• Asian Journal of Business Environment
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• 제12권4호
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• pp.35-44
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• 2022

Purpose: The main purpose of this study is to find out the impact of ownership structure on firm performance in the pharmaceutical and chemical industry of Bangladesh. Research design, data and methodology: The study has been conducted on 28 listed pharmaceutical and chemical companies from 2012 to 2020. Return on Assets (ROA) and Tobin's Q are selected as indicators of internal and market performance of the firms respectively whereas institutional ownership, directors' ownership and foreign ownership are selected as proxies of ownership structure. Panel analysis using random effects, lag method and time dummy method is used to analyse the relationship. Results: The study has found the existence of highly concentrated directors' ownership, a low percentage of institutional ownership and a very insignificant proportion of foreign ownership in the industry. The regression results show that directors' ownership has a positive and significant impact on firm performance, supporting the concept of agency theory. The study has also found a positive and significant impact of foreign ownership on firm performance. Unfortunately, the impact of institutional ownership is found to be insignificant. Conclusions: Directors' ownership and foreign ownership decreases agency cost that ultimately increases firm performance. However, the role of institutional investors is not significant enough to improve firm performance. It is suggested that institutional investors should be more active and involved in monitoring the activities of the organisations to improve performance.

• 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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• 제9권1호
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• pp.345-352
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• 2022

This study examines the impact of female representation on board of directors and audit committees on financial reporting quality, which also discusses the moderating role of family ownership in female representation on boards of directors and audit committees and financial reporting quality. The unbalanced panel is made up of 271 non-financial companies listed on the Pakistan Stock Exchange (PSX) from 2008 to 2019.The findings reveal that female representation on the board of directors has a large and negative impact on financial reporting, but female representation on the audit committee has a significant positive impact on financial reporting quality. Furthermore, the results reveal that family ownership has a negative impact on the relationship between female presence on boards of directors and financial reporting quality. Furthermore, the findings show that family ownership reduces the impact of female involvement in audit committees on the quality of financial reporting. However, family ownership has no direct impact on financial reporting quality.Our findings suggest that selecting females to serve on boards of directors and audit committees should be based on specific criteria (e.g., monitoring abilities, business competence, knowledge, and experience) rather than on family relationships.

• 재무관리연구
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• 제11권1호
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• pp.263-284
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• 1994

This study examines the monitoring effects of institutions, outside directors, and outside blockholders by seeing managers' selection of antitakeover measures. In this paper, we hypothesize that managers use antitakeover techniques to entrench themselves when they are not monitored closely. Consequently, we hypothesize that institutional ownership, outside membership on board of directors, outside directors ownership, and outside blockholder ownership are less in firms which adopt harmful antitakeover measures. This paper analyzes whether the degree of monitoring by institutions, outside directors, and outside blockholders influences managers' adoption of different types of takeover defenses. We find interesting empirical results. First, aggregate institutional ownership is positively correlated with the likelihood of antitakeover techniques adoption. This result implies that institutional investors are passive. Second, total and active blockholder owner-ship is higher at firms that do not propose any defensive tactics. passive blockholder owner-ship is highest at fair price firms but low at poison pills firms. Ownership concentration by outside investors increases monitoring and reduces agency problems. Thirid, outside board monitoring is ineffective.

• 한국연극학
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• 제40호
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• pp.401-450
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• 2010

This thesis purposes to suggest that creative stage directors have copyright ownership and we make them create high-quality of theatre direction. Stage directors are sincere creator of the theatre stage today. We have little judicial precedents about stage directors, no artistic examination related directing. Stage directors are performers who have neighboring rights, there is a problem that they won't have the exclusive right of making derivative works in this country. Others will make creation (such as cinemas, animations, novels) based on stage expression without permission, because stage directors don't have exclusive right of making derivative works. Copyright law can't protect the concept of stage directors and building blocks of them which are drama text, actors and theatre space, because copyright law don't protect idea according to idea/expression dichotomy. The expression of stage direction is belong to five fundamentals which are composition, picturization, movement, rhythm, pantomimic dramatization that are come from Dean & Carra's work. Directors' work is to make theatrical works based on literary works. Therefore, theatrical works are derivative works which based on drama texts. Also, theatrical works are able to be joint works. In the case of that stage directors write drama text and create expression on the stage, they have to own authorship of both works. Merger doctrine should not apply theatre directors' works strictly like any other functional works because stage directors usually create noble expression which have been not before. We need shift of the definition of theatrical works which are derivative works or joint works to protect theatre directors' creativity. Hereafter, the special legal section for dramatic(theatrical) works including the flexible legal definition for performing arts should be established, and 'contract form' for stage directors should be made. Acting edition(literary works) should be published to grant creative directors compensation. I emphasize to grant ownership of copyright to creative stage directors, to encourage directors' works. Therefore, copyright law will be the support for development of cultural arts institutionally.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.627-637
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• 2021

This research extends the literature on the effect of board characteristics and ownership structure on audit fees; these factors affect the firm's agency costs and how the auditor assesses various risks, hence the audit efforts and fees. The paper introduces political connections as a determinant of audit fees for the first time in Jordan, where the political connection is prevalent and affects decision making on the Jordanian boards. The sample consists of 109 manufacturing and service firms listed on the Amman Stock Exchange (ASE) over the years 2012-2019. Data is obtained from the ASE and the company's annual reports. Board characteristics are measured by board size, independence, leadership duality, meetings frequency, political connections, and audit committee. Ownership structure was measured by concentration, foreign ownership, and Institutional ownership. The study hypotheses were tested by using Generalized Least Squares regression. The Findings showed that larger boards, politically connected firms, and firms with leadership duality are more likely to pay higher fees. Besides, Firms with greater foreign ownership pay less fees, whereas the rest of the variables are insignificant. Results suggest that political connections play a major role in determining audit fees; this provides a recommendation to policymakers in Jordan to reconsider regulations regarding political connections.

• The Journal of Asian Finance, Economics and Business
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• 제10권1호
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• pp.67-77
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• 2023

This study investigates the impact of corporate governance (defined as companies' ownership structure and board of directors' characteristics) on cash holdings in the context of Oman. This study leverages a quantitative panel pooled regression on a dataset of Omani non-financial firms from 2009-2015. The findings of this study are generally in line with the predictions of Agency Theory and Mentoring and Busyness Hypotheses. The analysis demonstrates that a large stockholder size has a significant positive relationship with cash holding. Meanwhile, a positive (but insignificant) relationship was also found between institutional ownership and cash holding. Furthermore, state ownership was found to exhibit a significant negative relationship with cash holding. In terms of the board of directors' traits, this study's findings suggest that board sizes have a positive (but insignificant) relationship with cash holding. Furthermore, busy and independent boards were found to have a significant positive relationship with cash holding. The above findings suggest that boards with such traits are less effective in providing oversight on managers' actions, which would then increase Omani non-financial firms' cash holdings.

• 유통과학연구
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• 제19권11호
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• pp.17-25
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• 2021

Purpose: This study aims to examine the effect of gender diversity and institutional ownership on earnings management in distribution industry sub-sector companies listed on the Indonesia Stock Exchange in 2017-2018. Research design, data and methodology: This research is case study research, where the population in this study are all distribution sub-sector companies listed on the IDX in 2017-2018. The sample selection technique used was purposive sampling and obtained 74 companies with the 2017-2018 research period. Multiple linear regression analysis was used in this study, using Stata 17. Results: The results of this study indicate that: 1) Gender diversity has a negative effect on earnings management. 2) Institutional ownership has a negative effect on earnings management. Conclusions: This study contributes to the agency theory where gender diversity and institutional ownership can reduce the agency conflict that the shrinkage of earnings management. These results indicate that companies in which there are female directors will reduce earnings management practices, this is due to the attitude of female directors who tend to avoid risk. The results also show that institutional ownership will also lead to reduced levels of earnings management, because institutional investors will increase its oversight of the company.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.341-350
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• 2021

This study tested the effect of the board of directors' (BOD) characteristics on the corporate performance of the Jordanian industrial and service companies listed on the Amman Stock Exchange (ASE) during the period 2015-2019. The characteristics of the BOD were measured through the following variables: MO = managerial ownership; CEODU = CEO duality; BI = board independence; GD = gender diversity; ND = nationality diversity; AE = advanced education; BM = board meetings; BSIZ = board size; CSIZ = corporate size; CA = corporate age. The corporate performance was measured by return on assets (ROA) and return on equity (ROE). The corporate size and corporate age were used as control variables. The study sample consisted of 85 industrial and service companies with 425 observations to identify the nature of the effect of the BOD characteristics on performance. This study applied time-series data (panel data), and the multiple linear regression method was used to achieve study objectives. Results showed a positive effect of the study variables on performance, while the corporate age and the education level (BOD members) have a negative effect on performance.

• Asian Journal of Business Environment
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• 제9권2호
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• pp.35-46
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• 2019

Purpose - The purpose of this study is to find out the intellectual capital disclosure (ICD) and its determinants in the pharmaceutical and chemical industry of Bangladesh. Research design, data, and methodology - This research study is conducted on the listed firms of pharmaceutical and chemical industry in Bangladesh during the period of 2016 to 2017. This study develops a self-structured intellectual capital disclosure index; and the proxies of determinants of ICD are used as board characteristics (board size, independent directors and female directors), ownership structures (institutional ownership and director ownership), and firm characteristics (firm size, leverage and performance). The study uses a content analysis to analyze the extent of ICD and a pooled cross-sectional method to find the determinants of ICD. Research Findings - This study finds that intellectual capital disclosure is positively associated with firm size, leverage, and firm performance and negatively associated with director ownership and institutional ownership. This study also finds that there is no significant association of ICD with independent director or female director. Conclusions - The study recommends that the regulatory authority should develop mandatory guidelines on ICD for ensuring proper and consistent disclosure about the intellectual capitals. Besides, the companies should include a separate section in the annual reports to disclose the measurement and management of intellectual capital.