Corporate Governance And Accuracy Level Of Financial Distress Prediction Models

Cruz, Alba María Priego de la; Lizano, Montserrat Manzaneque; Madrid, Elena Merino

doi:10.19030/iber.v13i7.8913

Cited by 3 publications

(3 citation statements)

References 16 publications

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“…Governments which have motivation of the increase in financial income and encounters financial distress increase investment. de la Cruz et al (2014) investigated the effect of corporate governance on the accuracy of models of predicting financial crisis in Spain for the financial period from 2007 to 2012. The results of the research indicated that some of the mechanisms of corporate governance improve the power of predicting models of financial distress.…”

Section: Review Of Literaturementioning

confidence: 99%

Investigating the relationship between financial distress and investment efficiency of companies listed on the Tehran Stock Exchange

Vosoughi¹,

Derakhshan²,

Alipour³

2016

10.5267/j.ac

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Section: Review Of Literaturementioning

confidence: 99%

Investigating the relationship between financial distress and investment efficiency of companies listed on the Tehran Stock Exchange

Vosoughi¹,

Derakhshan²,

Alipour³

2016

10.5267/j.ac

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“…Kepemilikan institusional menurut Chaganti dan Damanpour (1991) adalah kepemilikan yang dimiliki oleh bank, dana pensiun, asosiasi tabungan dan pinjaman, perusahaan asuransi, dan lembaga pengelola reksadana. Sedangkan, kepemilikan manajerial yaitu kepemilikan saham yang dimiliki oleh anggota dewan direksi dan komisaris (de la Cruz et al, 2014). Menurut Joh (2003)…”

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Analisis Pengaruh Kepemilikan Institusional dan Kepemilikan Manajerial Terhadap Kinerja dan Nilai Perusahaan

Putra¹

2018

SAKI

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Conflict of interest between shareholder and management can trigger the increasing of cost production of the company and give an effect to the performance and value of the company. The purpose of this study is to examine the effect between ownership stuctures, the institutional and managerial ownership on the perfomance and value of companies. Based on the sample of 193 nonfinancial companies listed in Indonesia's Stocks Exchange for the period 2004 to 2015 by using purposive sampling method, institutional ownership gives positive effect on the perfomance and value of the companies, while managerial ownership gives negative effect on the perfomance as well as the value of the companies. SARI PATI -Adanya konflik kepentingan antara pemegang saham dengan manajemen, dapat membuat perusahaan memiliki biaya keagenan dan memengaruhi kinerja serta nilai perusahan. Penelitian ini bertujuan untuk menjelaskan pengaruh hubungan dari struktur kepemilikan insitusional dan kepemilikan manajerial terhadap kinerja dan nilai perusahaan. Sampel penelitian menggunakan 193 perusahan nonkeuangan di Indonesia yang terdaftar di Bursa Efek Indonesia dari tahun 2004 -2015 dengan metode purposive sampling. Hasil penelitian menunjukkan bahwa kepemilikan institusional berpengaruh positif terhadap kinerja dan nilai perusahaan, sedangkan kepemilikan manajerial berpengaruh negatif terhadap kinerja dan nilai perusahaan. Kata Kunci: Kepemilikan Institusional, Kepemilikan Manajerial, Kinerja Perusahaan, Nilai Perusahaan. PENDAHULUAN Di era globalisasi, membeli saham yang diterbitkan oleh perusahaan merupakan salah satu pilihan untuk berinvestasi. Hal ini dilakukan oleh investor melalui penanaman modalnya di sebuah perusahaan untuk mendapatkan keuntungan. Faktanya, di dalam perusahaan terjadi konflik kepentingan antara pemegang saham dengan manajeman perusahaan. Menurut Jensen dan Meckling (1976) bahwa konflik keagenan antara pemegang saham dengan manajer perusahaan merupakan kecenderungan seorang manajer untuk mendapatkan keuntungannya.

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“…Past academic studies have shown that financial distress has gained great scholarly attention in recent years (Mangena et al , 2020; Cruz et al , 2014; Cavaco et al , 2017; Marinova et al , 2015; Farag and Mallin, 2017). The term financial distress is defined by Mumford (2003) as a situation when the corporation cannot fulfil its financial obligations.…”

Section: Introductionmentioning

confidence: 99%

Board composition, ownership structure and financial distress: insights from UK FTSE 350

Gerged

Yao²,

Albitar³

2022

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Purpose This study aims to investigate the possible implications of compliance with corporate governance (CG) provisions, including board composition and ownership structures, on the firm’s likelihood of falling into financial distress. Design/methodology/approach The study applies a random-effects logistic regression model as a baseline analysis using a sample of 110 FTSE 350 manufacturing companies from 2014 to 2019. This technique is supported by conducting a two-stage Heckman regression model to overcome the potential existence of endogeneity problems. Findings The empirical evidence suggests that board composition and ownership structure are heterogeneously associated with financial distress probabilities in that they might have either reduced or increased the financial distress of the sampled firms. Specifically, board independence, board gender diversity, audit committee independence and institutional ownership negatively influence the likelihood of financial distress. In contrast, and consistent with the expectations, ownership concentration is positively attributed to financial distress, while the board size, audit committee size and managerial ownership have insignificant impacts on financial distress. Originality/value The study extends the existing body of knowledge by examining the collective effect of board characteristics and ownership structures on firms’ financial distress likelihood among a sample of manufacturing firms within the FTSE 350 index post the 2008 global financial crisis and following the recent CG reforms in the UK during the study period from 2014 to 2019.

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Corporate Governance And Accuracy Level Of Financial Distress Prediction Models

Cited by 3 publications

References 16 publications

Investigating the relationship between financial distress and investment efficiency of companies listed on the Tehran Stock Exchange

Investigating the relationship between financial distress and investment efficiency of companies listed on the Tehran Stock Exchange

Analisis Pengaruh Kepemilikan Institusional dan Kepemilikan Manajerial Terhadap Kinerja dan Nilai Perusahaan

Board composition, ownership structure and financial distress: insights from UK FTSE 350

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