Ownership structure, capital structure, and performance of group affiliation

Shyu, Jonchi

doi:10.1108/03074351311306210

Cited by 46 publications

(44 citation statements)

References 63 publications

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“…Invariably, the high returns could have led to low speed of adjustment (SoA) and its associated cost, hence more returns. Our finding is supported by other empirical studies (Avci 2016;Nwude et al 2016;Shyu 2013), and is contrary to others (Bandyopadhyay and Barua 2016;Vătavu 2015;Fosu 2013).…”

Section: Discussion Of Findingscontrasting

confidence: 35%

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Contrasting the Effect of Risk- and Non Risk-Based Capital Structure on Insurers’ Performance in Nigeria

et al. 2017

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Literature on capital-based regulation and performance of insurers in emerging market is not only limited; it is incomplete, particularly on a comparative basis. This has continuously attracts researchers' interest and concerns for practitioners and policy makers. This paper therefore examines the effect of capital structure on performance of insurers comparatively before and after the implementation of risk-based capital (RBC) policy in Nigeria to determine which policy regime enables insurers to perform better. Descriptive statistics are employed to describe the characteristics of the data while the hypotheses are tested using two-stage estimation procedure of fixed and random effect models. Results reveal that insurance capital structure (measured by technical provision ratio) has a significant positive effect on insurance performance (measured by earnings per share and return on asset) during non-RBC regime when compared to RBC regime. Based on these findings, it is concluded that insurers in Nigeria performed better under non-RBC than RBC era. This finding provides important insight to managers, regulators and investors by fostering more understanding of how to manipulate and regulate insurance capital for performance optimization under RBC scenarios.

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Section: Discussion Of Findingscontrasting

confidence: 35%

“…Nevertheless, it is noteworthy that the above hypothesized relationships may change due to regional factors (developed or emerging market), or types of firms (insurance or non insurance) (Shyu 2013). It is also on record " [ .…”

Section: Introductionmentioning

confidence: 99%

Contrasting the Effect of Risk- and Non Risk-Based Capital Structure on Insurers’ Performance in Nigeria

et al. 2017

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“…Ownership concentration and foreign ownership are also generally believed to be conducive to more efficient operation (Aitken and Harrison, 1999;Blomström et al, 2001;Gugler, 2001;Sánchez-Ballesta and García-Meca, 2007;Temouri et al, 2008). Yet, to date, empirical research on the determinants of corporate efficiency and performance is fragmented (Shyu, 2013;Arocena and Oliveros, 2012;Cabeza-García and Gómez-Ansón, 2011;Margaritis and Psillaki, 2010;Weill, 2008;Barth et al, 2003;Dilling-Hansen et al, 2003;Palia and Lichtenberg, 1999). The extant literature typically analyzes the effects of firm size, competition, capital structure, and ownership characteristics in isolation, despite the fact that these factors may be closely intertwined.…”

Section: Introductionmentioning

confidence: 99%

Corporate efficiency in Europe

Hanousek

Kočenda

Shamshur

2015

Journal of Corporate Finance

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Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less conductive to efficiency than moderate or low competition. In terms of ownership, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic majority owners improve efficiency more than foreign majority owners when no minority shareholders are present, but (vi) the opposite is true when minority shareholders hold a substantial fraction of the firm's equity. In the analysis, we distinguish between a pre-crisis period (2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008) and a post-crisis period (2009)(2010)(2011), and find that our results are sensitive to the period of observation.

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“…Shyu (2013) From study conduct to find out how agency problems and internal capital markets in group-affiliated firms are mutually influenced by the ownership structure, capital structure, and performance. Based on a sample of Taiwanese firms, the empirical findings indicate a U-shaped relationship between the insider ownership and the performance of group-affiliated firms.…”

Section: Literature Reviewmentioning

confidence: 99%