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Incentives in Public and Privatized Firms under Incomplete Contracting Situations  [PDF]
Takeshi Miyazaki
Theoretical Economics Letters (TEL) , 2012, DOI: 10.4236/tel.2012.23059
Abstract: It is argued that incentives for employees in the public service agencies will necessarily be weak because of the multiple dimensions of products, multiple principals, incomplete contract, and socializing. Some empirical studies refer to incomplete contracting situations as part of the cause of the diminishing of the public sector. This work investigates the effects of privatization and ownership shares on incentive schemes for employees who work for public or privatized firms under incomplete contracting situations. Two main results are obtained. First, the incentive intensity of public firms decreases as the government has more ownership shares, and the social benefit declines. Second, privatized firms offer their employees higher-powered incentive contracts than do public firms.
An Examination of Herd Behavior in the Jordanian Equity Market  [cached]
Mohammad Al-Shboul
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v5n1p234
Abstract: The paper aims at examining the herd behavior in the Jordanian equity market before and after the 2008 global financial crisis. The most common approaches [Christie and Huang (1995) (CH) and Chang et al. (2000) (CCK)] are used to test for herding tendency of the financial and nonfinancial firms. By making use of the CH approach, estimated using the Ordinary Least Squares method (OLS), evidence of the absence of herding tendency is reported in extreme and normal market conditions. To investigate the tendency for herding further, the CCK approach is also implemented. The model of CCK is estimated using the OLS and the Quantile Regression (QR) methods. The results of CCK, using OLS, show evidence of the absence of linear herding for both types of firms before and after the crisis. But, only nonfinancial firms exhibit evidence of nonlinear herding in both sub-periods. In the extreme up and down market, evidence of linear herding is only found after the crisis for both types of firms when market is trending up. For all firms at the median level, the results of QR provide evidence of linear herding after the crisis while no evidence is reported for nonlinear herding. Financial firms exhibit only nonlinear herding at median level before the crisis when the market is trending up. Nonfinancial firms do not exhibit linear and nonlinear herding at the median level in both up and down markets. The results of OLS and QR are different for both types of firms. However, for linear herding the results of CH and CCK are similar. Jordanian investors exhibit a tendency for linear herding in extreme and normal market conditions but cannot have enough power to convert into nonlinrear one.
The Validity of the Arbitrage Pricing Theory in the Jordanian Stock Market
Imad Z. Ramadan
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n5p177
Abstract: This paper aims to test the validity and applicability of the Arbitrage Pricing Theory (APT) in Amman Stock Exchange (ASE) during the period 2001-2011. To achieve this objective, the study utilized six variables, four macroeconomic variables, i.e., interest-rate term structure, inflation, money supply and risk premium, and two market indicators i.e., dividend yield and productivity of the industry. Using ordinary least square method (OLS), the six variables against twelve industry portfolios of Amman Stock Exchange have been tested. Overall, the finding of the paper support the validity and applicability of APT in ASE, as the results show that four out of the six tested variables, are able to explain 84% of the change in the stock returns of the Jordanian industrial firms during the study period. Another finding of this paper is that the effect of the tested variables varies among industries.
Private Military Companies “The Market For Force”: Toward International Regulatory and Control Framework  [PDF]
Martin Uadiale
International Journal of Economic Development Research and Investment , 2011,
Abstract: The diminution of the State and the State system as a whole both in its traditional role and functions have again loomed so large in the face of the increasing commodification, privatization, outsourcing and military re-structuring of security and military functions to the Privatized Security Industry (PSI), Private Security Companies (PSCs), Private Military Companies (PMCs) and Private Military Firms (PMFs). These as a consequence have combined to alter and erode the very foundation of the State and the State-system and undermining the quintessential roles and functions of the State as the most basic unit in the analysis of International Relations. Indeed, the encroachment of the market and corporation principles into ones traditional ground of the State clearly represents the erosion of the logical, legal, juridical, moral and philosophical concerns of the State in International relations with wider implications for both military and security ramifications forState and the State system. To this end, whilst there seems to be an ever increasing redefinition of the 'new global military and strategic landscape as well as architecture, there have, however, existed, if any, effective and sufficient international regulatory and control framework for making corporation operating in the global market place answerable to International law as well as other national regulatory and control frameworks. Employing both empirical and analytical methodologies, this study suggests that what is required is a sufficient and efficient International regulatory and control framework to curtail the agencies of PMCs in International Relations.
A study of the effect of change on ownership structure on enterprise value of privatized firms: Evidence from Tehran Stock Exchange  [PDF]
Mashallah Valikhani Dehaghani,Abbas Rostami,Mohammad Malekmohammadi Faradonbeh,Fatemeh Malekmohammadi Faradonbeh
Management Science Letters , 2013, DOI: 10.5267/j.msl.2013.04.001
Abstract: In this paper, we present an empirical investigation to measure the effects of privatization on some selected firms listed on Tehran Stock Exchange. The proposed study of this paper selects eleven relatively big sized Iranian firms whose structures were privatized prior year 2011. The main hypothesis of this survey studies whether there is a meaningful relationship between ownership structure and enterprise value of privatized firms. We collect the necessary information before and after privatization process completed and using a regression model examined the main hypothesis as well as five sub-hypotheses. The results of the survey indicate that the number of major shareholders has been reduced after privatization process accomplished, the number of shares had no impact on firms’ values. In addition, non-board members’ duty had not impact on firms’ value before and after privatization process, institutional investors did not play important role before and after privatization process, and separations played important role on firms’ value before and after privatization occurred.
The Market for Firms: Market Signaling and Overpricing  [PDF]
Jerome Davis, Hans Keiding
Technology and Investment (TI) , 2010, DOI: 10.4236/ti.2010.13024
Abstract: In this paper, the pricing and sale of firms is approached from the owners’ point of view. It is shown that there are very strong ex ante owner incentives to set prices of firm products or services below their short- term profit maximizing levels, since low prices signal low costs and as a consequence a higher sales value of the firm. Buyers take this signaling into consideration, but irrespective of their countermoves, the equilib- rium result may be a lowering of ex ante product prices, and an ex post market overvaluation of the firm. This model is utilized to suggest possible explanations to one of the more puzzling initial public offer (IPO) phenomena: the long run underperformance of IPO equities.
Impact of Ownership Concentration on the operating Performance of Pakistani Firms  [cached]
Waseem Anwar,Naila Tabassum
Asian Economic and Financial Review , 2011,
Abstract: This study investigates the Impact of Ownership Concentration on the operating performance of Pakistani firms. Sample of 50 non-financial firms is selected from KSE-100 index of Karachi Stock Exchange of Pakistan. Descriptive analysis shows that there is an immense level of ownership concentration in Pakistani firms. Regression analysis suggested that there is a significant positive correlation among ownership concentration and firm’s operating performance.
The Effect of Audit Committee’s Effectiveness on Dividend Payout Policy: Evidence from the Jordanian Firms  [cached]
Khalil Mohammad Nimer,Lina Warrad,Ola Khuraisat
International Journal of Business and Management , 2012, DOI: 10.5539/ijbm.v7n7p172
Abstract: This paper examines the possible association between audit committee’s effectiveness and Jordanian industrial public shareholding companies’ dividend payout policy. Data was collected through two sources; first, a questionnaire survey was distributed to 63 listed Jordanian firms to collect data concerning degrees of audit committees’ effectiveness. Second, data concerning dividends payout policies was collected from published data for Jordanian firms. The results of the multiple regressions indicated that there is no significant relationship between audit committees’ effectiveness factors and dividends payout policies proxied by both TOBINS Q and ROA. This result implies that other theories might explain the dividend payout policy in the Jordanian firms.
Board of Directors’ Characteristics and Tax Aggressiveness: Evidence from Jordanian Listed Firms  [PDF]
Luai Aburajab, Bassam Maali, Monther Jaradat, Malek Alsharairi
Theoretical Economics Letters (TEL) , 2019, DOI: 10.4236/tel.2019.97171
Abstract: This study aims to examine the relationship between Board of Director’s characteristics and tax aggressiveness. Taxes are considered an additional cost to the firm and its shareholders because these taxes reduce the available cash flow. Firms tend to employ different tax aggressiveness techniques. Aggressive tax planning or strategic tax behaviors are activities generally designed to reduce tax liability that includes Tax evasion, Tax evasion and legitimate saving of taxes. This study is the first in Jordan which tests the relationship between Board of Director’s characteristics (Board Duality, Board Composition and Board Independence) on tax aggressiveness. Based on a sample of 140 Jordanian firms during the period 2013-2017, this study used regression analysis to examine the effect of board composition, board independence, CEO duality, return on assets (ROA) and firm size on the tax aggressiveness. The study found that there is a negative relationship between board composition and board independence from one side, and the tax aggressiveness from the other side. Furthermore, the study found that there is a positive relationship between board duality and tax aggressiveness. Finally, both the return on assets (ROA) and the firm size variables, which were included as control variables, were found to be positively related to the tax aggressiveness.
Market structure effects on wages in the Brazilian industrial firms
Silva-Jr, Gilson Geraldino;
Estudos Econ?micos (S?o Paulo) , 2011, DOI: 10.1590/S0101-41612011000300001
Abstract: in this paper we analyze market structure effects on wage in the brazilian manufacturing sector between 1998 and 2005. our comprehensive linked employer-employee data has observation at firm and worker data level, as market share, wages and skills. we also control potential endogeneity through a quasi-natural experiment. there are few empirical studies analyzing market structure effects on wages at firm level. as far we know it is the first study in this subject for brazilian industrial firms.
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