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.

Comparative Research on Earnings Management, Corporate Governance, and Economic Value
Comparative Research on Earnings Management, Corporate Governance, and Economic Value

Author: Vieira, Elisabete S.

Publisher: IGI Global

Published: 2021-02-12

Total Pages: 433

ISBN-13: 1799875989

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New trends are emerging regarding earnings management and corporate governance showing similarities and striking differences in the practices of different countries and economies. These new trends currently shape the field of modern corporate governance with crucial issues being looked at in governance law and practices, accounting systems, earnings quality and management, stakeholder involvement, and more. In order to advance these new avenues in corporate governance, research looks at accounting policies firms use in different opportunistic circumstances in order to manage earnings, the corporate governance practices in different countries, firm performance, and other dimensions of companies. The understanding of these topics is beneficial in understanding the current state of different types of firms and their practices in modern times. Comparative Research on Earnings Management, Corporate Governance, and Economic Value is focused on the investigation of key challenges and perspectives of corporate governance and earnings management and outlines possible scenarios of its development. The chapters explore this new avenue of research and cover theoretical, empirical, and experimental studies related to different themes in the global context of earnings management and corporate governance. This book is ideal for economists, businesses, managers, accountants, practitioners, stakeholders, researchers, academicians, and students who are interested in the current issues and advancements in corporate governance and earnings management.

Corporate Governance and Organisational Performance
Corporate Governance and Organisational Performance

Author: Naeem Tabassum

Publisher: Springer Nature

Published: 2020-06-28

Total Pages: 335

ISBN-13: 3030485277

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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.

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.

Corporate Governance Mechanisms and Small-cap Firm Performance
Corporate Governance Mechanisms and Small-cap Firm Performance

Author: Catherine Kelly

Publisher:

Published: 2005

Total Pages: 0

ISBN-13:

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Identifying corporate governance mechanisms to improve firm performance has been at the forefront of policy discussion and research in recent years. Existing research in this area focuses on U.S. based large capitalisation firms. Although some work has been performed on U.S. small caps, little work has been done in the area of governance of small-caps for other countries. Small-caps merit investigation not merely because of alleged performance attributes as first demonstrated by Banz (1981) but also because they represent the largest contingent of firms listed on the exchange. This study extends the international evidence on small-cap governance to Canada, where unlike the U.S., 'best practice' guidelines are provided, but not mandated, there are two legal systems, and multiple class voting structures, which have been suggested to be inimical to performance, are common. We test for the optimal deployment of four governance mechanisms by estimating a simultaneous equation system linking these mechanisms to firm performance, using recent data. The results confirm the interdependence of governance mechanisms and firm performance. CEO ownership and shareholder rights are shown to determine board independence while CEO ownership is shown to depend on the extent of shareholder rights and whether she is also chairperson of the board. When taking endogeneity into account, we find Canadian small-cap firms appear to over utilise debt as a control mechanism. No robustly significant discount is observed for Quebec firms, or for those with multiple voting class shares; we do, however, note a premium for U.S. cross-listing.

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

Author: Pankaj Varshney

Publisher:

Published: 2012

Total Pages: 0

ISBN-13:

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Numerous studies have analyzed the relationship between corporate governance and firm performance but those have primarily been in the context of western countries. Early studies linking corporate governance and firm performance explore the impact of various aspects of corporate governance such as composition and size of boards, frequency of board meetings (board activity), number of directorships (board busyness), CEO-Chair duality, and ownership structure on firm performance. In this paper, we examine the relationship between four corporate governance variables (a) composition of board, (b) size of board, (c) board activity, and (d) CEO-Chair duality and firm performance using Economic Value Added (EVA) as the primary performance measurement metric.

Corporate Governance and Performance of Peer Firms
Corporate Governance and Performance of Peer Firms

Author: Gul Rukh

Publisher: GRIN Verlag

Published: 2018-03-20

Total Pages: 131

ISBN-13: 3668664641

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Project Report from the year 2014 in the subject Business economics - General, grade: A, , language: English, abstract: In this study we elaborate the effects of corporate governance practices which recently practiced in Pakistani firms and also examine the relationship among corporate governance mechanisms, capital structure, dividend policy and firm performance. Those researchers who could not find significant link between corporate governance and firm performance suggest that good corporate governance has at least indirect effect on performance. This research attempts to prove that corporate governance effects firm performance directly; relatively it exerts its effects on firm performance through other factors such as capital structure decisions and dividend policy. This research study develops a multilevel model linking corporate governance, capital structure, dividend policy and firm performance then proves it through structural equation modeling (SEM). Corporate governance has been measured and conceptualized through Board Size, Board Composition, CEO Duality, Audit Committee Size and Annual General Meetings. Capital structure has been measured through it standardized proxy that is debt to equity ratio, while dividend policy is measured by dividend payout ratio. Firm performance has measured by two ratios return on assets (ROA) and return on equity (ROE) both are used as accounting and financial measure in the literature review.