חובת ההגינות, בעלי כוח הכרעה וחברות ללא גרעין שליטה Shareholder Responsibility, Effective Power and Dispersed Ownership Structure

2021 ◽  
Author(s):  
Moran Ofir
Keyword(s):  
Ownership Structure ◽  
Effective Power ◽  
Dispersed Ownership

scholarly journals CSR reporting and ownership structure: Evidence from Italian listed companies

2020 ◽  
Vol 17 (3) ◽  
pp. 146-157 ◽  
Author(s):  
Fabio Fortuna ◽  
Mirella Ciaburri ◽  
Silvia Testarmata ◽  
Riccardo Tiscini
Keyword(s):  
Ownership Structure ◽  
Family Firms ◽  
Listed Firms ◽  
Ownership Structures ◽  
Csr Reporting ◽  
Concentrated Ownership ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Relationship ◽  
Dispersed Ownership

The paper empirically explores how firms’ Corporate Social Responsibility (CSR) disclosure varies according to their ownership structure. Three different kinds of ownership structures are considered: family firms (FFs), state-owned firms (SOFs) and firms with dispersed ownership (DOFs). It is the first study examining the relationship between CSR disclosure and ownership structure, which includes in the analysis also FFs and SOFs. The analysis is provided on a sample of 192 listed firms with reference to Italy, a suitable setting for the purpose of the study due to the considerable presence of both FFs and SOFs. Firstly, a content analysis on the CSR documents disclosed by the 192 firms is provided and then data are empirically analysed to test whether the ownership structure influences a firm’s CSR disclosure. Results show that FFs and SOFs disclose less CSR information and the explanation can be found in the lower level of agency problems they have to face. The paper contributes to the stream of literature about CSR disclosure, because it argues that the contents of CSR disclosure vary according to firm’s ownership structure and also to those about FFs and SOFs because it shows that the presence of a concentrated ownership lowers the level of CSR information disclosed.

Commentary: The Servant, the Parasite, and the Enigma: A Tale of Three Ownership Structures and Their Affiliate Directors

2008 ◽  
Vol 32 (6) ◽  
pp. 1027-1033 ◽  
Author(s):  
James G. Combs
Keyword(s):  
Ownership Structure ◽  
Family Firms ◽  
Alternative Interpretation ◽  
Diversification Strategy ◽  
Public Firms ◽  
The Public ◽  
Ownership Structures ◽  
Professional Management ◽  
The Family ◽  
Dispersed Ownership

In private family firms, affiliate directors are largely resource–providing servants of the family. In nonfamily public firms with dispersed ownership, affiliates are, figuratively speaking, symbiotic parasites loyally supporting their professional management hosts while extracting revenues for their home firms. The public family firm stands somewhere between and the affiliate directors in such firms are consequently an enigma. Jones, Makri, and Gomez–Mejia compare affiliate directors in public family firms with those in public nonfamily firms and find that they positively influence diversification strategy only in public family firms. They interpret this outcome as evidence that affiliate directors in public family firms act like the servants found in private family firms. I offer an alternative interpretation by suggesting that affiliate directors in public family firms are more successful versions of their parasitic cousins in public nonfamily firms. I draw attention to the Janus–headed nature of these directors to underscore why it is useful to study public family firms as a distinct ownership structure.

Shareholder Foundations of enterprises: the North European style of securing family businesses for the long term—rising up to the global challenge

2020 ◽  
Vol 26 (7) ◽  
pp. 654-662
Author(s):  
Ineke A Koele ◽  
Rasmus K Feldthusen
Keyword(s):  
Family Business ◽  
Ownership Structure ◽  
Family Businesses ◽  
Family Conflicts ◽  
Global Challenge ◽  
The North ◽  
The Family ◽  
Business Succession ◽  
Dispersed Ownership

Abstract This article explores how and why the traditional business succession system within family businesses needs to be reconsidered. Holding Foundations are generally overlooked although they provide a purpose-driven ownership structure with a stewardship governance that avoids family conflicts, taxation and dispersed ownership affecting the family business. In this article, the authors combine their experiences and insights from Denmark and the Netherlands with shareholder foundations of enterprises.

The effect of ownership structure on social and environmental reporting in Nigeria: the moderating role of intellectual capital disclosure

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bello Usman Baba ◽  
Usman Aliyu Baba
Keyword(s):  
Intellectual Capital ◽  
Ownership Structure ◽  
Foreign Ownership ◽  
Environmental Disclosure ◽  
Content Type ◽  
Management Ownership ◽  
Social And Environmental Disclosure ◽  
Corporate Social ◽  
The Relationship ◽  
Dispersed Ownership

Purpose This paper aims to examine the effect of ownership structure variables on social and environmental disclosure practice in Nigeria. The paper also investigates the moderating impact of intellectual capital disclosure on the relationship between ownership structure elements, social and environmental disclosure. Design/methodology/approach The paper adopted the Global Reporting Initiative (GRI) disclosure framework to extract social and environmental disclosure information from corporate social and environmental reports of 80 companies listed on the Nigerian Stock Exchange. The study spanned from 2012–2017. Management ownership, foreign ownership, block ownership and dispersed ownership are considered as determinants of social and environmental disclosure. A multiple regression analysis was used to test the relationships specified in the study. Findings The result of the descriptive analysis has shown evidence of a low-level disclosure of social and environmental information in corporate reports (annual reports and corporate social and environmental reports) of companies. From the regression analysis, block ownership, foreign ownership and dispersed ownership are found to enhance the disclosure of social and environmental information in the corporate report of companies. However, management ownership was found to be insignificantly related to social and environmental disclosure. The result also revealed that intellectual capital disclosure has a significant positive effect on the relationship between management ownership, foreign ownership and dispersed ownership, social and environmental disclosure. However, intellectual capital disclosure does not moderate the relationship between block ownership, social and environmental disclosure. Originality/value This paper is the first to empirically examine the moderating effect of intellectual capital disclosure on ownership structure variables, social and environmental disclosure. The result of the study offer researchers a better understanding of the impact of ownership structure variables on social and environmental disclosure. The findings are useful to researchers, corporate managers, policymakers and regulatory bodies.

Informational role of ownership concentration: evidence from the Casablanca stock exchange

2019 ◽  
Vol 10 (5) ◽  
pp. 726-735
Author(s):  
Omar Farooq ◽  
Khondker Aktaruzzaman
Keyword(s):  
Ownership Structure ◽  
Stock Exchange ◽  
Relevant Information ◽  
Ownership Concentration ◽  
Content Type ◽  
Vector Autoregressive ◽  
Concentrated Ownership ◽  
Structure Lead ◽  
Dispersed Ownership

Purpose The purpose of this paper is to provide empirical evidence on the informational role played by ownership concentration. Design/methodology/approach The authors use bivariate vector autoregressive models to document the informational role of ownership concentration. Findings The findings suggest that the returns of firms with concentrated ownership structure lead the returns of firms with dispersed ownership structure in Morocco during the period between 2004 and 2014. The authors argue that this lead-lag relationship arises because a better information environment in firms with concentrated ownership structure enables quick incorporation of relevant information. The results are robust under different information regimes. Originality/value The authors believe that this paper is one of the first evidence on the informational role of ownership concentration in Morocco.

THE INFLUENCE OF CORPORATE GOVERNANCE, OWNERSHIP STRUCTURE ON COMPANY VALUE WITH COMPANY SIZE AS MODERATION VARIABEL

2018 ◽  
Vol 2 (2) ◽  
Author(s):  
Ilham Rahim ◽  
Mediaty Mediaty ◽  
R. A. Damayanti Damayanti
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Company Size ◽  
Company Value

Agency Costs, Mispricing, and Ownership Structure

CFA Digest ◽  
2013 ◽  
Vol 43 (2) ◽  
pp. 14-16
Author(s):  
Gregory G. Gocek
Keyword(s):  
Ownership Structure ◽  
Agency Costs
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