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Analysis of Various Firm Productive Efficiency wi th Environmental Constraints


系统工程理论与实践 , 2002,
Abstract: When evaluating the firm productive efficiency, environmental performance should be considered and the available efficiency measures should treat desirable and undesirable outputs synchronously. In this paper various productive efficiency with environmental factors is analyzed by Data Envelopment Analysis(DEA). The relationship between the various production efficiency measures is discussed. Finally, a sample of efficiency measures of 10 steel and irom firms is given.
The Effect of Ownership Structure on Firm Performance in Malaysia
International Journal of Finance and Accounting , 2013, DOI: 10.5923/j.ijfa.20130202.04
Abstract: This paper aims to investigate and analyze the effect of ownership by different groups of investors on the performance of listed companies in Malaysia for a period of ten years from 2000 to 2009. The results of GLS show that firm performance is positive and significantly related to five government-linked investment companies, foreign ownership, and DPIIs ownership while it is negatively and significantly related to state ownership. These results imply that government ownership through GLICs does not lead to value destruction. In fact, it could lead to better monitoring. However, state ownership leads to lower values.
FII Ownership in Indian Equity Securities: The Firm-Level Determinants  [PDF]
B. Hariprasad
Theoretical Economics Letters (TEL) , 2016, DOI: 10.4236/tel.2016.65095
Abstract: This paper studies the stock ownership in Indian firms by Foreign Institutional Investors during 2013 to 2015. Several firm-level characteristics are used to measure the extent to which information asymmetry affects the level of FII ownership in these firms. The analysis reveals that the firm-size and the book-to-market ratio are significant variables in selecting the equity investments by this investor group. There is not much empirical support for beta or the export ratio as determinants of firm-level ownership. In their holdings of large-firm stocks, there is a strong evidence that FIIs prefer to hold more shares of high exports firms.
The Influence of Institutional and Government Ownership on Firm Performance: Evidence from Kuwait  [cached]
Mishari Alfaraih,Faisal Alanezi,Hesham Almujamed
International Business Research , 2012, DOI: 10.5539/ibr.v5n10p192
Abstract: Drawing on prior theoretical and empirical research examining corporate governance mechanisms, this study empirically explores the effects of institutional and government ownership on the performance of firms listed on the Kuwait Stock Exchange (KSE). Both a market-based measure (Tobin’s Q) and an accounting-based measure (ROA) are used to measures firm performance. Based on a sample of 134 firms listed on the KSE in the year 2010, regression analysis results show a positive relationship between institutional investors and KSE firm performance, suggesting the powerful and influential role institutional investors play as a corporate governance mechanism. In contrast, a negative relationship is observed between government ownership and KSE firm performance, implying worse market performance when government ownership exists. The findings imply that different types of ownership structures have different affects on firm performance. Some ownership structures enhance performance while others worsen performance.
Ownership Structure, Financial Policy and Performance of the Firm: US Evidence  [cached]
Nejla Ould Daoud Ellili
International Journal of Business and Management , 2011, DOI: 10.5539/ijbm.v6n10p80
Abstract: The objective of this article is to determine the interrelations between the ownership structure and the financial policy as well as the relationship between the managerial ownership and the performance of the firm. This study examines the relationship between the ownership structure and the performance when the managerial ownership is modeled as en endogenous variable. The regressions results show that all the shareholders regardless their types (manager, blockholder or institutional) do not tend to hold substantial ownership in the high levered firms because of the high bankruptcy risk. The non linear relationship between the managerial ownership and the performance of the firm strengthens the earlier US studies showing that some levels of the managerial ownership are not beneficial to the shareholders’ wealth. The results of the simultaneous equations show that the entrenched managers avoid the debt in order to escape the performance pressure and to protect their non diversifiable human capital.
Ownership Advantages and Firm Factors Influencing Performance of Foreign Affiliates in Japan  [cached]
Mehdi Rasouli Ghahroudi
International Journal of Business and Management , 2011, DOI: 10.5539/ijbm.v6n11p119
Abstract: This empirical study explores the impact of knowledge development factors, parent firm-specific and subsidiary characteristics on foreign affiliated performance. First, we examine the ownership and performance (based on return on asset, return on sales and profitability) of foreign affiliated in Japan. Second, we extend the subsidiary’s factors with parent company’s firm factors in order to analyze the performance and ownership advantages based on wholly owned subsidiary (WOS) and international joint venture (IJV). Third, we explore the relationship between firm factors and foreign ownership ratio.Our finding suggested that first, when a subsidiary operates in the manufacturing industry; MNCs prefer to have a majority of equity ownership.Second, the factors of industry, foreign employees and size of parent firm and subsidiary, demonstrate a statistically significant on performance. Finally, our findings indicate that foreign ownership ratio has a positive relationship with knowledge transfer factors, import and export ratio of foreign affiliates.
The Examination of the Effect of Ownership Structure on Firm Performance in Listed Firms of Tehran Stock Exchange Based on the Type of the Industry  [cached]
Alireza Fazlzadeh,Ali Tahbaz Hendi,Kazem Mahboubi
International Journal of Business and Management , 2011, DOI: 10.5539/ijbm.v6n3p249
Abstract: This study is aimed to determine the role of ownership structure on firm performance. Using panel data regression analysis method, the role of variables of ownership structure which includes: ownership concentration, institutional ownership and institutional ownership concentration have been examined for 137 listed firms of Tehran stock exchange within the period 2001 to 2006. It is concluded that ownership concentration doesn’t have any significant effect on firm performance but the effect of two other variables are significant: institutional ownership has positive significant effect on firm performance but the effect of concentrated institutional ownership is negative. In the next part of this research the effect of ownership structure on firm performance based on type of the industry has been studied and it is concluded that the industry factor moderates this effectiveness relationship. The findings of this research shed light on the role of ownership structure plays in corporate performance and thus offer insights to policy makers interested in improving corporate governance system.
House Price, Ownership Type and Firm Innovation  [PDF]
Ruo Wang
Open Journal of Social Sciences (JSS) , 2017, DOI: 10.4236/jss.2017.57021
Abstract: This paper chooses the data of high-tech enterprises in China from 2007 to 2014, and investigates the impact of house price on firm innovation. The conclusion is that the house prices are significantly negatively related to the firm innovation, and compared to the prices of the operating buildings and the office buildings, the negative effect of the increasing price of commercial buildings as a whole, residential buildings (large categories), or other commercial building in the similar category is more significant. Besides, the paper also found that the negative effect on state-owned enterprise innovation is more significant than the non-state-owned enterprise innovation. The conclusion of this paper has a certain guiding significance for exploring the negative impact of rising house prices on the enterprise innovation.
Managerial Ownership, Capital Structure and Firm Value: Evidence from China’s Civilian-run Firms
Wenjuan Ruan,Gary Tian,Shiguang Ma
Australasian Accounting Business and Finance Journal , 2011,
Abstract: This paper examines the influence of managerial ownership on firm performance through capital-structure choices, using a sample of China’s civilian-run firms listed on the Chinese stock market between 2002 and 2007. The empirical results demonstrate a nonlinear relationship between managerial ownership and firm value. Managerial ownership drives the capital structure into a nonlinear shape, but in an opposite direction to the effect of managerial ownership on firm value. The results of simultaneous regressions suggest that managerial ownership affects capital structure, which in turn affects firm value. Our findings imply that the “interest convergence” and “entrenchment” effects of managers’ behaviour in terms of managerial ownership can also explain the agency-relevant situation of China’s civilian-run firms.
Cristina Bo?a-Avram
CES Working Papers , 2012,
Abstract: The objective of this paper is to provide a comprehensive review of the main studies that have investigated the connections between managerial ownership, board characteristics and firm’s performance. It discusses the methodological approaches used in researching the ownership’s structure – performance relationship, highlighting the main findings and finally proposing directions for furtherresearch.
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