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Corporate Governance, Agency Theory and Firm Value

Author : Hamizah Hassan

Publisher : Nova Science Publishers

Page : 0 pages

File Size : 45,45 MB

Release : 2017-11

Category : Corporate governance

ISBN : 9781536126273

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Book Description

Important corporate governance mechanisms such as ownership concentration and debt used by the large firms can affect firm performance and value in developed markets. The mixed findings which are non-conclusive in the literature pertaining to these relationships pose questions about the exact nature of the relationships between these mechanisms and firm value. Moreover, the mixed findings in the literature have resulted in the endogeneity issue of the former becoming central to discussions in corporate governance and corporate finance studies. The research in this book focuses on the dynamic endogeneity issue to investigate whether this issue influences the relationship between corporate governance mechanisms and firm value in the largest Australian firms based on agency theory. The study investigates this issue through three different advanced econometric models and tests based on agency theory: two-way fixed effects (FE) and the two-step system known as the generalised method of moments (GMM). The book concludes that dynamic endogeneity is not a serious issue in influencing the relationship between corporate governance mechanisms and firm value in the largest Australian firms. These models can be applied to other countries for investigating similar corporate governance and finance issues.



Firm Value

Author : Paolo Saona Hoffmann

Publisher : BoD – Books on Demand

Page : 151 pages

File Size : 31,74 MB

Release : 2018-08-01

Category : Business & Economics

ISBN : 1789234948

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Book Description

This edited volume aims to discuss the most contemporary state of the determinants of the firm value. This book presents theoretical works as well as empirical studies that contrast the arguments offered by the leading, ground-breaking theories on the firm value. What variables determine the firm value? Are these determinants controllable or uncontrollable by the managers of the companies? Is the impact of corporate governance systems on the firm value symmetrical between different institutional contexts? Do the financial reports affect the value of the firm? What role does corporate social responsibility play as a determinant of the firm value? These and other questions are analyzed and scrutinized step by step throughout this book.



Ownership Structure, Related Party Transactions, and Firm Valuation

Author : Amrinder Khosa

Publisher : Cambridge University Press

Page : 194 pages

File Size : 30,9 MB

Release : 2019-03-21

Category : Business & Economics

ISBN : 1108624863

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Book Description

Concentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for the expropriation of minority shareholders. While more concentrated direct ownership of controlling families results in a higher market value of equity, indirect ownership obtained through cross-holding provides incentives to extract private benefits and results in value loss. This finding requires the prompt attention of regulatory bodies, outside investors and other interested parties. This book examines the effect of ownership structure and disclosure of related-party transactions on firm valuation of group-affiliated firms in India, by using a sample of 317 listed firms comprising 1350 firm-year observations from 2008 to 2017. Well-accepted value-relevance models are employed to examine the effect of ownership rights on market value of equity and valuation effect of RP trading, asset transfer, investment and loan transactions.



Corporate Governance and Firm Value

Author : Kashif Rashid

Publisher : Emerald Group Publishing

Page : 226 pages

File Size : 50,18 MB

Release : 2008-06-16

Category : Business & Economics

ISBN : 0080560342

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Book Description

Corporate governance is a subject of high academic and practical significance in contemporary business. This book determines and analyzes the relationship between corporate governance and the value of a firm in emerging and developed financial markets by using econometric methods and models.



Corporate Governance, Value Creation and Growth The Bridge between Finance and Enterprise

Author : OECD

Publisher : OECD Publishing

Page : 91 pages

File Size : 17,68 MB

Release : 2012-08-20

Category :

ISBN : 9264179542

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Book Description

This publication examines the role of corporate governance arrangements in providing right incentives to contribute the value creation process within the private enterprises and the implications of the differences in ownership structures on corporate governance practices and frameworks.



Complex Ownership Structures and Corporate Valuations

Author : Luc Laeven

Publisher : International Monetary Fund

Page : 44 pages

File Size : 45,96 MB

Release : 2007-06

Category : Business & Economics

ISBN :

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Book Description

The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely-held firms. Moreover, the relationship between corporate valuations and the distribution of cash-flow rights across multiple large owners is consistent with the predictions of recent theoretical models.



Corporate Governance, The Firm and Investor Capitalism

Author : Alexander Styhre

Publisher : Edward Elgar Publishing

Page : 291 pages

File Size : 36,90 MB

Release : 2016-10-28

Category : Business & Economics

ISBN : 1785364022

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Book Description

The shift from managerial capitalism to investor capitalism, dominated by the finance industry and finance capital accumulation, is jointly caused by a variety of institutional, legal, political, and ideological changes, beginning with the 1970s’ downturn of the global economy. This book traces how the incorporation of businesses within the realm of the state leads to both certain benefits, characteristic of competitive capitalism, and to the emergence of new corporate governance problems emerges. Contrasting economic, legal, and managerial views of corporate governance practices in contemporary capitalism, the author examines how corporate governance has been understood and advocated differently during the New Deal era, the post-World War II economic boom, and the after 1980 in the era of free market advocacy.



Comparative Corporate Governance

Author : Véronique Magnier

Publisher : Edward Elgar Publishing

Page : 233 pages

File Size : 30,2 MB

Release : 2017-08-25

Category : Business & Economics

ISBN : 1784713562

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Book Description

Comparative Corporate Governance considers the effects of globalization on corporate governance issues and highlights how, despite these widespread consequences, predictions of legal convergence have not come true. By adopting a comparative legal approach, this book explores the disparity between convergence attempts and the persistence of local models of governance in the US, Europe and Asia.



The Influence of Blockholders on Agency Costs and Firm Value

Author : Markus P. Urban

Publisher : Springer

Page : 494 pages

File Size : 30,72 MB

Release : 2015-11-04

Category : Business & Economics

ISBN : 3658114029

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Book Description

Markus P. Urban investigates the influence of large shareholders (the so-called blockholders) on agency costs and firm value, thereby accounting for blockholder characteristics and blockholder interrelationships. The work provides a profound theoretical and empirical analysis on the nature and effect of shareholder engagement with due regard to the specifics of the German institutional environment. Its empirical results illustrate that the effect of shareholder engagement depends on the characteristics of the specific blockholder as well as on interrelationships with additional blockholders.



Corporate Governance

Author : H. Kent Baker

Publisher : John Wiley & Sons

Page : 690 pages

File Size : 49,9 MB

Release : 2010-08-20

Category : Business & Economics

ISBN : 0470877952

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Book Description

A detailed look at the importance of corporate governance in today's business world The importance of corporate governance became dramatically clear at the beginning of the twenty-first century as a series of corporate meltdowns from managerial fraud, misconduct, and negligence caused a massive loss of shareholder wealth. As part of the Robert W. Kolb Series in Finance, this book provides a comprehensive view of the shareholder-manager relationship and examines the current state of governance mechanisms in mitigating the principal-agent conflict. This book also offers informed suggestions and predictions about the future direction of corporate governance. Relies on recent research findings to provide guidance through the maze of theories and concepts Uses a structured approach to put corporate governance in perspective Addresses essential issues related to corporate governance including the idea of principal-agent conflict, role of the board of directors, executive compensation, corporate monitoring, proxy contests and corporate takeovers, and regulatory intervention Corporate governance is an essential part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.