1,720,963 research outputs found
Family firms, expropriation and firm value : Evidence from Malaysia / Liew Chee Yoong
Full text linkThe primary objective of this study is to examine whether minority shareholder expropriation in Malaysian firms occur through related party transactions (RPTs) which are likely to result in expropriation and the domestic banking channel as well as whether it is influence by independent directors’ tenure. An analysis is made on whether this expropriation is stronger in family firms compared to non-family firms. Furthermore, an assessment is also made whether there is a positive moderating effect of controlling shareholders’ ownership on the relationship between related party transactions (RPTs) which are likely to result in expropriation, independent directors’ tenure and the number of domestic banks that the firm engages with, and firm value in Malaysian firms. Further analysis is also made on whether this positive moderating effect (if any) is stronger in family firms compared to non-family firms. This research utilises panel data pooled Ordinary Least Square (OLS) regression model and the Fixed Effect Least Square Dummy Variable (LSDV) model for data analysis. In this research, minority shareholder expropriation is found in both family and non-family firms. However, minority shareholder expropriation through RPTs is found to be stronger in family firms compared to non-family firms. In addition, expropriation due to long tenure of independent directors occur only in family firms in exclusive industries and this expropriation cannot be proven whether it is stronger in family firms or non-family firms. In family firms, corporate reputational effects after the Transmile scandal also help reduce expropriation through the positive moderating effects of controlling shareholders’ ownership. This moderating effects is stronger in family firms compared to non-family firms. Basically, this study shows us that there is a need for the relevant authorities in this country i.e. the Securities Commission (SC) to seriously incorporate minority shareholder protection in future issuance of Codes of Corporate Governance
Family Firms, Banks and Firm Value: Evidence from Malaysia
Full text linkThis paper examines the relationship between the number of domestic banks that the firm engages with and firm value and how this relationship is moderated by ownership concentration at low and very high level on a sample of Malaysian family and non-family firms. We find that there is a significant negative relationship between the number of domestic banks engaged by family firms, operating in industries where these firms do not have absolute monopoly, and firm value. However, there is no evidence that this significant negative firm value effect is stronger in family firms compared to non-family firms. Furthermore, the significant positive moderating effect of ownership concentration on this relationship within family firms in such industries is evident only at low level of ownership concentration. Interestingly, at very high level of ownership concentration, this significant positive moderating effect becomes negative. There is no evidence that these significant moderating effects are stronger in family firms compared to non-family firms. An implication of this research is that there is a need for the capital market regulators to introduce appropriate policies to deter family firms from having a close relationship with domestic banks as well as monitor the number of domestic banks engaged by such firms. There may be policy implications for consideration by the Central Bank of Malaysia as well
Independent Directors’ Tenure, Expropriation, Related Party Transactions, and Firm Value: The Role of Ownership Concentration in Malaysian Publicly Listed Corporations
Full text linkThis chapter analyses the relationship between related party transactions (RPT) and firm value and whether independent directors' tenure (IDT) strengthens or weakens this relationship. Further, it examines ownership concentration's role on this moderating effect of IDT in Malaysian family and non-family corporations. It is found that that IDT weakens the relationship between RPT and firm value. However, ownership concentration strengthens this moderating effect of IDT. Interestingly, family corporations are more likely to show a stronger impact of ownership concentration which we allude to concerns of maintaining reputation. The research results remain after controlling for technology corporations. The findings' have important implications for policy makers, practitioners and regulators, especially in emerging economies globall
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
The moderating effect of firm age on capital structure choices: evidence from emerging markets
No full textThis research analyses how a firm’s age moderates the link between emerging market firm characteristics such as their profitability, firm size, asset tangibility, and their financing decisions (i.e., the level of leverage undertaken by these firms). Our empirical analysis reveals more evidence that firm age, as a firm-specific factor, not only amplifies the negative influence of profitability on leverage but also reinforces the adverse relationship between firm size and leverage. In addition, we also found that firm age weakens the positive relationship between asset tangibility and leverage. This research contributes to the corporate finance, corporate governance and emerging market finance literature by analysing how firm age influences the effects of emerging market firm characteristics. Additionally, this study contributes to the growing literature on the determinants of the gearing of firms, particularly on the role of firm-specific factors in explaining the variation in firms’ leverage. © The Author(s) under exclusive licence to Associazione Amici di Economia e Politica Industriale 2024
The Effectiveness of Strategic Relationship Marketing: Exploring Relationship Quality towards Customer Loyalty
No full textThis study examines customer satisfaction, trust, control mutuality and communication as determinants of relationship quality and customer loyalty in relationship marketing. The study focuses on Malaysian telecommunication industry in the business-to-customer context. The structural equation modelling technique is used to empirically test the proposed hypotheses based on the sample size of 405 customers collected by a questionnaire survey. Trust had the greatest positive influence on relationship quality, followed by satisfaction. Subsequently, there was no significant effect of control mutuality and communication on relationship quality. Customer loyalty was significantly affected by relationship quality. The contribution of this paper is twofold. From a theoretical perspective, the social exchange theory is validated and it offers both a conceptual foundation and empirical-based evaluation of customer loyalty through the context of relationship quality. In the practical perspective, the findings proposed useful information to the telecommunication service providers in developing more effective relationship marketing strategies to build better relationship quality and customer loyalty.</jats:p
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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