scholarly journals Corporate governance and capital structure in the periods of financial distress. Evidence from Greece

2017 ◽  
Vol 14 (1) ◽  
pp. 254-262 ◽  
Author(s):  
George Kyriazopoulos
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Financial Distress ◽  
Sovereign Debt ◽  
Negative Impact ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Outside Directors ◽  
Listed Firms ◽  
Athens Stock Exchange

This study examines the relationship between corporate governance and capital structure employing data from the Athens Stock Exchange for the period 2005-2014. This period encompasses the sovereign debt crisis erupted in Greece at the end of 2009 and still continues to hit households and businesses alike. The results from the panel regression analysis signify the role of corporate governance structures in determining the capital structure of the Greek listed firms. In particular, the empirical results reveal a negative impact of board size on debt levels, which is weakened during the debt crisis period. In contrast, the presence of outside directors provides the appropriate certification to use more debt. Finally, growth opportunities and profitability are the two firm-specific factors which effect was weakened during the financially-constraint period.

scholarly journals The impact of corporate governance on earnings management: Evidence from Greek listed firms

2021 ◽  
Vol 18 (2) ◽  
pp. 140-153
Author(s):  
Petros Kalantonis ◽  
Sotiria Schoina ◽  
Christos Kallandranis
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Boards Of Directors ◽  
Sovereign Debt ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Legal Framework ◽  
Listed Firms ◽  
Athens Stock Exchange ◽  
The Impact

In this paper, we investigate whether the characteristics of boards of directors are associated with earnings management. By employing a sample of listed firms in the Athens Stock Exchange during the period from 2008 to 2016 and applying two different earnings management models (Dechow’s ’96 and DeAngelo’s ’86) to explore, via the discretionary accruals, for the presence of earnings management, we surprisingly found no evidence of almost any effect of the investigated board characteristics, except CEO duality. Besides, we also found significant variation over time. This finding confirms the unpresented effect of the sovereign debt crisis on Greek firms. The corporate governance legal framework has been improved since the mandatory adoption of the International Accounting Standards, at least from the listed firms in the Athens Stock Exchange in 2005. Under the new rules, more detailed corporate governance information is included in the firms’ financial reports during the last decade.

scholarly journals Corporate governance and firm performance in periods of financial distress

2017 ◽  
Vol 14 (3) ◽  
pp. 209-222 ◽  
Author(s):  
George Kyriazopoulos
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Financial Distress ◽  
Sovereign Debt ◽  
Positive Impact ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Outside Directors ◽  
Board Size

This study investigates the relationship between corporate governance and firm performance employing data from 203 firms listed on the Athens Stock Exchange between 2005 and 2014. This period encompass the sovereign debt crisis erupted in Greece in 2010 and still continues to hit households and businesses alike. The results from the panel regression analysis signify the role of corporate governance in determining the firm performance of the Greek listed firms. In particular, the empirical results reveal a positive impact of board size and composition on corporate performance. Though the role of board size remains unaltered during the crisis period that of outside directors diminishes as the certification provided by auditors seem to replace much of the variation in firm performance. Finally, leverage and liquidity are the two firm-specific factors that their effect was strengthened during the financially-constraint period.

scholarly journals The Role of Financial Performance in Mediating The Effect of Good Corporate Governance on Financial Distress

2019 ◽  
Vol 15 (1) ◽  
pp. 34-47 ◽  
Author(s):  
Ratieh Widhiastuti ◽  
Ahmad Nurkhin ◽  
Nurdian Susilowati
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Financial Distress ◽  
Negative Impact ◽  
Stock Exchange ◽  
Annual Reports ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Financial Difficulties ◽  
Good Corporate Governance

AbstractThis research aims to study the effect of good corporate governance on financial distress directly and mediated by financial performance. The study population was a manufacturing company listed on the Indonesia Stock Exchange (IDX) in 2016. The study sample was determined using the purposive sampling method, which produced 137 companies that met the requirements. The research data uses secondary data in the form of financial statements and annual reports of manufacturing companies obtained through the Indonesia Stock Exchange website. The analytical tool to test the research hypothesis is Analysis of Moment Structures (AMOS). The results of the study show that there is no direct and indirect impact on corporate governance to financial difficulties; while financial performance has a negative impact on financial difficulties. Keywords: Financial Performance, Good Corporate Governance, Financial DistressPeran Financial Performance dalam Memediasi Pengaruh Good Corporate Governance Terhadap Financial DistressAbstrakTujuan penelitian ini adalah untuk mengetahui pengaruh good corporate governance terhadap financial distress baik secara langsung maupun dengan dimediasi oleh financial performance. Populasi penelitian adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2016. Sampel penelitian ditentukan dengan menggunakan metode purposive sampling, yang menghasilkan 137 perusahaan yang memenuhi syarat. Data penelitian menggunakan data sekunder berupa laporan keuangan dan annual report perusahaan manufaktur yang diperoleh melalui website Indonesia Stock Exchange. Alat analisis untuk menguji hipotesis penelitian yaitu Analysis of Moment Structures (AMOS). Hasil penelitian menunjukkan good corporate governance tidak berpengaruh baik secara langsung maupun tidak langsung terhadap financial distress; sedangkan financial performance berpengaruh negatif signifikan terhadap financial distress. Kata kunci: Financial Performance, Good Corporate Governance, Financial Distress 

scholarly journals Corporate Governance for A.S.E. Listed Firms

2016 ◽  
Vol 63 (1) ◽  
pp. 97-107
Author(s):  
Theognosia Tellidou ◽  
Chris Grose ◽  
Persefoni Polychronidou ◽  
Theodore Kargidis ◽  
Stergios Anatolitis
Keyword(s):  
Corporate Governance ◽  
Best Practices ◽  
Stock Exchange ◽  
Financial Statements ◽  
Public Companies ◽  
Listed Firms ◽  
Qualitative And Quantitative ◽  
Extensive Analysis ◽  
Recent Trends ◽  
Athens Stock Exchange

The present paper focuses on the level of compliance and application of corporate governance from the corporations listed in the Athens Stock Exchange (A.S.E.) and attempts to highlight improvements from the adoption of best practices suggested by corporate governance recent trends worldwide. In order for the research to be conducted, a series of qualitative and quantitative variables were used, as derived from the financial statements of 162 public companies. A more extensive analysis regarding the level of compliance with corporate governance was conducted in 25 companies with the highest and 25 corporations with the lowest score, whose classification in these positions was the result of a rating system that was created for this purpose.

scholarly journals PERAN CORPORATE GOVERNANCE DALAM MENURUNKAN KEBANGKRUTAN PADA PERUSAHAAN DI INDONESIA

2017 ◽  
Vol 21 (3) ◽  
pp. 391
Author(s):  
Tasya Hilaliya ◽  
Farah Margaretha
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Financial Distress ◽  
Manufacturing Industry ◽  
Negative Impact ◽  
Stock Exchange ◽  
Z Score ◽  
Panel Data Regression ◽  
Data Regression ◽  
Governance Practices

This research examines the influence of Corporate Governance on Firm Performance measured by Tobin's Q and Financial Distress measured by Z-score. The samples used were 72 companies engaged in the manufacturing industry are listed on the Indonesia Stock Exchange (BEI) for five years from 2011 to 2015. The analytical methods used in this research is panel data regression, discriminant analysis, and logistic regression. The results showed that (I) there is no significant impact between corporate governance practices on firm performance. (2) there is negative impact between corporate governance practices on financial distress. Then, the companies need to increase corporate governance in order to avoid possibility of financial distress and for the investor before making an investment should consider the factors that affect the firm performance and financial distress

scholarly journals Pengaruh Audit Internal, Struktur Modal, Dan Good Corporate Governance Terhadap Kinerja Keuangan

2020 ◽  
Vol 2 (1) ◽  
pp. 2001-2019
Author(s):  
Amara Meidiana ◽  
Erinos NR
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Financial Performance ◽  
Sampling Method ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Internal Audit ◽  
Good Corporate Governance ◽  
Significant Negative Impact

Economic growth according to business field said that financial sector in 2016 to 2018 were decreased year by year. It indicates that there was a financial performance’s decline in financial sector’s companies. In order to increase financial performance, we need to find out factors that could accelerate financial performance’s potential. Internal audit, capital structure, and good corporate governance are independent variables that will be tested in this research for their impacts on financial performance. This research uses ROA, ROE, & NPM combination as internal audit’s proxies and DAR, DER, & LDER as capital structure’s proxies which are still minor in prior researchs. The purpose of this research is to test how far internal audit, capital structure, and good corporate governance could affect financial performance partially. This research was tested on financial sector’s companies that listed on Indonesia Stock Exchange in 2016 to 2018 with 129 samples using purposive sampling method with judgment. The results of this research proved that internal audit had insignificant positive impact on financial performance, capital structure had significant negative impact on financial performance, while good corporate governance had significant positive impact on financial performance with significant level 0,005 which is had not reach the maximum standard 0,05 yet.

scholarly journals Corporate governance effect on financial distress: evidence from In-donesian public listed companies

2019 ◽  
Vol 21 (3) ◽  
pp. 415
Author(s):  
Rahmasari Ibrahim
Keyword(s):  
Corporate Governance ◽  
Financial Distress ◽  
Sampling Method ◽  
Negative Impact ◽  
Stock Exchange ◽  
Binary Logistic Regression ◽  
Institutional Ownership ◽  
Binary Logistic Regression Analysis ◽  
Managerial Ownership ◽  
Significant Negative Impact

The study aims to determine the effect of corporate governance structures: managerial ownership, institutional ownership, independent commissioners, board of commissioners’ size, and board of directors’ size on financial distress. It used the sample taken from non-financial companies listed on the Indonesia Stock Exchange (IDX) for period 2012-2016. This study used a purposive sampling method involving 605 observations using binary logistic regression analysis techniques. The results show that there are significant negative impact between institutional ownership, size of board of commissioners and directors on financial distress. However, the results confirm that managerial ownership and independent commissioners had no significant impact on financial distress

scholarly journals Corporate Restructuring in Vietnam: An Analysis of Asset Restructuring

2016 ◽  
Vol 23 (03) ◽  
pp. 02-35
Author(s):  
Thanh Su Dinh ◽  
Nguyen Doan Vu ◽  
Trung Bui Thanh
Keyword(s):  
Performance Improvement ◽  
Negative Impact ◽  
Stock Exchange ◽  
Corporate Restructuring ◽  
Ownership Concentration ◽  
Financial Indicators ◽  
Outside Directors ◽  
Listed Firms ◽  
Subsequent Performance ◽  
Asset Restructuring

Corporate restructuring is likely to be approached from various aspects. In this paper and in the context of Vietnam, it is inspected via asset restructuring. Using both financial and non-financial indicators of 226 listed firms on Hochiminh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) over the 2007–2014 period, this paper investigates: (i) the determinants of corporate restructuring in Vietnam; and (ii) the effects of corporate restructuring on corporate performance. Empirical findings show that: (i) the fact that an enterprise conducts its restructuring plans primarily depends on its performance, and ownership concentration has a negative impact on the process of restructuring; (ii) a board with the presence of outside directors has positive and statistically significant effects on the performance of the firm, and foreign holdings lead to subsequent performance improvement.

scholarly journals CAPITAL STRUCTURE AND ITS DETERMINANTS IN NEW ZEALAND FIRMS

2013 ◽  
Vol 14 (5) ◽  
pp. 852-866 ◽  
Author(s):  
Nirosha Hewa Wellalage ◽  
Stuart Locke
Keyword(s):  
Corporate Governance ◽  
New Zealand ◽  
Capital Structure ◽  
Quantile Regression ◽  
Stock Exchange ◽  
Firm Characteristics ◽  
Conditional Quantile ◽  
Listed Firms ◽  
Firm Type ◽  
The Relationship

The current study aims to empirically explore the relationship between firm characteristics, corporate governance and capital structure in New Zealand's large listed companies. Eight years of data for 40 firms listed on the NZX50 Stock Exchange, are collected and observations are analysed using a conditional quantile regression. This study finds firm-specific characteristics rather than corporate governance variables play a significant role in determining firm leverage levels. The results indicate that finance policies need to vary across firm type and firm characteristics, and should match with the different borrowing requirements of listed firms.

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