Corporate Governance, Institutional Framework, and Firm Performance
Corporate Governance, Institutional Framework, and Firm Performance

Author:

Publisher:

Published: 2019

Total Pages: 384

ISBN-13:

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This dissertation is concerned with the state of corporate governance regulations and implementation in the UAE and the extent to which board and corporate ownership structures in UAE listed firms play a role in promoting sound corporate governance and enhancing firms’ financial performance. The main objective of this dissertation is to investigate the influence of various corporate governance mechanisms on the financial performance of UAE publicly listed companies. Using ten years of panel data from 92 UAE companies (406 firm-year observations) listed on Abu Dhabi Exchange (ADX) and Dubai Financial Market (DFM), we test the role of board characteristics along with firms’ ownership structure on firm performance. Ordinary Least Squares (OLS) along with fixed effect and random effects panel regressions are used. Our results indicate that board independence, women board membership, ownership concentration, lack of CEO/board chair duality and family ownership all have, albeit with varying degrees of significance, positive effects on firm performance. On the contrary, cross ownership and state ownership seem to affect negatively the financial performance of UAE firms. For reasons, most likely, unique to the UAE, the empirical tests conducted by this research do not provide evidence of an impact of board size and foreign ownership on firm performance. Our main findings are robust to different measures of ownership concentration and to two forms of state ownership. They are also robust to further firm characteristics such as the size, age, and leverage and persist for both financial and nonfinancial firms. The dissertation is unique in many respects: it is the first comprehensive work that conducts such all-encompassing test of corporate governance hypotheses on UAE firms. It utilizes a unique database that was, specifically hand-collected for our study. It tests the relevance of corporate governance theories in the specific UAE institutional and economic setting.The findings of this dissertation are of great importance to the regulators and policy makers to understand the impact of currently adopted corporate governance regulations amongst the listed firms and to develop tailored policies to the context of UAE and suitable mechanisms to enforce those policies and regulations. Our findings may also be generalized to GCC and MENA countries given that they tend to share similar economic, social and political environments.

Corporate Governance and Firm Performance
Corporate Governance and Firm Performance

Author: Mark Hirschey

Publisher: Emerald Group Publishing

Published: 2009-04-16

Total Pages: 268

ISBN-13: 1848555377

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Focuses on corporate governance, broadly defined as the system of controls that helps corporations and other organizations effectively manage, administer, and direct economic resources. This book focuses on: the impact of deregulation and corporate structure on productive efficiency; and the effectiveness of the fraud triangle and SAS.

Institutional Approach to Global Corporate Governance
Institutional Approach to Global Corporate Governance

Author: J. Jay Choi

Publisher: Emerald Group Publishing

Published: 2008-11-01

Total Pages: 533

ISBN-13: 1848553218

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Contains papers examining issues concerning the effects of national and international institutional factors on corporate governance and performance. This volume focuses on the relevance of national business systems alongside industrial and institutional infrastructure to assess the efficacy of corporate governance regimes.

Chinese Corporate Governance
Chinese Corporate Governance

Author: Yong Kang

Publisher: Rand Corporation

Published: 2008

Total Pages: 62

ISBN-13: 083304611X

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As China has aligned itself more closely with the international economy, it has also sought to adopt more Western-style corporate governance mechanisms. This report provides an overview of overview of corporate governance mechanisms in China, as well as an examination of continuing challenges and policy implications.

Corporate Governance Mechanisms and Firm Performance
Corporate Governance Mechanisms and Firm Performance

Author: Shveta Singh

Publisher: Springer Nature

Published: 2022-05-12

Total Pages: 204

ISBN-13: 9811924600

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This book begins by analysing the various corporate governance mechanisms explored in the extant literature and determining their effectiveness in enhancing the firm value using multivariate analysis. The findings are of global relevance as the corporate governance regulations of most countries focus on independent directors as the mainstay of good governance. The empirical evidence from the first objective of this study corroborates the claim that independent directors do not strengthen the firms’ governance quality. The book is one of the few works to have analysed the possible reasons behind the ineffectiveness of the independent directors. Also, in view of the famous concept of the bundle of governance mechanisms, it might be possible that the independent directors strengthen the firms’ governance quality indirectly by strengthening other governance mechanisms. This aspect too has little precedence. This study adopts a novel moderation and mediation approach to analyse the monitoring behaviour of independent directors in relation to other governance mechanisms. The work is a must read for corporate players as well as researchers and scholars studying this discipline.

Corporate Governance, Ownership Structure and Firm Performance
Corporate Governance, Ownership Structure and Firm Performance

Author: Hoang N. Pham

Publisher: Routledge

Published: 2022-01-25

Total Pages: 190

ISBN-13: 1000540278

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The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.

The Modern Firm, Corporate Governance and Investment
The Modern Firm, Corporate Governance and Investment

Author: Per-Olof Bjuggren

Publisher: Edward Elgar Publishing

Published: 2009-01-01

Total Pages: 425

ISBN-13: 1848449054

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This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing a comprehensive overview of the theory of the firm before moving on to explore firms and the organization of their economic activities. The contributors investigate the impact of ownership structure and board composition on firm performance, and examine how the institutional framework of an economy affects investment decisions. More specifically, detailed studies of topics including contracts, authority, competence blocs, institutional impacts and corporate governance mechanisms are presented. This unique blend of financial economics and industrial organization perspectives on the corporate firm will prove a stimulating read for scholars and researchers of economics, business administration and law.

Employees and Corporate Governance
Employees and Corporate Governance

Author: Margaret M. Blair

Publisher: Brookings Institution Press

Published: 2010-12-01

Total Pages: 376

ISBN-13: 9780815707073

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Most scholarship on corporate governance in the last two decades has focused on the relationships between shareholders and managers or directors. Neglected in this vast literature is the role of employees in corporate governance. Yet "human capital," embodied in the employees, is rapidly becoming the most important source of value for corporations, and outside the United States, employees often have a significant formal role in corporate governance. This volume turns the spotlight on the neglected role of employees by analyzing many of the formal and informal ways that employees are actually involved in the governance of corporations, in U.S. firms and in large corporations in Germany and Japan. Examining laws and contexts, the essays focus on the framework for understanding employees' role in the firm and the implications for corporate governance. They explore how and why the special legal institutions in German and Japanese firms by which employees are formally involved in corporate governance came into being, and the impact these institutions have on firms and on their ability to compete. They also consider theoretical and empirical questions about employee share ownership. The result of a conference at Columbia University, the volume includes essays by Theodor Baums, Margaret M. Blair, David Charny, Greg Dow, Bernd Frick, Ronald J. Gilson, Jeffrey N. Gordon, Nobuhiro Hiwatari, Katharina Pistor, Louis Putterman, Edward B. Rock, Mark J. Roe, and Michael L. Wachter. Margaret M. Blair is a senior fellow in Economic Studies at the Brookings Institution and author of Ownership and Control: Rethinking Corporate Governance for the Twenty-first Century (Brookings, 1995). Mark J. Roe, professor of business regulation and director of the Sloan Project on Corporate Governance at Columbia Law School, is the author of Strong Managers, Weak Owners: The Political Roots of American Corporate Finance (Princeton, 1996).

Corporate Governance and Organisational Performance
Corporate Governance and Organisational Performance

Author: Naeem Tabassum

Publisher: Palgrave Macmillan

Published: 2021-07-13

Total Pages: 317

ISBN-13: 9783030485290

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Establishing a corporate governance strategy that promotes the efficient use of organisational resources is instrumental in the economic growth of a country, as well as the successful management of firms. This book reviews existing literature and identifies board structural features as key variables of an effective corporate governance system, establishing a multi-theoretical model that links Board structural characteristics with firm performance. It then, using a comprehensive empirical study of 265 companies listed on the Karachi Stock exchange, tests this conceptual model. This research serves as a significant milestone, reflecting the socio-economic setting of emerging economies, and highlighting the need for the corporate sector in emerging markets to move away from a 'tick-box' culture. It argues that the sector needs to implement corporate governance as a tool to mitigate business risks; appoint and empower non-executive directors to achieve an effective monitoring of management; and establish their own ethical and governance principles, applicable to the Board of Directors. Based on an extensive data base, collected painstakingly over five years, this book offers new insights and conceptual framework for further research in this area. Given the breadth and width of the research, it is a useful source of future reference for students, researchers and policy makers.

strengthening the governance and performance of state- owned financial institutions
strengthening the governance and performance of state- owned financial institutions

Author: David H. Scott

Publisher: World Bank Publications

Published: 2012

Total Pages: 56

ISBN-13:

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Corporate governance arrangements define the responsibilities, authorities and accountabilities of owners, boards of directors, and executive managers of a company. Good corporate governance is as important for state financial institutions as for private sector companies. Many of the problems that commonly afflict state financial institutions can be associated with, if not attributed directly to, weaknesses in corporate governance. This note draws on guidelines recently published by the OECD and the Basel Committee for Banking Supervision to compile a comprehensive corporate governance evaluation framework relevant to state-owned commercial and development finance institutions. It highlights aspects of this framework that are considered to be of particular importance to state financial institutions by citing innovative practices in a number of countries. Finally, it presents a detailed case study of the governance arrangements in place at the Development Bank of Southern Africa.