Institutional ownership and information transparency: Role of technology intensities and industries

Hsu, Chung Hao; Lai, Syou Ching; Li, Hung Chih

doi:10.1016/j.apmrv.2015.06.001

Cited by 19 publications

(14 citation statements)

References 32 publications

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“…The main conclusion is that the higher the number of owner-manager the better is the performance through the reducing of horizontal agency costs. In contrast, for the sample of 1391 public Taiwanese firms from innovative industry Hsu, Lai, Li (2016) [22] connect the increase in foreign institutional, corporate and government ownership in line with high R&D intensity with an upgrade in corporate transparency. Overall, the above contrary results of similar studies suggest the difference between developed and emerging countries.…”

Section: Literature Reviewmentioning

confidence: 99%

“…On the other hand, there is an ongoing debate on the extent to which different characteristics of an innovative firm influence on its performance. Among the major feature researchers mainly distinguish the composition of the board of directors, especially the intellectual capital of innovative firms (Hull, Rothenberg, 2008 [17]; Jiménez-Jiménez, Sanz-Valle, 2011 [18]; Erisson, Qin, Wang, 2015 [19]; Héroux, Fortin, 2016 [20]), ownership structure (Gavious, Hirsh, Kaufman, 2015 [21]; Hsu, Lai, Li, 2016 [22]; Colombo, Croce, Murtinu, 2014 [23]), and industry specifications (Ching, Lieu, Hung, 2016 [24]).…”

Section: Literature Reviewmentioning

confidence: 99%

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Does Smart & Powerful CEO Contribute to the Performance of Technology Companies?

Karnoukhova¹,

Stepanova²

2019

КФ

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In recent decades, innovative companies became one of the major drivers of economy worldwide. According to surveys, nearly 70% of the world’s most innovative companies in 2019 are U.S. firms. However, academic studies mostly focused on the influence of the top management team and the board of director’s on the firm performance, on the relationship between innovations and CEO`s preferences. However, we suppose CEO can exert a significant influence on performance of innovative companies. We strive to show which CEO characteristics could lead to higher firm value. Does highly educated CEO contribute more to innovations in hi-tech sphere? Does CEO power matter? Are founders better CEOs than newcomers or professionals for technological companies with their longer horizons and higher risks? This research uses Generalized Least Square model on a sample of 12565 firm-year observations during 2004-2015 period. For this research we used data for three innovative industries: Pharmaceuticals, Biotechnology & Life Sciences, Software & Services and Technology Hardware & Equipment industries. We have hand-collected data from the CVs in CIQ database. Overall, the empirical results reveal that educational background, tenure, duality play crucial roles in explaining firm value. This study contributes to the existing literature in two aspects. First, our findings indicate that CEO characteristics play crucial roles in explaining technology firm value and performance. We demonstrated that founding CEO contributes to technology firm performance as well as the CEO with better education. Second, CEOs should be smart and powerful in order to sustain firm performance. We found that CEOs characteristics could mitigate the conflicts between different types of investors and their influence on firm performance. More specifically, CEOfounder was found to add greatly to the firm performance of Software and Pharmaceutical companies. Furthermore, the influence of CEO seems to mitigate the conflict of interest with independent active institutional investors in Hardware industry. We provided examples to prove the validity of our tests.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Does Smart & Powerful CEO Contribute to the Performance of Technology Companies?

Karnoukhova¹,

Stepanova²

2019

КФ

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“…to an unlimited number of persons (Hsu, Lai, & Li, 2016). The main information transparency elements are assembly of financial and non-financial reports; the information provision has to comply with the generally accepted standards and requirements.…”

Section: The Majority Of Authors Understand Information Transparency mentioning

confidence: 99%

Information Transparency And Its Role In Corporate Management

Kuzmina¹,

Konovalova²,

Pervoy³

2020

European Proceedings of Social and Behavioural Sciences

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“…Institutional shareholders are one of the components of good corporate governance [7]. Generally, they have the expertise to monitor and control company's management [8], so that their active roles potentially reduce agency costs [9].…”

Section: Literature Reviewmentioning

confidence: 99%

Do Western Hegemony Exist in the Selection of Independent Auditors?

Wijaya¹,

Kurniawan²

2020

Proceedings of the International Conference on Management, Accounting, and Economy (ICMAE 2020)

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Most business people perceive that big four affiliated public accounting firms have better quality than others. We use the mixing method to uncover the phenomena of internationalization among the auditor selections. This study only explores the empirical aspects of western hegemony in auditor selection but also present. Those Charged with Governance's subjective perceptions of the Westernization in auditing practice. This study uses a sample of companies in the non-financial sector listed on the Indonesia Stock Exchange during 2016-2018. Preliminary analysis results show that institutional and individual ownership are more inclined to choose affiliated bigfour auditors than the local ones. Whereas when compared to the non-big four affiliated accounting firms, institutional ownership is consistently more interested in the big four affiliated. In further analysis, local institutional ownership seems to prefer international affiliated accounting firms. Foreign institutional ownership always shows a preference for the big four affiliated accounting firms. Regarding individual ownership, researchers divide ownership into an independent, board of the director and management. The analysis proves that only management ownership has a role in choosing auditors. The ownership management tends to choose international affiliated accounting firms. Based on the subjective perception, one of the audit committees revealed that there were crucial differences in audit quality between the local and the international affiliated public accounting firms. Affiliated auditors are indeed far more thorough than local. Using Gidden's global modernity theory, we conclude that globally affiliated auditors can create new expertise needed by their users that is different from the past.

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Institutional ownership and information transparency: Role of technology intensities and industries

Cited by 19 publications

References 32 publications

Does Smart & Powerful CEO Contribute to the Performance of Technology Companies?

Does Smart & Powerful CEO Contribute to the Performance of Technology Companies?

Information Transparency And Its Role In Corporate Management

Do Western Hegemony Exist in the Selection of Independent Auditors?

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