• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.107-115
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• 2020

This study is concerned with the relationship between firm's ownership structure and the co-movement of the stock return with the market return. Four different types of firm ownership, including managerial ownership, state ownership, foreign ownership, and concentrated ownership, are among the main features of the company's governance mechanism and have been separately documemented in the previous research to understand their impact on stock price synchronicity. We constructed the regression model, using stock price synchronicity as the dependent variable and the above four components of ownership structure as explanantory variables. The pooled OLS, the fixed effects model, and the random effects are employed to investigate the outcome of the study. Data used in the reserch are of public firms listed on the Ho Chi Minh City Stock Exchange (HOSE) during the five-year period term from 2015 to 2019. The data sample contains 235 companies from 10 industries with 1135 observations. The results revealed by the fixed effects model, the large ownership and the managerial ownership are found to have adverse effect on the stock price synchronicity, whereas the foreign ownership model is revealed to have positive influence on the stock return co-movement. The effect of the state ownership on the stock price synchronicity is not confirmed.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.423-431
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• 2021

This research (1) examines the effect of stock ownership structure on capital structure; (2) explains the effect of stock ownership structure on corporate value; and (3) investigates the influence of capital structure on corporate value. This research is categorized as a quantitative research, which is directed to test various theories. In this study, the population of all consumption companies listed on the Indonesia Stock Exchange (IDX) consist of 38 companies. Population data in this study are all consumption companies, which have gone public in the period from 2010 to 2015. In this study, given the objectives and problem formulation and hypothesis, the analysis method used is Generalized Structural Component Analysis (GSCA). Ownership structure has a significant effect on capital structure; ownership structure has no significant effect on corporate value; capital structure has a significant effect on corporate value; corporate value has a significant effect on capital structure. Previous research found different results. Some researchers found a positive relationship and other researchers found a negative relationship, and there are studies that found both significant and non-significant effects. The inconsistency of previous research results prompted the researchers to examine the effect of ownership structure on capital structure and corporate value.

• The Journal of Information Technology
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• v.7 no.1
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• pp.1-22
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• 2004

This study examine the effects of changes in the dividend income tax rates, the corporate dividend policy, and the ownership structure on the stock valuation. The empirical findings indicate that : (1)firm's ownership structure is positively correlated with stock return ; (2) the interaction of firm's ownership structure and the dividend policy is positively correlated with stock return ; (3) the interaction of the changes in the dividend income tax rates and dividend policy is correlated with stock return ; (4) the interaction of the changes in the dividend income tax rates and firm's ownership structure is correlated with stock return ; (5) the interaction of the increases in the dividend income tax rates, firm's ownership structure, and the dividend policy is positively correlated with stock return. This suggests that non-taxing of capital gains provide tax shelters to individual investors and investors prefer non-taxing income to dividend income.

• Journal of Distribution Science
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• v.12 no.5
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• pp.27-32
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• 2014

Purpose - Since Iran's economy is only now developing, and its stock market is only now emerging, we should deal with the relationship between ownership structure and conservative accounting of companies to see whether such a relationship exists in Iran's market. This study aims to investigate the relationship between ownership structure and accounting conservatism of listed companies on the Tehran Stock Exchange. Research design, data, and methodology - All listed companies on the Tehran Stock Exchange, for which the required information financial statements (balance sheet, profit and loss account) could be acquired for the period 2007-2012, were studied. A total of 123 companies from various industries was selected. Results - In order to test the hypotheses, multi variate regression (inter procedure), with their meaningful t- and f-statistics, and a Durbin-Watson autocorrelation model were used. Conclusions - The research results show that the ownership of major shareholders and ownership concentration have a negative significant relationship with accounting conservatism. Therefore, as a significant negative relationship between concentration of ownership and accounting conservatism at the 95% confidence level was found, the second hypothesis was confirmed.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.107-117
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• 2020

The research objective of the paper is to clarify the factors influencing system risks of listed companies in Vietnam, with a focus on clarifying the relationship and quantifying the impacts of ownership structure on systemic risk of listed companies. The data used in this study included financial statements and stock price data of listed companies on the Ho Chi Minh City Stock Exchange and Hanoi Stock Exchange of Vietnam stock market in the period from 2010 to 2017. The paper used the method of estimation in establising the regression models to choose among three models: Random Effect Model, Fixed Effect Model or Pooled OLS for regression using Stata statistical software. The research results showed that state ownership and ownership by foreign investors were positively related to systemic risk, while ownership by domestic investors had a reverse relationship with systemic risk of listed companies in Vietnam. In addition, as a control variable, both company size and profitability had an effect on the systemic risk of listed companies in the research sample. Based on the research results, the authors interpreted some of the implications in order to minimize systemic risks in the operation of listed companies in Vietnam.

• Management & Information Systems Review
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• v.34 no.4
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• pp.15-29
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• 2015

This study aims to empirically analyze the relationship between management ownership and corporate performance and stock returns indicates the ownership structure of the company to target the listed companies in China over the past five years from 2010 to 2014. The empirical results are as follows: Management ownership gave an impact on stock returns, especially high-stakes management ownership showed significant positive effect with the stock returns. But management ownership don't have significant positive effect with ROA. The contribution of this study is as follows. Chinese companies have the efficiency of the management through the separation of ownership and management in accordance with the changes realized in capitalism. And this study is reflecting the fact of China using the Chinese data. This study has limitations of that. Management ownership measurement of governance structure don't expand the range, and measurement of governance structure is just one. The following studies are expected to be more sophisticated by comparison of countries.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.195-204
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• 2020

The aim of this study is to estimate the impact of ownership structure on the performance of listed firms in transition economy. Buiding upon agency theory, hypotheses on such relationship are proposed. A detailed panel data of 502 non-financial companies listed on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange over the period from 2013 to 2018, and the system generalized method of moment estimation are employed to test the proposed hypotheses. To ensure the reliability of data, this study excludes companies that violate information disclosure regulations or that are subject to special supervision by the State Securities Commission of Vietnam. Some firms with inadequate information, firms that lack the financial data required for creating variable or firms that have inconsistent construction are also re-screened. We only collect the data of enterprises that have ownership structure of two or more components. Estimation results reveal that state ownership has an U-shaped relationship with the performance of Vietnamese listed firms, while foreign ownership and the degree of ownership concentration have an inverted U-shaped relationship with listed firms' performance. The article provides governance implications that Vietnamese listed firms should decrease state ownership and foreign ownership to improve firm performance in order to boost investors' confidence.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.297-307
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• 2019

Despite the fact that the implementation of 5% rule is widely recognized to enhance the transparency of capital market and fairness of corporate governance market, a few evidences present information effect of 5% rule. Using 7,088 non-financial firm-year observations listed on the Korea Stock Exchange from 2006 to 2012, we analyze the relation between trading volume and 5% rule disclosure. The results show that the daily and abnormal trading volume is increased when 5% rule disclosure is released. Moreover, the trading volume is significantly increased during cooling period. Specifically, trading volume is significantly greater when one day before cooling period or the expiration day of cooling period. We also find the information effect of firms with stable ownership structure before 5% rule disclosure is relatively smaller than the firms with unstable ownership structure with unstable ownership structure. These results imply that capital market participants use the information from 5% rule disclosure and reflect in their real economic decision.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.363-370
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• 2022

The study aims to probe the impact of foreign ownership on Vietnamese listed firms' capital structure. This study employs panel data of 288 non-financial firms listed on the Ho Chi Minh City stock exchange (HOSE) and Ha Noi stock exchange (HNX) in 2015-2019. In this research, we applied a Bayesian linear regression method to provide probabilistic explanations of the model uncertainty and effect of foreign ownership on the capital structure of non-financial listed enterprises in Vietnam. The findings of experimental analysis by Bayesian linear regression method through Markov chain Monte Carlo (MCMC) technique combined with Gibbs sampler suggest that foreign ownership has substantial adverse effects on the firms' capital structure. Our findings also indicate that a firm's size, age, and growth opportunities all have a strong positive and significant effect on its debt ratio. We found that the firms' profitability, tangible assets, and liquidity negatively and strongly affect firms' capital structure. Meanwhile, there is a low negative impact of dividends and inflation on the debt ratio. This research has ramifications for business managers since it improves a company's financial resources by developing a strong capital structure and considering foreign investment as a source of funding.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.41-72
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• 2003

The purposes of this paper are to build theoretical and empirically testable model to identify determining factors of ownership structure, and to analyze this model empirically using th Korea Stock Exchange panel data, and to test the impact of opening the stock market on the determinants of ownership structure. The determining factors of ownership structure identified in this paper include debt ratio, dividend, asset characteristics, profitability, growth business risk, size, institutional investors and chaebol-non chaebol dummy variable. Empirical panel estimation test reveals that this model can explain about $9\sim11%$ of the cross sectional variance in the equity ratio of large shareholders. The reasons that this model has too explanatory power are that some variables were measured with errors, and that there were some omitted variables in tested model. The regression results on the model variables ar generally in line with predictions. But the coefficient estimates on size is never significant. And it appears that the exogenous variable which explains opening the stock market has positive effect on the determinants of ownership structure.