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Author: Chee Yoong Liew
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Chee Yoong Liew
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Chee Yoong Liew
Publisher:
ISBN:
Category :
Languages : en
Pages : 23
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Book Description
This paper was conducted to examine whether there was a negative relationship between independent directors' tenure and firm value which indicated the existence of expropriation due to long tenure of independent directors and whether controlling shareholders' ownership moderated this relationship among Malaysian firms. The results revealed that there was a negative relationship between independent directors' tenure and firm value. It also showed there was a significant positive moderating effect of controlling shareholders' ownership on the relationship among Malaysian family firms in exclusive industries. However, there was inconclusive evidence that this negative relationship and positive moderating effect were stronger amongst the family firms compared with non-family firms.
Author: Chee Yoong Liew
Publisher:
ISBN:
Category : Family corporations
Languages : en
Pages : 670
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Book Description
Author: M. Bennedsen
Publisher: Springer
ISBN: 1137382368
Category : Business & Economics
Languages : en
Pages : 179
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Book Description
Combining the expertise of two consultants and academics from East and West, this book provides an international guide for family businesses, showing how to identify and implement the best governance strategies. Packed with case studies and interviews, this is the ultimate guide for family businesses wanting to achieve long-term success.
Author: Harry DeAngelo
Publisher: Now Publishers Inc
ISBN: 1601982046
Category : Corporations
Languages : en
Pages : 215
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Book Description
Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Author: Xia Chen
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
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Book Description
This paper investigates the impact of the founding family's presence in US public firms on the extent of agency problems related to CEO turnover decisions and on firm valuations after poor performance. In particular, we focus on three types of US public firms: family CEO firms, professional CEO family firms (family firms managed by a hired CEO outside the founding family), and non-family firms. We hypothesize that, the agency problem arising from the expropriation of small shareholders by large shareholders in family CEO firms and the agency problem arising from the separation of ownership and control in non-family firms, lead to a lower CEO turnover-performance sensitivity, compared to professional CEO family firms. Professional CEO family firms are subject to lesser agency problems due to the separation of family ownership and management as well as the founding family's effective monitoring of management. The empirical findings are consistent with our prediction. We further hypothesize and find that the more severe agency problems in both family CEO firms and non-family firms manifest themselves in lower firm value after poor performance, relative to professional CEO family firms. Overall, our results indicate that in the CEO turnover setting, family ownership, when separated from management, can mitigate agency problems as in professional CEO family firm, but when combined with management, can aggravate agency problems as in family CEO firms.
Author: Kose John
Publisher: Emerald Group Publishing
ISBN: 1783501219
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.
Author: Management Association, Information Resources
Publisher: IGI Global
ISBN: 1668435519
Category : Business & Economics
Languages : en
Pages : 1146
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Book Description
Family-owned businesses account for many of the small and medium-sized enterprises that exist around the world in various industries. Due to their unique make up, these firms are often heavily influenced by family dynamics that must be reconciled by family and non-family workers alike in order to ensure the sustainability of the business. As smaller businesses competing against an increasingly globalized economy and more directly impacted by economic instability, especially in the wake of the COVID-19 pandemic, these businesses must continue to improve their practices and processes in order to not only survive but thrive. The Research Anthology on Strategies for Maintaining Successful Family Firms discusses the strategies, sustainability, and human aspects of family firms in order to understand what sets them apart from other businesses and how they can survive and compete in a globalized economy. This book discusses the unique dynamic brought by family firms that offers both opportunities and challenges for a growing business. Covering topics such as corporate venturing, the family unit, and business ethics, this text is an essential resource for family firms, entrepreneurs, managers, business students, business professors, researchers, and academicians.
Author: Pinar Sener Tournus
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Using insights mainly from agency theory, this dissertation intends to shed light on performance, dividend payout and foreign holdings' implications of family involvement in firm with an emphasis on Turkish family firms. The dissertation first investigates the net effect of family involvement on firm performance and the effect of moderators on that relationship by conducting a meta-analysis. It then shifts the focus on Turkey to examine whether family governance fills or abuses institutional gaps and look into how family firms alleviate concerns of expropriation of minority shareholders. Finally, it investigates how foreign investors perceive family involvement in firm and firm-level governance practices of family firms to mitigate investors' expropriation concerns in Turkey. The main findings of this dissertation show that the impact of family participation on firm performance is positive but modest. The development level of formal institutions in countries in which family firms operate moderates the relationship between family involvement and firm performance. In Turkey, moderate levels of family involvement in ownership are beneficial since accounting profitability reaches a peak at these levels and foreign investors value these levels of family participation in firm. On the other hand, when families have substantial voting rights and actively participate in management, dividend payouts reduce and family governance abuses institutional voids by expropriating other shareholders. Additionally, the effective use of firm-level governance practices by family firms mitigates foreign investors' concerns about family opportunism in Turkey.
Author: Paolo Saona Hoffmann
Publisher: BoD – Books on Demand
ISBN: 1789234948
Category : Business & Economics
Languages : en
Pages : 151
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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.
