Effect Of Ownership Research Articles

Examining the influence of green transformation on corporate environmental and financial performance: Evidence from Chemical Industries of China

This study aims to investigate the impact of green transformation on the environmental and financial performance of 173 Chinese A-share listed chemical enterprises over the period 2012-2022. We employ fixed-effects model, and found the positive influence of green transformation on both environmental and financial performance. Furthermore, it explores the moderating role of corporate governance strength in enhancing the relationship between green transformation and financial and environmental performance metrics. Findings suggest that robust corporate governance further strengthens this positive nexus for both, but mainly moderates environmental performance. The study also delves into the heterogeneous effects of firm size and ownership, highlighting that larger and state-owned firms benefit more substantially from green transformation initiatives. These insights provide crucial implications for policymakers and managers aiming to optimize both financial and environmental outcomes through green transformation. The study recommends the adoption of green technologies and stronger corporate governance to facilitate a shift from a shareholder-centric to a stakeholder-inclusive perspective, ultimately fostering resource-efficient processes that contribute positively to environmental sustainability.

PENGARUH INVESTMENT DECISION, PROFITABILITY, DAN FAKTOR LAIN TERHADAP FIRM VALUE

The increasing performance of the firm is one of the interests of investors in investing. The value of a firm is reflected in its share price which continues to increase in the long term. The higher the share price, the higher the firm value. The purpose of this study is to obtain empirical evidence about the effect of dividend policy, investment decision, leverage, profitability, firm size, current ratio, managerial ownership, and total assets turnover on firm value. The object of this study are consumer cyclicals and non-cyclicals companies listed on the Indonesia Stock Exchange from year 2020 until year 2022. The selection sample in this study used purposive sampling method with a total 105 data samples used. This study used a multiple regeression in analyzing the data. The results of this study indicate that leverage, profitability, investment decision, and managerial ownership affect firm value. Leverage has a positive effect on firm value, the use of debt as a source of funding can optimize the company's operational activities to obtain the benefits that the company wants to achieve so that it can increase the firm value. Profitability has a positive effect on firm value, high level of profitability will attract investors to invest so that it can increase the firm value. Investment decision has a negative effect on firm value, inappropriate investment decisions can affect the development of a company’s business so that can reduce investor confidence and decrease the firm value. Managerial ownership has a negative effect on firm value, high managerial ownership will make management make decisions only to prosper the interests of management in decision making, so that investors do not have maximum control and decrease the firm value. Meanwhile, the dividend policy, firm size, current ratio, and total assets turnover have no effect on firm value.

The EFFECT OF GROWTH OPPORTUNITY AND OTHER FACTORS ON ACCOUNTING CONSERVATISM

The purpose of this study is to obtain empirical evidence about the effect of institutional ownership, liquidity, growth opportunity, managerial ownership, leverage, and firm size as independent variables on accounting conservatism as the dependent variable. This research uses the market-to-book ratio to measure accounting conservatism. This research uses sample data from companies in the consumer cyclicals and consumer non-cyclicals listed on the Indonesia Stock Exchange (IDX) in 2019-2022. The sample selection in this study used purposive sampling method, resulting in 72 companies that met the criteria and were selected as sample data total 288 data. In testing the hypothesis, this study uses multiple regression method. The result of this study concluded that the independent variable leverage has a positive effect on accounting conservatism, while firm size has a negative effect on accounting conservatism. Meanwhile, the other independent variables institutional ownership, liquidity, growth opportunity and managerial ownership has no affect to accounting conservatism.

Peran Kepemilikan Manajerial Memoderasi Tingkat Hutang, Ukuran Perusahaan, Arus Kas Operasi Terhadap Persistensi Laba

This study uses management ownership as a moderating variable to examine the effects of debt levels, firm size, and operating cash flow on earnings persistence. Quantitative approaches are employed in this study. Up to 80 samples were selected via purposive selection, with the population of this study consisting of industrials sector companies listed on the Indonesia Stock Exchange in 2019–2022. Multiple linear regression analysis models and moderated regression analysis (MRA) were used for the hypothesis testing, with the moderator variables being tested. The results of this research based on partial testing (t test) probability value of the debt level variable is 0.008. The firm size variable is 0.032. The operating cash flow variable is 0.160. The managerial ownership variable is 0.014. The degree of debt and management ownership have an interaction variable of 0.016. The interaction variable between firm size and managerial ownership is 0.010. Additionally, managerial ownership and operating cash flow interact with a coefficient of 0.132. Known that debt levels and firm size have positive effect on profit persistence, while operating cash flow has no effect on profit persistence. The moderating effect of managerial ownership can amplify the favorable impact of debt levels on earnings persistence. However, the favorable impact of company size and operating cash flow on earnings persistence cannot be amplified by managerial ownership

Exploring the Interplay of Corporate Governance, Family Ownership, and Shariah Compliance on Firm Efficiency

The contemporary study identified a gap in sympathy for how Shariah compliance and family ownership moderate the impacts of corporate governance and firm efficiency. Therefore, the objective of the investigation of the connection between different facets of corporate governance and business efficiency, with a specific objective, is to investigate the moderating effect of Shariah compliance and family ownership linking corporate governance and firm efficiency. The panel data was taken from the Pakistan Stock Exchange, which had 475 non-financial listed firms from 2014 to 2024. The panel data was analyzed via OLS regression, and various diagnostics assessments were used to estimate and analyze the data precisely. In addition, SEM via SmartPLS was used to evaluate the moderation effect using the bootstrapping method. The results show that audit committees, management ownership, and board independence all significantly increase firm efficiency, but Shariah conformity and family ownership show intricate moderating impacts. The originality of this research resides in its thorough examination of how contextual elements and corporate governance interact to affect company success, offering investors, business executives, and legislators insightful information.

지하공간에서 건설 공사를 위한 법제 고찰

The necessity for construction projects in underground spaces is gradually increasing. Currently, since there is no special law governing underground spaces, the Civil Code is applied. However, the Civil Code does not present a legal concept for underground spaces or deep strata. Therefore, there has been ongoing debate on whether the effect of land ownership under the Civil Code is recognized or excluded in deep strata. The “Deep Strata Act (Draft)” proposed in September 2020 mainly stipulates that when constructing or managing transportation facilities in deep strata, it is permissible to use the deep strata underground, and in such cases, compensation for the land as prescribed by the “Land Compensation Act” is not required, nor is it necessary to establish a separate superficies under the Civil Code. This premise implies that ownership rights do not extend below the boundary depth. However, simply limiting private ownership rights for public projects could lead to essential infringements on property rights, which necessitates considering the relationship between ownership and superficies under the Civil Code, as well as compensation for losses, when enacting special laws. Particularly, unlike the Japanese Civil Code, Article 212 of the Korean Civil Code includes an abstract provision of “legitimate interest,” making it difficult to adopt the Japanese Deep Strata Act as is. Under the current legal system, construction projects in deep strata require individual assessments of the scope of ownership, as well as the establishment of separate superficies and compensation for losses. Nevertheless, for the efficiency of construction projects in deep strata, it is believed that not only the enactment of special laws but also a legal review of the Civil Code and other legal principles is necessary.

Conscientiousness on Affective Commitment to Change: The Mediating Role of Psychological Ownership

Based on self-determination theory, this study identified the effect of conscientiousness on the affective commitment to change of lecturers in Indonesian universities. This study empirically examined the uniqueness of conscientiousness which is strongest and most consistently associated with various outcomes. The mediation effect of psychological ownership of lecturers was also examined. A total of 321 responses were analyzed using a two-stage structural equation modeling (SEM) approach to confirm factors and test the study hypotheses. The results showed that the level of conscientiousness had a significant effect on psychological ownership. Conscientiousness had a significant indirect effect on affective commitment to change only through the psychological ownership of the lecturers. These results support the mediating role of lecturers' psychological ownership level in explaining the influence between conscientiousness and the level of affective commitment to change for lecturers.

Determinan Praktik Tax avoidance pada Perusahaan Sektor Consumer non-cyclicals yang Terdaftar di BEI

Taxes are commitments that must be paid so that the government can continue to implement national development planning without causing a direct imbalance for taxpayers. Taxes have two different points of view. From the company’s perspective as a taxpayer, taxes are considered a burden that will reduce net profit. This study is motivated by the decline in tax revenues from the processing industry, losses both globally and in Indonesia due to tax avoidance practices, as well as the phenomenon of companies engaging in tax avoidance. This study analyses the effect of institutional ownership, Capital intensity, and Corporate Social Responsibility disclosure on tax avoidance. This study used a quantitative method with secondary data from financial, annual, and sustainability reports of non-cyclical consumer sector companies listed on the IDX for the 2018-2022 periods. Sampling was carried out using a simple random sampling method with a total sample of 288 company data points. Data were analyzed using descriptive statistical analysis, logistic regression analysis, and hypothesis testing with the help of SPSS 26 software. The results of this study show that institutional ownership and Capital intensity do not affect tax avoidance, while Corporate Social Responsibility disclosure affects tax avoidance.

PENGARUH ENVIRONMENTAL PERFORMANCE, INTELLECTUAL CAPITAL DAN FAKTOR LAINNYA TERHADAP NILAI PERUSAHAAN

The purpose of this research was to dertermine the effect of environmental performance, intellectual capital, tax avoidance, managerial ownership, profitability, and leverage on firm value. In this research, firm value were measured by price to book value (PBV). The population in this study consists of companies in the consumer non-cyclicals, and basic materials sectors listed on the Indonesia Stock Exchange (IDX) from 2020 to 2022. The sample used in this study were 39 companies, and the total data used was 117 data using a purposive sampling method. This research use multiple regression analysis method. The results of this study indicate that intellectual capital, tax avoidance, profitability and leverage have an influence on firm value, while environmental performance and managerial ownership have no effect on firm value.

The Influence of Managerial Ownership, Company Growth and Profitability on Dividend Policy in LQ45 Companies 2019-2021

Dividend policy is a decision about how much of current earnings will be paid out as dividends rather than retained earnings which will then be reinvested in the company. dividend policy can be measured through the dividend payout ratio (DPR). The ratio shows the percentage of the company's earnings that are paid out to shareholders in cash. Companies that have a high DPR and increase from year to year can provide positive signals to investors, because dividend announcements can be used as information by shareholders regarding company performance. This study aims to determine the effect of managerial ownership, company growth, profitability on dividend policy in LQ45 companies 2019-2021. This research is quantitative research. The data used is also secondary data taken from the official website of the Indonesia Stock Exchange in the form of financial reports of LQ45 companies listed on the IDX. Based on the results of data analysis and discussion of the effect of Managerial Ownership, Company Growth, and Profitability on Dividend Policy in LQ45 companies 2019 - 2021, it can be concluded. The managerial ownership variable has no effect on dividend policy as proxied by the dividend payout ratio. The company growth variable affects the dividend policy proxied by the dividend payout ratio. This indicates that any increase or decrease in total assets during the observation period affects the dividend to be distributed to shareholders. The profitability variable has no effect on dividend policy proxied by the dividend payout ratio.

Profitability and Liquidity Moderated The Effect of Managerial Ownership, Institutional Ownership, Free Cash Flow, Growth and Size on Debt Policy

Research Aims: This study aims to determine the effect of managerial ownership, institutional ownership, free cash flow, growth, size with profitability and liquidity as moderating variable in manufacturing sector companies listed on the Indonesia Stock Exchange for the period 2018-2022. Design/methodology/approach: Research was proceed using quantitative methods with secondary data. The sampling method used purposive sampling involving 58 research samples. This research analysis technique employed moderated regression analysis. Research Findings: The results of this study indicated that managerial ownership, institutional ownership, and company growth have no significant effect on debt policy, while free cash flow and company size have a positive effect on debt policy. Then, profitability is able to moderate by weakening the effect of free cash flow and company size on debt policy, and liquidity is able to moderate and strengthen the effect of free cash flow on debt policy. Theoretical Contribution/Originality: This study provides a comprehensive understanding of the complex relationships between managerial ownership, institutional ownership, free cash flow, growth, size, profitability, and liquidity on debt policy. The findings offer valuable insights for policymakers, investors, and corporate managers seeking to optimize their debt policies and financial strategies. Keywords: Debt policy, profitability, liquidity, managerial ownership, institutional ownership, free cash flow, growth, size

The Influence of Managerial Ownership, Company Growth and Profitability on Dividend Policy in LQ45 Companies 2019-2021

Dividend policy is a decision about how much of current earnings will be paid out as dividends rather than retained earnings which will then be reinvested in the company. dividend policy can be measured through the dividend payout ratio (DPR). The ratio shows the percentage of the company's earnings that are paid out to shareholders in cash. Companies that have a high DPR and increase from year to year can provide positive signals to investors, because dividend announcements can be used as information by shareholders regarding company performance. This study aims to determine the effect of managerial ownership, company growth, profitability on dividend policy in LQ45 companies 2019-2021. This research is quantitative research. The data used is also secondary data taken from the official website of the Indonesia Stock Exchange in the form of financial reports of LQ45 companies listed on the IDX. Based on the results of data analysis and discussion of the effect of Managerial Ownership, Company Growth, and Profitability on Dividend Policy in LQ45 companies 2019 - 2021, it can be concluded. The managerial ownership variable has no effect on dividend policy as proxied by the dividend payout ratio. The company growth variable affects the dividend policy proxied by the dividend payout ratio. This indicates that any increase or decrease in total assets during the observation period affects the dividend to be distributed to shareholders. The profitability variable has no effect on dividend policy proxied by the dividend payout ratio.

Analyzing the Effects of Size, Profitability, and Ownership on Corporate Social Responsibility Disclosure

Analyzing the Effects of Size, Profitability, and Ownership on Corporate Social Responsibility Disclosure

Foreign Ownership, Board of Directors, and Environmental Commitment in European International New Ventures

ABSTRACTThis study examines the effect of foreign ownership and the presence of a board of directors on commitment to environmental issues and export intensity. Based on a robust path analysis of 181 international new ventures spanning 25 European countries, it is found that foreign ownership significantly boosts the environmental commitment and exports of this breed of firms. On the contrary, board of directors bears no relationship with the aforementioned outcomes. Theoretically, this paper expands the international entrepreneurship discourse by uncommonly investigating environmental issues in the context of international new ventures. Practically, insights are offered to owners/managers of international new ventures to reflect on the distinctive value of foreign ownership and board of directors in their environmental and internationalization agenda. Regional policymakers' attention is drawn to the contribution of foreign ownership as a harbinger of environmental performance and greater export intensity.

Enhancing placebo analgesia: Unravelling the powerful interplay of ownership and verbal suggestion.

Placebo analgesic research demonstrates pain reduction after using a placebo analgesic. Recent studies have documented that sometimes possessing a placebo analgesic induces placebo analgesia. These prior studies used a 'cream' as the stimulus and proposed that the effect is driven by an expectancy of obtaining benefits from the owned analgesic. This paper examines three pivotal components of placebo analgesia: placebo form, ownership and expectancy induced by verbal suggestion. We investigate analgesic expectancy between cream versus oil form of placebo stimulus and systematically isolate the effects of ownership, verbal suggestion and their interaction, comparing with the effect of use, to decipher the dynamics of placebo analgesia. Study 1 (N = 46) evaluated analgesic expectancy between cream and oil. Study 2 (N = 119) exposed participants to a placebo analgesic oil and randomized them into PU (possess and use), PA (possess and anticipate), P (possess-only) or A (anticipate-only) conditions. Pain outcomes were assessed using a cold pressor test. Comparing PA and P conditions assessed the verbal suggestion effect, comparing PA and A conditions evaluated the possession effect, while comparing PU and PA conditions shed light on the use effect. In Study 1, participants showed comparable analgesic expectancy for cream and oil. In Study 2, both PA and PU groups performed equally well, reporting higher pain threshold, F(3, 115) = 5.14, p = 0.002, = 0.12; and a greater probability of persistent hand submersion than P and A groups, X2(3) = 8.06, p = 0.045. The findings highlight the significance of integrating possession with expectancy to induce placebo analgesia, which has clinical implications. This study delves into the intricate dynamics of placebo analgesia, shedding light on the significant influence of ownership and verbal suggestion. Through a meticulous exploration of the relationship between ownership and expectancy induced by verbal suggestion, we propose novel avenues for enhancing placebo responses. This research has implications for clinical practice and pain management strategies, potentially revolutionizing approaches to pain relief and therapeutic outcomes. Our findings contribute to a paradigm shift in understanding placebo analgesia, emphasizing the pivotal interaction between ownership and verbal suggestion.

Livelihood assets and poverty among fishing households in Bicol Region, Philippines during the COVID-19 pandemic

Research efforts concerning COVID-19 primarily focused on the macro-level impacts of the pandemic on multiple fronts. Less attention was paid to individuals and less still to the socio-economic condition of the poorest sectors. This research addresses this gap by utilizing the theory of change (ToC) of asset ownership to examine the effects of livelihood asset ownership on the poverty status of 200 fisherfolk households in the Bicol Region, Philippines, during the pandemic. The study employed descriptive measures and logistic regression with principal component analysis (PCA) to examine the survey data. Results revealed that ownership of productive assets increased the likelihood of households maintaining the status of nonpoor compared to households who owned less to nothing. Whereas, households with more physical assets were more likely to fall below the poverty line during the pandemic. Defining poverty in terms of livelihood asset ownership has important implications for policymakers. Addressing these evidence gaps enables a nuanced analysis of the socio-economic condition of fishing households during the pandemic. The study suggests that aid organizations and funding agencies should complement grants with efforts that promote asset ownership through capacity-building services like training, mentoring, and providing market links for fishing communities.

Land ownership and nutrition in Nepal

AbstractThis paper provides empirical evidence on the relationship between women's land ownership and nutritional outcomes in Nepal. Using three waves of the Nepal Demographic and Health Survey and employing a bounding technique by Oster, I estimate bounded treatment effects of land ownership. The results show that women's land ownership is associated with a reduction in the incidence of childhood underweight and stunting and an increase in women's body mass index. Additionally, I find the selection on unobservable characteristics has to be larger than the selection on observable characteristics to drive these estimates to zero, suggesting that land ownership credibly improves nutritional outcomes. Furthermore, heterogeneous results show that the negative association between land ownership and childhood nutritional status is more prominent in male children and children from the Brahmin caste. Similarly, the negative relationship between land ownership and underweight in women is more pronounced in women employed in agriculture and rural areas. While I argue that landownership improves nutrition, these estimates are sensitive to the assumptions made.

Do the Risk-averse Firms Confirm Enhanced Firm Value? Exploring the Managerial Ownership’s Moderating Effect

The study aims to investigate the influence of corporate risk and the moderating effect of managerial ownership on the firm value of the Dhaka Stock Exchange listed manufacturing industries in Bangladesh. The study collected data from 144 manufacturing companies under ten industry categories from 2012–2021, where the total number of firm-year observations was 1,310. The study considers operational and liquidity risks to measure corporate risk. The study uses a two-stage-least square (2SLS) model estimation technique to run the multivariate analysis. The study found that firms’ operational risks, liquidity risks, and multiple effects of firms’ risk and managerial ownership significantly influence the firms’ value. It is also evidenced that firms’ size, age, shareholders’ influence, and GDP growth rate have a noteworthy positive influence on firm value. In contrast, no significant effect of the inflation rate on firm value was identified. The practical implications of the current study demonstrated that corporate risk management enhances firm value and must be invigorated for the interest of all stakeholders. Interestingly, there needs to be more research on identifying the impact of corporate risks on firm value from the perspective of manufacturing industries in Bangladesh. The current study is designed to reduce the research gap and enhance the literature. The research has several financial, legal, and social implications for policymakers, practitioners, and other stakeholders.

PERAN MODERASI KONEKSI POLITIK PADA PENGARUH KARAKTERISTIK CEO TERHADAP KINERJA KEUANGAN PERUSAHAAN

Purpose: This study aims to provide empirical evidence of the impact of CEO characteristics (busyness, economic education, ownership) on corporate financial performance with CEO political connections as a moderating variable. Methodology/approach: This research is a quantitative study utilizing secondary data. The sample was taken using purposive sampling method, thereby obtaining data from 352 non-financial companies listed on the IDX during the 2016-2022 time period. The total observations made were 2306. The data was analyzed using multiple regression analysis support by the Stata 14 application. Findings: The regression analysis results indicating CEO economic education has a positive effect on return on asset (ROA). Meanwhile, CEO political connections moderate the positive effect of CEO ownership on corporate financial performance (ROA) and moderate the negative effect of CEO economic education on corporate financial performance (ROA). Practical implications: Companies should consider the characteristics of CEOs in accordance with the company in order to enhance financial performance. In addition, potential CEOs should improve their characteristics to have a positive impact on the corporate financial performance. Originality/value: This research develops a model related to CEO political connections in moderating the influence of CEO characteristics (busyness, economic education, ownership) on company financial performance.

Industrial heterogeneity, governance structure and firm value

AbstractWe examine the impact of corporate governance on firm value by using a unique research approach ‘sector‐wise analyses’ by employing a data set of listed firms in Taiwan. We investigate whether the unique dynamics of each industrial sector could differently affect internal corporate governance (CG) practice. In addition, we investigate the moderating effect of block ownership on the relationships between CG and firm value. Our results show that CG and firm value relationships significantly differ across industrial sectors and conclude that the CG model is not one‐size‐fits‐all for industrial sectors—while observed a significant impact of block ownership as a moderating variable.