The Experts below are selected from a list of 68619 Experts worldwide ranked by ideXlab platform
Torben Pedersen - One of the best experts on this subject based on the ideXlab platform.
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Ownership Structure and economic performance in the largest european companies
Strategic Management Journal, 2000Co-Authors: Steen Thomsen, Torben PedersenAbstract:The paper examines the impact of Ownership Structure on company economic performance in 435 of the largest European companies. Controlling for industry, capital Structure and nation effects we find a positive effect of Ownership concentration on shareholder value (market -to- book value of equity) and profitability (asset returns), but the effect levels off for high Ownership shares. Furthermore we propose and support the hypothesis that the identity of large owners—family, bank, institutional investor, government, and other companies—has important implications for corporate strategy and performance. For example, compared to other owner identities, financial investor Ownership is found to be associated with higher shareholder value and profitability, but lower sales growth. The effect of Ownership concentration is also found to depend on owner identity.
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Ownership Structure and economic performance in the largest european companies
Strategic Management Journal, 2000Co-Authors: Steen Thomsen, Torben PedersenAbstract:The paper examines the impact of Ownership Structure on company economic performance in 435 of the largest European companies. Controlling for industry, capital Structure and nation effects we find a positive effect of Ownership concentration on shareholder value (market‐to‐book value of equity) and profitability (asset returns), but the effect levels off for high Ownership shares. Furthermore we propose and support the hypothesis that the identity of large owners—family, bank, institutional investor, government, and other companies—has important implications for corporate strategy and performance. For example, compared to other owner identities, financial investor Ownership is found to be associated with higher shareholder value and profitability, but lower sales growth. The effect of Ownership concentration is also found to depend on owner identity. Copyright © 2000 John Wiley & Sons, Ltd.
Nazli Anum Mohd Ghazali - One of the best experts on this subject based on the ideXlab platform.
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Ownership Structure corporate governance and corporate performance in malaysia
International Journal of Commerce and Management, 2010Co-Authors: Nazli Anum Mohd GhazaliAbstract:Purpose – Following the 1997 Asian financial crisis, the Malaysian Government introduced new regulations on corporate governance, recognizing the importance of restoring market confidence. The purpose of this paper is to evaluate the impact of the implementation of these new regulations on corporate performance.Design/methodology/approach – Regression analysis was performed to examine factors influencing corporate performance. Ownership Structure was represented by director Ownership, foreign Ownership and government Ownership, and corporate governance was proxied by board size and independence. Corporate performance was measured by Tobin's Q.Findings – Using data from the year 2001 annual reports of 87 non‐financial listed companies included in the composite index, the results showed that none of the corporate governance variables was statistically significant in explaining corporate performance. Nonetheless, two Ownership variables, namely the government as a substantial shareholder and foreign ownershi...
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Ownership Structure and corporate social responsibility disclosure some malaysian evidence
Corporate Governance, 2007Co-Authors: Nazli Anum Mohd GhazaliAbstract:Purpose – The purpose of this article is to examine the influence of Ownership Structure on corporate social responsibility (CSR) disclosure in Malaysian company annual reports (CARs).Design/methodology/approach – The study uses a CSR disclosure checklist to measure the extent of CSR disclosure in annual reports and a multiple regression analysis to examine the association between Ownership Structure and the extent of CSR disclosure in annual reports.Findings – The paper finds that, even among the larger and actively traded stocks in Malaysia, there is considerable variability in the amount of social activities disclosed in corporate annual reports. Results from multiple regression analysis show that, consistent with expectations, companies in which the directors hold a higher proportion of equity shares (owner‐managed companies) disclosed significantly less CSR information, while companies in which the government is a substantial shareholder disclosed significantly more CSR information in their annual re...
Steen Thomsen - One of the best experts on this subject based on the ideXlab platform.
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Ownership Structure and economic performance in the largest european companies
Strategic Management Journal, 2000Co-Authors: Steen Thomsen, Torben PedersenAbstract:The paper examines the impact of Ownership Structure on company economic performance in 435 of the largest European companies. Controlling for industry, capital Structure and nation effects we find a positive effect of Ownership concentration on shareholder value (market -to- book value of equity) and profitability (asset returns), but the effect levels off for high Ownership shares. Furthermore we propose and support the hypothesis that the identity of large owners—family, bank, institutional investor, government, and other companies—has important implications for corporate strategy and performance. For example, compared to other owner identities, financial investor Ownership is found to be associated with higher shareholder value and profitability, but lower sales growth. The effect of Ownership concentration is also found to depend on owner identity.
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Ownership Structure and economic performance in the largest european companies
Strategic Management Journal, 2000Co-Authors: Steen Thomsen, Torben PedersenAbstract:The paper examines the impact of Ownership Structure on company economic performance in 435 of the largest European companies. Controlling for industry, capital Structure and nation effects we find a positive effect of Ownership concentration on shareholder value (market‐to‐book value of equity) and profitability (asset returns), but the effect levels off for high Ownership shares. Furthermore we propose and support the hypothesis that the identity of large owners—family, bank, institutional investor, government, and other companies—has important implications for corporate strategy and performance. For example, compared to other owner identities, financial investor Ownership is found to be associated with higher shareholder value and profitability, but lower sales growth. The effect of Ownership concentration is also found to depend on owner identity. Copyright © 2000 John Wiley & Sons, Ltd.
Andrew Winton - One of the best experts on this subject based on the ideXlab platform.
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Ownership Structure speculation and shareholder intervention
Journal of Finance, 1998Co-Authors: Charles M Kahn, Andrew WintonAbstract:An institution holding shares in a firm can use information about the firm both for trading ("speculation") and for deciding whether to intervene to improve firm performance. Intervention increases the value of the institution's existing shareholdings, but intervention only increases the institution's trading profits if it; enhances the precision of the institution's information relative to that of uninformed traders. Thus, the ability to speculate can increase or decrease institutional intervention. We examine key factors that affect the intervention decision, the usefulness of "short-swing" provisions and restricted shares in encouraging institutional intervention, and implications for Ownership Structure across different firms. INSTITUTIONAL INVESTORS HOLD an ever-greater fraction of Corporate America's equity. Traditionally, these institutions were "stock pickers" who tried to beat the market through trading; if a firm whose stock they held seemed headed for trouble, these investors headed for the door ("the Wall Street rule"). More recently, some of these institutions have been using the Ownership rights attached to their shares to pressure firms to act in the shareholders' interest. Some have even argued that there is a synergy between gathering information for use in trading shares ("speculation") and intelligently pressuring firms to improve performance ("intervention"). We argue that these motives can also conflict. Analyzing these motives allows us to predict which firms are most likely to attract institutional intervention, which in turn has crosssectional implications for firm Ownership Structure. Recent examples suggest that institutional investors with large stakes sometimes intervene and sometimes follow the Wall Street rule, so that there is indeed a choice to be studied. In the early 1990s, there was a wave of activism by a variety of large institutional investors, among them CalPERS, the California public employees pension fund, Putnam Management, a mutual fund manager, and J.P. Morgan, a bank holding company.' These institu
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Ownership Structure speculation and shareholder intervention
Social Science Research Network, 1996Co-Authors: Charles M Kahn, Andrew WintonAbstract:An institution that gathers information about a firm whose shares it holds can use this information for two purposes: speculation, and costly intervention aimed at improving the firm's performance. Its incentive to intervene has two components: the direct impact on its existing position, and the trading impact from buying more shares in advance of intervening rather than not intervening and selling shares. The trading impact can be positive or negative, depending on whether intervention enhances the precision of the institution's information relative to that of uninformed traders. Thus, the ability to speculate can increase or reduce institutional intervention. Key factors that affect intervention include the investors' cost of gathering speculative information, the effectiveness of intervention, and the market's beliefs about the firm's future performance. The paper also discusses the usefulness of "short-swing" provisions and restricted shares in aligning the institution's incentives with shareholder value, and implications for Ownership Structure across different firms.
Basil Alnajjar - One of the best experts on this subject based on the ideXlab platform.
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the effect of Ownership Structure on dividend policy evidence from turkey
Corporate Governance, 2016Co-Authors: Basil Alnajjar, Erhan KilincarslanAbstract:Purpose This paper aims to investigate the impact of Ownership Structure on dividend policy of listed firms in Turkey. Particularly, it attempts to uncover the effects of family involvement (through Ownership and board representation), non-family blockholders (foreign investors, domestic financial institutions and the state) and minority shareholders on dividend decisions in the post-2003 period as it witnesses the major economic and structural reforms. Design/methodology/approach The paper uses alternative dividend policy measures (the probability of paying dividends, dividend payout ratio and dividend yield) and uses appropriate regression techniques (logit and tobit models) to test the research hypotheses, by focusing on a recent large panel dataset of 264 Istanbul Stock Exchange-listed firms (non-financial and non-utility) over a 10-year period 2003-2012. Findings The empirical results show that foreign and state Ownership are associated with a less likelihood of paying dividends, while other Ownership variables (family involvement, domestic financial institutions and minority shareholders) are insignificant in affecting the probability of paying dividends. However, all the Ownership variables have a significantly negative impact on dividend payout ratio and dividend yield. Hence, the paper presents consistent evidence that increasing Ownership of foreign investors and the state in general reduces the need for paying dividends in the Turkish market. Research limitations/implications Because of the absence of empirical research on how Ownership Structure may affect dividend policy and the data unavailability for earlier periods in Turkey, the paper cannot make comparison between the pre-and post-2003 periods. Nevertheless, this paper can be a valuable benchmark for further research. Practical implications The paper reveals that cash dividends are not used as a monitoring mechanism by investors in Turkey and the expropriation argument through dividends for Turkish families is relatively weak. Accordingly, the findings of this paper may benefit policymakers, investors and fellow researchers, who seek useful guidance from relevant literature. Originality/value To the best of the authors’ knowledge, this paper is the first to examine the link between Ownership Structure and dividend policy in Turkey after the implementation of major reforms in 2003.
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the relationship between capital Structure and Ownership Structure new evidence from jordanian panel data
Managerial Finance, 2008Co-Authors: Basil Alnajjar, Peter J TaylorAbstract:Purpose – The study aims to investigate the comparatively under‐researched relationship between Ownership Structure and capital Structure in an emerging market. It is also one of the first studies to apply both single and reduced‐form equation methods using a panel data approach. Design/methodology/approach – The study applies econometrics modelling using both single equation and reduces equation models for panel data.Findings – The results demonstrate that Jordanian firms follow the same determinants of capital Structure as occur in developed markets, namely: profitability, firm size, growth rate, market‐to‐book ratio, asset Structure and liquidity. In addition, institutional Ownership Structure is found to be determined by: assets Structure, business risk (BR), growth opportunities and firm size. Finally, the results reveal that assets tangibility, firm size, growth opportunities and BR are considered to be joint determinants of Ownership Structure and capital Structure.Practical implications – The prac...
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the relationship between capital Structure and Ownership Structure new evidence from jordanian panel data
Social Science Research Network, 2007Co-Authors: Basil Alnajjar, Peter J TaylorAbstract:The study investigates the comparatively under-researched relationship between Ownership Structure and capital Structure in an emerging market. It is also one of the first studies to apply both single and reduced form equation methods using a panel data approach. Furthermore, this is the first study of the interaction between institutional Ownership and capital Structure in Jordan where there are differences, as regards institutional and financial Structures, relative to those in developed markets. The results demonstrate that Jordanian firms follow the same determinants of capital Structure as occur in developed markets, namely: profitability, firm size, growth rate, market to book ratio, asset Structure, and liquidity. In addition, institutional Ownership Structure is found to be determined by: assets Structure, business risk, growth opportunities, and firm size. Finally, the results reveal that assets tangibility, firm size, growth opportunities and business risk are considered to be joint determinants of Ownership Structure and capital Structure.
