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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.
CORPORATE GOVERNANCE, OWNERSHIP STRUCTURE AND CORPORATE DIVERSIFICATION: EVIDENCE FROM THE MALAYSIAN LISTED COMPANIES
Ayoib Che Ahmad,Zuaini Ishak,Nor Aziah Abd Manaf
Asian Academy of Management Journal , 2003,
Abstract: Previous research has contributed much to our understanding of the relationship between corporate diversification strategy and corporate governance quality. The majority of published works has been on sophisticated and mature markets in first world nations. This paper extends previous knowledge by examining this relationship in a developing country. Malaysia is a developing country that provides a rich setting for corporate governance research. The structure of the business environment and the availability of published data make it an interesting research site.The results showed that outside blockholding especially non-institutional blockholding was negatively associated with diversification. However, evidence of significant relationship between managerial ownership and diversification was not found although the directions were generally as expected. Similarly, good corporate governance was shown to reduce diversification activities. The variable for separate board structure was consistently significant in most of the estimations. However, the other measure of corporate governance namely the proportion of outside directors was not as significant as might be expected. The study opens the way for a richer understanding of the links between corporate governance, ownership structure and corporate diversification in a developing country.
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.
Corporate Attributes, Corporate Governance Quality, and the Value of Public Brazilian Companies
Alexandre Di Miceli da Silveira,Lucas Ayres B. de C. Barros,Rubens Famá
Revista Brasileira de Finan?as , 2006,
Abstract: This paper investigates the influence of corporate governance quality on the market value of 154 Brazilian listed companies in 2002. As a proxy for corporate governance quality, a broad governance index was built. The empirical investigation employed different econometric approaches with increasing level of complexity, including multiple regressions by ordinary last squares, instrumental variables estimators and simultaneous equations systems. Results obtained with all econometric approaches show a positive and significant influence of corporate governance quality on firms market values. The paper also finds evidence of endogeneity of the corporate governance variable, for which different instruments are proposed. Moreover, results obtained with the simultaneous equations approach suggest that there might be a two-way causality link between corporate governance quality and firm valuation.
Corporate Governance Quality and Cost of Equity in Financial Companies  [cached]
Massimo Regalli,Maria-Gaia Soana
International Journal of Business Administration , 2012, DOI: 10.5430/ijba.v3n2p2
Abstract: There are many studies demonstrating how good corporate governance positively affects the economic-financial performance of companies, but few which examine the relationship between corporate governance and cost of equity capital. These mainly focus on multiple industries, and suggest that there are positive shareholder value implications for firms with stronger corporate governance mechanisms. This paper investigates the relationship between the quality of governance and the cost of equity in financial companies. It finds that financial companies with the best governance (both "internal" and "external") are associated with a higher cost of equity capital.
The Financial Performance and Corporate Governance Disclosure: A Study in the Annual Reports of Listed Companies of Bangladesh  [PDF]
Md. Abdur Rouf
Pakistan Journal of Commerce and Social Sciences , 2012,
Abstract: This research aims to test empirically the relationship between the Financial Performances (Profitability) and the level of Corporate Governance Disclosure (CGD) by the listed non-financial companies in Bangladesh. Data are taken from annual reports of the listed companies in the 2007. This paper is based on a sample of 94 listed companies and Used OLS as a method of estimation. The extent of corporate governance disclosure level is measured using 40 items of information and financial performance (profitability) is measured by return on assets (ROA). Using an unweighted approach for measuringcorporate governance disclosure, this approach is most appropriate when no importance is given to any specific user-groups. After establishing the disclosure index, a scoring sheet was developed to assess the extent of corporate governance disclosures. The resultshows that the level of Corporate Governance Disclosure (CGD) is positively correlated with the Financial Performances (Profitability). The study provides empirical evidence to policy makers and regulators in South Asia.
The Corporate Governance Practices: Evidence from MENA Countries  [PDF]
Aws AlHares, Gerard Dominic, Ruba Al Abed
Theoretical Economics Letters (TEL) , 2019, DOI: 10.4236/tel.2019.94065
Abstract:

This study investigates the level of compliance and disclosure of corporate governance mechanisms in Middle East and North Africa countries. The study uses a panel data of 250 companies from MENA countries between 2009 and 2016. The ordinary least square multiple regression analysis technique is used to examine the relationships. Additionally, to alleviate the concern of potential endogeneity, we use fixed effect regression, two-stage least squares using instrumental variables. The results show that the level of voluntary compliance with and disclosure of corporate governance mechanisms among MENA countries varies substantially across countries and is low. The result is consistent with the neo-institutional theory. Future research could investigate more sets of firm-level internal CG mechanisms and country-level variables and use of weighted index. This study extends, as well as contributes to the extant CG literature by offering new evidence on the effect of corporate governance mechanisms among listed firms in ten different MENA countries within a neo-institutional theoretical perspective. The findings will help regulators and policy makers in their countries to pursue reforms to improve national governance quality.

Need to implement corporate governance in the Romanian companies  [PDF]
Sorin COSNEANU,Corneliu RUSSU,Vergina CHIRI?ESCU,Leonardo BADEA
Theoretical and Applied Economics , 2013,
Abstract: Under the background of the current economic realities, characterized by uncertainty and mistrust, of increased complexity of the environment in which they operate, the Romanian companies must demonstrate good organization, flexibility, skills, good risk management and be trustworthy economic and social partners. The answer to many of these challenges is provided by a modern management system, which makes proof of more convincing development possibilities, namely corporate governance.This article is an attempt to summarize the major theoretical and practical issues related to corporate governance models, as well as a vision of the need to apply this management system in the Romanian companies. At the same time, the paper will briefly present the current state of corporate governance system implementation in the Romanian companies.
CORPORATE GOVERNANCE- A TRANSPARENCY INDEX FOR THE ROMANIAN LISTED COMPANIES  [PDF]
Cuc Sunhilde,Kanya Hajnalka
Annals of the University of Oradea : Economic Science , 2009,
Abstract: The purpose of this research is to analyze the corporate governance information disclosed by Romanian listed companies on the internet, with the objective of assessing the extent and the influence of several corporate characteristics on the level of infor
The Corporate Governance of Australian Listed Construction Companies  [cached]
Patrick Tait,Martin Loosemore
Australasian Journal of Construction Economics and Building , 2012,
Abstract: This paper compares the compliance level of Australian StockExchange (ASX) listed construction and non-constructioncompanies with the ASX Corporate Governance Council (CGC)recommendations on sound corporate governance. It alsoexamines the difference in board characteristics between thetwo groups, paying particular attention to differences in boardindependence. It concludes that compared with the top 20 ASXlisted non-construction companies, listed construction companiesare less compliant overall particularly with regards to boardstructure, and have lower levels of independence both in terms ofCEO/Chairperson duality, the ratio of executive to non-executiveindependent directors and independent membership of nomination,remuneration and audit committees. These conclusions areimportant because sound corporate governance has beenassociated with higher levels of organisational resilience derivedfrom the reputational and fi nancial benefi ts of greater transparency,market value, investor attractiveness and organisationalperformance.
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