scholarly journals Investor Types and Company Performance through Private Placements Basing on State-Owned and -Controlled Listed Companies

2019 ◽  
Vol 14 (11) ◽  
pp. 250
Author(s):  
Li Jiaojiao ◽  
Qu Zenglong
Keyword(s):  
Corporate Governance ◽  
Institutional Investors ◽  
Listed Company ◽  
Listed Companies ◽  
The State ◽  
Announcement Effect ◽  
Short Term ◽  
Private Placement ◽  
Long Run ◽  
Private Placements

Theoretical and empirical analyses of listed companies owned and controlled by the state making private placement transactions during 2006 and 2013 were carried out to measure the short-term announcement effect of strategic and financial investors’ subscription for new shares in listed companies owned and controlled by the state on corporate governance and long-run performance of these listed companies. It was found that private placements had a positive influence on the performance of a state-owned and -controlled listed company as they brought new institutional investors to the company; strategic investors who subscribed for new shares in a state-owned and -controlled listed company have appeared to cause an announcement effect greater than financial investors; state-owned and -controlled listed companies that attracted strategic investors with private placements showed a higher level of corporate governance and better long-run performance in comparison to those launching private placements to financial investors only. This study reveals the differences between strategic and financial investors in their influences on short-term announcement effect, corporate governance, and long-run performance of a state-owned and -controlled listed company when they enter into private placement transactions with the company. These findings provide new perspectives on the economic consequences arising from the involvement of external institutional investors in private placements of state-owned and -controlled listed companies, which, to a certain extent, facilitate the decision-making process in private placement transactions and promote the mixed-ownership reform.

Corporate Governance and Private Equity Placements

2015 ◽  
Vol 18 (02) ◽  
pp. 1550013 ◽  
Author(s):  
Yin Hua Yeh ◽  
Pei Gi Shu ◽  
Ming Sung Kao
Keyword(s):  
Corporate Governance ◽  
Private Equity ◽  
Good Governance ◽  
Coupling Effect ◽  
Announcement Effect ◽  
Private Placement ◽  
Long Run

In a private placement, the identity of the block purchaser has attracted much attention, while the characteristics of the issuing firm are sparsely noted. We hypothesize that the market concerns about the coupling between the issuing firm and the new block investor. Our empirical findings from a sample of 213 private equity placements in Taiwan indicate that the announcement effect of good-governance firms is significantly higher than that of bad-governance firms. Moreover, the induction of outside block investor further punctuates the coupling effect: the coupling between good-governance (poor-governance) firms and outside block investors yields even higher (lower) returns. Finally, the coupling effect remains significant in explaining the long-run performance of private-equity-placement firms.

scholarly journals Empirical study on the relationship among government holding, asset injection and listed companies performance – evidence from China securities market

2014 ◽  
Vol 12 (1) ◽  
pp. 169-179
Author(s):  
Tao Zhang ◽  
Hedy Jiaying Huang ◽  
Keith Hooper
Keyword(s):  
Empirical Study ◽  
Listed Companies ◽  
The State ◽  
Securities Market ◽  
Short Term ◽  
Private Placement ◽  
And Performance ◽  
The Relationship

This paper aims to investigate the private placement of equity (PPE) by asset injection in China. It analyzes the influence to shareholders’ wealth and performance in the state-holding listed companies and private-holding listed companies. The key findings of this paper are the shareholders’ wealth and performance increased in the short-term, but decreased in long-term after announcement of asset injection by major shareholders. After asset injection, the state-holding listed companies experience larger decline in the long-term shareholders wealth and performance than private-holding listed companies.

Transnational Corporate Governance: The State of the Art and Twenty-First-Century Challenges

2021 ◽  
pp. 614-646
Author(s):  
Dionysia Katelouzou ◽  
Peer Zumbansen
Keyword(s):  
Corporate Governance ◽  
Institutional Investors ◽  
Shareholder Wealth ◽  
Performance Measure ◽  
The State ◽  
First Century ◽  
Access To Health Services ◽  
Wide Range ◽  
Shareholder Wealth Maximization ◽  
Twenty First Century

This chapter explores corporate governance as a transnational regulatory field. Mirroring the rise in importance of the idea of shareholder wealth maximization as a firm’s definitive performance measure, corporate governance became a hotly contested field of competing visions of firms’ institutional and normative infrastructure in search of creating the most advantageous conditions to attract capital in volatile markets. This shift occurred at the same time that regulatory transformations in Western postindustrial societies since the early 1980s had begun to significantly shift public service provision and state-organized frameworks for old-age security guarantees and access to health services. Today’s corporate governance laboratory is a transnational force field, fought over by a host of different state and nonstate actors and also by private actors such as institutional investors. Meanwhile, following the financial crises in 2001, 2008 and 2020 and the simultaneously growing pressure on corporations from human rights, gender equality, and environmental groups, the corporate governance debate again is shifting. This time, a diversity of issues are being discussed under the corporate governance rubric, indicating a more comprehensive engagement with the firm’s purpose and functions and its societal obligations and responsibilities. Given the crucial role of firms as the residual claimants of a wide-ranging retreat of the state from its role in guaranteeing and providing a wide range of social functions, corporate governance is a mirror for the transformation of public and private power, and it has to address the twenty-first-century challenges, including global value chains and the proliferation of institutional investors, unfolding on a planetary scale.

Neotraditional authority contested: the corporatization of tradition and the quest for democracy in the Topnaar Traditional Authority, Namibia

Africa ◽  
2020 ◽  
Vol 90 (2) ◽  
pp. 318-338
Author(s):  
Mario Krämer
Keyword(s):  
Common Good ◽  
The State ◽  
Democratic Participation ◽  
Local Power ◽  
Traditional Authority ◽  
Fair Share ◽  
Short Term ◽  
Long Run ◽  
Community Activists ◽  
Per Se

AbstractThis article examines two closely related themes: the triangle of tradition, capital and the state; and resistance to neotraditional leadership and local activism for democracy. I investigate an uprising in the Topnaar Traditional Authority in the Erongo region of Namibia by young community activists who aimed to promote democracy in their community in a context of manifold accusations of self-enrichment and corruption against the neotraditional leadership. The article demonstrates that the corporatization of tradition is a double-edged sword: neotraditional leaders expand their local power towards their subjects in the short term, but it often produces severe conflict that may result in the delegitimization of neotraditional authority in the long run. However, the Topnaar youth uprising and quest for democracy was less about challenging neotraditional authority per se and more about replacing the incumbents as well as obtaining a fair share of political power. It resulted from the perception that the neotraditional-cum-corporate ventures no longer served the cause of a common good; this, in turn, contradicted the general ideal of equality among the Topnaar. The corporatization of tradition thus generated local grievances and stimulated demands for democratic participation. Since the uprising gained at least some of its momentum from my research on neotraditional authority, I also reflect on my role.

scholarly journals Learning Robot Speech Models to Predict Speech Acts in HRI

2016 ◽  
Vol 9 (1) ◽  
pp. 295-306
Author(s):  
Ankuj Arora ◽  
Humbert Fiorino ◽  
Damien Pellier ◽  
Sylvie Pesty
Keyword(s):  
Speech Acts ◽  
Short Term Memory ◽  
The State ◽  
Short Term ◽  
Long Run ◽  
Action Sequences ◽  
Long Short Term Memory ◽  
Max Sat ◽  
Speech Model

Abstract In order to be acceptable and able to “camouflage” into their physio-social context in the long run, robots need to be not just functional, but autonomously psycho-affective as well. This motivates a long term necessity of introducing behavioral autonomy in robots, so they can autonomously communicate with humans without the need of “wizard” intervention. This paper proposes a technique to learn robot speech models from human-robot dialog exchanges. It views the entire exchange in the Automated Planning (AP) paradigm, representing the dialog sequences (speech acts) in the form of action sequences that modify the state of the world upon execution, gradually propelling the state to a desired goal. We then exploit intra-action and inter-action dependencies, encoding them in the form of constraints. We attempt to satisfy these constraints using aweighted maximum satisfiability model known as MAX-SAT, and convert the solution into a speech model. This model could have many uses, such as planning of fresh dialogs. In this study, the learnt model is used to predict speech acts in the dialog sequences using the sequence labeling (predicting future acts based on previously seen ones) capabilities of the LSTM (Long Short Term Memory) class of recurrent neural networks. Encouraging empirical results demonstrate the utility of this learnt model and its long term potential to facilitate autonomous behavioral planning of robots, an aspect to be explored in future works.

scholarly journals Institutional Shareholdings and Financial Characteristics of Malaysian Listed Companies

2020 ◽  
Author(s):  
Shamsul Naharabdullah ◽  
Mohd Azlan Yahya ◽  
Faisol Elham
Keyword(s):  
Institutional Investors ◽  
Listed Companies ◽  
Financial Ratios ◽  
Short Term ◽  
Growth Ratio ◽  
Primary Motivation ◽  
The Mean ◽  
Financial Characteristics ◽  
Institutional Shareholders

This study attempts to investigate the extent to which the financial characteristics of firms are related to institutional shareholdings. The primary motivation to carry out the study comes from an earlier paper by Hessel and Norman (1992), which showed that seven financial ratios discriminated between strongly-held and institutionally-neglected firms. As an extension of the study, the present study seeks to investigate the seven financial ratios among Malaysian companies by identifying differences in the means of the seven ratios between a group of companies with substantial institutional shareholdings against another group of companies with negligible institutional shareholdings. The findings, from a sample of KLSE listed companies, broadly support the findings by Hessel and Norman (1992), in which firms with significant institutional shareholdings exhibited a significantly higher profitability ratio against firms that were neglected by institutional investors.. This suggested that institutional investors placed greater emphasis on a firm's short-term results. Our evidence also did not indicate institutional shareholders' direct involvement in ensuring a firm's long-term growth and competitiveness, as shown by the insignificant differences in the mean of growth ratio between firms that had significant institutional shareholdings and those that were neglected by institutional investors.  

scholarly journals Competitiveness as a Decisive Criterion for Sustainability

2020 ◽  
Vol 65 (Special edition 2020/2) ◽  
pp. 7-24
Author(s):  
György Matolcsy
Keyword(s):  
National Economy ◽  
The State ◽  
The Other ◽  
Global Competition ◽  
Short Term ◽  
Important Resource ◽  
Long Run ◽  
Digital Transition ◽  
The One ◽  
Proper Cooperation

Competitiveness and sustainability are inseparable concepts. Competitiveness cannot be interpreted in the short term, and thus it cannot exist without sustainability as well. At both the corporate and national economy level, only those who can maintain their outstanding performance, in the long run, are the winners in global competition. There are two roads to achieving these two goals simultaneously, and they can even be followed at the same time. On the one hand, moving away from quantitative factors towards quality, and on the other hand, looking for new resources and making old resources unlimited by using them in a sustainable, “green” manner. With the development of digitalisation, data is becoming a more important resource than ever before, while money and access to energy may become unlimited. No segment of the economy can ignore revolutionary changes, such as the green and digital transition, but proper cooperation between the state and the market is necessary to achieve and maintain competitiveness and sustainability.

scholarly journals The companies’ characteristics impact on the performance’s sustainable reporting. Case study on Bucharest Stock Exchange listed companies

2021 ◽  
Vol 342 ◽  
pp. 08004
Author(s):  
Maria-Mădălina Bogeanu-Popa ◽  
Mariana Man
Keyword(s):  
Stock Exchange ◽  
Listed Company ◽  
Control Variable ◽  
Listed Companies ◽  
Annual Reports ◽  
The Sustainable Development ◽  
Performance Reporting ◽  
Long Run ◽  
Continuous Dynamic

The actual economic environment, which is in a continuous dynamic, obligates the economic entities to rethink their periodic performance reporting method. In this context, drafting a report of interest for the stakeholders, which would contain financial as well as non-financial information, becomes a challenge. Integrating the exigencies of the sustainable development of economic, social and environment nature in a sustainable report of performance represents in the long run an indispensable requirement for any stock exchange listed company. This paper aims to analyse three characteristics of the Bucharest Stock Exchange (BSE) listed companies: dimension (ED), rentability (ARR) and company recognition (EER). The control variable (EO) is given by the objectives the company follows. The data in this paper has been collected from annual reports drafted by BSE listed companies on the Regulated Market referring to 2019. The results obtained through econometric research have revealed the fact that the objectives (EO), the dimension (ED) and the company’s rentability (ARR) have a significant impact on the sustainable reporting of their performance.

scholarly journals Institutional investors and cost of capital: The moderating effect of ownership structure

PLoS ONE ◽  
2021 ◽  
Vol 16 (4) ◽  
pp. e0249963
Author(s):  
Xiaoping Huo ◽  
Hongying Lin ◽  
Yanan Meng ◽  
Peter Woods
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Capital Market ◽  
Institutional Investors ◽  
Cost Of Capital ◽  
Listed Companies ◽  
Moderating Effect ◽  
Theory And Practice ◽  
The Cost ◽  
The Relationship

Guiding institutional investors to actively participate in corporate governance is a hot issue to improve the internal governance of China’s listed companies. This study seeks to provide a comprehensive understanding of the mechanism that underlies the governance effects of the heterogeneity of institutional investors on the cost of capital, and the influence of ownership structure on the relationship between them. Using an unbalanced panel data on A-share listed companies of Shanghai and Shenzhen in China’s capital market during the 2014–2019 period, this study reveals how institutional investors with longer holding period and higher shareholding ratio are negatively associated with the cost of capital in China’s capital market. Furthermore, this study successfully confirms the moderating effect of ownership structure in the relationship between institutional investors and the cost of capital. China’s state-owned enterprises are more likely to introduce improvements at the corporate governance level, and ownership concentration weakens the negative influence of institutional investors on the cost of capital. The research contributes to a deeper understanding of the impacts of institutional investor’s heterogeneity and ownership structure on the cost of capital in China. In the process, the study yields useful implications for the theory and practice of corporate governance.

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