS; BID and DR. In addition CEOD have a positive relationship with DR. In addition, none of the variables have a significant relationship with capital structure and profitability.

Download or read book Empirical Capital Structure written by Christopher Parsons and published by Now Publishers Inc. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.

Download or read book Political Determinants of Corporate Governance written by Mark J. Roe and published by Oxford University Press, USA. This book was released on 2003 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a painstaking analysis, Roe (law, Harvard Law School) examines the impact of a nation's strong social policies on the corporate governance, suggesting that stronger social policies can cause an American style of diffuse ownership among shareholders to fail. The link between social policies and corporate governance is examined statistically for a large number of countries, and in case studies for seven: Italy, Germany, Sweden, the UK, France, Japan, and the US. Product markets, securities markets, and the ability of corporate and economic structures to induce a political backlash are discussed. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).

Download or read book The COVID 19 Impact on Corporate Leverage and Financial Fragility written by Sharjil M. Haque and published by International Monetary Fund. This book was released on 2021-11-05 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent.

Download or read book Corporate Governance and Capital Flows in a Global Economy written by Peter Cornelius and published by Oxford University Press, USA. This book was released on 2003 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: With global financial markets having become more integrated, the book pays particular attention to the role of corporate governance in emerging-market economies and international capital flows. Rich in facts and ideas, the book is for anyone interested in financial crises, international risk management and global competitiveness.