NEW EQUITY RAISING METHODS FOR LISTED COMPANIES: JUMBOS AND RAPIDS—OPTIMISED RIGHTS OFFERS AND PLACEMENTS

2006 ◽  
Vol 46 (1) ◽  
pp. 475
Author(s):  
J.D. Philips ◽  
V.E. Mathewson
Keyword(s):  
Institutional Investors ◽  
Stock Exchange ◽  
Listed Companies ◽  
Equity Capital ◽  
Traditional Methods ◽  
Two Stages ◽  
Rights Issue ◽  
A Company ◽  
Short Timeframe

Traditional methods of equity capital raising by listed companies may not always be the best way to meet the needs of both the companies and shareholders1. The timetable for a rights issue (being a pro rata offer to all shareholders to subscribe for shares) may be too long to fund an acquisition or project. A placement (being an offer to institutional investors for a certain number of shares), while giving a company certainty and a shorter timeframe, excludes the company's shareholders from participation in the capital raising.Innovative new capital raising structures have been developed. Two of these are known as the jumbo and the RAPIDs™ structures.Broadly, they both combine aspects of a rights offer and a placement. The rights offer is split into two stages; the first stage involves offering institutional investors on the company's share register their component of the rights offer, which can be done in a short timeframe. This institutional component of the rights offer is combined with a placement to other institutional investors through a bookbuild. The retail component of the rights offer is then conducted on the Australian Stock Exchange Limited's (ASX) normal (longer) timetable. The offer structures enable funds raised from the institutional rights offer and placement to be received quickly, while still enabling retail shareholders to participate in the offer and avoid dilution.

scholarly journals Is There Any Relation between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies

e-Finanse ◽  
2015 ◽  
Vol 11 (4) ◽  
pp. 23-33
Author(s):  
Monika Bolek ◽  
Katerina Lyroudi
Keyword(s):  
Capital Structure ◽  
Intellectual Capital ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Equity Capital ◽  
Warsaw Stock Exchange ◽  
Relationship Of ◽  
The Relationship ◽  
A Company ◽  
The Capital Structure

Abstract This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.

scholarly journals Impact Of Shareholder Activism On Corporate Governance In China: Evidence From Companies Listed On The Shenzhen Stock Exchange “A” Shares

2016 ◽  
Vol 12 (1) ◽  
pp. 114
Author(s):  
Shaokai Huang ◽  
Rui Xie
Keyword(s):  
Corporate Governance ◽  
Capital Markets ◽  
Institutional Investors ◽  
Stock Exchange ◽  
Rapid Development ◽  
Shareholder Activism ◽  
Listed Companies ◽  
Empirical Estimation ◽  
Positive Behaviors ◽  
Share Structure

This paper investigates impact of shareholder activism on corporate governance in China. The separation of ownership and management of companies often to some extent causes agency problems between shareholders and company managers. In Western countries, shareholders of a company usually actively participate in the company’s management and closely monitor management issues in order to enhance the company’s performance. At present, China’s securities market, along with institutional investors, is undergoing a rapid development. Nevertheless, problems in corporate governance among listed companies have been hindering the development of capital markets in China. Meanwhile, institutional investors have experienced significant growth. Moreover, national policies, as well as the split-share structure reform, further encourage the growth of institutional investors and their active participation in corporate governance for further promotion of the development of capital markets. Making empirical contribution, this paper tests how effective institutional investors participate in the governance of listed companies on the Shenzhen Stock Exchange (SZSE) “A” Shares after share reform in China. Results of empirical estimation indicate that China’s institutional investors do participate in corporate governance, but only to some extent. Positive behaviors of Chinese shareholders have played a favorable role in improving corporate governance.

scholarly journals The disclosure of non-financial information by stock-exchange-listed companies in Poland, in the light of the changes introduced by the Directive 2014/95/EU

2018 ◽  
Vol 2018 (99 (155)) ◽  
pp. 65-96 ◽  
Author(s):  
Arleta Szadziewska ◽  
Ewa Spigarska ◽  
dr Ewa Majerowska
Keyword(s):  
Financial Reporting ◽  
Stock Exchange ◽  
Listed Companies ◽  
Financial Information ◽  
Financial Disclosure ◽  
Tobit Regression ◽  
Low Profile ◽  
Financial Disclosures ◽  
Polish Law ◽  
A Company

Beginning in 2017, stock-exchange-listed companies in Poland have been obliged to publish non-financial information. This is due to the implementation of Directive 2014/95/EU in Polish law, which requires the dis- closure of extended non-financial information on the part of specified large public-interest companies and capi- tal groups. Taking the above into consideration, the aim of this article is to answer the following questions: 1) What is the state of the non-financial disclosures made by stock-exchange-listed companies in Poland? 2) What are the differences in reporting non-financial information by companies from various industries? 3) What factors affect the disclosure of non-financial information? In total, 53 companies were researched. The results obtained indicate that the form of the disclosures varies. Most commonly, non-financial information was presented in management commentaries. The scope of the information presented was diverse. The most non-financial disclosures were made by companies from the chemical and the energy sectors. The following factors influenced the publication of this type of information: the entity’s size, its market value and the industry to which a given company belongs. In contrast, no positive associations between the economic performance of a company and non-financial disclosure, nor between the financial leverage of a company and non-financial disclosure have been found, with the exception of companies from the low-profile sector. The studies involved content analysis and the Tobit regression model. Existing results of research on non-financial reporting made by stock-exchange-listed companies in Poland did not en- compass the last reporting period prior to the introduction of the changes to the Act on Accounting. Therefore, the results obtained allow us to determine the degree of preparation on the part of the researched companies belonging to various sectors (of larger and smaller environmental nuisance).

scholarly journals Valuation of Select Companies in Cement Industry Listed In National Stock Exchange Limited Based on Market Capitalisation

2019 ◽  
Vol 8 (12) ◽  
pp. 2007-2011
Keyword(s):  
Stock Exchange ◽  
Balance Sheet ◽  
Equity Capital ◽  
Productive Efficiency ◽  
Cement Industry ◽  
Stock Exchanges ◽  
Economic Progress ◽  
Income Statement ◽  
Market Capitalisation ◽  
A Company

The economic progress and productive efficiency of an economy is governed to a large extent by the effective mobilization and distribution of savings into productive channels of investment. The company is not a single entity which is supported by the economy as well as the industry in which the company operates. The ability of the corporate sector to mobilize funds through capital markets depends on efficient functioning of the stock exchanges. The extent, to which security prices reflect the real worth of companies, reflects the efficiency of the market. The main objective of doing corporate valuation is to take part in company’s equity capital as a shareholder of a company. Before investing in any company, the company’s financials through its income statement and balance sheet, market share, competition, competitive advantage, scalability of business etc., has to be studied well apart from general economic conditions of a nation. The end result for performing the valuation analysis is to give suggestion to the investor whether the company stocks are worth for investing and identifying the possibility of expected yield out of it. Here select scrips in the cement industry have been taken for valuation analysis.

scholarly journals The Impact of Board Gender Diversity and Foreign Institutional Investors on the Corporate Social Responsibility (CSR) Engagement of Chinese Listed Companies

2019 ◽  
Vol 11 (2) ◽  
pp. 307 ◽  
Author(s):  
M. A. Gulzar ◽  
Jacob Cherian ◽  
Jinsoo Hwang ◽  
Yushi Jiang ◽  
Muhammad Safdar Sial
Keyword(s):  
Institutional Investors ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Listed Companies ◽  
Chinese Listed Companies ◽  
Foreign Institutional Investors ◽  
Board Gender Diversity ◽  
Corporate Social ◽  
The Impact ◽  
Csr Engagement

The main purpose of this research is to examine the impact of board gender diversity and foreign institutional investors on the corporate social responsibility engagement of Chinese listed companies by considering a sample from the China Stock Market and Accounting Research (CSMAR) database of all non-financial firms listed on the Shanghai stock exchange and the Shenzhen stock exchange during the period from 2008–2015. The CSR is engaged by using the data from the CSMAR database at the firm level, and ranks the CSR disclosures of Chinese companies separately. The recent CSR promotion in China produced a visible increase in attracting female members on the board and members as foreign institutional investors by Chinese listed companies. The findings also showed that the greater the presence of female directors on the board, the stronger the CSR engagement would be. According to critical mass theory and team dynamics, these findings further broaden the accounts that emphasize social networks based on gender. Hence, female members on the board of directors emerged to be significant as a gender mix with extending CSR change. Therefore, our results added a new aspect to the emerging literature on CSR-engagement and gender especially in China. Due to intense political forces and networks in the Chinese listed entities, foreign institutional investors (FIIS) have less incentive to enhance CSR engagement further. Thus, the impact of foreign institutional investors on CSR engagement is as yet unknown, but we improved our knowledge about how the international aspects affect CSR in China. Furthermore, our results are robust, which concern control variables under consideration.

Does the research meeting affect the shareholding ratio of institutional investors in listed companies? Empirical evidence from China

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jingqin Zhang ◽  
Yong Ye
Keyword(s):  
Empirical Research ◽  
Institutional Investors ◽  
Stock Price ◽  
Stock Exchange ◽  
Listed Companies ◽  
Investment Efficiency ◽  
Content Type ◽  
Different Types ◽  
Research Meeting ◽  
The Impact

PurposeThis paper discusses whether institutional investors change the shareholding ratio of listed companies through research meeting, and whether this active investment mode can really improve the investment efficiency of institutional investors.Design/methodology/approachUsing empirical research method, this study designs and conducts an empirical research according to empirical research's basic norms. Thus, we acquire needed and credible empirical data. This study analyzes whether institutional investors seek their private interest in researched companies by analyzing their research meetings and the shareholding ratios of different types of institutional investors using Shenzhen Stock Exchange data on listed firms from 2014 to 2018.FindingsThis study finds that the research meetings of institutional investors provide participants with reliable information which supports the decision of institutional investors to change their shareholding ratio. The stock price growth rate strengthens the positive correlation between the research meetings of institutional investors and the shareholding ratio of institutional investors. Additionally, transactional institutional investors increase the shareholding ratio, while holding institutional investors do not.Originality/valueThis paper combines the behavior of institutional investors with the holding status of institutional investors, and discusses the impact of institutional investors' behavior on investment decisions. At the same time, it classifies the institutional investors and discusses the attitude of different types of institutional investors towards this active investment mode.

Audit Committee Effectiveness Among Malaysian Listed Companies

2020 ◽  
Author(s):  
Shamsul Nahar Abdullah ◽  
Ku Nor Izah Ku Ismail
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Stock Exchange ◽  
Listed Companies ◽  
The Other ◽  
Interactive Effects ◽  
Committee Chairman ◽  
Kuala Lumpur ◽  
Political Costs ◽  
Leadership Structure

This study investigates further the previous paper by Shamsul Nahar and Al-Murisi (1997) by examining the interactive effects of the variables in that paper and introducing other variables associated with corporate governance and political costs. The present study postulated that percentage of external directors on audit committee interacted with the presence of an accountant on audit committee and with the number of years an audit committee in existence, respectively, to influence audit committee effectiveness. The study also posited that the interaction of the presence of an accountant on audit committee and the number of years an audit committee in existence positively and significantly influenced audit committee effectiveness. Addition. ally, the roles of leadership structure, audit committee chairman, and a firm's size on audit committee effectiveness were also investigated. Using a multiple regression from a sample consisting the Kuala Lumpur Stock Exchange listed companies, results showed that only a firm's size significantly influenced audit committee effectiveness in the predicted direction. Other variables, on the other hand, did not show any significant influence on audit committee effectiveness.  

PENGARUH CAR, LDR DAN ROA TERHADAP LABA PERUSAHAAN PERBANKAN TERDAFTAR DI BURSA EFEK INDONESIA

2018 ◽  
Vol 23 (1) ◽  
pp. 72-85
Author(s):  
Lasminisih ◽  
Emmy Indrayani
Keyword(s):  
Decision Making ◽  
Multiple Regression ◽  
Stock Exchange ◽  
Financial Statements ◽  
Capital Adequacy ◽  
Financial Statement ◽  
Return On Assets ◽  
Capital Adequacy Ratio ◽  
A Company ◽  
Future Plans

Company financial statement can be used to monitor the performance of a company. Financial statements are also used as a means for decision making so that the company can anticipate future plans. The purpose of this study was to find out the effect of Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR) and Return on Assets (ROA) on profit changes percentage of Banking Companies. The number of sample companies used in this study was 27 Banks listed in the Indonesia Stock Exchange with observation periods from 2007 to 2008. The method used in this study was multiple regression. The results of this study have indicated that CAR, LDR, and ROA gave significant effects on changes in Banks profit so that Banking Companies performances can be measured. Keywords: CAR, LDR, ROA, Profit

The Influence of Human Capital on Financial Performance and Corporate Value

2019 ◽  
Vol 10 (1) ◽  
pp. 47-56
Author(s):  
MULYANINGTYAS MULYANINGTYAS
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Firm Value ◽  
Stock Exchange ◽  
Learning Experience ◽  
Vital Role ◽  
Knowledge Capital ◽  
Corporate Value ◽  
Descriptive Approach ◽  
A Company

Human Capital (HC) reflects the knowledge capital of employees of an organization. In this era there was a huge changes in the economic field where human capital would be a factor of production that has a vital role. One way to increase human capital for companies is to increase expertise through learning experience programs. Profitability is a reflection of the financial performance of a company and a company that is well aware of the management of Human Capital, because the good and bad of Human Capital will affect the company's financial position directly and affect the company's profitability in the end. This study aims to determine whether the influence of human capital on firm value with financial performance as an intervening variable in the banking companies on the IDX registered in 2012-2016. This study uses two approaches, namely descriptive approach and explanatory approach. The technique of determining the sample of this study was purposive sampling carried out on banking companies which during 2012 to 2016 were listed on the Indonesia Stock Exchange.

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