The main purpose of this study is to investigate the potential effect of ownership concentration on the relationship between board composition and bank performance. The study employs a sample of Saudi banks listed on Saudi stock exchange (TADAUWL) over the period from 2011 to 2018. To test the study hypotheses and control for endogeneity issues, the Ordinary Least Square (OLS) and the Two-Stage Least Squares (2SLS) techniques are used. The empirical results reveal a significant negative moderating effect of ownership concentration on the association between board composition and bank performance, which confirms the study argument and supports hypotheses. The results indicate that board composition in terms of independent board members, executive board members, and non-executive board members in banks with higher ownership concentration have a weaker positive influence on bank performance. For control variables, the results are almost consistent with theoretical perspectives and previous empirical evidence. The results of this study have important implications for regulatory authorities, companies, and market participants in Saudi Arabia and countries with high concentrated ownership to understand how ownership concentration could affect corporate governance and firm performance and to identify appropriate actions to protect board composition from the influence of ownership concentration.

The study aims to investigate the impact of ownership structure on corporate voluntary disclosure in the listed companies of Bangladesh. While many studies on the impact of ownership structure on voluntary disclosure have looked at developed and developing countries, few studies have been carried out in a transition economy. Using a three-step relative voluntary disclosure index, the study applies a multivariate analysis on the cross-sectional data for the year 2018. The findings indicate that the quality of voluntary disclosure in transition economy is still below average but has improved compared to findings from the previous literature. We found a significant inverse relationship between corporate voluntary disclosure and public ownership, while no significant relationships between voluntary disclosure and institutional ownership, director ownership, and foreign ownership have been found. The empirical findings of the study will provide evidence to promote the voluntary disclosure characterized by the ownership structures. The findings have important implications for both local and foreign investors as they make their investment decisions especially related to a transition economy. Besides, the findings will assist, not only the corporate executives in rearranging their reporting paradigm, but also the regulators and governments in similar transition economy in adopting and formulating their corporate policies and strategies.

The human and capital resources from foreign investors are important sources of finance for developing countries. Foreign ownership can help the firm to raise funds for operations and the foreign management can help the firm expand the market and improve management. However, does this really happen to Vietnamese firm? To find the answer to that question, this paper examines the impact of foreign ownership and management on the financial performance of listed firms on Vietnam’s stock market. The data collected include 427 listed firms in all fields over five years, from 2014 to 2018. The financial performance is measured by Tobin’s Q, ROA and ROE. The study carried out testing of each model by the least squares method of Pool OLS, assessing random effects (REM) and evaluating fixed effects (FEM). The most effective model is the FEM model. The results show that the foreign ownership ratio and the size of the firm have a positive impact on the financial performance. The foreign management, the age of the firms, the liquidity and financial leverage have a negative impact on the financial performance. Based on the research results, the study proposes some recommendations to improve the financial performance of listed firms in Vietnam.

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.

This study examines the effect of managerial ownership on firm value in capital markets where outside governance mechanisms to discipline managers are weak or non-existent. We hypothesize that strong market forces in the U.S. confound the effect of managerial ownership on firm value, i.e., the convergence of interest argument. We test the hypothesis using data from 112 firms from Singapore Stock Exchange and 205 firms from the Stock Exchange of Thailand prior to the Asian financial crisis in 1997 when the market forces were weak, yet the investor protection was sufficient to prevent outright appropriation from management. For ease of comparison, we use methodologies from studies done on the U.S. sample firms during the same study period as ours. We find that, both in Singapore and Thailand, firm value is a function of managerial ownership, and the relation is of the famous inverted U-shaped. Moreover, the relation is robust under different model specifications. The results from Thai sample, with weaker market forces than in Singapore, lend support to many agency cost hypotheses advanced in the U.S. Our results provide useful implication for investors in emerging and frontier markets where outside governance mechanisms are yet to be fully developed.

This study examines and analyzes the effect of innovation on the price to book value mediated by managerial ownership in Indonesian companies. In order to achieve the goals and objectives, the company increases its value by increasing shareholders. Improving the welfare of shareholders can be done through investment and financial policies, and is reflected in share prices in the capital market. The higher the share price, the better the owner’s welfare, and the company’s value will also increase. The population of this study is the manufacturing companies – as many as 162 – listed on the Indonesia Stock Exchange in 2012-2017. By using a purposive sampling method, 25 companies met the criteria for the sample. The data comes from the companies’ annual report taken from the Indonesia Stock Exchange website. The data is further analyzed using partial least square (PLS). The results of the study showed that innovation has a significant effect on price to book value. The companies with high marketing innovation produce high company performance as well. The companies get a commensurate reward from marketing innovation activities to carry out continuous marketing innovations. In addition, managerial ownership does not mediate the relationship between innovation and price to book value

This paper examines empirically the net impact of residual state ownership on privatized firm efficiency in the transitional context of Vietnam. Vietnamese privatization has its own characteristics. Instead of mass and full privatization, Vietnam has chosen a partial and gradual path. Thus, it is important to assess the net impact of residual state ownership on privatized firms during the post-privatization period. This study employs stochastic frontier analysis to investigate the association between residual state ownership and the efficiency of privatized firms, using a sample of all privatized firms that are listed on the Vietnamese stock exchanges over the period from 2007 to 2017. Also, two-stage least squares regression is incorporated into the model to deal with potential endogeneity issues. Our study provides evidence that state ownership should not be considered as a pure source of agency problems. Indeed, the net impact of residual state ownership on privatized firm efficiency is non-monotonic, and the relationship between residual state ownership and privatized firm efficiency is under an inverted U-shape. A moderate level (less than 50%) of residual state ownership might be beneficial to privatized firm efficiency whereas too much state ownership is detrimental to the efficiency of privatized firms.

The research objective of the paper is to clarify the factors influencing system risks of listed companies in Vietnam, with a focus on clarifying the relationship and quantifying the impacts of ownership structure on systemic risk of listed companies. The data used in this study included financial statements and stock price data of listed companies on the Ho Chi Minh City Stock Exchange and Hanoi Stock Exchange of Vietnam stock market in the period from 2010 to 2017. The paper used the method of estimation in establising the regression models to choose among three models: Random Effect Model, Fixed Effect Model or Pooled OLS for regression using Stata statistical software. The research results showed that state ownership and ownership by foreign investors were positively related to systemic risk, while ownership by domestic investors had a reverse relationship with systemic risk of listed companies in Vietnam. In addition, as a control variable, both company size and profitability had an effect on the systemic risk of listed companies in the research sample. Based on the research results, the authors interpreted some of the implications in order to minimize systemic risks in the operation of listed companies in Vietnam.

Purpose – The aim of this paper is to examine the newly formed a partnership of Amazon, Berkshire Hathaway (Berkshire) and JPMorgan through the lens of strategic alliance, corporate philanthropy, and corporate social responsibility. Research design, data, and methodology – This is an analytical case study that examines the existing scholarly articles in strategic alliances, corporate philanthropy, and corporate social responsibility to explain the recent strategic alliance. Results - There is a clear limitation in explaining this type of unconventional strategic alliance with exiting definitions and concepts because there is no existing study or case available today. Forming a strategic business alliance to create and operate healthcare for their domestic employees could be viewed as a social innovation that resulted from an effort to resolve a social problem, the ineffective healthcare system in the U.S., rather than focusing on business benefits and profits. Conclusions – The success or failure of this type of business alliance would certainly affect the current healthcare system of the United States and global businesses and healthcare industries in the future. However, just entering or tapping into uncharted territory by these three companies to deal with a social issue is significant enough to merit further exploration and analysis for scholars and practitioners.

Few prior studies investigated the correlation between corporate ownership structure and environmental information disclosure. Using environmental index disclosure in GRI (Global Reporting Initiative) reports of the Korean companies, the study examines the effects of ownership structure on the magnitude of environmental information disclosure. A total of 220 firm-years during 2013-2016 period are analyzed. The empirical results of the study indicate that the institutional and foreign investors’ ownership have positive correlations with environmental information disclosure, while the executives' within board of directors has a negative correlation. The ownership by largest shareholders including those with special interests shows no significant relationship with the environmental information disclosure.

Purpose – This study examines the effect of control-ownership wedge on stock crash risk. In Korea, controlling shareholders have exclusive control rights compared to their cash flow rights. With increasing disparity, controlling shareholders abuse their power and extract private benefits at the expense of the minority shareholders. Managers who are controlling shareholders of the companies tend not to disclose critical information that would prevent them from pursuing private interests. They accumulate negative information in the firm. When the accumulated bad news crosses a tipping point, it will be suddenly released to the market at once, resulting in an abrupt decline in stock prices. We predict that stock price crash likelihood due to information opaqueness increases as the wedge increases. Research design, data, and methodology – 831 KOSPI-listed firm-year observations are from KisValue database from 2005 to 2011. Control–ownership wedge is measured as the ratio (UCO −UCF)/UCO where UCF(UCO) is the ultimate cash-fl ow(control) rights of the largest controlling shareholder. Dependent variable CRASH is a dummy variable that equals one if the firm has at least 1 crash week during a year, and zero otherwise. Logistic regression is used to examine the relationship between control–ownership wedge and stock price crash risk. Results – Using a sample of KOSPI-listed firms in KisValue database for the period 2005–2011, we find that stock price crash risk increases as the disparity increases. Specifically, we find that the coefficient of WEDGE is significantly positive, supporting our prediction. The result implies that as controlling shareholders’ ownership increases, controlling shareholders tend to withhold bad news. Conclusions – Our results show that agency problems arising from the divergence between control rights and cash flow rights increase the opaqueness of accounting information. Eventually, the accumulated bad news is released all at once, leading to stock price crashes. It could be seen that companies with high control-ownership wedge are likely to experience future stock price crashes. Our study is related to a broader literature that examined the effect of the control-ownership wedge on stock markets. Our findings suggest that the disparity is a meaningful predictor for future stock price crash risk. The results are expected to provide useful implications for firms, regulators, and investors.

This paper explores the impact of corporate control, measured by ownership structure, on top-executives’ compensation in Japan. According to agency theory, the pay-performance link is expected to be affected by the firm’s ownership structure. Using a sample of 4,411 firm-year observations (401 firms for the 11-years period from 2001 to 2011) for Japanese non-financial firms publicly traded on the first section and second section of the Tokyo Stock Exchange (TSE), this study demonstrates that institutional ownership (both financial and corporate) is negatively related to the level of executives’ compensation. Such finding is in line with efficient monitoring hypothesis which claims that the presence of institutional shareholders provides direct monitoring over managers, limits managerial self-dealing and curves the increase in top-executives pay. On the other hand, the results also show that managerial ownership is positively related to their compensation which supports managerial power theory hypothesis, i.e. management-controlled firms are more likely to extract more compensation from the business than other firms. Overall, this study confirms that corporate control has significant impact on cash compensation paid to Japanese top-executives after controlling the conventional pay-performance relationship.

“모든 부는 불의한 부, 즉 불공평한 부라고 일컬어진다. 왜냐하면 그것 은 모든 이에게 공평하게 분배되지 않고, 한 사람에게는 부족하게, 다른 사 람에게는 필요 이상으로 풍부하게 분배되기 때문이다.” 토마스 아퀴나스의 신학대전에 나오는 이 인용문은 부의 불공평한 분배가 불의하다는 관념 을 뚜렷하게 표현하고 있다. 이것은“정의는 동등을 함축한다”는 명제로 요 약될 수 있는 토마스 정의론의 핵심적인 관념에 속한다. 이러한 특징을 가진 토마스의 정의론에 비추어 보면, 자본주의 사회에서 허용되어 온 심각한 수준의 경제적 불평등은 부정의를 내포하는 것으로 보 인다. 본고는 현대자본주의의 경제 질서가 양산해 온 불평등 문제를 재평 가할 수 있는 하나의 윤리적 준거점으로서 토마스 아퀴나스의 정의론을 고 찰하는 데 목적이 있다. 이러한 문제의식에 기초해서 본고는 토마스 아퀴나스의 신학대전에 나타난 정의론을 사적 소유권의 한계와 빈민의 권리에 초점을 맞추어 철저 한 원전 분석 방법을 사용하여 연구한다. 이 분석을 통해 다음과 같은 것 을 밝힌다. 토마스는 외적 사물의 관리와 분배에 있어서 효율성, 질서, 평 화를 이유로 사적 소유가 허용됨을 인정한다. 하지만 그는 외적 사물의 사용에 있어서는 공적 소유를 주장하며, 사적 소유권에 우선하는 자연법의 규정에 근거하여 사적 소유권의 한계를 분명히 한다. 즉 사적 소유권은 생 존에 필요한 것이 결핍된 빈민의 자기보존이라는 자연권에 종속되어야 한 다는 것이다. 이처럼 자연법에 토대를 둔 소유권 이해에 따라 토마스는 빈 민의 권리를 우선적으로 고려하여 부의 불평등 문제에 접근한다. 본고의 연구결과는 토마스의 정의론에 따른 소유권 이해가 무한한 재산 의 축적을 정의로운 것으로 본 현대 자본주의 정치경제학의 전제를 윤리적 으로 재평가할 수 있는 하나의 관점을 제공해 줄 수 있음을 보여준다.

독도 문제는 동아시아의 미래 등과도 밀접한 연관이 있다. 그럼으로 앞으로는 독도 문제 를 평화적으로 해결하기 위한 현실주의적인 해법을 찾아야만 할 것이다. 독도 문제에서 1905년 1월 일본의 독도 점유는 조선 침략을 시작하면서 5년 뒤의 강압적인 한국 병합을 위한 전조로 행해졌다는 점에 시초가 있다. 일본으로서는 이 주장을 논박하는 것은 불가능 하다. 이렇듯 독도 문제는 일본군 강제위안부 등 여전히 미해결 상태인 다른 과거사 문제 청산작업과 동시에 진행돼야 할 것이다. 그리고 이젠 이런 문제를 인정한 뒤 대화와 협상에 나서지 않으면 쌍방 모두 심대한 손실을 입게 될 상황에 처하고 있다. 이 연구에서는 이런 중대한 의미를 갖는 독도 문제에 대해 한국 국민들의 현재 상황을 파악해 보는 시도이다. 이를 위하여 이 연구에서는 특히 우리 국민의 독도 영유권 인식을 중심으로 살펴보고자 하였다. 이를 위하여 이 연구에서는 먼저 한국 국민의 독도 영유권 인식 현황을 살펴보았다. 더불어 사회경제학적 입장에 따른 한국 국민의 독도 영유권 인식 현황을 살펴보았다. 다음 으로는 독도 영유권과 관련 있다고 판단하는 다른 항목들에 대한 인식 현황을 살펴보고, 이들 관련 항목과 독도 영유권 인식과의 관련성을 분석해 보았다.

여러 자료에 따르면 우리 나라에도 정확 수는 알 수 없지만 상당량의 보물선이 침몰되어 있을 것으로 추정된다. 이에 최근 우리나라 영해에서 보물선 탐사작업이 활발히 이루어지고 있다. 몇 건의 문화재 관련 발굴 사례 이외에는 아직까지 뚜렷한 성과가 없지만 앞으로 계속적인 발굴작업으로 인하여 보물선 발굴 사례의 가능성은 크다고 볼 수 있다. 이에 만약 침몰선을 인양했을 경우에 발생되는 법적인 문제들과 그 절차들, 그리고 침몰선의 소유권과 관련한 국내법적 문제 및 해결방법들과 국제법적 문제 및 해결방법들에 대해서 살펴보고 현재 존재하는 법시스템의 몇가지 문제점을 제시하고자 한다.