This paper aims to contribute to the corporate governance literature in emerging economies by examining the effect of some corporate governance mechanisms on financing decisions in Saudi Arabian listed companies. A mu...This paper aims to contribute to the corporate governance literature in emerging economies by examining the effect of some corporate governance mechanisms on financing decisions in Saudi Arabian listed companies. A multiple regression model is used to examine the association between financing decisions and corporate governance mechanisms for a sample of 37 listed Saudi companies. In particular, we examine the effect of board size, ownership concentration and corporate governance reporting on the debt-to-equity ratio. Corporate governance reporting is measured by the content analysis approach. After controlling for companies＇ profitability and their growth opportunities, we found that both board size and ownership concentration are positively associated with debt-to-equity ratio. We limit our analysis to a small sample of firms that use the internet to communicate corporate governance information between October 2005 and January 2006. The findings suggest that managers are likely to choose higher financial leverage when they have stronger corporate governance （large number of directors on the board and higher ownership concentration）. However, we did not find any statistical association between corporate governance disclosure and debt-to-equity ratio. This suggests that firm＇s asymmetric information is not an important driver of the financing decision of Saudi Arabian companies. This might be due to the nature of the Saudi business environment. We strongly believe that this paper provides a novel contribution to the existing literature as we are the first to examine this issue in Saudi Arabia.展开更多
One of the key elements in real estate management is streamlining the construction process. Thus, the facilities can be built on a faster, cheaper, and higher quality base. Consequently, it will enhance the owner’s c...One of the key elements in real estate management is streamlining the construction process. Thus, the facilities can be built on a faster, cheaper, and higher quality base. Consequently, it will enhance the owner’s competitiveness. Due to the high cost and lengthy duration of mega-construction projects in recent years, Build-Operate-Transfer (BOT) contracts are getting popular in delivering constructed projects in the public sector. With BOT, the public owners are able to focus on the effectiveness of fair resource allocation as well as bring the efficiency of private enterprise into governmental operations. This paper uses Taiwan High Speed Rail project to exemplify the BOT method in executing the constructed projects in the chain of real estate management processes. The paper explains the reasons for building HSR and adopting BOT approach. The detail of the HSR project and the feasibility analysis of the project will be presented in this paper. The feasibility analysis comprises the comparisons of different transportation means, the financial analysis, and other benefits from HSR. Finally, conclusions will be drawn.展开更多
SME share transfer system financing has become the main theme of a new three-panel market.The efficiency of the new board of corporate finance and has become the core focus, more controversial aspects.SMEs in SME shar...SME share transfer system financing has become the main theme of a new three-panel market.The efficiency of the new board of corporate finance and has become the core focus, more controversial aspects.SMEs in SME share transfer system market mainly private placement financing, equity financing pledge, and Transfer of Listing and mergers and acquisitions.This paper will be discussed by comparing the SMEs through SME share transfer system market financing, the use of a single sample T-test （One-Sample T Test） to verify the efficiency of the new board of corporate finance assets problem.展开更多
文摘This paper aims to contribute to the corporate governance literature in emerging economies by examining the effect of some corporate governance mechanisms on financing decisions in Saudi Arabian listed companies. A multiple regression model is used to examine the association between financing decisions and corporate governance mechanisms for a sample of 37 listed Saudi companies. In particular, we examine the effect of board size, ownership concentration and corporate governance reporting on the debt-to-equity ratio. Corporate governance reporting is measured by the content analysis approach. After controlling for companies＇ profitability and their growth opportunities, we found that both board size and ownership concentration are positively associated with debt-to-equity ratio. We limit our analysis to a small sample of firms that use the internet to communicate corporate governance information between October 2005 and January 2006. The findings suggest that managers are likely to choose higher financial leverage when they have stronger corporate governance （large number of directors on the board and higher ownership concentration）. However, we did not find any statistical association between corporate governance disclosure and debt-to-equity ratio. This suggests that firm＇s asymmetric information is not an important driver of the financing decision of Saudi Arabian companies. This might be due to the nature of the Saudi business environment. We strongly believe that this paper provides a novel contribution to the existing literature as we are the first to examine this issue in Saudi Arabia.
文摘One of the key elements in real estate management is streamlining the construction process. Thus, the facilities can be built on a faster, cheaper, and higher quality base. Consequently, it will enhance the owner’s competitiveness. Due to the high cost and lengthy duration of mega-construction projects in recent years, Build-Operate-Transfer (BOT) contracts are getting popular in delivering constructed projects in the public sector. With BOT, the public owners are able to focus on the effectiveness of fair resource allocation as well as bring the efficiency of private enterprise into governmental operations. This paper uses Taiwan High Speed Rail project to exemplify the BOT method in executing the constructed projects in the chain of real estate management processes. The paper explains the reasons for building HSR and adopting BOT approach. The detail of the HSR project and the feasibility analysis of the project will be presented in this paper. The feasibility analysis comprises the comparisons of different transportation means, the financial analysis, and other benefits from HSR. Finally, conclusions will be drawn.
文摘SME share transfer system financing has become the main theme of a new three-panel market.The efficiency of the new board of corporate finance and has become the core focus, more controversial aspects.SMEs in SME share transfer system market mainly private placement financing, equity financing pledge, and Transfer of Listing and mergers and acquisitions.This paper will be discussed by comparing the SMEs through SME share transfer system market financing, the use of a single sample T-test （One-Sample T Test） to verify the efficiency of the new board of corporate finance assets problem.
