How Does Ownership Structure Affect Firm Value? A Comparison Using Different Corporate Governance Systems

2003 ◽  
Author(s):  
Alberto de Miguel ◽  
Julio Pindado ◽  
Chabela de la Torre
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Firm Value ◽  
Governance Systems

Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand

2012 ◽  
Vol 36 (6) ◽  
pp. 1722-1743 ◽  
Author(s):  
J. Thomas Connelly ◽  
Piman Limpaphayom ◽  
Nandu J. Nagarajan
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Firm Value ◽  
Form Versus

Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange

2009 ◽  
Vol 10 (5) ◽  
pp. 488-499 ◽  
Author(s):  
Zangina Isshaq ◽  
Godfred A. Bokpin ◽  
Joseph Mensah Onumah
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Cash Holdings ◽  
Ghana Stock Exchange

scholarly journals Ownership structure and performance: A comparison of different corporate governance systems

2005 ◽  
Vol 2 (4) ◽  
pp. 76-85 ◽  
Author(s):  
Alberto de Miguel Hidalgo ◽  
Julio Pindado ◽  
Chabela de la Torre
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Ownership Concentration ◽  
Institutional Factors ◽  
Insider Ownership ◽  
Market For Corporate Control ◽  
Governance Systems ◽  
The World ◽  
And Performance ◽  
The Relationship

This paper analyses how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm performance. Our analysis gives rise to the following remarks. First, ownership concentration and insider ownership levels are determined by several institutional features such as investor protection, development of capital markets, activity of the market for corporate control, and effectiveness of boards. Second, the relationship between ownership concentration and performance is not directly affected by these institutional factors. Third, there is, however, a direct influence of corporate governance characteristics on the relationship between insider ownership and performance.

scholarly journals Corporate governance, ownership and sustainability

2016 ◽  
Vol 13 (2) ◽  
pp. 606-612 ◽  
Author(s):  
Daniela M. Salvioni ◽  
Francesca Gennari
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Performance Indicators ◽  
Corporate Boards ◽  
Bottom Line ◽  
The Sustainable Development ◽  
Fair Disclosure ◽  
Governance Systems ◽  
The World ◽  
Common Goals

The main finding of this article is that sustainability and the broader concept of social responsibility imply a change in the spirit of governance, which promotes the so-called ’de facto convergence’ between the different corporate governance systems existing all over the world. Substantial corporate governance convergence suggests that different countries may have different companies’ ownership structure, rules and institutions but the corporate boards may still be able to perform common goals, with attention to similar key performance indicators, such as ensuring fair disclosure or accountability. Companies that perform better with regard to the triple bottom line can increase shareholder value contributing, at the same time, to the sustainable development of the societies in which they operate.

scholarly journals Ownership structure, board of directors and firm performance: evidence from Taiwan

2019 ◽  
Vol 19 (1) ◽  
pp. 189-216 ◽  
Author(s):  
Mao-Feng Kao ◽  
Lynn Hodgkinson ◽  
Aziz Jaafar
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Board Of Directors ◽  
Ownership Structure ◽  
Firm Value ◽  
Listed Companies ◽  
Independent Directors ◽  
Data Set ◽  
Content Type ◽  
Listed Firms

PurposeUsing a data set of listed firms domiciled in Taiwan, this paper aims to empirically assess the effects of ownership structure and board of directors on firm value.Design/methodology/approachUsing a sample of Taiwanese listed firms from 1997 to 2015, this study uses a panel estimation to exploit both the cross-section and time–series nature of the data. Furthermore, two stage least squares (2SLS) regression model is used as robustness test to mitigate the endogeneity issue.FindingsThe main results show that the higher the proportion of independent directors, the smaller the board size, together with a two-tier board system and no chief executive officer duality, the stronger the firm’s performance. With respect to ownership structure, block-holders’ ownership, institutional ownership, foreign ownership and family ownership are all positively related to firm value.Research limitations/implicationsAlthough the Taiwanese corporate governance reform concerning the independent director system which is mandatory only for newly-listed companies is successful, the regulatory authority should require all listed companies to appoint independent directors to further enhance the Taiwanese corporate governance.Originality/valueFirst, unlike most of the previous literature on Western developed countries, this study examines the effects of corporate governance mechanisms on firm performance in a newly industrialised country, Taiwan. Second, while a number of studies used a single indicator of firm performance, this study examines both accounting-based and market-based firm performance. Third, this study addresses the endogeneity issue between corporate governance factors and firm performance by using 2SLS estimation, and details the econometric tests for justifying the appropriateness of using 2SLS estimation.

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