Empirical analysis of the relationship between listed companies' ultimate control and corporate performance

This study investigates the effects of ownership structure on the performance of the listed companies in Borsa Istanbul Stock Exchange 30 Firms (BIST 30). The main hypothesis of our study is that there is a significant relationship between companies' performances and their ownership structures.The statistical population includes 19 non-financial companies in the period of years between 2008 and 2013. The results show that the concentration of the large shares of companies one or a few share holders has a negative effect on related firm’s performance.

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Applying Digital Analysis to Investigate the Relationship between Corporate Governance and Earnings Management: An Empirical Analysis of Publicly Listed Companies in Taiwan

Contemporary Management Research ◽

10.7903/cmr.13144 ◽

2015 ◽

Vol 11 (3) ◽

pp. 209-222

Author(s):

Fengyi Lin ◽

Sheng-Fu Wu

Keyword(s):

Corporate Governance ◽

Earnings Management ◽

Empirical Analysis ◽

Listed Companies ◽

Digital Analysis ◽

The Relationship

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Nonlinearity in the relationship between intellectual capital and corporate performance: evidence from Vietnamese listed companies

Journal of Intellectual Capital ◽

10.1108/jic-03-2020-0105 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Qian Long Kweh ◽

Irene Wei Kiong Ting ◽

Wen-Min Lu ◽

Hanh Thi My Le

Keyword(s):

Intellectual Capital ◽

Performance Indicators ◽

Corporate Performance ◽

Listed Companies ◽

Data Envelopment ◽

Content Type ◽

Measurement Models ◽

Structural Capital ◽

The Relationship ◽

Practical Implications

PurposeConsensus on how intellectual capital (IC) affects corporate performance is limited because of various measurement models of IC and corporate performance. This study thus aims to further the debate on the relationship between IC and corporate performance from the perspectives of nonlinearity, the capital values of IC and the use of a holistic measure of corporate performance.Design/methodology/approachUsing 1,395 firm-year observations derived from Vietnamese listed companies from 2010 to 2018, this study focuses on (1) presenting an IC model benchmarked on value-creating expenses; (2) using a directional distance function (DDF)-based stochastic nonparametric envelopment of data (StoNED) framework to scrutinize multiple performance indicators and the capital values of people, structures and relationships simultaneously; and (3) adopting firm-year cluster-robust regressions to analyze the nonlinear association between IC and corporate performance empirically with an appropriate U test.FindingsResults suggest that human capital (HC), structural capital (SC) and relational capital (RC) are the main contributors of high corporate efficiency, whereas only HC and RC contribute to high corporate profitability. These results are absent when this study employs the conventional data envelopment analysis (DEA), which is also a multidimensional framework, as the dependent variable. More importantly, IC and its components can improve corporate performance, namely, both corporate efficiency and corporate profitability up to a critical point, after which the effects would drop.Practical implicationsOverall, this study highlights not only the need to invest in IC but also its associated costs. That is, policymakers also need to note the marginal cost of investing in IC, which may in the end outweigh the benefits from IC.Originality/valueThis study extends IC-related studies by investigating the nonlinear relationship between IC and corporate performance. Moreover, the value of this study also lies in the multidimensional DDF-based StoNED framework.

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