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
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
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.