scholarly journals Corporate governance and firm performance within the Russian agri-food sector: does ownership structure matter?

2020 ◽  
pp. 1-20
Author(s):  
Alisher Tleubayev ◽  
Ihtiyor Bobojonov ◽  
Taras Gagalyuk ◽  
Emma García Meca ◽  
Thomas Glauben
Keyword(s):  
Firm Performance ◽  
Ownership Structure ◽  
Food System ◽  
Vital Role ◽  
Ownership Concentration ◽  
Food Sector ◽  
Return On Assets ◽  
Peak Point ◽  
Return On Sales ◽  
The Impact

This article provides pioneering empirical evidence on the ownership structure and firm performance relationship for the case of corporate agri-food companies in Russia. While Russia plays a vital role in the global agri-food system, its domestic agri-food production is evidently dominated by a small number of corporate enterprises, which are in turn characterized by high ownership concentration. We employ unique panel data obtained from 203 companies for the years between 2012 and 2017. A random effects model was used to analyze the impacts of ownership concentration and ownership identity on the firms’ financial performance, measured by return on assets and return on sales. Our results indicate an inverse U-shaped association between ownership concentration and firm performance, with average level of ownership concentration found to be on the descending range of the inverse U-shaped curve. Moreover, we observe a similar quadratic relationship between ownership concentration by government and directors and firm performance. On average, ownership by directors was found to be on the ascending range and below the peak point, suggesting a potential for further performance improvement, while the impact of agroholding ownership was found to be linear and positive.

scholarly journals The structure of corporate ownership and firm performance: Sri Lankan evidence

2013 ◽  
Vol 11 (1) ◽  
pp. 723-734 ◽  
Author(s):  
Athula Manawaduge ◽  
Anura De Zoysa
Keyword(s):  
Firm Performance ◽  
Performance Measures ◽  
Ownership Structure ◽  
Emerging Market ◽  
Ownership Concentration ◽  
Sri Lankan ◽  
Accounting Performance ◽  
Listed Firms ◽  
Strong Positive Relationship ◽  
The Impact

This paper examines the impact of ownership structure and concentration on firm performance in Sri Lanka, an emerging market in Asia. The study estimates a series of regressions using pooled data for a sample of Sri Lankan-listed firms to investigate the impact of ownership concentration and structure on firm performance based on agency theory framework, using both accounting and market-based performance indicators. The results of the study provide evidence for a strong positive relationship between ownership concentration and accounting performance measures. This suggests that a greater concentration of ownership leads to better performance. However, we found no significant impact using market-based performance measures, which suggests the existence of numerous market inefficiencies and anomalies. Furthermore, the findings of the study show that ownership structure does not have a significant distinguishable effect on performance.

scholarly journals Ownership structure and voluntary disclosure in corporate annual reports of Malaysian listed firms

2011 ◽  
Vol 8 (2) ◽  
pp. 296-312 ◽  
Author(s):  
Poh-Ling Ho ◽  
Gregory Tower
Keyword(s):  
Ownership Structure ◽  
Voluntary Disclosure ◽  
Positive Association ◽  
Institutional Ownership ◽  
Ownership Concentration ◽  
Annual Reports ◽  
Policy Makers ◽  
Listed Firms ◽  
Ownership Structures ◽  
The Impact

This paper examines the impact of ownership structure on the voluntary disclosure in the annual reports of Malaysian listed firms. The result shows that there is an increase in the extent of voluntary disclosure in Malaysian listed firms over the eleven-year period from 1996 to 2006. Ownership concentration consistently shows positive association with voluntary disclosure. Firms with higher foreign and institutional ownership have a significantly positive association with voluntary disclosure levels while firms with family ownership exhibit lower voluntary disclosure. Consistent with agency theory, different ownership structures have varied monitoring effects on agency costs and clearly influence firm’s disclosure practices. The findings provide insights to policy makers and regulators in their desire to increase transparency and accountability amidst the continual enhancement of corporate governance. The findings provide evidence that optimized ownership structure in any jurisdiction should be considered in any regulatory process that seeks to improve transparency.

Effect of Ownership Structure on Firm Performance Evidence From Non-Financial Listed Firms

2021 ◽  
pp. 143-170
Author(s):  
Muhammad Arslan
Keyword(s):  
Firm Performance ◽  
Ownership Structure ◽  
Causal Effect ◽  
Random Effect ◽  
Random Effect Model ◽  
Least Square ◽  
Ownership Concentration ◽  
Variable Model ◽  
Listed Firms ◽  
Dummy Variable

In modern organizations, there is a separation between ownership and control of the firm. On the lenses of agency theory, this study statistically examines the relationship between ownership structure (i.e., ownership concentration and owner identity) and firm performance of non-financial listed firms of Pakistan by taking firm-level control variables of size, age, liquidity, financial leverage, and growth of the firm. Secondary data is collected from annual reports of 65 non-financial listed firms for the year 2008 to 2012. The least-square dummy variable model followed by the random effect model has been employed to statistically determining the impact of ownership structure on firm performance. The results of the least square dummy variable model reveal that the ownership concentration has a significant positive impact on firm performance. The owner identity (such as dispersed, family, institutional, and government ownership) has a significant causal effect on firm performance as indicated from t and p values.

scholarly journals Impact of Cost Control on Business Efficiency of Small and Medium Sized Enterprises in Thai Binh, Vietnam

2017 ◽  
Vol 4 (2) ◽  
pp. 112
Author(s):  
Ngoc Hung Dang ◽  
Thi Viet Ha Hoang ◽  
Manh Dung Tran
Keyword(s):  
Firm Size ◽  
Cost Control ◽  
Joint Stock Company ◽  
Financial Leverage ◽  
Stock Company ◽  
Return On Assets ◽  
Expense Ratio ◽  
Business Efficiency ◽  
Return On Sales ◽  
The Impact

This study is conducted for investigating the impact of cost control on business efficiency of small and medium-sized enterprises (SMEs) in the area of Thai Binh, Vietnam for the period from 2012 to 2014. Impacting factors were built and verified on business efficiency of SMEs including (i) Cost of goods sold ratio, (ii) Financial expense ratio, (iii) Administration expense ratio, (iv) Firm size, (v) Financial leverage, (vi) Assets structure, and on Pre-tax return on sales ratio and Pre-tax return on assets ratio. The study employed regression models of OLS, FEM, REM and GLS with multi-year dataset of SMEs in Thai Binh province. The results show that the ratios of cost of goods sold, financial leverage, and administration expenses have negative relation with business efficiency, but affecting Return on sales (ROS) and Return on assets (ROA). In addition, financial leverage, assets structure and firm size have small impacts on ROS and ROA. Also, basing on the findings, SMEs operating in the form of joint stock company have higher business efficiency than those operating in the form of limited liability company.

Impact of CEO Overconfidence on Firm Performance: An Evidence from S&P BSE 200

2019 ◽  
Vol 23 (3) ◽  
pp. 234-243
Author(s):  
Hardeep Singh Mundi ◽  
Parmjit Kaur
Keyword(s):  
Firm Performance ◽  
Superior Performance ◽  
Annual Reports ◽  
Tobin’S Q ◽  
Return On Assets ◽  
Tobin's Q ◽  
Full Sample ◽  
Forecasting Error ◽  
Research Article ◽  
The Impact

The current research article considers the impact of CEO overconfidence on firm performance for S&P BSE 200 firms. The CEO overconfidence is measured using revealed beliefs (holder 67, long holder and net buyer), press coverage and forecasting error proxies of CEO overconfidence. CEO Overconfidence measures are constructed as per the methodology of Malmendier and Tate (2005b, 2008). Firm performance is measured using Tobin’s Q and return on assets. The data are collected from the Centre for Monitoring Indian Economy (CMIE) prowess, S&P Capital IQ and the annual reports of the sample firms over a period of 15 years starting from 1 April 2000 to 31 March 2015. Regression results for each of the proxy of CEO overconfidence with the proxies of firm performance indicate that large Indian firms with overconfident CEOs enjoy a higher return on assets and Tobin’s Q as compared to the full sample firms. Overconfident CEOs consider themselves better-than-average, are involved with over-investment and show superior performance for the firm. The overconfident CEOs increase firm performance by following optimal levels of investments in the firm.

scholarly journals Does CSR Influence Firm Performance Indicators? Evidence from Chinese Pharmaceutical Enterprises

2019 ◽  
Vol 11 (20) ◽  
pp. 5656 ◽  
Author(s):  
Minghui Yang ◽  
Paulo Bento ◽  
Ahsan Akbar
Keyword(s):  
Firm Performance ◽  
Financial Performance ◽  
Financial Indicators ◽  
Social Dimensions ◽  
Return On Assets ◽  
Environmental Aspect ◽  
Return On Equity ◽  
Earnings Per Share ◽  
Corporate Social ◽  
The Impact

This research is carried out in the backdrop of increasing product quality and environmental degradation scandals associated with Chinese Pharmaceuticals in recent years. We examined the data of 125 Chinese Pharmaceuticals between 2010–2016 to investigate the impact of overall corporate social responsibility (CSR) performance as well as the performance on five unique aspects of CSR such as shareholders, employees, customers and suppliers, environmental practices, and the society to gauge the impact of these individual dimensions on the firm’s financial performance. The Hexun rating system is used to gauge a firm’s CSR performance on various stakeholder dimensions as it is one of the widely accepted CSR measurement criteria in China. The firm performance is measured by Tobin’s Q, return on assets (ROA), return on equity (ROE), and earnings per share (EPS) ratios. The outcome of the panel-based regression models reveals that the overall CSR score has a positive and significant influence on a firm’s financial indicators. Moreover, although all the CSR dimensions relate positively to firm performance, the environmental aspect of CSR has the most profound impact on firm performance followed by customers and suppliers, and employees. However, the shareholders and social dimensions have a relatively lesser influence on firm performance. These results imply that Chinese Pharmaceuticals shall further optimize each aspect of CSR performance as it can not only create a favorable brand image for various stakeholders but also results in sustainable financial performance.

scholarly journals The Association of Board Composition, Intellectual Capital and Firm Performance in a High Ownership Concentration Context: Evidence from Italy

2016 ◽  
Vol 11 (10) ◽  
pp. 317 ◽  
Author(s):  
Stefania Veltri ◽  
Romilda Mazzotta
Keyword(s):  
Firm Performance ◽  
Intellectual Capital ◽  
Ownership Structure ◽  
Capital Market ◽  
Ownership Concentration ◽  
Board Composition ◽  
Firm Efficiency ◽  
Management Literature ◽  
Sophisticated Model ◽  
The Relationship

<p>The association of Corporate Governance (CG) with Firm Performance (FP) has always been an issue relevant to management literature. Nevertheless, the notable heterogeneity of studies and their mixed results highlight the opportuneness of continuing to investigate the association of CG with FP. The article aims to contribute to this research by building and employing a sophisticated model to take into account beyond the  board composition ownership structure and firm efficiency in using its intellectual capital (as measured by VAIC<sup>TM</sup>). The findings provide evidence that the board composition, the ownership concentration and the efficiency of intellectual capital increases firm efficiency in producing profits (as measured by ROA). Furthermore, our findings add knowledge to the relationship between CG and FP, by confirming a positive relationship in Italy, a continental European capital market under-investigated on this issue.</p>

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