Business Commons^™

Performance Implication Of Ownership Structure And Ownership Concentration: Evidence From Sri Lankan Firms, Athula S. Manawaduge, Anura De Zoysa, Kathleen M. Rudkin

Faculty of Commerce - Papers (Archive)

Purpose - This paper seeks to examine the impact of ownership concentration and ownership structure on firms’ performance of a sample of public listed companies in Sri Lanka in the premise of an agency theory framework.

Design/methodology/approach - The paper first investigates the nature of ownership structure and concentration and then examines whether there is strong evidence to support the observation that the variations of ownership structure across firms result in systematic variations in firm performance. This hypothesis is tested by assessing the impact of ownership structure and concentration on firm performance measured in terms of accounting profitability and market …

Board Composition, Board Activity And Ownership Concentration, The Impact On Firm Performance, Shiguang Ma, Gary Tian

Faculty of Commerce - Papers (Archive)

This paper provides a parallel investigation on the impact of board composition, board activity and ownership concentration on the performance of listed Chinese firms. We find that independent directors enhance firm performance effectively than other board factors. The frequency of shareholder meetings, rather than board meetings, is positively associated with firm value. Tradable share ownership concentration has a positive and linear relationship with firm value, while state and total share ownership concentration represent U(V) shapes. Importantly, companies with the highest levels of both total share and tradable share ownership concentration have a greater firm values than companies with the highest …

Managerial Ownership, Capital Structure And Firm Value, Wenjuan Ruan, Gary G. Tian, Shiguang Ma

Faculty of Commerce - Papers (Archive)

This paper extends prior research to examine the managerial ownership influences on firm performance through the choices of capital structures by using a new sample of S&P 500 firm in 2005. The empirical results of OLS regressions replicate the nonlinear relationship between managerial ownership and firm value. However, we found that the turning points had moved up in our sample compared with previous papers, which implies that the managerial control for pursuing self-interest, and the alignment of interests between managers and other shareholders can only be achieved now by management holding more ownership in a firm than that found in …

Managerial Compensation, Ownership Structure And Firm Performance In China's Listed Firms, Xiaofei Pan, Gary G. Tian, Shiguang Ma, Aelee Jun, Qingliang Tang

Faculty of Commerce - Papers (Archive)

This paper investigates managerial compensation and its relationship with firm performance in China's listed firms. In China, the largest shareholder dominates other shareholders, controls the firm and therefore exercises substantial impacts on manager compensation. After controlling for other firm and industry characteristics, we find that manager remuneration is greater and pay-performance relation is stronger for privately-controlled firms than for state-controlled firms. We also document that state-controlled firms exercise performance-based manager incentive schemes, which is contrary to evidence found in some earlier studies. Our results also indicate that top executives in firms with a foreign ownership are more highly compensated, relative …

Three Essays On Chinese Outward Investment, Yan Gao

Open Access Theses & Dissertations

Empirical research and theory development have traditionally focused on Western MNEs. The rise of multinational firms from the emerging markets, particularly MNEs from China has attracted limited empirical research attention. In the current research, I attempt to fill this gap by exploring the entry modes strategies, motivation and government interference when Chinese MNEs go abroad. Early international business theories suggested that firms invest abroad on the basis of possessing certain-firm specific competitive advantages. By leveraging these existing firm-specific advantages overseas, firms are able to generate sufficient returns to overcome the "liability of foreignness". These early FDI theories were largely based …

The Influence Of National Culture And Institutional Voids On Family Ownership Of Large Firms: A Country Level Empirical Study, Subrata Chakrabarty

Subrata Chakrabarty