Political control and performance in China's listed firms

2004 ◽  
Vol 32 (4) ◽  
pp. 617-636 ◽  
Author(s):  
Eric C. Chang ◽  
Sonia M.L. Wong
Keyword(s):  
Political Control ◽  
Listed Firms ◽  
And Performance

How do resources and diversification strategy explain the performance consequences of internationalization?

2014 ◽  
Vol 52 (5) ◽  
pp. 897-915 ◽  
Author(s):  
Yan Chen ◽  
Yiwei Jiang ◽  
Chengqi Wang ◽  
Wen Chung Hsu
Keyword(s):  
Emerging Market ◽  
Product Diversification ◽  
Firm Resources ◽  
Diversification Strategy ◽  
Data Set ◽  
Content Type ◽  
Listed Firms ◽  
Performance Consequences ◽  
Performance Effects ◽  
And Performance

Purpose – The purpose of this paper is to examine how firm resources and diversification strategy explain the performance consequences of internationalization of emerging market enterprises. Design/methodology/approach – The paper conducts a regression analysis by using a novel panel data set comprising of 685 listed Chinese firms over the period of 2008-2011. Findings – The results show that the relationship between internationalization and performance is inverse U-shaped. Further, marketing resources play a greater role in enhancing the performance effects of internationalization than technological resources do. Related product diversification enhances the performance effects, while unrelated product diversification does the contrary. Research limitations/implications – The study focusses on listed firms in one country, and as a result, the findings cannot be generalized to non-listed firms and firms in other countries. Practical implications – This paper offers guidelines for international managers to improve performance of internationalization by developing a particular type of resources and diversification strategy. Originality/value – This paper extends the literature on the functional form of the internationalization-performance relationship, and further suggests that the analysis of the performance consequences of internationalization should go beyond the nexus between internationalization and performance, and focusses on firm-specific resources and strategies that may facilitate or constrain the performance effects of internationalization.

Analysis of the Nexus between CEO Pay and Performance of Non-Financial Listed Firms in Nigeria

2017 ◽  
Vol 29 (3) ◽  
pp. 429-445 ◽  
Author(s):  
Clement Olalekan Olaniyi ◽  
Olufemi Bodunde Obembe ◽  
Emmanuel Oluwole Oni
Keyword(s):  
Listed Firms ◽  
Ceo Pay ◽  
And Performance

Performance of Mid-Size Internationalized Indian Firms: Evaluating the Role of Family Control

2019 ◽  
Vol 9 (12) ◽  
pp. 387-400
Author(s):  
Faisal M Ahsan ◽  
Ajay Singal
Keyword(s):  
Multinational Firms ◽  
International Expansion ◽  
Negative Effects ◽  
Family Control ◽  
Listed Firms ◽  
And Performance ◽  
Performance Heterogeneity ◽  
The Impact ◽  
Degree Of Internationalization

The rapidly growing and gradual emergence of multinational firms from the Indian sub-continent now calls for thorough re-understandings of extant theories and existing ideologies of the ‘internationalization’ process. We would initially assess the three-stage model of internationalization in the context of mid-size Indian firms and intend to investigate the relationship between performance and degree of internationalization. Based on the longitudinal dataset (2005-12) of publicly listed firms, our findings suggested that mid-size firms remained stuck up in the first stage of internationalization and accordingly exhibit a downward-sloping relationship between internationalization’s degree and performance. Most of the mid-size firms continued to show a predominantly family-controlled stance, and the impact of family ownership shows negative effects on the degree of internationalization. By examining the performance heterogeneity in family-owned firms towards internationalization, this paper enriches the existing body of research and assume it to be a prolific addition in the literature on international expansion.

Do Female Directors on Corporate Boards Make a Difference in Family Owned Businesses?

2019 ◽  
Vol 19 (1) ◽  
pp. 85-102 ◽  
Author(s):  
Barbara Sveva Magnanelli ◽  
Luigi Nasta ◽  
Elisa Raoli
Keyword(s):  
Firm Performance ◽  
Family Firms ◽  
Negative Impact ◽  
Gender Diversity ◽  
Family Businesses ◽  
Corporate Boards ◽  
Listed Firms ◽  
Female Directors ◽  
And Performance ◽  
Gender Quota

ABSTRACT This paper investigates how the presence of female directors on corporate boards impacts the performance of family firms. This study enriches the literature on gender diversity on corporate boards and its effects on firm performance by focusing on a country in which family businesses are dominant. The empirical analysis is conducted on a sample of 165 Italian-listed firms from 2011 to 2016, representing the period during which the mandatory gender quota law was introduced and implemented in Italy. The results show a positive relationship between the presence of women on corporate boards and firm performance, specifically in family owned businesses. These findings lead to the conclusion that female directors do not have a negative impact on firm performance. And, given the domination of family businesses and a mandatory gender quota law in Italy, this study makes a regulatory and performance assessment not previously examined in the literature. JEL Classifications: M1; M12; M48; M21.

scholarly journals Debt financing and firm performance: The moderating role of board independence

2020 ◽  
Vol 45 (3) ◽  
pp. 141-151
Author(s):  
Hanh Song Thi Pham ◽  
Duy Thanh Nguyen
Keyword(s):  
Emerging Market ◽  
Debt Financing ◽  
Board Independence ◽  
Data Set ◽  
Listed Firms ◽  
Negative Effect ◽  
And Performance ◽  
The Relationship ◽  
Moderating Role

This article investigates the moderating role of board independence in the relationship between debt financing and performance of emerging market firms. We have used an empirical model in which the firm’s accounting profitability is a dependent variable and the independent variables are debt financing, board independence, the interaction variable made of debt financing and board independence as well as various control variables. Our analysis is based on a panel data set of 300 listed firms in Vietnam between 2013 and 2017. Our study finds that debt financing has a significantly negative effect and that board independence reduces the adverse impact of debt financing on accounting profitability. Our results are consistent across different estimation models and methods.

scholarly journals Family ownership, premiums paid and performance: Evidence from corporate take-overs in Malaysia

2007 ◽  
Vol 4 (2) ◽  
pp. 89-99 ◽  
Author(s):  
Saw-Imm Song ◽  
Ruhani Ali ◽  
Subramaniam Pillay
Keyword(s):  
Interaction Effect ◽  
Agency Problem ◽  
Developed Countries ◽  
Curvilinear Relationship ◽  
Family Ownership ◽  
Listed Firms ◽  
And Performance ◽  
The Relationship

This study examines the relationship between ownership identity of the largest shareholders, premiums paid and take-over performance, with reference to 63 large acquisitions by Malaysian public listed firms from 1990 to 1999. It is found that the premiums paid are much higher than those in developed countries. It has a curvilinear relationship with take-over performance. At lower to moderate levels of premiums, it improves post-take-over performance while excessive premium drags down the performance of the bidding firms. The finding shows that there is an interaction effect between family ownership and premiums paid which has contributed positively to the post-take-over performance. The evidence suggests that family ownership mitigates agency problem in corporate take-overs

scholarly journals Corporate governance and firm performance: Evidence from an emerging market

2019 ◽  
Vol 9 (1) ◽  
pp. 45-52 ◽  
Author(s):  
Ahmed S. Alanazi
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Emerging Markets ◽  
Regression Models ◽  
Emerging Market ◽  
Operating Performance ◽  
Listed Firms ◽  
Developed Markets ◽  
Two Samples ◽  
And Performance

The paper investigates the link between corporate governance scores and firm performance among the largest 90 listed companies on the Saudi Stock market. The sample of 90 listed firms is split into two samples: firms with high governance scores and firms with low governance scores. The research compares and contrasts the operating performance of the two samples. In addition, regression models are used to test the link between governance scores and performance. No link between the companies’ corporate governance scores and operating performance is found. It is difficult to capture all elements of the complex corporate governance topic in corporate governance scores. It seems that corporate governance in emerging markets lags far behind that of developed markets. This is the first paper to examine the link between corporate governance scores and operating performance in the Saudi market, a new emerging market that has not been examined. The paper adds to the debate in the literature whether there is a link between corporate governance scores and performance. The evidence in the literature is inconclusive.

scholarly journals The effects of corporate venture capital on value creation and innovation of European public owned firms

2021 ◽  
Vol 18 (4) ◽  
pp. 117-133
Author(s):  
Giacomo Bider ◽  
Gimede Gigante
Keyword(s):  
Venture Capital ◽  
Value Creation ◽  
Firm Value ◽  
Corporate Venture Capital ◽  
Listed Firms ◽  
The North ◽  
European Public ◽  
Negative Effect ◽  
Corporate Venture ◽  
And Performance

The practice of corporate venture capital (CVC) has been widely adopted by corporations that invest in highly disruptive start-ups with the aim of fueling innovation and gain strategic advantages. Even if a wide consensus exists on the strategic benefits and performance of CVC investors in the North American venture capital industry, scarce information is available on the European CVC ecosystem. Therefore, the scope of this research is to investigate whether CVC activity, measured as the number of investments, deal size, and the number of realized exits is beneficial for value creation and innovation for European listed companies. Using a panel of CVC investors linked to European listed firms, it is found evidence that CVC activity creates firm value in the period under consideration (2008–2019), confirming North American’s past evidence. Surprisingly, exits convey a negative effect on firm value, suggesting that CVC performance may not be satisfactory enough. Moreover, when considering innovation, evidence is presented that investing in rounds with a higher deal size positively affects investor’s patenting levels, indicating that the later the start-up’s stage in its life cycle, the higher the possibility for the CVC investor to effectively absorb its technology. The relationship is true also for lagged CVC activity, confirming deferred effects on innovation demonstrated on US companies. The findings shed light on the European CVC ecosystem and give room for additional research on CVC investors’ exit performance and co-investors’ benefits on patenting levels

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