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Ownership Structure, Related Party Transactions, and Firm Valuation
Examines the effect of ownership structure and the disclosure of related party transactions on the firm valuation of group-affiliated firms in India.
Ownership Structure, Related Party Transactions, and Firm Valuation
Concentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for the expropriation of minority shareholders. While more concentrated direct ownership of controlling families results in a higher market value of equity, indirect ownership obtained through cross-holding provides incentives to extract private benefits and results in value loss. This finding requires the prompt attention of regulatory bodies, outside investors and other interested parties. This book examines the effect of ownership structure and disclosure of related-party transactions on firm valuation of group-affiliated firms in India, by using a sample of 317 listed firms comprising 1350 firm-year observations from 2008 to 2017. Well-accepted value-relevance models are employed to examine the effect of ownership rights on market value of equity and valuation effect of RP trading, asset transfer, investment and loan transactions.
EBOOK Management Accounting
Developed for an Australian and New Zealand audience,Management Accounting 9e explains the contemporary role of managementaccounting. It takes a broad perspective in viewing managementaccounting as the efficient and effective use of resources, demonstrating howit creates and enhances value for customers and shareholders, as well as thewider aspects of business. The text has been developed using cases based on realAustralian and international businesses, and includes numerous ‘Real Life’illustrations of current management accounting practices. In keeping with the need to be industry focused, the newedition includes coverage of key contemporary topics including data analytics,big data and business ethics. Highlights include: Coverage of contemporary topicsincluding data analytics, big data and business ethics; Real Life cases thatreflect the growing global nature of business and Australia’s role in ourregion; End of Chapter exercises and problems including algorithmic questions;and comprehensive Instructor Resource Manual.
Ranking Business Schools
In her admirable book, Wedlin entangles what [business school] rankings really are and why they have become so important. . . The book contains plenty to interest the growing army of business school employees whose duties, at least in part, are concerned with boosting their institution s position in the rankings. Education and Training In times when the management education field is increasingly impacted by a proliferation of ranking exercises, this book is a timely and welcome contribution. Linda Wedlin unpacks for us the real meaning of the contemporary explosion of rankings. Rather than simple classification schemes and mechanisms, rankings are, she suggests, arenas where the field of bus...
Business Groups in the West
This volume aims to explore the evolution of large enterprises in today's developed economies in the West. It focuses on the economic institution of the business group and understanding the factors behind its rise, growth, resilience, and/or fall; its behavioural and organizational characteristics; and its contributions to economic development.
A History of Corporate Governance around the World
For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also sugges...
The Shareholder Value Myth
An in-depth look at the trouble with shareholder value thinking and at better options for models of corporate purpose. Executives, investors, and the business press routinely chant the mantra that corporations are required to “maximize shareholder value.” In this pathbreaking book, renowned corporate expert Lynn Stout debunks the myth that corporate law mandates shareholder primacy. Stout shows how shareholder value thinking endangers not only investors but the rest of us as well, leading managers to focus myopically on short-term earnings; discouraging investment and innovation; harming employees, customers, and communities; and causing companies to indulge in reckless, sociopathic, and...
Corporate Governance and Organisational Performance
Establishing a corporate governance strategy that promotes the efficient use of organisational resources is instrumental in the economic growth of a country, as well as the successful management of firms. This book reviews existing literature and identifies board structural features as key variables of an effective corporate governance system, establishing a multi-theoretical model that links Board structural characteristics with firm performance. It then, using a comprehensive empirical study of 265 companies listed on the Karachi Stock exchange, tests this conceptual model. This research serves as a significant milestone, reflecting the socio-economic setting of emerging economies, and hig...
