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Journal articles on the topic 'Maximization of shareholders wealth'

Author: Grafiati

Published: 4 June 2025

Last updated: 1 August 2025

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1

Panigrahi, Shrikant Krupasindhu, Yuserrie Bin Zainuddin, and Noor Azlinna Binti Azizan. "Linkage of Management Decisions to Shareholder’s Value: EVA Concept." International Journal of Finance & Banking Studies (2147-4486) 3, no. 1 (2016): 114. http://dx.doi.org/10.20525/.v3i1.173.

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<p>In this paper, the author investigated the influence of management decisions like capital structure, dividend policies, remunerations, credit policy decisions and investment decisions on shareholder wealth maximization. The main objective of this paper is to increase awareness and relationship between management and shareholders of the companies. To achieve the objective, portfolio theory, capital asset pricing model and modern financial theory providing evidence on the linkage between management decisions to shareholder’s value. Shareholders are only concerned about the value of shar

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Panigrahi, Shrikant Krupasindhu, Yuserrie Bin Zainuddin, and Noor Azlinna Binti Azizan. "Linkage of Management Decisions to Shareholder’s Value." International Journal of Finance & Banking Studies (2147-4486) 3, no. 1 (2014): 114–25. http://dx.doi.org/10.20525/ijfbs.v3i1.173.

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In this paper, the author investigated the influence of management decisions like capital structure, dividend policies, remunerations, credit policy decisions and investment decisions on shareholder wealth maximization. The main objective of this paper is to increase awareness and relationship between management and shareholders of the companies. To achieve the objective, portfolio theory, capital asset pricing model and modern financial theory providing evidence on the linkage between management decisions to shareholder’s value. Shareholders are only concerned about the value of shares of the

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3

Augustine, Oke Okolie, and Elohor Egube Blessing. "Financial Reporting Quality and Shareholders Wealth Maximization of Listed Manufacturing Companies in Nigeria." International Journal of Business Management and Technology 6, no. 4 (2023): 338–52. https://doi.org/10.5281/zenodo.7680083.

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This study examined financial reporting quality and shareholders wealth maximization of listed consumer goods manufacturing companies in Nigeria, from 2011 to 2020. Ten consumer goods manufacturing firms quoted on the Nigeria Stock Exchange were used. Financial reporting quality was measured by discretionary accruals, earnings persistence and earnings smoothening), while shareholders’ wealth maximization was measured by the return on equity. Ordinary Least Square (OLS) regression estimation technique was used with the aid of E-views 9 statistical software. The study found that earnings p

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O. Ogundajo, Grace, Adekunle Adefisoye, and Appolos N. Nwaobia. "Risk Management and Shareholders’ Wealth Maximization." International Journal of Business, Economics and Management 7, no. 6 (2020): 387–400. http://dx.doi.org/10.18488/journal.62.2020.76.387.400.

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Pushpa, B. V., and Kumar S. Hemanth. "A STUDY ON RELATIONSHIP BETWEEN DIVIDEND POLICY AND THE VALUE OF THE FIRM." International Journal of Applied Financial Management Perspectives 5, no. 4 (2021): 53–60. https://doi.org/10.5281/zenodo.4643097.

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One of the main objective of a business enterprise is to maximize shareholders’ wealth. Maximization of wealth happens when the returns of the shareholders is maximized. Shareholders’ wealth is represented in the market price of the company’s common stock, which, in turn, is the function of the company’s investment, financing and dividend decision. The optimal dividend policy is the one that maximizes the company's stock price, which leads to maximization of shareholders' wealth, thereby ensures more rapid economic growth, and enhances firm’s value. Lintne

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Prempeh, Kwadwo Boateng, and Eugene Odartei-Mills. "Corporate governance structure and shareholder wealth maximization." Perspectives of Innovations, Economics and Business 15, no. 1 (2015): 1–30. http://dx.doi.org/10.15208/pieb.2015.01.

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7

Wasiu, Abiodun, and Asamu Kehinde. "Effect of Earnings Management on Shareholders Wealth Maximization: Evidence from Nigerian Listed Firms." International Journal of Management Sciences and Business Research 6, no. 4 (2017): 67–74. https://doi.org/10.5281/zenodo.3468941.

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The investigation of the effect of earnings management on shareholders wealth maximization is the prime focus of this work. Secondary data were gotten from annual reports of the eight selected firms covering five years from 2011-2015. Econometric analysis through panel regression was employed to estimate the model built for the study, Modified Cross Sectional Jones Model (1995) was used for calculation of discretionary accruals. Earnings per share and Dividend per Share were used as proxies for dependent variables discretionary accrual was used to proxy independent variable (Earnings managemen

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Chesoli, Joshua. "AN ASSESSMENT OF SHAREHOLDERS PROFITABILITY AS A STRATEGY FOR TAX AVOIDANCE." IJRDO - Journal of Business Management 9, no. 3 (2023): 1–5. http://dx.doi.org/10.53555/bm.v9i3.5583.

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Tax avoidance is a common problem among many nations all over the world, especially the developing and third world countries. Most citizens see tax payment as very offensive, and seek all means to avoid tax liabilities. Kenya is not exempted from this economic menace. In spite of the several tax holidays enjoyed by firms in Kenya, most firms have resorted to creatively avoid tax under the disguise of shareholders wealth maximization. This act is seen by the researchers as a corporate governance factor because the provision of bonus schemes by shareholders for managers for abnormal wealth maxim

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Olalekan Iredele, Oluwamayowa, Gbadegesin Babatunde Adeyeye, and Ebenezer Babatunde Owoyomi. "CREATIVE ACCOUNTING AND SHAREHOLDERS WEALTH MAXIMIZATION IN LISTED CONSUMER GOODS COMPANIES IN NIGERIA." Copernican Journal of Finance & Accounting 11, no. 1 (2022): 49–66. http://dx.doi.org/10.12775/cjfa.2022.003.

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This study examines the effect of creative accounting practices on the shareholders wealth of 90 firm-year observations of ten (10) consumer goods companies listed on the Nigerian Stock Exchange (NSE). Ex post facto research design was adopted usingdataset for the period 2011–2019 which were collated from the annual reports and financial statements of the listed consumer goods companies. Four hypotheses were proposed and tested using pooled panel data regression. Findings revealed that frequentchanges in inventory valuation method and assets valuation methods respectively have significant effe

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Shodiya, Olayinka Abideen, Wasiu Abiodun Sanyaolu, Joseph Olushola Ojenike, and Gbadebo Tirimisiyu Ogunmefun. "Shareholder Wealth Maximization and Investment Decisions of Nigerian Food and Beverage Companies." Acta Universitatis Sapientiae, Economics and Business 7, no. 1 (2019): 47–63. http://dx.doi.org/10.1515/auseb-2019-0004.

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Abstract The study examines the effect of shareholder wealth maximization on investment decision in food and beverage companies listed in Nigeria. To achieve this, seven listed food and beverage companies were selected. The research adopted an ex post facto research design, while purposeful and stratified sampling techniques were used to select seven out of the fifteen companies in the food and beverage subsector. Data for the study were extracted from the annual reports and accounts of the sampled companies from 2008–2017. The result obtained from the regression analysis reveals that earnings

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Bapuji, Hari, Bryan W. Husted, Jane Lu, and Raza Mir. "Value Creation, Appropriation, and Distribution: How Firms Contribute to Societal Economic Inequality." Business & Society 57, no. 6 (2018): 983–1009. http://dx.doi.org/10.1177/0007650318758390.

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Firms are central to wealth creation and distribution, but their role in economic inequality in a society remains poorly studied. In this essay, we define and distinguish value distribution from value creation and value appropriation. We identify four value distribution mechanisms that firms engage in and argue that shareholder wealth maximization approach skews the value distribution toward shareholders and top executives, which in turn contributes to rising economic inequalities around the world. We call on organizational scholars to study the value distribution role of firms and its consequ

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12

Dobson, John. "Is Shareholder Wealth Maximization Immoral?" Financial Analysts Journal 55, no. 5 (1999): 69–75. http://dx.doi.org/10.2469/faj.v55.n5.2301.

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Prempeh, Kwadwo Boateng, and Eugene Odartei-Mills. "Corporate governance structure and shareholder wealth maximization." Perspectives of Innovations, Economics and Business 15, no. 1 (2015): 1–30. https://doi.org/10.15208/pieb.2015.01.

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Over the past two decades the ideology of shareholder value has become entrenched as a principle of corporate governance among companies. A well-established corporate governance system suggests effective control and accounting systems, stringent monitoring, effective regulatory mechanism and efficient utilisation of firms’ resources resulting in improved performance. The object of the research presented in this paper is to provide empirical evidence on the effects of corporate governance on shareholder value maximization of the listed companies in Ghana. Data from ten companies listed on

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Bertin, William J., and Khalil M. Torabzadeh. "Shareholder Wealth Maximization Under Leveraged Buyouts." Journal of Applied Business Research (JABR) 4, no. 2 (2011): 48. http://dx.doi.org/10.19030/jabr.v4i2.6432.

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This paper examines the possible excess returns to stockholders arising from leveraged buyout transactions in an effort to determine whether or not such transactions are consistent with shareholder wealth maximization. In addition, the excess returns generated through leveraged buyouts are compared to those associated with typical, non-leveraged acquisitions. The implications of these comparisons are discussed with a special emphasis on the impact of leveraged buyouts upon investors wealth. The major finding of this study is that shareholder wealth is increased, but not necessarily maximized,

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15

Shankman, Neil A. "Shareholder Wealth Maximization: Axiom or Problem?" Proceedings of the International Association for Business and Society 9 (1998): 357–69. http://dx.doi.org/10.5840/iabsproc1998935.

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16

Oyeyemi, Ogundajo Grace, Kwarbai Jerry Danjuma, Ogunsola Oluwatosin Adetutu, and Omidiji David Olugbenga. "Strategic Management Accounting Practices and Shareholders Value Creation of Listed Deposit Money Banks in Nigeria." International Review of Management and Marketing 15, no. 4 (2025): 281–89. https://doi.org/10.32479/irmm.18552.

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Shareholders are primarily focused on maximizing the returns on their investments, which include both cash dividends and capital gains. Value maximization is a critical objective in any organization, typically achieved through strategic decisions made by the management. Return on investment represents the portion of a company's earnings distributed to its owners. To maximize these returns, organizations must enhance their performance, which can be achieved through strategic management accounting practices. These practices are crucial for achieving wealth and value maximization. This paper expl

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17

Offia, Anthonia Chioma, Sabina Chidumaga Ejezie, and Kenebechukwu Jane Okafor. "Effect of Environmental Disclosure on Shareholders’ Value Maximization: Evidence from Non-Financial firms in Nigeria." Journal of Accounting and Financial Management 8, no. 8 (2023): 62–78. http://dx.doi.org/10.56201/jafm.v8.no8.2022.pg62.78.

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This study examined the effect of environmental disclosure on shareholders’ value maximization. The population of the study is all quoted non financial firms listed in Nigerian Stock Exchange. Sample of 60 companies from different sectors were used for the period of ten years spanning from 2011 to 2020. The study employed ex-post facto and cross sectional research design. The secondary sources of data were collected from annual reports and account of the selected non financial firms quoted in Nigeria stock exchange and three (3) specific objectives and hypotheses were tested and analyzed. The

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S, Mukund, and Dr N. Arunsankar. "Effect of COVID-19 on Dupont based financial performance of three Nationalized Petroleum Companies in India." YMER Digital 20, no. 10 (2021): 44–48. http://dx.doi.org/10.37896/ymer20.10/5.

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: Every company has two major objectives in terms of profitability. i.e. Profit Maximization and Shareholders’ Wealth Maximization. Ratio analysis is a good tool which fosters the utilization of company figures to make proper investment decision for various classes of investors and management for taking right decisions at right time. ROE (Return on Equity) comes into the picture in terms of measuring the wealth maximization. It is basically a composition of ROCE or Return on Capital Employed. American paint manufacturing company named DuPont invented DuPont model of ROE analysis. It basically

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CA, Dr Shyamsundar Premanand Das. "Relationship Between Economic Value Added and Market Value Added: An Empirical Study of BSE S&P Sensex Companies for 2016-2017." RESEARCH REVIEW International Journal of Multidisciplinary 03, no. 06 (2018): 385–91. https://doi.org/10.5281/zenodo.1291588.

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Shareholders’ wealth maximization is regarded to be the prime goal of organizations. MVA is generally believed to be representative of shareholder value creation. It is perceived by managers of corporations that MVA can be maximized by maximizing EVA. EVA is endogenous to the organization whereas MVA is exogenous to the organization. In this study EVA has been treated as independent variable and MVA as dependent variable. Through Correlation and regression analysis the relationship between EVA and MVA has been studied. The outcome of the analysis indicates that there is no significant re

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20

Duggal, Rakesh. "Stock Repurchases and Long-Term Investor Returns: An Empirical Investigation." Research in Economics and Management 10, no. 1 (2025): p91. https://doi.org/10.22158/rem.v10n1p91.

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Stock repurchases by U.S. firms have been reported by prior studies to cause positive stock price reactions around the announcement dates. However, the question of whether an investable portfolio of repurchasing firms reconstituted at the beginning of each year outperforms a broad market index in the long run has not been addressed. This study finds that investing in the Invesco Buyback Achievers ETF (PKW), which invests in the shares of repurchasing firms, outperformed S&P 500 on a risk-adjusted basis over 5-, 10- and 15-year periods. This finding is consistent with the goal of shareholde

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Nathan, Omubo-Pepple Stella. "Corporate Governance Mechanism and Shareholders Wealth Maximization in Quoted Commercial Banks in Nigeria." Journal of Accounting and Financial Management 9, no. 5 (2023): 177–96. http://dx.doi.org/10.56201/jafm.v9.no5.2023.pg177.196.

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This study examined the effect of corporate governance mechanism and shareholders wealth maximization of quoted commercial banks in Nigeria. The purpose is to examine how corporate governance variables affect shareholders wealth of quoted commercial banks in Nigeria. Panel data was sourced from financial statement of the quoted commercial banks from 2011 to 2020. Return on equity and return on assets were modeled as a function of board size, board composition, board independence and directors shareholdings. Panel data Ordinary least square method was used as data analysis technique. The study

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22

Liao, Junhui. "Relationship Between Corporate Capital Structure and Company Value Based on the CAPM and APT model and the WACC analysis." Advances in Economics, Management and Political Sciences 19, no. 1 (2023): 107–17. http://dx.doi.org/10.54254/2754-1169/19/20230125.

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The core of financial management and investment activities is to maximize the wealth of the company and shareholders. Company value maximization is inseparable from shareholder value maximization. Due to the fact that the structure of company's capital would influence the level of profit return and the circumstance of cash flow, the management for financial framework is a significant connection between the economic situation of the corporation, by which it can benefit the value. The author briefly analyzed the CAPM since it is not an accurate model, which has unrealistic assumptions and the di

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DR, BHADRAPPA HARALAYYA. "Capital Structure and Factors Affecting Capital Structure." Journal of Advanced Research in Economics and Business Management 4, no. 2 (2022): 4–35. https://doi.org/10.5281/zenodo.6253950.

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Capital structure decisions are perhaps one of the most important decisions taken by financial managers. It is one of the important and challenging issues in corporate finance. What should be the appropriate mix of debt and equity in capital structure. The answer to this question has been debated in different literatures pertaining to capital structure by different researchers. The enormous work in this area by different researchers has tried to investigate of optimal capital structure exists or not, which will help in maximization of the wealth of the shareholders. The optimal mix of debt and

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Kumar, Mukesh, and Vincent Charles. "Productivity Growth as The Predictor of Shareholders' Wealth Maximization: An Empirical Investigation." Journal of CENTRUM Cathedra: The Business and Economics Research Journal 2, no. 1 (2009): 72–83. http://dx.doi.org/10.7835/jcc-berj-2009-0024.

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25

Inwang, Precious Essang, Eno Gregory Ukpong, and Hope Samuel Udoma. "Non-Mandatory Information Disclosures and Shareholders Wealth Maximization of Listed Consumer Goods Firms in Nigeria." European Journal of Accounting, Auditing and Finance Research 12, no. 9 (2024): 1–18. http://dx.doi.org/10.37745/ejaafr.2013/vol12n9118.

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The provision of mandatory and non-mandatory information in financial statements support transparency, informed decision making and market confidence. Disclosure of only mandatory information may not give a wholistic measurement of firms’ value thus hampering the complete measurement of shareholders ‘wealth. The main objective of this study therefore was to examine the effect of non-mandatory information disclosures on shareholders’ wealth maximization of consumer goods firms listed on the floor of the Nigerian Exchange Group from 2013 to 2024. The research design adopted for the study was ex

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Cragg, Wesley. "Business Ethics and Stakeholder Theory." Business Ethics Quarterly 12, no. 2 (2002): 113–42. http://dx.doi.org/10.2307/3857807.

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Abstract:Stakeholder theorists have typically offered both a business case and an ethics case for business ethics. I evaluate arguments for both approaches and find them wanting. I then shift the focus from ethics to law and ask: “Why should corporations obey the law?” Contrary to what shareholder theories typically imply, neoclassical or profit maximization theories of the firm can offer answers based only on instrumental justifications. Instrumental justifications for obeying the law, however, are pragmatically and normatively incoherent. This is because the modern corporation is a legal art

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Jones, Thomas M., and Will Felps. "Shareholder Wealth Maximization and Social Welfare: A Utilitarian Critique." Business Ethics Quarterly 23, no. 2 (2013): 207–38. http://dx.doi.org/10.5840/beq201323215.

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ABSTRACT:Many scholars and managers endorse the idea that the primary purpose of the firm is to make money for its owners. This shareholder wealth maximization objective is justified on the grounds that it maximizes social welfare. In this article, the first of a two-part set, we argue that, although this shareholder primacy model may have been appropriate in an earlier era, it no longer is, given our current state of economic and social affairs. To make our case, we employ a utilitarian moral standard and examine the apparent logical sequence behind the link between shareholder wealth maximiz

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Makaringi, Singita, Khabane Mokoka, and Jake Schmidt. "The Impact of Aligning the Strategies of CREM with Those of a Corporate Business Using Real Options." Applied Finance and Accounting 5, no. 1 (2018): 1. http://dx.doi.org/10.11114/afa.v5i1.3684.

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The article investigates the benefits of incorporating corporate real estate management (CREM) in the main business units of the company. Prior studies have illustrated that CREM unit in major companies is treated as a separately entity with less focus on its contribution to maximization of shareholders’ wealth. This article uses real option approach, specifically Samuelson-McKean (1965) model to extrapolate the value of CREM of listed South African insurance company. The results show that when CREM is insourced and treated as a significant part of the main insurance, shareholders’ wealth is m

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Martikainen, Teppo. "On the maximization of shareholders' wealth: Evidence based on firm-specific financial characteristics." Scandinavian Journal of Management 8, no. 1 (1992): 15–38. http://dx.doi.org/10.1016/0956-5221(92)90004-x.

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Lutsenko, S. I. "RAPPROCHEMENT OF LONG-TERM FINANCIAL INTERESTS OF THE SHAREHOLDER AND THE MANAGEMENT OF THE COMPANY." Strategic decisions and risk management 10, no. 4 (2020): 352–59. http://dx.doi.org/10.17747/2618-947x-2019-4-352-359.

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The author considers features of the economic nature of activity of the shareholder in corporate governance and in the control over management. The author offers the standard of the diligent shareholder and the standard of the diligent management as necessary condition for rapprochement of long-term financial interests. Reasonable and diligent realization of the corporate rights, display of interest to company activity will allow the shareholder to receive the information on the concluded transactions. The information on transactions will allow to protect the broken rights in the terms establi

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Jones, Thomas M., and Will Felps. "Stakeholder Happiness Enhancement: A Neo-Utilitarian Objective for the Modern Corporation." Business Ethics Quarterly 23, no. 3 (2013): 349–79. http://dx.doi.org/10.5840/beq201323325.

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ABSTRACT:Employing utilitarian criteria, Jones and Felps, in “Shareholder Wealth Maximization and Social Welfare: A Utilitarian Critique” (Business Ethics Quarterly 23[2]: 207–38), examined the sequential logic leading from shareholder wealth maximization to maximal social welfare and uncovered several serious empirical and conceptual shortcomings. After rendering shareholder wealth maximization seriously compromised as an objective for corporate operations, they provided a set of criteria regarding what a replacement corporate objective would look like, but do not offer a specific alternative

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32

Roe, Mark J. "The Shareholder Wealth Maximization Norm and Industrial Organization." University of Pennsylvania Law Review 149, no. 6 (2001): 2063. http://dx.doi.org/10.2307/3312905.

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Poitras, Geoffrey. "Shareholder wealth maximization, business ethics and social responsibility." Journal of Business Ethics 13, no. 2 (1994): 125–34. http://dx.doi.org/10.1007/bf00881581.

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Hansen, David. "Sustainable Corporations in Non-Financial Sectors Through Optimal Design of Executive Pay." German Law Journal 14, no. 7 (2013): 715–48. http://dx.doi.org/10.1017/s2071832200002005.

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It is commonplace in current legal scholarship that pay packages for executives that were not tied to the impact of these executives' policies on shareholder wealth maximization often caused harm to shareholder interests and their companies, especially in the long term. The no-pay-without-performance postulate is as old as the first global economic crisis of the 20thcentury – the deep depression. Since then, this postulate has been repeated and substantiated innumerous times by the majority of experts in corporate law and business economics, but without real success. There are, however, commen

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Stanley Diepiriye, Davies,. "Human Resource Accounting and Shareholders Wealth Maximization: Empirical Study of Nigeria Quoted Manufacturing Firms." International Journal of Business and Management Future 2, no. 1 (2018): 38–47. http://dx.doi.org/10.46281/ijbmf.v2i1.118.

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This study empirically investigated the relationship between human resource accounting and shareholders wealth maximization of selected quoted manufacturing firms in Nigeria from 2000-2016. Time series data was generated from the Annual Reports of the quoted firms. Twenty manufacturing firms were selected from the population of quoted manufacturing firms. Two multiple regression models were specified and estimated with the aid of Software package for social services (SPSS). Return on investment was modeled as the function of capital and revenue expenditure components of human resource accounti

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Wild, John J., Jonathan M. Wild, and Kenneth L. Wild. "Managerial Incentives and the Valuation of International Joint Venture Formation." Journal of Accounting, Business and Finance Research 15, no. 2 (2022): 73–82. http://dx.doi.org/10.55217/102.v15i2.576.

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Strategic management decisions and actions involving international joint venture formations are significant to many firms and have major economic consequences. Previous empirical evidence on the effects of joint venture formation announcements on shareholder wealth reveals that firm value is more often positively impacted. However, many previous analyses of shareholder wealth from joint venture formations do not fully explore cross-sectional differences in managerial incentives to pursue these international investments. The primary purpose of this study is to exploit these cross-sectional diff

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Roba, Suleiman Guyo, Wilson Muema, and Dr Ken Mugambi. "CORPORATE GOVERNANCE, ETHICS, SIZE, RETAINED EARNINGS AND DEBTS: THEIR RELATIONSHIP WITH SHAREHOLDER VALUE OF FIRMS IN NAIROBI SECURITIES EXCHANGE." EPH - International Journal of Business & Management Science 1, no. 2 (2015): 13–22. http://dx.doi.org/10.53555/eijbms.v1i2.35.

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Traditionally, Corporations exist primarily to maximize shareholders wealth (Berle & Means,1932; Kapoor,2006; Stout, 2012; Friedman, 1962).The struggle for Corporations to maximize profits have taken centre stage in recent years. This has led to increased use by Corporations of various practices to meet the expectations of various stakeholders / shareholders. This study investigates the relationship between corporate ethics, governance, retained earnings, debts and sizes and shareholder value (EPS) of firms listed on NSE. The results of the study should assist Corporate CEOs and Executives

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Stander, C., Jan Hendrik Mostert, and Frederik J. Mostert. "Risk financing for capital investments to enhance shareholders’ value." Corporate Ownership and Control 7, no. 1 (2009): 385–93. http://dx.doi.org/10.22495/cocv7i1c3p5.

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The purpose of any company should be the maximization of shareholders’ wealth, which implies a higher return on equity and less risk associated with the capital invested. Capital investment opportunities however impact on both the return on equity and the associated company-specific risks. These two factors need to be played of against each other, because higher return on equity usually requires higher associated risks. Given the risks associated with capital investments, equity capital or risk financing instruments can be used to provide the protection needed. Until recently the main focus wa

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Setia-Atmaja, Lukas. "Internal governance mechanisms, agency problems and family ownership: Evidence from Australia." Corporate Ownership and Control 6, no. 1-3 (2008): 385–97. http://dx.doi.org/10.22495/cocv6i1c3p6.

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This paper investigates whether family firms use dividends, board composition and debt to expropriate the wealth of minority shareholders or to mitigate agency problems. Utilising panel data on a sample of publicly traded firms in Australia over the period 2000-2005, this study provides evidence that family firms pay optimal and higher levels of dividends and debt compared with their non-family counterparts. The study also finds that family firms have significantly lower proportions of independent directors on the board, but this is consistent with the optimal (value maximization) use of board

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Helen, Wairimu, Willy Muturi Prof, and Oluoch Oluoch. "Influence of Firm Financial Characteristics on Leverage of Non-Financial Listed Companies in Nairobi Securities Exchanges." American Based Research Journal 8, no. 5 (2019): 93–103. https://doi.org/10.5281/zenodo.3456933.

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<em>Listed and non-listed institutions are always in need of finances geared towards enhancing their firm performance which has a pivotal role in the relationship they will enjoy internally and externally. The ability of an organization to invest borrowed capital on projects with a higher return on investment has a significant impact on shareholders wealth maximization. Panel regression modelling revealed the positive influence of firm size and profitability and inverse influence of tangibility and growth opportunities on the leverage of listed non-financial companies in Nairobi securities exc

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Ani, N. C., and B. U. Ugwuanyi. "Diversified Income Sources and Wealth of Shareholders of Insurance Firms in Nigeria." Global Journal of Finance and Business Review 6, no. 2 (2023): 33–47. https://doi.org/10.5281/zenodo.8089236.

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The study examined diversified income sources and wealth of shareholders of insurance firms in Nigeria. The specific objectives of the study are to ascertain the effect of gross premium income, investment income and interest income on net assets of insurance firms in Nigeria. The sample consist of five (5) insurance firms listed on Nigeria Exchange Group during 2011-2020 periods. The time series data extracted from the selected firms were analyzed using Descriptive Statistics and multiple regression analysis. Findings from the study suggest that gross premium income and investment income posit

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Saeed, K., and S. Gul. "Impact of Corporate Social Responsibility Disclosure Reports on Sale Performance: Evidence from Pakistani Non-Financial Firms." Jinnah Business Review 11, no. 1 (2023): 1–13. http://dx.doi.org/10.53369/nlov4945.

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This manuscript investigates how corporate social responsibility disclosure reports impact on firm sales performance. The proxies used for sales performance and corporate social responsibility are return on sales and corporate social responsibility (CSR) disclosure index respectively. Data has been collected from 166 non-financial firms listed on the Pakistan Stock Exchange (PSX) for the period of 11 years from 2009 to 2019. The study has adopted panel data for statistical analysis. The study concluded that the corporate social responsibility (CSR) disclosure index has a significant negative i

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Hummelen, Jochem M. "Efficient Bankruptcy Law in the u.s. and the Netherlands." European Journal of Comparative Law and Governance 1, no. 2 (2014): 148–211. http://dx.doi.org/10.1163/22134514-00102004.

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Bankruptcy serves to prevent the arising of a common pool problem and to ensure value maximisation of the debtor’s assets. The question is whether in addition to this goal of value maximization, it is efficient to allow the introduction of new substantive policies in the bankruptcy process as to redistribute wealth. The author, in light of Dutch and American bankruptcy law, compares several theories to answer this question about the goals of bankruptcy. He concludes that the introduction of substantive policies leads to inefficient forum shopping and that and the absolute priority of creditors

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Kumar, Vijaya, Subhadra Satapathy, and Hameedah Sayani. "Analysis of Financial Strategies of 3PL Companies in the GCC." International Journal of Corporate Finance and Accounting 4, no. 1 (2017): 16–34. http://dx.doi.org/10.4018/ijcfa.2017010102.

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This article aims to analyze the financial strategy of publicly listed third party logistics (3PL) companies in the GCC over a period of four years (2010–2013). It evaluates the financial strategies employed by 3PL companies under consideration and subsequent value generation and wealth maximization for their shareholders. A comparison of financial strategies adopted by 3PL companies in the GCC countries reveals that all three companies included in the authors' sample use different financial strategies; however, these strategies are effective in yielding greater returns on common equity. The a

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Das, Arindam, and Sumantra Guha. "Vedanta Ltd. – attempts to go private." Emerald Emerging Markets Case Studies 12, no. 1 (2022): 1–37. http://dx.doi.org/10.1108/eemcs-06-2021-0204.

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Learning outcomes On completion of analysis of this case, students would be able to: appreciate the context of a typical delisting decision of a public company that is part of a large business group; analyze the complex nature of the relationships among the promoter shareholders, minority shareholders, government-controlled financial institutions, independent directors and executive directors in such a situation of transfer of value; and develop the best possible course of action for the promoters, independent directors and public shareholders, keeping into consideration the principles of corp

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Mohammadi, Pegah, Saeed Fathi, and Ali Kazemi. "Differentiation and financial performance: a meta-analysis." Competitiveness Review: An International Business Journal 29, no. 5 (2019): 573–91. http://dx.doi.org/10.1108/cr-10-2018-0067.

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Purpose The purpose of this study is to meta-analytically compare the effect of differentiation strategy formulation on financial and non-financial performance to explore the agency problem. Design/methodology/approach This study was conducted using a meta-analysis approach and CMA2 software. Hypotheses has been tested using cumulative effect sizes. Then, the cumulative effect sizes if some subsamples are also tested for robustness check by manipulation of circumstances. Findings Based on the findings, differentiation affects performance dimensions. However, spite of shareholders’ wealth maxim

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Efenyumi, Peter-Mario Efesiri, and Gilbert Ogechukwu Nworie. "Tax planning and shareholder wealth maximization among listed banks in Nigeria." International Journal of Financial, Accounting, and Management 7, no. 1 (2025): 91–104. https://doi.org/10.35912/ijfam.v7i1.2756.

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Purpose: This study examines the nexus between tax planning and shareholder wealth maximization among listed banks in Nigeria. The specific objective was to estimate the extent to which the effective tax rate affects the total shareholder return. Method: An ex-post facto research design was adopted on a population of 12 listed deposit money banks in Nigeria. Purposive sampling was used to select a sample size of nine banks. Secondary data for the study were sourced from the annual reports of banks from 2014 to 2023. Cross-sectional, seemingly unrelated regression was carried out to test this h

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Gupta, Hemendra, Shalini Nath Tripathi, and Rashmi Chaudhary. "Delisting dilemma: evaluating the minority shareholder rights at ICICI Securities." Emerald Emerging Markets Case Studies 15, no. 1 (2025): 1–24. https://doi.org/10.1108/eemcs-07-2024-0274.

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Learning outcomes After working through the case and assignment questions, students will be able to understand the following aspects: To analyze the financial performance of ICICI Securities. (Bloom’s level: analyzing, evaluating)To evaluate whether the delisting offer to minority shareholders was justified. (Bloom’s level: evaluating)To critically examine the role of corporate governance in protecting minority shareholders. (Bloom’s level: creating) Case overview/synopsis This case study critically examines the listing and subsequent delisting of ICICI Securities, one of India’s largest broke

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Akbar, Ahsan. "The Role of Corporate Governance Mechanism in Optimizing Firm Performance: A Conceptual Model for Corporate Sector of Pakistan." Journal of Asian Business Strategy 5, no. 6 (2015): 109–15. http://dx.doi.org/10.18488/journal.1006/2015.5.6/1006.6.109.115.

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Corporate governance refers to the processes that govern and direct firm managers to take decisions that are in line with the shareholders goal of wealth maximization. Various studies have been conducted in developing countries including Pakistan to investigate the relationship between corporate governance and firm performance mostly by using the conventional measures of corporate governance. The result of these studies suggests that corporate governance positively and significantly contributes towards firm performance. The aim of this study is to incorporate some important policy measures rel

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Тищенко, А. Г. "Stakeholder theory and development of strategic management accounting of the corporate investment business of a commercial bank." Экономика и предпринимательство, no. 3(128) (May 13, 2021): 1217–21. http://dx.doi.org/10.34925/eip.2021.128.3.244.

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Темой данного исследования является теория стейкхолдеров, ее универсальность для ведения бизнеса любой организации, а также влияние на развитие стратегического управленческого учета кредитной организации. С точки зрения практики данная работа может быть актуальна для подразделений компаний, ответственных за стратегическое планирование, а также инвестиционных аналитиков, консультантов, рейтинговых агентств. В теории - для дискуссии между сторонниками теорий максимизации богатства для акционеров и заинтересованных сторон. The topic of this research is the stakeholder theory, its universal approa

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