计量经济分析 = Econometric analysis

Earnings Management and Investor Protection: An International Comparison

サイアート, マーチの「A Behavioral Theory of the Firm」

Deep and detailed research into the workings of corporate enables Professor Herman to throw considerable light on how the board of directors operates, how important outside directors are, how new members are selected, and how multiple directorships interlock the large corporations. Throughout the book the author contrasts the power of the managers with that of other interest groups - bankers, family - and he concludes that power lies with the managers. But this has not changed the basic objectives of the corporation - the pursuit of growth and profits - nor has it enhanced social responsibility. After thorough investigation Edward Herman concludes that government regulation has done surprisingly little to reduce the autonomy of the corporation. Just as the influence of bankers and investors has been resisted, so has the effect of regulation. Improved communications and controls, geographic dispersion, and the enhanced adaptability and mobility of the large corporation have all played a part in maintaining corporate power and managerial control. Corporate Control, Corporate Power will be essential reading for executives, policy makers, regulators, and all those concerned to make the corporation more responsible and accountable.

Corporate Control, Corporate Power.

There has been much debate concerning the performance of family firms and the drivers of their performance. Some scholars have argued that family management is to blame when family firms go wrong; others claim that family management removes costly agency problems and encourages stewardship. Our thesis is that these disagreements can only be resolved by distinguishing among different types of family firms. We argue that family CEOs will outperform in smaller firms with more concentrated ownership and underperform in larger firms with more dispersed ownership; they will do neither where firms are smaller and ownership is more dispersed or firms are larger and ownership is more concentrated. Copyright © 2012 John Wiley & Sons, Ltd.

Is family leadership always beneficial

This study examines the effects of firm performance and corporate governance on chief executive officer (CEO) compensation in an emerging market, Pakistan. Using a more robust Generalized Method of Moments (GMM) estimation approach for a sample of non-financial firms listed at Karachi Stock Exchange over the period 2005–2012, we find that both current- and previous-year accounting performances has positive influence on CEO compensation. However, stock market performance does not appear to have a positive impact on executive compensation. We further find that ownership concentration is positively related with CEO compensation, indicating some kind of collusion between management and largest shareholder to get personal benefits. Inconsistent with agency theory, CEO duality appears to have a negative influence, while board size and board independence have no convincing relationship with CEO compensation, indicating board ineffectiveness in reducing CEO entrenchment. The results of dynamic GMM model s...

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Firm performance, corporate governance and executive compensation in Pakistan

This study empirically examines the impact of managerial ability on firm performance Using the sample of 246 firms listed at Pakistan Stock Exchange during 2009 to 2017, this study finds that more

https://www.tandfonline.com/doi/pdf/10.1080/23311975.2021.1879449

Managerial ability and firm performance: Evidence from an emerging market

This research investigates the relationship between the expertise of female audit committee (AC) chairs and financial reporting quality (FRQ). Also, it examines the moderating effect of the experti...

Gender diversity in the audit committee and the efficiency of internal control and financial reporting quality

The purpose of present study is to explore the effect of cash paid as dividend on share prices. Value relevance of cash dividend announcement is tested on a sample of around100 corporate dividend announcements in Karachi Stock Exchange (KSE), during the period of 2005 to 2009. Market model with top three basic extensions i.e., Market, Mean, and Risk adjusted return models were used with the application of event study methodology on daily stock returns. Although there is a marginal bias, the results of all three methods are almost similar. The observed results advocated that dividend announcements are positively value relevant and rejected dividend irrelevance hypothesis in KSE. Strong preference for dividend supports the evidence of agency cost. Results also show the signs of insider traders in the market in the form of market activism in pre event window. Finally the arbitrage opportunities are also visible from results Key Terms: Corporate announcements, Dividend, Return generating models, Event study, Insider traders, Arbitrage.

https://www.journal-archieves13.webs.com/972-981.pdf

Dividend Announcements and Stock Returns: An event study on Karachi stock exchange

Investor overconfidence has been proposed to explain various anomalous findings in security markets. The theory of investor overconfidence provides testable implications assuminginvestor overestimation of their abilities and private information and biased self-attributions. High (low) trading activity following market gains (losses) and excessive volatility are the two testable implications among others. We test these implications in Karachi Stock Exchange, Pakistan using multivariate time series analysis. Consistent with overconfidence hypothesis predictions, we find significant positive relationship between current trading activity and past returns after controlling for returns dispersion and returns volatility. However, we do not find significant positive contribution of overconfidence related trading to conditional returns volatility.

Muhammad Fayyaz Sheikh

Papers

Firm performance, corporate governance and executive compensation in Pakistan

Managerial ability and firm performance: Evidence from an emerging market

Gender diversity in the audit committee and the efficiency of internal control and financial reporting quality

Dividend Announcements and Stock Returns: An event study on Karachi stock exchange

Overconfidence Bias, Trading Volume and Returns Volatility: Evidence from Pakistan