• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.25-37
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• 2016

This study aims to investigate the determinants of dividend payout of Oil and Gas industry of Pakistan using secondary data from published annual reports from 2008 to 2014 listed on KSE (Karachi Stock Exchange). Dividend payout can be affected by profitability, firm size, financial leverage, sales growth, investment opportunities, liquidity, business risk, and ownership structure. Panel data technique used due to panel characteristics of available data with ordinary least square regression model to find out the impact of set of explanatory variables on the dividend payout using the Stata. Financial leverage, sales growth and business risks are the most significant variables of the study where financial leverage and business risk have significant negative effect on dividend payout while sales growth has favorable positive impact on dividend payout. Results revealed significant positive link of profitability and firm size with dividend payout whereas government ownership is negatively associated with dividend payout. Investment opportunities, liquidity and managerial ownership showed insignificant relationship with dividend payout. This Suggests that dividend payout policy is dependent on business strategies including both investment and financing decisions. Financial managers should consider these factors while formulating dividend policy of the firm.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.769-778
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• 2020

The purpose of this study was to examine the role of profitability as a mediating variable in influencing firm value. This study uses a sample of manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2018. The data used is panel data, with data analysis using multiple regression. Based on the Sobel test, profitability plays a role in mediating the effect of firm size on firm value. The effect of firm size on firm value is indirect, however, through profitability. Therefore, the market price of the shares of large-scale companies will increase if the resulting profitability is high. The capital structure and managerial ownership directly influence firm value. The results showed that managerial ownership and firm size had a positive effect on profitability, while capital structure had no effect on profitability. Capital structure and managerial ownership have a negative effect on firm value, while firm size and profitability have a positive effect on firm value. The main finding of this study is that profitability acts as an intervening variable in mediating the relationship between firm size and firm value.

• Management & Information Systems Review
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• v.34 no.4
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• pp.15-29
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• 2015

This study aims to empirically analyze the relationship between management ownership and corporate performance and stock returns indicates the ownership structure of the company to target the listed companies in China over the past five years from 2010 to 2014. The empirical results are as follows: Management ownership gave an impact on stock returns, especially high-stakes management ownership showed significant positive effect with the stock returns. But management ownership don't have significant positive effect with ROA. The contribution of this study is as follows. Chinese companies have the efficiency of the management through the separation of ownership and management in accordance with the changes realized in capitalism. And this study is reflecting the fact of China using the Chinese data. This study has limitations of that. Management ownership measurement of governance structure don't expand the range, and measurement of governance structure is just one. The following studies are expected to be more sophisticated by comparison of countries.

• Journal of Distribution Science
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• v.13 no.11
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• pp.23-30
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• 2015

Purpose - Small- and medium-sized enterprises often rely on the owner's personal characteristics. This study aims to verify the impact of the awareness of such a business leader's sincerity and the sincerity of their leader-member exchange (LMX) on employee psychological ownership and organizational commitment. The findings offer clues to how small- and medium-sized company leaders should engage with employees. Research design, data, and methodology - A total of 289 valid questionnaires were examined using frequency, descriptive statistics, and correlation analyses and structured equation modeling. Results - Authentic leadership and LMX were both found to have a positive impact on each trust factor, each trust factor had a positive impact on psychological ownership and organizational commitment, and psychological ownership had a positive impact on organizational commitment. Conclusion - These results suggest that small- and medium-size company leaders should use self-awareness and self-regulation to encourage the recognition of their sincerity, and strive to achieve a positive relationship with employees. It also suggests that leaders should improve trust between employees and establish various strategies to enable employee psychological ownership.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.401-407
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• 2020

Earnings management behavior is the use of accounting procedures, through accounting policies, to intentionally purposeful control in the provision of information to users. The purpose of this paper is to examine the relationship between ownership structure factors and earnings management behavior of 30 Vietnamese commercial banks. The paper uses the ordinary least square method to examine this relationship and employs time series data of 15 years from 2005 to 2019. The study also uses agency theory an asymmetric information theory. The authors examined six independent variables related to the ownership structure and these variables are typical of Vietnamese commercial banks. The results of the study show that the foreign ownership ratio is an opposite effect, while the ownership concentration variable has a positive effect on earnings management behavior of Vietnamese commercial banks. Based on that, the article proposes a number of policy suggestions for the State bank of Vietnam and Board of directors of commercial banks as well as investors to identify and to limit the earnings management behaviors of Vietnamese commercial banks. This contributes to ensuring information transparency as well as improving the quality of accounting information of Vietnamese commercial banks in the coming years.

• Journal of Distribution Science
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• v.19 no.11
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• pp.17-25
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• 2021

Purpose: This study aims to examine the effect of gender diversity and institutional ownership on earnings management in distribution industry sub-sector companies listed on the Indonesia Stock Exchange in 2017-2018. Research design, data and methodology: This research is case study research, where the population in this study are all distribution sub-sector companies listed on the IDX in 2017-2018. The sample selection technique used was purposive sampling and obtained 74 companies with the 2017-2018 research period. Multiple linear regression analysis was used in this study, using Stata 17. Results: The results of this study indicate that: 1) Gender diversity has a negative effect on earnings management. 2) Institutional ownership has a negative effect on earnings management. Conclusions: This study contributes to the agency theory where gender diversity and institutional ownership can reduce the agency conflict that the shrinkage of earnings management. These results indicate that companies in which there are female directors will reduce earnings management practices, this is due to the attitude of female directors who tend to avoid risk. The results also show that institutional ownership will also lead to reduced levels of earnings management, because institutional investors will increase its oversight of the company.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.363-368
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• 2021

This study attempts to examine whether ownership of government-controlled corporations and audit committee effectiveness are related. The population of this study is 431 listed manufactured firms in the Saudi Stock Exchange (Tadawul) for the period 2012-2019 that published their financial and annual reports for the period 2012-2019. This population criterion is based on considerations that manufacturing companies listed on Tadawul have publicly accessible data and they have greater obligations to implement corporate governance code. Using the complementary hypothesis, this study predicts that there is a positive relationship between the ownership of government-controlled companies and audit committee effectiveness. The Pooled OLS regression shows that government-controlled companies' ownership is positively associated with audit committee effectiveness. Our study also indicates that ownership of government-controlled companies as a governance monitoring mechanism becomes more effective as it is combined with audit committee effectiveness which is another governance monitoring mechanism. The results of this study provide insightful evidence to policymakers at the company and country levels on the relationship of government-corporate ownership and audit committee effectiveness.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.245-254
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• 2021

This paper examines the impact of corporate governance strength on capital structure in an emerging country, namely, Jordan, by constructing a corporate governance score that captures both internal monitoring mechanisms (foreign ownership and institutional ownership) and external monitoring mechanism (audit fees). In addition, this study uses profitability as control variable. This paper uses data of non-financial companies (industrial and services) of 87 listed firms on Amman Stock Exchange (ASE) from 2011 to 2019. Using the random-effects generalized least square (GLS) regression model, the findings reveal that foreign ownership significantly and negatively influences the level leverage, while institutional ownership has a positive and insignificant association with level leverage. Further, audit fees have a positive and strong significant association with level leverage in Jordan. In addition, profitability has a positive and significant association with leverage. These outcomes suggest that foreign ownership should be encouraged in listed companies as it can replace the weakness of other corporate governance mechanisms in Jordan. The outcomes of the current study should be of great interest to regulators and policy-makers. The results, which are robust to a range of alternative proxies and to additional tests, provide new insights into the determinants of level leverage.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.63-73
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• 2022

In today's financial economics literature, the impact of innovative family ownership and management on firm performance is a prominent concern. In this study, the existence of family firms in the listed sector of Pakistan's economy is investigated. The objective of this study is to examine the performance-oriented relationship of family ownership and active involvement of family member at the CEO position. The theoretical perspectives that underpin this research are agency and stewardship. This analysis used a sample of 315 publicly traded companies from 2009 to 2019. The study's primary independent variables include family influence on ownership and family CEO. Financial performance is the dependent variable that is divided into accounting and market measures. The proxy for accounting measure is return on asset and proxy for market measure is Tobin's Q. This study employs univariate and balanced panel data analysis. For robustness of the analysis random-effects GLS regression is carried out. The empirical results show that that Family Firms outperform Non-Family Firms both in terms of accounting and market measures. In the later part family CEOs firms outperform the firms that have either insider or outsider non-family CEOs. This superior performance is subjected to the positive and statistically significant association between family ownership, management, and financial performance.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.25 no.1
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• pp.155-164
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• 2015

Information dispersal algorithm guarantees high availability and confidentiality for data and is one of the useful solutions for faulty and untrusted dispersed storage systems such as cloud storages. As the amount of data stored in storage systems increases, data deduplication which allows to save IT resources is now being considered as the most promising technology. Hence, it is necessary to study on an information dispersal algorithm that supports data deduplication. In this paper, we propose an information dispersal algorithm and proof of ownership for client-side data deduplication in the dispersed storage systems. The proposed solutions allow to save the network bandwidth as well as the storage space while giving robust security guarantee against untrusted storage servers and malicious clients.