The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system （CSIS）. The special attention...The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system （CSIS）. The special attention is given to the minority shareholders activism in the system of corporate governance. Some existing methods of abusing minority shareholders rights, made by joint-stock companies executives, are generalized. The recommendations for minority shareholder＇s rights protection are given. The necessity for the implementation of the stakeholders-oriented approach for the CSIS creation on the base of companies＇ security principles is substantiated.展开更多
This study examines the impact of family control on the dividend policy of firms in Pakistan,covering the period from 2009 to 2016.It also investigates whether family control moderates the impact of firm-specific fact...This study examines the impact of family control on the dividend policy of firms in Pakistan,covering the period from 2009 to 2016.It also investigates whether family control moderates the impact of firm-specific factors on the dividend policy.The GMM model for panel data estimation is used.The mean difference univariate analysis shows that family firms differ from nonfamily firms based on financial characteristics.The multivariate analysis shows that family firms pay lower dividends than nonfamily firms.Besides,firm size inversely affects the dividend policy,whereas tangibility positively affects it.Moreover,family control does not moderate the impact of all firm-specific factors on the dividend policy.Overall,family control,size,and tangibility are found to be the main determinants of the dividend policy in Pakistan.展开更多
Chinese listed firms are characterized by a great magnitude of long-duration accounts receivable from controlling shareholders and their affiliates,and they often do not make bad debt allowances.On many occasions,thes...Chinese listed firms are characterized by a great magnitude of long-duration accounts receivable from controlling shareholders and their affiliates,and they often do not make bad debt allowances.On many occasions,these receivables are never collected.We find that firms with a great magnitude of accounts receivable demonstrate a low level of future profitability and low stock returns.It does not appear that the low earnings persistence of these firms is responsible for their poor future performance as predicted by the accrual anomaly,because the firms also report low concurrent earnings.In the context of the Chinese stock market,we interpret the results as being consistent with self-dealing through trade credit by controlling shareholders.This study contributes to the self-dealing literature by identifying a more subtle channel of expropriation of minority shareholders in China.展开更多
文摘The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system （CSIS）. The special attention is given to the minority shareholders activism in the system of corporate governance. Some existing methods of abusing minority shareholders rights, made by joint-stock companies executives, are generalized. The recommendations for minority shareholder＇s rights protection are given. The necessity for the implementation of the stakeholders-oriented approach for the CSIS creation on the base of companies＇ security principles is substantiated.
文摘This study examines the impact of family control on the dividend policy of firms in Pakistan,covering the period from 2009 to 2016.It also investigates whether family control moderates the impact of firm-specific factors on the dividend policy.The GMM model for panel data estimation is used.The mean difference univariate analysis shows that family firms differ from nonfamily firms based on financial characteristics.The multivariate analysis shows that family firms pay lower dividends than nonfamily firms.Besides,firm size inversely affects the dividend policy,whereas tangibility positively affects it.Moreover,family control does not moderate the impact of all firm-specific factors on the dividend policy.Overall,family control,size,and tangibility are found to be the main determinants of the dividend policy in Pakistan.
基金the National Natural Science Foundation of China for financial support(grant number 70972010)
文摘Chinese listed firms are characterized by a great magnitude of long-duration accounts receivable from controlling shareholders and their affiliates,and they often do not make bad debt allowances.On many occasions,these receivables are never collected.We find that firms with a great magnitude of accounts receivable demonstrate a low level of future profitability and low stock returns.It does not appear that the low earnings persistence of these firms is responsible for their poor future performance as predicted by the accrual anomaly,because the firms also report low concurrent earnings.In the context of the Chinese stock market,we interpret the results as being consistent with self-dealing through trade credit by controlling shareholders.This study contributes to the self-dealing literature by identifying a more subtle channel of expropriation of minority shareholders in China.
