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Corporate Governance, Ownership Structure and Firm Performance

Hoang N. Pham | Sardar M. N. Islam
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A01=Hoang N. Pham
A01=Sardar M. N. Islam
Accounting Firm Performance
agency cost
agency costs
agency theory
Asset Turnover Ratio
Asset Utilisation Ratio
Author_Hoang N. Pham
Author_Sardar M. N. Islam
business
Category=KFF
Category=KFFH
Category=KJC
Category=KJMB
Category=KJR
Causal Steps Approach
corporate risk management
corporate risk-taking
Correlated Disturbances
Difference GMM Estimator
Driscoll Kraay Standard Errors
Dynamic GMM
dynamic panel analysis
econometric modeling
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
equity ownership structure
financial performance metrics
Firm Performance
Firm Performance Variables
Full Information Maximum Likelihood Estimation
GMM Estimation
GMM Estimator
GMM Regression
Insider Ownership
management
mediation models
mediation models in finance
Ml Estimation
Negative Relationship
Newey West Estimators
Non-recursive Model
Operating Expense Ratio
Prior Firm Performance
privatisation
Recursive Model
Sobel Test
Specific Indirect Effect
state-owned enterprise
Vietnam

Product details

  • ISBN 9781032186900
  • Weight: 453g
  • Dimensions: 152 x 229mm
  • Publication Date: 25 Sep 2023
  • Publisher: Taylor & Francis Ltd
  • Publication City/Country: GB
  • Product Form: Paperback
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Description

The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance.

Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance.

This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
About Hoang N. Pham | Sardar M. N. Islam

Dr. Hoang N. Pham is a research associate at Decision Sciences and Modelling Program at Victoria University, Australia.

Prof. Sardar M. N. Islam is a professor at the Institute of Sustainable Industries and Liveable Cities at Victoria University, Australia.

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