Corporate Governance, Ownership Structure and Firm Performance : Mediation Models and Dynamic Approaches book cover
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Corporate Governance, Ownership Structure and Firm Performance
Mediation Models and Dynamic Approaches



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ISBN 9781032186849
January 25, 2022 Forthcoming by Routledge
192 Pages 5 B/W Illustrations

 
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Book Description

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

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

This book will be of interest to corporate finance, management, and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues.

Table of Contents

1. Corporate Governance, Ownership Structure and Firm Performance: An Introduction 2. The Ownership Structure and Firm Performance Relationship: A Literature Review 3. Equity Ownership Structure and Firm Performance: Theoretical Framework and Empirical Models 4. Corporate Governance, Ownership Structure and Firm Performance: Data and Estimation Methods 5. The Recursive Model and the Non-Recursive Model: Empirical Estimations and Analysis 6. Discussion of Implications: Ownership Structure, Agency Cost, Corporate Risk-Taking and Firm Performance 7. Corporate Governance, Ownership Structure and Firm Performance: Summary and Conclusions 

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Author(s)

Biography

Dr. Hoang N. Pham is Teaching and Research Associate at Victoria University, Australia.

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