The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate ...The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta's model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.展开更多
Electricity is subject to government regulation in every country. Regulation failure and multiple objectives imposed by government run the risk facing by the investor. In order to balance the interests of investors, c...Electricity is subject to government regulation in every country. Regulation failure and multiple objectives imposed by government run the risk facing by the investor. In order to balance the interests of investors, consumers and governments, there are historically three types of ownership structure: investor-owned, public-owned and mixed system. Ownership reform and structural change are the most exciting development in the electricity. Restructuring and creating market competition make political influence more expensive and could mitigate the hold-up problem and ratchet effect. Finally, the effects of different ownership structure on economic performance in electricity are explored.展开更多
Voluntary disclosure and corporate governance variables, such as board independence and ownership structure are considered mechanisms useful to reduce information asymmetries between competing parties of the firms. Th...Voluntary disclosure and corporate governance variables, such as board independence and ownership structure are considered mechanisms useful to reduce information asymmetries between competing parties of the firms. This paper aims at investigating both the relationship between board independence and the quality of voluntary financial disclosure and how previous relationship is moderated by the level of ownership concentration. The analysis has been conducted on a sample of Italian non-financial listed companies. The results show that there is a positive and significant relationship between board independence and the quality of voluntary financial disclosure provided by companies. In addition, the findings reveal that ownership concentration plays a relevant moderating role in previous relationship. The results highlight the necessity to consider the interaction effects of different governance mechanisms, when studying corporate governance effectiveness.展开更多
This paper investigates the determinants of audit quality of three countries especially the United States, France and Germany belonging to three different legal systems. These determinants concern the legal system of ...This paper investigates the determinants of audit quality of three countries especially the United States, France and Germany belonging to three different legal systems. These determinants concern the legal system of country, investment opportunity set and ownership structure which have influence of audit quality.Empirical results show, initially, that specificities of legal system are positively associated with audit quality appreciated by size of audit firm. Then, the results reveal that investment opportunity set influences partially size of audit firm. Finally, ownership structure influences negatively the search for a high audit quality展开更多
The 1997 economic crisis faced by many East Asian economies has generated a substantial amount of debate largely focused on issues such as the roles and functions of good corporate governance (CG). Lack of transpare...The 1997 economic crisis faced by many East Asian economies has generated a substantial amount of debate largely focused on issues such as the roles and functions of good corporate governance (CG). Lack of transparency has been singled out as the major culprit of the crisis and it has been alleged to cause management to indulge themselves in unhealthy activities such as income smoothing (IS) act. The paper extends Nasuhiyah, Hian, Sob and WEI (1994) by incorporating contextual variables that proxy for CG, ownership structure and audit quality. The empirical analysis is conducted on a sample of Bursa Malaysia listed companies for a period between 1991 and 2000. The main intention of taking this time span is to observe to what extend has previous business operations inculcated the feature of CG in the running of their companies' activities despite not being obligatory for them to uphold. The results showed that the existence of non-executive directors and the presence of brand name auditors to be significant in hindering the management from indulging in IS. The study opens the way for a richer understanding of the links among CG, ownership structure, audit quality and IS in Malaysia.展开更多
Ownership structure is one of the most important and basic corporate governance characteristics. Thus, does the ownership structure of a firm have an effect on the type of audit opinion it receives from CPA? This pap...Ownership structure is one of the most important and basic corporate governance characteristics. Thus, does the ownership structure of a firm have an effect on the type of audit opinion it receives from CPA? This paper uses a sample including 1246 non-financial listed companies from China A-share market in 2003. Empirical results show: for listed firms, external auditor's propensity to qualify is lower with lower proportion of public shares, or with higher concentration of shares at a marginal significant level. However, the proportions of state-owned shares and institutional shares have no significant effects on audit opinions. A possible explanation is that the ownership structure influences risk awareness and negotiation power of audit firms, influences negotiation power of clients, and then ultimately influences auditors' reporting decision and audit opinions. The potential policy implication is: a more dispersed ownership structure and/or a higher proportion of public shares are preferable for higher audit reporting conservatism and audit quality in China.展开更多
Ownership structure is brand-new to the reform of Chinese state-owned enterprises, and also a problem that urgently need to study. Because the reform wasn't entire, the ownership structure of Chinese listed companies...Ownership structure is brand-new to the reform of Chinese state-owned enterprises, and also a problem that urgently need to study. Because the reform wasn't entire, the ownership structure of Chinese listed companies looks freakish. That is to say, the ownership is highly concentrated in the state, who has just no tangible rights to control the business, which results in "insider control", "owner absence", "duality of manager and chairman", and so on. At the same time, such an ownership structure is unavoidable to supply inducement to the people who has relative benefits in it, and it eventually affects the quality of their financial reports. This paper empirically studies the ownership structure of Chinese listed companies and their characteristics in the actual situation, and finally puts forward some suggestions on how to improve the quality of the financial reports from the ownership structure approach.展开更多
The subject of research in this paper is the analysis and presentation of data on agricultural holdings, the structure of available and utilized area. The data and calculated indicators represent a comprehensive overv...The subject of research in this paper is the analysis and presentation of data on agricultural holdings, the structure of available and utilized area. The data and calculated indicators represent a comprehensive overview of the structural characteristics of national agriculture, but they are also an internationally comparable database, based on key features of agriculture. The main goal of this paper is to determine and explain more comprehensively and in detail by using appropriate methods, and based on available data, the condition of <i><span style="font-family:Verdana;">utilized agricultural area</span></i><span style="font-family:Verdana;"> (hereinafter: UAA) and its quantitative and qualitative</span><span style="font-family:Verdana;"> characteristics by utilization categories and manner of its use;typ</span><span style="font-family:Verdana;">es of agricultural holdings and statistical regions and lower statistical units of data grouping. </span><span style="font-family:Verdana;">Implementation of such a defined basic research goal indicates necessity of more detailed and continuous study of the causes </span><span style="font-family:Verdana;">that led to the reduction of available agricultural area and especially its better and more important production categories of utilization and measures and activities to be taken to eliminate or reduce the causes of inadequate management of agricultural area in the coming period</span><span style="font-family:Verdana;">. The importance of this research arises from the fact that the results on </span><i><span style="font-family:Verdana;">utilized agricultural area</span></i><span style="font-family:Verdana;"> can be used to adopt </span><span style="font-family:Verdana;">appropriate measures and undertake certain activities in land and overall agricultu</span><span style="font-family:Verdana;">ral and rural policy related to sustainable utilization, arrangement and protection of agricultural land and more balanced integrated development of rural areas, as well as to find better solutions in the field of utilization, ownership sector and conditions of agricultural area management.</span>展开更多
Due to the rapid expansion of enterprise scale,traditional financing methods can no longer meet the needs of enterprises.As a financing method with both equity and debt,convertible bonds,with its flexibility,is favore...Due to the rapid expansion of enterprise scale,traditional financing methods can no longer meet the needs of enterprises.As a financing method with both equity and debt,convertible bonds,with its flexibility,is favored by enterprises.Especially in 2017,China’s supervision on the financing method of private placement of shares has become stricter,and some companies have chosen convertible bonds for financing.This paper takes the ownership structure as the starting point and the listed companies in Shanghai and Shenzhen as the research subjects,as well as uses regression analysis to determine the relationship between convertible bonds,ownership structure,and enterprise performance.It is found that convertible bonds reduce the performance of enterprises,while ownership concentration strengthens the negative relationship.展开更多
文摘The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta's model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.
文摘Electricity is subject to government regulation in every country. Regulation failure and multiple objectives imposed by government run the risk facing by the investor. In order to balance the interests of investors, consumers and governments, there are historically three types of ownership structure: investor-owned, public-owned and mixed system. Ownership reform and structural change are the most exciting development in the electricity. Restructuring and creating market competition make political influence more expensive and could mitigate the hold-up problem and ratchet effect. Finally, the effects of different ownership structure on economic performance in electricity are explored.
文摘Voluntary disclosure and corporate governance variables, such as board independence and ownership structure are considered mechanisms useful to reduce information asymmetries between competing parties of the firms. This paper aims at investigating both the relationship between board independence and the quality of voluntary financial disclosure and how previous relationship is moderated by the level of ownership concentration. The analysis has been conducted on a sample of Italian non-financial listed companies. The results show that there is a positive and significant relationship between board independence and the quality of voluntary financial disclosure provided by companies. In addition, the findings reveal that ownership concentration plays a relevant moderating role in previous relationship. The results highlight the necessity to consider the interaction effects of different governance mechanisms, when studying corporate governance effectiveness.
文摘This paper investigates the determinants of audit quality of three countries especially the United States, France and Germany belonging to three different legal systems. These determinants concern the legal system of country, investment opportunity set and ownership structure which have influence of audit quality.Empirical results show, initially, that specificities of legal system are positively associated with audit quality appreciated by size of audit firm. Then, the results reveal that investment opportunity set influences partially size of audit firm. Finally, ownership structure influences negatively the search for a high audit quality
文摘The 1997 economic crisis faced by many East Asian economies has generated a substantial amount of debate largely focused on issues such as the roles and functions of good corporate governance (CG). Lack of transparency has been singled out as the major culprit of the crisis and it has been alleged to cause management to indulge themselves in unhealthy activities such as income smoothing (IS) act. The paper extends Nasuhiyah, Hian, Sob and WEI (1994) by incorporating contextual variables that proxy for CG, ownership structure and audit quality. The empirical analysis is conducted on a sample of Bursa Malaysia listed companies for a period between 1991 and 2000. The main intention of taking this time span is to observe to what extend has previous business operations inculcated the feature of CG in the running of their companies' activities despite not being obligatory for them to uphold. The results showed that the existence of non-executive directors and the presence of brand name auditors to be significant in hindering the management from indulging in IS. The study opens the way for a richer understanding of the links among CG, ownership structure, audit quality and IS in Malaysia.
文摘Ownership structure is one of the most important and basic corporate governance characteristics. Thus, does the ownership structure of a firm have an effect on the type of audit opinion it receives from CPA? This paper uses a sample including 1246 non-financial listed companies from China A-share market in 2003. Empirical results show: for listed firms, external auditor's propensity to qualify is lower with lower proportion of public shares, or with higher concentration of shares at a marginal significant level. However, the proportions of state-owned shares and institutional shares have no significant effects on audit opinions. A possible explanation is that the ownership structure influences risk awareness and negotiation power of audit firms, influences negotiation power of clients, and then ultimately influences auditors' reporting decision and audit opinions. The potential policy implication is: a more dispersed ownership structure and/or a higher proportion of public shares are preferable for higher audit reporting conservatism and audit quality in China.
文摘Ownership structure is brand-new to the reform of Chinese state-owned enterprises, and also a problem that urgently need to study. Because the reform wasn't entire, the ownership structure of Chinese listed companies looks freakish. That is to say, the ownership is highly concentrated in the state, who has just no tangible rights to control the business, which results in "insider control", "owner absence", "duality of manager and chairman", and so on. At the same time, such an ownership structure is unavoidable to supply inducement to the people who has relative benefits in it, and it eventually affects the quality of their financial reports. This paper empirically studies the ownership structure of Chinese listed companies and their characteristics in the actual situation, and finally puts forward some suggestions on how to improve the quality of the financial reports from the ownership structure approach.
文摘The subject of research in this paper is the analysis and presentation of data on agricultural holdings, the structure of available and utilized area. The data and calculated indicators represent a comprehensive overview of the structural characteristics of national agriculture, but they are also an internationally comparable database, based on key features of agriculture. The main goal of this paper is to determine and explain more comprehensively and in detail by using appropriate methods, and based on available data, the condition of <i><span style="font-family:Verdana;">utilized agricultural area</span></i><span style="font-family:Verdana;"> (hereinafter: UAA) and its quantitative and qualitative</span><span style="font-family:Verdana;"> characteristics by utilization categories and manner of its use;typ</span><span style="font-family:Verdana;">es of agricultural holdings and statistical regions and lower statistical units of data grouping. </span><span style="font-family:Verdana;">Implementation of such a defined basic research goal indicates necessity of more detailed and continuous study of the causes </span><span style="font-family:Verdana;">that led to the reduction of available agricultural area and especially its better and more important production categories of utilization and measures and activities to be taken to eliminate or reduce the causes of inadequate management of agricultural area in the coming period</span><span style="font-family:Verdana;">. The importance of this research arises from the fact that the results on </span><i><span style="font-family:Verdana;">utilized agricultural area</span></i><span style="font-family:Verdana;"> can be used to adopt </span><span style="font-family:Verdana;">appropriate measures and undertake certain activities in land and overall agricultu</span><span style="font-family:Verdana;">ral and rural policy related to sustainable utilization, arrangement and protection of agricultural land and more balanced integrated development of rural areas, as well as to find better solutions in the field of utilization, ownership sector and conditions of agricultural area management.</span>
文摘Due to the rapid expansion of enterprise scale,traditional financing methods can no longer meet the needs of enterprises.As a financing method with both equity and debt,convertible bonds,with its flexibility,is favored by enterprises.Especially in 2017,China’s supervision on the financing method of private placement of shares has become stricter,and some companies have chosen convertible bonds for financing.This paper takes the ownership structure as the starting point and the listed companies in Shanghai and Shenzhen as the research subjects,as well as uses regression analysis to determine the relationship between convertible bonds,ownership structure,and enterprise performance.It is found that convertible bonds reduce the performance of enterprises,while ownership concentration strengthens the negative relationship.