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1.
Firms in performance decline may choose a variety of restructuringstrategies for recovery with conflicting welfare implicationsfor different stakeholders such as shareholders, lenders andmanagers. Choice of recovery strategies is therefore determinedby the complex interplay of ownership structure, corporate governanceand lender monitoring of such firms. For a sample of 297 U.K.firms experiencing relative stock return decline during 198793,we examine the impact of these factors as well as other controlfactors on their turnaround strategies. Strategy choices duringthe decline year and two post-decline years are modelled withlogit regressions. Our results show that turnaround strategychoices are significantly influenced by both agency and controlvariables. While there is agreement among stakeholders on certainstrategies there is also evidence of conflict of interests amongthem. Thereis further evidence of shifting coalitions of stakeholdersfor or against certain strategies. 相似文献
2.
尽管众多研究表明国有产权在公司正常经营期间会降低绩效,但一旦陷入财务困境,源于国有产权的预算软约束却可以降低财务困境成本,从而有利于国有公司。本文以1999—2005年期间发生财务困境的上市公司为研究对象,发现在财务困境期间国有产权对公司绩效具有积极影响,并且当公司规模较小或者财务杠杆较高时,这种积极作用更为明显。 相似文献
3.
股权结构、股权再融资行为与绩效 总被引:19,自引:0,他引:19
我国上市公司一方面在再融资方式的选择上存在着强烈的股权再融资偏好,另一方面却是股权再融资的绩效低下。本文认为我国上市公司特有的股权结构是上市公司过度的股权再融资行为和再融资绩效低下的根本原因,并据此提出了相应的政策建议。 相似文献
4.
The paper examines the effect of ownership and governance on firm performance. Tracing the post financial crisis experience, 1998–2002, of the Korean commercial bank industry, the paper investigates whether the involvement of foreign investors in the ownership structure had any significant effect on the banks' performance i.e., return and risk measures. Further, it examines the effects of the presence of outside directors, especially directors from foreign countries, in the corporate board structure impacts banks performance. Evidence indicates that the extent of the foreign ownership level, not the mere existence of foreign ownership, has a significant positive association with the bank return and a significant negative association with the bank risk. The number of outside board of directors does not have any significant affect on performance however the presence of a foreign director on that board is significantly associated with bank return and risk. These findings are relatively robust under the different specifications of performance measures. 相似文献
5.
Our results highlight the importance of interaction among management, labor, and investors in shaping corporate governance. We find that strong union laws protect not only workers but also underperforming managers. Weak investor protection combined with strong union laws are conducive to worker–management alliances, wherein poorly performing firms sell assets to prevent large-scale layoffs, garnering worker support to retain management. Asset sales in weak investor protection countries lead to further deteriorating performance, whereas in strong investor protection countries they improve performance and lead to more layoffs. Strong union laws are less effective in preventing layoffs when financial leverage is high. 相似文献
6.
In the last months of 1997, the value of the Korean currency lost over half its value against the dollar, and the ruling party was swept from power in presidential elections. One of the fundamental causes of this national economic crisis was the widespread failure of Korean companies to earn their cost of capital, which contributed to massive shareholder losses and calls for corporate governance reform. Among the worst performers, and hence the main targets of governance reform, were family‐controlled Korean business groups known as chaebol. Besides pursuing growth and size at the expense of value, such groups were notorious for expropriating minority shareholders through “tunneling” activities and other means. The reform measures introduced by the new administration were a mix of market‐based solutions and government intervention. The government‐engineered, large‐scale swaps of business units among the largest chaebol—the so‐called “big deals” that were designed to force each of the groups to identify and specialize in a core business—turned out to be failures, with serious unwanted side effects. At the same time, however, new laws and regulations designed to increase corporate transparency, oversight, and accountability have had clearly positive effects on Korean governance. Thanks to reductions in barriers to foreign ownership of Korean companies, such ownership had risen to about 37% at the end of 2006, up from just 13% ten years earlier. And in addition to the growing pressure for better governance from foreign investors, several newly formed Korean NGOs have pushed for increased transparency and accountability, particularly among the largest chaebol. The best governance practices in Korea today can be seen mainly in three kinds of corporations: (1) newly privatized companies; (2) large corporations run by professional management; and (3) banks with substantial equity ownership in the hands of foreign investors. The improvements in governance achieved by such companies—notably, fuller disclosure, better alignment of managerial incentives with shareholder value, and more effective oversight by boards—have enabled many of them to meet the global standard. And the governance policies and procedures of POSCO, the first Korean company to list on the New York Stock Exchange—as well as the recent recipient of a large equity investment by Warren Buffett—are held up as a model of best practice. At the other end of the Korean governance spectrum, however, there continue to be many large chaebol‐affiliated or family‐run companies that have resisted such reforms. And aided by the popular resistance to globalization, the lobbying efforts of such firms have succeeded not only in reducing the momentum of the Korean governance reform movement, but in reversing some of the previous gains. Most disturbing is the current push to allow American style anti‐takeover devices, which, if successful, would weaken the disciplinary effect of the market for corporate control. 相似文献
7.
公司绩效、公司治理与管理者报酬实证研究 总被引:3,自引:0,他引:3
陈燕 《中央财经大学学报》2006,(4):92-96
本文以中国深、沪两市在2004年上市公司样本作为公司绩效、公司治理与管理者报酬研究对象,从公司绩效、股权结构的安排以及董事会治理三个方面,通过构建最小二乘模型进行多元线性回归,来研究公司内部治理机制对公司管理层报酬的影响。研究结果表明:公司绩效、国有股比例、董事会规模、两职兼任均对管理者报酬产生显著的影响。 相似文献
8.
本文通过构建深圳中小企业板上市公司股权结构影响企业绩效的复合随机前沿生产函数,利用2006—2008年面板数据对中小企业的股权结构和企业绩效的关系进行了经验研究,结果表明中小企业的股权集中度与企业绩效之间显著正相关,这与国内文献中对大公司的经验研究结果一致,表明当前上市公司的股权集中有利于公司治理改善和企业绩效的提高。但是第一大股东持股比率却与绩效负相关,这与对大公司的研究结论相反,表明在中小企业中存在较为明显的"隧道挖掘"现象,"一股独大"在中小企业中并不利于公司治理。研究结果还表明,国家、法人、外资或个人对公司治理的绩效无显著差异;流通股比重、高管持股、研发人员投入等都与企业绩效不相关;中小企业具有较强的股权融资倾向,不符合"啄食顺序"的资本结构理论。 相似文献
9.
机构投资者股权对银行公司治理与绩效的影响 总被引:1,自引:0,他引:1
在机构投资者对银行进行投资时,不同类型的机构投资者具有不同的表现.其中,QFII、证券公司、社保和保险基金都能影响银行的公司治理,促进其综合业绩的提高;证券投资基金和企业不能对这两个方面产生显著影响.在选择银行股时,证券投资基金注重银行过去综合业绩的表现,企业、社保基金和保险基金注重银行过去市场价值的增长,QFII和证券公司同时考虑了这两个方面.实行银行股权全流通,放松时机构投资者的管制,改革证券交易方面的税收制度,培养机构投资者的投资理念,有利于发挥机构投资者对银行公司治理的积极作用. 相似文献
10.
This paper examines how information and ownership structure affect voting outcomes on shareholder-sponsored proposals to change corporate governance structure. We find that the outcomes of votes vary systematically with the governance and performance records of target firms, the identity of proposal sponsors, and the type of proposal. We also find that outcomes vary significantly as a function of ownership by insiders, institutions, outside blockholders, ESOPs, and outside directors who are blockholders. These results suggest that both public information and ownership structure have a significant influence on voting outcomes. 相似文献
11.
12.
This study tests whether the adoption of Australian best practice corporate governance recommendations is associated with financial performance measured by return on assets (ROA) and Tobin's Q. Results suggest that recommended corporate governance structures relating to the adoption of board sub‐committees are sound policy recommendations that enhance performance using the accounting measure ROA and the market‐based measure Tobin's Q. In contrast, the emphasis on board independence guidelines, specifically having outside independent directors, has a negative impact on ROA and Tobin's Q. However, there are conflicting significant results between the accounting and market measures for having a dual CEO/chairperson and board size. 相似文献
13.
We examine the corporate governance ratings provided by three premier US rating agencies and find that summary scores are generally poor predictors of primary and secondary measures of future firm performance. However, some component sub-ratings that focus on the eight key dimensions of dynamic governance structures provide more positive and reliable evidence of their information content in predicting the multiple dimensions of firm performance. These results reflect the recent observations by academic researchers and money managers that it is extremely difficult to distill all of the complex governance mechanisms into a single integrated, yet informative overall score. 相似文献
14.
《Journal of Contemporary Accounting and Economics》2008,4(2):156-172
This study uses data from companies listed in the Tehran Stock Exchange (TSE) for the years 2005–2006 to investigate the role of corporate governance indices on firm performance. We use board size, board independence, board leadership and institutional investors on the board as corporate governance indices and EPS, ROA and ROE as firm performance surrogates. Our regression results show that board size is negatively associated with firm performance. Moreover, the presence of outside directors strengthens the firms' performance. We find, however, no relationship between leadership structure and firm performance. Likewise, the presence of institutional investors on the board of directors is not positively associated with firm performance. 相似文献
15.
We assemble a sample of over 10,000 customer–supplier relationships and determine whether the customer owns equity in the supplier. We find that factors related to both contractual incompleteness and financial market frictions are important in the decision of a customer firm to take an equity stake in their supplier. Evidence on the variation in the size of observed equity positions suggests that there are limits to the size of optimal ownership stakes in many relationships. Finally, we find that relationships accompanied by equity ownership last significantly longer than other relationships, suggesting that ownership aids in bonding trading parties together. 相似文献
16.
Hedge Fund Activism, Corporate Governance, and Firm Performance 总被引:3,自引:0,他引:3
Using a large hand-collected data set from 2001 to 2006, we find that activist hedge funds in the United States propose strategic, operational, and financial remedies and attain success or partial success in two-thirds of the cases. Hedge funds seldom seek control and in most cases are nonconfrontational. The abnormal return around the announcement of activism is approximately 7%, with no reversal during the subsequent year. Target firms experience increases in payout, operating performance, and higher CEO turnover after activism. Our analysis provides important new evidence on the mechanisms and effects of informed shareholder monitoring. 相似文献
17.
G.P. Stapledon 《Australian Accounting Review》1996,6(12):11-15
In 1995, the New South Wales Court of Appeal handed down a significant judgment on directors' duties in Daniels v Anderson1 (the AWA case), following the landmark decision of Rogers CJ (Comm. D.)2 . In the same year, the Australian Stock Exchange introduced a listing rule under which listed Australian companies will for the first time be required to disclose their corporate governance practices. This article places the important decision in AWA and the ASX's corporate governance rule in the context of recent research in the United States on whether there is a link between corporate governance and corporate performance. 相似文献
18.
公司治理是近年来的研究热点,而投资者保护是公司治理的终极目标之一.本文研究了媒体的公司治理效应以及媒体在投资者保护过程中所起的渠道交流作用,分析了当前中国媒体的现状,指出了存在的问题,并提出了相应的建议和改进措施,期待媒体在完善公司治理过程中进一步发挥积极作用. 相似文献
19.
In this paper we explore corporate real estate ownership internationally. Based on a sample of 4,636 companies from 18 industries and 9 countries we document distinct patterns and trends in the corporate ownership level of real estate. Real estate ownership appears to be driven by industrial rather than national differences, with corporate real estate ratios ranging between 0.13 for Business Services and 0.63 for the Mining sector. Overall, real estate ownership appears to be decreasing over time, which may be due to the gaining popularity of lease alternatives. When analyzing the stock performance of the companies in our sample, we discover a significantly negative relationship between real estate ownership and a firms systematic risk. Idiosyncratic risk bears no significant relationship with real estate ownership. With respect to stock returns our results show that returns are lowest among firms with the highest real estate ownership levels in each industry. After controlling for the variation in risks, the remaining return patterns differ strongly across industries, with a significantly negative relationship between stock outperformance and real estate ownership for Communications and Business Services and a positive but not significant relationship for Transportation. 相似文献
20.
The 2001 to 2002 corporate scandals led to the Sarbanes–Oxley Act and to various amendments to the U.S. stock exchanges' regulations. We find that the announcement of these rules has a significant effect on firm value. Firms that are less compliant with the provisions of the rules earn positive abnormal returns compared to firms that are more compliant. We also find variation in the response across firm size. Large firms that are less compliant earn positive abnormal returns but small firms that are less compliant earn negative abnormal returns, suggesting that some provisions are detrimental to small firms. 相似文献