Download Theoretical Foundations of Corporate Finance. by João Amaro de Matos PDF

By João Amaro de Matos

This e-book is meant for doctoral scholars, and is likely one of the higher books at the subject. even supposing admittedly there are just a few books during this classification, the improvement therapy of the appropriate innovations (capital constitution, dividend coverage, etc.) are performed with readability. you'll need a superior heritage in company finance earlier than you could take on this e-book. however, the maths isn't really too tricky.

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Ownership structure is the percentage of common stocks owned first by the board of directors, second the percentages owned by institutional investors on the board of directors, the percentage owned by institutional investors outside the board of directors, and the percentage of ownership by chief executive officers consecutively. Following the work of Hermalin and Weisbach (1991) this paper divides ownership into three classes: 0% to less than 5%, 5% to less than 25%, 25% and above. The variables representing the piecewise separation are the following: OWN1it = ownership between 0% to less than 5% for the ith firm at period t.

They provided an evidence consistent with that of LLSV (1998) that cash flow rights held by largest blockholders were positively related to firm value. In addition, Gorton and Schmid (1996), found that performance improved in firms where banks held large blocks of securities. Kaplan and Minton (1994) found that managers in Japanese firms were more likely to be replaced based on poor performance if securities were placed in the hands of large shareholders, than in companies with small shareholders. Recently, Lins (2002), provided evidence of the relationship between firm value and management ownership with a sample of 1,448 firms from 18 emerging markets.

43 Corporate Governance and Firms Value in Emerging Markets Table 1. Summary Statistics. TOBIN Q BOD CEO IBOD InBOD D/TA SIZE AGE N MIN MAX MEAN STD. 10 Note: This table contains descriptive statistics of the variables. N is number of observations, MIN is the minimum value, TOBIN Q is the proxy for firm value, BOD is the amount of stock owned by the board of directors, CEO is the amount of stocks owned by chief executive officers, IBOD is the ownership of institutional investors on the board of directors, InBOD is the ownership of institutional investors not on the board of directors, D/TA is the ratio of debt to total asset which measures the leverage, SIZE is the proxy for firm size, AGE is the proxy for firm age.

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