scholarly journals Ownership structure and performance: Empirical evidence from Chilean firms

2006 ◽  
Vol 3 (4) ◽  
pp. 175-183 ◽  
Author(s):  
Francisca Silva ◽  
Nicolás Majluf ◽  
Ricardo D. Paredes
Keyword(s):  
Ownership Structure ◽  
Value Creation ◽  
Business Group ◽  
Publicly Traded ◽  
Economic Rights ◽  
Controlling Shareholder ◽  
Economic Forces ◽  
And Performance ◽  
Year 2000 ◽  
Majority Shareholder

This paper analyses the effect of ownership structure (represented by the concentration of the economic rights of the majority shareholder, and the affiliation to a business group) on performance. From a crosssection of publicly traded Chilean firms in the year 2000, we find evidence that the effects on performance depend on ownership concentration in a non-linear way, showing the changing balance of two opposing economic forces: value creation and value expropriation by the controlling shareholder. For the entire sample, the mere fact that a firm is owned by a business group does not affect performance

scholarly journals Differences in Disclosure of Integrated Reports at Energy and Non-Energy Companies

Energies ◽  
2021 ◽  
Vol 14 (5) ◽  
pp. 1253
Author(s):  
Maja Piesiewicz ◽  
Marlena Ciechan-Kujawa ◽  
Paweł Kufel
Keyword(s):  
Ownership Structure ◽  
Value Creation ◽  
Energy Sector ◽  
Financial Data ◽  
Integrated Reporting ◽  
Creation Process ◽  
And Performance ◽  
Energy Companies ◽  
The Impact ◽  
Value Creation Process

Integrated reports combine financial and non-financial data into a comprehensive report outlining the company’s value creation process. Our objective is to find the completeness of disclosures, which is a crucial aspect of an integrated report’s quality. This study contributes to the integrated reporting examination by identifying quantitative and qualitative gaps when applying Integrated Reporting standards, focusing on the energy sector. We conducted the study on 57 published integrated reports of listed companies in Poland. The content of each report was examined for 49 features divided into eight areas. We identify the strengths and weaknesses of current reporting performance and the impact of the company’s sector on reports’ quality. We noted that there are significant differences among the areas. The major problems concern implementing IIRC’s framework on the connections between the business model and the organization’s strategy, risks, opportunities, and performance. Our research also noted that the level of specific disclosures might be related to a company’s ownership structure. We investigated the significance of differences among companies from the energy and non-energy sectors using statistical methods. As a result of the study, we obtained that disclosures’ completeness depends on the operation sector. The companies in the energy sector publish higher-quality integrated reports than companies in the other sectors.

scholarly journals Controlling shareholders and corporate valuation in Brazil

2006 ◽  
Vol 3 (2) ◽  
pp. 137-141
Author(s):  
Ricardo P. C. Leal ◽  
Andre Carvalhal da Silva
Keyword(s):  
Cash Flow ◽  
Ownership Structure ◽  
Firm Valuation ◽  
Controlling Shareholder ◽  
Controlling Shareholders ◽  
Corporate Valuation ◽  
Large Shareholders ◽  
And Performance ◽  
Cash Flow Rights

This paper investigates the relation between the ownership structure, valuation and performance of Brazilian companies. The results show that large shareholders keep control while holding only a small fraction of cash flow rights. The evidence also indicates that non-voting shares and pyramiding are the main devices set to entrench the large controlling shareholder. There is some evidence that firm valuation and performance are negatively related to voting concentration, and that foreign-owned firms perform the best while government-owned firms perform the worst.

scholarly journals Financialisation of news in China in the age of the Internet: the case of Xinhuanet

2017 ◽  
Vol 40 (7) ◽  
pp. 1039-1054 ◽  
Author(s):  
Xin Xin
Keyword(s):  
Ownership Structure ◽  
News Media ◽  
Driving Forces ◽  
Publicly Traded ◽  
Central State ◽  
Chinese Media ◽  
Xinhua News Agency ◽  
News Website ◽  
Chinese News Media ◽  
Majority Shareholder

This article discusses the recent development of Xinhuanet.com , a news website launched by Xinhua News Agency, one of China’s key central state-owned news organisations. Xinhuanet Co. Ltd, the business entity running the website, went public in October 2016 in Shanghai. This marked the first step in the state news agency’s financialisation. Two main questions are addressed. First, what were the main driving forces behind Xinhuanet’s transformation from a governmental cultural organisation to a publicly traded enterprise, the majority shareholder of which remains Xinhua? Second, how should the nature of this transformation be understood, in relation to Xinhua’s wider marketisation process and that of the Chinese media sector as a whole? The article argues that Xinhua’s financialisation via Xinhuanet is best understood as part of a state-administrated initiative in accord with Xinhua’s own business ambitions. The financialisation of news by state players such as Xinhuanet does not alter the underlying ownership structure of Chinese news media, which remain ultimately state-controlled.

scholarly journals Ownership structure and performance in family businesses at early developmental stage: evidence from China

2009 ◽  
Vol 7 (1) ◽  
pp. 138-150 ◽  
Author(s):  
Zhong Qin ◽  
Xin Deng
Keyword(s):  
Developmental Stage ◽  
Ownership Structure ◽  
Family Firms ◽  
Family Businesses ◽  
Early Developmental Stage ◽  
Governance Mechanism ◽  
Professional Managers ◽  
And Performance ◽  
The Impact ◽  
Early Developmental

This paper explores the impact of ownership structure on performance of family businesses at its early developmental stage in a context of under-developed market environment. Using a survey data of 296 private family firms in Ningbo, China, we find both management and single largest shareholder’s ownership is positively related to firm’s performance. However, family’s shareholding does not have significant impact on performance. Further inquiry on firm’s willingness to give shares to managers who are not family members indicates that while nearly half of the firms are willing to provide shares to professional managers, weak corporate governance mechanism and under-developed market may discourage such practice.

scholarly journals Public Domain in Dispute Settlement of Cancellation of Industrial Design Rights

2020 ◽  
pp. 30-42
Author(s):  
Muchtar Anshary Hamid Labetubun
Keyword(s):  
Dispute Settlement ◽  
Industrial Design ◽  
Public Domain ◽  
Roll Forming ◽  
Economic Rights ◽  
Public Property ◽  
Four Square ◽  
Year 2000

Economic rights in Industrial Design have protection that is limited to a period of 10 years. After the expiration of protection, Industrial Designs that previously owned exclusive rights by the holders of rights to Industrial Design become public property; so that the Industrial Design has no obligation to ask permission to the rights’ holders for Industrial Design to use the Industrial Design. This is generally referred to as Public Domain, as stipulated in Article 2 paragraph (1) and (2) of Law Number 31 Year 2000 concerning Industrial Design, that "Design rights Industry is granted for a new Industrial Design, Industrial Design is considered new if on the date of Acceptance, the Industrial Design is not the same as pre-existing disclosures”. So basically, Industrial Design has a new principle. However, in reality, there are several cases of Industrial Design in resolving disputes over Industrial Design rights that have been registered, because the Industrial Design has become Public Domain, and there has been a cancellation of Industrial Designs including Cases: Industrial Design of Oil Bottles, Industrial Design of Lighters, Industrial Design of Packaging Boxes 4 (Four) Square, Industrial Design CBK 124 Cabinets, Garuda Motorcycles, Industrial Design Disk Places, Industrial Socks Design, Industrial Design Folding Iron Door Chains and Folding Iron Door Leaves, X2 Shoe Strip Industrial Designs, and Industrial Design TMS Roll Forming Machines Machine.

scholarly journals Tunneling Atau Value Added Dalam Strategi Merger Dan Akuisisi Di Indonesia

2009 ◽  
Vol 2 (2) ◽  
Author(s):  
Mutamimah Mutamimah
Keyword(s):  
Ownership Structure ◽  
Capital Market ◽  
Sampling Method ◽  
Value Added ◽  
Merger And Acquisition ◽  
Minority Shareholders ◽  
Concentrated Ownership ◽  
Acquisition Strategy ◽  
Majority Shareholder ◽  
Market Indicator

The purpose of this research is to analyze the effect of merger and acquisition strategy for majority and minority shareholders at Indonesia capital market. This research is important since most of company ownership structure in Indonesia is categorized concentrated structure, where its create a conflict between majority and minority shareholders. The population of the research are companies that go public in the Indonesia capital market until the year of 2006. These samples of this research consists of 35 companies, divided two groups : high and low concentrated ownership structure, that are selected based on purposive sampling method. In processes testing the hypothesis, 2 indicators were used, i.e. market indicator and accounting indicator. Event study analysis was used for market indicator, whereas multiple regression analysis was used for accounting indicator. The results show a market reaction negative and statistically significant on merger and acquisition announcement. Effect of merger and acquisition strategy on performance is negative and statistically significant. This is indicated that tunneling by majority shareholder to minority shareholders through merger and acquisition strategy, and acquisition not value added for shareholder minority.

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