JEFAS Vol. 23 Nº 46 (2018)

URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4134

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    The effect of ownership composition on earnings management: evidence for the Mexican stock exchange
    (Universidad ESAN. ESAN Ediciones, 2018-12-01) San Martin Reyna, Juan Manuel
    Purpose – This paper aims to examine the relationship between different types of shareholders that command share ownership family institutions or external block holders and earnings management. In addition it examines the effect of company size on earnings management. Design/methodology/approach – The sample includes 67 companies listed in the Mexican Stock Exchange for the period 2005-2015. The sample composition is quite industry-balanced. A cross-sectional version of the Jones model (1991) is to measure the earnings management. The GMM (generalized method of moments) model is also estimated. Findings – The results show that family and institutional ownership reduce the earnings management but the impact is different depending on the company size. Research limitations/implications – The results show that there is a clear relationship between increasing participation of family and institutional investors and a reduction in earnings management. This is consistent with the literature that establishes that ownership is an effective regulatory mechanism that limits earnings management through closer supervision and involvement in management. Practical/implications – For companies’ corporate governance and regulatory authorities the results of this study may serve to improve the decision-making. Originality/value – This study shows that ownership structure can provide corporate governance in Mexican listed companies with different monitoring and control capacities to influence companies’ strategies particularly in relation to the discretion of earnings management.
  • Miniatura
    ÍtemSolo Metadatos
    Microfinancing, governance, and performance: a South Asian perspective
    (Universidad ESAN. ESAN Ediciones, 2018-12-01) Saeed, Asif; Javed, Attiya Y.; Noreen, Umara
    Purpose – This paper aims to investigate the relationship between microfinance institutions (MFIs) governance and performance. Design/methodology/approach – Using a sample of 215 MFIs from six South Asian countries over the period from 2005 to 2009, the authors examine the effect of chief executive officer (CEO) duality, board size, female CEO, urban market coverage, bank regulation and lending type on financial and social performance of MFIs. Findings – The findings provide evidence that, on the one hand, empowered CEO, large board size and individual lending improve the MFI financial performance and, on another hand, bank regulation and serving in the urban market have a significant association with MFIs’social performance. In an additional analysis, the authors also test this relationship before, during and after the financial crisis of 2007. During crisis period, MFIs’ individual lending reduces the operational cost and bank regulation increases the average loan size in South Asian MFIs. Originality/value– Those studies that are presented in the literature review conclude their result on the bases of global, European, East African and specific to some countries sample. There is no study presented in the whole literature on South Asian sample, in which all countries really face the problem of poverty.