Ownership structure and divestiture decisions: Evidence from Australian firms

Nguyên, Pascal; Rahman, Nahid; Zhao, Rui

doi:10.1016/j.irfa.2013.08.003

Cited by 18 publications

(15 citation statements)

References 59 publications

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“…Besides this, FD1, FD2, and FD3 have 36.9%, 20.1%, and 7.8% means, respectively. This is consistent with Nguyen et al (2013). Further variables demonstrate the appropriateness of the sample.…”

Section: Descriptive Statisticssupporting

confidence: 80%

Board Gender Diversity and Dividend Policy in Chinese Listed Firms

et al. 2021

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This study investigates the relationship between gender diversity on the board and dividend payouts in China using a large sample over the period 2003–2017. Our results provide robust and strong evidence showing that gender diversity on the board is positively associated with cash payments of dividends. The empirical outcomes confirm that gender diversity on the board facilitates corporate governance and subsequently promotes dividend payouts. We demonstrate that gender diversity on the board has the greatest effect when the board has critical mass participation (three or more female directors) compared with only their token participation. However, independent female directors increase dividend payouts, while female executive directors do not have a significant impact. Furthermore, we extend the literature on the relationship between dividend payments and government ownership by providing evidence that gender diversity has a higher impact on dividend payouts for state-owned enterprises than non-state-owned enterprises. After controlling the endogeneity problems, our findings are reliable and robust. JEL classifications: G30, G35

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Section: Descriptive Statisticssupporting

confidence: 80%

Board Gender Diversity and Dividend Policy in Chinese Listed Firms

et al. 2021

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“…However, there also appears to be a distinction between ownership and control, with the former reflecting involvement in the firm (e.g., management) and the latter reflecting a greater identification that blurs the distinctions between family and firm. Additionally, although less true of banks (Chen et al, 2019), non‐family block‐holders may limit a focus on socioemotional wealth preservation (Nguyen et al, 2013) and influence business restructuring decisions (Yeo, 2012). Research also considers unique family concerns associated with issues of maintaining control and succession (e.g., Chen et al, 2009; Chirico et al, 2020; Klasa, 2007).…”

Section: Literature Reviewmentioning

confidence: 99%

Family Business Restructuring: A Review and Research Agenda

King

Meglio

Gómez‐Mejía

et al. 2021

J Management Studies

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Although business restructuring occurs frequently and it is important for the prosperity of family firms across generations, research on family firms has largely evolved separately from research on business restructuring. This is a missed opportunity, since the two domains are complementary, and understanding the context, process, content, and outcome dimensions is relevant to both research streams. We address this by examining the intersection between research on business restructuring and family firms to improve our knowledge of each area and inform future research. To achieve this goal, we review and organize research across different dimensions to create an integrative framework. Building on current research, we focus on 88 studies at the intersection of family firm and business restructuring research to develop a model that identifies research needs and suggests directions for future research.

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“…The second is that ownership balance have no significant effect on enterprises’efficiency and even have a negative effect on corporate performance. Nguyen, Rahman & Zhao find that companies with more balanced ownership structures performed better [ 25 ]. The second is that ownership balance have no significant effect on enterprises’ efficiency and even have a negative effect on corporate performance.…”

Section: Literature Reviewmentioning

confidence: 99%

Study on the ownership balance and the efficiency of mixed ownership enterprises from the perspective of heterogeneous shareholders

et al. 2018

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Based on the database data of Chinese industrial enterprises from 2000 to 2007 and the LP method, this paper measures the total factor productivity of enterprises and investigates the effect of different mixed ownership forms on enterprises’ efficiency and the effect of heterogeneous ownership balance on the mixed ownership enterprises’ efficiency. The state-owned enterprise and mixed ownership enterprise are identified by the enterprise’s paid-up capital. The results show that, on the whole, for the mixed ownership enterprise, the higher the diversification degree of the shareholders is, the higher the efficiency becomes, and in different types of industries, the mixed forms of shareholders have different effects on the efficiency of enterprises. The heterogeneous ownership balance and the enterprise efficiency show nonlinear U-type relationships. Both the higher and lower heterogeneous ownership balance degrees will promote the enterprise’s efficiency. However, when the ownership balance degree is in the range of [0.2 0.5], the increase in ownership balance will lead to the decline of enterprise efficiency. Therefore, when introducing non-state-owned capital, state-owned enterprises should take full account of their own characteristics by rationally controlling the shareholding ratio of non-state-owned capital and play the positive role of a mixed ownership structure in corporate governance with appropriate ownership balances.

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Ownership structure and divestiture decisions: Evidence from Australian firms

Cited by 18 publications

References 59 publications

Board Gender Diversity and Dividend Policy in Chinese Listed Firms

Board Gender Diversity and Dividend Policy in Chinese Listed Firms

Family Business Restructuring: A Review and Research Agenda

Study on the ownership balance and the efficiency of mixed ownership enterprises from the perspective of heterogeneous shareholders

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