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Ownership structure, corporate governance and firm performance

Author

Listed:
  • Sabur Mollah
  • Omar Al Farooque
  • Wares Karim

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.

Suggested Citation

  • Sabur Mollah & Omar Al Farooque & Wares Karim, 2012. "Ownership structure, corporate governance and firm performance," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 29(4), pages 301-319, September.
    • Handle: RePEc:eme:sefpps:v:29:y:2012:i:4:p:301-319
    DOI: 10.1108/10867371211266937
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    Citations

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    Cited by:

    1. Riskin Hidayat & Sugeng Wahyudi & Harjum Muharam & Fatlina Zainudin, 2020. "Institutional Ownership, Productivity Sustainable Investment Based on Financial Constrains and Firm Value: Implications of Agency Theory, Signaling Theory, and Asymmetry Information on Sharia Companie," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(1), pages 71-81, January.
    2. Kogilavani Apadore & Siti Subaryani Binti Zainol, 2014. "Determinants of Corporate Governance and Corporate Performance among Consumer Product Industry in Malaysia: A Theoretical Model," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(2), pages 159-165, April.
    3. Cristina Gaio & Inês Pinto & Luís Rodrigues, 2016. "Are State-Owned Firms Less Profitable Than Non-State-Owned Firms? European Evidence," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 21(1), pages 3-24.
    4. Schank Milena - Jana, 2018. "Institutional Ownership and Firm Performance - Evidence from Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 696-701, December.

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