Article2012

Ownership structure, corporate governance and firm performance

Sabur Mollah · Omar Al Farooque · Wares Karim

82 citations0/0 files storedStudies in Economics and Finance

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

Purpose In spite of an abundance of corporate governance literature across the world, the Botswana corporate sector is lacking. The purpose of this study is to investigate the relationship among the ownership structure, board characteristics and financial performance to determine the role of corporate governance in the performance behavior of companies listed in such an emerging market in Africa as Botswana. Design/methodology/approach Ordinary least square (OLS) models are applied to Botswana Stock Exchange listed firms over the period 2000‐2007 to determine the role of corporate governance in the performance behavior of companies listed in an emerging market. Findings The empirical evidence shows distinct nature of corporate governance behavior among alternative performance measures used, in particular, between accounting‐based/hybrid and market‐based measures. Practical implications Such diversified findings provide the policy‐makers with insights to take appropriate measures on corporate governance and stock market development in order to ensure their efficiency. Originality/value The approach of this study is different from the other available literature as it captures all types of shareholdings together in addition to other corporate governance and firm‐specific predictable variables.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1986Large Shareholders and Corporate Control 1985The Structure of Corporate Ownership: Causes and Consequences 1990Additional evidence on equity ownership and corporate value 1980Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation 2001Ownership structure and corporate performance 1983The Structure of Ownership and the Theory of the Firm

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