scholarly journals An exploration of the effect of organisational demography on board size and leadership structure: Evidence from the Greek manufacturing sector

2018 ◽  
Vol 14 (3) ◽  
pp. 46-57
Author(s):  
Dimitrios N. Koufopoulos ◽  
Ioannis P. Gkliatis
Keyword(s):  
Stock Exchange ◽  
Manufacturing Sector ◽  
Annual Reports ◽  
Board Structure ◽  
Board Size ◽  
Board Characteristics ◽  
Leadership Structure ◽  
Research Findings ◽  
Athens Stock Exchange ◽  
The Impact

This study examines how organisational demography (organizational age, organisational size and number of years listed in the Athens Stock Exchange, ATHEX), may impact the board structure (board size, CEO duality and CEO dependence/ independence). The relationships are proposed, under the light of data collected from the annual reports of all 140 manufacturing organisations quoted in the Athens Stock Exchange. Research findings revealed a significantly positive relationship of organisational size, organisational age and number of years that a firm is listed in the Stock Exchange with board size. However, these organisational characteristics do not influence the leadership structure or dependency/independency of the Chairperson to the CEO. While many studies examining the impact of board characteristics on various organisational outputs, including performance, reputation and effectiveness, there are limited studies investigating variables that affect board characteristics and as such the study opens discussion on potential predictors of board.

scholarly journals The effect of duality/non-duality of CEO, board size, meeting, committee on domestic shareholdings: Empirical evidence from Sri Lanka

2014 ◽  
Vol 11 (4) ◽  
pp. 329-337
Author(s):  
Nadarajah Sivathaasan ◽  
Sivapalan Achchuthan
Keyword(s):  
Sri Lanka ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Manufacturing Companies ◽  
Regression Analyses ◽  
Board Meeting ◽  
Board Size ◽  
The Impact ◽  
Test Correlation

This paper seeks to investigate the effect of duality/non-duality of CEO, board size, meeting, committee on domestic shareholdings of manufacturing companies listed on Colombo Stock Exchange over a three-year period from 2011 to 2013. The study employs the independent samples t-test, correlation and regression analyses to assess the relationships as well as the impact on domestic shareholdings using a sample of 32 quoted companies ( n =32). It is found that duality & non-duality of CEO structure do not differ in relation to domestic shareholdings that are inconsistent with the hypothesis formulated. Board size (+) and board meeting (+) have shown positive relationship and board committee (-) is negatively associated with domestic shareholdings. As per the empirical results, board committee and board size have significant (p < 0.05) impact on domestic share holdings and insignificant impact is observed by board meeting. The present study concentrates only on the manufacturing sector quoted on Colombo Stock Exchange. This paper has taken an effort to this area of research on emerging share holdings held by local individuals and institutions in Sri Lanka and the findings could be generalized to the companies similar to this category.

scholarly journals The Impact of Corporate Governance on Dividend Decisions: Evidence from Non-Financial Sector of Pakistan

2021 ◽  
Vol 10 (1) ◽  
pp. 285-295
Author(s):  
IHTESHAM KHAN ◽  
MUHAMMAD SHAHID ◽  
SHAH RAZA KHAN
Keyword(s):  
Corporate Governance ◽  
Financial Institution ◽  
Stock Exchange ◽  
Annual Reports ◽  
Board Independence ◽  
Board Size ◽  
Financial Firms ◽  
Size Firm ◽  
The Impact ◽  
Individual Ownership

This study sought to ascertain the impact of corporate governance on dividend decisions of non-financial firms listed on Pakistan stock exchange (PSX). Panel data was collected from 2011to 2016. Data was collected from Non financial firms annual reports and State Bank of Pakistan (SBP) data base. The STATA software was used to analyze the data. The study investigates the association of firm’s performance and corporate governance. Specifically, this study investigate dividend decision (dividend per share(DPS)), corporate governance (board independence ,board size, size of firm, leverage, profitability, Insider ownership, individual ownership, and institutional ownership). A total of 42 non-financial firms are used to determine this relationship. The results show a positive significant relation between the Profitability, individual ownership with DPS. This study also found a negative and significant relationship between insiders ownership, financial institution ownership with DPS. It has also been found that Board independence, board size, firm size and leverage have negative and insignificant relationship with dividend per share (DPS). Keywords: Corporate Governance, Dividend Decisions, Dividend Policy.

scholarly journals CORPORATE GOVERNANCE AND FIRM PERFORMANCE NEXUS: A CASE OF CEMENT INDUSTRY OF PAKISTAN

2018 ◽  
Vol 1 (1) ◽  
pp. 1-6 ◽  
Author(s):  
Abdul Ghafoor Kazi ◽  
Muhammad Asad Arain ◽  
Payal Devi Sahetiya
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Ownership Structure ◽  
Significant Relationship ◽  
Stock Exchange ◽  
Study Data ◽  
Cement Industry ◽  
Annual Reports ◽  
Board Structure ◽  
The Impact

Corporate governance is the system of rules, practices and method by that business corporations are directed and controlled. The aim of this research is to examine the impact of the corporate governance on the financial performance of the enlisted cement industry on the Pakistan Stock Exchange from the year 2013-17. This research is a “quantitative research” which focuses on numbers and results based on empirical analysis of actual data and logic. Ten out of seventeen cement firms listed at PSX from the period 2013-17 are selected as sample of the study. Data was collected from documents and records. Descriptive statistics, Pearson’s correlation and multiple regressions were used for data analysis. The results showed that there is no significant relationship between leverage and firm performance, the board structure has no significant relationship with firm performance, and firm size has an insignificant relationship with firm performance. The results however suggested that ownership structure has significant relationship with firm performance. The future investors in cement industry of Pakistan must consider above factors before investments. This study helps shareholders and management in decision making about the effect of ownership structure on firm performance and how these can change ownership structure. This study helps students to gain knowledge and understanding about good corporate governance and its impact on firm performance. It will also help them to go through the annual reports of companies and to analyse the financial statements so that they could learn how to analyse the performance of the firm in terms of ROE. Moreover, the study would also be a direction for future researchers and students to further add value to the subject of corporate governance and firm performance.

scholarly journals Corporate governance and voluntary risk and forward-looking disclosures

2018 ◽  
Vol 19 (4) ◽  
pp. 592-607 ◽  
Author(s):  
Mohammed M. Elgammal ◽  
Khaled Hussainey ◽  
Fatma Ahmed
Keyword(s):  
Corporate Governance ◽  
Global Financial Crisis ◽  
Negative Impact ◽  
Annual Reports ◽  
Board Size ◽  
Content Type ◽  
Board Characteristics ◽  
Panel Regressions ◽  
The Impact ◽  
Forward Looking

PurposeThe purpose of this paper is to examine the impact of corporate governance on risk and forward-looking disclosures in Qatar.Design/methodology/approachThe authors automatically measure levels of risk and forward-looking disclosures in the annual reports of Qatari firms for the period 2008–2014. The authors also use two ways clustered error pooled panel regressions to examine the determinants of these disclosures.FindingsThe authors find that firms with a higher percentage of foreign ownership disclose more forward-looking information; conversely, board size has a negative impact on the forward-looking disclosure. Financial firms tend to disclose less forward-looking information, however, they tend to disclose more forward-looking information after the 2008 global financial crisis. The authors also find negative relationships between the risk disclosure and both the number of non-executive members of the board of directors and duality role of the CEO.Research limitations/implicationsThe study uses the quantity of disclosure as a proxy for the quality of disclosure.Practical implicationsThe findings should help the users of corporate annual reports in Qatar to understand managerial incentives for reporting risk and forward-looking information. This should help regulators to set a proper set of disclosure rules. Moreover, this study increases our understanding of the behavior of international investors and the board characteristics (i.e. board size) in motivating risk and forward-looking disclosures in Qatari firms.Originality/valueThe authors provide the original empirical evidence on the impact of corporate ownership and board characteristics on risk and forward-looking disclosures for Qatari firms using two ways clustered error pooled panel regressions.

scholarly journals Analyzing Why Organizations Differ in Board Composition

2020 ◽  
Vol 7 (1) ◽  
pp. 1-15
Author(s):  
Dimitrios Koufopoulos ◽  
Ioannis Gkliatis ◽  
Konstantinos A. Athanasiadis ◽  
Epameinondas Katsikas
Keyword(s):  
Resource Dependence ◽  
Stock Exchange ◽  
Resource Dependence Theory ◽  
Manufacturing Companies ◽  
Board Characteristics ◽  
Legal Context ◽  
Leadership Structure ◽  
Athens Stock Exchange ◽  
Board Leadership Structure ◽  
Relationship Of

In this paper, building upon several theories (agency theory, stakeholder theory, and resource dependence theory) and by utilising data from 161 Greek manufacturing companies that were listed in the Athens Stock Exchange on the 31st December 2008, the authors explore the relationships between the organisational characteristics of the firms (organisational age, organisational size, and years listed in the stock market) and the board configuration (board size, board leadership structure, and directors' dependence/independence). The motivation of the study was based on both the peculiarity of the Greek context in the front of a strong economic crisis, but also in trying to establish relationship of board characteristics with factors that are understudied. Both descriptive and inferential statistics (ANOVA tests) were utilised to answer the research questions. Interestingly and in alignment with the literature, the findings showed that larger organizations tend to have larger boards and greater proportions of external and independent directors. However, no more strong relationships have been identified between the organisational characteristics and the board configuration. The paper contributes by suggesting that while board configuration is being determined by factors like the legal context of the country and the broader external environment suggested by the literature, various company characteristics can explain some of the board characteristics. Finally, it is worth mentioning that this study examines the listed Greek manufacturing companies during very turbulent times, the start of the financial crisis in Greece, which may have an impact on the configuration of the boards at that time.

scholarly journals The Impact of International Financial Reporting Stanadard (IFRS) Adoption on Accounting Quality in Nigerian Listed Money Deposit Banks

2019 ◽  
Vol 5 (1) ◽  
pp. 49
Author(s):  
Rabiu Saminu Jibril
Keyword(s):  
Financial Reporting ◽  
Stock Exchange ◽  
Developing Nations ◽  
Annual Reports ◽  
Accounting Quality ◽  
Reporting Standard ◽  
Ifrs Adoption ◽  
Data Analyses ◽  
Research Findings ◽  
The Impact

This study was aimed to empirically evaluate the impact of adoption of IFRS on accounting quality in Nigeria using the money deposit banks. The study utilized the annual reports and accounts of 15 banks listed in the Nigerian Stock Exchange for the period of 2011 to 2014 (that is two years before and two years after adoption); using liner regression analysis was employed in analyzing the data generated for the study. Based on the data analyses, the study found that large loss recognitions have increased in the post adoption period. Based on the research findings, the researcher recommends that developing nations should adopt IFRS as their financial reporting standard as it is capable of increasing their accounting quality. The researcher also recommends that research should be conducted to analyze why IFRS improves the accounting quality based on standard by standard, not the whole package.

scholarly journals The Link between Board Structure, Audit, and Performance for Corporate Sustainability

2020 ◽  
Vol 12 (20) ◽  
pp. 8408
Author(s):  
Ovidiu-Constantin Bunget ◽  
Dorel Mateș ◽  
Alin-Constantin Dumitrescu ◽  
Oana Bogdan ◽  
Valentin Burcă
Keyword(s):  
Corporate Governance ◽  
Fixed Effects ◽  
Audit Committee ◽  
Stock Exchange ◽  
Corporate Sustainability ◽  
Board Structure ◽  
Social Transformations ◽  
Warsaw Stock Exchange ◽  
Athens Stock Exchange ◽  
The Impact

The economic and social transformations, the bankruptcies recorded, and the financial crisis affecting all economies have increased the interest for the corporate governance concept. Our intention in this paper was to study the impact of corporate governance attributes on performance given the information published by the entities listed on five stock exchanges from Europe, namely the main market from Bucharest Stock Exchange (BSE) in Romania, the Athens Stock Exchange(ATHEX) main market in Greece, Financial Times Stock Exchange 100 Index (FTSE 100) from Great Britain, Spanish Stock Exchange 35 Index (IBEX 35) from Spain, and Warsaw Stock Exchange 20 Index (WIG 20) from Poland, between 2016–2018. Through mathematical modeling and multiple linear regression, we aimed to determine the extent to which corporate governance characteristics, firm characteristics, industry and stock market fixed effects, and random effects influence the performance of 226 entities included in our sample. The empirical findings revealed that CEO duality, the number of non-executive directors and women on board, audit committee, and audit opinion influenced performance measured by the Return on Assets (ROA) and Return on Equity (ROE) indicators. The ideas highlighted and the results obtained in this research contribute to the literature that analyzes the extent to which an effective governance determines the increase in performance, needed for a sustainable development.

scholarly journals Corporate Governance Mechanisms and Firms’ Performance: An Empirical Analysis of Firms Listed on the Saudi Stock Exchange

2016 ◽  
Vol 6 (2) ◽  
pp. 101 ◽  
Author(s):  
Hamad Yuosef Alhumoudi
Keyword(s):  
Firm Performance ◽  
Stock Exchange ◽  
Positive Influence ◽  
Board Size ◽  
Cross Sectional ◽  
Ceo Duality ◽  
Ownership Structures ◽  
Board Characteristics ◽  
Corporate Governance Mechanisms ◽  
The Impact

This study examines whether implementation of internal CG mechanisms have affected the performance of non-financial firms listed on the Saudi stock exchange “Tadawul”, since the implementation of Saudi CG code. A cross-sectional regression analysis is employed on a sample of 118 non-financial Saudi firms in 2014, to test the hypotheses set out in the study. Board characteristics assessed include, board size, board composition, board meetings and CEO duality. Ownership structures include managerial and concentrated ownership. The study's empirical findings show board size and CEO duality, are amongst those board characteristics with a positive influence on firm performance. In the case of the second internal mechanisms of CG ownership structures, the findings suggest only managerial ownership positively affects performance. The study findings conclude that CG structures differ in every country, as each has its own social and regulations situation. The study contributes to existing literature about the CG in Saudi Arabia by reviewing the impact of CG practices eight years after the CGC. It enhances understanding among practitioners of CG, and explains how it influences firm performance in Saudi.

scholarly journals IMPACT OF BOARD STRUCTURE ON FIRM PERFORMANCE IN THE NIGERIAN MANUFACTURING SECTOR

2018 ◽  
Vol 3 (1) ◽  
pp. 56-65
Author(s):  
Rogers A. Akinsokeji
Keyword(s):  
Firm Performance ◽  
Firm Size ◽  
Fixed Effects ◽  
Manufacturing Sector ◽  
Manufacturing Firms ◽  
Board Structure ◽  
Board Size ◽  
General Behaviour ◽  
Panel Data Estimation ◽  
The Impact

In this study, the impact of board structure on firm performance is empirically examined using a large cross section of 50 manufacturing firms in Nigeria and the panel data estimation technique. Both the random and fixed effects methods are adopted to provide robust estimates from the pooled data for the firms over a ten-year period (2005-2014) and the estimations are performed using two measures of firm performance and three measures of board structure. The empirical results from the analysis show that board structure has a significant impact on performance of manufacturing firms in Nigeria. The main source of the impact is through board independence and faintly through board size. However, board composition seems to exert very little effect on firm performance for the sample in the study. Also, firm size is shown to be an essential factor in explaining the general behaviour of firm performance and the pattern of effect that board structure has on firm performance. The effect of size is observed by controlling for it in the performance estimations. The study shows that firm size tends to improve the effect of board structure on performance, apart from EPS. The optimization of board size and composition is desirable for performance especially in a setting like Nigeria with diverse firm characteristics.

scholarly journals Exploring the Role of Board Characteristics on Enhancing Financial Performance of Jordanian Listed Companies

2017 ◽  
Vol 9 (7) ◽  
pp. 99
Author(s):  
Laith A Alaryan
Keyword(s):  
Financial Performance ◽  
Annual Reports ◽  
Board Composition ◽  
Board Size ◽  
Positive Role ◽  
Board Characteristics ◽  
Board Leadership ◽  
Leadership Structure ◽  
Board Leadership Structure

Corporate governance considered important topic at the local and international levels, especially after many financial crises and corporate failures and such as Enron and World Com This paper aims to explore the role of board characteristics, (i.e. board size, board composition and board leadership structure) on enhancing firms’ financial performance; this study used the non-financial companies’ annual reports for 6 years (2011-2016) to extract the needed information. The non- financial sector consisted form 167 companies, only 139 companies are included in this study due the lack of data during study’s period. The results revealed that there is a positive role for board composition, board leadership structure, board size, on enhancing financial performance, while there is no significant role for board tenure, on financial performance. These mixed results on the relationship between board characteristics and financial performance have opened up possible research area in the future. For instance, extending the sample to comprise more sectors from Amman Stock Exchange is worthwhile to further support or refute the results of this study.

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