Corporate Ownership and Control

Journal Information
ISSN / EISSN : 1727-9232 / 1810-0368
Current Publisher: Virtus Interpress (10.22495)
Total articles ≅ 2,603
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Patrick Stender, Joachim Rojahn
Corporate Ownership and Control, Volume 18, pp 152-162; doi:10.22495/cocv18i1art12

Abstract:
This work is licensed under a Creative Commons Attribution 4.0 International License. Abstract The purpose of this paper is to analyze the
Brian Bolton, Jung Eung Park
Corporate Ownership and Control, Volume 18, pp 138-151; doi:10.22495/cocv18i1art11

Abstract:
This work is licensed under a Creative Commons Attribution 4.0 International License. Abstract We provide a comprehensive study of how corporate
Joana Andrade Vicente
Corporate Ownership and Control, Volume 18, pp 127-137; doi:10.22495/cocv18i1art10

Abstract:
This work is licensed under a Creative Commons Attribution 4.0 International License. Abstract This paper analyses state-owned enterprises' (SOEs)
Published: 30 September 2020
Corporate Ownership and Control; doi:10.22495/coc

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Jan Endrikat, Julia Hillmann, Max Kieslich
Published: 24 September 2020
Corporate Ownership and Control, Volume 18, pp 110-126; doi:10.22495/cocv18i1art9

Abstract:
Growing competition, increasing uncertainty, globalization, and deregulation made the nature of what companies do increasingly complex, and especially corporate accounting has become more and more important. This has put chief financial officers (CFOs) on the spot and into a key leading position. This paper commences by briefly reviewing extant empirical findings on CFO characteristics and their effects on firm processes and outcomes. Then, it investigates how the profession of the CFO has changed over time by analyzing changes in demographic characteristics and professional backgrounds of CFOs of German DAX companies over the past 20 years. The findings show changes in the CFO profession specifically with regard to CFO appointment age, professional experience (i.e., breadth of non-company and non-industry lifers, hiring of company and industry outsiders), and educational background (i.e., the role of educational level). Furthermore, the results for DAX CFOs are compared to data pertaining to the CFOs of midcap companies (i.e., MDAX). The respective analyses indicate a noticeable difference with regard to appointment age, professional experience (i.e., work experience, percentage of company-lifers, international experience), and educational level.
Roberto Moro-Visconti, Maria Cristina Quirici, MariaRosa Borroni
Published: 18 September 2020
Corporate Ownership and Control, Volume 18, pp 96-109; doi:10.22495/cocv18i1art8

Abstract:
The Covid-19 – Coronavirus pandemic has rapidly spread around the world, demanding for social distancing measures as a strategy to soften contagion. Whereas social closeness proves dangerous, financial proximity is increasingly needed and can be guaranteed by FinTechs or applications, like digital platforms. Networking platforms may be represented by bridging nodes like Mobile banking (M-banking) hotspots. M-banking and FinTech applications are fully consistent with distancing prescriptions and ease financial inclusion, allowing for 24/7 operativity. This study proposes an innovative interpretation of the networking properties of digital platforms and M-banking that represent a new – virtual – stakeholder, showing how they improve corporate governance interactions. Due to their scalability, platforms foster cooperative value co-creating patterns, with deep albeit still under-investigated governance implications. Network governance is a novel approach to describe the stakeholders’ ecosystem, and its value-adding physical and virtual interactions. The paper shows how to match virtual financial proximity with apparently contradicting social distancing. This study represents an advance in the literature, as it investigates about its smart (digital) extensions that can represent a shield against pandemic adversities, reducing transaction costs, and information asymmetries.
Christian Rainero, Giuseppe Modarelli
Published: 17 September 2020
Corporate Ownership and Control, Volume 18, pp 78-95; doi:10.22495/cocv18i1art7

Abstract:
This work is licensed under a Creative Commons Attribution 4.0 International License. Abstract This work tries to highlight the determinant role
Historei Bariz, Dirk Schiereck
Published: 16 September 2020
Corporate Ownership and Control, Volume 18, pp 69-77; doi:10.22495/cocv18i1art6

Abstract:
To position themselves in the competitive landscape of fund collection, activist investors have to generate public awareness for their actions and differentiate themselves from other investors. Thereby, the activist investor Petrus Advisers predominantly uses the instrument of open letters in daily newspapers. By its concentration on this single instrument, Petrus Advisers allows us to analyze shareholder activism not only from an overall investor’s case study perspective but also with a focus on a single tool of activism. We examine market reactions caused by these open letters on the target companies’ share prices with a regional focus on Continental Europe. The analysis of 42 open letters shows that only initial publications addressed directly to the management board of the target companies induce positive market reactions. In addition, less profitable firms and companies with a larger number of employees generate greater positive stock price reactions. Based on the results, open letters might not be the most favorable single instrument for activist investors in Europe.
Mhamed Chebri, Abdelaziz Bahoussa
Published: 15 September 2020
Corporate Ownership and Control, Volume 18, pp 56-68; doi:10.22495/cocv18i1art5

Abstract:
The purpose of this article is to explore the effect of the diversity of boards on the financial performance of banks. Based on an in-depth analysis of the theoretical and empirical literature, this study aims to examine the impact of gender diversity and the diversity of nationalities on the financial performance of Moroccan banks. To this end, the study uses a set of panel data from all Moroccan banks listed on the stock exchange for the period 2014-2018. The model was estimated by an ordinary least squares (OLS) regression equation , by the time fixed-effects regression model, and then by three-stage least squares (3SLS) regression analysis with time fixed effects to better understand the endogeneity problem variables of the model. The results of the study reveal that gender diversity has a negative and significant effect on the financial performance of listed Moroccan banks measured by both return on assets (ROA) and return on equity (ROE), while the national diversity is not significantly related to the financial performance of these banks. Likewise, the interaction between the two measures of diversity has no significant impact on financial performance.
Malek Alsharairi, Rasha Khamis, Mahmoud Alkhalaileh
Published: 14 September 2020
Corporate Ownership and Control, Volume 18, pp 47-55; doi:10.22495/cocv18i1art4

Abstract:
This paper investigates the effects of the lagged real earnings management on the firms’ future profitability using a panel dataset (for the years 2012–2017) from the Jordanian industrial companies listed in the Amman Stock Exchange (ASE). We follow Roychowdhury (2006) to measure real earnings management using two proxies: abnormal sales (REMS) and abnormal production (REMP) in the regression analysis. Our findings reveal that real earnings management through abnormal sales has an insignificant effect on the firms’ future profitability. However, we document evidence that firms’ future profitability is adversely and significantly affected by real earnings management through abnormal production. We contribute to the ongoing debate in the literature of real earnings management and its ramifications on firms’ profitability, specifically in the context of developing countries. This research provides implications for policymakers, investors and managers regarding the potential consequences of channel stuffing practices at the different stages of the supply chain on the firm’s future profitability. Future research is suggested to focus on how real earnings management can possibly disrupt supply chains.
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