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Cross-Cultural Corporate Governance, Firm Performance and Firm Value
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Cross-Cultural Corporate Governance, Firm Performance and Firm Value

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: 31 July 2024 | Viewed by 5004

Special Issue Editor

Dr. Brian Bolton

E-Mail Website
Guest Editor
Moody College of Business Administration, University of Louisiana at Lafayette, Lafayette, IN, USA
Interests: corporate governance; corporate finance; executive compensation; leadership; corporate culture; sustainability

Special Issue Information

Dear Colleagues,

This Special Issue of International Journal of Financial Studies is dedicated to research on the connections between corporate governance, firm performance and firm value. Corporate governance is not a new issue for finance scholars and managers, but it is a constantly evolving area. This Special Issue seeks to explore and highlight research that introduces new and innovative aspects of the relationship between corporate governance and firm performance, and which sheds light on how corporate governance will impact firm value in the future.

We seek theoretical, empirical and experimental research on the relationship between corporate governance and finance. The following list is suggestive of possible focus areas, but we are open to any and all studies that connect corporate governance and firm performance.

  • Culture and corporate governance;
  • Regulation and corporate governance;
  • Ownership issues: state, venture, family and other;
  • Cross-country comparison of governance best practices;
  • Governance of digital strategies, cryptocurrency and other evolving dynamics;
  • ESG and CSR as pillars or tools of corporate governance;
  • Econometric and methodological approaches to studying governance.

Again, the above list is not exhaustive; we simply seek to explore what your research suggests about the current state of corporate governance and how corporate governance is likely to impact finance in the future. Please note that we will not accept papers focusing on corporate governance without relevance to financial studies. We look forward to receiving your work and seeing how it fits within this Special Issue.

Dr. Brian Bolton
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate governance
  • corporate culture
  • ESG
  • corporate ownership
  • family firms
  • international governance
  • econometrics of corporate governance

Published Papers (3 papers)

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Research

13 pages, 285 KiB  
Article
Blockholdings, Dividend Policy, Stock Returns and Return Volatility: Evidence from the UAE
by Umar Butt and Trevor William Chamberlain
Int. J. Financial Stud. 2023, 11(4), 122; https://doi.org/10.3390/ijfs11040122 - 16 Oct 2023
Viewed by 1274
Abstract
This paper examines the relationship between the presence of blockholdings and stock returns and return volatility in the United Arab Emirates. Earlier studies report mixed results for the direction of the relationships across both developed and emerging markets. This study focuses specifically on [...] Read more.
This paper examines the relationship between the presence of blockholdings and stock returns and return volatility in the United Arab Emirates. Earlier studies report mixed results for the direction of the relationships across both developed and emerging markets. This study focuses specifically on these relationships in a dividend policy framework. This study further investigates the role of blockholder type by distinguishing between government, individual and corporate blockholders. Our results indicate that blockholder ownership reduces stock return volatility for both non-dividend-paying and dividend-paying stocks, does not impact returns and is not perceived as expropriating the wealth of other investors. We also conclude that the blockholders do not exhibit rent-seeking behavior through the extraction of dividends and investors in UAE firms embrace the role of blockholders and the reinvestment of profits. Full article
(This article belongs to the Special Issue Cross-Cultural Corporate Governance, Firm Performance and Firm Value)
27 pages, 5293 KiB  
Article
Effects of Contract Governance on the Relation of Partnership Critical Success Factors and the Performance of Malaysia Public-Private Partnership Initiatives
by Azlan Shah Abdul Latif, Noor Azman Ali, Zahira Ishan, Nor Siah Jaharuddin, Rohail Hassan and Adibah Abdul Latif
Int. J. Financial Stud. 2023, 11(3), 109; https://doi.org/10.3390/ijfs11030109 - 04 Sep 2023
Cited by 1 | Viewed by 1723
Abstract
Much research has been carried out to discover partnership critical success factors that influence public-private partnership success. Since most public-private partnership projects are long-term in nature and include contractual arrangements, there is still a lot to learn about contract governance’s role in public-private [...] Read more.
Much research has been carried out to discover partnership critical success factors that influence public-private partnership success. Since most public-private partnership projects are long-term in nature and include contractual arrangements, there is still a lot to learn about contract governance’s role in public-private partnership performance. Therefore, this study examines the effect of contract governance on the relationship between partnership critical success factors and partnership performance in Malaysia. Stakeholder Theory serves as the underpinning theory for this study. This study employed a quantitative method based on the positivist paradigm to distribute questionnaires. The information was collected from 261 contracting parties’ officials in Malaysian public-private partnership projects regulated by the Malaysian Public-Private Partnership Unit, and a stratified random sampling method was employed. The structural equation model analysis found that eight out of ten hypotheses were supported. According to this study, it has been established that contract governance has a direct favorable influence on partnership performance. However, it is also found that contract governance does not moderate the relationship between partnership critical success factors and partnership performance. Due to time constraints and the emergence of the COVID-19 pandemic, this study was from a cross-sectional viewpoint and adopted a quantitative methodology. The findings of this study are important in the contract governance and partnership performance literature, providing policymakers and concessionaires with new information on the impact of contract governance on public-private partnership project performance. Managers of public-private partnership projects should also be able to enhance their projects’ performance by understanding how contract governance influences the performance of their projects. Full article
(This article belongs to the Special Issue Cross-Cultural Corporate Governance, Firm Performance and Firm Value)
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16 pages, 314 KiB  
Article
Hidden Ownership and Firm Performance: Evidence from Thailand’s Initial Public Offering Firms
by Natthawut Wangwan and Arnat Leemakdej
Int. J. Financial Stud. 2023, 11(3), 107; https://doi.org/10.3390/ijfs11030107 - 04 Sep 2023
Viewed by 1422
Abstract
Previous studies have overlooked hidden ownership in their analysis, which could result in biased findings. This research utilizes unique data sources to uncover hidden ownership patterns and employs ordinary least square regression to investigate the relationship between hidden ownership and firm performance. The [...] Read more.
Previous studies have overlooked hidden ownership in their analysis, which could result in biased findings. This research utilizes unique data sources to uncover hidden ownership patterns and employs ordinary least square regression to investigate the relationship between hidden ownership and firm performance. The findings indicate that hidden ownership affects a firm’s performance, but not in the same manner as previously thought. Firms with hidden ownership actually perform better than those without. These results contradict the belief that hidden ownership leads to wealth expropriation from minority shareholders and negatively impacts a firm’s performance. The study also remains robust after accounting for potential endogeneity using an instrumental variable approach. The findings provide policy implications and contribute to the ownership and firm performance literatures. Full article
(This article belongs to the Special Issue Cross-Cultural Corporate Governance, Firm Performance and Firm Value)
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