Corporate ownership structure and performance in Europe
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Centre for Economic Performance, London School of Economics and Political Science , London
Stock ownership -- Europe., Corporate governance -- Eu
|Statement||Jeremy Grant and Thomas Kirchmaier.|
|Series||CEP discussion paper ;, no. 631, Discussion paper (London School of Economics and Political Science. Centre for Economic Performance : Online) ;, no. 631.|
|Contributions||Kirchmaier, Thomas, 1968-, London School of Economics and Political Science. Centre for Economic Performance.|
|The Physical Object|
|LC Control Number||2004617525|
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Motivation and outline. The generally documented evidence on the relationship between the quality of corporate governance and shareholders’ value and/or corporate performance is positive, regardless of which governance or investor protection metric is used, country level or firm level (see for example Gompers et al.,Bebchuk et al.,Brown and Caylor,Starks and Wei, Cited by: Downloadable.
In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form ofownership is not necessarily the most efficient one.
These findings are in contradiction to similar research basedon US samples. The results also demonstrate that firms without a dominant shareholder tend to outperform theircountry peer groups.
This study aims to examine the impact of ownership structure (i.e. family ownership, government ownership, and foreign ownership) on firm performance, viz. Tobin’s Q and return on assets. Downloadable. In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of ownership is not necessarily the most efficient one.
These findings are in contradiction to similar research based on US samples. The results also demonstrate that firms without a dominant shareholder tend to outperform their country peer groups. Keywords: corporate governance, family ownership, ownership concentration, corporate performance 1.
Introduction In the corporate finance literature, a lot of discussion is prevalent with reference to the association that exists between corporate governance, ownership concentration and firm performance. Concentrating mainly on theFile Size: KB. The paper examines the impact of ownership structure on company economic performance in of the largest European companies.
Description Corporate ownership structure and performance in Europe FB2
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 by: This article identifies an important channel through which excess control rights affect firm value.
Using a new, hand-collected data set on corporate ownership and control of 3, firms in 22 countries during the – period, we find that the cost of debt financing is significantly higher for companies with a wider divergence between the largest ultimate owner’s control rights and Cited by: Corporate Ownership Structure and Firm Performance: evidence from Greek firms Article (PDF Available) in Corporate Governance An International Review 15(2).
Table of Contents. Mapping strategy, structure, ownership and performance in European corporations: Introduction Andrea Colli, Abe de Jong and Martin Jes Iversen ng big business in Italy and Spain, Strategic responses to a new context Veronica Binda and Andrea Colli gic responses to global challenges: The case of European banking, Mitchell Larson.
Get this from a library. Mapping european corporations: strategy, structure, ownership and performance. [Andrea Colli; Abe de Jong; Martin Jes Iversen;] -- This text addresses the evolution of the strategies, structures, ownership patterns and performances of large European corporations in a period going from the early s to today.
Although datasets containing basic corporate information were found in all but one of the jurisdictions assessed by the Open Data Barometer, albeit at many different levels of openness and machine-readability, data related to corporate ownership often did not exist at all.
5 In the latest Financial Action Task Force (FATF) consolidated. Abstract: The paper examines the impact of ownership structure on company economic performance in the largest companies from 12 European nations. Ownership structure is measured by the identity and share of the largest owner.
Performance is measured by return on assets, market to book values and sales growth controlling for industry, capital. matter if ownership structure tends to be optimally adjusted to firm characteristics, in which case, as argued by Demsetz (), there may be no relationship with performance whatsoever.
Empirical studies of the firm performance–ownership concentration relationship have also produced mixed results. ownership structure with important implications for corporate strategy and performance.' Whereas ownership concentration measures the power of shareholders to influence managers, the identity of the owners has implications for their objectives and the way they exercise their power, and this is reflected in company strategy with regard to.
between family ownership structure to corporate performance using ) B. Margareta & Marko, S.H / Journal of Applied Finance and Accounting,4 (2), panel data from companies in the S Author: Margaretha Bambang, Marko Hermawan.
But a study by Paul Gompers, Joy Ishii and Andrew Metrick found that while large ownership stakes in insiders’ hands tend to improve corporate performance, heavy control by Author: Dan Bigman.
This paper aims to investigate and analyze the effect of ownership by different groups of investors on the performance of listed companies in Malaysia for a period of ten years from to The results of GLS show that firm performance is positive and significantly related to five government-linked investment companies, foreign ownership, and DPIIs ownership while it is negatively and.
We analyze the mutual relations among firms’ capital structure, ownership structure, and valuation. Through the estimation of a system of simultaneous equations for a sample of 1, firms from 16 countries from both the common law and the civil law environments, our results confirm the differential effect of ownership structure on firms value in each by: 2.
Ownership structure of any company has been a serious agenda for corporate governance and that of performance of a firm. Thus, who owns the firm’s equity and how does ownership affect firm value has been a topic investigated by researchers for decades.
Thus, the impact of ownership structure on firm performance has beenFile Size: KB. Abstract. This study examines the impact of ownership structure and corporate governance on capital structure of Nepalese listed companies. It shows that board composition and CEO duality have a positive relationship with the capital structure of Nepalese companies indicating that higher the board composition and CEO duality, higher would be the leverage and long term debts to total Cited by: 1.
In this paper we address the question whether insider ownership affects corporate performance. Evidence from studies dealing with Anglo-Saxon countries is rather inconclusive, especially because results seem to be significantly affected by endogeneity.
Details Corporate ownership structure and performance in Europe EPUB
Economically, this is due to the fact that in these countries insider ownership seems to be mainly driven by management’s compensation Cited by: Corporate Ownership Structure and Firm Performance: Evidence from Listed Firms in Iran Meysam Foroughi1 and Masood Fooladi2 1&2 Islamic Azad University, Mobarakeh Branch, Isfahan, Iran, Email: [email protected] Abstract: corporate governance as a mechanism helps to align management's goals with those of the stakeholders which are to increase firm performance.
Douma, George and Kabir () state that the ownership structure affects firm performance. Usually, there are different owners with different objectives, i.e., some owners are trying to benefit in the short to medium term, which is the case of the most privately owned companies. changes, while in Russia and Eastern Europe radical ownership reforms were put in place at the early stage of reforms.
This paper investigates whether ownership structure has significant effects on the performance of publicly-listed companies in China, and in what ways if it does.
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Publicly-listed. In this paper, we explore an extensive panel data set covering more than 4, listed firms in 16 European countries to study the effects of shareholder protection on ownership structure and firm performance.
We document a negative firm-level correlation between shareholder protection and ownership by: 1. Incentive Lab covers USA (+) and Europe (+) executive compensation performance metrics, goals, and payout structure.
MSCI GMI Ratings Annual historical data for each proxy year including corporate board structure and independence, director positions and committee assignments, executive and director compensation, audit fees, corporate Author: Barbara Coffey.
The paper examines the impact of ownership structure on company economic performance in 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.
A Literature Review of Corporate Governance Humera Khan+ Faculty of Management Sciences COMSATS Institute of Information Technology Islamabad Abstract. Corporate Governance is a broad term defines the methods, structure and the processes of a company in which the business and affairs of the company managed and directed.
Corporate governance also. Lee "Ownership Structure and Corporate Performance A Panel Data Analysis for the German Market" por Katinka Wölfer disponible en Rakuten Kobo.
The book sheds new light on the relation between equity ownership and corporate performance. Empirical studies presented Brand: Peter Lang. review on ownership structure, corporate governance and firm performance ABSTRACT With intention to identify the important components that applied in the reforms of the Malaysia corporate governance, a study is needed as a tool to proof whether the ownership structures and corporate governance practices are truly influenced firm : Pang Elvin, Nik Intan Norhan Abdul Hamid.
Keywords: Ownership Structure, Firm Performance, Jordan. 1. INTRODUCTION In spite of an abundance of corporate governance literature across the world, the Jordan corporate sector is lacking. The purpose of this study is to investigate the relationship among the ownership structure and financial performance to determine the role of corporate Author: Khaled Abd Alwahab Al-Zaidyeen, Sara Zakaria AL-Rawash.Finally, to illustrate the really complicated cases, we consider the ownership structure of five companies from Continental Europe.
We begin with Germany, where the most valuable company is Allianz Insurance. Allianz is a one‐share one‐vote company with several large shareholders, of whom the largest, with a 25 percent stake, is Munich Cited by: To assess the relationship between ownership structure and corporate valuations, we compile data on voting and cash-flow rights for a cross section of firms in Western Europe.
Following La Porta et al. (), a large owner is a legal entity that directly Cited by:
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