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Corporate governance, innovation investment and firm performance: evidence from Malaysian public listed companies  [PDF]
Norlizan MAT RABI,Abdul Hadi ZULKAFLI,Mohd Hassan CHE HAAT
Economia : Seria Management , 2010,
Abstract: Increasing attention is given in monitoring the management team by the shareholders through corporate governance mechanism. This is to ensure that every strategic business decisions maximize shareholders’ wealth. Unlike previous studies which identified a direct relationship between corporate governance mechanism and performance, this study is conducted to examine the moderating impact of the corporate governance mechanism on the relationship between innovation investment proxies by R&D expenditures and firm performance. Our findings concluded that board compensation and frequency of board meeting are considered as important characteristics that would determine the effectiveness of the innovation investment. Thus, in analyzing the innovation investment incurred by the firm, investors should review the corporate governance characteristics as it would determine the effectiveness of the innovation investment in improving firm performance.
Current state and possible development of Russian corporate governance
Alkhas Z. Shalashaa,Yuliya V. Nerovnya
European Researcher , 2011,
Abstract: The article evaluates Russian corporate governance current state and directions for its further development, gives comparative analysis of some models.
Corporate Governance, Institutional Environment, Behavioral Corporate Finance and Inefficient Investment  [PDF]
Qi-An Luo, Hong-Fei Ye
Journal of Service Science and Management (JSSM) , 2015, DOI: 10.4236/jssm.2015.83046
Abstract: This paper is the literature review of extensive literature about how inefficient investment is influenced. It discusses in three factors: corporate governance, institutional environment and behavioral corporate finance. Academics concern how the conflicts of shareholders and creditors, shareholders and managers, controlling shareholders and minority shareholders cause inefficient investment through the game. However, an enterprise is not isolated, it operates in various connections with external institutional environment. Academics interest in how formal institution such as legal environment, financial system, government intervention and informal institution like political connection impact inefficient investment. Besides, human behaviors have certain social and individual psychology background, then the crossover study of corporate finance and psychology gradually becomes a cutting-edge issue. The paper concludes the effects of investor psychology on inefficient investment by classifying psychological bias derived from investment decisions, investment execution and investment performance feedback.
Corporate governance as a factor of investment attractiveness
Akmal Nizamov,Shavkat Zainutdinov
Perspectives of Innovations, Economics and Business , 2009,
Abstract: Corporate management in a modern market economy is interpreted as a factor to consolidate and attractinvestors’ capital.
Investment Banking Services: Ownership Structures, Financial Advisory and Corporate Governance Models
Renato Giovannini,Vincenzo Capizzi,Gian Marco Chiesi
International Journal of Business Administration , 2010, DOI: 10.5430/ijba.v1n1p49
Abstract: This study is based on the premise that mostly large enterprises require investment banking services, due to their complexity and the difficult scenarios in which they operate. Accordingly, we empirically investigate the hypothesis that both the type of ownership structures and the quality of governance are correlated with the demand for specific investment banking services. The analysis is developed by using a proxy for the propensity of enterprises to demand these services, making reference to an extended definition of investment banking activity. The empirical analysis performed on a sample of 150 enterprises showed that the investment banking propensity indicator is significantly correlated with ownership and governance variables. Next, we verify whether companies characterised by greater probability of access to investment banking services show better income performance. However, no conclusive and univocal conclusions can be drawn yet with regard to the linkage between investment banking propensity and performance.
Corporate Governance and Sustainable Development in Nigeria: A Study of Oil Companies in the Niger Delta Region  [cached]
Leyira Christian Micah,Asian Asian Umobong
International Journal of Business and Management , 2013, DOI: 10.5539/ijbm.v8n7p127
Abstract: This research work investigates the relationship between corporate governance structures and sustainable development of oil companies in the Niger Delta Region of Nigeria. The research is based on a survey carried and on a representative sample of five major oil prospecting firms in the region. Questionnaires were used based on 5 point likert scale. Data were analyzed using SPSS version 17.0. The result shows that, good corporate governance will enable companies place priority to technological innovation that will not impair the environment and provide basic amenities and welfare to the communities of operation. It is recommended that government should provide stable investment rules and regulatory incentives for companies to foster sustainable development in the Niger Delta.
The Practice of Corporate Governance in Companies Receiving Foreign Direct Investment in Cameroon  [cached]
David Ngoungo
Research in World Economy , 2012, DOI: 10.5430/rwe.v3n1p2
Abstract: This paper attempts to demonstrate that if investors activism (institutional or foreign) is considered as an enabling element for monitoring when capital is dispersed, such can, on the contrary, lead to the counter-performances of corporate governance in the case of highly concentrated ownership. With the help of factorial analysis, we classify companies receiving foreign direct investments (FDI) in Cameroon. A comparison of groups obtained reveal that 60 % of the enterprises have a capital concentration of more than 50 % in the hands of foreign investors and are identified as a contractual link to divergent interests, with dormant managers and employees, presence of few external administrators and insignificant or low returns.
CORPORATE GOVERNANCE AND FIRM PERFORMANCE  [PDF]
Claudiu George BOCEAN,C?t?lin M. BARBU
Management & Marketing , 2007,
Abstract: Good corporate governance is an important step in building market confidence and encouraging more stable, long-term international investment flows. Many countries see better corporate governance practices as a way to improve economic dynamism and thus enhance overall economic performance. This paper sets out to further develop our understanding of corporate governance and its effects on corporate performance and economic performance. In doing so, it addresses some of the underlying factors that promote efficient corporate governance, and examines some of the economic implications associated with various corporate governance systems. I provide an framework for understanding how corporate governance can affect corporate performance. In the wake of a literature survey, I find that corporate governance matters for economic performance, insider ownership matters the most, outside ownership concentration destroys market value, direct ownership being superior to indirect.
Corporate governance, capital cost and return on investment in Brazil Governan a corporativa, custo de capital e retorno do investimento no Brasil  [cached]
Pablo Rogers,José Roberto Securato,Kárem Cristina de Sousa Ribeiro
Rege : Revista de Gest?o , 2008,
Abstract: One of the hypotheses regarding benefits of good corporate governance states that it reduces the cost of capital thereby enhancing the return on investment. A comparison was made of companies to examine the correlation of better corporate governance with a lower cost of capital and improved return on investment. The methodology of Fama and French (1999) was used for companies negotiated in the New Market and as well as in governance Levels I and II of Bovespa to assign a ranking according to their practices. Examining three month periods between December 2002 and December of 2005, analysis showed a lower capital cost and return on investment for best practices of corporate governance. Proportionally, capital cost for companies with practices is 34% less and return on investment of companies with inferior practices of corporate governance is only 23% better than that of the companies with best practices of corporate governance. Uma das hipóteses levantadas sobre os benefícios das boas práticas de governan a corporativa é que, ao adotá-las, as empresas têm seu custo de capital reduzido e, conseqüentemente, o retorno sobre o investimento incrementado. Este trabalho tem por objetivo verificar se empresas que adotam melhores práticas de governan a corporativa possuem menor custo de capital e maior retorno do investimento. Empregou-se a metodologia de Fama e French (1999) em dois mercados distintos, considerando-se as práticas de governan a corporativa adotadas, identificadas pela participa o das empresas no Novo Mercado e nos Níveis I e II de governan a da Bovespa. Analisando-se dados trimestrais no período de dezembro de 2002 a dezembro de 2005, pode-se concluir que o custo de capital e o retorno do investimento s o menores para empresas com práticas de governan a corporativa superiores. Proporcionalmente, o custo de capital das empresas com práticas de governan a corporativa superiores é 34,22% menor, e o retorno do investimento das empresas com práticas de governan a corporativa inferiores é apenas 23% maior que o retorno do investimento das empresas com práticas de governan a corporativa superiores.
Financial development and investment market integration: An approach of underlying financial variables & indicators for corporate governance growth empirical approach
Vojinovi? Borut,Theodoropoulos Theodore E.
Economic Annals , 2005, DOI: 10.2298/eka0566033v
Abstract: Financial development is correlated with several underlying regulatory variables (such as indicators of investor protection, market transparency variables for corporate governance growth and rules for capital market development), which are under the control of national legislators and EU directives. This paper provides estimates of the relationship between financial market development and corporate growth and assesses the impact of financial market integration on this relationship with reference to European Union (EU) countries. The regression results obtained using this panel support the hypothesis that financial development promotes growth particularly in industries that are more financially dependent on external finance. For policy purposes, analyzing changes in these regulatory variables may be a more interesting exercise than analyzing integration of the financial systems themselves. Since assuming that EU countries will raise its regulatory and legal standards to the U.S. standards appears unrealistic, in this case we examine a scenario where EU countries raise their standards to the highest current EU standard.
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