An empirical analysis of corporate governance and firm value: Evidence from KSE-100 Index

Khan, Ali Raza; Tanveer, T.; Malik, Usha

doi:10.5267/j.ac.2016.7.003

Cited by 22 publications

(38 citation statements)

References 49 publications

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“…For instance, agency problem as a result of inherent information asymmetry subsisting between management and shareholder [9] led to series of corporate failure both in the past and of recent which necessitates further examination. For example, the unprecedented and least expected global corporate scandals such as BCCI, Enron, WorldCom, Northern Rock, Lehman Brothers, Freddy Mac and Fanny Mae [1] and specifically in Nigerian organization such as in Cadbury (Nig.) Plc, Afribank Plc and Lever brothers (Nig) Plc.…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

“…The size of the board is an important aspect of corporate governance mechanism that oversight the activities of the management by enforcing code of corporate governance for the success and enhancement of corporate value [1,16,19]. The relationship existing between the board of director and corporate valuation forms the basic fundamental concern for various scholars [20].…”

Section: Board Sizementioning

confidence: 99%

“…From the perceptive of the fundamental analysis, the concept of corporate governance as determinants of corporate value is well grounded. Another study examines the impact of corporate governance practices on firm value [1]. Those studies were able to highlight a management process whereby firms considered the interests of stakeholders and operate based on fairness, accountability, transparency, and responsibility in order to enhance the value of firms [2].…”

Section: Introductionmentioning

confidence: 99%

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Corporate Governance Mechanisms and Value Creation: An Empirical Evidence

Kabir

Aripin

Al‐Dhamari

2019

AJEBA

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The study examines the perceived effects of corporate governance mechanisms on the value of manufacturing firms in Nigeria by adopting economic value added as the measure of firm value. Corporate governance mechanisms such as concentrated ownership, managerial ownership, the board size, board independence, and foreign ownership as they influence corporate valuation were empirically investigated. 89 listed manufacturing firms in Nigeria were selected for 5 years (2012-2016) for the analysis. The study utilized different tests such as OLS panel data regression and multiple regression model to establish the relationship with panel corrected standard error (PCSE). The study is guided by resource enrichment theory and agency theory. The finding of the study shows that ownership concentration, the board size, and board independence positively impacted on firm value as measured by economic value added. However, managerial ownership and foreign ownership reported negative and insignificant impacts on the value of Nigerian manufacturing firms.

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Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Section: Board Sizementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Corporate Governance Mechanisms and Value Creation: An Empirical Evidence

Kabir

Aripin

Al‐Dhamari

2019

AJEBA

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“…The role of family ownership has become an important issue that is linked to the performance of the firms, especially the firms in North America, Europe and Asia (Fan & Wong, 2002;Maury, 2006;Villalonga & Amit, 2006;Martinez et al, 2007;King & Santor, 2008;Khan et al, 2017;Lukviarman, 2004). Family ownership can be defined as the percentage ratio of equity ownership by family and members of the founding family to the firm equity (Anderson & Reeb, 2003).…”

Section: Theoretical Background and Hypotheses Developmentmentioning

confidence: 99%

Two-tier board system and Indonesian family owned firms performance

Arifai¹,

Tran²,

Moslehpour³

et al. 2018

10.5267/j.msl

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The two-tier board system practiced in Indonesia provides greater opportunity for the majority shareholders to place representative on board which may expropriate interest of minority shareholders and increase information asymmetry. This study looks at the influence of family ownership on firm's performance, by differentiating the influence of family ownership from family involvement in companies listed on the Indonesia Stock Exchange. Family ownership is measured based on family's equity ownership in the firm and family's involvement. This study explores family involvement in threefold: involvement in the board of commissioners, involvement in the board of directors and involvement in both boards. Firm performance is measured based on Value Added Intellectual Coefficient (VAIC) which comprises of capital employed efficiency, human capital efficiency, and structural capital efficiency. Data was collected for a period of three years from 2007 to 2009 on 155 firms which were identified as family firms. The findings show that family ownership has a positive influence on firm performance. Family involvement, however, shows mixed results. Family involvement in the board of commissioners has a positive but insignificant influence on firm's performance. Family involvement in the board of directors has a negative influence on firm's performance. Family involvement in both boards has a positive influence on firm performance. The findings suggest that family involvement in both boards creates a balance between the supervisory function and the management function, thus resulting in a more effective monitoring of firm's management.

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“…Sektor yang memiliki PBV di bawah satu selama kurun waktu tiga tahun berturut-turut adalah sektor Aneka Industri. Aneka Industri merupakan sektor yang termasuk ke dalam sektor sekunder (industri pengolahan atau manufaktur) berdasarkan JASICA (Jakarta Industrial Classification) (Zulfikar, 2016 Naik turunnya nilai perusahaan dapat disebabkan beberapa hal antara lain: likuiditas (Du, Wu, & Liang, 2016;Nguyen, Duong, & Singh, 2016), profitabilitas (Al-Najjar, 2017), pembayaran dividen (Seth & Mahenthiran, 2016;Sulong & Nor, 2008;Widyastuti, Suhadak, Musadieq, & Hsu, 2016), tata kelola perusahaan (Ararat, Black, & Yurtoglu, 2016;Khan, Tanveer, & Malik, 2017;Sulong & Nor, 2008), manajemen pajak (Davis, Moore, & Rupert, 2016;Nesbitt, Outslay, & Persson, 2017), kinerja keuangan (Widyastuti et al, 2016), pengambilan risiko (Su, Li, & Wan, 2016), pembiayaan eksternal dan ukuran perusahaan (Al-Najjar, 2017).…”

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Pengaruh Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Tekstil Dan Garmen

Khoirunnisa

Purnamasari

Tanuatmodjo

2018

JBME

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ABSTRAKTujuan -Tujuan dari penelitian ini adalah untuk mengetahui bagaimana gambaran strukur modal dan nilai perusahaan serta menganalisis pengaruh struktur modal terhadap nilai perusahaan pada perusahaan tekstil dan garmen periode 2011-2015 Desain / metodologi / pendekatan -Metode yang digunakan dalam penelitian ini adalah metode deskriptif dan verifikatif. Data yang digunakan adalah data sekunder dari fact book tahunan dengan teknik analisis regresi linear sederhana. Teknik pengambilan sampel dalam penelitian ini menggunakan purposive sampling. Temuan -Hasil penelitian menunjukkan bahwa struktur modal memiliki pengaruh positif terhadap nilai perusahaan.Orisinalitas -Perbedaan penelitian dengan penelitian sebelumnya adalah pada objek, populasi dan sampel penelitian, periode penelitian, alat ukur dan hasil penelitian. Kata kunci: Strukur Modal, Nilai Perusahaan, Tekstil dan Garmen Pasal Jenis: Penelitian Studi Kasus ABSTRACT Purpose -The purpose of this research are to descript of capital structure and firm value, and to analyze the impact of capital structure to firm value at textile and garment companies for the period 2011-2015. Design / methodology / approach -Method in this research used descriptive and verification methods. Data that used are secondary data from fact book years 2011-2015 with analysis technique using simple linear regression. Sampling in this research use purposive sampling.Findings -The result showed that the capital structure has a positive effect to firm value.Originality -The difference of this research with previous research is on research object, population and research sample, research period, measuring instrument and research result.

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An empirical analysis of corporate governance and firm value: Evidence from KSE-100 Index

Cited by 22 publications

References 49 publications

Corporate Governance Mechanisms and Value Creation: An Empirical Evidence

Corporate Governance Mechanisms and Value Creation: An Empirical Evidence

Two-tier board system and Indonesian family owned firms performance

Pengaruh Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Tekstil Dan Garmen

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