A Study on the Effect Brought by Different Types of Ownership Control—Based on the Evidence from China’s Listed Companies

This paper analyses data for Nordic listed companies in 2002-2008 to find out whether the market has rewarded companies that have improved their corporate governance systems as measured by the CG –quotient compiled by RiskMetrics (previously Institutional Shareholder Services, ISS). The paper also investigates which improvements have been more important as value enhancers and which ones are considered value irrelevant by the market. Finally the paper looks at whether there are differences between the four biggest Nordic countries in how different types of corporate governance improvements are perceived by the market.

Download Full-text

Determinants of compliance with audit committee rules: Evidence from Indonesia

Corporate Ownership and Control ◽

10.22495/cocv12i1c7p1 ◽

2014 ◽

Vol 12 (1) ◽

pp. 609-620 ◽

Cited By ~ 1

Author(s):

Ari Kuncara Widagdo ◽

Susela Devi Suppiah

Keyword(s):

Institutional Investors ◽

Audit Committee ◽

Listed Companies ◽

Family Control ◽

Different Types ◽

Foreign Institutional Investors

The main objective of this study is to investigate the extent of public listed companies compliance with the audit committee rules and to examine the association between Indonesian business characteristics and the compliance of public listed companies with the rules. The results indicate that the compliance of public listed companies with the rules is unsatisfactory. In terms of determinants of the compliance, the different types of family control have a different effect on the compliance of public listed companies with the rules. Additionally, public listed companies with politically connected independent commissioner are less likely to comply with the rules. In contrast, public listed companies with large genuine foreign institutional investors are more likely to comply with the rules

Download Full-text

Operating Performance of Tourism Listed Companies in China: The Perspective of Economic Value Added

SAGE Open ◽

10.1177/2158244020981064 ◽

2021 ◽

Vol 11 (1) ◽

pp. 215824402098106

Author(s):

Songtao Geng ◽

Suyu Liu ◽

Xuelin Liao

Keyword(s):

Economic Value ◽

Operating Performance ◽

Malmquist Index ◽

Value Added ◽

Listed Companies ◽

Economic Value Added ◽

Customer Needs ◽

Different Types

This article uses economic value added (EVA) to analyze the sustainability of performance of tourism listed companies from 2013 to 2015. The Malmquist index is used for the analysis of different operating performance across various types of tourism listed companies. It is found that the operating performance of tourism listed companies in China is not satisfactory, as merely less than half of them have a positive EVA. This study also finds that for different types of tourism listed companies, a variety of strategies for improvement should be adopted. For example, commercial companies should pay attention to the new customer needs, and scenic area companies need to increase investment in technology.

Download Full-text

Exploring financial risks disclosure: evidence from Indian listed companies

Qualitative Research in Financial Markets ◽

10.1108/qrfm-11-2019-0140 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Chandani Khandelwal ◽

Satish Kumar ◽

Deepak Verma

Keyword(s):

Financial Risk ◽

Design Methodology ◽

Stock Exchange ◽

General Pattern ◽

Listed Companies ◽

Annual Reports ◽

Financial Risks ◽

Risk Disclosure ◽

Content Type ◽

Different Types

Purpose The purpose of this paper is to contribute to the existing literature on financial risk disclosure by examining a sample of non-financial Indian companies listed on the Bombay stock exchange (BSE) to explore the degree of information about financial risks contained in their annual reports. Design/methodology/approach To study the financial risk disclosure of Indian companies, a sample of 206 non-financial companies has been derived from the top 500 listed companies at BSE. The method used in this study to analyze risk disclosure is content analysis. A total of 1,854 annual reports are scanned through software Nvivo-12 to find different types of risk words. Overall, risk disclosure, category wise risk disclosure, year-wise risk disclosure and sector-wise risk disclosure are assessed. The risk disclosure index is also computed. Findings The results show that there are some risk disclosure practices in Indian companies. No general pattern is observed. Companies are following vague method of risk disclosure. In the true sense, Indian companies are now started risk disclosure practices since 2018. This may be because of pressure from regulating bodies and stakeholders with greater detail about their financial risks. Originality/value This study is carried out for Indian non-financial companies. The paper adds to the literature relating to financial risk disclosure in developing countries.

Download Full-text

Overconfidence, Ownership Control and Financial Distress in Different Types of State-Owned Enterprises: Evidence from China

Management and Accounting Review (MAR) ◽

10.24191/mar.v20i03-04 ◽

2021 ◽

Vol 20 (3) ◽

Keyword(s):

Financial Distress ◽

Different Types ◽

Ownership Control

Download Full-text

Difficulties in being responsible institutional investors: evidencefrom Malaysia

Social Responsibility Journal ◽

10.1108/srj-12-2017-0264 ◽

2019 ◽

Vol 16 (4) ◽

pp. 507-520

Author(s):

Hairul Azlan Annuar

Keyword(s):

Corporate Governance ◽

Emerging Markets ◽

Financial Performance ◽

Institutional Investors ◽

Design Methodology ◽

Shareholder Activism ◽

Listed Companies ◽

Qualitative Approach ◽

Content Type ◽

Different Types

Purpose The purpose of this paper is to ascertain whether institutional investors in Malaysia faced limitations when they are involved in the corporate governance of their investee companies. Design/methodology/approach A qualitative approach, consisting of a series of interviews with senior investment managers of different type of institutional investors, was chosen. In total, 18 interviews were conducted over a period of two months, which is thought to sufficiently provide the answers to the research purpose. Findings The interviews revealed there are difficulties in monitoring all investee companies due to lack of time and resources. Traditional measures such as company financial performance and dividend policy, continued to be favored and rigorously monitored. The overdependence on hard criteria may be a result of a culture of overly rewarding beneficiaries and a lack of expertise in being involved in specialized company areas such as strategy. Strict regulations hamper effort to be more involved in governing investee companies. Research limitations/implications The research used interviews and generalization may become an issue. In addition, access to many managers depended on recommendations, and the respondents are selected to represent the different types of institutional investors. Originality/value Investigation into factors that may limit institutional investors’ involvement in corporate governance in Malaysian public listed companies, especially from a more qualitative viewpoint, is lacking. In addition, this paper advances the understanding of shareholder activism by adding to the literature by exploring the issue in a specific emerging markets context.

Download Full-text

Does the research meeting affect the shareholding ratio of institutional investors in listed companies? Empirical evidence from China

China Finance Review International ◽

10.1108/cfri-08-2020-0112 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Jingqin Zhang ◽

Yong Ye

Keyword(s):

Empirical Research ◽

Institutional Investors ◽

Stock Price ◽

Stock Exchange ◽

Listed Companies ◽

Investment Efficiency ◽

Content Type ◽

Different Types ◽

Research Meeting ◽

The Impact

PurposeThis paper discusses whether institutional investors change the shareholding ratio of listed companies through research meeting, and whether this active investment mode can really improve the investment efficiency of institutional investors.Design/methodology/approachUsing empirical research method, this study designs and conducts an empirical research according to empirical research's basic norms. Thus, we acquire needed and credible empirical data. This study analyzes whether institutional investors seek their private interest in researched companies by analyzing their research meetings and the shareholding ratios of different types of institutional investors using Shenzhen Stock Exchange data on listed firms from 2014 to 2018.FindingsThis study finds that the research meetings of institutional investors provide participants with reliable information which supports the decision of institutional investors to change their shareholding ratio. The stock price growth rate strengthens the positive correlation between the research meetings of institutional investors and the shareholding ratio of institutional investors. Additionally, transactional institutional investors increase the shareholding ratio, while holding institutional investors do not.Originality/valueThis paper combines the behavior of institutional investors with the holding status of institutional investors, and discusses the impact of institutional investors' behavior on investment decisions. At the same time, it classifies the institutional investors and discusses the attitude of different types of institutional investors towards this active investment mode.

Download Full-text

Research on the Effect of Executives as Audit Committee Members on Internal Control Weakness

BCP Business & Management ◽

10.54691/bcpbm.v14i.155 ◽

2021 ◽

Vol 14 ◽

pp. 275-303

Author(s):

Yange Li

Keyword(s):

Board Of Directors ◽

Internal Control ◽

Audit Committee ◽

Listed Company ◽

Listed Companies ◽

Executive Directors ◽

Different Types ◽

The Board Of Directors ◽

The Impact ◽

The Chairs

The Audit Committee is a specialized agency under the Board of Directors, and supervising the company's internal control is one of its duties. This article takes the 2012-2017 Shanghai-Shenzhen A-share non-financial listed company as a research sample, focusing on the chairmen, CEOs, CFOs, board secretaries and executive directors other than the CEO, discussing the impact of their concurrent appointment as audit committee members on the arising, correction and repair of internal control weakness in listed companies. The study found that different types of executives who are concurrently members of the audit committee would lead the internal control weakness to different directions. In general, excluding some less significant results, executives concurrently serve as members of the audit committee could stimulate the arising of internal control weakness and promote the correction and repair of the existing internal control weakness of the listed company. This indicates that when a listed company does not have internal control weakness, its executive layer intervention will weaken the effectiveness of the audit committee's governance and induce the arising of internal control weakness. Conversely, when the company inherently has internal control weakness, the intervention will strengthen the effectiveness of the audit committee's governance, making the audit committee more effective in monitoring internal control weakness. In addition, an important finding is that the existence of the Secretary of the board among the members of the audit committee will limit the chairs’ role in promoting internal control deficiencies.

Download Full-text