Corporate governance: board structure, information technology and CSR reporting

Good corporate governance practices are considered vital for attracting investment capital, improving the performance of companies and reducing risk for investors. This paper provides some general overviews on board structure, information technology (IT) and corporate social responsibility (CSR) reporting. This paper also discusses the various theories related to corporate governance in order to understand the corporate phenomena. This is important to understand each of the theory concept and its implications. These theories include agency theory, stewardship theory, stakeholder theory, resource dependency theory and legitimacy theory. Certainly, board structure, IT and CSR have significant bearing on a firm’s state of corporate governance and performance

Ownership Concentration and Firm Performance: Evidence from Pakistan

The current study aims to investigate the relationship between ownership concentration and firm performance. The study conducted the analysis on 262 non-financial listed firms on the Karachi stock exchange (KSE) for a time period of six years (2006-2011). The ownership concentration was measured through the percentage of shareholding by largest shareholder, five largest shareholders and ten largest shareholders, whereas firm performance was measured through market base performance parameters (Tobin’s Q) and accounting base performance parameter (ROA and ROE). The study employed multiple regression models to examine the relationship between ownership concentration and firm performance. The results revealed that ownership concentration has positive impact on firm performance for both accounting and market base performance parameters. The understanding of relationship dynamics of ownership concentration and firm performance helps investors and policy makers to better utilize the corporate governance internal control mechanisms for achieving the firm’s value maximization objective. Key Words: Ownership Concentration, Firm Performance, and Emerging Markets

The Relationship among Strategy, Competition and Management Accounting Systems on Organizational Performance

This study examines the relationships among competition, strategy, management accounting system (MAS) and organizational performance. It follows a structural equation modeling (SEM) to propose that competition forces companies to modify their strategy and MAS and that these changes enhance performance. Change in strategy concerned in the model as change in competition causes change in strategy, and this in turn results in the change in MAS, along with improving performance directly. Data were collected by the means of questionnaires that were personally addressed to the managers or heads of accounting departments. The Data obtained from 120 manufacturing firms, were analyzed using a SEM estimated by partial least squares. The findings of the study led us to two results: (1) changes in competition cause enhancement in performance directly and indirectly through by changes in MAS and strategy, and (2) change in strategy leads to higher organizational performance through by the change in MAS. These findings contribute to the MAS literature by the means of supplying empirical evidence that the association between performance and competition is mediated through by change in strategy and changes in MAS of the firm

The Relationship among Strategy, Competition and Management Accounting Systems on Organizational Performance

This study examines the relationships among competition, strategy, management accounting system (MAS) and organizational performance. It follows a structural equation modeling (SEM) to propose that competition forces companies to modify their strategy and MAS and that these changes enhance performance. Change in strategy concerned in the model as change in competition causes change in strategy, and this in turn results in the change in MAS, along with improving performance directly. Data were collected by the means of questionnaires that were personally addressed to the managers or heads of accounting departments. The Data obtained from 120 manufacturing firms, were analyzed using a SEM estimated by partial least squares. The findings of the study led us to two results: (1) changes in competition cause enhancement in performance directly and indirectly through by changes in MAS and strategy, and (2) change in strategy leads to higher organizational performance through by the change in MAS. These findings contribute to the MAS literature by the means of supplying empirical evidence that the association between performance and competition is mediated through by change in strategy and changes in MAS of the firm

Corporate Malaysia : essays on corporate governance, voting power, joint venture companies and ethnic Bumiputra corporate achievement

EThOS - Electronic Theses Online ServiceGBUnited Kingdo

Market power versus capital structure determinants: Do they impact leverage? Market Power Capital Structure Determinants Leverage Market power versus capital structure determinants: Do they impact leverage?

Abstract: The purpose of this study is to investigate the association between market power and capital structure. This study will further provide a logical explanation towards the factors affecting capital structure. This study analysed 176 non-financial Pakistani companies listed on Karachi Stock Exchange over the period of 2003-2012. Capital structure has been tried to investigate with a different perspective by investigating its association with market power. It has been seen that there is a significant and positive relation between market power and capital structure. Size and liquidity remained significantly negative with capital structure, whereas profitability and dividend payout remained significantly positive with capital structure. To the best of authors' knowledge, this is the first study that investigates the relationship between market power and capital structure in any developing economy by employing the data of non-financial Pakistani firms

Analysis of corporate control: how good is the straffin index?

In this paper, Straffin index as a viable voting power index, particularly in corporate analysis is described. Voting power distribution anomaly, practical limitation and lack of clear meanings are listed as possible factors hindering the application of the index. More importantly, this paper introduces ways to determine voter affiliations, two possible lines of enquiry into the meaning behind this index and speculates as to the possible consequences

Analysis of corporate control: can the voting power index outshine shareholding size?

Shareholding size is a poor proxy for corporate control. At best it reflects an investor’s wealth relative to other shareholders and, most importantly, the distribution of rights to a company’s worth and the related exposure to risk. Shareholding size does not actually show an investor’s strength in corporate control. As an alternative, this paper espouses the merits of the voting power concept and promotes two indices associated with it: the Penrose-Banzhaf index and the Shapley-Shubik index. This paper further introduces a new framework that compares the strength of corporate control against the size of corporate shareholding. Illustrating this idea using a group of government-linked companies (GLCs), this study yielded two possible ways in which the government can consolidate its contro

Market power versus capital structure determinants: Do they impact leverage?

The purpose of this study is to investigate the association between market power and capital structure. This study will further provide a logical explanation towards the factors affecting capital structure. This study analysed 176 non-financial Pakistani companies listed on Karachi Stock Exchange over the period of 2003–2012. Capital structure has been tried to investigate with a different perspective by investigating its association with market power. It has been seen that there is a significant and positive relation between market power and capital structure. Size and liquidity remained significantly negative with capital structure, whereas profitability and dividend payout remained significantly positive with capital structure. To the best of authors’ knowledge, this is the first study that investigates the relationship between market power and capital structure in any developing economy by employing the data of non-financial Pakistani firms