Journal ArticleDOI
Size really matters: Further evidence on the negative relationship between board size and firm value
Y.T. Mak,Yuanto Kusnadi +1 more
TLDR
In this article, the authors examined the impact of corporate governance mechanisms on the firm value of Singapore and Malaysia firms (as measured by Tobin's Q) and found that there is an inverse relationship between board size and firm value in both countries.Abstract:
This study examines the impact of corporate governance mechanisms on the firm value of Singapore and Malaysia firms (as measured by Tobin's Q ) We find little evidence of relationships between most corporate governance mechanisms and Tobin's Q However, consistent with Yermack [Higher market valuation of firms with a small board of directors J Financ Econ 40 (1996), 185–211] and Eisenberg et al [Larger board size and decreasing firm value in small firms J Financ Econ 48 (1998), 35–54], we find that there is an inverse relationship between board size and firm value in both countries This suggests that the negative relationship between board size and firm value transcends different corporate governance systemsread more
Citations
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An Empirical Examination of Ownership Structure, Earnings Management and Growth Opportunities in Mexican Market
TL;DR: In this paper, the influence of ownership structure, board and leverage on the earnings management when companies either face, or do not face, profitable growth opportunities for a sample of 90 listed Mexican firms during the period 2005-2009 was analyzed.
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Simultaneous relationship between performance and executive compensation of Thai non-financial firms
TL;DR: In this article, the authors determined the two-direction relationship between financial firm performance and executive compensation in Thai listed companies; that is, effect of firm performance on executive compensation and the effect of executive compensation on subsequent firm performance.
Journal Article
Some Empirical Evidence on the Stability of Money Demand in Kenya
TL;DR: In this paper, the authors examined the stability of the demand for money in Kenya owing to conflicting results derived from previous studies which have cast doubt on the relevance of monetary targeting and found that demand for broad monetary aggregates is stable.
Corporate Disclosures by Family Firms: Malaysian Evidence
TL;DR: In this article, the effect of corporate governance practices on earnings quality between family and non-family firms was investigated in the East Asian region, where many companies in East Asian countries are family owned and family managed or directed with the major shareholders often also directors and managers.
Journal ArticleDOI
An empirical analysis of corporate governance and firm value: Evidence from KSE-100 Index
Asad Khan,T. Tanveer,U. Malik +2 more
TL;DR: In this article, the impact of corporate governance on firm value measured by Tobin's Q was investigated and different corporate governance proxies (i.e. board size, board independence, audit committee and CEO duality) interacted with firm value.
References
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Journal ArticleDOI
Management Ownership and Market Valuation: An Empirical Analysis
TL;DR: This article investigated the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, they found evidence of a significant nonmonotonic relationship.
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The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems
TL;DR: The last two decades indicate corporate internal control systems have failed to deal effectively with these changes, especially slow growth and the requirement for exit as mentioned in this paper, which is a major challenge for Western firms and political systems as these forces continue to work their way through the worldwide economy.
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Higher market valuation of companies with a small board of directors
TL;DR: In this paper, the authors present evidence consistent with theories that small boards of directors are more effective, using Tobin's Q as an approximation of market valuation, and find an inverse association between board size and firm value in a sample of 452 large U.S. industrial corporations.
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Additional evidence on equity ownership and corporate value
John J. McConnell,Henri Servaes +1 more
TL;DR: The authors investigated the relation between Tobin's Q and the structure of equity ownership for a sample of 1,173 firms for 1976 and 1,093 firms for 1986 and found a significant curvilinear relation between Q and common stock owned by corporate insiders.
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The separation of ownership and control in east asian corporations
TL;DR: The authors examined the separation of ownership and control for 2,980 corporations in nine East Asian countries and found that voting rights frequently exceed cash-ow rights via pyramid structures and cross-holdings.