The Impact of Property Characteristics on Economic Performance of Russian Industrial Enterprises

2005 ◽  
pp. 53-68 ◽  
Author(s):  
R. Kapeliushnikov ◽  
N. Demina
Keyword(s):  
Detailed Analysis ◽  
Economic Performance ◽  
Ownership Concentration ◽  
Corporate Sector ◽  
Concentrated Ownership ◽  
Industrial Enterprises ◽  
Russian Industry ◽  
Control Premium ◽  
And Performance ◽  
The Impact

The paper provides new survey evidence on effects of concentrated ownership upon investment and performance in Russian industrial enterprises. Authors trace major changes in their ownership profile, assess pace of post-privatization redistribution of shareholdings and provide evidence on ownership concentration in the Russian industry. The major econometric findings are that the first largest shareholding is negatively associated with the firm’s investment and performance but surprisingly the second largest shareholding is positively associated with them. Moreover, these relationships do not depend on identity of majority shareholders. These results are consistent with the assumption that the entrenched controlling owners are engaged in extracting "control premium" but sizable shareholdings accumulated by other blockholders may put brakes on their expropriating behavior and thus be conductive for efficiency enhancing. The most interesting topic for further more detailed analysis is formation, stability and roles of coalitions of large blockholders in the corporate sector of post-socialist countries.

Ownership as a determinant of chairperson activity: a study of Nordic listed companies

2015 ◽  
Vol 7 (4) ◽  
pp. 412-428
Author(s):  
Tor Brunzell ◽  
Jarkko Peltomäki
Keyword(s):  
Working Hours ◽  
Chief Executive ◽  
Ownership Concentration ◽  
Content Type ◽  
Listed Firms ◽  
Concentrated Ownership ◽  
The Board Of Directors ◽  
The Impact ◽  
The Empirical Analysis ◽  
A Company

Purpose – The purpose of this study is to explicitly focus on the roles of ownership concentration, ownership by the board, the chief executive officer (CEO) and the chairperson in the involvement and capabilities of chairpersons and other governors in their work. Design/methodology/approach – In this study, the authors investigate the impact of the concentration of ownership, the ownership of the board, the CEO and the chairperson on the chairperson’s activity when the roles of the chairperson and the CEO are separated The empirical analysis of this study is based on a survey sent to Nordic listed firms. Findings – The results show that the ownership characteristics of a company are important in determining the chairperson’s working hours, the chairperson’s communication with the CEO and the performance of governance activity. In addition, the authors found that while the ownership of the chairperson and the board of directors and ownership concentration improve governance activity, CEO ownership may undermine governance activity. Research limitations/implications – The primary implication of the study is that both ownership by internal governors and ownership concentration play an important role in determining the involvement of internal corporate governors. Originality/value – The study provides unique evidence that ownership by the chairperson, concentrated ownership and ownership by the board can potentially mitigate the costs of separating the roles of the chairperson and the CEO.

scholarly journals INTELLECTUAL CAPITAL, FINANCIAL CRISIS AND PERFORMANCE OF ISLAMIC BANKS: DOES SHARIAH GOVERNANCE MATTER?

2017 ◽  
Vol 18 (1) ◽  
Author(s):  
Tasawar Nawaz
Keyword(s):  
Financial Crisis ◽  
Intellectual Capital ◽  
Economic Performance ◽  
Islamic Banks ◽  
Knowledge Resources ◽  
Finance Industry ◽  
Before And After ◽  
And Performance ◽  
Shariah Governance ◽  
The Impact

This paper empirically examines the impact of intellectual capital (IC) and Shariah governance on economic performance of 47 Islamic banks (IBs) operating in the Gulf Cooperation Council (GCC) region in pre- and post-financial crisis period. The analysis suggests that higher IC efficiency helps IBs to improve their odds of survival at all times i.e. before- and after-crisis. Further, higher IC efficiency helps IBs to maintain their profitability i.e. ROA and market valuation i.e. Tobin’s Q at all times. Arguably, knowledge-resources i.e. IC is the main line of defence for IBs against negative shocks. Lastly, the study reveals that Shariah governance alone may fall short in explaining the growth trends in Islamic finance industry. Keywords: Intellectual Capital; Shariah Governance; Financial Crisis; Islamic Worldview; Economic Performance.

scholarly journals Ownership concentration and investment sensitivity to market valuation

2015 ◽  
Vol 13 (1) ◽  
pp. 1228-1240
Author(s):  
Ghada Tayem
Keyword(s):  
Stock Market ◽  
Capital Investment ◽  
Ownership Concentration ◽  
Firm Level ◽  
Stock Market Development ◽  
Concentrated Ownership ◽  
Market Signals ◽  
The Impact ◽  
A Company ◽  
Institutional Feature

During the past decade, Jordan has undertaken substantial reforms aiming at restructuring its stock market in order to strengthen its role in promoting investment and allocating capital efficiently. This paper empirically investigates the impact of stock market development on capital investment at the firm level by assessing the investment-q sensitivity. In addition, this paper examines the impact of concentrated ownership, a salient institutional feature of listed Jordanian companies, on the investment-q sensitivity. The findings of this study indicate that investments by Jordanian firms respond significantly and positively to market signals. Furthermore, the results show that a company responds more efficiently to market signals as ownership concentration increases, which suggests that large ownership stakes align the interests of large shareholders with those of the firm.

Patronage and Performance: Factors in the Political Mobility of Provincial Leaders in Post-Deng China

2012 ◽  
Vol 212 ◽  
pp. 965-981 ◽  
Author(s):  
Eun Kyong Choi
Keyword(s):  
Economic Performance ◽  
Career Mobility ◽  
The Other ◽  
The Political ◽  
Performance Factors ◽  
Other Hand ◽  
And Performance ◽  
The Impact

AbstractThis paper attempts to estimate the impact of both factional ties and economic performance on the promotion of provincial Party secretaries and governors by analysing a person–year dataset of their career mobility for inclusive years 1989 to 2009. We found that for provincial Party secretaries whose promotion meant rising to a top national position, both factional ties and good economic performance increased their chance for promotion. On the other hand, for provincial governors whose promotion meant rising to a ministry-level position, only economic performance mattered for their promotion. Among provincial Party secretaries, the extent to which performance affected the likelihood of promotion was not different between factional members and non-members. This suggests that even factional members needed to show good performance to enhance the likelihood of their promotion.

Sustainable supply chain management practices and performance

2018 ◽  
Vol 118 (1) ◽  
pp. 2-21 ◽  
Author(s):  
Jing Wang ◽  
Jun Dai
Keyword(s):  
Economic Performance ◽  
Environmental Performance ◽  
Social Performance ◽  
Performance Model ◽  
Sustainable Supply Chain ◽  
Chinese Firms ◽  
Chain Management ◽  
Content Type ◽  
And Performance ◽  
The Impact

Purpose The purpose of this paper is to contribute significantly to the empirical investigations related to the impact of sustainable supply chain management (SSCM) practices on performance in Chinese firms. The paper also aims to theorize and empirically assess a comprehensive SSCM practices and performance model. The model incorporates two aspects of SSCM practices: internal and external management, and analyses the impact on corporate sustainability performance from all dimensions. Design/methodology/approach This paper develops a conceptual model to investigate the impact of SSCM practices on the firm performance. Based on the data of 172 Chinese firms, this paper analyzes the impact of SSCM practices on firm economic performance, environmental performance, and social performance for each dimension by using PLS structural equation methods. Findings The results show that firm’s internal SSCM practices have a positive impact on firm’s environmental performance and social performance. Moreover, environmental performance and social performance are positively related to economic performance. Originality/value A comprehensive SSCM practices performance model is proposed and empirically assessed for Chinese firms. The results of this investigation support the hypotheses that SSCM practices are environmentally and socially necessary and are favorable for business. A series of approach and implications of SSCM practices is recommended.

scholarly journals The effects of ownership concentration on sustainability: A case of listed firms from USA, UK and German

2017 ◽  
Vol 14 (3) ◽  
pp. 113-121 ◽  
Author(s):  
Zahid Irshad Younas ◽  
Christian Klein ◽  
Bernhard Zwergel
Keyword(s):  
Firm Growth ◽  
Ownership Concentration ◽  
Direct Role ◽  
Listed Firms ◽  
Concentrated Ownership ◽  
The Usa ◽  
National Trends ◽  
Different Characteristics ◽  
The Impact

Concentrated ownership has been speculated to play a direct role in leading firms to focus more on long-term sustainability. Concentrated ownership, however, can take many different forms, with some forms more common in certain countries, and we posit that the specific form of ownership mediates the impact on sustainability. Additionally, we posit that firms operating at different scales have fundamentally different characteristics which can further impact this relationship. Analyzing a sample of firms from the USA, UK, and Germany using Arellano- Bond GMM, we investigate the relationship between ownership concentration, firm growth and sustainability measures comparatively. Our results show that these relationships are not linear, but are rather dependent on the prevalent form of ownership concentration (determined by country) and the scale (small, medium or large) of the firm. Approaches to sustainability appear to be influenced by not just the owners / investors but also by the type of control and broader contexts, explaining differing national trends.

scholarly journals ENVIRONMENTAL RISK MANAGEMENT ON THE ENTERPRISE TO REALIZE GREEN DEVELOPMENT

2021 ◽  
Vol 12 (2) ◽  
pp. 178-183
Author(s):  
Ch. Shanyi ◽  
A. Murzin
Keyword(s):  
Risk Management ◽  
Environmental Risk ◽  
Indicator System ◽  
Environmental Risk Management ◽  
Industrial Enterprises ◽  
Brics Countries ◽  
Green Development ◽  
Evaluation Indicator System ◽  
And Performance ◽  
The Impact

The environmental risk of an enterprise refers to the impact on the environment and possibility of accidents. In recent decades, the emerging industrial economies represented by BRICS countries have developed rapidly, which has inevitably led to increased pollution and deterioration of environmental quality in these countries. This chapter describes China, which has the fastest economic development among BRICS countries, as an example, and summarizes some evaluation and performance indicators of corporate environmental risk management, so as to facilitate the construction of a scientific and reasonable evaluation indicator system in our further research. The concluding paragraph briefly introduces several measures to reduce the environmental risks of industrial enterprises.

Ownership concentration, innovation and firm performance: empirical study in Indian technology SME context

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Manali Chatterjee ◽  
Titas Bhattacharjee
Keyword(s):  
Corporate Governance ◽  
Value Creation ◽  
Cultural Context ◽  
Positive Influence ◽  
Ownership Concentration ◽  
Cross Sectional ◽  
Content Type ◽  
Future Studies ◽  
Concentrated Ownership ◽  
The Impact

PurposeThis study aims to understand the influence of R&D intensity and ownership concentration on performance of Indian technology SMEs, at the intersection of “value creation” perspective of corporate governance and country cultural context in innovation.Design/methodology/approachCross-sectional data of 264 Indian technology SMEs have been employed to probe the impact of ownership and R&D intensity on market performance of the technology SMEs.FindingsThis study does not find support of individual influence of R&D intensity on SME performance. The authors find support for the “value creation” hypothesis of corporate governance in Indian technology SME context. This study finds that interaction of promoter's ownership concentration and R&D intensity has a positive influence on the performance of Indian technology SMEs.Research limitations/implicationsThis study has deployed cross-sectional data. Future studies can examine the “value creation” hypothesis based on panel data for a long-run understanding. Ownership can be further segregated into different categories of ownership in future studies.Practical implicationsThis study underscores on distinct necessity in the concentrated ownership in the context of Indian technology SMEs. The findings of the study may encourage policymakers to focus on the “value creation” of the technology SMEs than “value protection.”Originality/valueThis study aims to understand the market value of R&D practice of SMEs. The findings of this study establish that R&D intensity individually may not have any significant influence on SME performance. R&D intensity coupled with concentrated ownership can significantly increase SME performance. Thus, this study identifies factors that can help in SME innovation and growth options. Additionally, this study advocates for the fact concentrated ownership in technology SMEs of India by establishing the link with SME performance.

scholarly journals Concentrated Ownership Structure and Audit Quality: New Evidence from Nigeria

2020 ◽  
Vol 5 (3) ◽  
Author(s):  
Akinwunmi Abiodun Jelil ◽  
Dada Olajide Samuel ◽  
Ajayi-Owoeye Ayooluwa Olotu ◽  
Kwarbai Jerry Danjuma
Keyword(s):  
Internal Control ◽  
Audit Quality ◽  
Stock Exchange ◽  
Secondary Data ◽  
Ownership Concentration ◽  
Annual Reports ◽  
Probability Method ◽  
Manufacturing Companies ◽  
Concentrated Ownership ◽  
The Impact

Shareholders with a large stake in a company may have greater incentives to monitor and take corrective actions, because they partially internalize the benefits from their monitoring effort. This study examined the impact of concentrated ownership on audit quality as measured by auditors’ tenure of 36 manufacturing companies quoted on the NSE. The sample size was selected using non-probability method of sampling from a population of 185 quoted companies on the Nigerian Stock Exchange. The study adopted experimental research design and secondary data extracted from the audited annual reports of the firms under consideration covering a period 2007 to 2017 was used. The study found that ownership concentration has no statistically significant impact on auditors’ tenure. The study therefore recommends that ownership concentration should be maintained at a controllable level; the insignificant impact of concentrated ownership on auditors’ tenure as evident in this study might be the result of inefficient monitoring by large owners. But when ownership concentration by large ownership is maintained at a controlling level, firm values and other performance parameters become positive which may be as a result of an effective internal control system against the expropriation of resources and exploitation of minority shareholders by large shareholders.

scholarly journals Ownership structure and performance: evidence from Portugal

2010 ◽  
Vol 7 (3) ◽  
pp. 25-32
Author(s):  
Inês Lisboa ◽  
José Paulo Esperança
Keyword(s):  
Financial Markets ◽  
Ownership Structure ◽  
Small Dimension ◽  
Free Rider ◽  
Ownership Concentration ◽  
Free Rider Problem ◽  
Low Levels ◽  
And Performance ◽  
The Impact ◽  
New Evidence

This paper provides new evidence on the impact of ownership over performance in small dimension markets. Analyzing the Portuguese firms we confirm the monitoring effect. Unlike previous studies, we also confirm the expropriation effect to low levels of ownership concentration. These results suggest that the free rider problem between the manager and the principal is significant in countries with small financial markets

Sign in / Sign up

Export Citation Format

Share Document