Corporate governance and firm value: An empirical investigation of the wine companies

Marsigalia, Bruno; Giovannini, Renato; Palumbo, Emanuela

doi:10.22495/cpr19p7

Cited by 4 publications

(3 citation statements)

References 31 publications

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“…Age diversity of ACFE's is the ratio of their current age of ACFE divided by an average age of ACFEs in the company by following prior work (Marsigalia, Giovannini, & Palumbo, 2019). Young ACFEs are up to 45 years.…”

Section: Methodsmentioning

confidence: 99%

Age diversity of audit committee financial experts, ownership structure and earnings management: Evidence from China

et al. 2021

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The extant literature has shown the impact of demographic characteristics such as gender of audit committee members on earnings management but ignored the importance of the board room's age diversity. Going beyond the prior literature, our study aims to examine how the age diversity of audit committee financial experts (ACFEs) influences the financial reporting quality of Chinese non-financial firms. We found a negative relationship between ACFEs' age diversity and earning management. Our findings also show that younger ACFEs mitigate earnings management as compared to older ACFEs. We further examined this relationship among state-owned enterprises (SOEs) and privately-owned enterprises in China and confirmed that the age diversity of ACFEs influences earnings management differently. However, younger ACFEs working in SOEs mitigates earnings management than their counterpart in privately-owned companies. Our result maintains its robustness after controlling for endogeneity and employing a different measure of earnings management. Our result has relevance for selecting financial experts and the overall composition of the audit committee, showing that including younger ACFEs will ensure more efficient control of firms' management. This finding is also relevant for policymakers, especially Chinese regulators, offering them insight into promoting audit committee effectiveness.

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Section: Methodsmentioning

confidence: 99%

Age diversity of audit committee financial experts, ownership structure and earnings management: Evidence from China

et al. 2021

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“…The results also suggest the leverage and asset turnover to have a significant positive impact on firm performance. Marsigalia, et al (2019) present empirical paper aims to investigate the effect of a longterm company culture in terms of economic performance and firm value. Comparing firm longevity with the performance indicators, but also monitoring many other corporate governance or ownership indicators, on a panel dataset of the top Italian wine companies.…”

Section: Corporate Governance Variablesmentioning

confidence: 99%

Corporate Governance and Financial Performance of Insurance Companies in Nepal

Maharjan¹

2019

Int. Res. J. Mgt. Sci.

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This paper aims to examine the effect of corporate governance practice on financial performance of insurance companies in Nepal. The study used board size, number of board meetings, CEO duality, Audit committee are the explanatory variables for corporate governance. Firm size and age of the firms are considered as control variables. The dependent variable performance has been measured using Return on Assets (ROA) and return on equity ROE. The study employed descriptive cum causal relational research design. All the 23 listed insurance companies are considered as the population of the study. Only 18 insurance companies (13 non-life and 5 life) is taken as sample based on availability of data representing 78.26 % sample. The secondary data of profitability has been extracted from annual report of the company. The explanatory variables related to corporate governance has been collected through structured survey questionnaire. The study period accounts for the eight years from 2011 to 2018 with 141 firm year observations. Data has been analyzed using a multiple linear regression model. The study concludes that there exists strong relationship between the corporate governance practices and firms’ performance. The board meeting and audit committee were found to positively affect the financial performance of insurance companies. Board size is found to be negative but not significant. The study also concludes CEO duality has the negative impact on the performance of the insurance company. Firm with large in size with high board meeting tend to perform well. Age of the company also positively influenced on the financial performance of insurance companies in Nepal.

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“…The results also suggest the leverage and asset turnover have a significant positive impact on firm performance. Marsigalia, et al (2019) present an empirical paper that aims to investigate the effect of long-term company culture in terms of economic performance and firm value. Comparing firm longevity with the performance indicators, but also monitoring many other corporate governance or ownership indicators, on a panel dataset of the top Italian wine companies.…”

Section: Literature Reviewmentioning

confidence: 99%

Relationship between Corporate Governance Dimensions and Financial Performance of Listed Insurance Companies in Muscat Securities Market, Sultanate of Oman

Al-Riyami¹,

Sayari

Jalagat

2022

int.jour.sci.res.mana.

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This study aims at determining the factors of corporate governance that impact financial performance. It uses a panel analysis approach that considers data from 2004 to 2018 of the insurance companies in Muscat, Oman. Out of the 10 insurance companies listed in Muscat Securities Market, four companies were chosen based on pre-established criteria considering the availability of data for the period indicated. To analyze the data gathered, descriptive analysis techniques using SPSS version 21 and Stata version 14 were applied. Based on the findings, board size affects ROA positively but negatively on ROE; FBM affects ROE positively but negatively affects ROA; BI has a negative influence on both ROA and ROE; and, AC affects ROA positively but negatively on ROE. Conversely, audit committee size positively impacts ROA and the independence and impartiality is a must to be a member of the audit committee. Conclusion from the findings suggests that the increasing number of the members of audit committee contributes positive signs for ROA which can be supported by many studies. Findings proved the significant positive relationship between audit committee size and independence on a firm’s financial performance. For organizations such as insurance companies, the frequency of board meetings can be determining factor to decide in terms of profitability issues and business performance. Finally, the results provide the management to examine the implications of deciding how many members of the board, frequency of board meetings, board independence, and audit committee as these can influence financial performance such as ROA and ROE.

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Corporate governance and firm value: An empirical investigation of the wine companies

Cited by 4 publications

References 31 publications

Age diversity of audit committee financial experts, ownership structure and earnings management: Evidence from China

Age diversity of audit committee financial experts, ownership structure and earnings management: Evidence from China

Corporate Governance and Financial Performance of Insurance Companies in Nepal

Relationship between Corporate Governance Dimensions and Financial Performance of Listed Insurance Companies in Muscat Securities Market, Sultanate of Oman

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