Open Science Research Excellence

Open Science Index

Commenced in January 2007 Frequency: Monthly Edition: International Publications Count: 29526


Select areas to restrict search in scientific publication database:
10002666
Ownership, Management Responsibility and Corporate Performance of the Listed Firms in Kazakhstan
Abstract:
The research explores the relationship between management responsibility and corporate governance of listed companies in Kazakhstan. This research employs firm level data of selected listed non-financial firms and firm level data “operational” financial sector, consisted from banking sector, insurance companies and accumulated pension funds using multivariate regression analysis under fixed effect model approach. Ownership structure includes institutional ownership, managerial ownership and private investor’s ownership. Management responsibility of the firm is expressed by the decision of the firm on amount of leverage. Results of the cross sectional panel study for non-financial firms showed that only institutional shareholding is significantly negatively correlated with debt to equity ratio. Findings from “operational” financial sector show that leverage is significantly affected only by the CEO/Chair duality and the size of financial institutions, and insignificantly affected by ownership structure. Also, the findings show, that there is a significant negative relationship between profitability and the debt to equity ratio for non-financial firms, which is consistent with pecking order theory. Generally, the found results suggest that corporate governance and a management responsibility play important role in corporate performance of listed firms in Kazakhstan.
Digital Object Identifier (DOI):

References:

[1] Z. Z. Abidin, M.N Kama., K. Jusoff, “Board Structure and Corporate Performance in Malaysia”, International Journal of Economics, and Finance, Vol1, N.1,2009
[2] S.B. Adeyemi, & C.S. Oboh,. “Perceived relationship between corporate capital structure and firm value in Nigeria”, International Journal of Business and Social Science, 2(19), pp. 131-143, 2011
[3] S. Achchuthan, R. Kajananthan & N. Sivathaasan, “Corporate Governance Practices and Capital Structure: A Case in Sri Lanka”, International Journal of Business and Management; Vol. 8, No. 21; 2013,
[4] A.A. Berle & G.C Means, “The Modern Corporation and Private Property”, 1st (2nd) ed. Harcourt, Brace and World, New York 1967, ISBN 0-88738-887-6, 1932 (1967)
[5] S Bhagat & B. Bolton, “Corporate governance and firm performance”, Journal of Corporate Finance, 14, 257–273,2008
[6] H.S., Byun & J. H. Lee, “Ownership Structure, Intensive Board Monitoring, and Firm Value: Evidence from Korea”, Asia-Pacific Journal of Financial Studies (2013) 42, 191–227, 2013
[7] P. Brown, W. Beekes, P. Verhoeven, “Corporate governance, accounting and finance: A review”, Journal of Accounting and Finance 51 (2011) 96–172, 2011
[8] H. Bruslerie & I. Latrous I., ” Ownership Structure and Debt Leverage: Empirical Test of a Trade-Off Hypothesis on French Firms”, Journal of Multinational Financial Management , 2012
[9] N. Chancharat, C. Krishnamurti & G. Tian, “Board Structure and Survival of New Economy IPO Firms”, Journal: Corporate Governance: An International Review, 20(2): 144–163, 2012
[10] M.C. Cheng, & Z.C. Tzeng, “The effect of leverage on firm value and how the firm financial quality influence on this effect”, World Journal of Management, 3(2), pp.30-53, 2012
[11] J. L Coles, N. D., Daniel & L. Naveen, “Boards: Does one size fit all? “Journal of Financial Economics, 87, 329-356, 2008
[12] V.O. Connell & N. Cramer, “The relationship between firm performance and board characteristics in Ireland”, European Management Journal , 28, 387– 399, 2010
[13] N.T. Cuong, & N.T. Canh, “The effect of capital structure on firm value for Vietnam’s seafood processing enterprises”, International Research Journal of Finance and Economics,89, pp. 221-233, 2012
[14] D. Cumming, “Private Equity Investors, Corporate Governance, and Performance of IPO Firms”, The Oxford Handbook of Private Equity, ISBN-13: 9780195391589, 2012
[15] K.A Desender , '"The relationship between the ownership structure and the role of the board”, Working Papers/paper, 09−0105.pdf, 2009
[16] A. Gill, N. Biger, and N. Mathur, 2011. “The effects of capital structure on profitability: Evidence from United States”, International Journal of Management, 28(4), pp. 3-15, 2011
[17] A. Gill and N. Mathur, “Board size, CEO duality, and the value of Canadian manufacturing firms”, Journal of Applied Finance and Banking, 1(3), pp. 1-13, 2011
[18] Z. Guedri and H. Hollandts, ” Beyond Dichotomy: The Curvilinear Impact of Employee Ownership on Firm Performance “, Journal: Corporate Governance: An International Review, Volume 16, Issue 4,pp. 460–474, 2008
[19] P.M. Guest,” The determinants of board size and composition: Evidence from the UK”, Journal of Corporate Finance, 14,1-72., 2008
[20] A. Ellul, “Control motivations and capital structure decisions”, working paper, www.ssrn.com/abstract=1094997 , 2009
[21] A. Fazlzadeh & A.T.H.Alghadir, “Tabriz The Examination of the Effect of Ownership Structure on Firm Performance in Listed Firms of Tehran Stock Exchange Based on the Type of the Industry” , International Journal of Business and Management Vol. 6, No. 3, 2011
[22] A. Hasan & S.A.Butt, “Impact of Ownership Structure and Corporate Governance on Capital Structure of Pakistani Listed Companies”, International Journal of Business and Management, Vol.4, No.2, pp. 50- 57, 2009
[23] K. Jelinek & P. Stuerke, “The Nonlinear Relation between Agency Costs and Managerial Equity Ownership: Evidence of Decreasing Benefits of Increasing Ownership”. International Journal of Managerial Finance, Vol. 5 No. 2, pp. 156-178., 2009
[24] M. C., Jensen, ” Agency costs of free cash flow, corporate finance, and takeovers”, The American Economic Review 76, 323–329,1986
[25] M. C. Jensen, and W. H. Meckling, “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics 3, 305–360, 1976
[26] C. W. Kamangue & J. K. Ngugi, “The influence of board attributes on firm value: A case study of the unit trusts in Kenya”. European Journal of Management Sciences and Economics, 1(2), 58-69, 2013
[27] H. Kasseeah H., “What determines the leverage decisions of Chinese firms?’, Journal of the Asia Pacific Economy, Vol.13, No.3, 354-374, 2008
[28] K. Li, H. Yue , L. Zhao, “Ownership, institutions, and capital structure: evidence from China”, Journal of Comparative Economics, 37, 471-490, 2009
[29] J. Linck, J. Netter, & T. Yang, “The determinants of board structure” Journal of Financial Economics 87, pp. 308–328, 2008
[30] V. Mande, Y.K. Park & M. Son, “Equity or Debt Financing: Does Good Corporate Governance Matter?” Journal: Corporate Governance: An International Review, Volume 20, Issue 2, pp. 195–211, 2012
[31] B. Mashayekhi and M. S. Bazazb, “Corporate Governance and Firm Performance in Iran”, Journal of Contemporary Accounting & Economics, Vol4, No 2, 156-1 72, 2008
[32] F. Modigliani and M. Miller, “The Cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, 48, 261– 97, 1958
[33] D.Y. Nyonna, “Simultaneous Determination of Insider Ownership and Leverage: The Case of Small Businesses”, Economics & Business Journal: Inquiries & Perspectives, Volume 4 Number 1 , 2012
[34] F. Perrini, G Rossi & B. Rovetta, “Does Ownership Structure Affect Performance? Evidence from the Italian Market “, Journal: Corporate Governance: An International Review, 2008, Volume 16, Issue 4, pp. 312–325, 2008
[35] P.K Pham., J. Suchard and J.Zein, “Corporate governance and alternative performance measures: evidence from Australian firms”, Australian Journal of Management, 36: 371, 2011
[36] S Pöyry & B. Maury,” Influential ownership and capital structure”, Journal of Managerial and Decision Economics, Finland, April 10, 2009
[37] D Ramdani. & A.V. Witteloostuijn, “The impact of board independence and CEO duality on firm performance: A quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand”, British Journal of Management, 21(3), pp. 607- 627., 2010
[38] M.A. Rouf, “The relationship between corporate governance and value of the firm in developing countries: Evidence from Bangladesh”, The International Journal of Applied Economics and Finance, 5(3), pp. 237- 244, 2011
[39] W. Ruan, G. Tian & S. Ma, “Managerial ownership, capital structure and firm value: evidence from China’s civilian-run firms”, Australian Accounting Business and Finance Journal, 5(3), pp. 73-92., 2011
[40] F. Rudiger & M. S. Rene, “Why do firms appoint CEOs as outside directors?”, Journal of Financial Economics, In Press, Corrected Proof., 2010
[41] D.A. Singh & A.S. Gaur, “Business Group Affiliation, Firm Governance, and Firm Performance: Evidence from China and India, Journal: Corporate Governance: An International Review, 17 (4), pp. 411–425, 2009
[42] L.O. Sumail, L. Moeljadi, A. Djazuli & Solimun, 2013. ”Relationship between Insider Ownership and Sales Growth with Dividend Policy and Leverage (Study on Manufacturing Company in Indonesia Stock Exchange)”, International Journal of Business and Management Invention, ISSN (Online): 2319 – 8028, Volume 2 Issue 5, , pp.40-49 , May. 2013
[43] C. Yanming “Simultaneous Determination of Managerial Ownership, Financial Leverage and Firm Value”, School of Accounting, ShanXi University of Finance & Economics, P.R.China, 2008
[44] S.R. Yarram “Influence of Ownership Structure on Finance Leverage: A Study of Australian Firms “, UNE Business School, University of New England, Armidale NSW 2351, Australia,2010
[45] M. Zare, M Moeinadin & F.Heyrani,“Investigating the Relationship between Board Characteristics and the Sustainable Development of Companies Listed at Tehran Stock Exchange “, International Journal of Academic Research in Business and Social Sciences , Vol. 4, No. 6 ISSN: 2222-6990, 2014
[46] K.U.R. Wahla, Z.S.A. Shah. & Z. Hussain, “Impact of ownership Structure on Firm Performance : Evidence from Non-Financial Listed Companies at Karachi Stock Exchange”, International Research Journal of Finance and Economics, ISSN 1450-2887, Issue 84 , 2012
Vol:13 No:04 2019Vol:13 No:03 2019Vol:13 No:02 2019Vol:13 No:01 2019
Vol:12 No:12 2018Vol:12 No:11 2018Vol:12 No:10 2018Vol:12 No:09 2018Vol:12 No:08 2018Vol:12 No:07 2018Vol:12 No:06 2018Vol:12 No:05 2018Vol:12 No:04 2018Vol:12 No:03 2018Vol:12 No:02 2018Vol:12 No:01 2018
Vol:11 No:12 2017Vol:11 No:11 2017Vol:11 No:10 2017Vol:11 No:09 2017Vol:11 No:08 2017Vol:11 No:07 2017Vol:11 No:06 2017Vol:11 No:05 2017Vol:11 No:04 2017Vol:11 No:03 2017Vol:11 No:02 2017Vol:11 No:01 2017
Vol:10 No:12 2016Vol:10 No:11 2016Vol:10 No:10 2016Vol:10 No:09 2016Vol:10 No:08 2016Vol:10 No:07 2016Vol:10 No:06 2016Vol:10 No:05 2016Vol:10 No:04 2016Vol:10 No:03 2016Vol:10 No:02 2016Vol:10 No:01 2016
Vol:9 No:12 2015Vol:9 No:11 2015Vol:9 No:10 2015Vol:9 No:09 2015Vol:9 No:08 2015Vol:9 No:07 2015Vol:9 No:06 2015Vol:9 No:05 2015Vol:9 No:04 2015Vol:9 No:03 2015Vol:9 No:02 2015Vol:9 No:01 2015
Vol:8 No:12 2014Vol:8 No:11 2014Vol:8 No:10 2014Vol:8 No:09 2014Vol:8 No:08 2014Vol:8 No:07 2014Vol:8 No:06 2014Vol:8 No:05 2014Vol:8 No:04 2014Vol:8 No:03 2014Vol:8 No:02 2014Vol:8 No:01 2014
Vol:7 No:12 2013Vol:7 No:11 2013Vol:7 No:10 2013Vol:7 No:09 2013Vol:7 No:08 2013Vol:7 No:07 2013Vol:7 No:06 2013Vol:7 No:05 2013Vol:7 No:04 2013Vol:7 No:03 2013Vol:7 No:02 2013Vol:7 No:01 2013
Vol:6 No:12 2012Vol:6 No:11 2012Vol:6 No:10 2012Vol:6 No:09 2012Vol:6 No:08 2012Vol:6 No:07 2012Vol:6 No:06 2012Vol:6 No:05 2012Vol:6 No:04 2012Vol:6 No:03 2012Vol:6 No:02 2012Vol:6 No:01 2012
Vol:5 No:12 2011Vol:5 No:11 2011Vol:5 No:10 2011Vol:5 No:09 2011Vol:5 No:08 2011Vol:5 No:07 2011Vol:5 No:06 2011Vol:5 No:05 2011Vol:5 No:04 2011Vol:5 No:03 2011Vol:5 No:02 2011Vol:5 No:01 2011
Vol:4 No:12 2010Vol:4 No:11 2010Vol:4 No:10 2010Vol:4 No:09 2010Vol:4 No:08 2010Vol:4 No:07 2010Vol:4 No:06 2010Vol:4 No:05 2010Vol:4 No:04 2010Vol:4 No:03 2010Vol:4 No:02 2010Vol:4 No:01 2010
Vol:3 No:12 2009Vol:3 No:11 2009Vol:3 No:10 2009Vol:3 No:09 2009Vol:3 No:08 2009Vol:3 No:07 2009Vol:3 No:06 2009Vol:3 No:05 2009Vol:3 No:04 2009Vol:3 No:03 2009Vol:3 No:02 2009Vol:3 No:01 2009
Vol:2 No:12 2008Vol:2 No:11 2008Vol:2 No:10 2008Vol:2 No:09 2008Vol:2 No:08 2008Vol:2 No:07 2008Vol:2 No:06 2008Vol:2 No:05 2008Vol:2 No:04 2008Vol:2 No:03 2008Vol:2 No:02 2008Vol:2 No:01 2008
Vol:1 No:12 2007Vol:1 No:11 2007Vol:1 No:10 2007Vol:1 No:09 2007Vol:1 No:08 2007Vol:1 No:07 2007Vol:1 No:06 2007Vol:1 No:05 2007Vol:1 No:04 2007Vol:1 No:03 2007Vol:1 No:02 2007Vol:1 No:01 2007