Capital Structure Equity Ownership And Corporate Performance

Author : Krishna Dayal Pandey,Tarak Nath Sahu
Publisher : Taylor & Francis
Page : 135 pages
File Size : 51,6 Mb
Release : 2023-08-16
Category : Business & Economics
ISBN : 9781000924978

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Capital Structure, Equity Ownership and Corporate Performance by Krishna Dayal Pandey,Tarak Nath Sahu Pdf

This book provides empirical insights into the relationship between capital and equity-ownership structure of Indian manufacturing companies and their financial performance. It discusses and analyses the basic theories and concepts associated with capital structure, debt financing, levered and unlevered firms, the various forms of ownership, agency problem and its kind and the exploitation of minority owners by the large and largest owners. The study employs a set of the most reliable and suitable econometric estimation techniques to draw meaningful inferences on the Indian manufacturing sector. The novelty of this book lies in three particular aspects: the depth and dimension with which the topic is addressed; the robust empirical evidence that it has produced and the simple and intelligible approach with which it is authored. It communicates the crucial relevance of corporate capital structure and equity-ownership to the moderation of agency relationship and shaping the internal governance mechanism, which ultimately results in increased or decreased operational efficiency and financial performance. It will enable readers to understand whether an increased amount of debt capital would bring about positive results for firms or create an extra burden on the management of their finances, preventing them from taking productive investment decisions due to the threat of liquidation. The book will find an audience among advanced students, scholars and researchers who are interested in understanding the corporate finance practices and governance mechanism of Indian organizations.

Author : Arvin Ghosh
Publisher : Routledge
Page : 140 pages
File Size : 54,5 Mb
Release : 2017-07-05
Category : Business & Economics
ISBN : 9781351530170

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Capital Structure and Firm Performance by Arvin Ghosh Pdf

Capital structure theory is one of the most dynamic areas of finance and forms the basis for modern thinking on the capital structure of firms. Much controversy has resulted from comparisons of the theory of capital structure originally developed by Franco Modigliani and Merton Miller to real-world situations. Two competing theories have emerged over the years, the optimal capital structure theory and the pecking order theory.Arvin Ghosh begins with an overview of the controversies regarding capital structure theories, and then statistically tests both the optimal capital structure and pecking order theories. Using the binomial approach he analyzes the determinants of capital structure while discussing the role of market power in determining capital structure decisions. Ghosh probes the questions of new stock offerings and stockholders' returns, and analyzes capital structure and executive compensation. He then looks into debt financing ownership structure, and the controversal relationship between capital structure and firm profitability. Finally, he discusses the latest developments in the field of capital structure.A concise overview of a major issue in business economics and finance, this volume provides a fuller understanding of capital structure influence on the financial performance of firms, and will certainly stimulate further debate. While hundreds of scholarly articles have been written on the subject this is the first book to test competing theories against measurements of firms' performance and their underlying capital structure.

Author : Christian Funke
Publisher : GRIN Verlag
Page : 109 pages
File Size : 46,5 Mb
Release : 2007-07
Category : Electronic
ISBN : 9783638702256

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Ownership Structure as a Determinant of Capital Structure - An Empirical Study of DAX Companies by Christian Funke Pdf

Diploma Thesis from the year 2003 in the subject Business economics - Investment and Finance, grade: 1,1 (A), European Business School - International University Schlo Reichartshausen Oestrich-Winkel (Endowed-Chairf for Corporate Finance and Capital Markets), language: English, abstract: The idea that the general characteristics of a firm's ownership structure can affect performance has achieved considerable attention and related research brought forward relatively consistent empirical evidence e.g. on the positive impact of managerial ownership on firm performance. However, the evidence on the relation between ownership and capital structure is less consistent and numerous, although there are good reasons to believe that there may be such a relationship. Since the capital structure irrelevance propositions of MODIGLIANI/MILLER economists have devoted considerable time to studying cross-sectional and time-series variations in capital structure. More recent work following the seminal contribution by JENSEN/MECKLING has employed an agency theory perspective in the search for an explanation of capital structure variations. With this managerial perspective capital structure is not only explained by variations in internal and external contextual factors of the firm, but also by the values, goals, preferences and desires of managers. Corporate financing decisions are influenced by managers' incentives and the incentives for managers to act opportunistically can be influenced by the ownership structure of the firm. However, most empirical work analyzing a firm's capital structure in cross-sectional and time-series studies ignores the equity ownership structure as a possible explanatory variable. This can be partly explained by problems associated with the availability of ownership data, when compared to readily available accounting and market data on other relevant variables. Notwithstanding, it entails a problem of model misspecification as omitting a relevant variable

Author : Hoang N. Pham,Sardar M. N. Islam
Publisher : Routledge
Page : 190 pages
File Size : 46,9 Mb
Release : 2022-01-25
Category : Business & Economics
ISBN : 9781000540277

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Corporate Governance, Ownership Structure and Firm Performance by Hoang N. Pham,Sardar M. N. Islam Pdf

The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.

Author : derek c. jones, panu kalmi and niels mygind
Publisher : Unknown
Page : 52 pages
File Size : 46,5 Mb
Release : 2003
Category : Electronic
ISBN : UOMDLP:b209096x:0001.001

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choice of ownership structure and firm performance by derek c. jones, panu kalmi and niels mygind Pdf

Author : Hoang N. Pham,Sardar M. N. Islam
Publisher : Routledge
Page : 132 pages
File Size : 48,7 Mb
Release : 2022-01-24
Category : Business & Economics
ISBN : 9781000540338

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Corporate Governance, Ownership Structure and Firm Performance by Hoang N. Pham,Sardar M. N. Islam Pdf

The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.

Author : Kerstin Groß
Publisher : Physica
Page : 373 pages
File Size : 46,6 Mb
Release : 2009-09-03
Category : Business & Economics
ISBN : 3790822701

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Equity Ownership and Performance by Kerstin Groß Pdf

The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.

Author : Michael J. Rubach
Publisher : Routledge
Page : 200 pages
File Size : 41,6 Mb
Release : 2021-11-19
Category : Business & Economics
ISBN : 9781000525007

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The Changing Face of Corporate Ownership by Michael J. Rubach Pdf

First Published in 2000. This book examines the shareholder activism of institutional investors and the effect of shareholder activism on portfolio performance. Institutional shareholder activism includes both traditional mechanisms of influence (e.g., filing shareholder proposals) and relationship investing (e.g., long-term interorganizational contacts between owners and a corporation’s top managers).

Author : Krishna Dayal Pandey,Tarak Nath Sahu
Publisher : Taylor & Francis
Page : 150 pages
File Size : 51,6 Mb
Release : 2023-08-16
Category : Business & Economics
ISBN : 9781000924985

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Capital Structure, Equity Ownership and Corporate Performance by Krishna Dayal Pandey,Tarak Nath Sahu Pdf

This book provides empirical insights into the relationship between capital and equity-ownership structure of Indian manufacturing companies and their financial performance. It discusses and analyses the basic theories and concepts associated with capital structure, debt financing, levered and unlevered firms, the various forms of ownership, agency problem and its kind and the exploitation of minority owners by the large and largest owners. The study employs a set of the most reliable and suitable econometric estimation techniques to draw meaningful inferences on the Indian manufacturing sector. The novelty of this book lies in three particular aspects: the depth and dimension with which the topic is addressed; the robust empirical evidence that it has produced and the simple and intelligible approach with which it is authored. It communicates the crucial relevance of corporate capital structure and equity-ownership to the moderation of agency relationship and shaping the internal governance mechanism, which ultimately results in increased or decreased operational efficiency and financial performance. It will enable readers to understand whether an increased amount of debt capital would bring about positive results for firms or create an extra burden on the management of their finances, preventing them from taking productive investment decisions due to the threat of liquidation. The book will find an audience among advanced students, scholars and researchers who are interested in understanding the corporate finance practices and governance mechanism of Indian organizations.

Author : Ronald W. Masulis
Publisher : Unknown
Page : 168 pages
File Size : 40,5 Mb
Release : 1988
Category : Business & Economics
ISBN : UOM:49015000772732

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The Debt/equity Choice by Ronald W. Masulis Pdf

Author : Pietro Gottardo,Anna Maria Moisello
Publisher : Springer
Page : 99 pages
File Size : 50,7 Mb
Release : 2018-09-24
Category : Business & Economics
ISBN : 9783030003449

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Capital Structure, Earnings Management, and Risk of Financial Distress by Pietro Gottardo,Anna Maria Moisello Pdf

This book analyzes the impacts that family control of firms has on capital structure choices, leverage and the risk of financial distress, earnings management practices, and the relation between accounting choices and firm market value. For these purposes, longitudinal data on Italian family and non-family non-financial firms are closely analyzed. The Italian setting is of special interest in this context because family businesses account for 94% of GDP, families are particularly committed to maintaining control of firms, and the economy is bank based rather than market based. The analyses draw on the socioemotional wealth approach, which emphasizes the importance of the stock of emotional value in family firms, in combination with financial theories such as Pecking Order Theory, Trade-off Theory, and Agency Theory. The findings cast significant new light on differences between family and non-family firms and the effects of different forms of family influence. The book will have broad appeal for academics, managers, practitioners, and policymakers.

Author : Dr. Arindam Gupta Dr.SohagJoarder
Publisher : Archers & Elevators Publishing House
Page : 128 pages
File Size : 46,8 Mb
Release : 2024-06-28
Category : Antiques & Collectibles
ISBN : 9789383241385

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Ownership Structure and Corporate Performance by Dr. Arindam Gupta Dr.SohagJoarder Pdf

Author : Yinghong Chen
Publisher : Unknown
Page : 204 pages
File Size : 54,5 Mb
Release : 2004
Category : Corporate governance
ISBN : UOM:39015060544395

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Essays on Voting Power, Corporate Governance and Capital Structure by Yinghong Chen Pdf

Author : Leora Klapper,Luc Laeven
Publisher : World Bank Publications
Page : 60 pages
File Size : 45,6 Mb
Release : 2004
Category : Business law
ISBN : 8210379456XXX

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Business Environment and Firm Entry by Leora Klapper,Luc Laeven Pdf

"Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new firms. Our focus is on regulations governing entry. We find entry regulations hamper entry, especially in industries that naturally should have high entry. Also, value added per employee in naturally "high entry" industries grows more slowly in countries with onerous regulations on entry. Interestingly, regulatory entry barriers have no adverse effect on entry in corrupt countries, only in less corrupt ones. Taken together, the evidence suggests bureaucratic entry regulations are neither benign nor welfare improving. However, not all regulations inhibit entry. In particular, regulations that enhance the enforcement of intellectual property rights or those that lead to a better developed financial sector do lead to greater entry in industries that do more R & D or industries that need more external finance"--National Bureau of Economic Research web site.

Author : Trevor Stanley Breusch,Adrian Rodney Pagan
Publisher : Unknown
Page : 52 pages
File Size : 48,6 Mb
Release : 1978
Category : Statistical hypothesis testing
ISBN : 0909541558

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The Lagrange Multiplier Test and Its Applications to Model Specification by Trevor Stanley Breusch,Adrian Rodney Pagan Pdf