• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.289-295
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• 2021

This study investigates the role of corporate governance in the dividend decision of 198 non-financial companies listed on the Colombo Stock Exchange of Sri Lanka, over the period from 2009 to 2016. Four corporate governance indicators are used in this study; managerial ownership, the board size, board independence, and CEO duality. Furthermore, this study considers three control variables such as profitability, firm size, and corporate tax. This study employed the Generalized Method of Moments (GMM) model to estimate the regression models on panel data study. The major contribution of this study is exploring the insight into the effect of corporate governance factors on dividend decisions. The results of the study revealed that managerial ownership showed a significant positive impact on the dividend payout ratio. Board size showed a significant positive influence on the dividend payout ratio. Board independence negatively but significantly influenced the dividend payout ratio. CEO duality showed an insignificant negative impact on the dividend payout ratio. In the framework of these CG indicators, Sri Lankan listed firms are recommended to have dispersed ownerships, large Board size and maintain a balance of power and authority by separating the individual who is assuming the position of the CEO from the Chairperson of the Board and maintain at least two independent directors.

• 아태비즈니스연구
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• 제13권1호
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• pp.89-102
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• 2022

Purpose - We examine empirically the relationship between the board of directors and the corporate performance using board characteristics related variables. Design/methodology/approach - We empirically test the hypotheses using fixed effects models (FEM), using data of 3,703 listed non-financial companies in China from 2010 to 2019. Findings - First, the ownership of board of directors is positively related to ROA. Second, the size of the board of directors is positively related to ROA. Third, there is no evidence that interaction between characteristic variables related to the board of directors affect the corporate performance. Research implications or Originality - These results show that as the board of directors has larger ownership, the degree of identity of interest between stock holders and the board becomes bigger to reduce agency cost, then it lets the board make decisions to improve the corporate performance. In addition, as the board of directors becomes bigger, the board has strong independence to play the role of monitoring and advising, then it leads to improvement of corporate performance.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.733-739
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• 2021

This study investigates the relationships of energy firm-level characteristics, namely; firm size, firm leverage, and firm performance with board diligence among companies listed in Saudi Stock Exchange (Tadawul) for the periods ranging from 2012 to 2019. The final sample of this study consists of 32 firm-year observations. A quantitative approach was adopted to test 3 specific hypotheses developed for the board diligence model. Using the Pooled OLS regression, this study finds that firm size and firm performance are negatively associated with board diligence. The results of this study indicate an insignificant association of firm leverage with board diligence. Besides, firm performance is related negatively to board diligence. This indicates that the board of companies with poor performance increases the number of its meetings because of the increased pressure on the board to improve its oversight operations and address the severe performance challenges. The increased number of board meetings observe the daily management of the company, increase the chances for discussions concerning the performance challenges, and come up with solutions faster. The directors are also likely to encounter heightened pressure to appear more engaged during a company's financial distress since lenders require a meeting of the board or with the board.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.135-147
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• 2022

This study was conducted to determine whether there is a significant relationship between board structure and board committee qualities and corporate cash holdings in Pakistan. For this objective, 168 listed enterprises on the PSX for the period 2016 to 2020 were chosen as a sample from a population of 436 non-financial firms. Multiple regression analysis was used in the study to discover a relationship between board structure and board committee features and cash holdings. The study's findings revealed that board size, executive directors, and board independence have no significant impact on the firm's cash holding because they play no important part in the firm's cash holding. Auditors, audit committee size, audit committee meetings, and the compensation committee, on the other hand, have no major impact on the firm's cash holdings because they are not relevant indicators to compare with cash holdings. While board meeting frequency and leadership structure both have a negative influence on cash holding, board meeting frequency increases firm costs, whereas leadership structure causes agency problems. Results were supported by the pecking order theory, cash flow theory, and agency theory.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.213-228
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• 2022

This paper investigates the association between key corporate governance characteristics and the performance of general insurance businesses listed on the Saudi stock exchange (TADAWUL). The methodology for the study is based on a pooled data collection for 11 Saudi general insurance companies from 2011 to 20. The linear regression model and the logarithm regression model are suggested to assess the relationship between performance and corporate governance characteristics. The dependent variable is firm performance measured using ROA, ROE, and Tobin's Q. The independent variables are corporate governance variables consisting of a complete set of board and audit committee characteristics. Insurer-specific control variables are introduced. The empirical results reveal that the characteristics of corporate governance influence the performance of insurance companies. In particular, the board size, board's tenure, the proportion of independent directors in the board, audit committee size, audit committee meeting frequency, and proportion of health insurance premiums have a positive impact. However, audit committee independence, size of the company, and proportion of reinsurance premiums have a negative impact on the performance of the Saudi general insurance companies. Finally, the empirical results indicated also that there is an unclear relationship between the performance and board meeting frequency, compensations of the Board, and the average age of the Board.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1101-1111
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• 2021

The current study aims to investigate the influence of different categories of ownership held by different types of board members on bank performance. The study uses a sample of Saudi listed banks for the period from 2011 to 2018. The results of the panel data analysis using firm fixed-effects regression model indicate that bank performance is significantly and positively affected by the chairman ownership and the CEO ownership. However, board independent members' ownership has a negative influence on bank performance. While non-executive board members' ownership and family board members have an insignificant impact on bank performance. Control variables, including board size, non-executive board members, government ownership, leverage, and bank size are significantly associated with bank performance. Overall, the results indicate that Saudi bank performance is higher in smaller banks that have smaller boards with lower non-executive members, lower portion of shares held by independent board members, higher portion of shares held by the chairman, CEO, and government, and higher leverage. The results of this study provide important implications for regulatory authorities and market participants in Saudi Arabia and countries with ownership concentration to understand the actual role of different categories of board ownership on firm performance in addition to optimize board ownership.

• 수산해양기술연구
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• 제37권1호
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• pp.1-8
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• 2001

This study deals with the experimental and numerical investigations to design the high performance otter board. Experiment was carried out to determine the most effective slot size of single-slot cambered otter board in the circulation water channel of BAEK KYUNG IND. Co. LTD. Numerical analysis was done by the commercial CFD code, FLUENT, to provide some valuable physical interpretations and finally to design the otter board section by numerical method. The major results are as follows ; 1. In experiment, the maximum lift and drag coefficients of simple cambered type otterboard were 1.41, 0.55, respectively, at the angle of attack $28^\circ$, while those of slot one with slot size 0.02C (C denotes the chord length) were 1.72, 0.42 at the angle of attack $24^\circ$. 2. The hydrodynamic characteristics depending upon slot size shows the greatest at 0.02C of the slot size. 3. Numerical results well visualized the streamlines, pressure fields, and speed vectors of a simple cambered and slot cambered otter board with slot size 0.02C. The slot cambered one with slot size 0.02C was shown that pressure field was distributed moderately on front and back side of otter board. And, the delay and decrease of separation were favorably achieved by flow through slot. 4. Computed result on the pattern of hydrodynamic field and the values of $C_L$ and $C_D$ by the commercial CFD code, FLUENT, show almost the same as those of the experimental result.

• 한국가구학회지
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• 제21권3호
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• pp.237-247
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• 2010

This research was carried out to examine the properties of black charcoal board, in order to find the proper manufacturing condition for the black charcoal-board made of the charcoal. The charcoal in this study was distillated from domestic wood waste, and it were also the purpose of this study to see if the black charcoal-board has the advantageous properties of charcoal as a well-being building material against the sick house problem. Domestic wood waste was consisted of MDF 40%, PB 30%, plywood 15% and wood 15%, respectively. Black charcoal board was produced by hot pressing with following conditions; temperature $170^{\circ}C$, three stage pressing cycle of $40-10-40\;kgf/cm^2$(1min.-2.5min.-5min.) and non formaldehyde adhesives [P15%+M5%:MDI(M), poly vinyl acetate emulsion(P). Fine mixed particle size [#6-12(16.9%), #12-18(16.7%), #12-40(47.2%), #40-60(9.5%), #60-100(5.9%), less than #100(3.8%)] gave better results than larger particle size [over #6(33.8%), #12-18(17.7%), #12-40(37.7%), #40-60(6.4%), #60-100(2.6%), less than #100(1.8%)]. Final moisture content of the mat was best at 36%. Black charcoal-board showed less MOR and IB(internal bond), more WA(water absorption) than that of white charcoal-board. Black charcoal board showed not only the same gas adsorption and dimensional stability as white charcoal board but also good cutting, nailing and drilling for indoor environment systems.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.159-168
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• 2020

This is a quantitative research, underpinned by the philosophy of natural science and deduction approach that examines the impact of the various aspects of corporate governance mechanism on the choice of capital structure of Vietnamese listed firms. We focus on the effect of factors such as the board size, the board independence, and especially different ownership structures, which include the managerial ownership, the state ownership, the concentrated ownership, and the foreign ownership. They are the main scopes of corporate governance and are supposed to be relevant to determine the corporate financing choice. To explain the causal relationship between factors, we construct the regression model and then test it by using different statistical method approaches, including the pooled OLS, the fixed effects model, and the random effects model. Data are collected from 336 firms with shares listed in the Ho Chi Minh City Stock Exchange in Vietnam, totaling 1583 observations. Overall, the results reveal that the board size, state ownership, and concentrated ownership have positive impact on the firm's capital structure, whereas foreign ownership appears to have negative influence on the capital structure. The research does not find evidence of a the correlation between board independence, managerial ownership and corporate capital struture.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.241-250
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• 2020

This study examines the relationship between the attributes of board structure and the likelihood of financial distress for the non-financial sector of an emerging market characterized by concentrated ownership and family-controlled business. The present study utilized panel logistic regression to estimate the relationship between board structure attributes and the likelihood of financial distress. We used Altman Z-Score as a proxy for firm financial distress, as this tool measures the financial distress inversely. The study finds a significant relationship between board size and the likelihood of financial distress. The results show that a one-unit increase in board size would decrease the probability of financial distress by 3.4%. Further, we observe that a greater level of board independence is associated with a lower likelihood of financial distress. A one-unit increase in board independence would decrease the probability of financial distress by 20.4%. We also find a significant positive impact of leverage on the likelihood of financial distress. The present study contributes to the body of literature on board structure attributes and likelihood of financial distress in emerging markets, like Pakistan. Furthermore, the findings would be beneficial for corporate policymakers and investors in formulating corporate financial strategy and predicting business failure.