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Ownership structures and firm performance: Does East Asian corporate governance recovery work?

Few prior studies investigated a further link between ownership structure and firm performance in terms of post Asian Financial Crisis in 1997-1998 and explored the impact of the corporate governance recovery program. Using an agency framework, this research argued that the distribution of equity ow...

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Main Authors: Warokka, Ari, Abdullah, Haim Hilman, Duran, Juan Jose
Format: Article
Language:English
Published: World Business Institute (WBI) 2012
Subjects:
HD28 Management. Industrial Management
Online Access:http://repo.uum.edu.my/7172/1/2.%2520Ari.pdf
http://repo.uum.edu.my/7172/
http://www.wbiaus.org/
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spelling my.uum.repo.71722016-04-21T03:10:43Z http://repo.uum.edu.my/7172/ Ownership structures and firm performance: Does East Asian corporate governance recovery work? Warokka, Ari Abdullah, Haim Hilman Duran, Juan Jose HD28 Management. Industrial Management Few prior studies investigated a further link between ownership structure and firm performance in terms of post Asian Financial Crisis in 1997-1998 and explored the impact of the corporate governance recovery program. Using an agency framework, this research argued that the distribution of equity ownership among top managers and external block holders had a significant relationship with leverage and firm performance, and there was reverse causality effect between ownership structure, capital structure, and firm performance.The paper tested five hypotheses and used 532 East Asian companies’ financial data in 2000-2001 (a starting period of the recovery program) of seven most affected countries. Based on statistical analysis, the study revealed the positive impacts of corporate governance recovery indicated by an increasing of cost efficiency in monitoring and controlling the management. It also supported the managerial ownership as one way to reduce conflict of interest between shareholder and manager and increase firm value. World Business Institute (WBI) 2012-01 Article NonPeerReviewed application/pdf en http://repo.uum.edu.my/7172/1/2.%2520Ari.pdf Warokka, Ari and Abdullah, Haim Hilman and Duran, Juan Jose (2012) Ownership structures and firm performance: Does East Asian corporate governance recovery work? World Review of Business Research, 2 (1). pp. 18-35. (Unpublished) http://www.wbiaus.org/
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutionali Repository
url_provider http://repo.uum.edu.my/
language English
topic HD28 Management. Industrial Management
spellingShingle HD28 Management. Industrial Management
Warokka, Ari
Abdullah, Haim Hilman
Duran, Juan Jose
Ownership structures and firm performance: Does East Asian corporate governance recovery work?
description Few prior studies investigated a further link between ownership structure and firm performance in terms of post Asian Financial Crisis in 1997-1998 and explored the impact of the corporate governance recovery program. Using an agency framework, this research argued that the distribution of equity ownership among top managers and external block holders had a significant relationship with leverage and firm performance, and there was reverse causality effect between ownership structure, capital structure, and firm performance.The paper tested five hypotheses and used 532 East Asian companies’ financial data in 2000-2001 (a starting period of the recovery program) of seven most affected countries. Based on statistical analysis, the study revealed the positive impacts of corporate governance recovery indicated by an increasing of cost efficiency in monitoring and controlling the management. It also supported the managerial ownership as one way to reduce conflict of interest between shareholder and manager and increase firm value.
format Article
author Warokka, Ari
Abdullah, Haim Hilman
Duran, Juan Jose
author_facet Warokka, Ari
Abdullah, Haim Hilman
Duran, Juan Jose
author_sort Warokka, Ari
title Ownership structures and firm performance: Does East Asian corporate governance recovery work?
title_short Ownership structures and firm performance: Does East Asian corporate governance recovery work?
title_full Ownership structures and firm performance: Does East Asian corporate governance recovery work?
title_fullStr Ownership structures and firm performance: Does East Asian corporate governance recovery work?
title_full_unstemmed Ownership structures and firm performance: Does East Asian corporate governance recovery work?
title_sort ownership structures and firm performance: does east asian corporate governance recovery work?
publisher World Business Institute (WBI)
publishDate 2012
url http://repo.uum.edu.my/7172/1/2.%2520Ari.pdf
http://repo.uum.edu.my/7172/
http://www.wbiaus.org/
_version_ 1644279465963945984
score 13.211869

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