Dissertations / Theses on the topic 'Corporations – Investor relations – Australia'
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Spaseska, Aleksandra. "Australian investor relations practices." UWA Business School, 2008. http://theses.library.uwa.edu.au/adt-WU2008.0155.
Full textCarvalho, Jean-Paul. "Investor communications around adverse earnings shocks." University of Western Australia. School of Economics and Commerce, 2005. http://theses.library.uwa.edu.au/adt-WU2005.0123.
Full textThomson, Dean Banking & Finance Australian School of Business UNSW. "Private equity and venture capital instruments, a study into their use and intention." Awarded by:University of New South Wales. School of Banking and Finance, 2005. http://handle.unsw.edu.au/1959.4/31100.
Full textMatsika, Brighton. "Communication strategies used by investor relations practitioners to build and maintain relationships with investor stakeholders." Thesis, Cape Peninsula University of Technology, 2017. http://hdl.handle.net/20.500.11838/2624.
Full textInvestor Relations (IR) has become a key area of focus in academic and professional debates over the last few decades. Although the identity of the field is contested, with both finance and communication disciplines claiming the fledgling field, there is consensus across disciplines that communication is paramount in IR success. However, a number of scholars (see Schutzmann, 2013; Laskin, 2011; Watson, 2008) argue that IR is not being fully utilised to maximise fair valuation and obtain favourable return on company investments due to lack of strategic communication expertise among IR practitioners who usually have a purely financial background. It is against this background that this study evaluated communication strategies employed by IR practitioners in South Africa to build and maintain relationships with investor stakeholders. The purpose is to contribute towards theoretical debates on strategic communication practice in IR, an area that remains under theorised and understudied, especially within a developing country context. The theoretical frame of the study was derived from public relations Excellence theory and the two-way symmetrical communication (Grunig and Hunt, 1984). The research methodology of the study was qualitative and employed an explorative design to gather data through a combination of document analysis, indepth interviews and content analysis. The findings show that financial and non-financial information is disseminated to investor stakeholders. However, the communication of financial information by IR professionals to investor stakeholders remains dominant in South Africa. Importantly, two-way symmetrical communication and two-way asymmetrical communication strategies are used in different ways to build and maintain relationships and to disclose mandatory key corporate information to investor stakeholders. One-on-one meetings in different formats and online dialogue with closed feedback emerged as the dominant key two-way symmetrical communication strategies of nurturing and sustaining relationships with investor stakeholders. This includes two-way asymmetrical communication strategies such as the corporate publications and IR websites. IR policies that promote two-way symmetrical communication, trust, honest, transparency and credibility emerged in the study as being implemented by IR professionals of South Africa. In addition, the findings show that such characterised IR policies advances the rules of investor stakeholder relationship building and engagement. However, it remains unclear from a South African standpoint whether IR professionals are ready to engage in an open dialogue with investor stakeholders using social media. The findings show that IR in South Africa has trascended into a synergy era where two-way symmetrical communication is emphasised. It further shows that the theoretical frame of the study as derived from public relations Excellence theory and the two-way symmetrical communication (Grunig and Hunt, 1984) has positive implications in the investor relations efforts of building relationships and information disclosure. However, investor stakeholder preferences of engaging with IR professionals require further exploration. This will assist in theorising communication strategies ideal for IR practice.
Grant, Jeremy David. "Investor activism around the world." Thesis, University of Cambridge, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.608007.
Full textBehrman, Gina L. "A Q study of investor relations professionals' beliefs concerning professional practices." Virtual Press, 2003. http://liblink.bsu.edu/uhtbin/catkey/1265084.
Full textDepartment of Journalism
Jubb, Christine A. "Choosing an auditor : corporate governance, interpersonal associations and investor confidence /." Connect to thesis, 2000. http://eprints.unimelb.edu.au/archive/00000383.
Full textXavier, Robina. "Exploring the listed company-shareholder relationship : how listed companies understand their role as communicator." Thesis, Queensland University of Technology, 1999. https://eprints.qut.edu.au/36329/1/36329_Xavier_1999.pdf.
Full textQasim, Amer. "The use of the internet as an investor relations tool : the case of Jordan." Thesis, University of Aberdeen, 2010. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=114451.
Full textForjan, James M. (James Martin). "Three Essays in Corporate Governance." Thesis, University of North Texas, 1993. https://digital.library.unt.edu/ark:/67531/metadc279351/.
Full textJones, Sharon L. "The economic trend in immigration policy: a comparative analysis of the entrepreneur/investor program in Canada, United States and Australia." Related Electronic Resource: Current Research at SU : database of SU dissertations, recent titles available full text, 2003. http://wwwlib.umi.com/cr/syr/main.
Full textNakano, Katsura. "Corporate shareholding in Japan." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0020/NQ46397.pdf.
Full textChang, Chen. "The impact of customer-related strategies on shareholder value." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2008. https://ro.ecu.edu.au/theses/190.
Full textKerr, Gordon Roy. "The short-term effect on shareholder wealth of banking mergers and acquisitions during periods of real economic expansion and contraction." Thesis, Rhodes University, 2011. http://hdl.handle.net/10962/d1013442.
Full textChowdhury, Rashedur Rob. "Reconceptualizing the dynamics of the relationship between marginalized stakeholders and multinational firms." Thesis, University of Cambridge, 2013. https://www.repository.cam.ac.uk/handle/1810/252303.
Full textChen, Tao, and 陳濤. "The impact of ownership structure on financial analysts' information production: the case of Hong Kongcompanies." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B31227211.
Full textBryans, Robert. "Linking operational excellence to shareholder value : McDonald's as a case study." Thesis, Stellenbosch : Stellenbosch University, 2004. http://hdl.handle.net/10019.1/21214.
Full textENGLISH ABSTRACT: McDonald's is world renowned for the benchmark standards it sets in operations management. This is evidenced by the numerous references in operations management textbooks over the last 10-15 years. However, since 1999, McDonald's has not been able to link this operations excellence to creating shareholder value. In fact, the McDonald's share price has declined by 64 % over the last 4 years. In comparison, Wendy's (McDonald's biggest competition in the US fast food market) share price has increased by 2 % over the same period. Understanding why McDonald's has not been able to link operational excellence and the creation of shareholder value is the reasoning behind this mini-thesis. The hypothesis is that there are a number of factors. which influence shareholder value, and operational excellence is but one of these factors. A literature survey was conducted in order lO understand the underlying theories which link operational excellence and shareholder value creation. Evidence supporting this hypothesis is then presented and discussed. In Chapter 3, McDonald's ability to deliver operational excellence is evaluated against the evidence presented in operations management textbooks and other sources. The success of McDonald's in delivering perfonnance in the other factors affecting shareholder value is then discussed in Chapter 4 and compared to its biggest competition. Firstly, the share price of McDonald's is compared to its biggest competition (Wendy's), then the strategy of McDonald's and its impact on shareholder value creation is discussed, along with McDonald's ability to implement the other important factors and drivers, namely customer value creation, efficiency of value delivery and direct financial impact on shareholders. As a result of the above evidence. it was found that there are two basic reasons why McDonald's has not been able to link operational excellence and shareholder value creation: 1. Relative to its competition, McDonald's has not demonstrated sufficient competence in the other factors, which influence shareholder value creation. These factors are: customer value creation and the efficiency of customer value delivery. This is further evidenced by the financial output measures of McDonald's relative to its competition. 2. McDonald's ability in delivering operational excellence has diminished recently. This is evidenced by falling ratings in customer satisfaction surveys. The above reasons are evidenced by customer satisfaction survey results, comparative financial results and a number of non-direct driver results. In order to increase shareholder value creation, it is recommended that McDonald's change the focus of its strategy from operations to the creation of customer value. In order to support this change, the organisational structure and business processes will have to be changed by top management, who must be the crusaders of this change.
AFRIKAANSE OPSOMMING: McDonald's is bekend vir die maatskappy se wereldklas bedryfs bestuur standaardc. Die standaarde word tel kens na verwys in menige bedryfs bestuur handboeke oor die afgelope 10 tot 15 jaar. McDonald's kon egtcr nie daarin slaag om die hoe bedryfsbetuur standaarde in aandeelhouer waarde te omskep nic. Die waarde van die McDonald's aandele het met 64% gedaaJ oor die afgelope 4 jaar. In kontras het Wendy's (McDonald's se grootste mededinger in die Amerikaanse kitskos mark) se aandeel pryse met meer as 2% gestyg oor dieselfde peri ode. Die redc vir hierdie studie is dan juis om te bepaal waarom McDonald's nie hul voortrcflike bestuurs standaarde kon koppel aan stygende aandeelhouer waarde nic. Die hipotese is dat daar 'n aantal faktore is wat die aandeelhouer waarde van 'n maatskappy bepaal en dat bedryfs bestuur standaarde maar net een van hierdie faktore is. 'n Literatuur studie is gedoen om te bepaal wat die verwantskap is tussen puik bedryfsbetuur standaarde en die skepping van aandeelhouer waarde. Die bewyse vanuit die literatuurstudie is dan gebruik om die hipotese mee te toets. In Hoofstuk 3 is die vennoe van McDonald' s om hoe bedryfsbestuur standaarde te handhaaf evalueer aan die hand van die literatuur studie. McDonald's se sukses in die implementering van die ander faktore wat lei tot verhoogde aandeelhouer waarde is in Hoofstuk 4 bespreek en terselfde tyd vergelyk met die verrnoens van sy grootste mededingers. Eerstens is die aandeelprys van McDonald's met die van sy grootste mededinger (Wendy's) vergelyk en tweedens is die strategie van McDonald's en die impak daarvan op aandeelhouer waarde bespreek. Ander belangrike faktore soos kliente waarde skepping. effektiwiteit van waarde toevoeging en direkte finansiele impak op aandeelhouers is ingesluit in die bespreking. Daar is gevind dat daar twee hoofredes is waarom McDonald's nie daarin geslaag het om bedryfs bestuur uitmuntenheid te omskep in aandeelhouer waarde nie: 1. McDonald's het in vergelyking met sy mededingers nie goed genoeg gedoen m.b.t. die ander faktore wat aandeelhouer waarde bernvloed nie. Hierdie faktore is kliente waarde skepping en effektiwiteit van waarde toevoeging. 2. McDonald's se bedryfs bestuur standaarde het begin afneem. Dit word gestaaf deur laer waarderings in klante tevredenheids bepalings. Die onvermoe van McDonald' s om die bogenoemde faktore te implementeer word deur die klante tevredenheids bepalings, vergelykende finansiele resultate en 'n aantaJ indirekte maatstawwe gestaaf. Daar word dus voorgestel dat McDonald's sy stralegiese fokus moet verskuif vanaf bedryfs bestuur optimisering na kliente waarde skepping. Die organisasie struktuur en besigheids prosesse van McDonald's sal dus deur bestuur herorganiseer moet word om die verandering in strategie te kan ondersteun.
Minhat, Marizah. "Three essays on CEO compensation in the UK." Thesis, University of Stirling, 2009. http://hdl.handle.net/1893/2300.
Full textYoshikawa, Toru. "Determinants of investor relations strategy a study of large Japanese firms /." 1997. http://catalog.hathitrust.org/api/volumes/oclc/40388226.html.
Full text"Investor protection and liquidity replenishment." Thesis, 2007. http://library.cuhk.edu.hk/record=b6074370.
Full textChapter 3 coven the institutional details of the Hong Kong stock market and the specification of datasets. The descriptive statistics of the trading activities of the sample companies are also presented. An understanding of these descriptive statistics is useful in choosing the appropriate theoretical model and econometric techniques in the analysis. Apart form using regression analysis to investigate the impacts of transitory volatility on market depth and order-flow composition; additional control measures are also implemented. For instance, matched samples based on market depth, transitory volatility, daily trading volume, etc. are constructed. Statistical Tests are employed to investigate the influence of investor protection.
Chapter 4 presents the results of the regression models. Apart form investigating the impacts of transitory volatility on market depth and order-flow composition, this chapter also contributes to the literature by examining the distinction (of this interaction) between companies under different regulatory environment. It is found that the liquidity replenishments for Hong Kong-based companies are more rapid than their Chinese counterparts. The results show that companies ruled by strict governance regulations provide more liquidity when liquidity is most needed. Additional test results also suggest that this difference is robust to various control criteria.
Chapter 5 gives the summary and conclusions.
In this dissertation, data on the Hong Kong Exchange (HKEx) are employed. The Hong Kong equity market lists companies from distinct investor protection environments. These companies are traded under the same market mechanism even though they have different levels of legal protection for investors e.g. Hang Seng Index (HSI) Constituents versus H-shares/red chips. The HKEx is also a very good example of pure order driven markets. Stock prices are determined by the buy and sell orders submitted by traders without liquidity providers of the last resort. Therefore, the Hong Kong equity market provides a unique opportunity to compare the liquidity replenishment process across diverse regulatory environments, but still under one pure order driven market trading with the same mechanism and currency. The choice of Hong Kong data is also justified on the grounds of the size of the Hong Kong market and the increasing importance of Hong Kong in worldwide financial market.
The purpose of this dissertation is to examine the importance of investor protection for the dynamics between liquidity provision and transitory volatility in a pure order-driven market. I posit that environments with better investor protection lead to a more stable ecological system of the supply and the demand of liquidity.
This dissertation has five chapters. Chapter 1 is the introduction that covers the motivation and major findings of the dissertation.
Leung Chung Ho.
"June 2007."
Adviser: Raymond So.
Source: Dissertation Abstracts International, Volume: 69-01, Section: A, page: 0320.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2007.
Includes bibliographical references (p. 305-308).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstracts in English and Chinese.
School code: 1307.
Sankar, Mandira R. "Corporate voluntary disclosures of pre-decision information." Thesis, 1993. http://hdl.handle.net/2429/1757.
Full text"A sentiment approach to the examination of corporate fraud." 2012. http://library.cuhk.edu.hk/record=b5549395.
Full text本文構建了一個綜合的理論模型,研究企業股東和企業自身的情感和情感變化。首先,本文提出,企業違規違反了股東對企業的道德期望和基本情感,使股東的情感發生偏移,並最終導致企業名譽的損失。在情感偏移的形成過程中,股東傾向于根據違規線索的診斷性特徵,把他們的基本情感用作透視鏡或者參照點來評價違規企業。第二,本文認為,違規企業通過在致歉公告中列出恢復性行動或語言,可以恢復股東對企業的基本情感並且減少企業名譽的損失。然而在情感恢復過程中,股東傾向于將恢復性行動或語言的心理距離與違規線索的心理距離進行比較,並據此調整他們對企業的評價和情感。第三,與其他違規企業相比,那些表達了愧疚感的違規企業在未來會約束自己的行為,降低了反復違規的傾向。但是隨著本次懲罰強度的不同,以及企業直接或間接地被懲罰經歷的不同,違規企業對本次懲罰的目的和道德意義的評價也會不同,並由此影響企業表達愧疚感的傾向。
本文的貢獻主要集中在以下四個方面。首先,通過強調情感在企業和股東關係中的重要性,豐富了關於公司治理的研究。第二,本文從情感視角去探討存在于股東和企業在資訊評價中各種的偏見,而這些偏見會影響他們對違規事件的情感和行為反應,以此拓展了集中於經濟視角的企業違規研究。第三,本文通過借鑒解釋層次理論中的觀點來研究企業恢復性行動和語言的特徵以及他們在股東情感恢復和企業榮譽恢復過程中的作用,這豐富了關於企業層的影像管理和危機管理研究。第四,本文通過強調企業內化懲罰在約束企業違規行為方面的作用,這對補充了關於懲罰的研究,並具有現實意義。
A consequence of corporate fraud studied in the literature is reputational penalty on the fraud firm. However, little is known about how a fraud firm loses its reputation after the fraud incident and why firms receive different levels of reputational penalty given the same level of fraud severity. Integrating literatures from criminology, finance, and social psychology, this dissertation conceptualizes firm reputation as stakeholders’ (mainly shareholders here) sentiment toward the firm and a fraud incident as a trigger of shareholders’ sentiment changes.
In this dissertation, I develop an integrated model that examines the sentiment changes of shareholders and sentiment restoration efforts made by the fraud firms. In the first study, I propose that corporate fraud violates shareholders’ normative expectations and fundamental sentiments toward the fraud firm, which leads to shareholders’ sentiment deflection and subsequently propels them to implement behavioral penalty on the fraud firm, that is, reputational penalty. During the process of sentiment deflection, shareholders tend to use the fundamental sentiment that they have adapted to as reference points to evaluate the fraud firm, depending on the salience of the fraud incident and the salience of the fraud firm. In the second study, I argue that the fraud firm can restore shareholders’ sentiment and minimize its reputation loss by expressing restorative actions in public apology announcement. However, during the process of sentiment restoration, shareholders tend to adjust their evaluation of the firm based on the relative psychological distance of the restorative actions compared with that of the fraud cues and sentiment cues. The third study focuses on guilt sentiments of the fraud firm, which have been found to have long-term impact on the fraud firm by transforming their future behaviors. I propose that fraud firms that express guilt sentiments after fraud punishment are more likely to restrain from repeated fraudulent behaviors in the future. However, variations in punishment intensity, together with the fraud firms’ direct and indirect punishment experiences, will influence their tendency to express guilt sentiments.
This dissertation aims to offer several contributions. First, by underscoring the importance of sentiment in the firm-shareholder relationship, it contributes to the corporate governance literature that mainly uses cognitive frameworks in the analysis. Second, it takes a sentiment approach to explore various biases embedded in shareholders’ and the firm’s evaluation of the informational cues that could influence their sentimental and behavioral reactions to the fraud incident, thus extending the corporate fraud literature that predominantly focuses on economics perspectives. Third, by examining the characteristics of firms’ restorative actions and languages and their effects on shareholders’ sentiment restoration and firm reputational repair, this dissertation contributes to the literatures of corporate turnaround and organizational-level impression management. Finally, it also contributes to the punishment literature by highlighting the internal transformation of the fraud firms, thus providing implications to stock exchange regulator and policy-makers in emerging economies.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Xu, Yuehua.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2012.
Includes bibliographical references (leaves 117-137).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstract also in Chinese.
ABSTRACT --- p.I
CHINESE ABSTRACT --- p.III
ACKNOWLEDGEMENTS --- p.V
LIST OF TABLES --- p.IX
LIST OF FIGURES --- p.X
Chapter CHAPTER 1 --- INTRODUCTION --- p.1
Chapter 1.1 --- Motivation and Research Questions --- p.1
Chapter 1.2 --- Theoretical Framework and Premise --- p.4
Chapter 1.3 --- Contributions --- p.9
Chapter 1.4 --- Organization of the Dissertation --- p.11
Chapter CHAPTER 2 --- STUDY ONE: A SENTIMENT MODEL OF FIRM REPUTATIONAL PENALTY FOLLOWING CORPORATE FRAUD --- p.13
Chapter 2.1 --- Introduction --- p.13
Chapter 2.2 --- Theoretical Background --- p.15
Chapter 2.2.1 --- Corporate Fraud and Reputational Penalty --- p.15
Chapter 2.2.2 --- Sentiment --- p.19
Chapter 2.3 --- Theoretical Framework and Hypotheses --- p.21
Chapter 2.3.1 --- Re-conceptualization of Firm Reputation and Theoretical Framework --- p.21
Chapter 2.3.2 --- Stimuli - Sentimental Reaction - Behavior: The Process from Fraud Detection to Reputational Penalty --- p.26
Chapter 2.3.3 --- Adaptive Levels of Moral Sentiment and Sentiment Rigidity --- p.28
Chapter 2.3.4 --- The Moderating Effects of Cue Diagnosticity and Firm Visibility --- p.30
Chapter 2.4 --- Methods --- p.34
Chapter 2.4.1 --- Empirical Setting --- p.34
Chapter 2.4.2 --- Sample and Data Collection --- p.35
Chapter 2.4.3 --- Measurement --- p.37
Chapter 2.5 --- Results --- p.45
Chapter 2.6 --- Discussion --- p.56
Chapter CHAPTER 3 --- STUDY TWO: FIRM RESTORATIVE EFFORTS AND REPUTATIONAL REPAIR AFTER CORPORATE FRAUD --- p.59
Chapter 3.1 --- Introduction --- p.59
Chapter 3.2 --- Theoretical Background --- p.61
Chapter 3.2.1 --- Firm Efforts to Turn Around from Fraud Incidents --- p.61
Chapter 3.2.2 --- Apology --- p.63
Chapter 3.3 --- Theoretical Framework and Hypotheses --- p.65
Chapter 3.3.1 --- Sentiment Restoration and Pragmatic Attitudes toward Restorative Efforts --- p.65
Chapter 3.3.2 --- The Construal Level of Restorative Cues --- p.68
Chapter 3.3.3 --- The Distance of Problem Cues: The Delay of Punishment --- p.70
Chapter 3.3.4 --- Shareholders’ Negative Sentimental Reaction: Media Negative Comments --- p.72
Chapter 3.4 --- Methods --- p.74
Chapter 3.4.1 --- Sample and Data Collection --- p.74
Chapter 3.4.2 --- Measurement --- p.75
Chapter 3.5 --- Results --- p.79
Chapter 3.6 --- Discussion --- p.84
Chapter CHAPTER 4 --- STUDY THREE: THE EFFECTS OF PUNISHMENT ON FRAUD FIRMS’ GUILT SENTIMENT EXPRESSION --- p.86
Chapter 4.1 --- Introduction --- p.86
Chapter 4.2 --- Theoretical Background: Punishment --- p.88
Chapter 4.3 --- Theoretical Framework and Hypotheses --- p.90
Chapter 4.3.1 --- The Expression of Guilt Sentiment and Repeated Fraud --- p.91
Chapter 4.3.2 --- Punishment Intensity and Guilt Sentiment --- p.93
Chapter 4.3.3 --- Normalization: The Moderating Effects of Direct and Indirect Punishment Experience --- p.95
Chapter 4.4 --- Methods --- p.98
Chapter 4.4.1 --- Sample and Data Collection --- p.98
Chapter 4.4.2 --- Measurement --- p.99
Chapter 4.5 --- Results --- p.102
Chapter 4.6 --- Discussion --- p.110
Chapter CHAPTER 5 --- DISCUSSION AND CONCLUSION --- p.111
Chapter 5.1 --- Conclusion --- p.111
Chapter 5.2 --- Contributions to Theory and Practice --- p.112
Chapter 5.3 --- Limitations and Implications for Future Research --- p.115
REFERENCES --- p.117
"Cumulative voting and corporate governance in China." 2012. http://library.cuhk.edu.hk/record=b5549074.
Full textThis paper investigates the impact of cumulative voting on the performance of listed corporations in China. We focus on three main issues: investigating effects of corporations’ ownership structure on cumulative voting adoption, exploring differences (if any) in personal attributes between the board members elected by cumulative voting and those elected by straight voting, and identifying the influence of cumulative voting members on corporate governance and firm performance. Controlling firm characteristics, we find that corporations with controlling shareholder who owns a larger proportion (even under the 30% regulatory cumulative voting cut-off) of the shares are more likely to adopt accumulative voting but the ownership concentration of other block shareholders tend to be uncorrelated or even negatively correlated with cumulative voting. In addition, both directors and supervisors elected by cumulative voting are (a) more likely to have professional titles, (b) own more stocks on average than those elected by straight voting, and (c) are more likely to be shareholder- rather than management-affiliated or controlling shareholder (typically the largest shareholder-affiliated). Such evidence indicates that they are more capable of fulfilling their duties and suggests that their personal interests may be more compatible with those of the listed corporations. In addition, we extend the existing literature by showing a positive correlation between the percentage of cumulative voting-elected directors sitting in the board of directors and firm performance. However, we did not find a significant relationship between the increase of proportion of CV supervisors and firm performance. In summary, these results demonstrate that cumulative voting, to some extent, improves corporate governance in China’s listed corporations.
Detailed summary in vernacular field only.
Qian, Jinghui.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2012.
Includes bibliographical references (leaves 65-69).
Abstracts also in Chinese.
ABSTRACT(ENGLISH) --- p.i
ABSTRACT(CHINESE) --- p.ii
ACKNOWLEDGEMENT --- p.iii
TABLE OF CONTENTS --- p.iv
LIST OF TABLES --- p.v
Chapter 1 --- Introduction --- p.1
Chapter 1.1 --- The notion of cumulative voting --- p.1
Chapter 1.2 --- The situations in China --- p.3
Chapter 1.3 --- Issues to be investigated in the paper --- p.5
Chapter 2 --- Literature Review --- p.7
Chapter 2.1 --- Theoretical effects of cumulative voting --- p.9
Chapter 2.2 --- Empirical findings --- p.10
Chapter 2.3 --- Cumulative voting in China --- p.14
Chapter 3 --- Theory and Hypothesis --- p.16
Chapter 4 --- Data and Methodology --- p.23
Chapter 4.1 --- Data --- p.23
Chapter 4.2 --- Methodology --- p.25
Chapter 4.2.1 --- Propensity score matching --- p.26
Chapter 4.2.2 --- Barber and Lyon matching --- p.32
Chapter 4.2.3 --- Comparison between directory and supervisory members --- p.34
Chapter 4.2.4 --- OLS and difference-in-differences regressions --- p.35
Chapter 5 --- Empirical Results --- p.38
Chapter 5.1 --- Sample characteristics of cumulative voting elections (CVEs) --- p.38
Chapter 5.2 --- Comparison between cumulative voting and non-cumulative voting --- p.40
Chapter 5.2.1 --- PSM statistical description and regression results --- p.40
Chapter 5.2.2 --- Barber and Lyon matching --- p.49
Chapter 5.2.3 --- Differences between CV members and NCV members --- p.50
Chapter 5.3 --- Effects of Proportion of CV directors and CV supervisors on firm performance --- p.54
Chapter 5.4 --- Robutness analysis --- p.59
Chapter 6 --- Conclusions and Discussions --- p.61
Chapter 6.1 --- Summary of findings --- p.61
Chapter 6.2 --- Theoretical contributions and limitations --- p.63
REFERENCES --- p.65
Chapter Appendix I --- Variables and Descriptions --- p.70
Chapter Appendix II --- Supplementary PSM Regression --- p.73
Chapter Appendix III --- Supplementary Comparison CV members vs. NCV members --- p.75
Chapter Appendix IV --- Robustness of the Regression --- p.79
BIBLIOGRAPHY --- p.82
Renwick, Neil. "Multinational corporations and Australia : the political economy of corporate-government bargaining relations." Phd thesis, 1987. http://hdl.handle.net/1885/123112.
Full textKriek, Jan Hendrik. "Aandeelhouerswelvaart as maatstaf van maatskappyprestasie." Thesis, 2014. http://hdl.handle.net/10210/9957.
Full textThe idea that strategies should be judged by the economic value which is created in terms of them is well accepted in the business community. Based on surveys of practice there is, however, great uncertainty regarding the way in which strategies and subsequent company performance should be evaluated. The best measure of corporate success is therefore a vexed issue. Accounting numbers and ratios are generally perceived to be poor measures of changes in economic value. The problem can be said not to lie with accounting, but in its inappropriate use. Accounting measures are constrained by accrual accounting conventions and financial reporting objectives; they are not designed to measure changes in a finn's economic value. Some of the limitations are the fact that earnings can be computed in different ways (depending on management's choice of accounting policy), earnings do not reflect differences in risk and it ignores working capital and fixed capital investments. These shortcomings imply that traditional accounting measures (like earnings and earnings per share) are not reliably linked to increasing the value of the company's stock price. When a business wants to determine the economic value of an investment, it discounts the investment's forecast cash flow by the company's cost of capital. This technique, known as discounted cash flow (DCF) analysis, is widely used in capital budgeting and lease versus buy decisions. Until recently, managers have generally been reluctant to extend the approach beyond piecemeal applications to an entire business plan. The shareholder value approach applies the DCF analysis to the business as a whole - treating it as a portfolio of cash-generating strategies...
Wong, Yu Ting Forester. "Wolves at the Door: A Closer Look at Hedge Fund Activism." Thesis, 2016. https://doi.org/10.7916/D89G5MV6.
Full textWelch, Emma. "Rethinking the relationship between ownership structure and corporate performance." Phd thesis, 2003. http://hdl.handle.net/1885/150539.
Full textWang, Kun. "Ownership structure and corporate performance in emerging markets." Phd thesis, 2011. http://hdl.handle.net/1885/149961.
Full textSablok, Gitika. "Employee voice in foreign owned multinational enterprises in Australia." Thesis, 2014. https://vuir.vu.edu.au/25678/.
Full text"Managerial ownership of debt." Thesis, 2011. http://library.cuhk.edu.hk/record=b6075328.
Full textIn the first chapter I examine the effect of managerial ownership of debt on agency costs of debt problems related to risk-taking. I find that higher managerial ownership of debt implements lower corporate risk-taking, in terms of less investment in R&D, more investment in capital expenditures, and more corporate diversification. The role of inside debt in moderating risk-taking is more pronounced in firms with high level of default risk. These findings suggest that managers with large inside debt holdings are less likely to pursue risky projects that potentially transfer wealth from debtholders to shareholders.
In the second chapter I examine how terms of bank loans are related to managerial ownership of debt. Specifically, the analysis uncovers significant evidence of lower loan spreads for firms with larger debt ownership by CEOs. The negative relation is more pronounced when creditors face higher expropriation risk and when the CEO's expected retirement horizon is beyond loan maturity. I also find that loans to firms with larger managerial debt holdings are associated with smaller lending syndicates, fewer covenant restrictions, and less collateral requirement, consistent with lenders anticipating lower expropriation risk at these firms.
In the third chapter I examine the relation between accounting conservatism and managerial ownership of debt. Consistent with debt holdings by managers mitigating the debtholder-shareholder conflicts and reducing debtholders' demand for accounting conservatism, I find significant evidence of less conservative financial reporting at firms whose CEOs have accumulated more deferred compensation and pension benefits. This negative relation is more pronounced in firms with higher expected agency costs of debt and in firms that can credibly commit to a higher level of conservatism if required by debtholders. These findings are robust to using a number of alternative accounting conservatism measures and to correcting for potential endogeneity of managerial ownership of debt.
Xin, Xiangang.
Advisers: Danqing Young; Oliver M. Rui; Cong Wang.
Source: Dissertation Abstracts International, Volume: 73-07(E), Section: A.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2011.
Includes bibliographical references (leaves 134-140).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstract also in Chinese.
Frantzen, Erinda. "The powers and authority of directors to act on behalf of a company under South African law." Diss., 2019. http://hdl.handle.net/10500/25735.
Full textAangesien ‘n maatskappy ‘n regspersoon is, kan dit slegs deur middel van natuurlike persone as agente optree. ‘n Vraag wat as gevolg van hierdie feit ontstaan is onder watter omstandighede ‘n maatskappy deur ‘n derde party gebonde gehou kan word aan ‘n kontrak waar die maatskappy se verteenwoordiger nie gemagtig was om die kontrak aan te gaan nie. Daar behoort ‘n versigtige afweging te wees tussen die belange van die maatskappy en sy aandeelhouers aan die een kant en ‘n derde party wat met die maatskappy kontrakteer aan die ander kant. Dit is verder belangrik om regsekerheid te hê oor die geldigheid en afdwingbaarheid van kontrakte wat met maatskappye aangegaan word aangesien die afwesigheid daarvan besigheidsverkeer met maatskappye kan kortwiek wat ‘n impak op die ekonomie tot gevolg sal hê. Die gemeenregtelike beginsels van verteenwoordiging vorm die basis waarop verteenwoordiging binne die konteks van maatskappyereg plaasvind. Verteenwoordigingsreg is aangepas binne die konteks van maatskappye om voorsiening te maak vir die unieke behoeftes wat in hierdie verband ontstaan het. Een sodanige aanpassing is die skepping van die Turquand reël deur die Engelse howe, welke reël deur die Suid-Afrikaanse howe oorgeneem is. Een van die hoofredes vir die skepping van die Turquand reël is die onregverdige uitwerking wat die gemeenregtelike leerstuk van toegerekende kennis op derde partye gehad het wat met ‘n maatskappy onderhandel. ‘n Studie van die huidige regsposisie rakende verteenwoordiging van ‘n maatskappy in Suid-Afrika is hierin gedoen. Die geskiedenis en ontwikkeling van die gemeenregtelike beginsels van verteenwoordiging en leerstukke eie aan verteenwoordiging in die konteks van maatskappyereg is geanaliseer. Die betrokke artikels van die Maatskappywet 71 van 2008 word bespreek. Die integrasie van hierdie gemeenregtelike beginsels met die betrokke bepalings van die Maatskappywet 71 van 2008 is oorweeg en aanbevelings in verband daarmee gemaak. Ter ondersteuning van die analise is ‘n vergelykende studie van die gekiedenis en ontwikkeling van hierdie onderwerp in Engeland onderneem. Daar is tot die slotsom gekom dat die Suid-Afrikaanse maatskappyereg, met al sy tekortkominge en onsekerhede nogsteeds bo die posisie in Engeland te verkies is.
Mercantile Law
LL. M.
Cassim, Rehana. "A critical analysis of the removal of directors by the board of directors and the judiciary under the Companies Act 71 of 2008." Thesis, 2018. http://hdl.handle.net/10500/25255.
Full textArtikel 71(3) van die Maatskappywet 71 van 2008 het ’n bepaling tot Suid-Afrikaanse maatskappyreg toegevoeg wat die direksie vir die eerste keer in staat stel om ’n ander direkteur in sekere spesifieke gevalle uit sy of haar amp te verwyder. ’n Verdere belangrike vernuwing in die Maatskappywet 71 van 2008 word in artikel 162 vervat, wat ’n hof magtig om ’n bevel uit te vaardig wat ’n direkteur misdadig verklaar of hom of haar in spesifieke gevalle aan ’n proeftydperk onderwerp. Die effek van artikel 162 is dat ’n hof by magte is om ’n direkteur uit die direksie te verwyder. Die fokus van hierdie tesis is die verwydering van direkteure uit hul ampte deur die direksie en die regbank. Die tesis verken die onderliggende filosofie van die statutêre bepalings wat met die verwydering van direkteure uit hul ampte verband hou. Dit ondersoek ook die impak van die bevoegdheid wat aan die direksie en die howe verleen word om ’n direkteur uit sy of haar amp te verwyder. Die gronde en prosedures vir die verwydering van direkteure deur die direksie en die regbank word ondersoek. Die fidusiêre pligte van toepassing op direkteure by die verwydering van ’n direkteur uit die direksie word ook verken. Daarbenewens ondersoek hierdie tesis die verwydering van direkteure wat veelvuldige posisies of hoedanighede met betrekking tot ’n maatskappy beklee, soos ʼn werknemer of aandeelhouer met gelaaide stemregte. Die regsmiddele waarop ’n direkteur, wat deur die direksie uit sy of haar amp verwyder is, kan steun, word ondersoek. Aanbevelings word gemaak om die bepalings in die Maatskappywet 71 van 2008, wat met die verwydering van direkteure uit hul ampte deur die direksie en regbank verband hou, te versterk en te verbeter. Wysigings aan die Maatskappywet 71 van 2008 word voorgestel om dubbelsinnighede uit te skakel; om teen die misbruik van artikels 71(3) en 162 te waak; om die gronde en prosedures vir die verwydering van direkteure deur die direksie en die regbank te verbeter, en om die regsmiddele waarop ’n direkteur wat deur die direksie uit sy of haar amp verwyder is kan steun, te versterk.
ISigaba 71(3) Somthetho weZinkampani 71 ka 2008 sewuze wangenisa emithethweni yezinkampani zaseNingizimu Afrika, umthetho ongowokuqala ovumela ibhodi labaqondisi ukuthi libe namandla wokugudluza omunye umqondisi esikhundleni sakhe ngaphansi kwezimo ezithile. Olunye ushintsho olusha kuMthetho wama-71 weZinkampani ka 2008 uqukethwe yiSigaba 162, wona ugunyaza inkantolo ukuthi ikhiphe umyalelo owazisa umqondisi ngokuthi unecala noma obeka umqondisi ngaphansi kophenyo, phecelezi “probation” ngesinye isikhathi. Inhloso yeSigaba 162 wukunikeza inkantolo igunya lokugudluza umqondisi kwibhodi labaqondisi. Impokophelo yale thisisi wukugudluzwa kwabaqondisi, bagudluzwe yibhodi labaqondisi kanye nomthetho/nobulungisa. Ithisisi ihlola ifilosofi yemithetho ekhishiwe emayelana nokugudluzwa kwabaqondisi ezikhundleni zabo, Kanti futhi ihlola umthelela wamandla anikezwe ibhodi labaqondisi kanye nezinkantolo ukuthi zigudluze umqondisi esikhundleni. Izizathu kanye nengqubo elandelwayo mayelana nokugudluzwa kwabaqondisi yibhodi labaqondisi kanye nomthetho nazo ziyahlolwa. Imisebenzi emayelana nokuthembeka eyenziwa ngabaqondisi ukugudluza umqondisi kwibhodi labaqondisi nayo iyacwaningwa Ngaphezu kwalokhu, le thisisi .iphenya ukugudluzwa kwabaqondisi abaqokwe ezikhundleni eziningi noma abanegunya elithize ngokwengqubo yenkampani, enjengesisebenzi, phecelezi “employee” noma umabelwa-mashezi onamalungelo amaningi okuvota, phecelezi, “loaded with voting rights”. Izeluleko ezingasetshenziswa wumqondisi ogudluzwe esikhundleni sakhe yibhodi labaqondisi nazo ziyahlolwa. Izincomo nazo ziyenziwa ngenhloso yokuqinisa kanye nokuthuthukiswa kwamandla oMthetho we-71 weZinkampani ka 2008, mayelana nokugudluzwa kwabaqondisi ezikhundleni yibhodi labaqondisi kanye nomthetho. Izinguquko zoMthetho wama-71 weZinkampani ka 2008 ziqonde ukususa izixakaxaka, ukulwa nokudlelezelwa kweSigaba 71(3) kanye no 162, ukuthuthukisa izizathu kanye nezingqubo zokugudluzwa kwabaqondisi yibhodi labaqondisi kanye nomthetho, ukuqinisa izindlela zokulungisa ezingasetshenziswa wumqondisi osegudluziwe esikhundleni yibhodi labaqondisi.
Mercantile Law
LL. D.