Corporate Ownership Research Articles

The godly girlboss

ABSTRACT Network marketing has seen no shortage of criticism, but its capital gain for corporate owners and top-tier sellers has remained consistent. In this article, we focus attention on the strategies from which this success emerges. Because the discourses which circulate in these spaces serve to uphold multiple oppressive systems at once and do so under the guise of a seemingly progressive feminism, we see import in demystifying their trends. By analysing brand materials of hair care and wellness company, Monat, as well as the prominent social media presence of some of its most affluent ‘biz and beauty mentors’, we argue that neoliberal feminism and Christian femininity are both demonstrated and reified through the figure of the online influencer we call the ‘godly girlboss’. By exploring how the company’s top sellers integrate messages of religion, beauty, wealth, and wellness, we argue that their rhetoric functions not only to help them sell shampoo, but also to engender investment in a specific white, Christian, feminine lifestyle. In this way, their social media influence operates not only as a capitalist tool, but a political one.

Kurumsal Sahiplik, Tahakkuklar ve Muhasebe Zararları Tazmininin Vergiden Kaçınma Üzerindeki Etkisi (The Effect of Corporate Ownership, Accruals, and Accounting Loss Compensation on Tax Avoidance)

Amaç-Bu çalışmanın amacı; Borsa İstanbul (BIST) Holding ve Yatırım Şirketleri (XHOLD)’nin verilerine dayanarak ilgili şirketlerin kurumsal sahiplik yapıları, tahakkukları (muhafazakârlık) ve muhasebe zararlarını tazminlerinin vergiden kaçınma üzerindeki etkisini araştırmaktır.Yöntem -Araştırma amacı doğrultusunda ilgili endekste yer alan 50 işletmeden verilerine eksiksiz bir şekilde ulaşılan 40 işletme araştırmaya dâhil edilerek 2011-2022 yılları arasında ilgili işletmeverileri Kamuyu Aydınlatma Platformu (KAP)’nda yer alan ve bağımsız denetimden geçmiş olan güvenilir mali tablolardan elde edilmiş panel veri analizi yöntemiyle analize tabi tutulmuştur.Bulgular-Araştırma sonuçlarına göre muhasebe zararları tazmininin vergiden kaçınma üzerindeki etkisi pozitif, tahakkuklar yani muhasebe muhafazakârlığının vergiden kaçınma üzerindeki etkisi ise negatif yönlüdür. Ancak kurumsal sahipliğin vergiden kaçınma üzerinde herhangi bir etkisi tespit edilememiştir.Tartışma-Vergiden kaçınmanın yasal ve ahlaki boyutu literatürde bir tartışma konusu iken, işletmelerin vergiden kaçınma faaliyetleri yerine şeffaf ve dürüst raporlama yapmanın kamuoyu nezdinde daha olumlu, kamu otoritesinin de vergiden kaçınmaya yönelik kanun boşluklarını yeniden gözden geçirmesinin ise daha yararlı bir faaliyet olacağı ifade edilebilir.

Corporate Governance and Ownership Structure Effect on Corporate Social Performance: Evidence from Non-Financial Industries of Pakistan

This paper will examine the diversified associations between corporate governance and ownership structure impact on corporate social performance in dissimilar industries across Pakistan non-financial. The OLS models regression are estimation to using data from 2011 to 2020, that the non-financial industries of Pakistan. Corporate governance including board independence (BINDP), board size (BSIZE), and audit size and committee (A&COM), and structure ownership including, ownership managerial (MOWN), ownership family (FOWN), and ownership concentration (COWN), inspires of organizations corporate social performance with environmental and social risk market capitalization. Generally, the outcomes significant of ownership structure and corporate governance is recognized in industries of non-financial different at a joint level while examines the organizations with a risk whole risk market capitalization disclosure. That suggest to identifying the ownership structure and corporate governance can risk mitigate the market capitalization disclosure non-financial industries in term of correlation the corporate social performance improving and the developed the benefits with the calculation of identical female director in women on board and family ownership organizations (independent or executive) to the panel. This study also demand consideration to the corporate governance and improve structure ownership to enhance the corporate social responsibility in industries non-financial with market risk capitalization analysis, whereas risk control performance of industries analysis after complement by critical mass and independent directors properties.

The Role of Corporate Social Responsibility, Ownership Structure, and Gender Diversity in Firm Performance

Corporate social responsibility (CSR) is now at the heart of corporate sustainability, and as such should have a significant impact on firm performance. However, the ownership structure (OS) is one element in the inner functioning of corporate governance (CG). Further, diversity by gender is one of the variables affecting FP. This paper examines the impact of CSR, ownership structure and gender diversity on FP. That is, we use panel data from non-financial firms in South Asian economies. Data for the years 2010-2022 are drawn from players 'DataStream. We use fixed effect, GMM (generalized method of moments) analysis and propensity score matching to study the data. However, we discover CSR and ownership concentration as well as institutional ownership and gender diversity have positive impacts on FP. study provides the policy implications for both investors and firms. As FP increases with more CSR activities, investors prefer to invest in firms that are more socially connected. Firms should provide more chances to the women on the board to improve performance. Further, ownership structure helps to overcome agency costs, therefore, investors are more attracted to provide funds to the firms that have a higher share of concentrated and institutional ownership.

Assessing the risk of profit shifting among the suppliers to Danish municipalities

PurposeAn increasing number of Danish municipalities wish to minimize tax avoidance due to profit shifting in their public procurement. To facilitate this effort, this study aims to develop a firm-level indicator to assess the potential risk of profit shifting (PS-risk) from Danish subsidiaries of multinational corporations to subsidiaries in low-tax jurisdictions.Design/methodology/approachDrawing from previous research, PS-risk is assumed to depend on the maximum difference in the effective corporate tax rate between the Danish subsidiary and other subsidiaries under the global ultimate owner, in conjunction with the tax regulations relevant to profit shifting. The top 400 contractors in Danish municipalities from 2017 to 2019 are identified and their relative PS-risk is estimated by combining information about corporate ownership structure with country-specific information on corporate tax rates, tax regulations and profit shifting from three independent data sets.FindingsThe PS-risk estimates are highly significantly positively correlated across the data sets and show that 17%–23% of the total procurement sum of the Danish municipalities has been spent on contracts with corporations having a medium to high PS-risk. On average, PS-risk is highest for large non-Scandinavian multinational contractors in sectors such as construction, health and information processing.Social implicationsDanish public procurers may use the indicator to screen potential suppliers and, if procurement regulations permit, to ensure high-PS-risk bidders document their tax practices.Originality/valueThe PS-risk indicator is novel, and to the best of the authors’ knowledge, the analysis provides the first estimate of PS-risk in Danish public procurement.

Do hometown CEOs treat their employees better? Evidence from China

AbstractEmployees are the most fundamental stakeholders in business operations, and safeguarding their rights and interests is an important manifestation of a firm's level of social responsibility. Little research has addressed whether hometown CEOs can affect employee‐related CSR (E‐CSR) and how the corporate ownership and regional economic development would moderate such an impact. Using an informal institutional perspective, we extend the literature on CEO characteristics by exploring the factors leading to employee welfare. Analysing a panel dataset of 1018 firms from Chinese A‐share listed companies between 2008 and 2020, we find a positive relationship between hometown identity and E‐CSR. Further research indicates that the effect is more pronounced in state‐owned enterprises and underdeveloped areas. Against the backdrop of weak labour protection in China's labour market, we contribute to research on informal institutions and employee benefits in pursuing harmonious labour relations.

The hukou system and wage gap between urban and rural migrant workers in China: A meta‐analysis

AbstractThis study involved a meta‐analysis of 506 estimates extracted from 75 studies to estimate the effect size of rural household registration (hukou) on wage levels. Our meta‐synthesis results indicated that the negative effect of rural hukou on wages is statistically significant; however, the effect size remains small in terms of the partial correlation coefficient. The results of the meta‐regression analysis and test for publication selection bias indicated that the differences in the wage effect of hukou among genders, corporate ownership sectors, and periods are insignificant. We also found that publication selection bias is unlikely, and genuine evidence exists in the literature.

선택적 CSR과 외부주주의 감시에 대한 연구

Purpose – This study seeks to explore the impact of outside shareholders on CSR, and discuss how outside shareholders interact with corporate ownership structure to affect CSR. Design/Methodology/Approach – Using longitudinal data from 297 publicly listed companies in Korean large business groups, the study examined the direct and interaction effects of outside shareholders and corporate ownership structure on CSR. It focused on the impact of institutional stockholders holding 5% or more of the equity shares and foreign investors on corporate governance. Findings – While institutional investors do not significantly affect CSR, foreign investors have a positive impact and moderate the effects of corporate ownership structure on CSR. They respectively moderate the positive impact of controlling shareholder ownership and the negative impact of control-ownership disparity on CSR. These findings suggest that foreign investors play a role as independent monitors in aligning corporate governance with CSR objectives in large Korean business groups. Research Implications – The findings highlight the possibility of CSR being exploited for private benefits by controlling shareholders without effective corporate governance. This study emphasizes the need for monitoring and balanced oversight in reducing conflicts over CSR, suggesting the importance of outside shareholder engagement in corporate governance. It posits that outside shareholders, particularly foreign investors, are instrumental in fostering responsible corporate governance and CSR practices.

Peranan Notaris dalam Kepastian Hukum Prinsip Pemilik Manfaat (Beneficial Ownership) Berdasarkan Permenkumham Nomor 13 Tahun 2018

The increasingly rapid development of globalization will have good and even bad impacts on social life. This is in line with the process of the birth of a legal entity which confirms the evidence that law involves several stages, and the role of a notary is crucial in the initial stages of forming a legal entity. Beneficial Ownership can be a serious issue in the business world. A beneficial owner is an individual or entity who ultimately owns, controls, or obtains economic benefits from a company or business entity. In Indonesia, BO is regulated in the Minister of Law and Human Rights Regulation (Permenkumham) Number 13 of 2018. The aim of this research is to explain the role of notaries in legal certainty regarding the principle of beneficial ownership based on Permenkumham Number 13 of 2018. The research method uses descriptive , namely research that describes or explains the problems discussed. The results of this research are that based on Government Regulation Number 13 of 2018 concerning the Actual Beneficial Owners of Corporations, this is a regulation that stipulates the obligation to record and report information regarding the beneficial owners of a company. Notaries have the obligation to record information regarding beneficial owners in the deed of establishment of a company. This information includes the name, identification number, address and amount of ownership of the beneficial owner. The role of a notary in the principle of beneficial ownership covers various aspects that support legal certainty and transparency in the ownership of a company or business entity.

Associations between corporate ownership of primary care providers and doctor wellbeing, workload, access, organizational efficiency, and service quality

Traditionally, in many countries general practices have been privately-owned independent small businesses. However, the last three decades has seen the rise of large corporate medical groups defined as private companies which are able to have non-GP shareholders and with branches across many locations. The greater prominence of profit motives may have implications for costs, access to care and quality of care. We estimate that 45% of GPs in Australia worked in a practice that was a private company, and within this group over one third (19.9% of total) worked in a corporate medical group (a private company with 10 or more practice locations). We examine the association between being in a corporate medical group and 19 outcomes classified into five groups: GP wellbeing, workload, patient access, organizational efficiency, and service quality. GPs who worked in such groups were more likely to be older, qualified overseas, and to have a conscientious personality. There was mixed evidence on GPs wellbeing, with GPs in corporate medical groups reporting a higher turnover of GPs but similar levels of job satisfaction. GP workload was similar in terms of hours worked and after hours work but they reported a lower work-life balance. Patient access was better in terms of lower fees charged to patients but there was weak evidence that patients waited longer. GPs in corporate medical groups reported higher organisational efficiency because GPs spent less time spent on administration and management, had more nurses per GP, but despite this GPs were more likely to undertake tasks someone less qualified could do suggesting that nurses were complements not substitutes. There were no differences in service quality (teaching, patient complaints, consultation length, patients seen per hour). Corporate medical groups have become a substantial part of primary care provision in Australia. There is evidence they are more efficient, patient access is better with lower out of pocket costs and there are no differences in our measures service quality, but concerns remain about GP's wellbeing and work-life balance. Further research is needed on continuity of care and patient reported experiences and health outcomes.

Ownership structure and climate-related corporate reporting

ABSTRACT We investigate the impacts of various types of corporate ownership structures (i.e. institutional, government, and managerial ownership) on climate-related corporate reporting as reflected in the levels of voluntary carbon disclosure. Using a sample of S&P 500 companies from 2015 to 2020 across both environmentally sensitive and non-environmentally sensitive industries, we find that diverse ownership structures have distinct impacts and preferences in corporate carbon disclosure. Specifically, government ownership is likely to promote transparency of carbon information. In contrast, the ownership held by institutional investors (total, short-term, and long-term), managers (i.e. CEOs, directors), and block-holders are negatively associated with the proactive greenhouse gas disclosure. We also find evidence that climate governance quality plays a positive moderating role in the relationship between two ownership types (i.e. long-term institutional investors and block-holder) and a firm’s climate-related corporate reporting. Our findings offer some practical insights for managers, regulators, and policymakers to focus on the configuration of corporate ownership in the context of improving green practices.

Enhancing the corporate social & environmental responsibility of Chinese energy enterprises: A view from the role of management compensation incentive

Energy enterprises are an important basis for ensuring national energy security and economic development, and their social responsibility is closely related to addressing environmental concerns such as over-exploitation of resources and excessive discharge of pollution. The casual effects of management compensation incentives on corporate social & environmental responsibility are explored based on the panel data of Chinese energy enterprises from 2010 to 2021 using the instrumental variable estimation method. The results indicate that management salary incentives can significantly promote the implementation of corporate social responsibility and environmental responsibility, while the proportion of management shareholding will reduce corporate social responsibility (CSR) and environmental responsibility (CER) activities. In addition, there are obvious industry differences and corporate ownership differences in the effects of management compensation incentives on CSR and CER. The negative impact of equity incentives on CSR and CER is even more pronounced in the electricity and environmental industry, and salary incentives have a greater positive effect on CSR for state-owned enterprises. The study shows that enterprises should focus on the salary incentive of managers and appropriately reduce their shareholding. The government should pay attention to the development of state-owned energy enterprises, and limit the shareholding ratio of management through policies and other incentive systems.

The Effect of Corporate Governance, Leverage and External Audit Quality on Profit Management in Companies Listed on the Idx In 2018-2022

Management, as well as those responsible for all company operational activities, can use their authority to influence financial reports. This research aims to analyze and determine the influence of Corporate Governance, Ownership Structure, Leverage and External Audit Quality on Profit Management in Companies Listed on the Indonesia Stock Exchange (IDX ) in 2018 - 2022. The type of research used is quantitative descriptive. This research uses secondary data from financial reports with documentation techniques. The population in this research are companies listed on the Indonesia Stock Exchange (IDX ) in 2018 - 2022. The sample was determined using the purpose sampling method, so there were 36 (thirty-six) companies studied that met the requirements. Hypothesis testing uses the SEM-PLS (Structural Equation Model – Partial Least Square) program. The research results show that Corporate Governance has a significant influence on Leverage and Profit Management, while others do not. However, leverage does not influence earnings management. Corporate governance significantly influences earnings management, and audit quality does not affect earnings management.

Heterogeneous environmental consciousness, carbon permit adoption, and endogenous growth: A case of China

Motivated by low participation rate in China’s pilot Emission Trading Schemes (ETS), yet there being ample empirical evidence of carbon permit activities having an impact on firms’ technological innovation choice, we develop a novel endogenous growth model with carbon accumulation where both the green behaviors of non-corporate individuals and carbon permit adoption choice of corporate owners are influenced by heterogeneous environmental consciousness. Calibrated for China based on ETS price data, we examine the impacts of both long-run policy experiments and short-run cyclicality associated with carbon permit prices. we find that long-term greater ETS trading affordability would incentivize more firms to participate and bring about a reduction in carbon ratio, though it is still largely bounded by the conventional environment-growth trade-off that it requires supplementing it with other policies. In the short run, we find that higher carbon permit trading price would be procyclical to economic expansion but at the cost of environmental degradation too. In combination, this presents a policy dilemma: while improving ETS trading affordability is a long-run policy priority in China, in the short-run, absent fundamental changes, the procyclicality between carbon permit price and economic growth would serve as counteracting forces to this.

International Laws and The Reality: The Complexity of Corporate Law in Empowering Human Rights

Corporations inevitably violate human rights in a variety of ways. As corporations evolved into massive multinational businesses, corporate violence—which is a legacy of colonialism and corporate power—continues to exist today. Corporate players maintain their freedom in pursuing their objectives using convoluted and obscure multinational organizations and supply networks, through the utilization of corporate law principles like the veil of corporate ownership, and also through other practices like tax evasion and lobbying of political bodies. The objective of this article is to explore the legal aspects of the problem of corporate violence, and suggesting reforms to ensure justice for the affected parties. This article uses the doctrinal research method along with the comparative method, focusing on both primary and secondary data. This article makes the case that the issue stems from the structural and systemic flaws in the framework of international law as well as in corporate laws that continually preserve corporate institutions in frustrating the advancement of the cause for human rights. To effectively enhance the corporate and human rights environment, a framework of hard law, soft law, and non-law reforms and actions is needed.

The Effect Of Corporate Board And Ownership Structure On Financial Performance

The study aims to investigate the effect of corporate board and ownership structure on company financial performance during the COVID-19 pandemic, focusing on industries highly affected in Indonesia and Singapore. Using quantitative methods, such as Multiple Linear Regression and considering firm size as a control variable, the study selected a sample through purposive sampling from the listed companies on IDX and SGX. It analysed secondary data from their annual reports between 2018 and 2020. The results show that the board size, board meetings, and managerial ownership positively and significantly affect the company's financial performance in the COVID-19 period. In Indonesia, board size and meetings positively affect a company's financial performance. In Singapore, institutional ownership and managerial ownership have a positive significance on corporate financial performance. Firm size significantly impacts company financial performance for countries in general and Indonesia, while Singapore has the opposite result.

Venture governance, CEO duality, and new venture performance

AbstractResearch summaryHow a new venture improves performance when facing both principal and agency problems is an important yet understudied question. This study examines the effectiveness of CEO duality in mitigating the principal problem and enhancing entrepreneurial success. By granting more power to CEOs, CEO duality can alleviate the principal problem; however, CEO duality may simultaneously exacerbate CEOs' agency problems. Using manually collected panel data on 1403 newly established U.S. commercial banks, we find a positive relationship between CEO duality and new venture performance. The CEO duality–new venture performance relationship strengthens when CEOs are also founders of their firms and weakens when the share of corporate ownership reflects heavy investment by incumbent firms. Our findings highlight that venture governance needs to address principal and agency problems simultaneously.Managerial summaryLarge corporations typically face agency problems due to the separation of ownership and control such that managers do not act in the best interests of owners. New ventures tend to experience fewer agency problems because owners/principals are also likely to be managers/agents. New ventures often face severe principal problems due to directors' potential conflict of interests such as investments in rival companies. Our study suggests that new ventures can mitigate principal problems by appointing a CEO as the chair of the board of directors. Our longitudinal analysis of new U.S. commercial banks finds that this dual CEO‐chair structure leads to better performance. This relationship strengthens in the case of founder‐CEOs and weakens among new banks co‐founded by other large bank holding companies.

The impact of firm characteristics on dividends in Jordan: Institutional ownership as moderating variable

The objective of this research was to look at how firm attributes like age, size, as well as profitability affected the number of dividends paid. It also looked at how institutional ownership affected the connection between all these corporate characteristics as well as dividend payments as a moderating factor. A sample of forty publicly traded industrial businesses that were listed between 2016 and 2020 on the stock exchange in Amman were included in the research. The research analyzed the variables utilizing acceptable descriptive statistical techniques and used a model of multiple regression to test its predictions. The study's conclusions demonstrated that a company's size, years of existence, and income all positively affect dividend payments. Additionally, it found that corporate ownership had a strong correlation with dividend influence, as did both firm size as well as profitability. On the other hand, it discovered a negative correlation between the age of the firm as well as institutional ownership in terms of dividend effect. The research concludes with a proposal that Jordanian industrial enterprises should take size, years of operation, and profitability into account when determining how much dividend to pay out, acknowledging their important roles as well as effects on dividend distribution.

R&D Partner Diversity, Ambidextrous Learning, and Innovation Quality of Firms

R&D partner diversity (RPD) is crucial for enhancing a firm’s innovation level, with innovation quality being a pivotal indicator of the firm’s overall capacity for innovation. However, the relationship between RPD and innovation quality has received little attention in the literature. This paper aims to unravel the influence of RPD on innovation quality and the underlying mechanisms. We conduct empirical research utilizing data from 463 publicly listed Chinese manufacturing companies to achieve this goal. Using a negative binomial model for data analysis, we find that RPD has a positive impact on the quality of innovation. The micromechanism analysis reveals that both exploratory learning and exploitative learning play a mediating role in the relationship between RPD and innovation quality. Furthermore, we discover that the strength of the relationship between RPD and innovation quality varies depending on the types of R&D partners and corporate ownership. Specifically, firms that collaborate with universities, competitors, users, or research institutes strengthen the positive effect, whereas forming alliances with other entities within the same group mitigates it. RPD has a more significant positive influence on the quality of innovation in non‐state‐owned enterprises compared to state‐owned enterprises. These findings are robust to a battery of sensitivity tests, which provide valuable insights for firms seeking to enhance their innovation quality by fostering diverse R&D partnerships.

Editorial: Corporate governance research

This issue of the journal Corporate Ownership and Control is composed of papers that contribute new ideas to the major issues of corporate governance such as board of directors, CEO practices, firm performance, ownership, auditing, ESG, and other related issues. Scholars from many countries of the world are authors of these papers. They represent the USA, Italy, India, Egypt, Canada, China, etc. Some of the aspects of the topics studied in mentioned papers were explored in the academic literature previously; for example, there are many studies on ESG practices (Kalyani & Mondal, 2024; De Silva et al., 2024; Lobe & Halbritter, 2023; Veltri et al., 2023; Tenuta & Cambrea, 2022; Srivastava & Anand, 2023; Tenuta et al., 2022).