CEO Characteristics and Firm Performance: Evidence from Tourism and Financial Firms Listed on Botswana Stock Exchange

2021 ◽  
Vol 8 (6) ◽  
pp. 419-430
Author(s):  
Christian J Mbekomize ◽  
Delly M Chatibura ◽  
Pritika S Baliyan
Keyword(s):  
Firm Performance ◽  
Stock Exchange ◽  
Financial Firms ◽  
Ceo Characteristics

scholarly journals Unobservable characteristics of board directors and the performance of financial services firms in Nigeria

2020 ◽  
Vol 17 (4) ◽  
pp. 378-388
Author(s):  
Henry Osahon Osazevbaru ◽  
Emmanuel Mitaire Tarurhor
Keyword(s):  
Firm Performance ◽  
Financial Services ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Share Price ◽  
Corporate Board ◽  
Return On Assets ◽  
Data Set ◽  
Strategic Performance ◽  
Financial Firms

This paper examines the intricate link between unobservable characteristics of directors on the corporate board and firm performance. It aims to extend the literature on corporate governance and firm strategic performance from the perspective of emerging African economies. A mix of performance measures were used (Tobin Q, return on assets, and share price) and unobservable characteristics were captured as a stochastic element or heterogeneity of observable board characteristics (board activity, gender diversity, size, and independence). The study applied non-linear generalized auto-regressive conditional heteroscedasticity model to examine the data set consisting of 299 firm-year observations from 23 financial firms listed on the Nigerian Stock Exchange from 2006 to 2018. Positive skewness and leptokurtic distribution were found for all the variables. Correlation matrix revealed no multicollinearity, as the highest value was 0.2386. Empirical results suggest that unobservable characteristics significantly and positively influence firm performance as measured by return on assets and share price. This is because the coefficient of the lagged-value of the variance scaling parameter is positive and significant at the 1% level. However, with respect to Tobin Q measure, the result was positive but not significant at the 5% level. Implicitly, the result is sensitive to performance proxies. Accordingly, this study concludes that unobservable characteristics drive firm performance. It is recommended that boards and regulators should pay attention to unobservable characteristics.

Commissioner Board Monitoring to Create Firm Performance through Environmentally Friendly Management

2018 ◽  
Vol 9 (3) ◽  
pp. 659 ◽  
Author(s):  
Mohamad Nur UTOMO ◽  
Sugeng WAHYUDI ◽  
Harjum MUHARAM ◽  
Jeudi Agustina T.P. SIANTURI
Keyword(s):  
Firm Performance ◽  
Indirect Effect ◽  
Environmental Performance ◽  
Stock Exchange ◽  
Empirical Test ◽  
Board Size ◽  
Financial Firms ◽  
Assessment Program ◽  
Board Monitoring ◽  
Positive Effect

The paper is written as an empirical test on the indirect effect of Commissioner Board Monitoring on firm performance through environmental performance as mediation variable. Research sample is non-financial firms that participate into Performance Assessment Program (PROPER) and that also list at Indonesian Stock Exchange. Commissioner Board Monitoring consists of few attributes such as: Commissioner Board Size, Independent Commissioner Board, and Commissioner Board’s Frequency of Meeting. Environmental performance is measured with the use of PROPER by the Ministry of Life Environment and Forestry for Indonesian Republic. Firm performance is proxied with Return on Asset (ROA) and Tobin’s Q. Research gains some results. Commissioner Board Monitoring has a positive effect on both environmental performance and firm performance. Environmental performance has a positive effect on firm performance. Commissioner Board Size has an indirect effect on firm performance through environmental performance. All these findings support agency theory and stakeholder theory. Any firms attempting to maximize performance shall balance the interest of shareholder (firm owner) and stakeholder.

scholarly journals Corporate governance, institutional investor type and firm performance: Evidence from an emerging market

2021 ◽  
Vol 5 (4) ◽  
pp. 20-27
Author(s):  
Rama Sastry Vinjamury
Keyword(s):  
Firm Performance ◽  
Institutional Investors ◽  
Firm Value ◽  
Fixed Effects ◽  
Stock Exchange ◽  
Emerging Market ◽  
Developed Economies ◽  
Financial Firms ◽  
Pressure Sensitive

The study analyses the role of institutional investors in improving firm performance. Unlike in developed economies where firm ownership is widely dispersed, firms in emerging economies such as India have substantial promoter shareholdings (often in a majority or close to a majority). Given the promoter control of Indian companies, the role of institutional investors as external monitors is analysed. Following Brickley, Lease, and Smith (1988) and Almazan, Hartzell, and Starks (2005), the study categorises institutional investors as pressure-sensitive and pressure-insensitive institutional investors. Panel data for non-financial firms from India included in National Stock Exchange (NSE) 500 over the period 2008–2017 is studied using fixed-effects models. The study finds that the increased ownership of pressure-insensitive institutional investors is positively associated with firm performance. Also, the increased ownership of pressure-sensitive institutional investors is negatively associated with firm performance. These findings are consistent with the view that pressure-insensitive institutional investors are more effective monitors compared to pressure-sensitive institutional investors. The study offers insights into the role of institutional investors in economies where firms have a substantial promoter shareholding. The study documents that even with a substantial promoter shareholding and control, pressure-insensitive institutional investors aid in enhancing firm value

scholarly journals Karakteristik CEO Dan Kinerja Perusahaan Non-Keuangan Yang Teraftar Di Bursa Efek Indonesia

2018 ◽  
Vol 5 (3) ◽  
pp. 299-314
Author(s):  
I Made Sudana ◽  
Elka Dwiputri
Keyword(s):  
Firm Performance ◽  
Stock Exchange ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Purposive Sampling ◽  
Ceo Tenure ◽  
Analysis Technique ◽  
Financial Firm ◽  
Ceo Characteristics

The purpose from this research is to test the effect from CEO characteristics towards firm performance. CEO characteristics was proxied with founder CEO, ownership, tenure, and education. Firm performance was proxied with Tobin’s Q. The sample from this research are every non-financial firm that have been listed in Indonesian Stock Exchange from 2010 – 2015 period. The method from this research is purposive sampling with analysis technique model multiple linier regression. The result from this research showed that founder CEO, CEO ownership, CEO tenure have a positive significant effect towards firm’s performance or Tobin’s Q.   Keywords : CEO Characteristics,  Firm Performance

scholarly journals Impact of Cash Holding on Firm Performance with Moderating Role of Corporate Governance

2021 ◽  
Vol 6 (2) ◽  
pp. 87-99
Author(s):  
Naveed Anjum ◽  
Dr. Faisal Khan ◽  
Shoib Hassan ◽  
Dr. Muhammad Arif
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Unobserved Heterogeneity ◽  
Stock Exchange ◽  
Generalized Method Of Moments ◽  
Secondary Data ◽  
Cash Holding ◽  
Financial Firms ◽  
Moderating Role

The main aim of this research is to analyze the association between cashholding and firm performance with moderating role of corporate governance. For the purpose of analysis, secondary data of 145 non-financial firms listed at Pakistan Stock Exchange (PSX) is taken from 2006-2017. The dynamic Generalized Method of Moments (GMM) is applied to cater the problem of unobserved heterogeneity. The results of this study suggest that cash holding has a significant impact on firm performance. Moreover, corporate governance significantly moderates the relationship between cash holding and firm performance.

Empirical investigation of relationship between research and development intensity and firm performance: The role of ownership structure and board structure

2019 ◽  
Vol 06 (02) ◽  
pp. 1950016
Author(s):  
Muhammad Usman Yousaf ◽  
Muhammad Kashif Khurshid ◽  
Aftab Ahmed ◽  
Muhammad Zulfiqar
Keyword(s):  
Firm Performance ◽  
Research And Development ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Outcome Variable ◽  
Board Structure ◽  
Governance Mechanism ◽  
Financial Firms ◽  
The Relationship

Research and development is an emerging competitive advantage to gain maximum market share. This study is conducted to empirically investigate the relationship between research and development intensity and firm performance in selected non-financial firms listed at Pakistan Stock Exchange (PSX). Moreover, the role of ownership structure and board structure have been evaluated between predictor and outcome variable. For this purpose, 27 non-financial firms listed on PSX have been selected for the period of eight years from 2009 to 2016 and unbalanced panel data was obtained. Research and development intensity has been used as an independent variable. ROA, ROE, and TQ are used as measures of financial performance, i.e., dependent variable. Ownership concentration, institutional ownership, and managerial ownership are used as the proxies for ownership structure. Board size, board independence, and board meeting frequency are used as the proxies for board structure. Moreover, firm size, firm age and leverage have also been used as a control variables in data analysis. Based on data analyses, it is concluded that research and development intensity has a positive and significant relationship with all three proxies of firm performance, i.e., ROA, ROE and Tobin’s Q. Afterward, the researchers have investigated the moderating role of ownership structure and board structure between research and development intensity and three proxies of firm performance. It is also concluded that in general ownership structure as well as board structure are negatively moderating the relationship between research and development intensity and firm performance which raises a question mark on the effectiveness of corporate governance mechanism in terms of R&D performance.

scholarly journals Aspect[s] of the Corporate Governance that Matter in a Firm’s Value: Evidence from Non-Financial Firms in Pakistan

2019 ◽  
Vol IV (III) ◽  
pp. 214-220
Author(s):  
Sammar Abbas ◽  
Zeeshan Zaib Khattak ◽  
Hafeez Ullah
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Firm Size ◽  
Significant Influence ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Board Size ◽  
Financial Firms ◽  
Agency Issues ◽  
Practical Implications

Corporate governance (CG) is key to enhance firm’s value. The purpose of this research is to examine effects of various aspects of corporate governance on firm’s value. We used secondary penal data of 100 companies on Pakistan Stock Exchange for the period: 2010 – 2016. Findings revealed that among other aspects of CG, managerial ownership and board size have significant influence on the value of a firm. Among controlled variables, firm size and firm ages were also found significant in firm’s value. We are convinced that findings of this study would help addressing agency issues through effective corporate governance measures. This study has come up with some practical implications as well. It is suggested that for better firm performance and increasing efficiency the board size may be kept at minimum.

scholarly journals Board Gender Diversity, Firm Performance and Risk-Taking: The Case of Non-Financial Firms of Pakistan

2021 ◽  
Vol 3 (3) ◽  
Author(s):  
Raheel Mumtaz ◽  
Muhammad Farooq Rehan ◽  
Quaisar Ijaz Khan
Keyword(s):  
Firm Performance ◽  
Risk Taking ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Return On Assets ◽  
Insolvency Risk ◽  
Financial Firms ◽  
Adverse Influence ◽  
Board Gender Diversity ◽  
Practical Implications

This paper examines the influence of board gender diversity on firm performance and risk taking. We employed the panel data of seventy-five non-financial firms of KSE-100 index listed in the Pakistan Stock Exchange. The data consists of 2005-2018 period. Results of panel regression reveal that board gender diversity have adverse influence on the firm performance i-e Tobin’s Q and return on assets. Moreover, it further provides that board gender diversity has decrease the firm’s risk-taking i-e insolvency risk. Overall, the inclusion of females in the boardroom reduces the financial performance and decrease the risk-taking of non-financial firms in Pakistan. This study provides the managerial and practical implications in compliance with SECP Act of 2017, to include the females in boardroom to discourage the risk-taking behavior of firms.

scholarly journals Strategy to Improve Firm Performance Through Operational Efficiency Commitment to Environmental Friendliness: Evidence From Indonesia

2018 ◽  
Vol 9 (1) ◽  
pp. 62-85 ◽  
Author(s):  
Mohamad Nur Utomo ◽  
Sugen Wahyudi ◽  
Harjum Muharam ◽  
Maximus Leonardo Taolin
Keyword(s):  
Firm Performance ◽  
Positive Impact ◽  
Stock Exchange ◽  
Operational Efficiency ◽  
Environmental Friendliness ◽  
Controlling Shareholders ◽  
Financial Firms ◽  
Sustainable Performance ◽  
Study Support ◽  
Environmental Performance Assessment

The objective of this study is to examine the effect of controlling shareholders’ monitoring on firm performance through the implementation of operational efficiency commitment to environmental friendliness. Non-financial firms listed on the Indonesia Stock Exchange and joining the Environmental Performance Assessment Program (PROPER) are determined as the sample. Results indicate that controlling shareholders have a positive impact on operational efficiency commitment to environmental friendliness and also on firm performance. In addition, other key findings indicate that the controlling shareholders can improve firm performance through the implementation of operational efficiency commitment to environmental friendliness. The results of this study support the position of the agency theory, the stakeholder theory, and the legitimacy theory. Operational efficiency commitment to environmental friendliness is then suggested to be a meaningful strategy for the firms to obtain sustainable performance.

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