Level Of Ownership Research Articles

Determinants of ESG disclosure among listed firms under voluntary and mandatory ESG disclosure regimes in Hong Kong

PurposeThe authors examine the determinants of ESG disclosure and differentiate between voluntary and mandatory disclosure regimes in Hong Kong.Design/methodology/approachThe authors analyse both Bloomberg ESG scores and a disclosure index score, manually constructed according to the 2019 Hong Kong Exchange ESG Guide using regression tests.FindingsThe results indicate that the level of concentrated ownership is negatively associated with the quantity of ESG disclosure only in the voluntary disclosure period, suggesting that agency problems are alleviated when ESG reporting is mandatory. The findings also show that larger firms significantly disclose higher levels of ESG information in both voluntary and mandatory disclosure periods. Furthermore, the extent of ESG disclosure significantly increases when firms' sustainability reports are audited by Big 4 accounting firms only in the voluntary disclosure period. Finally, the control variables are significantly related to the level of ESG disclosure showing that ESG disclosure increased over time and is significantly different among industries.OriginalityThe authors make contributions to the literature on non-financial disclosure in relation to ESG reporting by examining the relationship between firm characteristics and ESG disclosure in the Hong Kong context under both voluntary and mandatory disclosure regimes. This study also provides important implications for other stock markets and relevant stakeholders including preparers, users and the sustainability profession.

Inclusive leadership can improve nurses' psychological ownership and reduce their turnover intention under the normalization of COVID-19 prevention.

The COVID-19 pandemic continues to impact people's lives and professions worldwide. Chinese nurses face immense work pressure under the normalization of COVID-19 prevention and control, resulting in greater turnover intention. It is, therefore, crucial to study the mechanisms that influence the turnover intention of nurses in this situation. Many studies have examined the impact of leadership style on nurses' turnover intention; however, few researchers have investigated this influence during the COVID-19 pandemic. Based on the leader-member exchange theory, this study empirically studied the effect of inclusive leadership on turnover intention of nurses under the normalization of COVID-19 prevention and control in China, while assessing the mediating role of psychological ownership. Cross-sectional study with multi-center data. Two thousand, two hundred ninety-nine registered nurses from 17 hospitals in China were recruited from January to March, 2022, under the normalization of COVID-19 prevention and control in China. A demographic questionnaire and scales of inclusive leadership, psychological ownership, and turnover intention integrated into an online survey were sent to registered nurses of different hospitals. Maximum likelihood structural equation modeling (ML-SEM) was used to analyze data. Independent variable inclusive leadership has a significant effect on the overall turnover intention of nurses, p < 0.001. The direct effect path coefficient from inclusive leadership to psychological ownership is significant, p < 0.001. The direct effect path coefficient from psychological ownership to turnover intention is significant, p < 0.001. The indirect effect path coefficient from inclusive leadership to turnover intention is significant, p < 0.001. Psychological anxiety, burnout, turnover intention, and even suicidal thoughts were the main symptoms of Chinese nurses under the normalization of COVID-19 prevention and control in China. The absence of a mechanism to counteract these negative conditions may ultimately lead to personal psychological distress for nurses and collapse of the healthcare system. Inclusive leadership can improve nurses' psychological ownership level and reduce their turnover intention by treating them fairly, providing them with opportunities for self-development, paying attention to communication with them, and increasing their sense of belonging, self-efficacy, and self-identity.

Managerial compensation and firm performance: The moderating role of managerial ownership and other governance factors

AbstractThis study looks at how executive compensation affects firm value and the extent to which this relationship is sensitive to managerial ownership and corporate governance factors. We use data from UK FTSE 100 firms for the period 2007–2012, generating a total of 578 firm‐year observations. Consistent with optimal compensation theory, we find that the managerial compensation –firm value is more sensitive to executives’ ownership levels and other corporate governance indicators. Our results remain robust to alternative econometric models. We contribute to the literature on corporate governance and firm value . While the paper builds on the executive bonus compensation literature, it also furthers our understanding on the extent to which managerial ownership, institutional ownership, board size and non‐executive ownership matter in the executive bonus compensation—corporate value relationship with specific emphasis on UK FTSE 100 firms. Our second contribution is related to the moderating role of managerial (executive) ownership. We show that as executives residual interests go up, managers become more conscious of the firm's idiosyncratic risk, and hence lessen their aggressive investment and financing strategies culminating in lower firm value.

Authorisations to issue shares and disapply pre-emption rights in the UK, Belgium and France: law, economics and practice

ABSTRACT In this paper, I analyse the role of shareholder approval and pre-emption rights in protecting shareholders in share issuances by listed corporations in the UK, Belgium and France. In these countries, shareholder approval and pre-emption rights are in principle required for share issuances, but the general meeting can authorise the board of directors to issue shares and disapply pre-emption rights. Proxy advisors and institutional investors have adopted guidelines that signal that they strongly support pre-emption rights and shareholder approval of share issuances. However, I provide empirical evidence that these guidelines are often not followed in France and Belgium, especially for smaller corporations with high levels of insider ownership. I contrast this with the strong impact of the guidelines in the UK. I also offer explanations for these differences, as well as policy options that would give shareholders a larger say on the balance between flexibility and accountability regarding authorisations.

Shareholder concentration and control in Australia

ABSTRACT There is ongoing interest in understanding share ownership and control dynamics in publicly listed companies, given the governance and regulatory implications arising therefrom. This article presents a new empirical analysis of shareholder data, focusing on the largest 50 publicly listed companies in Australia, filling a striking gap in the existing literature. Specifically, the following issues are investigated within each company: 1. The level of institutional ownership within the largest 20 registered shareholders; 2. The percentage of issued capital owned by the largest three registered shareholders; 3. The control of that ownership, to determine the extent to which ownership and control diverge; and 4. Substantial shareholding information is collected and analysed, in order to reduce the information gap which exists between ownership and control, and to provide a more complete picture of shareholding patterns. Several explanatory factors behind the identified landscape and the implications arising from the findings are then discussed.

Stalled by design: New paradoxes in the European Union’s single financial market

ABSTRACT Since the US financial meltdown in 2008 that sparked a Eurozone crisis, the European Union has introduced new financial market initiatives that were intended to advance integration, bring stability, and create shared prosperity for EU members. Innovations included Banking Union, Capital Markets Union, and the European Fund for Strategic Investments. We find, however, that tensions between supranationalization and retaining national control in institutional design diminished incentives for full participation, particularly among the EU’s East Central European members. Uneven levels of foreign bank ownership between East and West Europe, disparities in the depth of capital markets, and varying institutional capacity have often led Eastern member states to opt out. Paradoxically, initiatives intended to advance integration and overcome developmental inequalities have instead compounded national fragmentation and restricted pathways to catching up for some of the EU’s less prosperous members. Thus, European financial integration was stalled by design.

Determinants and evolution of financial inclusion in Latin America: A demand side analysis

&lt;abstract&gt; &lt;p&gt;The benefits of financial inclusion could be particularly important in Latin America, where the levels of ownership and use of different instruments lag behind those of developed countries. An improvement in the ownership and use of formal financial instruments could result in a reduction in informality, the promotion of formal savings and productive credit, and, therefore, an inclusive economic growth. The objective of this paper is to analyze the financial inclusion of a group of Latin American countries in order to detect the most used financial instruments and the main socioeconomic determinants that explain their ownership or use. At the same time, the evolution of the main variables was also studied for the years 2011, 2014, 2017 and 2021. Micro-data from the Global Findex database was examined (except for 2021, in which only macro-data are available). Statistical models and multivariate econometrics are applied to understand the individual socioeconomic characteristics of people who are still very unlikely to own and use formal financial instruments. Finally, the main reasons for not having an account were analyzed in order to delve into the main restrictions on which the financial market must focus to achieve greater financial inclusion.&lt;/p&gt; &lt;/abstract&gt;

A Comparative Analysis of Different Urban Spaces Using Public Space Index

Abstract The discussion of ownership of public space, which started with the privatisation of public spaces, especially after the 1980s, and the effects of this situation on the quality of public space, has become important in the literature. This study aims to measure the quality of public spaces that have different levels of ownership in Istanbul with the public space index based on observational and perceptual indicators. Inclusiveness, meaningful activities, comfort, safety, and pleasurability, which are accepted as the main quality dimensions of public space, are measured in different public spaces in Istanbul. Thus, the differences in the perceptual outcomes of the privatisation strategies as perceived at the geographical level and the causes of these differences are identified. It is important to reveal which indicators create differences or similarities in public spaces at different ownership levels in terms of improving public spaces and increasing their level of use. As a result of this study, it was obtained that the ownership of public space is not entirely effective in the perception of quality.

The influence of foreign ownership on tax avoidance in Thailand: A study from an emerging economy

Tax avoidance is an effort to avoid paying more taxes lawfully, but it results in a tax revenue loss for the government. Even though the nominal avoided tax is enormous in advanced economies, the impact of tax avoidance is more severe in emerging economies. Thailand is a developing country whose government has been actively putting action to tackle aggressive tax avoidance. Like other similar economies, Thailand invites more foreign investors to invest in its local businesses. However, literature has said that ownership level can influence tax avoidance, and ownership by foreign shareholders in emerging countries can increase tax avoidance. Thus, examining whether foreign ownership increases tax avoidance in a developing country is crucial and interesting. By owning shares in the company, foreign investors have the power to influence the firm’s decision-making process, including the decision for tax avoidance. This paper is the pioneer in discussing foreign ownership and tax avoidance in a Thai setting in its 100 most profitable companies. The observation is based on the five-year observations during 2015–2019. We measured tax avoidance using effective tax rate (ETR) and cash-flow ETR and manually collected foreign ownership data from the 500 annual reports. The statistical test verified that foreign ownership has a positive relationship with tax avoidance, which means that greater foreign ownership leads to a greater level of tax avoidance. This study recommends policymakers monitor the level of foreign ownership/control to limit aggressive tax avoidance that could be practised in the country.

Interaction between ownership structure and systemic risk in the European financial sector

This empirical study examines the interaction between systemic risk and corporate governance in European financial institutions. Specifically, we investigate how two corporate governance issues, ownership concentration, and institutional investors’ presence, affect systemic risk. We use the conditional value-at-risk (CoVaR) approach (Adrian &amp; Brunnermeier, 2016) to measure systemic risk and analyze balanced panel data of 96 listed banks from 19 European countries during the period 2011–2020. We choose the European context of its corporate governance’s heterogeneity, the presence of a high level of institutional ownership, and the financial turmoil it has been through over the period analyzed. Our findings reveal that ownership concentration decreases systemic risk, while the high presence of institutional investors increases it. This study contributes to the existing literature by shedding light on the relationship between corporate governance and systemic risk, and how it varies across different ownership structures and institutional contexts. Furthermore, this study provides valuable insights for regulators and policymakers in designing effective corporate governance frameworks that can mitigate systemic risk in financial institutions.

The Role of Ownership and Gender on Firms' Performance: Evidence from Portugal

This work aims to examine the relationship between corporate governance (CG) and corporate performance, considering the effect of the COVID-19 pandemic. We consider a sample of Portuguese-listed firms for the period between 2010 and 2020 using a panel data methodology. The main results show that higher levels of managerial ownership and gender diversity may drive higher firm performance. However, no evidence was found that a representation of three or more female directors leads to an increase in performance. Moreover, the results suggest that there is a negative relationship between leverage and performance when we consider a market-based performance measure. Finally, the study found evidence that the COVID-19 pandemic had a negative impact on corporate performance. This study sheds light on the role of ownership and gender on firms' performance. The results of this research can have some implications for academia and policymakers' decisions.

Terms of Theory of Generations in Modern Russian Media Discourse and in Youth Speech

The article is devoted to Anglicisms-neologisms with the meaning of ‘generation’, which have become quite widespread in modern journalistic discourse and go back to the metalan guage of the “theory of generations” by W. Strauss and N. Howe (lexemes millennials, zoomers, boomers and others). The purpose of the article is to identify how well does native Russian speakers understand the meaning of these words, identify the most common neologisms that claim to be included in the Russian language, compare the data of the National Corpus of the Russian language (NCRL) with the results of a linguistic experiment, describe the meanings of the most common neologisms based on the data of the NCRL, contexts collected by the authors on other Internet resources and conducted linguistic experiments. The article presents the results of two linguistic surveys in which 70 undergraduate students of the humanitarian faculties of Lomonosov Moscow State University participated (35 respondents in each survey). The Survey-1 was aimed at identifying which terms of the “theory of generations” or its Russian adaptations, reproduced by the domestic media, are known to young educated native speakers of the Russian language and are used in speech by them. According to the results of the Survey-1, the words boomers, zoomers, millennials were selected for the Survey-2, which aims to determine the meanings attributed to these words by informants, to identify the level of active ownership. As a result of the Survey-2, a significant discrepancy was found with the quantitative data of the NCRL sample (according to the results of the Survey-2, the most commonly used and mastered word is zoomer, it is the least frequent in the NCRL sample). The word zoomer has the meaning of ‘new generation’, ‘digital generation’, enters into semantic opposition with other generational nominations, mainly with boomers, on the basis of ‘new/ old’, in a number of contexts this opposition is presented as a conflict of fathers and children. The results of linguistic experiments show that relatively common terms break away from the chronological boundaries set in the “theory of generations”: the words boomer and zoomer develop the meanings of ‘parents generation, older generation’ and ‘children’s generation, new generation’. The lexeme millennials is chronologically attributed due to the internal form, however, the generation boundaries indicated by respondents in the surveys differ significantly from those set in the “theory of generations”, the respondents’ answers show a change in meaning from “new generation” to “previous generation”.

Do Foreign Investors Curb Stock Price Crash Risk? Evidence from Ownership Concentration in Taiwan

Using a specific dataset on foreign institutional ownership for firms in the Taiwan stock market during 2006-2020, this study explores robust new evidence that foreign institutional ownership concentration, a relatively small number of institutions own a large proportion of a firm’s shares, is negatively related to stock price crash risk, after controlling the level of such ownership. Further evidence shows that the negative effect of foreign institutional ownership concentration on crash risk is more pronounced for firms with higher foreign institutional ownership level, as well as with higher managerial agency problems. These findings are consistent with the hypothesis that while the level of foreign institutional ownership proxies for short-termism, the concentration of such ownership proxies for external monitoring that curbs future stock price crash risk. Our extensive evidence also indicates that the monitoring mechanism of foreign institutional ownership concentration serves as a complement for financial analysts and mass media, while as a substitute for big 4 auditors in minimizing future stock price crash risk.

Цифровая трансформация и информационная открытость государства

Currently, digitalization and digital transformation are actively penetrating into various spheres of public life, new and new forms of their mass application are emerging, and citizens’ access to information technologies is expanding. For a legal and democratic state, the issue of openness of government is paramount, therefore, a special role in the process of digital transformation should be given to the creation of channels of information openness of the activities of state power. To study the problems of implementation and prospects for the introduction of information systems for monitoring and controlling the activities of authorities in modern Russia in 2021–2022, an empirical sociological study was conducted using questionnaire survey and expert interview methods. The method of data collection is a questionnaire survey of citizens of the Russian Federation aged 18–60 years (n = 2256 people) living in Russia. Heads of state and executive authorities, heads of commercial organizations, representatives of the academic community in the number of 25 people were invited as experts. As a result of the research on the way to the implementation of the concept of an open state, the main problems identified today are the following: unwillingness of authorities to be subject to control, closeness of information about the activities of authorities, high corruption, lack of interest among citizens, underdevelopment of civil society, bureaucracy of authorities, low level of education and upbringing of the population, lack of an understandable digital platform, imperfection of legislation, “digitalization for the sake of digitalization”, low security of personal data, low level of Internet ownership of technologies, lack of interest among citizens. In order to effectively solve the above-mentioned problems, we believe that it is necessary to further develop civil society institutions, increase government transparency, conduct systematic activities to improve the quality of work of civil servants responsible for citizens’ appeals, train digital transformation managers and, of course, apply digital solutions to increase transparency and efficiency of government activities with regular quality assessment and rating These decisions are analyzed by both the state and citizens to improve the level of information openness.

Multinational prospective cohort study of rates and risk factors for ventilator-associated pneumonia over 24 years in 42 countries of Asia, Africa, Eastern Europe, Latin America, and the Middle East: Findings of the International Nosocomial Infection Control Consortium (INICC).

Rates of ventilator-associated pneumonia (VAP) in low- and middle-income countries (LMIC) are several times above those of high-income countries. The objective of this study was to identify risk factors (RFs) for VAP cases in ICUs of LMICs. Prospective cohort study. This study was conducted across 743 ICUs of 282 hospitals in 144 cities in 42 Asian, African, European, Latin American, and Middle Eastern countries. The study included patients admitted to ICUs across 24 years. In total, 289,643 patients were followed during 1,951,405 patient days and acquired 8,236 VAPs. We analyzed 10 independent variables. Multiple logistic regression identified the following independent VAP RFs: male sex (adjusted odds ratio [aOR], 1.22; 95% confidence interval [CI], 1.16-1.28; P < .0001); longer length of stay (LOS), which increased the risk 7% per day (aOR, 1.07; 95% CI, 1.07-1.08; P < .0001); mechanical ventilation (MV) utilization ratio (aOR, 1.27; 95% CI, 1.23-1.31; P < .0001); continuous positive airway pressure (CPAP), which was associated with the highest risk (aOR, 13.38; 95% CI, 11.57-15.48; P < .0001); tracheostomy connected to a MV, which was associated with the next-highest risk (aOR, 8.31; 95% CI, 7.21-9.58; P < .0001); endotracheal tube connected to a MV (aOR, 6.76; 95% CI, 6.34-7.21; P < .0001); surgical hospitalization (aOR, 1.23; 95% CI, 1.17-1.29; P < .0001); admission to a public hospital (aOR, 1.59; 95% CI, 1.35-1.86; P < .0001); middle-income country (aOR, 1.22; 95% CI, 15-1.29; P < .0001); admission to an adult-oncology ICU, which was associated with the highest risk (aOR, 4.05; 95% CI, 3.22-5.09; P < .0001), admission to a neurologic ICU, which was associated with the next-highest risk (aOR, 2.48; 95% CI, 1.78-3.45; P < .0001); and admission to a respiratory ICU (aOR, 2.35; 95% CI, 1.79-3.07; P < .0001). Admission to a coronary ICU showed the lowest risk (aOR, 0.63; 95% CI, 0.51-0.77; P < .0001). Some identified VAP RFs are unlikely to change: sex, hospitalization type, ICU type, facility ownership, and country income level. Based on our results, we recommend focusing on strategies to reduce LOS, to reduce the MV utilization ratio, to limit CPAP use and implementing a set of evidence-based VAP prevention recommendations.

Driving a sustainable road transportation transformation

Driving a sustainable road transportation transformation

Do Household Characteristics Influence Private Car and Motorcycle Ownership? Evidence from a Case Study in Yogyakarta Urban Area, Indonesia

Yogyakarta is listed among the cities with the worst congestion in Indonesia. Besides, the development of Yogyakarta has now expanded to the surrounding area and agglomerated into the Yogyakarta Urban Area (KPY). Private vehicle ownership is closely correlated to the characteristics of households. This study aims to analyze the correlation of the level of private vehicle ownership with the characteristics of households and the correlation of private vehicle ownership towards the responses of households with transportation policies that will be implemented in the future. This study fully used secondary data. The total respondents were 8,810 households, and the research location was the Yogyakarta Urban Area (KPY). The path analysis was employed to find out the causal relation between variables and the contribution between variables in the analysis. The variables used were gender, age, education level of the heads of households, total household income, the number of adult family members ( 17 years old), the number of children (17 years old), the number of working family members, total motorcycle licenses in a household, total driver's licenses in a household, total motorcycle ownership in a household, total car ownership in a household, and the responses of households to the transportation policies that will be applied. The results of the study show that motorcycle ownership in a household is influenced by gender, age, the level of education of the heads of households, total household income, the number of adult family members, the number of children, the number of working family members, and total motorcycle licenses in a household. Meanwhile, car ownership in a household is influenced by age, total household income, the number of working family members, and total driver's licenses in a household. There is also a correlation between motorcycle and car ownership. Increasing car ownership in a household has a positive correlation with motorcycle ownership. Furthermore, motorcycle ownership has a good significance value and a positive correlation with pedestrianization policies prioritizing public transportation in the Mangkubumi-Malioboro-Kraton area.

Faktor-Faktor yang mempengaruhi Tax Avoidance di Perusahaan Non-Keuangan

This objective of this study are to obtain empirical evidence regarding the effect of institutional ownership, audit committee, company size, gender diversity on board of directors, financial distress, and managerial ownership on tax avoidance. The population of this study uses 178 non-financial companies with a total sample data of 384 data listed on the Indonesia Stock Exchange from 2019 to 2021 as a sample. The sampling technique for this study used a purposive sampling method. Testing the hypothesis in this study using multiple regression method. Empirical evidence obtained from this study shows that institutional ownership, audit committees, company size and financial distress have an influence on tax avoidance. Other variables such as gender diversity on board of directors and managerial ownership have no effect on tax avoidance. The lower the level of institutional ownership in a company, the more vulnerable it is to tax evasion. A high audit committee level can reduce tax evasion by companies. Large companies have a greater degree of better tax planning and tend to maintain a good image. When a company is experiencing financial distress, the company tends to be more aggressive in tax avoidance.

The effective recommendation approaches depending on user’s psychological ownership in online content service: user-centric versus content-centric recommendations

ABSTRACT With the expansion of the online environment, recently, recommendation systems have become established as an essential element of any online service. Following this trend, the issue of how to present recommended information effectively to users is attracting attention not only in companies but also in the research field. This paper presents a between-subjects study that aimed to elicit whether there is a difference in consumer’s attitudes towards the user-centric and content-centric recommendation approaches based on their level of psychological ownership towards the online service. Our findings indicated that users with high psychological ownership toward the online service prefer the user-centric recommendation approach, while users with low psychological ownership prefer the content-centric recommendation approach.

Impact of Social Media in Rebuild Destination Image

The growth in the use of social media allied with increasing ownership levels of smart phones indicates that destination marketing organizations of small regional destinations need to pay greater attention to social media and its delivery systems including smart phones. Implications are discussed for managers and stakeholders of small regional destinations, who may find this study valuable in guiding their future social media marketing effort Social media play a significant role both on the demand and on the supply side of tourism allowing destinations to interact directly with visitors via various internet platforms and monitor and react on visitors ́ opinions and evaluations of services. The paper defines how social media and communications can utilized for the destination image rebuilding. It summarizes the main characteristics of social media with implication to destination communication strategy and it deals with changes in visitor’s ́ behaviour affecting the destination image. The main objective of the paper is to show that social media as a tool that can help destinations image rebuilding and to remain competitive.