scholarly journals Does ownership structure effect IPO underpricing: Evidence from Thai IPOs

2006 ◽  
Vol 3 (2) ◽  
pp. 106-115 ◽  
Author(s):  
Sunder Venkatesh ◽  
Suman Neupane
Keyword(s):  
Regression Model ◽  
Information Asymmetry ◽  
Ownership Structure ◽  
Financial Crises ◽  
Negative Relationship ◽  
Rank Correlation ◽  
Ownership Concentration ◽  
Ipo Underpricing ◽  
Signaling Hypothesis ◽  
The Relationship

The study utilizes a unique set of IPOs data in Thailand post Asian Financial crises to identify the relationship between initial market adjusted underpricing and the ownership concentration. We find that a weak but a negative relationship exists between the two and therefore to certain extent refuting the signaling hypothesis of high ownership and high underpricing. We employ a rank correlation to identify the association between the two variables. A regression model using the widely used proxies of information asymmetry model fails to up hold the information asymmetry model in the context of Thai IPOs.

scholarly journals The moderating role of family ownership on the relationship between ownership concentration and comply-or-explain disclosure: An analysis on Italian listed companies

2019 ◽  
Vol 15 (3) ◽  
pp. 27-42
Author(s):  
Federico Alvino ◽  
Luigi Lepore ◽  
Sabrina Pisano ◽  
Gabriella D'Amore
Keyword(s):  
Ownership Structure ◽  
Boards Of Directors ◽  
Negative Relationship ◽  
Listed Companies ◽  
Ownership Concentration ◽  
Family Ownership ◽  
The Relationship ◽  
Moderating Role ◽  
Comply Or Explain

The aim of the paper is to investigate the relationship between ownership concentration and the degree of comply-or-explain disclosure regarding the composition and functioning of boards of directors, also considering the moderating role played by family ownership. The study is conducted on a sample of 227 Italian non-financial listed companies. The results reveal a negative relationship between ownership concentration and the degree of comply-or-explain disclosure. Moreover, this relationship is stronger in companies having a family firm as a dominant shareholder. The paper contributes to previous studies on the degree of adherence to corporate governance code by investigating both the comply aspect and the explanations provided in cases of non-compliance. Moreover, the study contributes to previous research on the relationship between ownership structure and disclosure by considering the moderating role played by shareholder identity.

Investigating the Relationship Between Ownership Structure and Investment Efficiency in Emerging Markets: Evidence From the Egyptian Stock Market

2018 ◽  
Vol 8 (4) ◽  
pp. 1
Author(s):  
Ahmed Sayed Rashed ◽  
Ebitihj Mostafa Abd ◽  
Esraa Fathi Mohamed Ismail ◽  
Doaa Mohamed Abd El Samea
Keyword(s):  
Ownership Structure ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Investment Efficiency ◽  
Outside Director ◽  
Director Ownership ◽  
The Relationship

This paper aims to examine the relationship between Ownership Structure Mechanisms (Managerial Ownership, Institutional Ownership, Block holder Ownership and Outside Director Ownership) and Investment Efficiency by using panel data analysis. To investigate this relationship used the multiple regression models. Findings of investigation of 35 firms listed on the Egyptian Stock Exchange in the period 2006 to 2015 by balanced Panel model representative. Results indicated that Managerial Ownership isn’t related with investment efficiency. In contract, institutional ownership, block holder ownership and outside director ownership have a negative relationship with investment efficiency. In addition, the researcher found that control variables (Firm size, Debt ratio, Tobin’s Q) not related to investment efficiency. These findings imply that the Majority of Egyptians firms relies on institutional without individual ownership and then reduces much of possible from agency problems and decreasing information asymmetry and facilitating the monitoring of investment decisions.

Corporate Governance and Firm Performance

2015 ◽  
pp. 257-274
Author(s):  
Devanjali Nandi ◽  
Arindam Das
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Stock Price ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Crisis Period ◽  
Price Performance ◽  
Time Period ◽  
Relationship Of ◽  
The Relationship

Ownership structure is considered to be of prime importance in corporate governance of a firm. The ownership structure significantly varies across the nations. The main focus of this chapter is twofold: firstly to see the impact of ownership structure on performance of the firm and secondly to investigate the relationship between stock market performance and ownership structure during the crisis period. Panel data analysis of CNX 200 companies has been done for the time period of 2006-2013.The study also takes into account the relationship between crisis period stock return and ownership structure. The results of this study reveal a positive relationship of promoter's shareholding with performance while a negative relationship of performance is found with the non-promoters shareholding. The regression of stock price performance on ownership variable gives a significant negative relationship during the crisis period.

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>

Corporate disclosure of human capital via LinkedIn and ownership structure

2017 ◽  
Vol 18 (1) ◽  
pp. 102-127 ◽  
Author(s):  
Sabrina Pisano ◽  
Luigi Lepore ◽  
Rita Lamboglia
Keyword(s):  
Human Capital ◽  
Ownership Structure ◽  
Ownership Concentration ◽  
Quantitative Methodology ◽  
Corporate Disclosure ◽  
Content Type ◽  
The Relationship ◽  
Stock Of Knowledge ◽  
Practical Implications

Purpose The purpose of this paper is to investigate the relationship between ownership concentration and human capital (HC) disclosure released via LinkedIn. Design/methodology/approach This study uses a quantitative methodology. The sample is composed of 150 European companies. Content analysis was used to examine HC disclosure via LinkedIn. Regression analysis was used to test the hypothesis. Findings The results indicate that ownership concentration negatively influences HC disclosure via LinkedIn, confirming that closely held firms have little motivation to voluntarily release information. Research limitations/implications The main limitation of this study relates to the sample size. Furthermore, this study investigates only the quantity of HC disclosure; it does not consider the quality of this information. Practical implications The typical ownership structure of European firms generates a force that opposes the growing pressure for internationalization and global transparency. This important issue needs to be considered in investor decisions, HC management and reporting and in setting accounting standards. Moreover, the study points out that, despite the potential opportunities provided by LinkedIn to build and enforce relationships with their stakeholders, companies mainly use LinkedIn for recruitment purposes. Originality/value This study contributes to the literature on HC disclosure because it is, to the best of the authors’ knowledge, the first study that exclusively examines HC disclosure by European companies via LinkedIn and because it develops a disclosure index that includes items concerning the stock of knowledge and capabilities of employees in addition to the practices in human resource management.

scholarly journals Ownership Concentration and Economic and Financial Performance in Latin-American Companies

2018 ◽  
Vol 4 (4) ◽  
pp. 1
Author(s):  
Tarcísio Pedro da Silva ◽  
Maurício Leite ◽  
Jaqueline Carla Guse ◽  
Tania Cristina Chiarello
Keyword(s):  
Financial Performance ◽  
Latin American ◽  
Ownership Structure ◽  
Ownership Concentration ◽  
American Depository Receipts ◽  
Publicly Traded ◽  
Linear Combinations ◽  
Depository Receipts ◽  
Relationship Of ◽  
The Relationship

The study examined the relationship of ownership concentration in the economic and financial performance of publicly traded Latin American companies possessing American Depository Receipts (ADRs). Generally, the capital structure decisions are tied directly to the results of the organizations, thus reflecting the economic and financial performance. The correlation between the set of variables within the group of ownership structure with the group of economic and financial performance showed significant correlation with the linear combinations, when analyzed in the set of all the samples of companies and taken separately by country. However, the results did not show similar correlation to Venezuela, Colombia and Peru due to the existence of few observations. The results also portrayed a significant correlation within economic and financial performance, higher to Mexican companies, when compared with the results of other countries and among the set of the two groups of variables that highlighted the analysis by ownership structure and economic and financial performance as well.

scholarly journals Capital Structure, Ownership Structure and Corporate Governance of SMEs in Ghana

2019 ◽  
Vol 26 (01) ◽  
pp. 45
Author(s):  
Ibrahim Anyass Ahmed
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Regression Model ◽  
Developing Country ◽  
Ownership Structure ◽  
Positive Relationship ◽  
Small And Medium Enterprises ◽  
Board Size ◽  
Medium Enterprises ◽  
The Relationship

The purpose of this paper is to investigate the relationship between three variables; capital structure, ownership structure and corporate governance. Although these issues have been largely researched, less attention has been focused on small and medium enterprises (SMEs). At the time of this study, evidence was not found for a study analyzing all three variables in relation to SMEs, within the context of a developing country. This current study examines the link between capital structure, ownership structure, and corporate governance. Using an appropriate regression model, the study assesses how governance mechanisms and ownership decisions affect the choice of financing SMEs. The results show a positive relationship for all corporate governance variables except for board size. Ownership structure is found to be positive and significantly related to capital structure. The signs indicated by control variables are those which are in consonance with conventional capital structure literature. Generally, ownership and corporate governance are found to affect the financing mix of SMEs in Ghana.

scholarly journals Dividend policy and ownership structure: A study of Russian dual-class stock companies.

2017 ◽  
Vol 15 (1) ◽  
pp. 199-212 ◽  
Author(s):  
Irina Berezinets ◽  
Yulia Ilina ◽  
Liudmila Alekseeva
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Negative Relationship ◽  
Trading System ◽  
Public Companies ◽  
Dividend Payout ◽  
Dividend Payments ◽  
Dual Class Shares ◽  
Dual Class ◽  
The Relationship

This paper explores the relationship between ownership structure and dividend policy in Russian public companies with dual-class shares. The sample includes all companies issuing both ordinary (voting) and preferred (non-voting) shares traded on the Russian Trading System (RTS) in the period of 2003-2009. Using panel data and employing both linear and nonlinear regression modeling approach, we tested the relationship between ownership structure and dividend payout. One of the major conclusions is the existence of a negative relationship between the dividend payout on ordinary shares and institutional ownership, as well as between dividend payout on ordinary shares and offshore ownership. Unlike for ordinary shares, ownership structure is not related to dividend payments on preferred shares. Dividend policy on preferred shares is, instead, essentially related to a company’s performance.

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