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Journal articles on the topic 'Diversification in industry Corporate governance'

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Published: 4 June 2021

Last updated: 13 February 2022

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Ungureanu, Maria Cristina. "Banks: regulation and corporate governance framework." Corporate Ownership and Control 5, no. 2 (2008): 449–58. http://dx.doi.org/10.22495/cocv5i2c4p6.

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The banking sector industry is somewhat unique because it is simultaneously consolidating and diversifying. Banks’ major role in stabilising the financial systems of countries and in spurring their economic growth explains the particularities of their own corporate governance. The specificity of banks, the volatility of financial markets, increased competition and diversification expose banks to risks and challenges. The banking industry is heavily regulated and supervised in every country around the globe. This, in turn, establishes a particular corporate governance system. The paper lays out the specific attributes of banks that influence their regulatory and supervisory environment, which, in turn, creates a unique corporate governance framework for the banking industry. The paper emphasises the benefits and limits of regulations and supervision on banks’ corporate governance and focuses its empirical results on the European Union countries.

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Nguyen, Thi Xuan Trang. "Corporate governance and conglomerate diversification strategy – evidence from Vietnam." International Journal of Emerging Markets 13, no. 6 (2018): 1578–96. http://dx.doi.org/10.1108/ijoem-10-2016-0260.

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Purpose The purpose of this paper is to examine the impact of internal corporate governance mechanisms, including interest alignment and control devices, on the unrelated diversification level in Vietnam. Additionally, the moderation of free cash flow (FCF) on these relationships is also tested. Design/methodology/approach The study is based on a balanced panel data set of 70 listed companies in both stock markets, Ho Chi Minh Stock Exchange and Hanoi Stock Exchange, in Vietnam for the years 2007–2014, which gives 560 observations in total. Findings The results show that if executive ownership for CEOs is increased, then the extent of diversification is likely to be reduced. However, the link between unrelated diversification level and executive stock option, another interest alignment device, cannot be confirmed. Among three control devices (level of blockholder ownership, board composition and separation of CEO and chairman positions), the study finds a positive connection between diversification and blockholder ownership, and statistically insignificant relations between the conglomerate diversification level and board composition, or CEO duality. Additionally, this study discovers a negative link between diversification and state ownership, although there is no evidence to support the change to the effect of each internal corporate governance mechanism on the diversification level of a firm between high and low FCF. Practical implications The research can be a useful reference not only for investors and managers but also for policy makers in Vietnam. This study explores the relationship among corporate governance, diversification and firm value in Vietnam, where the topics related to effectiveness of corporate governance mechanisms to public companies has been increasingly attractive to researchers since the default of Vietnam Shipbuilding Industry Group (Vinashin) happened in 2010 and the Circular No. 121/2012/TT-BTC on 26 July 2012 of the Vietnamese Ministry of Finance was issued with regulations on corporate governance applicable to listed firms in this country. Originality/value This research, first, enriches current literature on the relationship between corporate governance and firm diversification. It can be considered as a contribution to the related topic with an example of Vietnam, a developing country in Asia. Second, the research continues to prove non-unification in results showing the relationship between corporate governance and conglomerate diversification among different nations. Third, it provides a potential input for future research works on the moderation of FCF to the effects of corporate governance on diversification.

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Asimova, Feruza. "METHODS AND POSSIBILITIES OF APPLYING CORPORATE GOVERNANCE IN THE COAL INDUSTRY." INNOVATIONS IN ECONOMY 4, no. 8 (2021): 54–57. http://dx.doi.org/10.26739/2181-9491-2021-8-8.

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This article takes measures to further improve the production of coal products. Today, this serves to increase the efficiency of using energy resources in our country, providing its populationwith high-quality solid fuel.Keywords:coal industry, production infrastructure, diversification, modernization, logistics, high liquidity, monopoly products

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Nazarova, Varvara, and Anzhelika Kolkina. "Corporate Governance and Effectiveness of a Diversified Company: Russian Experience." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 10, no. 3 (2016): 56–70. http://dx.doi.org/10.17323/j.jcfr.2073-0438.10.3.2016.56-70.

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Varvara Vadimovna Nazarova - SPbShEiM, St. Petersburg. E-mail: nvarvara@list.ru Anzhelika Vladislavovna Kolkina - HSE - St. Petersburg. Email: lika.kolkina@yandex.ru Researchers come to controversial conclusions regarding the impact of corporate diversification on the company›s value and performance. The diversification strategy itself has been subject to strong criticism in the past 20–30 years. There is an opinion, however, that in emerging markets diversification has a positive impact on companies› value and effectiveness. Despite the existing advantages of diversified companies, planning and budgeting various business areas not related to each other is a considerably difficult task that results in the agency problem between managers and stakeholders. This leads to corporate governance problems in companies that use the diversification strategy. Studying corporate governance in emerging countries is especially important, as they need to adjust their corporate governance standards to developed markets. The theory of corporate governance is now developing rapidly, especially in Russia, where researchers did not often turn to this subject. In the last decade, this issue has most often become a subject of research in China and India. The issue of corporate governance in Russia is relevant today due to the fact that it is a mechanism of managing a company which makes it possible to balance the interests of managers and stakeholders. Moreover, companies are interested in attracting foreign investors, who pay significant attention to the level of current corporate governance. However, unlike in developed countries, corporate governance in developing capital markets is only being introduced. Today a lot of Russian companies are engaged in the optimisation of corporate governance largely to build a good reputation and do not pay enough attention to corporate governance principles, which a company should follow. Thus, today the low level of corporate governance is a problem in Russian companies, as the companies› owners do not understand its significance. Moreover, the Russian business environment is rather specific and requires a certain approach in order to form an optimal corporate governance system. As far as research in this field is concerned, a positive impact of corporate governance on companies› effectiveness lacks empirical proof. A number of studies have not found a statistically significant positive correlation between the level of corporate governance in Russian companies and their effectiveness. With regard to the stated issue, the purpose of this paper is to discover to what extent corporate governance has an impact on the effectiveness of Russian diversified companies. Such companies are a subject of particular interest, as not only developed and emerging economies have different features of corporate governance, but within one country there are also companies whose development strategy and industry have a significant impact on the optimal corporate governance structure. The study suggests the following hypothesis: the corporate governance system has a positive impact on the effectiveness of Russian diversified companies.The study has been conducted on a sample of Russian diversified companies with an original corporate governance index created for this purpose, which had never been done previously.The study has a practical importance, because Russian diversified companies can use the corporate governance index devised during the study to assess their corporate governance level. Such procedure will make it possible to uncover the existing flaws and improve the corporate governance system in Russian companies. In their turn, the suggested methods and the resulting models of the correlation between market capitalisation, on the one hand, and fundamental factors and various factors of corporate governance, on the other, can be used in strategic planning and managing the value of diversified companies. In the paper, we also determine the impact of corporate governance on companies› performance, which enables us to suggest recommendations on enhancing the governance system in Russian companies.

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Apriyani, Hani Werdi. "PENGARUH CORPORATE GOVERNANCE DAN KARAKTERISTIK PERUSAHAAN TERHADAP LUAS PENGUNGKAPAN TRANSAKSI PIHAK BERELASI DI INDONESIA." Jurnal Akuntansi Indonesia 4, no. 1 (2016): 36. http://dx.doi.org/10.30659/jai.4.1.36-50.

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The purpose of this study is to examine the influence of corporate governance and firms characteristics to the extent of disclosure of related party transactions. The independent variable in this study is the level of ownership concentration, independent commissioners, the level of corporate diversification, and profitability. The dependent variable is the related party transactions disclosure. In analyzing the effect of independent variables on the dependent variable, included two control variables in our model, the type of industry and company size. The sample used in this study is annual report of non-financial companies listed in the Indonesia Stock Exchange 2008 -2011. Purposive sampling use to determine sample. There are 25 companies that meet the criteria as the sample in this study, and finally 90 annual report used in this analysis. Statistical methods using multiple linear regression analysis. The analysis showed that profitability have significant effect in Related Party Transaction disclosure. Level of ownership concentration, the level of corporate diversification , and independent commissioners did’t significantly influance the related party transaction disclosure.

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Zheng (Jerry), Chen, and Henry Tsai. "Diversification and performance in the hotel industry: do board size and family representation matter?" International Journal of Contemporary Hospitality Management 31, no. 8 (2019): 3306–24. http://dx.doi.org/10.1108/ijchm-06-2018-0465.

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Purpose This study aims to empirically examine the relationship between industrial diversification and firm performance and the moderating effects exerted on that relationship by board size and family representation on the board. Design/methodology/approach Secondary financial data were collected for hotel firms listed on the Hong Kong Stock Exchange during the period 2005-2016. Subsequently, a bivariate correlation and a fixed-effects panel regression analysis were performed on the data. Findings The empirical results showed that diversification positively influenced firm performance until firms reached an optimal level of diversification (0.34); beyond that level, the effect was negative. In addition, firms with a larger board tended to show better performance when the level of diversification increased from medium to high, and firms with lower family representation on the board tended to exhibit better performance when the level of diversification increased from low to medium. Practical implications Theoretical and managerial implications are suggested in terms of balancing the size of a firm’s board and with regard to family representation on a board from the perspectives of resource dependence theory (RDT) and socioemotional wealth (SEW), the diversification of hotel firms and future research. Originality/value A limited number of studies have considered diversification as a corporate-level strategy in the hospitality field and in the unique context in which a service-oriented economy is dominant, such as in Hong Kong. The role of board composition on the diversification–performance relation has rarely been investigated theoretically and empirically. Apart from providing managerial implications for corporate governance, this study also offers theoretical generalizability, from the perspectives of RDT and SEW, to examine the moderating roles of board size and family representation on the diversification–firm performance relation.

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Song, Hyoung Ju, and Kyung Ho Kang. "The moderating effect of CEO duality on the relationship between geographic diversification and firm performance in the US lodging industry." International Journal of Contemporary Hospitality Management 31, no. 3 (2019): 1488–504. http://dx.doi.org/10.1108/ijchm-12-2017-0848.

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Purpose The purpose of this study is to investigate the moderating role of CEO duality on the geographic diversification–firm performance relationship in the US lodging industry. Design/methodology/approach To examine the individual effect of geographic diversification and the moderating effect of CEO duality, this study adopts random effects regression. Additionally, to appropriately address the endogeneity issue, this study uses random effects regression with the instrumental variable method. The sample period spans 1990-2015 and 258 firm-year observations are included. Findings This study finds that geographic diversification has a positive and significant effect on firm performance. Also, the result shows a positive and significant moderating role of CEO duality, which implies that the magnitude of the impact of geographic diversification on firm performance is significantly greater when CEO duality exists. Research limitations/implications Although it has a limitation of applying the results of this study to privately held lodging firms in other countries, US public lodging firms are encouraged to consider a corporate governance structure incorporating CEO duality to maximize the effect of geographic diversification on firm performance. Originality/value This study contributes to the hospitality literature by providing a unique dimension that the influence of geographic diversification is contingent on the adoption of CEO duality. And, the results of this study provide practical guidelines for the lodging firms’ implementation of geographic diversification.

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Banga, Charu, and Amitabh Gupta. "Motives for Mergers and Takeovers in the Indian Mutual Fund Industry." Vikalpa: The Journal for Decision Makers 37, no. 2 (2012): 33–42. http://dx.doi.org/10.1177/0256090920120204.

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The Indian industry has seen a phenomenal consolidation through a spate of mergers and takeovers during the last decade. The mutual fund industry in India is no exception. It therefore becomes very important to understand the motives of mergers and takeovers in the Indian mutual fund industry. However, there is a significant difference between a corporate merger and the merger of a mutual fund. The present study uses various motives (variables) of corporate mergers and takeovers that fit in case of motives for mergers and takeovers of mutual fund schemes. As far as India is concerned, this is the first study of its kind; even in the international arena, limited research is available in this area. A two-stage multivariate procedure is used to identify the important factors that drive the merger of a mutual fund scheme from the viewpoint of an acquirer. The present study conducts a survey of 65 fund managers through a questionnaire containing fifteen statements to examine the motives behind the mergers and takeovers of mutual fund schemes. It checks the internal consistency and the reliability of the data using the Cronbach's Alpha. It performs an exploratory factor analysis using the fifteen statements in the questionnaire as different variables. Finally, it examines the important motives by conducting an ordinary least squares regression using the factors extracted from factor analysis. The results reveal the following: The factor analysis produces six broad factors, viz., attractive price, fund governance, expansion of marketing and management capabilities, expansion of asset size, benefits of diversification, and increase in the market share. These six factors are then subjected to multiple regression with increase in the market share as the dependent variable. The regression shows that three out of the five factors tested are significant. The findings of the study suggest that expansion of marketing and management capabilities, expansion of asset size, and benefits of diversification are the three most important motives behind mergers and takeovers of mutual fund schemes in India. The study is valuable to the financial economists, asset management companies, fund managers, unit holders, and the regulators in order to understand the important factors that influence mergers and takeovers of mutual fund schemes in India and their implications in order to make regulations for the mutual fund industry.

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Vinslav, Yu B. "Economy-2021: persistence of fundamental problems, imperative and directions of transformation of macro-level management models." Russian Economic Journal, no. 1 (March 2021): 3–31. http://dx.doi.org/10.33983/0130-9757-2021-1-3-31.

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The article considers the economic results of 2020. The key events of the country’s economic life related to the global coronavirus pandemic are described. The difficulties of the Russian economic situation in 2020–2021 are caused not only by the pandemic, but also by the persistence of problems of the raw material economy, as well as shortcomings of state and corporate governance. The tasks and directions of the national plan for economic recovery in 2021 are described. It emphasizes the importance of addressing not only the current problems of life support, but also focusing on strategic national goals to ensure economic sustainability. In this regard, the main principles of improving the quality of public administration are considered. A model for improving strategic planning at the macro level with active involvement of leading enterprises in the process is proposed. The article describes the main directions of diversification of the domestic economy, as well as the practice of implementing relevant industry strategies. The problem of formation of the national innovation system as a factor of ensuring the national security of the country remains relevant.

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Харитонова, Татьяна, Tatyana Kharitonova, Ольга Вапнярская, Olga Vapnyarskaya, Татьяна Кривошеева, and Tatiana Krivosheeva. "Trends in management practice for tourism destinations." Universities for Tourism and Service Association Bulletin 9, no. 1 (2015): 21–27. http://dx.doi.org/10.12737/7939.

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Management of tourist destinations abroad over many years is the subject of research and practical elaborations. The key aim of destination management is ensuring its competitiveness. To achieve this goal, experts offer a variety of approaches, methods, mechanisms. Based on the composition of the management system for tourist destinations, the article presents the trends in this field which are pertinent to Russia. First of all, to such trends can be related development of tourist resources as creation and promotion of conceptual tourist resources. A relatively new trend is the development of private and corporate museums. To Russian trends in destination management can be attributed integration of tourist sites in the tourism industry due to a more comprehensive utilization of tourist technologies in display and interpretation. Of course, an important trend is the development of information technologies in tourism, tourist navigation systems. To the list of trends should be added diversification of tourism products of destinations through the development of new types of tourism. The article shows the transition to the tourism product customization by offering tourists the opportunity to form desired tour packages. The article presents the results of the analysis of governance in the management of tourist destinations. The article substantiates the conclusion that tourist destinations are transformed from usual tourist regions into territorial structural units of the tourism industry, with extensive capabilities to meet diverse needs of tourism; resulting in: development of new types of tourism and forming conceptual tourism products; improvement of tourism infrastructure, including its information and service components; improving the quality of services provided. For businesses also uncover some opportunities in terms of entrepreneurial initiatives.

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Karki, Rajnish. "Corporate Strategy of Indian Organizations: The ‘Root–Branch’ Framework." Vikalpa: The Journal for Decision Makers 29, no. 3 (2004): 1–14. http://dx.doi.org/10.1177/0256090920040301.

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Corporate strategy questions relating to the appropriate measures of performance, the rate of growth and extent of diversification, and the ways to mobilize resources and develop requisite competencies are of current and high importance to Indian organizations. In the coming decade, they need to adopt rigorous and appropriate corporate strategy approaches as they face a complex, fast changing, and globalizing business environment. Since the beginning of strategic management discipline, the four major corporate strategy frameworks that have emerged are - SWOT in the 1960s, Strategic Planning Matrix in the 1970s, Competitiveness in the 1980s, and Core Competency in the 1990s. Based on an assessment of the frameworks, corporate strategy is considered as a response to imperatives in the evolutionary and emerging contexts and the perspective of the coming decade is taken to explore the Indian business situation. The imperatives for corporate strategy of Indian organizations in the coming decade are: From the evolutionary context — Correcting the mindset of dependency on the government; going beyond rationalization of businesses; establishing tight linkages between corporate and business strategies with operations; venturing into new areas; and, building on success against multinational corporations. From the emerging context — Large, growing, and internationalizing Indian economy; globally integrated capital markets; information and communication technologies; tenets of governance; and, management resource and capability. As these imperatives are different and variegated and do not match with any single period of American business, the existing frameworks are inadequate in terms of patterns responded and inappropriate in terms of analytical approaches and prescriptions. A ‘root-branch’ corporate strategy framework addresses the contextual patterns and imperatives of an organization. It conceptualizes corporate strategy of an organization as a gestalt of three sets of components — ‘root’ as the first level response to the commonalities in the context shared by all the organizations; a ‘branch’ or types of strategic direction depending on its match with requirements and characteristics of a type; and components based on its industry-and company-specific factors. The frame- work can be applied to any geographical or sectoral situation, and root and branch components can be delineated based on the analysis of imperatives in evolutionary and emerging contexts. For Indian organizations in the coming decade, corporate strategy should be built around: the root of ‘being honest’ and ‘being world-class’ one of the three viable branches or types of strategic direction - ‘India focused,’ ‘India diversified,’ and ‘global focused.’ In conclusion, the three viable and effective corporate strategies for Indian organizations in the coming decade are — “Being honest + Being world-class + India focused,” “Being honest + Being world-class + India diversified,” and “Being honest + Being world- class + Global focused.” To be successful, the agenda of an organization is to achieve and sustain consistency among the various components and with the requirements of ‘root’ and chosen ‘branch’ or strategic direction. And the agenda will need to be translated into and be implemented through a well-calibrated sequence of business and organizational initiatives.

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Gleason, Kimberly C., Inho Kim, Yong H. Kim, and Young Sang Kim. "Corporate Governance and Diversification*." Asia-Pacific Journal of Financial Studies 41, no. 1 (2012): 1–31. http://dx.doi.org/10.1111/j.2041-6156.2011.01065.x.

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Anderson, Ronald C., Thomas W. Bates, John M. Bizjak, and Michael L. Lemmon. "Corporate Governance and Firm Diversification." Financial Management 29, no. 1 (2000): 5. http://dx.doi.org/10.2307/3666358.

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Mendes-da-Silva, Wesley, Ervin L. Black, and Joshua S. Mallett. "The association between corporate governance and product diversification in Brazilian firms: an empirical study." Corporate Ownership and Control 5, no. 2 (2008): 367–78. http://dx.doi.org/10.22495/cocv5i2c3p6.

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In this paper we examine the association between product diversification and corporate governance. We add to the pool of current knowledge in three ways. First, we include the effects of strategy on diversification in our model. Second, we eliminate observations that have both good corporate governance and unchanging, high diversification that Anderson et al (2000) attribute to a confounding theory. Third, we use Brazilian data. Using Brazilian companies allows us to see the corporate governance norms, diversification norms, and the existence of a diversification discount in a developing market. We find that there is a positive association between the strength of corporate governance and a company’s level of diversification. We also find that the level of corporate governance significantly affects whether a company is highly diversified. Finally, we find that there is a diversification discount for Brazilian companies. However, after controlling for the effect of corporate governance on diversification, we find that highly diversified firms do not have a significantly different Tobin’s Q.

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Smith, Garrett C. C., and Jeffrey M. Coy. "Corporate diversification." Review of Accounting and Finance 17, no. 3 (2018): 405–24. http://dx.doi.org/10.1108/raf-11-2016-0172.

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Purpose The purpose of this study is to compare two theories that relate the proportion of diversified firms in the economy and the implied discount for diversified firms: the first is a real-options model predicting a positive relationship between the discount and management’s choice to operate a diversified firm; the second is based on catering theory, in which a negative relationship is predicted, as management is attentive to investor preference concerning diversified firms. Design/methodology/approach This study proposes a new aggregate measure of the diversification discount. The authors’ measure allows for decomposition of the discount into firm-level mispricing, industry-level mispricing and long-run fundamental value components. Findings Results support a catering theory of diversification. The discount appears to be the result of firm-level mispricing. Thus, providing an explanation for why, in light of the observed discount, a large number of diversified firms persist. Originality/value To the authors’ knowledge, this is the first study to provide evidence that firm-level mispricing may drive the observed diversification discount.

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Guo, Mengyang, Justin Yiqiang Jin, and Mary Li Zhi Ma. "International Diversification, Excessive Growth, and Corporate Governance." Theoretical Economics Letters 09, no. 07 (2019): 2477–507. http://dx.doi.org/10.4236/tel.2019.97157.

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Liang, Hsin-Yu, I.-Ju Chen, and Sheng-Syan Chen. "Does corporate governance mitigate bank diversification discount?" International Review of Economics & Finance 45 (September 2016): 129–43. http://dx.doi.org/10.1016/j.iref.2016.05.008.

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Kallamu, Basiru Salisu, and Nur Ashikin Mohd Saat. "Corporate strategy, corporate governance and performance of financial institutions in Malaysia." Corporate Ownership and Control 12, no. 1 (2014): 386–98. http://dx.doi.org/10.22495/cocv12i1c4p1.

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We examine the impact of corporate strategy and corporate governance on the performance of finance companies in Malaysia using data from 406 firm-year observations. The results indicate that diversification influence accounting returns negatively while separate risk management committee (RMC) influence market valuation of finance companies positively both in the period after the Asian financial crisis which also is the period after the Malaysian Code on Corporate Governance (MCCG) was issued. Finally, the results indicate significant difference between the period before and after the Asian financial crisis and MCCG in terms of diversification and corporate governance in the finance companies. The results support agency theory which suggests that diversification may create further agency problem between the management and the shareholders

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Jones, Geoffrey. "Corporate Governance and British Industry." Entreprises et histoire 21, no. 2 (1999): 29. http://dx.doi.org/10.3917/eh.021.0029.

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Das, Subhash Chandra. "Corporate Governance in FMCG Industry." Research Bulletin 45, no. 1-2 (2019): 16. http://dx.doi.org/10.33516/rb.v45i1-2.16-36p.

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Badele, Cosmin Sandu, and Daniela Fundeanu. "Policy's Beneficiaries of Corporate Governance and Diversification Strategy." Procedia - Social and Behavioral Sciences 124 (March 2014): 468–77. http://dx.doi.org/10.1016/j.sbspro.2014.02.509.

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Tjegame, Averroes, Inten Meutia, and Isnurhadi. "The Effect of Corporate Governance and Corporate Diversification on Earnings Management." Modern Economics 14, no. 1 (2019): 7–12. http://dx.doi.org/10.31521/modecon.v14(2019)-01.

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Cho, Eunho, Sungbin Chun, and Donseung Choi. "International Diversification, Corporate Social Responsibility, And Corporate Governance: Evidence From Korea." Journal of Applied Business Research (JABR) 31, no. 2 (2015): 743. http://dx.doi.org/10.19030/jabr.v31i2.9153.

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We examine how multinational corporations (MNC) international diversification (ID) is related to their corporate social responsibility (CSR) activities in the domestic market. We also investigate whether corporate governance, specifically the conglomerate (chaebol) structure, affects the relationship between ID and CSR activities in the domestic market. We perform empirical analysis using a sample of 606 firm-year observations of Korean-listed manufacturing MNCs from 2005 to 2010. We find that ID is negatively associated with CSR, and that this relationship is stronger for chaebol firms. These results are robust after controlling for various factors that affect measurements of ID. Our findings suggest that ID related to market diversification through exports and foreign affiliates appears to push MNCs to perform fewer CSR activities in the domestic market. Our findings also indicate that the effect of chaebol firms on the relationship between ID and CSR is greater than that of non-chaebol firms in Korean market. Our study contributes to the ID and CSR literature as the first study to provide empirical evidence on the association between ID and CSR activities in the domestic market for Korean firms using three aspects of ID measurement. Given that empirical evidence on this issue is very limited, our findings have implications for academics, practitioners, and policymakers in understanding the relationship between ID and CSR strategy.

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Aoki, Hidetaka. "The decrease in diversification and corporate governance: evidence from Japanese firms." Corporate Ownership and Control 6, no. 4 (2009): 28–39. http://dx.doi.org/10.22495/cocv6i4p3.

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This paper analyzes the effects of firm performance and governance factors on the decrease in diversification of Japanese firms in the 1990s. We focus on the cases of the decrease in diversification, because many previous studies proved that diversification caused firm value discount. Adjusting an excessive unrelated diversification would be an important topic, because the problems of low synergy between business units, inefficiency in management and so on were more serious in this type of diversification. The findings of this study are as follows. In the first half of the 1990s, immediately after the collapse of bubble economy, lower firm performance and main bank relationship encouraged firms to decrease the level of diversification of their businesses. On the other hand, in the latter half of the 1990s when the decrease in diversification itself was activated, higher performing non-manufacturing firms and manufacturing firms with lower profitability but facing higher growth in their main business tried to decrease diversification in order to strengthen the competitiveness in main businesses. Also, this kind of decrease in diversification was supported by the governance characteristics such as insider majority smaller boards of directors and the pressure from capital market.

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Mili, Mehdi, Anis Khayati, and Amira Khouaja. "Do bank independency and diversification affect bank failures in Europe?" Review of Accounting and Finance 18, no. 3 (2019): 366–98. http://dx.doi.org/10.1108/raf-09-2017-0181.

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Purpose Motivated by agency theory, this paper aims to explore the impact of bank diversification and bank independency on the likelihood of bank failure. The effects of corporate governance (ownership and board structures) are also examined. Design/methodology/approach Logistic regressions are used to explore the role of corporate governance on bank failure risk. This sample covers 608 banks from eight European countries. Findings The results suggest that the well-documented finding that diversification and bank independency may increase bank failure risk does not persist under strong corporate governance mechanism. Thus, to reduce the bank failure risk, diversification should be strongly monitored by the management to avoid excessive risk-taking by shareholders. Originality/value The approach used in this study differs from that used in previous studies from certain perspectives. First, unlike most previous studies that focused on the relationship between bank performance and bank diversification, the impact of income and asset diversification on bank failure is tested. Also, the impact of a combined effect of diversification and corporate governance variables on bank failure is tested. This allows the control for different ownership and board variables as factors that would potentially affect the likelihood of bank failure.

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Brown, Keith C., Amy Dittmar, and Henri Servaes. "Corporate Governance, Incentives, and Industry Consolidations." Review of Financial Studies 18, no. 1 (2004): 241–70. http://dx.doi.org/10.1093/rfs/hhh009.

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Sastrodiharjo, Istianingsih. "PENGARUH DIVERSIFIKASI DAN INSIDER OWNERSHIP TERHADAP CORPORATE GOVERNANCE DAN NILAI PERUSAHAAN." Jurnal Akuntansi 12, no. 2 (2018): 206–36. http://dx.doi.org/10.25170/jara.v12i2.89.

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The objective of this study is to examine the effect of diversification and insider ownership on firm value. The sample used in this study is 95 firm's annual reporting from companies listed in Jakarta Stock Exchange in 2015. Structural Equation Approach used in this study to examine the effect of diversification and the other variable together on the firm value and the corporate governance.The results of this study show that diversification significantly affects the insider ownership. Furthermore, business diversification negatively significant affects the firm value. On the other hand, I find no evidence of the effect of diversification on the corporate governance index. The result of this study is different from the previous study in another country. The different result may be caused by the different international corporate governance practice.

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Nahda, Katiya, and Azaria Lionara Rahmadana. "Diversification Strategy and Good Governance: Does It Affect Firm’s Leverage?" Jurnal Keuangan dan Perbankan 25, no. 3 (2021): 599–616. http://dx.doi.org/10.26905/jkdp.v25i3.5758.

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This paper aims to analyze whether firm diversification affects firm leverage in developing countries. This research model is based on the agency theory view that focuses on diversification in leverage through good governance mechanisms. The data comes from 43 companies from 215 observation companies listed on the Indonesia Stock Exchange in the 2014–2018 period, supporting the co-insurance hypothesis; our findings suggest a positive effect of diversification on debt levels. Our findings show that cost advantages occur in diversified firms, including higher debt ratios in the firm’s capital structure. These effects are more substantial when firms have better corporate governance. These findings add value to the existing literature on the relationship between firm diversification, corporate management, and leverage and can be helpful for managers and policy-makers regarding the evaluation of diversification strategy and corporate governance implementations in Indonesia that has been widely studied.DOI: 10.26905/jkdp.v25i3.5758

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Byoung Gon Kim and 김동욱. "Corporate Governance, Business Diversification, and Corporate Value : Korean Evidence from Panel Data." Korean Journal of Financial Engineering 7, no. 4 (2008): 101–32. http://dx.doi.org/10.35527/kfedoi.2008.7.4.005.

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Sener, Pinar, and Elif Akben-Selcuk. "Does governance affect corporate diversification behaviour in emerging markets?" Applied Economics Letters 27, no. 15 (2019): 1238–42. http://dx.doi.org/10.1080/13504851.2019.1676382.

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Liang, Hsin-Yu, Liang-wei Kuo, Kam C. Chan, and Sheng-Hung Chen. "Bank diversification, performance, and corporate governance: evidence from China." Asia-Pacific Journal of Accounting & Economics 27, no. 4 (2018): 389–405. http://dx.doi.org/10.1080/16081625.2018.1452618.

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Glegg, Charmaine, Oneil Harris, and Winston Buckley. "When does diversification add value: evidence of corporate governance and abnormal long-term stock performance." Corporate Ownership and Control 7, no. 3 (2010): 325–42. http://dx.doi.org/10.22495/cocv7i3c3p1.

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Contrary to prior research indicating that on average, shareholders do not benefit from corporate diversification, we provide evidence of a significant positive relation between diversification and abnormal buy-and-hold returns. Additionally, we show that shareholder gain from corporate diversification is a function of managerial accountability. We introduce and test the effective monitoring hypothesis for diversified firms, and demonstrate that the positive relation between diversification and abnormal returns is concentrated in firms where managers are most likely to be held accountable for policies that reduce shareholder value. The main implication is that gains from corporate diversification are concentrated in firms in which managerial accountability deters managers from taking advantage of asymmetric information created by diversification.

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Assunção, Renata Rouquayrol, Márcia Martins Mendes De Luca, and Alessandra Carvalho de Vasconcelos. "Complexity and corporate governance: an analysis of companies listed on the BM&FBOVESPA." Revista Contabilidade & Finanças 28, no. 74 (2017): 213–28. http://dx.doi.org/10.1590/1808-057x201702660.

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ABSTRACT In light of the need to develop mechanisms of control, protection, and transparency regarding the relationships between principal and agent, and with the aim of eliminating or reducing the agency problem, corporate governance has emerged. Based on Agency Theory, separation of ownership and control of activities derives from the complexity of organizations. In this context, this study aims to analyze the relationship between dimensions of complexity and corporate governance in companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA), in which contingency factors might influence organizational characteristics. The investigation gathers data from a sample of 162 companies listed on the BM&FBOVESPA. The following statistical tests were used in the data analysis: Factor Analysis, Multiple Linear Regression, Correspondence Analysis, and Correlation Analysis. For measuring complexity, contingency variables such as age, size, diversification, and internationalization were adopted; and, to assess corporate governance, a representative index of the adoption of good governance practices was used. The results show that organizational complexity is explained by the size and diversification variables, whereas operational complexity is explained by the size, diversification, and internationalization variables. It was observed that in the two dimensions of complexity - organizational and operational - corporate governance was influenced by the diversification, internationalization, and age variables, with the latter involving an inverse relationship. It is concluded that companies displaying more complexity, in its two dimensions, record a higher level of corporate governance, which confirms the research hypothesis.

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Wiersema, Margarethe F., and Harry P. Bowen. "Corporate diversification: the impact of foreign competition, industry globalization, and product diversification." Strategic Management Journal 29, no. 2 (2007): 115–32. http://dx.doi.org/10.1002/smj.653.

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Lee, Kian Tek, and Chee-Wooi Hooy. "Can informal corporate governance mechanisms mitigate diversification discount? Evidence from Malaysia." International Journal of Managerial Finance 14, no. 5 (2018): 522–41. http://dx.doi.org/10.1108/ijmf-02-2018-0040.

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Purpose The purpose of this paper is to examine whether any specific informal corporate governance mechanisms under consideration in this study, namely, political connection, business group affiliation and ownership concentration, are able to mitigate the diversification discount for emerging-market diversified firms using Malaysia as an examination lab. Design/methodology/approach The study uses a sample data of the entire non-financial public-listed firms in Malaysia over a 12-year period from 2001 to 2012. The generalized method of moments estimators are employed to account for the endogeneity of both corporate governance and diversification. Findings This study finds that business group affiliation particularly with large size can help to mitigate the diversification discount whereby political connection and ownership concentration magnify the discount. The finding is robust to alternative diversification measurements, to alternative methods and to endogeneity bias. Research limitations/implications This result implies that diversified firms with affiliation to large business groups are able to reduce the magnitude of the discounted value of diversification. Practical implications This study helps managers, shareholders and investors to evaluate their current/future investments related to firms with diversified business segments. This study also provides implications for policymakers and regulatory bodies to assess the adequacy and competency of the current corporate governance frameworks in place. Originality/value This study incorporates the country-specific institutional dimension in designing a research framework that is more relevant in examining the influential effect of governance-related characteristics on the diversification-firm value relationship in an emerging market.

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Hassan, M. Kabir, David R. Wolfe, and Neal C. Maroney. "Corporate control and governance in banking." Corporate Ownership and Control 1, no. 4 (2004): 94–107. http://dx.doi.org/10.22495/cocv1i4p8.

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Banking firms face an industry specific set of agency problems. The heavily regulated nature of the industry alters the shareholder/manger relationship. The scope of market discipline in the industry is severely limited due to regulatory oversight. This article surveys the state of the corporate governance literature with an emphasis on reviewing the agency problems unique to the banking industry.

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Ramiah, Vikash. "Editorial: Sustainable corporate governance." Corporate Governance and Organizational Behavior Review 4, no. 1 (2020): 4–6. http://dx.doi.org/10.22495/cgobrv4i1editorial.

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The publication of this issue during the ongoing COVID-19 pandemic has serious implications for businesses who are now struggling with their business continuation plans. The role of regulators, corporate governance, ethics, equity and equality, home entertainment, cost of debt and the banking industry plays an important role in costs optimization, competitiveness, profitability, corporate social responsibility, social welfare, employment, managing direct and indirect income losses, protecting physical assets and distribution facilities and maintaining price stability. In other words, businesses have to operate in a sustainable way to achieve the United Nations SDGs (good health, zero hunger, no poverty, decent work, industry innovation, clean sanitation, and responsible consumption and production). Although the published papers do not specifically address the pandemic, they touch on the key aspects that the business community is currently trying to solve provide a sufficient scholarly contribution to the previous fundamental papers by Megginson, de Andres, Brogi, and Govorun (2019), Kostyuk and Barros (2018), Guerra, Fischmann, and Machado Filho (2008), Del Brio, Maia-Ramires, and Perote (2006).

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Hanazaki, Masaharu, and Qun Liu. "The Asian crisis and corporate governance - ownership structure, debt financing, and corporate diversification." Corporate Ownership and Control 3, no. 3 (2006): 60–78. http://dx.doi.org/10.22495/cocv3i3p5.

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Based on firm-level analysis, this paper suggests that ownership concentration enabling controlling shareholders to expropriate other shareholders; fund raising through debt that is short of effective monitoring by creditors; and inefficiency caused by the ill effects of diversification are all associated with significantly worse performance during the Asian crisis. The region’s predominant governance structure, characterized by family control and conglomerates, was considered a factor in its miraculous economic development but has been seen since the crisis as the of crony capitalism

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Gopinath, Shyamala. "Corporate governance in the Indian banking industry." International Journal of Disclosure and Governance 5, no. 3 (2008): 186–204. http://dx.doi.org/10.1057/jdg.2008.8.

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Spadafora, Ettore, Tatiana Kostova, Valentina Marano, and Marc Van Essen. "Interdependence between Corporate Governance and International Diversification: A Meta-Analysis." Academy of Management Proceedings 2018, no. 1 (2018): 15346. http://dx.doi.org/10.5465/ambpp.2018.15346abstract.

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Jiraporn, Pornsit, Young Sang Kim, Wallace N. Davidson, and Manohar Singh. "Corporate governance, shareholder rights and firm diversification: An empirical analysis." Journal of Banking & Finance 30, no. 3 (2006): 947–63. http://dx.doi.org/10.1016/j.jbankfin.2005.08.005.

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Tan, Bertram, Hae‐Ching Chang, and Chen‐Kuo Lee. "Relationships among industry environment, diversification motivations and corporate performance." International Journal of Commerce and Management 17, no. 4 (2008): 326–46. http://dx.doi.org/10.1108/10569210710844390.

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Yin, Meiqun, and Lei Sheng. "Corporate governance, innovation input and corporate performance." Nankai Business Review International 10, no. 1 (2019): 120–37. http://dx.doi.org/10.1108/nbri-10-2018-0057.

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Purpose This paper aims to find the endogenous relationship between innovation input and corporate performance and deepen the study of innovation performance theory in industry and enterprise at the micro level. Design/methodology/approach This paper selects the firms listed on A shares in Shanghai and Shenzhen Stock Exchanges from 2009 to 2015 as samples. The authors cluster these samples according to the factors of production and classify the samples into three types: technology-intensive, capital-intensive and labor-intensive. After obtaining the samples and classifying them, the authors conduct a research on the endogenous relationship between the innovation input and the corporate performance through the simultaneous equations model and 3SLS estimation method. Meanwhile, they also make a study on the influence of executive incentive mechanism on the relationship between the innovation input and the corporate performance. Findings In technology-intensive industry, the increase of pre-innovation input will enhance the corporate performance in the current period, however, which will slow down the pace of innovation and lead to lower corporate performance in the future, and then increase innovation input again. In contrast, in capital-intensive industries, innovation input just improves corporate performance in the current period and the promotion of corporate performance will promote the intensity of innovation input in the future. With labor-intensive industries, innovation input also depends on early good returns, but innovation input has no significant impact on the corporate performance both at present and in the future. While in the executive incentive mechanism, salary incentive has a significant positive regulatory effect on the relationship between innovation input and corporate performance. Originality/value This paper presents a new research perspective on the relationship between innovation input and firm corporate performance, which is of great value to the listed company in balancing the R&D input with the company’s target performance and the design of executive incentive mechanism.

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Rotondo, Federico. "Corporate governance and performance: Empirical evidence from Italian airport industry." Corporate Ownership and Control 9, no. 4 (2012): 66–80. http://dx.doi.org/10.22495/cocv9i4art5.

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This paper empirically examines the degree of maturity of corporate governance of Italian airport companies, after about twenty years from the beginning of the reform aimed at the privatization of the industry. Two corporate governance issues are investigated: i) the development of different corporate governance models by different categories of airports; ii) the relationship between corporate governance models and the technical and financial performance of Italian airport companies. For this reason two indexes have been developed to capture two corporate governance features such as decision-making power concentration and alignment to best practices. Then the correlation of corporate governance indexes with the efficiency, measured by using data envelopment analysis (DEA) methodology, is tested on a significant sample of Italian airports

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Lin, Chien-Cheng, and Shih-Feng Chang. "Using AI to Improve Corporate Governance." E3S Web of Conferences 245 (2021): 03063. http://dx.doi.org/10.1051/e3sconf/202124503063.

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This paper mainly discusses the relationship between corporate governance and dynamic business performance in semiconductor industry. Although there have been many discussions on the relationship between corporate governance and corporate performance in the past, there is no consistent conclusion. We intend to analyze and compare the corporate governance variables group, the expression of long-term performance and the differences between upstream, midstream and downstream of semiconductor industry. In addition, because the existing problems of corporate governance can not be solved by the current rigid system, we attempt to cut in from the perspective of AI and propose the effect of automatic warning.

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Ko, Hin, Sheung Yuen, and Kit Yung. "Corporate Governance Practices in Logistics & Shipping Industry." Journal of Business and Policy Research 11, no. 2 (2016): 123–40. http://dx.doi.org/10.21102/jbpr.2016.12.112.08.

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Hoti, Arber, and Arben Dermaku. "Corporate Governance in the Banking Industry of Kosovo." International Journal of Finance & Banking Studies (2147-4486) 7, no. 3 (2019): 20–34. http://dx.doi.org/10.20525/ijfbs.v7i3.184.

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The main purpose of this research is to study the impact of corporate governance on the financial performance of the banking sector in Kosovo. To analyze this impact, the Pearson correlation coefficient, multiple regression analysis related to the board size and board independence and banking sector performance in Kosovo were applied. The key corporate governance variables that have been studied in this research are: (i) size of the board of directors, (ii) the independence of the board of directors (the ratio between non-executive directors and the total number of board members). The data for this research were collected from the annual reports and audited financial statements of commercial banks in Kosovo for the 12 year period (2006-2017) and from questionnaires addressed to board members of commercial banks in Kosovo as well as other publications from relevant local institutions such as the Central Bank of Kosovo (CBK), Statistical Office of Kosovo (SOK), Tax Administration of Kosovo (TAK), etc. The results of the multiple regression analysis regarding the influence of the board of directors on the financial performance of the banking sector indicate that: the size of the board of directors and the independence of the board of directors have a positive and significant impact on the financial performance of the banking sector in Kosovo, expressed through return on assets (ROA) and return on equity (ROE). Findings of this research are in line with the findings of other researchers in this field and confirm the assertion that the management of the above variables improves and has a positive impact on the financial performance of banks in Kosovo.

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Jalari, Vasu, and Dr M. Devarajulu Dr. M. Devarajulu. "Need for Corporate Governance in Small Scale Industry." International Journal of Scientific Research 3, no. 7 (2012): 119–21. http://dx.doi.org/10.15373/22778179/july2014/39.

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Fekadu, Gardachew Worku. "Corporate governance on financial performance of insurance industry." Corporate Ownership and Control 13, no. 1 (2015): 1201–9. http://dx.doi.org/10.22495/cocv13i1c10p7.

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The role of corporate governance in financial institutions differs from that of non- financial institutions for the discretionary power of the board of directors would be limited especially in regulated financial systems where financial institutions are obliged to function through legislative and prescriptive procedures, policies, rules and regulations. This study, therefore, was aimed at examining the impact of corporate governance on the performance of closely regulated Ethiopian insurance Industry. The study employed explanatory research design with an econometric panel data of 10 Insurance companies that covers the period 2007 to 2014. Board size, board independence and board diversity have negative and insignificant effect on the performance of insurance companies while size and independence of audit committee and frequency of board meetings have positive but insignificant effect on the performance of insurance companies in Ethiopia. Thus it could be concluded that all corporate governance mechanisms have insignificant effect on the performance of insurance companies measured by return on asset. This vividly affirms that the role of board of directors in closely regulated financial sector is dismal and insignificant for they have limited discretionary power to exercise as board of directors. Thus it would be recommendable if the regulatory body could relax its prescriptive and stringent policies and devolve its power to board of directors without endangering the viability of insurance companies.

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Clements, Curtis, John D. Neill, and Paul Wertheim. "Multiple directorships, industry relatedness, and corporate governance effectiveness." Corporate Governance 15, no. 5 (2015): 590–606. http://dx.doi.org/10.1108/cg-05-2014-0060.

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Purpose – The purpose of this paper is to investigate the relationship between the industry relatedness of directors’ multiple directorships and corporate governance effectiveness. The authors posit that a director gains “beneficial experience” by serving on outside boards of companies in related industries, with a resulting increase in governance effectiveness. Conversely, they predict a decrease in governance effectiveness when directors serve on outside boards of companies in unrelated industries. Design/methodology/approach – Using publicly available data, a Tobit regression model is used to examine the effect of the industry relatedness of board members’ multiple directorships on corporate governance effectiveness. Findings – The results demonstrate a significant positive correlation between the industry relatedness of directors’ multiple directorships and corporate governance effectiveness. It was found that this industry relatedness effect is stronger for directors of small companies than large company directors. The paper also documents a significant negative effect on governance effectiveness for small firms whose directors increase their board service on non-industry-related boards. Originality/value – Prior research has examined the “Busyness Hypothesis” and the “Experience Hypothesis” as mutually exclusive hypotheses. This paper extends prior research by examining the possibility that the two hypotheses are not competing, but rather that both an experience effect and a busyness effect may be present for directors serving on multiple boards, and that one of the effects will dominate the other, based on certain company-specific characteristics.

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