scholarly journals Contrasting Trends in Firm Volatility

2011 ◽  
Vol 3 (4) ◽  
pp. 143-180 ◽  
Author(s):  
David Thesmar ◽  
Mathias Thoenig
Keyword(s):  
Risk Taking ◽  
Ownership Concentration ◽  
International Capital ◽  
Firm Level ◽  
International Capital Markets ◽  
Listed Firms ◽  
Financial Volatility ◽  
The Past ◽  
Stock Market Participation ◽  
Choice Variable

Over the past decades, the real and financial volatility of listed firms has increased, while the volatility of private firms has decreased. We first provide panel data evidence that, at the firm level, sales and employment volatility are impacted by changes in the degree of ownership concentration. We then construct a model with private and listed firms where risk-taking is a choice variable at the firm-level. Due to general equilibrium feedback, we find that both an increase in stock market participation and integration in international capital markets generate opposite trends in volatility for private and listed firms. (JEL G15, G32, L25)

Women on boards of directors: the moderation role of female labour force participation

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Reem Hamdan ◽  
Allam Hamdan ◽  
Bahaaeddin Alareeni ◽  
Osama F. Atayah ◽  
Layla Faisal Alhalwachi
Keyword(s):  
Firm Size ◽  
Labour Force ◽  
Ownership Concentration ◽  
Firm Level ◽  
Content Type ◽  
Listed Firms ◽  
Gcc Countries ◽  
Women On Boards ◽  
The Relationship

Purpose This study aims to investigate the moderation role of the percentage of women in the country labour force in the relationship between firm-level governance factors (board size, institutional ownership, ownership concentration, board independence, performance, firm size, firm’s risk and sector) and women on boards (WOBs) in publicly listed firms in Gulf Cooperation Council (GCC) countries. Design/methodology/approach The study relied on a sample of 436 publicly listed firms in 2018 in six GCC countries (Bahrain, Kuwait, Saudi Arabia, Oman, Qatar and the United Arab Emirates). Findings The study concluded that the percentage of women in the country’s labour force has a moderation role in the relationship between board size and WOB, as well as firm market performance and WOBs. However, ownership concentration, firm size, firm risk and firm sector do not affect the percentage of WOB; consequently, the percentage of women in the country’s labour force did not have a moderation role in the relationship between these variables and the percentage of WOBs. Originality/value The study incorporates an institutional level variable which is the percentage of women in the country’s labour force in a firm-level relationship mostly understood by agency theory.

scholarly journals Governance and risk interdependencies among family owned firms

2016 ◽  
Vol 13 (2) ◽  
pp. 390-407 ◽  
Author(s):  
Ramanathan Geeta ◽  
Krishna Prasanna
Keyword(s):  
Corporate Governance ◽  
Risk Taking ◽  
Global Financial Crisis ◽  
Excess Risk ◽  
Board Governance ◽  
Firm Level ◽  
Listed Firms ◽  
Variable Approach ◽  
Corporate Governance Mechanisms ◽  
Governance Practices

The paper examines the role and impact of corporate governance mechanisms upon the operating risks of Indian listed firms. The recent global financial crisis was primarily attributed to excess risk–taking. This turmoil in the financial markets had a widespread effect on all industries and raised pertinent questions on the effectiveness of firm level governance practices. Impact of corporate governance practices, vide a constructed board governance index, has been examined on the risk taking behaviour of firms. Utilising a sample of 377 firms with yearly data for 6 years from 2006 to 2012, 2262 firm year observations have been analysed. Results confirm that firms with good corporate governance practices are effective in constraining excess risk taking. An instrumental variable approach is adopted to control for endogeneity, which also supports and substantiates the results.

SHOULD THE PRIVATE SECTOR PROVIDE PUBLIC CAPITAL?

2007 ◽  
Vol 11 (3) ◽  
pp. 318-346
Author(s):  
SANTANU CHATTERJEE
Keyword(s):  
Open Economy ◽  
Public Capital ◽  
Borrowing Constraints ◽  
International Capital ◽  
Standard Assumption ◽  
Production Externalities ◽  
International Capital Markets ◽  
Private Provision ◽  
Large Production ◽  
Government Provision

The choice between private and government provision of a productive public good like infrastructure (public capital) is examined in the context of an endogenously growing open economy. The accumulation of public capital need not require government provision, in contrast to the standard assumption in the literature. Even with an efficient government, the relative costs and benefits of government and private provision depend crucially on the economy's underlying structural conditions and borrowing constraints in international capital markets. Countries with limited substitution possibilities and large production externalities may benefit from governments encouraging private provision of public capital through targeted investment subsidies. By contrast, countries with flexible substitution possibilities and relatively smaller externalities may benefit either from governments directly providing public capital or from regulation of private providers. The transitional dynamics also are shown to depend on the underlying elasticity of substitution and the size of the production externality.

Russia in international capital movement: Turn of tendencies

2017 ◽  
pp. 148-158 ◽  
Author(s):  
A. Bulatov
Keyword(s):  
Industrial Structure ◽  
Prima Facie ◽  
Capital Movement ◽  
International Capital ◽  
Capital Outflow ◽  
The Past ◽  
Russian Economy ◽  
National Capital ◽  
Future Situation ◽  
International Capital Movement

The paper deals with the past, current and future situation in Russian capital outflow and inflow. The specific features of the past situation (2001-2013) were as follows: big scale of Russian participation in international capital movement; turnover of national capital between Russia and offshores; stable surplus of capital outflow over inflow; inadequacy of industrial structure of capital inflow to Russian needs. The current situation is characterized by such new features as radical cut in volumes of capital outflow and inflow, some decrease in its level of offshorization. In the mid-term the probability of continuation of current trends is high. In the long-term the mode of Russian participation in international capital movement will prima facie depend on prospects of realization of systematic reforms in the Russian economy.

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