Impact of Ownership Patterns and Firm Life‐Cycle Stages on Firm Performance: Evidence From India

Sridharan, Srividhya Raju; Joshi, Medha

doi:10.1002/jcaf.22315

Cited by 7 publications

(7 citation statements)

References 42 publications

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“…Ownership structure has a significant influence on the governance framework (Kumar and Zattoni, 2016). A study conducted in India and the author stated that agency problem raised in those public companies which don't have concentrated ownership and the mangers make decisions for their self-interest at the expense of shareholder (Sridharan and Joshi, 2018). There are many corporate codes in practice for governing corporations globally.…”

Section: Introductionmentioning

confidence: 99%

Corporate Governance and Firm Performance: Evidence From Listed Firms of Pakistan

Ali

Guo²,

Ali

et al. 2021

RISUS

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This study aims to find the influence of corporate governance on firm performance for the listed non-financial firms on the Pakistan Stock Exchange (PSX) for the period 2005-15. The article has measured corporate governance by the large boards with more independent directors, independence of audit committee, ownership concentration, non-existence ofCEOduality, and presence of foreign and institutional investors. To address this endogenous nature of institutional ownership and performance in this study we have used instrumental variables (IV) techniques using a two-stage least square (2SLS) by instrumentalizing institutional ownership with firm size and firm age. The study found that firms with large and independent boards outperform their counterparts. Similarly, the study found that firms having the joint position ofCEOand chairperson performs lower than counterparts. In Pakistan firms with foreign and institutional owners better than others. We found that firms with concentrated owners have a lower level of agency problem and ultimately perform well. Furthermore, we found that firms with a lower level of agency problem type II (measured via ownership concentration contestability) perform better in Pakistan.

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Section: Introductionmentioning

confidence: 99%

Corporate Governance and Firm Performance: Evidence From Listed Firms of Pakistan

Ali

Guo²,

Ali

et al. 2021

RISUS

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“…During this time frame, a host of organisations had foreign promoters even though their shareholding ranged from 0 to 74%, the mean stakes were closer to 3%. Foreign promoter ownership has been found to positively impact firm performance (Sridharan & Joshi, 2018), while Gu et al (2019) find the evidence to be unclear, especially considering the lack of the underlying rationale. From the developed world, Driffield et al (2018) found the evidence to be inconclusive, hinting at presence of secondary considerations that could effectively link foreign ownership and firm performance.…”

Section: Theoretical Background and Hypothesesmentioning

confidence: 99%

Ownership Characteristics,Corporate Social Responsibility, Resource Productivity And Firm Performance: An Empirical Study

Prince

2021

Indian Journal of Corporate Governance

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Corporate governance continues to be at the forefront as evinced by some of the recent incidents at organisations such as Tata Sons, Yes Bank and ICICI bank. Traditionally, ownership characteristics have been considered as close substitutes representing corporate governance, considering that board processes and activity do not yield themselves to much scrutiny beyond a few media reports and analysis. The research article undertakes a study of ownership, corporate social responsibility(CSR) and resource productivity in the Indian context. Using a sample of 900 firms from the non-financial domain, the study uses multivariate regression to identify the effect on market based measure of firm performance. Results indicate that all the ownership variables have a positive and significant influence on market based metrics of organisations. However, the CSR orientation or intent does not indicate any impact on organisation’s market based metric. The resource productivity, on the hand is strongly positive, indicating that markets recognise, intuitively the impact of competencies and capabilities of people. For practitioners, the implications are the quest to identify further levers of strategic and competitive advantage since the governance indicators have merely explained a small part of firm performance.

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“…Thus, we add board size and the percentage of independent directors to all directors as a measure for board independence in our control variables. Following Short (1994) and Sridharan and Joshi (2018), we control for firm age and ownership type (SOE), as life cycle stages and ownership structure are key factors influencing firm performance. Finally, we include commonly used indicators, return on asset, because profitability is one of the determinants of our SGR indicator.…”

Section: Baseline Regression Modelmentioning

confidence: 99%

The effect of customer concentration on supplier sustainable growth: evidence from China

Wang

Liao

Ding³

et al. 2020

Applied Economics

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Impact of Ownership Patterns and Firm Life‐Cycle Stages on Firm Performance: Evidence From India

Cited by 7 publications

References 42 publications

Corporate Governance and Firm Performance: Evidence From Listed Firms of Pakistan

Corporate Governance and Firm Performance: Evidence From Listed Firms of Pakistan

Ownership Characteristics,Corporate Social Responsibility, Resource Productivity And Firm Performance: An Empirical Study

The effect of customer concentration on supplier sustainable growth: evidence from China

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