Template-Type: ReDIF-Article 1.0 Author-Name: Anuja Sethiya Author-X-Name-First: Anuja Author-X-Name-Last: Sethiya Author-Name: M. Thenmozhi Author-X-Name-First: M. Author-X-Name-Last: Thenmozhi Title: Impact of blockholder promoters on debt financing of Indian firms Abstract: We examine the effect of blockholder promoters on financing decisions of Indian firms. A fixed effect panel analysis of 13,131 observations during the period 2001-2017, confirm that, greater the promoter ownership, less the preference for leverage. However, the impact of promoter ownership on financing decisions varies with the type of blockholders. We find that the moderating effect of state-owned and private-foreign blockholders with promoter ownership is negatively associated with leverage, while family-owned blockholders with promoter ownership is positively associated with leverage. The study finds that the significance of agency cost II varies with the identity of blockholder promoters. Journal: Int. J. of Corporate Governance Pages: 1-22 Issue: 1 Volume: 11 Year: 2020 Keywords: promoter ownership; leverage; blockholder; state-owned; private-Indian; family-owned; private-foreign; agency cost. File-URL: http://www.inderscience.com/link.php?id=107393 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijcgov:v:11:y:2020:i:1:p:1-22 Template-Type: ReDIF-Article 1.0 Author-Name: Bhawana Jain Author-X-Name-First: Bhawana Author-X-Name-Last: Jain Author-Name: Sangeetha Gunasekar Author-X-Name-First: Sangeetha Author-X-Name-Last: Gunasekar Author-Name: P. Balasubramanian Author-X-Name-First: P. Author-X-Name-Last: Balasubramanian Title: Capital contribution, insider ownership and firm performance: evidence from Indian IPO firms Abstract: Several studies have explored the nonlinear relationship between insider ownership and post-IPO firm performance, whereas the inter-relationship among pre-IPO cash contribution, insider ownership and firm performance has not been investigated. Our study attempts to do so for an emerging economy, India using panel data of 199 IPO firms for the sample period of 2007 to 2018. Results indicate that there is a nonlinear relationship between insider ownership and post-IPO firm performance with lower ownership levels indicating positive impact and higher ownership levels indicating negative impact. Further, the study finds that pre-IPO cash contribution of owners has a long-term increasing negative impact, though these results significantly differ across varying levels of insider ownership. The study controls for endogeneity in the variables. Journal: Int. J. of Corporate Governance Pages: 23-46 Issue: 1 Volume: 11 Year: 2020 Keywords: initial public offering; IPO; insider ownership; capital contribution; firm performance; promoter ownership. File-URL: http://www.inderscience.com/link.php?id=107404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijcgov:v:11:y:2020:i:1:p:23-46 Template-Type: ReDIF-Article 1.0 Author-Name: Saidatou Dicko Author-X-Name-First: Saidatou Author-X-Name-Last: Dicko Title: Does ownership structure influence the relationship between firms' political connections and financial performance? Abstract: The main aim of our study is to learn whether ownership structure moderates the relationship between firms' political connections and financial performance. After investigating the S%P/TSX Composite Index of Canadians companies for the 2010 to 2015 period inclusive, we conclude that on a long-term basis (six years of analysis), firms' political connections have a positive and significant effect on financial performance (when measured by ROA and Tobin's Q), ownership concentration does not significantly influence financial performance indicators, and more important, ownership structure does not mediate or moderate the relationship between political connections and firm financial performance. However, firms are less profitable when politically connected through their executive members. Journal: Int. J. of Corporate Governance Pages: 47-75 Issue: 1 Volume: 11 Year: 2020 Keywords: political connections; companies; financial performance; firm; ownership structure; S%P/TSX. File-URL: http://www.inderscience.com/link.php?id=107405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijcgov:v:11:y:2020:i:1:p:47-75 Template-Type: ReDIF-Article 1.0 Author-Name: Shivan Sarpal Author-X-Name-First: Shivan Author-X-Name-Last: Sarpal Title: Testing the demand for monitoring and advisory roles of independent directors: a case of Indian corporate boards Abstract: Research on Indian corporate governance has been largely relied on the monitoring role of corporate boards and thus, is devoid of another important role, i.e., advisory role performed by them. The present analysis makes an endeavour to fill the research gap of testing simultaneously the relevance of monitoring and advisory roles of corporate boards by specifically focusing on investigating the linkages between several firm specific factors (firm complexity, monitoring and advising costs, private benefits, CEO influence) and board independence. Overall the analysis maintains that board independence is significantly determined by the level of firm complexity and private benefits in the directions consistent with the past literature. However, the findings of monitoring and advising costs, and CEO influence hypotheses are opposite to the expectations derived from the concerned literature. These variations can be attributed to unique environment and different institutional contexts under which the firms are operated. Journal: Int. J. of Corporate Governance Pages: 76-107 Issue: 1 Volume: 11 Year: 2020 Keywords: board independence; firm complexity; costs of monitoring and advising; private benefits; CEO influence; firm size; corporate governance; Indian context; small firms; large firms. File-URL: http://www.inderscience.com/link.php?id=107406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijcgov:v:11:y:2020:i:1:p:76-107 Template-Type: ReDIF-Article 1.0 Author-Name: Bee Wah Ooi Author-X-Name-First: Bee Wah Author-X-Name-Last: Ooi Author-Name: David G. Mayes Author-X-Name-First: David G. Author-X-Name-Last: Mayes Author-Name: Dan Dhaliwal Author-X-Name-First: Dan Author-X-Name-Last: Dhaliwal Author-Name: Philip Shane Author-X-Name-First: Philip Author-X-Name-Last: Shane Title: Mandatory financial reporting frequency and market efficiency: evidence from Malaysia Abstract: Effective corporate governance and protection of shareholder's rights necessitate timely disclosure of value-relevant information about the operations and financial position of firms with publicly-traded securities. This study examines whether regulations increasing the frequency of firms' periodic financial reports improves the information environment and accelerates price discovery in capital markets. Using a difference-in-differences research design, the study produces results showing post-regulation improvement in stock market efficiency. The findings contribute to the body of literature concerned with corporate governance, financial disclosure, and regulation of the flow of information from firms to investors and other stakeholders. The results have implications for policy makers in other emerging countries debating the pros and cons of quarterly financial reporting by firms raising capital in public markets. Journal: Int. J. of Corporate Governance Pages: 109-128 Issue: 2 Volume: 11 Year: 2020 Keywords: legal reform; reporting frequency; difference-in-differences; market efficiency; transparency; information content and timeliness; Malaysia. File-URL: http://www.inderscience.com/link.php?id=110148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijcgov:v:11:y:2020:i:2:p:109-128 Template-Type: ReDIF-Article 1.0 Author-Name: Ajaz Ul Islam Author-X-Name-First: Ajaz Ul Author-X-Name-Last: Islam Author-Name: Sanjay Kumar Mishra Author-X-Name-First: Sanjay Kumar Author-X-Name-Last: Mishra Author-Name: Vikas Srivastava Author-X-Name-First: Vikas Author-X-Name-Last: Srivastava Title: Predicting the threat of shareholder activism among Indian firms: development and application of shareholder activism prediction model Abstract: Investigating voting strategies of mutual fund companies, the study developed shareholder activism prediction model (SAPM). Binary panel probit model was used to test the hypothesised model on a sample of firms subjected to shareholder activism (SA) during the period of 2008-2009 to 2014-2015 in India. The SAPM model was found to be adequate. Specifically, governance, related party transactions, remuneration and corporate social responsibility related specific demands were found to significantly predict the probability of threat of SA faced by the sample firms. Subsequently, SAPM model was applied to predict the probability of threat of SA for a sample of S%P BSE 500 companies in India. The findings were utilised to predict the probability that at least one firm in the industry will be subjected to SA for the period FY 2013-2014 to 2015-2016. The predictive accuracy of the model was tested using the observed data for the same period. The findings of binary panel logit model validated the robustness of SAPM. Journal: Int. J. of Corporate Governance Pages: 129-151 Issue: 2 Volume: 11 Year: 2020 Keywords: shareholder activism; corporate governance; panel probit; mutual fund; voting; related party transactions; RPTs; emerging market; India; corporate social responsibility; audit quality. File-URL: http://www.inderscience.com/link.php?id=110149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijcgov:v:11:y:2020:i:2:p:129-151 Template-Type: ReDIF-Article 1.0 Author-Name: Nooraisah Katmon Author-X-Name-First: Nooraisah Author-X-Name-Last: Katmon Author-Name: Omar Al Farooque Author-X-Name-First: Omar Al Author-X-Name-Last: Farooque Title: Board independence and disclosure quality of the UK Investor Relation Magazine Award winning public firms: a matched-pair analysis Abstract: We examine the interactions between board independence and disclosure quality for the UK Investor Relation Magazine Award (IRMA) winning firms being experimental sample (170 firms), and control sample of non-winning firms (170 firms) during the years from 2005-2008. We provide strong evidence of positive reciprocal relationships between board independence and disclosure quality after controlling for a set of internal and external governance variables. We further document complementary effects of some internal and external governance variables on disclosure quality. With regard to matched-pair sample we find little difference between IRMA winning and non-winning firms in terms of their disclosure quality and governance practices, except higher (lower) coefficient value and stronger (smaller) effect of board independence (disclosure quality) on disclosure quality (board independence) for former firms than latter firms. These findings have policy implications for companies to take appropriate strategies in firms' governance and disclosure settings since these variables are able to enhance the monitoring effects and reputational value of the firms. Our results also provide additional insight on the conflicting and inconclusive findings in corporate governance and disclosure quality researches that has been plagued by endogeneity and causality issues. Journal: Int. J. of Corporate Governance Pages: 152-201 Issue: 2 Volume: 11 Year: 2020 Keywords: board independence; Investor Relation Magazine Award; IRMA; disclosure quality; UK. File-URL: http://www.inderscience.com/link.php?id=110150 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijcgov:v:11:y:2020:i:2:p:152-201 Template-Type: ReDIF-Article 1.0 Author-Name: Miriam Aziz Author-X-Name-First: Miriam Author-X-Name-Last: Aziz Author-Name: Charbel Salloum Author-X-Name-First: Charbel Author-X-Name-Last: Salloum Author-Name: Laura Salloum Author-X-Name-First: Laura Author-X-Name-Last: Salloum Author-Name: Ruba Younes Mhanna Author-X-Name-First: Ruba Younes Author-X-Name-Last: Mhanna Author-Name: Quentin Lefebvre Author-X-Name-First: Quentin Author-X-Name-Last: Lefebvre Author-Name: Nicolas Badaoui Author-X-Name-First: Nicolas Author-X-Name-Last: Badaoui Title: Women's leadership, performance and governance in Lebanese microfinance institutions Abstract: The aim of this study is to analyse the relationship between women's leadership, performance and governance in Lebanese microfinance institutions (MFIs). The microfinance industry serves to highlight the significant relationship between women's leadership, performance and governance. The purpose of this study is to understand the effect of women's leadership on the governance and performance of MFIs due to their oriented mission toward women and poor families, their entrepreneurial nature and the high percentage of women leaders within the institutions. Using a regression analysis among a convenient sample of 51 MFIs over three years that contains 105 observations, our results suggest that CEO duality is more common when women occupy leadership positions, and there are fewer board meetings. Moreover, financial performance and governance are perhaps jointly related, although the correlation table does not show evidence of such a relationship in the case of MFIs. Our study provides important insights regarding women's leadership practices in Lebanon and more importantly, helps us to understand how entrepreneurial nature could lead to better governance. Journal: Int. J. of Corporate Governance Pages: 202-221 Issue: 2 Volume: 11 Year: 2020 Keywords: women's leadership; financial performance; corporate governance; microfinance institutions; MFIs. File-URL: http://www.inderscience.com/link.php?id=110151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijcgov:v:11:y:2020:i:2:p:202-221