ORCID Profile
0000-0002-6346-1125
Current Organisation
University of New England
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Publisher: Elsevier BV
Date: 06-2018
Publisher: Emerald Group Publishing Limited
Date: 2009
Publisher: Virtus Interpress
Date: 2022
Abstract: Egypt witnessed radical and unexpected changes in the political, social and cultural environment that came as a result of the Arab Spring. Since the revolution caused a paradigm shift in so many socio-economic aspects, it is plausible that it also caused dramatic changes in the relationships of board, ownership, and environmental, social, and governance (ESG) practices in different ways. Accordingly, understanding the corporate governance of the largest Arab state in the MENA region following the Arab Spring is a huge benefit. Using the 2011 Egyptian revolution as the exogenous shock, this study empirically examines the effects of board ersity and ownership structure on the ESG disclosure index in the Egyptian Stock Exchange (EGX) listed firms for the pre-revolution (2007–2011) and post-revolution (2012–2014) periods. Using 160 observations for the pre-revolution and 99 observations for the post-revolution periods, we document a significant positive effect of board national ersity on the ESG index in the pre-revolution period. This effect disappears in the post-revolution period. In contrast, we find that board gender ersity shows no significant effect in determining the ESG index in both pre- and post-revolution periods. We additionally find that ownership variables have a positive impact on ESG disclosure in the pre-revolution period. However, this impact is not carried forward to the post-revolution period. Further analysis on moderating effects suggests that the presence of female board members and state ownership can diminish the effective role of foreign board members towards ESG disclosure. These findings can provide policymakers, regulators, investors, and other stakeholders with a broader perspective of corporate board ersity and ownership when aiming to ensure an optimal level of ESG disclosure from listed companies in Egypt or other emerging markets.
Publisher: Emerald
Date: 06-07-2023
DOI: 10.1108/JAEE-09-2021-0298
Abstract: The authors empirically investigate the impact of the existence of a stand-alone risk committee (RC) and its characteristics on the likelihood of stock price crash risk in listed financial firms on the Bursa Malaysia. The authors also test whether the effect of RC on crash risk is attenuating or lifying by the level of institutional ownership. The authors use a principal components analysis (PCA) to aggregate and derive a factor score for risk committee characteristics (i.e. independence, qualification, and size) as a proxy for the effectiveness of RC. The study also employs two distinct stock price crash risk measurements to corroborate the findings and partition institutional ownership into dedicated and transient to examine the potential impact of institutional shareholding on RC-stock price crash risk association. Regression analysis reveals that only RC qualification has a significant negative impact on stock price crash risk. However, when RC characteristics are aggregated into one composite factor, the authors find that firms with effective RCs exhibit lower risk of stock price crash. The authors also find that firms with high level of institutional shareholdings and effective RCs are less likely to experience crash risk likelihood. The additional analyses indicate that the complementary moderating effect of institutional ownership on RC-crash risk nexus is likely to be driven by dedicated institutional ownership. The results are robust across two measures of stock price crash risk and regression specifications for a longer run window. The study, to the best of the researchers' knowledge, is the first to provide evidence in an emerging market financial sector companies' perspective suggesting that effective RCs are in idually and aggregately associated with lower stock price crash risk, which is further strengthened by dedicated institutional investors. These findings are unique and contribute to a small but growing body of literature documenting the need for effective RCs and specific institutional investors and their consequences of improvements in stock price crash risk environment. Results of our research in this area provide important insights to financial and capital market participants, investors, regulators, and policymakers in Malaysia.
Publisher: Emerald
Date: 14-06-2023
Abstract: This study explores, first, the performance effect (accounting- and market-based performance) of intellectual capital (IC), measured using the value-added intellectual coefficient (VAIC) and its modified version (MVAIC), on Islamic and conventional listed banks in Gulf Cooperation Council (GCC) countries and, second, whether Islamic banks outperform conventional banks in utilising IC. Using resource-based view theory and literature reviews, regression analyses are conducted on data for the period 2012–2019 on 26 Islamic and 42 conventional banks. For hypothesis testing, the generalised method of moments panel data regression analysis is applied after addressing endogeneity issues. Results, after controlling for corporate governance, indicate that the performance effects of IC (VAIC and MVAIC) on both bank types largely converge and Islamic banks do not outperform conventional banks in IC use. IC has a stronger effect on accounting performance measures for conventional banks than for Islamic banks, but IC has some effect on market performance measures for Islamic banks alone. Corporate governance variables do not play a significant role in the presence of VAIC and MVAIC although there are differences in corporate governance between the two bank types. This study bridges the gap in GCC banking sector literature on the association between IC efficiency and performance measures of Islamic and conventional banks, from a comparative perspective. It enhances understanding, about the IC–financial performance nexus, of policymakers, regulators, bank managers and other stakeholders interested in the influence of different business models, financing/investment methods and governance structure on the performance of both bank types.
Publisher: Informa UK Limited
Date: 08-2007
Publisher: Virtus Interpress
Date: 2014
Abstract: This paper investigates the impact of earnings management on market return (by the proxies of discretionary accruals and earnings response coefficient/CAR regarded as accounting and market based earnings quality, respectively) along with a number of moderating (both governance and financial) variables in an emerging market context. Indonesia. Building on extant literature and using panel data approach, it examines 52 manufacturing firms listed on the Indonesia stock exchange during 2007 to 2010 periods. Applying Modified Jones Model to measure earnings management, our regression analysis reveals that earnings management has significant negative influence of market return. Of the moderating variables, board size, leverage and firm size are showing significant effects on market return, but not the institutional ownership. Again, observing the use of moderator effects on earnings management, our findings confirm that board size has more predictive power than institutional ownership in deterring earnings management and weaken the association between earnings management and market return. Similarly, leverage has strengthened the relation between earnings management and market return showing more exposure to earnings management while firm size showing a tendency to weakening earnings management, on the contrary. These results have enormous implications for Indonesian corporate sector and policy makers in adopting appropriate governance measures to constrain earnings management and improve quality of earnings.
Publisher: Springer Science and Business Media LLC
Date: 14-04-2016
Publisher: Emerald
Date: 07-10-2019
DOI: 10.1108/JABS-03-2018-0073
Abstract: This study aims to investigate the effects of intellectual intelligence, emotional intelligence, internal locus of control, and auditors’ experience (intrinsic characteristics) and organizational culture (an extrinsic characteristic) on auditors’ professionalism. Data are collected from auditors working in public accounting firms in the Central Java and Yogyakarta provinces of Indonesia between March 1 and June 30, 2017, using survey questionnaires with a Likert scale (one-five). The ordinary least squares (OLS) regression method is used to analyze the data. Findings from OLS regression reveal that emotional intelligence, internal locus of control and auditors’ experience positively influence auditors’ professionalism. However, intellectual intelligence and organizational culture do not show any effect on their professionalism. Even though there are some limitations, such as how to measure intellectual intelligence, and the relatively small size of the s le, this study makes a significant contribution because it is the first study to measure the joint effect of both intellectual and emotional intelligence and the first to examine the influence on auditors’ professionalism of both in idual and organizational characteristics.
Publisher: Elsevier BV
Date: 04-2021
Publisher: Wiley
Date: 08-10-2020
DOI: 10.1111/ECOT.12238
Publisher: Elsevier BV
Date: 07-2013
Publisher: Emerald
Date: 13-07-2012
DOI: 10.1108/13217341211242169
Abstract: The purpose of this paper is to evaluate the changes of accounting policy choices and the harmonisation of accounting practices for two important financial reporting items within and between three IFRS adopting countries. Furthermore, it aims to address methodological shortcomings in the prior harmonisation literature through the introduction of two newly developed significance assessment methodologies. The influence of the mandatory IFRS adoption in Australia (AUS), Hong Kong (HK) and the UK on deferred taxation (DT) and goodwill (GW) accounting practices as well as the within and between country harmonisation of accounting practices is investigated through an event type study. These investigations are conducted using a McNemar test with Bowker extension as well as the Split C‐Index with a newly developed bootstrapping significance testing methodology. This study demonstrates that the mandatory IFRS adoption in the analysed countries is linked to a significant harmonisation of DT and GW accounting practices between AUS, HK and the UK. Furthermore, the increase of adequate accounting policy information in the financial reporting documents of UK firms over the period of this study is identified as an important harmonisation accelerator. This study adds to the prior literature due to its focus on the mandatory IFRS adoption within the analysed countries. Furthermore, the introduction of two newly developed methodologies to evaluate the significance of accounting policy choice changes and harmonisation over time addresses an important methodological shortcoming in the prior literature.
Publisher: World Scientific Pub Co Pte Lt
Date: 03-2021
DOI: 10.1142/S0219091521500065
Abstract: While the fund performance management literature has clearly documented that the fund size, fund family size, and net cash flow are important antecedents of equity fund performance, prior empirical studies have revealed mixed results that have not been adequately explained. Through the lens of the contingency perspective, we developed a conceptual model that examines how the expense ratio and management compensation as contextual factors interact with the fund size, fund family size, and net cash flow to affect equity fund performance. The empirical analyses were based on panel data including 690 equity funds in China over a 7-year period from 2009 to 2015. The results show that the expense ratio and management compensation moderate the effects of the fund family size and net cash flow on fund performance, and management compensation also moderates the relationship between the fund size and fund performance.
Publisher: Emerald
Date: 28-09-2012
DOI: 10.1108/10867371211266937
Abstract: In spite of an abundance of corporate governance literature across the world, the Botswana corporate sector is lacking. The purpose of this study is to investigate the relationship among the ownership structure, board characteristics and financial performance to determine the role of corporate governance in the performance behavior of companies listed in such an emerging market in Africa as Botswana. Ordinary least square (OLS) models are applied to Botswana Stock Exchange listed firms over the period 2000‐2007 to determine the role of corporate governance in the performance behavior of companies listed in an emerging market. The empirical evidence shows distinct nature of corporate governance behavior among alternative performance measures used, in particular, between accounting‐based/hybrid and market‐based measures. Such ersified findings provide the policy‐makers with insights to take appropriate measures on corporate governance and stock market development in order to ensure their efficiency. The approach of this study is different from the other available literature as it captures all types of shareholdings together in addition to other corporate governance and firm‐specific predictable variables.
Publisher: Emerald
Date: 03-09-2018
Abstract: This study aims to investigate the influences of corporate governance mechanisms on earnings management practices and corporate social responsibility (CSR) disclosure, at the manufacturing companies listed on the Indonesian Stock Exchange. The authors consider the moderating effect of earnings management on the relationship between governance mechanisms and CSR. Insights are drawn from five years company data generated between 2010 and 2014, thus covering a five-year period. Ordinary least squares (OLS) regression analysis is applied to test the hypotheses developed. OLS regression results indicate that institutional ownership, managerial ownership and independent boards have a significant deterrent effect on earnings management, while institutional ownership and board of directors have significant positive impact on CSR. Moreover, OLS results reveal a strong moderation effect of earnings management and a positive link between governance and CSR. These findings have significant policy implications for public policy, regulatory bodies, companies and other stakeholders including the investors in Indonesia. Insights from this study will help to shape and implement an optimal governance system that can address the problem of earnings management and CSR initiatives in Indonesian companies.
Publisher: Emerald
Date: 05-03-2018
DOI: 10.1108/IJAIM-09-2016-0087
Abstract: This study aims to explore corporate earnings management practices in Australia and New Zealand before and after the regulatory changes and corporate governance reforms. The study argues that the effectiveness of regulatory reforms has to be reflected in constraining earnings management in post-reform period as compared to pre-reform period. Using a s le of 3,966 firm-year observations, including all ASX and NZX listed firms for the period 2001-2006, the study examines earnings management practices in both countries in pre- and post-reform periods with appropriate statistical methods. The results indicate some interesting phenomenon: the magnitude of earnings management did not decline after the governance reform as a positive time trend is observed in the entire s le as well as in Australian and New Zealand sub-s les, suggesting that earnings management has been growing over time. Additional test indicates no structural change has occurred before and after the new regulations. The shifting from decreasing earnings management to increasing earnings management can be interpreted as an evidence that earnings become more ‘informative’ in a more transparent disclosure regime to capture short-run benefits from regulator reforms. The shifting of earnings management behaviour from decreasing to increasing income can be interpreted as the outcome of more “informative”, rather than “deliberate”, earnings management in a more transparent disclosure regime to capture short-run benefits of regulatory reforms, which is worth further investigation. The findings of the study can lead regulatory authorities taking appropriate measures to promote earnings quality in corporate financial reporting from a long-run decision usefulness context. Any future reforms should be directed to protecting the interest of stakeholders as well as ensuring benefits outweighing costs for them. The findings of the study can lead regulatory authorities in taking appropriate measures to promote earnings quality in corporate financial reporting from a long-run decision usefulness context. The study adds value to the existing earnings management literature as well as effectiveness of regulations for the benefit of wider stakeholder groups.
Publisher: Inderscience Publishers
Date: 2019
Publisher: Wiley
Date: 09-2016
DOI: 10.1002/JSC.2076
Publisher: Springer Science and Business Media LLC
Date: 22-08-2017
Publisher: Springer Science and Business Media LLC
Date: 31-05-2019
Publisher: Sciedu Press
Date: 24-12-2019
DOI: 10.5430/RWE.V10N5P63
Abstract: We empirically examine the reciprocal relationships between disclosure quality, board independence and earnings management. Disclosure quality is measured using the IR Magazine Award, the number of forward looking information in the annual report as well as the analyst forecast accuracy. We estimate earnings management using modified Jones Model, while board independence is measured using the percentage of independent directors in the board. We remedied the simultaneity bias in our study using a simultaneous system of equation, which was estimated using two-stage least square regression (2SLS). Match-paired s les comprised of the winners and non-winners of the IR Magazine Award during the years from 2005-2008 were employed in our study. Our finding reported that there is a negative reciprocal relationship between disclosure quality and earnings management. We notice that these findings are robust across all disclosure quality measurement that we utilised in our 2 Stage Least Square (2SLS) regression. Only one way (negative) causality between board independence and earnings management is demonstrated (in the board independence equation). In regards to disclosure quality and board independence, we found mixed findings. In this instance, our result demonstrated that there is no reciprocal relationship between disclosure quality and board independence (measured using IRAWARD). Nonetheless, we reported a positive reciprocal relationship between board independence and disclosure quality when forward looking information is utilized as to represent disclosure quality and a negative relationship between these variables when analyst forecast accuracy is employed. Our finding suggests that future research should take into account the potential simultaneity bias when examining the relationship between disclosure quality, earnings management and board independence.
Publisher: Elsevier BV
Date: 06-2021
Publisher: Wiley
Date: 12-12-2007
Publisher: Emerald
Date: 14-09-2010
DOI: 10.1108/10309611011073250
Abstract: The purpose of this paper is to test whether dominant shareholder(s) of a firm enhance performance in Bangladesh and thus examines the arbitrary moves by the regulatory bodies, in the name of promoting “good corporate governance”, to restrict ownership concentration. Building on the established literature, a simultaneous equations approach is applied to model the relationship between ownership concentration and performance and is tested on a s le of 567 observations on firms listed on the Dhaka Stock Exchange over a seven‐year period. The two equations model consists of firm performance and ownership concentration as endogenous variables along with other governance variable. The results suggest a significant positive co‐deterministic relationship between ownership concentration and firm performance indicating that ownership concentration and firm performance simultaneously impact each other. It suggests that the ownership restriction imposed by the Securities and Exchange Commission is unjustified and detrimental to firm performance/growth in emerging countries such as Bangladesh. This new evidence from an emerging market enhances our understanding of corporate governance in Asian countries. The study has implications for stakeholders, regulators and policy makers to revisit their attempt to limit founder‐family ownership holdings. Instead, their aim should be to balance the home‐grown unique features, such as a Top‐1 dominant shareholder, with Western governance mechanisms. The paper is the first to consider Top 1 shareholder's ownership as the measure of ownership concentration, which is an important feature of the corporate sector in emerging markets. In emerging markets, founder‐family ownership concentration acts as an alternative governance mechanism substituting for strong and effective legal backing and other market‐driven monitoring mechanisms.
Publisher: Springer Science and Business Media LLC
Date: 26-02-2019
Publisher: Springer Science and Business Media LLC
Date: 05-07-2017
Publisher: Emerald
Date: 02-05-2017
DOI: 10.1108/IJAIM-01-2016-0003
Abstract: This paper aims to provide new insights on the determinants of social and economic sustainability reportings of multinational enterprises (MNEs) in three Anglo-Saxon countries, mainly Australia, the UK and South Africa, from the perspective of corporate governance, stakeholder and corporate legitimacy. This paper examines stand-alone sustainability reports of 67 large MNEs from three countries available in the Global Reporting Initiative (GRI) website for the period of 2008-2009. It undertakes two distinct methodological approaches: first, principal component analysis (PCA) of GRI guidelines (G3) on social and economic indicators to identify the most appropriate dependent variables, and second, hierarchical multiple regression for the hypotheses testing and finding determinants of respective dependent variables on social and economic reportings. The results from the PCA of GRI guidelines (G3) provide an alternative way of categorizing the social and economic indicators when compared to the categories given by the GRI. Again, the results from hierarchical multiple regression indicate the industry sector as the dominant determinant of social and economic reportings. In particular, the positive, significant association of board independence, assurance and employee performance variables with economic reporting confirms the significant roles of corporate governance, stakeholders and corporate legitimacy in determining economic reporting. The findings also suggest the complementary nature of relevant theories in corporate voluntary disclosures relating to economic performance. However, social reporting shows no such relations, which rather relies more on firm-specific/financial variables of MNEs including firm size and age. The s le of this study is limited to two-year periods and large MNEs available in the GRI website with stand-alone sustainability reports only. The PCA focuses on most relevant and specific categories of social and economic reportings as opposed to GRI generic categories. The PCA findings also suggest the GRI to contemplate reducing the social and economic indicators for future guidelines. The hierarchical multiple regression results highlight specific areas of emphasis that MNEs should focus on when reporting social and economic information. This study adds value to the existing literature on GRI-based social and economic reportings as well as the complementary nature of corporate governance, stakeholders and corporate legitimacy perspectives.
Publisher: Emerald
Date: 29-05-2020
DOI: 10.1108/IJAIM-08-2019-0103
Abstract: This study aims to explore the corporate social responsibility disclosure (CSRD) practices of the Islamic banks in the Gulf Cooperation Council (GCC) countries during the period 2010-2014 and examines the determinants of CSRD and its effects on firm value. Based on the Accounting and Auditing Organization for Islamic Financial Institutions Governance Standard No. 7 guidelines and using content analysis, the paper develops a comprehensive CSRD index for GCC Islamic banks. The study applies ordinary least squares regression analysis for hypothesis testing and for finding determinants of respective dependent variables. The results show a very low level of CSRD among the s le Islamic banks in GCC countries. When using corporate governance characteristics to examine the determinants of CSRD, this study provides evidence of a significant positive association between board size and CSRD practice in Islamic banks and a significant negative relationship of chief executive officer (CEO) duality with CSRD, as per expectation. For the economic consequences of CSRD, the study documents an inverse performance effect of CSRD while board size, board composition and CEO duality indicate significant positive effects on firm value. The relatively small s le size of GCC Islamic banks may limit the application of the findings to other Islamic financial institutions such as Takaful and the Islamic unit trust company. The findings of this study initiate the global debate on the need for corporate governance reform in Islamic banks by providing insights on the role played by corporate governance mechanisms in encouraging and enhancing CSRD practices among Islamic banks. The findings also have important implications for investors, managers, regulatory bodies, policymakers and Islamic banks in the GCC countries. The results of the study do not support the idea that Islamic banks operating on Islamic principles can meet their social responsibilities through promoting corporate social responsibility (CSR) activities and by differentiating themselves from non-Islamic banks. This is the first study to examine the determinants of CSRD in GCC Islamic banks using comprehensive CSRD and corporate governance variables and, therefore, adds value to the existing CSR literature in banking.
Publisher: World Scientific Pub Co Pte Lt
Date: 06-2013
DOI: 10.1142/S0217590813500136
Abstract: This paper investigates the interactions between foreign direct investment (FDI) and country-level in idual governance indicators for a s le of 173 countries from 1996 to 2007, and also the effect of legal origin, international financial reporting standards (IFRS) and ownership diffusion on them. We find evidence of positively significant two-way relationships between each of the six in idual governance indicators and lagged FDI inflows scaled by lagged GDP to confirm that governance is a function of FDI inflows and vice-versa. The overall interpretation of the results is that FDI inflows, IFRS, ownership diffusion and legal framework of a country 'matter' for macro-level governance in a competitive global business environment while FDI inflows are dependent on in idual governance indicators and other macro-economic variables to a large extent. Both IFRS and legal origin have no direct link to FDI inflow. These findings have policy implications for in idual governments and international donor organizations to undertake tenable actions for the improvement of country-level in idual governance indicators to attract more FDI inflow.
Publisher: Emerald
Date: 07-05-2019
DOI: 10.1108/IJAIM-04-2017-0050
Abstract: The purpose of this study is to examine the impact of emission trading system, board risk management committee and firm age on firms’ responsiveness to climate change in Carbon Disclosure Project (CDP) 2011. More specifically, this study investigates whether global corporation’s responses on carbon-related disclosure are influenced by some specific attributes. The study covers a s le of 500 companies in 38 countries in 12 geographical locations. It uses the carbon disclosure scores in the CDP 2011 as the dependent variable. The authors estimate the OLS regression model to investigate the hypotheses. The findings demonstrate that the presence of an emission trading system, a board risk management committee and the firm age have a significant positive relationship with carbon disclosure scores (i.e. CDP scores). However, the impacts of the board risk management committee and firm age on CDP scores are not moderated by the emission trading system at the firm level, suggesting that they have an independent and substitutive effect on climate change-related risk disclosure. The study may be of relevance to investors and other stakeholders in evaluating the accountability of companies in relation to strategies for managing climate risk.
Publisher: Elsevier BV
Date: 2021
Publisher: Emerald
Date: 02-10-2017
Abstract: This paper aims to investigate the relationship between gender ersity and the Carbon Disclosure Project (CDP) score/index. Specifically, the study describes extant research on theoretical perspectives, and the impact of women on corporate boards (WOBs) on carbon emission issues in the global perspective. This study uses the carbon disclosure scores of the CDP from 2011 to 2013 (inclusive). A total observation for the three-year periods is 1,175 companies. However, based on data availability for the model, the s le size totals 331 companies in 33 countries with firms in 12 geographical locations. The authors used a model which is estimated using the fixed-effects estimator. The outcomes of the study reveal that there is a positive relationship between gender ersity (WOB) and carbon disclosure information. In addition to establishing a relationship between CDP score and other control variables, this study also found a relationship with Board size, asset size, energy consumption and Tobin’s Q, which is common in the existing literature. The limitations of the study mostly revolve around s les and the time period. To further test the generalizability and cross-sectional validity of the outcomes, it is suggested that the proposed framework be tested in more socially responsible firms. There are increasing pressures for WOBs from erse stakeholders, such as the European Commission, national governments, politicians, employer lobby groups, shareholders, Fortune and Financial Times Stock Exchange (FTSE) rankings and best places for women to work lists. The study offers insights to policy makers implementing gender quota legislation. The study has important implications for putting into practice good corporate governance and, in particular, gender ersity. The outcomes of the analyses advocate that companies that included women directors and had a smaller board size may expect to achieve a higher level of carbon emission performance and to voluntarily disclose the level of carbon information assessment requested by the CDP.
Publisher: MDPI AG
Date: 09-06-2022
DOI: 10.3390/JRFM15060261
Abstract: In an international setting of developing countries, applying advanced statistical estimation approaches such as the system generalized method of moments (GMM), two-stage least square (2SLS) regressions, and cluster analysis, this paper revisits the impact of macro-level governance quality and the corruption index on the economic growth rate. We use cross-country panel data for 40 sub-Saharan and the Middle Eastern and North African (MENA) countries over the period of 2009–2020. The empirical results document the positive and negative effects of the national governance index and the corruption index on the economic growth rate. Additionally, foreign direct investment and population have a positive impact on the economic growth rate and trade openness has a negative impact. The study evaluates the robustness of these associations through a series of tests. These findings have important policy implications for policymakers and regulators in developing countries. In particular, the study recommends the implementation of an anti-corruption c aign and improving country-level governance quality that could encourage increased foreign direct investment for an accelerated economic growth rate. These will further enhance accountability, transparency, the rule of law, social responsibility, the public voice, and government effectiveness.
Publisher: Inderscience Publishers
Date: 2020
Publisher: Springer Science and Business Media LLC
Date: 10-06-2023
DOI: 10.1038/S42949-023-00113-0
Abstract: There is a growing recognition that responding to climate change necessitates urban adaptation. We sketch a transdisciplinary research effort, arguing that actionable research on urban adaptation needs to recognize the nature of cities as social networks embedded in physical space. Given the pace, scale and socioeconomic outcomes of urbanization in the Global South, the specificities and history of its cities must be central to the study of how well-known agglomeration effects can facilitate adaptation. The proposed effort calls for the co-creation of knowledge involving scientists and stakeholders, especially those historically excluded from the design and implementation of urban development policies.
Publisher: Emerald
Date: 09-08-2022
DOI: 10.1108/JAEE-11-2021-0353
Abstract: In this study, the authors explore the effects of politically controlled boards on bank loan performance in both state-owned commercial banks (SCBs) and private sector commercial banks (PCBs) in Bangladesh. The data consist of 409 bank-year observations from 46 s le SCBs and PCBs of Bangladesh for the period 2008–17. The authors apply ordinary least squares pooled regression with year fixed effect for baseline econometric analyses and generalized method of moments regression for robustness tests after addressing the endogeneity issue. The regression results reveal that the presence of bank “boards controlled by politically affiliated directors” (PA) have significant positive effects on non-performing loans (NPLs). Similarly, the presence of “boards controlled by politically affiliated directors without substantial ownership interests” (PAWOI) show positive association with NPLs. In contrast, the presence of “boards controlled by politically affiliated directors with substantial ownership interests” (PAOI) exhibit an inverse relationship with NPLs. These findings support ‘agency conflict’ arguments and document that both PA and PAWOI are detrimental to bank loan performance in Bangladesh, while PAOI do not have significant effect on increasing NPLs. This study contributes to the existing bank governance literature by providing evidence from an emerging economy perspective, where politically affiliated directors (PADs) exploit their positions for personal and/or political gain at the cost of other stakeholders by taking advantage of relaxed regulatory oversights and investor protections.
Publisher: MDPI AG
Date: 07-10-2021
DOI: 10.3390/JRFM14100472
Abstract: From a risk management perspective, this study examines the role of ownership and board sub-committee governance on direct measures of agency costs in a small OECD economy—New Zealand. Using Logistic and OLS regression approaches, two proxies of direct agency costs are tested on a pooled s le of 466 firm-year observations ranging from 2012 to 2018. The study provides evidence that insider ownership concentration outperforms outsider ownership concentration in constraining agency costs. Moreover, audit committee independence can also effectively deter agency costs. These findings suggest that both insider ownership concentration and audit committee structure are important risk management mitigating factor for deterring agency costs in New Zealand companies.
Publisher: Informa UK Limited
Date: 03-04-2018
Publisher: Emerald
Date: 21-12-2020
Abstract: This study aims to investigate the effects of corporate board and audit committee characteristics and ownership structures on market-based financial performance of listed firms in Thailand. It applies system GMM (generalized method of moments) as the baseline estimator approach, and ordinary least squares and fixed effects for robustness checks on a s le of 452 firms listed on the Thai Stock Exchange for the period 2000-2016. Relying mainly on the system GMM estimator, the empirical results indicate some emerging trends in the Thai economy. Contrary to expectations for an emerging market and prior research findings, ownership structures, particularly ownership concentration and family ownership, appear to have no significant influence on market-based firm performance, while managerial ownership exerts a positive effect on performance. Moreover, as expected, board structure variables such as board independence size meeting and dual role and audit committee meeting show significant explanatory power on market-based firm performance in Thai firms. These findings are important for policymakers in constructing an appropriate set of governance mechanisms in an emerging market context, and for corporate entities and investors in shaping their understanding of corporate governance in the Thai institutional context. Unlike previous literature on the Thai market, this study is the first to use the more advanced econometric method known as system GMM estimator for addressing causality/endogeneity issues in governance–performance relationships. The findings indicate new trends in the explanatory power of ownership structure variables on market-based firm performance in Thai-listed firms.
No related grants have been discovered for Omar Farooque.