Female directors, capital structure, and financial distress

Despite the growing interest in exploring the cash holding aspects among scholars, systematic reviews and comprehensive evaluation in this area has been limited. Also, there is only a fragmented understanding about how the cash holdings concept is formed among researchers and experts. We fill this gap in the literature by identifying and evaluating the research development of cash holdings topic. Using 874 articles from the Scopus database that were published between 1947 and early 2020, bibliometric and content analyses were employed to assess the patterns of global cash holdings research. We find that previous studies have substantially enriched our knowledge of the antecedents and consequences of cash holdings. Yet, there are still several opportunities to make significant contributions in this area. The contribution of this research is to provide a comprehensive evaluation of the development of cash holdings research (using a sizeable archival database). It identifies the current joint development and potential opportunities for future work directions on cash holdings association with payout policy, corporate social responsibility, and corporate governance. Our results are likely to be of interest to academics, practitioners, and educators in related business and finance fields.

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A bibliometric analysis of cash holdings literature: current status, development, and agenda for future research

This study adopts the concept of institutional voids to examine the perceptions of managers and policymakers in developing markets with respect to the actual barriers that hinder social and environmental reporting (SER) towards sustainable development. The study uses in‐depth semi‐structured interviews with managers and decision‐makers and policymakers of the main oil and gas companies in weak institutional settings (Libya). The findings suggest that the absence of environment general authority's role, the absence of a clear legal requirement that refers to SER, the shortage of knowledge and awareness, the lack of motivation from the government, fear of change, and the absence of civil society organisations are perceived as the major barriers that hinder the development of SER. These findings contribute to the literature on institutional voids and sustainable development by providing evidence on SER barriers in the context of a developing country. Therefore, it could be useful to corporate regulators and policymakers to mitigate institutional voids to develop a more focussed SER agenda, when considering regulations for the disclosure and sustainable development.

/pdf/social-and-environmental-reporting-sustainable-development-4bfqw59zns.pdf

Social and environmental reporting, sustainable development and institutional voids: Evidence from a developing country

Despite the burgeoning interest in environmental, social and governance (ESG) ratings, current results regarding ESG rating-performance relationship are inconclusive. Since what affects this disagreement is ambiguous, we examine how internal control weaknesses (ICW) may affect the relationship between ESG rating and a firm's performance. In fact, employing a sample of French listed firms during the period between 2012 and 2018, we predicted and found that both ICW and ESG ratings have a positive and significant influence on a firm's performance. In addition, the results indicate that ICW negatively and significantly moderates the relationship between ESG ratings and corporate performance. Moreover, the robustness of the results is checked through the generalized method of moments regression. We also offer theoretical and practical implications to drive policymakers and businesses to assure sustainable development. We expect that our study can help managers to strengthen their internal resources, such as the internal control (IC) and ESG ratings to improve a firm's performance. 

http://bura.brunel.ac.uk/bitstream/2438/24992/1/FullText.pdf

Environmental, social and governance ratings and firm performance: The moderating role of internal control quality

How to cite this paper: Al Lawati, H., & Hussainey, K. (2021). The impact of audit committee financial expertise on corporate financial decisions [Special issue]. Corporate Ownership & Control, 18(3),

/pdf/the-impact-of-audit-committee-financial-expertise-on-3mfuxyhqcg.pdf

The impact of Audit Committee financial expertise on corporate financial decisions

This paper aims to contribute to the existing capital structure and board structure literature by examining the relationship among corporate governance, ownership structure and capital structure.,The paper uses a panel data of 595 firm-year observations from a unique and comprehensive data set of 119 Chinese real estate listed firms from 2014 to 2018. It uses fixed effect and random effect regression analysis techniques to examine the hypotheses.,The results show that the board size, ownership concentration and firm size have positive influences on capital structure. State ownership and firm profitability have inverse influences on capital structure.,The findings suggest that better-governed companies in the real estate sector tend to have better capital structure. These findings highlight the unique Chinese context and also offer regulators a strong incentive to pursue corporate governance reforms formally and jointly with the ownership structure. Finally, the results suggest investors the chance to shape detailed expectations about capital structure behavior in China. Future research could investigate capital structure using different arrangement, conducting face-to-face meetings with the firm’s directors and shareholders.,The findings offer support to corporate managers and investors in forming or/and expecting an optimal capital structure and to policymakers and regulators for ratifying laws and developing institutional support to improve the effectiveness of corporate governance mechanisms.,This paper extends, as well as contributes to the current capital structure and corporate governance literature, by proposing new evidence on the effect of board structure and ownership structure on capital structure. The results will help policymakers in different countries in estimating the sufficiency of the available corporate governance reforms to improve capital structure management.

https://myresearchspace.uws.ac.uk/ws/files/20682433/2020_06_08_Feng_et_al_Corporate_accepted.pdf

Corporate Governance, Ownership Structure And Capital Structure: Evidence From Chinese Real Estate Listed Companies

Purpose – This paper seeks to contribute to the existing capital structure and board structure literature by examining the relationship among corporate governance, ownership structure and capital structure.

Design/methodology/approach – The paper employs a panel data of 595 firm-year observations from a unique and comprehensive data set of 119 Chinese real estate listed firms from 2014 to 2018. It uses fixed effect and random effect regression analysis techniques to examine the hypotheses.

Findings - The results show that the board size, ownership concentration and firm size have positive influences on capital structure. State ownership and firm profitability have inverse influences on capital structure. 

Research limitations/ implications – The findings suggest that better-governed companies in the real estate sector tend to have better capital structure. These findings highlight the unique Chinese context and also offer regulators a strong incentive to pursue corporate governance reforms formally and jointly with ownership structure. Lastly, the results suggest investors the chance to shape detailed expectations about capital structure behavior in China. Future research could investigate capital structure using different arrangement, conducting face-to-face meetings with the firm’s directors and shareholders. 

Practical implications– The findings offer support to corporate managers and investors in forming or /and expecting an optimal capital structure, and to policymakers and regulators for ratifying laws and developing institutional support to improve the effectiveness of corporate governance mechanisms.

Originality / value – This paper extends, as well as contributes to the current capital structure and corporate governance literature, by proposing new evidence on the effect of board structure and ownership structure on capital structure. The results will help policymakers in different countries in estimating the sufficiency of the available corporate governance reforms to improve capital structure management.

/pdf/corporate-governance-ownership-structure-and-capital-2nii0mo850.pdf

Yi Feng

Papers

Corporate Governance, Ownership Structure And Capital Structure: Evidence From Chinese Real Estate Listed Companies

Corporate Governance, Ownership Structure and Capital Structure: Evidence From Chinese Real Estate Listed Companies