scholarly journals Leverage, Ownership Structure and Firm Performance: Evidence from Karachi Stock Exchange

2015 ◽  
Vol 2 (2) ◽  
pp. 1-7
Author(s):  
Adnan Ali ◽  
Attaullah Shah ◽  
Farzand Ali Jan
Keyword(s):  
Firm Performance ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Performance Measure ◽  
Managerial Ownership ◽  
Return On Assets ◽  
Control Variables ◽  
Simple Regression Analysis ◽  
Using Data ◽  
The Relationship

This study aims to investigate the relationship between the ownership structure and firm performance. The study uses two performance measures i.e. market-based performance measure (Tobin’s Q) and accounting-based performance measure (return on assets (ROA)) as dependent variables and ownership proxies and other control variables as independent variables whereas leverage is used as moderating variable. The ownership proxies include the managerial ownership and institutional ownership while the control variables include the size of the firm, the coefficient of variation, and growth. This study has used simple regression analysis while using data of 355 firms listed on Karachi Stock Exchange (KSE) for the years 2003 to 2008. The results show that the ownership structure has significant relationship with the market-based performance measure, while it has insignificant relationship with the accounting-based performance measure. Moreover, the leverage has no moderating effect on the relationship between ownership structure and firm performance

scholarly journals Managerial ownership, capital expenditures, and firm performance: evidence from the Taiwan stock exchange

2008 ◽  
Vol 5 (4) ◽  
pp. 418-426
Author(s):  
Ching-Hai Jiang ◽  
Kuei-yuan Wang ◽  
Yen-Sheng Huang
Keyword(s):  
Firm Performance ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Interactive Effect ◽  
Capital Expenditures ◽  
Managerial Ownership ◽  
Empirical Results ◽  
Taiwan Stock Exchange ◽  
Using Data ◽  
The Relationship

This paper examines the relationship among managerial ownership, capital expenditures and firm performance using data of 359 firms listed on the Taiwan Stock Exchange over the period 1998-2005. The empirical results indicate a concave relationship between managerial ownership and future firm performance and a positive relationship between managerial ownership and capital expenditures. Moreover, for firms with larger capital expenditures, the interactive effect of managerial ownership and capital expenditures is significantly positively related to firm performance

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.

scholarly journals Influence analysis of ownership structure on manufacturing company's performance in Indonesia 2012 - 2013

2019 ◽  
Vol 4 (2) ◽  
pp. 47
Author(s):  
Darwin Marasi Purba ◽  
Jhon Herlan Sianturi
Keyword(s):  
Firm Performance ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Control Variable ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Manufacturing Companies ◽  
Analysis Model ◽  
Return On Assets ◽  
A Company

The purpose of this study is to analyse the effect of ownership structure on profitability in the manufacturing sector listed in Indonesia Stock Exchange (BEI). Independent variables used for this study consist of institutional ownership, foreign ownership, and pubic ownership. Profitability is measured by ROA (Return On Assets). While leverage as firm size is used as the control variable. This research uses secondary data, namely the annual financial statements of listed manufacturing companies in Indonesia Stock Exchange for the years 2012, and 2013. The sampling method used was purposive sampling and data analysis model used was multiple regression analysis. Results from this study indicate that institutional ownership in a company has a positive and significant effect on firm performance. Meanwhile, the foreign ownership and public ownership has no a positive effect on firm perforrmance in a company. Keyword: Ownership structure, Return on assets (ROA), Firm performance.

scholarly journals The Impact of Financial Structure Towards Performance of Non-Financial Companies Listed on Amman Stock Exchange

2021 ◽  
Vol 20 (1) ◽  
pp. 61-83
Author(s):  
Laith Fouad Alshouha ◽  
◽  
Wan Nur Syahida Wan Ismail ◽  
Mohd Zulkifli Mokhtar ◽  
Nik Mohd Norfadzilah Nik Mohd Rashid ◽  
...  
Keyword(s):  
Firm Performance ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Financial Structure ◽  
Managerial Ownership ◽  
Data Set ◽  
Amman Stock Exchange ◽  
The Impact ◽  
The Relationship

The purpose of the current study was to investigate the relationship between financial structure towards the financial performance of companies listed on Amman stock exchange (ASE) as one of the emerging economies. This paper adopted a panel data set of 88 non-financial companies listed on the ASE over a period of 10 years from 2009 to 2018. According to empirical results that there is significant evidence to support the fact that debt repaying ability (DRAB), managerial ownership (MANOW), and foreign ownership (FOROW) are positively related to firm performance. Otherwise, the findings revealed no evidence to support the impact of the financial structure ability (FSA) towards firm performance. Moreover, the findings support the fact that firm size (SIZ) has a positive impact on firm performance of companies listed on the ASE. On the other hand, (AGE) has a negative impact on firm performance, while (GROWTH) has no impact on firm performance. The current study encourages managers to maintain a good percentage of debt repaying ability and owners to grant shares as managers’ incentives, and also to attract foreign investors. Future studies, should try applying the current study on the financial sector.

scholarly journals ANALISIS PENGARUH FRAUD TRIANGLE DALAM MENDETEKSI KECURANGAN LAPORAN KEUANGAN

2019 ◽  
Vol 1 (1) ◽  
pp. 87
Author(s):  
Mardianto Mardianto ◽  
Carissa Tiono
Keyword(s):  
Positive Relationship ◽  
Stock Exchange ◽  
Liquidity Risk ◽  
The Other ◽  
Financial Statement ◽  
Managerial Ownership ◽  
Fraud Triangle ◽  
Control Variables ◽  
Significant Positive Relationship ◽  
The Relationship

<p><em>This study analyzed the effect of the elements from fraud triangle, which included pressure (LEV, ROA, ACHANGE), opportunity (BDOUT), and rationalization (AUDCHANGE) in detecting fraudulent financial statement. Control variables that will be included in this study are firm’s age, firm’s size, liquidity risk, and managerial ownership. The sample that will be used in this study is non-financial companies that are listed in Indonesia Stock Exchange in the periode of 2011-2016. From the result, this study showed that change of assets (ACHANGE) and change of auditors (AUDCHANGE) has a significant positive relationship with the fraudulent financial statement, while the other variables such as leverage (LEV), return on asset (ROA) and ineffective monitoring (BDOUT) has no significant in the relationship with the fraudulent financial statement.</em></p><p>Penelitian ini meneliti pengaruh dari elemen <em>fraud triangle</em>, yaitu tekanan (LEV, ROA, ACHANGE), kesempatan (BDOUT), dan rasionalisasi (AUDCHANGE) dalam mendeteksi kecurangan laporan keuangan. Variabel kontrol yang digunakan dalam penelitian ini adalah umur perusahaan, ukuran perusahaan, <em>liquidity risk, </em>dan kepemilikan manajerial. Sampel yang digunakan dalam penelitian adalah perusahaan non-keuangan yang terdaftar pada Bursa Efek Indonesia (BEI) selama periode 2011-2016. Dari hasil penelitian tersebut ditemukan variabel perubahan aset (ACHANGE) dan pergantian auditor (AUDCHANGE) memiliki pengaruh signifikan positif terhadap kecurangan laporan keuangan, sedangkan variabel lainnya yaitu <em>leverage </em>(LEV), <em>return on asset </em>(ROA) dan <em>ineffective monitoring </em>(BDOUT) memiliki pengaruh yang tidak signifikan terhadap kecurangan laporan keuangan</p>

scholarly journals The Relationship between the Ownership Structure, Capital Structure and Performance

2018 ◽  
Vol 1 (25) ◽  
pp. 1 ◽  
Author(s):  
Ali Al-Thuneibat
Keyword(s):  
Capital Structure ◽  
Ownership Structure ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Return On Assets ◽  
Service Companies ◽  
Concentrated Ownership ◽  
And Performance ◽  
The Relationship

This paper aims at providing an empirical evidence concerning the relationship between the ownership structure, capital structure and financial performance of the shareholding companies listed in Amman Stock Exchange (ASE). To measure the ownership structure, the researcher used four variables including foreign, institutional, managerial and concentrated ownership. The capital structure is measured by using the leverage, and the performance is measured by using the return on assets (ROA). To achieve the objectives of the study, a sample of 86 firms from the industrial and service companies listed in ASE during the period 2010 and 2014 is used. The results of the study showed that the relationship between ownership structure in general, and performance is positive and statistically significant, however, the results showed that the various types of ownership structure have different types of relationships with performance. More specifically, there is a negative impact of institutional and foreign ownerships on the performance and positive impact of concentrated and managerial ownerships. The results also revealed that there is a positive impact of the financial leverage on the relationship between ownership structure and firm performance. The findings of the study provide implications to the regulators, investors and managers in Jordan to take into consideration the environment-specific factors when developing corporate regulations and encourage concentrated and managerial ownership because they have positive impact on performance.

scholarly journals The effect of ownership structure on leverage with credit rating as a moderating variable

2020 ◽  
Vol 3 (2) ◽  
pp. 80-87
Author(s):  
Harjum Muharam ◽  
Galuh Kusuma Putri
Keyword(s):  
Ownership Structure ◽  
Sampling Method ◽  
Credit Rating ◽  
Stock Exchange ◽  
Least Square ◽  
Managerial Ownership ◽  
Government Ownership ◽  
Ordinary Least Square ◽  
Negative Effect ◽  
The Relationship

This paper aims to examine the effect of ownership structure on leverage with credit rating as a moderating variable. The ownership structure used in this study is government ownership and managerial ownership. Leverage is measured using a debt to assets ratio (DAR). Credit rating uses ratings issued by PEFINDO.The sample used in this study was companies rated by PEFINDO and listed on the Indonesia Stock Exchange in 2015-2017. The number of samples used were 53 companies determined using a purposive sampling method. The analysis using Ordinary Least Square (OLS) regression analysis indicated that government ownership does not affect leverage, and the credit rating does not moderate the relationship between government ownership and leverage. Managerial ownership has a negative effect on leverage, and the credit rating moderates the relationship between managerial ownership and leverage

The relationship between management characteristics and firm performance

2019 ◽  
Vol 29 (4) ◽  
pp. 440-461 ◽  
Author(s):  
Mahdi Salehi ◽  
Samaneh Mohammadi Moghadam
Keyword(s):  
Firm Performance ◽  
Agency Costs ◽  
Stock Exchange ◽  
Return On Assets ◽  
Content Type ◽  
Hiring Managers ◽  
Management Capability ◽  
Management Entrenchment ◽  
Research Population ◽  
The Relationship

Purpose This study aims to investigate the relationship between management characteristics including management capability, management entrenchment, agency costs and overconfidence and firm performance in companies listed on the Tehran Stock Exchange market. Design/methodology/approach The research population includes 125 companies after applying systematic elimination sampling method during 2010-2016. The primary measure for companies’ performance is return on assets and Demerjian et al. (2012a) model is used to measure managerial characteristics. Findings The results indicated that two management characteristics, namely, management capability and overconfidence are positively associated with firm performance and improve the level of performance. Agency costs did not have any significant effect on firm performance and management entrenchment leads to deterioration in firm performance. Originality/value The paper focuses on managerial characteristics and firm performance, which the results may very helpful to companies and investors to hiring managers with specific characteristics. Moreover, the results may give strength to further studies.

Empirical investigation of relationship between research and development intensity and firm performance: The role of ownership structure and board structure

2019 ◽  
Vol 06 (02) ◽  
pp. 1950016
Author(s):  
Muhammad Usman Yousaf ◽  
Muhammad Kashif Khurshid ◽  
Aftab Ahmed ◽  
Muhammad Zulfiqar
Keyword(s):  
Firm Performance ◽  
Research And Development ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Outcome Variable ◽  
Board Structure ◽  
Governance Mechanism ◽  
Financial Firms ◽  
The Relationship

Research and development is an emerging competitive advantage to gain maximum market share. This study is conducted to empirically investigate the relationship between research and development intensity and firm performance in selected non-financial firms listed at Pakistan Stock Exchange (PSX). Moreover, the role of ownership structure and board structure have been evaluated between predictor and outcome variable. For this purpose, 27 non-financial firms listed on PSX have been selected for the period of eight years from 2009 to 2016 and unbalanced panel data was obtained. Research and development intensity has been used as an independent variable. ROA, ROE, and TQ are used as measures of financial performance, i.e., dependent variable. Ownership concentration, institutional ownership, and managerial ownership are used as the proxies for ownership structure. Board size, board independence, and board meeting frequency are used as the proxies for board structure. Moreover, firm size, firm age and leverage have also been used as a control variables in data analysis. Based on data analyses, it is concluded that research and development intensity has a positive and significant relationship with all three proxies of firm performance, i.e., ROA, ROE and Tobin’s Q. Afterward, the researchers have investigated the moderating role of ownership structure and board structure between research and development intensity and three proxies of firm performance. It is also concluded that in general ownership structure as well as board structure are negatively moderating the relationship between research and development intensity and firm performance which raises a question mark on the effectiveness of corporate governance mechanism in terms of R&D performance.

scholarly journals Good Corporate Governance dan Kinerja Keuangan Perusahaan Perbankan di Bursa Efek Indonesia

2021 ◽  
Vol 31 (3) ◽  
pp. 524
Author(s):  
Putu Kevin Yudhia ◽  
A.A.G.P. Widanaputra
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Return On Assets ◽  
Financial Condition ◽  
Good Corporate Governance ◽  
Analysis Technique ◽  
The Relationship ◽  
A Company

Financial performance is an achievement in a company that reflects a picture of the company's financial condition. Good Corporate Governance regulates the relationship between shareholders, directors and commissioners. The purpose of this study was to determine the effect of Good Corporate Governance on banking financial performance. This research was conducted in banking companies listed on the Indonesia Stock Exchange in the 2015-2017 period. The number of samples taken was 48 banking companies, with a purposive sampling method. The data analysis technique used is the classical assumption test and multiple linear regression test. The results of this study indicate that the board of commissioners has a negative and significant effect on financial performance. The results of this study indicate that managerial ownership has a positive and significant effect on financial performance. Keywords: Good Corporate Governance, Financial Performance, Return On Assets (ROA).

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