This study aims to understand the moderating role of firm size on financial characteristics and Islamic firm value. Then study how the influence of firm size moderation on the relationship of financial characteristics and corporate governance with firm value. This study uses secondary data from...

This paper examines the relationship between corporate ownership structure and greenhouse gas (GHG) emissions. We find that institutional ownership significantly reduces corporate GHG emissions in China. We also observe that pressure-resistant institutional investors and qualified foreign...

In this paper, we provide new evidence on the association of state ownership and tax planning and show that shareholders' monitoring incentives affect a firm's tax planning. Using the unique setting of the German corporate tax system, we distinguish between state owners that directly benefit...

We analyze the valuation-tax avoidance relation and find there is, in fact, a market value discount for tax avoidance. We identify several channels for the adverse valuation effects of tax avoidance. Tax-avoiding firms that i) lack foreign income, ii) are financially constrained, and iii) incur...

This paper demonstrates the existence of different institutional investor preferences for equity characteristics, and makes the link between these preferences and firm value. We show that transient institutional investors (those that trade frequently with a view to maximizing short term gains)...

This paper reassesses two conflicting hypotheses on the valuation impacts of private placements of equity (PPEs), the monitoring/certification hypothesis and the managerial entrenchment hypothesis, by focusing on the shareholder approval, active buyer, and premium pricing features of PPEs. We...

This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centred...

There are two main sources of confusion in the public corporate governance debate. One is the confusion about the role of public policy intervention. The other is a lack of empirical knowledge about the corporate landscape where rules are supposed to be implemented and the functioning of...

This paper provides a framework for analysing the character and degree of ownership engagement by institutional investors. It argues that the general term “institutional investor” in itself doesn’t say very much about the quality or degree of ownership engagement. It is therefore an...

We document a negative (positive) relationship between firm performance and changes in the ownership of large (small) institutional investors. Small investors "exit'' while blockholders increase their holdings following poor performance. We find evidence that large investors increase ownership...