Staatsfonds als Ankerinvestoren: Eine Note zum Einstieg von Aabar bei Daimler

2011 ◽  
Vol 12 (1) ◽  
pp. 92-100 ◽  
Author(s):  
Mark Mietzner ◽  
Dirk Schiereck
Keyword(s):  
Corporate Governance ◽  
Capital Market ◽  
Stock Price ◽  
Positive Impact ◽  
Target Selection ◽  
Listed Companies ◽  
Success Factor ◽  
Sovereign Wealth Funds ◽  
Stock Price Reaction ◽  
Block Holders

AbstractThe group of sovereign wealth funds (SWF) is gaining growing importance in the discussion on corporate governance quality as critical success factor for the longrun performance of exchange listed companies. These institutional investors mostly act as long-term oriented minority block holders (anchor investors) in international capital markets. We show for a specific case how capital market participants evaluate SWF investments in exchange listed companies. From the overall stock price reaction we can conjecture that investors expect from this investment of Aabar a positive impact on the corporate governance. However, there is also the alternative explanation that SWF have superior target selection abilities which allow them to detect undervalued companies in an inefficient capital market.

scholarly journals Capital Market Response to the Change in the Dividend Policy: The Case of Slovenian Stock Market

2016 ◽  
Vol 8 (1) ◽  
pp. 42 ◽  
Author(s):  
Matjaž Mikluš ◽  
Zan Jan Oplotnik
Keyword(s):  
Stock Market ◽  
Capital Market ◽  
Stock Price ◽  
Dividend Policy ◽  
Market Response ◽  
Asymmetry Of Information ◽  
Price Increases ◽  
Signalling Theory ◽  
Stock Price Reaction ◽  
Dividend Increases

<p>The three basic dividend policy theories have a completely different approach to describing the influence of dividends payment on stock price, and on the value of the company. Numerous studies conducted in this area have led to almost as many derived dividend policy theories, which are more or less related to the basic three. As one of them Wang, Manry &amp; Wandler (2011) specify the dividend signalling theory, which is based particularly on the assumption of the asymmetry of information between the company management and the shareholders and in recent decades it has been studied by many authors, who mostly concluded that dividend increase has a positive stock price reaction, and vice versa, that dividend decrease results in stock price falls (as cited in Ross, 1977; Leland and Pyle, 1977; Grinblatt et al., 1984; Baker and Phillips, 1993; Rankine and Stice, 1997; Bechmann and Raaballe, 2007). For the purposes of our analysis we adopted the methodology of foreign researches and checked the existence of the dividend signalling theory in the Slovenian stock market. The Slovenian stock market is one of developing markets, and is particularly specific due to its small size and illiquidity. Our research resulted in no statistically significant stock price increases from company dividend increases, whereby we have refuted the research hypothesis and, consequently, the dividend signalling theory in the Slovenian stock market in the described period.</p>

scholarly journals PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING (Studi Pada Perusahaan Perbankan Di Bursa Efek Indonesia)

2018 ◽  
Vol 5 (2) ◽  
pp. 45-58
Author(s):  
G. A Sri Oktaryani ◽  
I Nyoman Nugraha Ardana P ◽  
Iwan Kusuma Negara ◽  
Siti Sofiyah ◽  
I Gede Mandra
Keyword(s):  
Corporate Governance ◽  
Firm Value ◽  
Stock Price ◽  
Banking Sector ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Return On Equity ◽  
Good Corporate Governance ◽  
Significant Direct Effect

This research examines the effect of Good Corporate Governance (GCG) on firm value by using profitability as intervening variable.  Profitability is proxied by Return On Asset (ROA) and Return On Equity (ROE). This study used a quantitative approach and path analysis. The population consists of 35 firms that were listed in Banking sector of Indonesian Stock Exchange over period 2013 – 2015. There are 34 firms are choosen as samples which has published GCG composit index throughout observation years and has not done corporate action that could affect the stock price directly. The findings show that GCG has positive and significant direct effect on firm value. Furthermore, ROA has positive impact on firm value; meanwhile ROE has negative impact on firm value. The results also show that the better the implementation of GCG the higher the Return on Asset. Moreover, the indirect effect of GCG on firm value through profitability is not significant. Keywords: GCG, profitability, ROA, ROE, firm value.

scholarly journals Social media and stock price reaction to data breach announcements: Evidence from US listed companies

2019 ◽  
Vol 47 ◽  
pp. 458-469 ◽  
Author(s):  
Pierangelo Rosati ◽  
Peter Deeney ◽  
Mark Cummins ◽  
Lisa van der Werff ◽  
Theo Lynn
Keyword(s):  
Social Media ◽  
Stock Price ◽  
Listed Companies ◽  
Data Breach ◽  
Price Reaction ◽  
Stock Price Reaction

scholarly journals External Pressure, Corporate Governance, and Voluntary Carbon Disclosure: Evidence from China

2019 ◽  
Vol 11 (10) ◽  
pp. 2901 ◽  
Author(s):  
Pinglin He ◽  
Huayu Shen ◽  
Ying Zhang ◽  
Jing Ren
Keyword(s):  
Corporate Governance ◽  
Information Disclosure ◽  
Positive Impact ◽  
Listed Companies ◽  
External Pressure ◽  
General Manager ◽  
Analysis Process ◽  
The Board Of Directors ◽  
Heavy Pollution ◽  
The Impact

This paper uses manually collected data of carbon information disclosure for listed companies, from 2009 to 2015 in China, to measure corporate carbon information disclosure, and it explores the impact of external pressure and internal governance on carbon information disclosure through text analysis and a hierarchy analysis process. The results show that, firstly, the greater the external pressure is, the higher the level of carbon information disclosure will be; that is, when listed companies are state-owned enterprises or in heavy pollution industries, the level of carbon information disclosure is higher. Secondly, the higher the level of corporate governance is, the higher the level of carbon information disclosure will be; that is, when the board of directors is larger, the proportion of independent directors is higher, and the chairman and general manager positions are differentiated, the level of carbon information disclosure is higher. Furthermore, when listed companies are state-owned and in heavy pollution industries, the level of carbon information disclosure is higher; when the chairman and general manager are in the same position (lower governance level), the positive impact of government pressure on carbon disclosure is less significant, the positive impact of external pressure on carbon disclosure is less significant, and the positive interactive impact of government pressure and external pressure on carbon disclosure is less significant. The conclusions of this paper are still robust after Heckman two-stage regression, propensity score matching (PSM) analysis, sub-sample regression, and double clustering analysis.

scholarly journals How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk?

2020 ◽  
Vol 13 (2) ◽  
pp. 30 ◽  
Author(s):  
Ahmed Imran Hunjra ◽  
Rashid Mehmood ◽  
Tahar Tayachi
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stock Price ◽  
Negative Impact ◽  
Positive Impact ◽  
Generalized Method Of Moments ◽  
Crash Risk ◽  
Corporate Social ◽  
The Impact

We investigate the impact of corporate social responsibility (CSR) and corporate governance on stock price crash risk in manufacturing sector of India and Pakistan. We collect data of nine years from 2010 to 2018 from DataStream of 353 manufacturing firms. We apply the Generalized Method of Moments (GMM) to the analysis of the data. We find that when firms actively engage in CSR activities, they lead to reduced stock price crash risk. We further find that managerial ownership has a significant positive impact on stock price crash risk, while board size and CEO duality show a significant and negative impact on stock price crash risk.

scholarly journals Does Commitment to Anti-Corruption Matter?

2019 ◽  
Author(s):  
Susela Devi ◽  
YoungKyung Ko ◽  
Ravichandran Subramaniam
Keyword(s):  
Corporate Governance ◽  
Capital Market ◽  
Firm Value ◽  
Listed Companies ◽  
Foreign Firms ◽  
Political Connections ◽  
Corporate Transparency ◽  
Transparent Reporting ◽  
Corporate Governance Codes ◽  
Organizational Transparency

The Malaysian capital market regulators take great efforts to continuously enhance corporate governance codes and practices to improve transparent reporting and enhance board responsibility and investors’ protection. In 2017, the Malaysian Institute of Corporate Governance published a report assessing the transparency of reporting by top 100 listed companies in respect of anti-corruption, organizational disclosure, and sustainability. This study uses this unique set of data on scores on anti-corruption commitment, organizational transparency, and sustainability to investigate the association between corporate transparency and firm value, and whether political connections moderate this relationship. Not surprisingly, findings show that listed government-linked companies (GLCs) have higher scores than non-GLCs, such as family and foreign firms. Firms with enhanced anti-corruption commitment are more likely to have higher firm value, and this relationship is stronger for politically connected firms. The implications for investors and regulators are discussed in this paper.

scholarly journals Integrated Reporting’s Impact on Corporate Governance: Study in Asean Capital Market

2020 ◽  
Vol 9 (1) ◽  
pp. 1
Author(s):  
Shanti Shanti ◽  
Bambang Tjahjadi ◽  
I Made Narsa
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Family Business ◽  
Capital Market ◽  
Positive Impact ◽  
Mining Industry ◽  
Financial Information ◽  
Integrated Reporting ◽  
Statistical Program ◽  
The Impact

<p class="JurnalASSETSABSTRAK">ABSTRACT</p><p>Integrated reporting (IR) that merges the firm's financial and non-financial information into one single reporting is the latest evolution of corporate financial reporting today. This study purposes to examine the impact of the implementation of IR on corporate governance, especially family business in the mining industry listed on the ASEAN capital market in the 2014-2017 period. The results of the study based on the Stata 14.2 statistical program concluded that the implementation of IR has a positive impact on corporate governance in the ASEAN capital market, i.e. the implementation of IR drivers changes in behavior and perceptions in corporate governance (reporting driven behavior), thus making corporate governance more effective.</p><p><em>ABSTRACT</em></p><p><em>Pelaporan terintegrasi (IR) yang menyatukan informasi keuangan dan non-keuangan perusahaaan ke dalam satu pelaporan tunggal merupakan evolusi pelaporan keuangan perusahaan terbaru saat ini. Penelitian ini bertujuan untuk meneliti dampak penerapan pelaporan terintegrasi (IR) terhadap tata kelola perusahaan, khususnya perusahaan keluarga dalam industri pertambangan yang terdaftar di pasar modal ASEAN tahun 2014 s.d. 2017. Hasil penelitian berdasarkan program statistik Stata 14.2 menyimpulkan bahwa penerapan pelaporan terintegrasi (IR) berpengaruh positif terhadap tata kelola perusahaan di pasar modal ASEAN, yaitu bahwa penerapan pelaporan terintegrasi (IR) memicu terjadinya perubahan perilaku dan persepsi dalam tata kelola perusahaan (reporting driven behavior), sehingga menjadikan tata kelola perusahaan menjadi lebih efektif.</em></p>

scholarly journals HOW DO INVESTORS PERCEIVE LONG-TERM GROWTH TARGETS AND FORECAST HORIZONS IN STRATEGIC PLANS? EVIDENCE FROM ITALIAN FIRMS

2019 ◽  
Vol 07 (02) ◽  
pp. 1950004 ◽  
Author(s):  
GIUSEPPE DI MARTINO
Keyword(s):  
Information Content ◽  
Stock Price ◽  
Strategic Plan ◽  
Listed Companies ◽  
Current Debate ◽  
Negatively Associated ◽  
Term Forecast ◽  
Strategic Plans ◽  
Stock Price Reaction

We examine the information content of strategic-plans’ long-term growth targets (SPLTG) and of strategic-plans’ forecast horizons (SPFH). Using a sample of 224 strategic plan presentations by Italian listed companies during the period 2002–2018, we provide evidence that the SPLTG conveys credible and useful information to investors. We also assume that longer forecast horizons are more uncertain and we find that stock price reaction is negatively associated with long-term forecast horizons. Then, we investigate whether SPLTG presented in conjunction with long-term SPFH are perceived as less credible. The findings document that investors perceive long-term growth targets as credible regardless of the SPFH length. Our study contributes to the current debate on the use of strategic plans as comprehensive disclosure able to provide credible and useful information.

scholarly journals Institutional investors and cost of capital: The moderating effect of ownership structure

PLoS ONE ◽  
2021 ◽  
Vol 16 (4) ◽  
pp. e0249963
Author(s):  
Xiaoping Huo ◽  
Hongying Lin ◽  
Yanan Meng ◽  
Peter Woods
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Capital Market ◽  
Institutional Investors ◽  
Cost Of Capital ◽  
Listed Companies ◽  
Moderating Effect ◽  
Theory And Practice ◽  
The Cost ◽  
The Relationship

Guiding institutional investors to actively participate in corporate governance is a hot issue to improve the internal governance of China’s listed companies. This study seeks to provide a comprehensive understanding of the mechanism that underlies the governance effects of the heterogeneity of institutional investors on the cost of capital, and the influence of ownership structure on the relationship between them. Using an unbalanced panel data on A-share listed companies of Shanghai and Shenzhen in China’s capital market during the 2014–2019 period, this study reveals how institutional investors with longer holding period and higher shareholding ratio are negatively associated with the cost of capital in China’s capital market. Furthermore, this study successfully confirms the moderating effect of ownership structure in the relationship between institutional investors and the cost of capital. China’s state-owned enterprises are more likely to introduce improvements at the corporate governance level, and ownership concentration weakens the negative influence of institutional investors on the cost of capital. The research contributes to a deeper understanding of the impacts of institutional investor’s heterogeneity and ownership structure on the cost of capital in China. In the process, the study yields useful implications for the theory and practice of corporate governance.

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