• 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.

• The Journal of Asian Finance, Economics and Business
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• 제10권2호
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• pp.163-174
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• 2023

This study aims to investigate the effect of the composition of the board and ownership structure on a firm's value in Jordanian firms. Specifically, it aims to determine the effect of board size, (CEO) duality, and family, foreign, institutional, and government ownership on a firm's value. An ordinary least square regression (OLS) was employed to examine the study hypotheses in a sample of 35 Jordanian industrial firms (175 firm-year observation) for a period of five years from 2016-2020. As measured by Tobin's Q (Q ratio) and market-to-book (MB ratio) for Jordanian industrial firms listed on Amman Stock Exchange (ASE). The result found that foreign ownership, institutional ownership, and family ownership have a significant and positive effect on firm value. By contrast, government ownership does not have a significant effect on firm value. With respect to board composition (CEO duality and board size), the study results found no evidence to support the effect of board composition on firm value. The study recommended the concerned authorities with several recommendations, most notably: taking the necessary measures to ensure the continuity and growth of family businesses because of their positive impact on the value of the company and economic growth, spreading awareness about how governance protects the interests of investors.

• 기술혁신학회지
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• 제8권3호
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• pp.1199-1224
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• 2005

This study analyzes various factors affecting a firm's investments, focusing on both a firm's ownership structure and CEO's incentives. While previous empirical works focus on various financial data in order to test the Schumpeterian Hypotheses, this paper is using various ownership structure data as well as financial data. Empirical results show that the greater a firm's CEO has the company's own stock, the less he spends in R&D investments. The main empirical results of this study is in line with past empirical studies on various markets outside of Korea.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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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.

• 경영과학
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• 제32권2호
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• pp.15-35
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• 2015

Large business groups typically have central firms through which their controlling families establish (or acquire) new firms and maintain control over other member firms. Research on corporate governance has developed metrics to identify those central firms and investigated an impact of the centrality on ownership structure and firm's financial performance. This paper introduces centrality metrics used in social network analysis (SNA) to measure how crucial a role each firm plays in the ownership structure of its business group. Then, the SNA centrality metrics are compared with the metrics developed in corporate governance field. Also, we test the relationship between the SNA centrality metrics and firm's value. Experimental results show that the SNA centrality metrics are closely correlated with the centrality metrics used in corporate governance and are significantly correlated with firm's value.

• Journal of Korea Trade
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• 제26권7호
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• pp.19-42
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• 2022

Purpose - This study investigates the effects of foreign investor ownership on firm innovation and the different stages of the firm innovation process for business group affiliation (affiliated firms) and nonaffiliated firms. Design/methodology - Research and development (R&D) intensity is used as a proxy for firm innovation. We use a sample of 7,655 firm-year observations of Korean listed firms from 2001 to 2015. To identify the distinct features of business group affiliation and how foreign investor ownership affects firm innovation, we divide the sample into affiliated and non-affiliated firms. Moreover, we classify total R&D expenditures as research and development expenditures. Findings - This study finds a positive relationship between foreign investor ownership and innovation in non-affiliated firms. However, the foreign investor ownership's role in facilitating firm innovation does not influence business group affiliation. Moreover, the results show that foreign investor ownership encourages firms to increase research expenditures, which is the amount spent in the early stages of a firm's R&D process. Originality/value - Existing studies have overlooked the distinct features of business group affiliation and the different characteristics of research and development expenditures. Thus, this study considers the distinct features of business group affiliation and investigates how foreign investor ownership affects different stages of R&D activities.

• 정보학연구
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• 제7권1호
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• pp.1-22
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• 2004

본 연구에서는 배당소득세율의 변화, 대주주지분율 및 기업의 배당정책이 주식수익률에 미치는 영향 및 이들의 상호작용에 대하여 분석하였다. 분석결과, 누적초과수익률을 종속변수로 하는 회귀분석에서 대ㅜ주지분율, 대주주지분율과 배당률의 상호작용항, 배당소득세율의 하락과 배당률의 상호작용항 및 배당소득세율의 상승과 대주주지분율과의 상호작용항은 양(+)의 부호를 나타내었다. 또한, 배당소득세율의 상승과 배당률과의 상호작용항 및 배당소득세율의 하락과 대주주지분율의 상호작용항은 음(-)의 부호를 보였다. 한편, 배당소득세율의 상승, 배당률 및 대주주지분율의 상호작용항은 주식수익률과 양(+)의 상관관계를 가지는 것으로 나타나 배당소득세율이 상승할 때 배당률이 높은 기업에서 대주주 지분율이 주식수익률에 미치는 영향을 강화하는 것으로 나타났다. 본 연구의 결과로 볼 때, 기업의 배당정책에 따라 개인투자자의 조세부담을 완화할 수 있어 투자가치에 영향을 미칠 수 있는 것으로 나타났다. 따라서 정책입안자의 입장에서 조세의 형평성을 달성하기 위해서는 소득유형에 따른 차별적 과세를 줄이는 것이 필요할 것으로 생각된다.

• 산업융합연구
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• 제19권5호
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• pp.13-19
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• 2021

본 연구에서는 ESG의 G(Governance) 구성요소인 기업의 소유·지배구조가 연구개발투자와 기업가치간 관련성에 유의미한 조절효과를 가지는가를 검증하였다. 2013~2020년 동안 KOSPI 시장에 상장된 405개 제조기업 총 2,825개의 표본을 대상으로 패널분석을 수행한 결과, 연구개발투자는 기업가치에 부정적인 영향을 미치며, 또한 이들 관계는 기업의 소유·지배구조 특성에 따라 조절됨을 발견하였다. 소유경영자에 비해 상대적으로 경영에 대한 전문지식 수준이 높은 전문경영자가 연구개발투자를 주도할 때, 연구개발투자가 기업가치에 미치는 부정적인 영향이 완화됨을 확인하였다. 또한, 외부 주요주주의 지분율이 높을수록 연구개발투자가 기업가치에 미치는 부정적 영향을 감소시켰는데, 이는 외부 주요주주의 힘이 강할수록 경영자를 효과적으로 감시할 수 있고 경영자에게 정보 공개를 요구하여 기업 내외부 주주간 정보비대칭성이 완화되기 때문으로 해석된다. 연구결과는 ESG의 요소들이 기업가치에 직접적인 영향을 미칠 뿐 아니라 기업가치에 대한 조절효과를 가질 수 있음을 시사한다.

• 아태비즈니스연구
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• 제11권4호
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• pp.205-224
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• 2020

Purpose - This study aimed to identify the effects of ownership structures on agency costs in internationally diversified firms listed on the KOSDAQ market. Design/methodology/approach - A total of 5,824 samples were finally selected and empirically analyzed for a total of nine years from 2011 to 2019, during which the International Accounting Standards had been mandatory for firms listed on the KOSDAQ market. Findings - The results of this study showed that the effects of ownership structures on the ratio of asset turnover are positive for the major share and foreign equity ratios of international diversified firms. Moreover, by selecting the ratio of entertainment expenses as a proxy for agency expenses, this study confirmed that the effects of the ownership structure of an international diversified entity on entertainment expenditure were determined to show a significantly negative relation to entertainment expenditure, thus indicating that the higher the ratio of major shareholders, the more appropriately control the expenditure of entertainment expenses through arbitrary private deviations of the management.Furthermore, considering the effect of the ownership structure on the expenditure of sales and administrative expenses as a proxy variable for agency costs, this study verified that the majority share ratio of international diversified firms was negative to the expenditure of sales and administrative expenses, confirming that the higher the share of major shareholders, the lower the selling and administrative costs, but insignificant.Finally, as a result of determining whether the ownership structure of an international diversified firm affects the holding of free cash, the majority share of this firm shows a significantly negative relation to the ratio of the holding of surplus cash, indicating that the higher the proportion of major shareholders, the more appropriately control the holding of the entity's free cash through arbitrary private deviance by the manager. Research implications or Originality - Major shareholders of an internationally diversified firm listed on the KOSDAQ market play a positive role in the firm's performance by properly controlling agency costs that may be incurred by the management.

• International journal of advanced smart convergence
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• 제12권3호
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• pp.157-162
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• 2023

This study analyzed the relationship between ESG performance and corporate value using panel data from Chinese equipment manufacturing companies spanning from 2012 to 2021, and it also examined whether ownership structure moderates this relationship. We have contributed to filling the gap in existing research. The main conclusions of this study are as follows: Firstly, similar to previous researches, ESG performance was found to have a positive and statistically significant impact on corporate value. Secondly, when the three dimensions of ESG - Environmental (E), Social (S), and Governance (G) - were analyzed separately, it was observed that E and S have a positive and statistically significant impact on corporate value, while G has a negative and statistically significant impact. Thirdly, ownership concentration emerged as a significant moderating factor in explaining the connection between ESG performance and corporate value. Lastly, when the three dimensions of ESG were analyzed separately, ownership concentration was found to serve as a positive moderating factor in the relationship between corporate value and E and S, but it did not play a statistically significant role for G.