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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 Index, Firm Valuation and Performance in Brazil
André Luiz Carvalhal da Silva,Ricardo Pereira Camara Leal
Revista Brasileira de Finan?as , 2005,
Abstract: This study investigates the relationship between the quality of a firms corporate governance practices and its valuation and performance, through the construction of a broad firm-specific corporate governance index for Brazilian listed companies. The empirical results indicate a high degree of ownership and control concentration. We can also note a significant difference between the voting and total capital owned by the largest shareholders, mainly through the existence of non-voting shares. Panel data results indicate that less than 4% of Brazilian firms have good corporate governance practices, and that firms with better corporate governance have significantly higher performance (return on assets). There is also positive relationship between Tobin’s Q and better corporate governance practices although the results are not statistically significant.
AUDIT QUALITY, CORPORATE GOVERNANCE AND FIRM CHARACTERISTICS IN NIGERIA  [cached]
semiu babatunde adeyemi,temitope olamide fagbemi
International Journal of Business and Management , 2010, DOI: 10.5539/ijbm.v5n5p169
Abstract: The major corporate collapses and related frauds which occurred in Nigeria and around the world have raised doubts about the credibility of the operating and financial reporting practices of quoted companies in Nigeria. This stirred a number of professional and regulatory organisations to recommend reforms that will improve transparency in financial reporting and thereby increase audit quality and corporate governance practices. Although evidence of corporate governance practices and audit quality exists from developed economies, very scanty studies have been conducted in Nigeria where corporate governance is just evolving. Therefore, this study provides evidence on corporate governance, audit quality, and firm related attributes from a developing country, Nigeria. Logistic regression was used in investigating the questions that were raised in the study. Findings from the study show that ownership by non-executive director has the possibility of increasing the quality of auditing. Evidence also exist that size of the company and business leverage are important factors in audit quality for companies quoted on the Nigerian Stock Exchange. The study suggests that the composition of non-executive directors as members of the board should be sustained and improved upon in order to enhance audit quality. Keywords: Audit quality, corporate governance, ownership structure, duality, firm characteristics
Corporate Governance Mechanisms and Performance of Public-Listed Family-Ownership in Malaysia  [cached]
Haslindar Ibrahim,Fazilah Abdul Samad,Fazilah Abdul Samad,Fazilah Abdul Samad
International Journal of Economics and Finance , 2011, DOI: 10.5539/ijef.v3n1p105
Abstract: The study examines the relationship of corporate governance mechanisms and performance between family and non-family ownership of public-listed firm in Malaysia from 1999 through 2005 as measured by Tobin’s Q, ROA and ROE. The findings show that on average, family ownership experiences a higher value than non-family ownership based on ROE. On the other hand, based on Tobin’s Q and ROA, the study finds that firm value is lower in family than non- family ownership. In addition, the corporate governance mechanisms such as the board size, independent director and duality for family and non-family ownership has a strong significant influence on firm performance.
An Empirical Investigation of the Relationship between Corporate Governance Mechanisms, CEO Characteristics and Listed Companies’ Performance  [cached]
Georgeta Vintila,Stefan Cristian Gherghina
International Business Research , 2012, DOI: 10.5539/ibr.v5n10p175
Abstract: This paper examines the impact of corporate governance mechanisms and CEO characteristics on U.S. listed companies’ performance. The corporate governance mechanisms are: shareholdings of insiders, shareholdings of the institutional investors and mutual funds, board size and the number of independent directors in the board. We used as performance measures the following: Tobin’s Q, return on assets, return on equity, price to book value and price earnings ratio. Additionally, we considered the impact of CEOs characteristics on companies’ performance. These characteristics are: CEO status regarding the possibility of holding multiple functions, the CEO’s possibility of being the founder of the company that he manages, state of residence, age and tenure in CEO position. Also we controlled for firm size, firm age and gearing. Our findings suggest mixed results between corporate governance and firm performance.
The Effect of Corporate Governance, Corporate Financing Decision and Ownership Structure on Firm Performance: A Panel Data Approach from Tehran Stock Exchange  [cached]
Nassim Shah Moradi,Mahmood Moein Aldin,Forough Heyrani,Mohsen Iranmahd
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n6p86
Abstract: Capital structure, dividend policy and corporate governance are today significantly influencing academic debates on firm’s value, while they can increase profitability and shareholder’s value in long term. This paper seeks to investigate the affects of corporate governance mechanisms and financing activities on firms’ performance. A sample of 84 firms listed on Tehran Stock Exchange for a period of five years from 2007 to 2011 was selected. These firms were chosen by employing random classified sampling. The study used Return on Investment (ROI) and Tobin’s Q as proxies for performance and developed multiple and single regression models, mean tests and correlation coefficients to test the hypotheses. The findings reveal that corporate governance, financing decisions and capital structures are affected by firms’ performance.
Corporate governance attributes, firm characteristics and the level of corporate disclosure: Evidence from the Indian listed firms  [PDF]
Sunil Nandi,Santanu Kumar Ghosh
Decision Science Letters , 2013, DOI: 10.5267/j.dsl.2012.10.004
Abstract: This study investigates the association between firm characteristics, corporate governance attributes and the level of corporate disclosure of listed firms in India. The research paper has been based on a sample of 60 firms listed in the Bombay Stock Exchange (BSE) / National Stock Exchange (NSE) during the study period from 2000-01 to 2009-10. The study has used the Standard & Poor (2008) model for measuring the level of corporate disclosure. To examine the association between explanatory variables and the level of corporate disclosure, multiple regression model has been used. The results suggest a positive relationship between board size, ratio of audit committee members to total board members, family control, CEO duality, firm size, profitability, liquidity and the extent of corporate disclosure. However, the degree of corporate disclosure is negatively related to board composition, leverage and age of the firm.
Corporate governance mechanisms and extent of disclosure: Evidence from listed companies in Malaysia  [cached]
Wan Izyani Adilah Wan Mohamad,Zunaidah Sulong
International Business Research , 2010, DOI: 10.5539/ibr.v3n4p216
Abstract: The purpose of this study is to examine the relationship between corporate governance mechanisms and extent of disclosure for listed companies in Malaysia. The study attempts to address two research issues: (1) level of corporate governance disclosure by listed companies in Malaysia; and (2) to what extent corporate governance mechanisms affect company disclosure. Regression analysis is conducted to determine the association between corporate governance mechanisms and the extent of disclosure level in Malaysian corporate sector practices. The evidence supports the conjecture that companies with higher percentage of family members sit on the board are significantly have lower level of disclosure in their annual reports.
Entrepreneurial orientation and corporate governance structures at the firm level in the South African oil and gas industry  [cached]
Vincent B. Molokwu,Jose Barreria,Boris Urban
South African Journal of Human Resource Management , 2013,
Abstract: Orientation: Corporate governance systems (CGS) have been observed as one of the most important structures and mechanisms that regulate the relationships between executives and shareholders. By having well-defined and established CGS, company board members and executives are able to shape company vision and increase managerial commitment towards formulating strategies that espouse an entrepreneurial orientation (EO). Firms with high levels of EO tend to be innovative and encourage creative initiatives in new products and technology developments.Research purpose: In an emerging economy such as South Africa, one of the primary goals of an organisation is growth and good governance, which can be achieved through wellgoverned structures and continuous innovation in the face of challenges. This study identified potential links between the multidimensional constructs of CGS and EO at the firm level in the South African oil and gas industry.Motivation for the study: One of the greatest challenges faced by organisations when implementing CGS is to ensure compliance.Research design, approach and method: Board members and senior decision-makers were surveyed in the South African oil and gas industry, using a structured questionnaire. A series of correlational analyses were used to determine the strength of relationships between the dimensions of EO and CGS.Main findings: By drawing extensively on existing theory on EO, this study found that the different dimensions of CGS have a significant and positive relationship with each of the EO dimensions – innovation, risk-taking and proactiveness.Practical/managerial implications: Corporate boards supportive of entrepreneurship must provide appropriate reward systems, top management support, explicit goals and appropriate organisational values which signal to employees that entrepreneurial behaviour action is desirable. Practitioners should scrutinise their governance structures in their organisations to ensure an alignment with EO practices.Contribution/value-add: Generally, research on EO and governance in Africa as a whole may be considered as valuable, as very few empirical studies have been previously conducted which focus on the nexus of CGS and EO. The study is one of the first to conduct empirical research on EO and CGS in an emerging market and unique industry context – the South African oil and gas industry.
The mechanisms of corporate governance in the United States: an assessment
Aldrighi, Dante Mendes;
Revista Brasileira de Economia , 2003, DOI: 10.1590/S0034-71402003000300001
Abstract: this paper aims at evaluating the mechanisms of corporate governance currently at work in the united states. section 1 turns its focus to the reasons accounting for the still relative scarceness of large shareholders in american publicly held companies. the analysis thereafter concentrates on assessing the efficacy of each of the pillars purportedly buttressing the american system of corporate control. the paper argues that the evidence provided by the existing corporate governance literature supports the following propositions: 1) the legal and regulatory framework actually restrains the scope for expropriating minority shareholders, though at the cost of inhibiting institutional investor activism; 2) as a rule, the board of directors do not comply with their mandatory duty of overseeing management, although some progress has recently been made, with directors in several companies becoming less submissive to chief executive officers; 3) the market for corporate control encounters a great number of difficulties (ranging from legal hurdles to high transaction costs and to serious free-riding problems), which are sufficient to cast a cloud on its reliability as a means of repressing managerial inefficiencies and rent-seeking; 4) competition in the product and capital markets is likely to produce effects only in the long-run.
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