In recent years, the number of delisting shows dramatically increased in the world particularly
in China. This study will discuss on delisting focus in the context of China’s New Third Board Market (NTBM).
Furthermore, the delisted firms in China's New Third Board Market (NTBM) shows dramatically increased.
Moreover, this research is to make propositional statements and propose a framework to be tested empirically
in future studies. Based on agency theory, we proposed that there will be positive relationship among board
size, board independence,
Effect of Stock Market Listing on Financial Performance of Companies Listed i...paperpublications3
Abstract: This study is on the effect of stock market listing on financial performance of companies listed in Nairobi Securities Exchange (NSE). The specific objectives of the study determining how the nature of business industry and size of companies affected their financial performance, how government policy effected through Capital Markets Authority (CMA) influenced financial performance of companies listed in NSE, how management of the companies listed in NSE affected their financial performance, and how availability of information influenced the financial performance of companies listed in NSE. The Population of the study as well as the target population was a census of all 61 listed companies at the Nairobi Securities Exchange (NSE) as at 31st December 2012. This study established that in general stock market listing affects different profitability ratios in different ways. Some improve as a result of stock market listing while others deteriorate.
Keywords: Nairobi Securities Exchange (NSE), Listing, Return on Assets (ROA), Return on Equity (ROE).
Title: Effect of Stock Market Listing on Financial Performance of Companies Listed in Nairobi Securities Exchange
Author: Wilbert Kiplangat Kurgat
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
The debate over excellence, reputation, CSR and their impact on performance rages in the academic and professional communities.
Professionals responsible for intangible assets and those in charge of finance are a good reflection of this dual reality that frequently makes Board members and Management Committees take difficult decisions that don’t benefit both parts the same way.
In 2013, a research was held in Japan in order to shed light to explain the mechanisms that affect financial performance and, more specifically, identify which of these mechanisms are related to corporate reputation. It concluded that corporate value is constituted by four factors: organizational value, social value, business value and commercial value. Eventually, those companies that pay more attention to organizational and social value achieve greater commercial and business value.
This document analyzes the factors that constitute those values and the steps needed to improve reputation. It also explains relations between different factors of corporate reputation and financial performance in mathematical terms.
Innovation is the factor that truly relates corporate reputation to business success. The factors that improve both economic results and reputation are the ability to lure resources and expand internationally. That’s why companies need to bring best talent and state-of-the-art technologies on board.
In this document, it is explained the case of ING Direct in Australia to show the contribution of corporate reputation to financial results.
By using Net Promoter Score (NPS) (an index developed by U.S.-based Professor Reichheld which stands for a positive or negative correlation between the number of promoters and the number of detractors), ING Direct was able to measure the impact of its brand strategy on the Australian market. The company achieved a high recommendation level reflected in the exponential growth of deposits, funds and assets.
Good economic results impact reputation and sustain it over time. However, as in the example of ING Direct and many other companies, a good reputation is able to improve financial results as well as the competitive and economic position.
Factors of Doing Business, Case Study KosovoAJHSSR Journal
Creating suitable conditions for all businesses that are established for the first time, businesses
that already operate in all markets (internal and external), as well as those who claim to be created in the near
future, are directly or indirectly influenced by proper terms of doing business of each adequate country, with
particular emphasis on countries claiming to be newly incorporated into liberal economies (free market
economy). Therefore, even Kosovo, in these circumstances and difficult moments of political and economic
transition, is making the utmost effort to create favorable business conditions, especially when it comes to new
direct investments from abroad and local ones. From this point of view, the main objective of this paper will be
the analysis of all these issues related to the creation of the most appropriate conditions for all these factors, and
to provide (following analysis and findings from the research conducted) adequate recommendations so that our
country becomes more attractive to overseas investors who would help our country in economic growth and
reduce unemployment as one of the main government targets.
CAPACITY BUILDING IN PROCUREMENT AND REGULATORY COMPLIANCE AT RWANDA ENERGY G...AkashSharma618775
The study examined the effect of capacity building in procurement on regulatory compliance at Rwanda
Energy Group. The objective of the study was to assess the effects of training, coaching and leadership
development in public procurement to regulatory compliance at Rwanda Energy Group. A descriptive survey
research design was adopted using quantitative methods and used a closed-ended questionnaire as a data collection
instrument. The study targeted 86 respondents from Rwanda Energy Group. Owing to the small size of the
targeted study population of REG staff based in Kigali, the whole population was taken for respondents to ensure
enough data is collected to inform the study. Collected data were analyzed on quantitative basis using Pearson’s
correlation, multiple regression analysis and descriptive statistics. For the analysis of training in public
procurement, the results have shown that all respondents in REG strongly agree with its effects in enhancing,
enforcing and streamlining regulatory compliance in public procurement. In the study, coaching in public
procurement, the results found that all responses provided, highlighted a positive trend to the first statistical range
(strong agree) of 1.27 as a mean with a minimum standard deviation estimated at 0.789 in general. The research
study analyzed leadership development, the results found that leadership development in public procurement is
strongly correlated with regulatory compliance of Rwanda Energy Group at significance level of 1.53 as the mean
with the minimum standard deviation estimated at 1.070 in general. The researcher recommended that Rwanda
Energy Group should consider, facilitating and involving all procurement staff in capacity building and
development through short courses and trainings organized by Rwanda Public Procurement Authority to improve
compliance with laws and regulations of public procurement in Rwanda.
Effect of Stock Market Listing on Financial Performance of Companies Listed i...paperpublications3
Abstract: This study is on the effect of stock market listing on financial performance of companies listed in Nairobi Securities Exchange (NSE). The specific objectives of the study determining how the nature of business industry and size of companies affected their financial performance, how government policy effected through Capital Markets Authority (CMA) influenced financial performance of companies listed in NSE, how management of the companies listed in NSE affected their financial performance, and how availability of information influenced the financial performance of companies listed in NSE. The Population of the study as well as the target population was a census of all 61 listed companies at the Nairobi Securities Exchange (NSE) as at 31st December 2012. This study established that in general stock market listing affects different profitability ratios in different ways. Some improve as a result of stock market listing while others deteriorate.
Keywords: Nairobi Securities Exchange (NSE), Listing, Return on Assets (ROA), Return on Equity (ROE).
Title: Effect of Stock Market Listing on Financial Performance of Companies Listed in Nairobi Securities Exchange
Author: Wilbert Kiplangat Kurgat
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
The debate over excellence, reputation, CSR and their impact on performance rages in the academic and professional communities.
Professionals responsible for intangible assets and those in charge of finance are a good reflection of this dual reality that frequently makes Board members and Management Committees take difficult decisions that don’t benefit both parts the same way.
In 2013, a research was held in Japan in order to shed light to explain the mechanisms that affect financial performance and, more specifically, identify which of these mechanisms are related to corporate reputation. It concluded that corporate value is constituted by four factors: organizational value, social value, business value and commercial value. Eventually, those companies that pay more attention to organizational and social value achieve greater commercial and business value.
This document analyzes the factors that constitute those values and the steps needed to improve reputation. It also explains relations between different factors of corporate reputation and financial performance in mathematical terms.
Innovation is the factor that truly relates corporate reputation to business success. The factors that improve both economic results and reputation are the ability to lure resources and expand internationally. That’s why companies need to bring best talent and state-of-the-art technologies on board.
In this document, it is explained the case of ING Direct in Australia to show the contribution of corporate reputation to financial results.
By using Net Promoter Score (NPS) (an index developed by U.S.-based Professor Reichheld which stands for a positive or negative correlation between the number of promoters and the number of detractors), ING Direct was able to measure the impact of its brand strategy on the Australian market. The company achieved a high recommendation level reflected in the exponential growth of deposits, funds and assets.
Good economic results impact reputation and sustain it over time. However, as in the example of ING Direct and many other companies, a good reputation is able to improve financial results as well as the competitive and economic position.
Factors of Doing Business, Case Study KosovoAJHSSR Journal
Creating suitable conditions for all businesses that are established for the first time, businesses
that already operate in all markets (internal and external), as well as those who claim to be created in the near
future, are directly or indirectly influenced by proper terms of doing business of each adequate country, with
particular emphasis on countries claiming to be newly incorporated into liberal economies (free market
economy). Therefore, even Kosovo, in these circumstances and difficult moments of political and economic
transition, is making the utmost effort to create favorable business conditions, especially when it comes to new
direct investments from abroad and local ones. From this point of view, the main objective of this paper will be
the analysis of all these issues related to the creation of the most appropriate conditions for all these factors, and
to provide (following analysis and findings from the research conducted) adequate recommendations so that our
country becomes more attractive to overseas investors who would help our country in economic growth and
reduce unemployment as one of the main government targets.
CAPACITY BUILDING IN PROCUREMENT AND REGULATORY COMPLIANCE AT RWANDA ENERGY G...AkashSharma618775
The study examined the effect of capacity building in procurement on regulatory compliance at Rwanda
Energy Group. The objective of the study was to assess the effects of training, coaching and leadership
development in public procurement to regulatory compliance at Rwanda Energy Group. A descriptive survey
research design was adopted using quantitative methods and used a closed-ended questionnaire as a data collection
instrument. The study targeted 86 respondents from Rwanda Energy Group. Owing to the small size of the
targeted study population of REG staff based in Kigali, the whole population was taken for respondents to ensure
enough data is collected to inform the study. Collected data were analyzed on quantitative basis using Pearson’s
correlation, multiple regression analysis and descriptive statistics. For the analysis of training in public
procurement, the results have shown that all respondents in REG strongly agree with its effects in enhancing,
enforcing and streamlining regulatory compliance in public procurement. In the study, coaching in public
procurement, the results found that all responses provided, highlighted a positive trend to the first statistical range
(strong agree) of 1.27 as a mean with a minimum standard deviation estimated at 0.789 in general. The research
study analyzed leadership development, the results found that leadership development in public procurement is
strongly correlated with regulatory compliance of Rwanda Energy Group at significance level of 1.53 as the mean
with the minimum standard deviation estimated at 1.070 in general. The researcher recommended that Rwanda
Energy Group should consider, facilitating and involving all procurement staff in capacity building and
development through short courses and trainings organized by Rwanda Public Procurement Authority to improve
compliance with laws and regulations of public procurement in Rwanda.
External Business Environment and Performance of Microfinance Institutions: E...AkashSharma618775
This study examined the intensity of competition in the microfinance industry and its relationship
performance of MFIs in Nigeria. From a sample of 121 MFIs in Nigeria, data was collected via a structured
questionnaire. Data collected was analyzed via Partial Least Squares Structural Equation Modeling (PLS-SEM
3.0) using the Statistical Package for Social Science (SPSS v22) and, findings suggest that MFIs were faced with
intense competition in the form of high cost and difficulty of entry, high operational cost and too many players in
the industry regardless of the type of product and services they offer or lending policies they embrace. The result
further reveal that the intensity of competition has significant negative influence on the amount of loans disbursed
and the amount disbursed to women. The study therefore recommends MFI managers to develop operational
mechanisms for cost and risk reduction to survive and excel.
The paper explains the mechanism of Reverse Mergers in great detail. It deals with an explanation of
Reverse Mergers, their advantages over traditional IPO route, the actual process involved in a reverse merger
and SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) of this method. Further, the paper
discusses the global scenario with respect to this mechanism, particularly in countries like United States and
China where it is highly preferred for public listing.
The paper also details this concept with respect to its acceptance in our country, India, where traditional
methods like IPOs are losing relevance and newer faster methods for public listing and fund raising are gaining
importance with each passing year. For greater understanding, some case studies have been used spanning
various companies which have taken this route for public listing and have reaped great benefits from it. The
paper also highlights the ill effects attached with Reverse Mergers if not done properly and without enough
checks and audits
Inaugural Speech for DBA program at University of Colombo. A Survey and View of the Field from the standpoint of a Financial Capital and Economic Society specialist. It is a Developing Countries Viewpoint.
SME development, constraints, credit risk & islamic banking solutionsMace Abdullah
This analytic paper examines the status of small and medium sized enterprises (SME) worldwide, provides theoretical information and explores issues regarding their development, constraints and credit risk. SME have been heralded worldwide as being the economic “engine” of economic development. Certainly, from an Islamic finance perspective, the development of SME represents a propitious opportunity, a vital step towards an epistemological response to criticism of Islamic finance and should play an indispensible role in forging a more robust Islamic capital market. Yet, SME face persistent identifiable obstacles to growth and development. This paper focuses on SME development, particularly as it relates to the so-called “credit gap” and the concomitant credit risk. The SME “credit gap” is pervasive worldwide; particularly so in emerging economies. Accordingly, this paper analyzes: the determinants and drivers of SME development; constraints on SME development; the SME “credit gap” and concomitant credit risk; and the role Islamic banking can play in meeting the challenge of SME development.
Evaluation of the Development and Performance of Selected GCC and Non-GCC St...Mace Abdullah
This paper compares and contrasts the stock markets for countries of comparable size and development as and between the GCC and non-GCC countries. The paper implicitly observes what may be considered strengths and weakness as and between markets dominated by Islamic Finance principles and those that are more or less conventionally oriented.
Etude PwC sur les IPO transfrontalières (2012)PwC France
http://pwc.to/Vd93ha
Entre 2002 et 2011, les IPO transfrontalières ont représenté 9 % (1 172) du nombre total d’opérations et 13 % (220 milliards de dollars) du montant total levé dans le monde. Ces dix ans ont été marqués par une augmentation du nombre d’entreprises asiatiques réalisant des IPO transfrontalières. Les entreprises chinoises sont arrivées en tête avec 30 % (347) des IPO transfrontalières et 29 milliards de dollars levés.
External Business Environment and Performance of Microfinance Institutions: E...AkashSharma618775
This study examined the intensity of competition in the microfinance industry and its relationship
performance of MFIs in Nigeria. From a sample of 121 MFIs in Nigeria, data was collected via a structured
questionnaire. Data collected was analyzed via Partial Least Squares Structural Equation Modeling (PLS-SEM
3.0) using the Statistical Package for Social Science (SPSS v22) and, findings suggest that MFIs were faced with
intense competition in the form of high cost and difficulty of entry, high operational cost and too many players in
the industry regardless of the type of product and services they offer or lending policies they embrace. The result
further reveal that the intensity of competition has significant negative influence on the amount of loans disbursed
and the amount disbursed to women. The study therefore recommends MFI managers to develop operational
mechanisms for cost and risk reduction to survive and excel.
The paper explains the mechanism of Reverse Mergers in great detail. It deals with an explanation of
Reverse Mergers, their advantages over traditional IPO route, the actual process involved in a reverse merger
and SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) of this method. Further, the paper
discusses the global scenario with respect to this mechanism, particularly in countries like United States and
China where it is highly preferred for public listing.
The paper also details this concept with respect to its acceptance in our country, India, where traditional
methods like IPOs are losing relevance and newer faster methods for public listing and fund raising are gaining
importance with each passing year. For greater understanding, some case studies have been used spanning
various companies which have taken this route for public listing and have reaped great benefits from it. The
paper also highlights the ill effects attached with Reverse Mergers if not done properly and without enough
checks and audits
Inaugural Speech for DBA program at University of Colombo. A Survey and View of the Field from the standpoint of a Financial Capital and Economic Society specialist. It is a Developing Countries Viewpoint.
SME development, constraints, credit risk & islamic banking solutionsMace Abdullah
This analytic paper examines the status of small and medium sized enterprises (SME) worldwide, provides theoretical information and explores issues regarding their development, constraints and credit risk. SME have been heralded worldwide as being the economic “engine” of economic development. Certainly, from an Islamic finance perspective, the development of SME represents a propitious opportunity, a vital step towards an epistemological response to criticism of Islamic finance and should play an indispensible role in forging a more robust Islamic capital market. Yet, SME face persistent identifiable obstacles to growth and development. This paper focuses on SME development, particularly as it relates to the so-called “credit gap” and the concomitant credit risk. The SME “credit gap” is pervasive worldwide; particularly so in emerging economies. Accordingly, this paper analyzes: the determinants and drivers of SME development; constraints on SME development; the SME “credit gap” and concomitant credit risk; and the role Islamic banking can play in meeting the challenge of SME development.
Evaluation of the Development and Performance of Selected GCC and Non-GCC St...Mace Abdullah
This paper compares and contrasts the stock markets for countries of comparable size and development as and between the GCC and non-GCC countries. The paper implicitly observes what may be considered strengths and weakness as and between markets dominated by Islamic Finance principles and those that are more or less conventionally oriented.
Etude PwC sur les IPO transfrontalières (2012)PwC France
http://pwc.to/Vd93ha
Entre 2002 et 2011, les IPO transfrontalières ont représenté 9 % (1 172) du nombre total d’opérations et 13 % (220 milliards de dollars) du montant total levé dans le monde. Ces dix ans ont été marqués par une augmentation du nombre d’entreprises asiatiques réalisant des IPO transfrontalières. Les entreprises chinoises sont arrivées en tête avec 30 % (347) des IPO transfrontalières et 29 milliards de dollars levés.
This paper investigates the awareness level and challenges confronting the Bhutanese Stock market and brokers to ascertain its development potential within this emerging economy. The study was carried out using both quantitative and qualitative techniques and is mainly based on primary sources of data where a semi-structured questionnaire was designed to collect data from the public, brokers and officials of Royal Securities Exchange of Bhutan Limited (RSEBL). The findings have revealed that more than half of the public are aware of the existence of the RSEBL and they are not highly knowledgeable about trading on the Stock market or its benefits. The study also found that the respondents are interested in investing in the Stock market but lacked knowledge on investment avenues. Furthermore, the findings have revealed the challenges and limitations which hinder the development of a more robust stock market in Bhutan. The major challenges faced by RESBL and its brokers are lack of participation from public and companies, low frequency of trade and liquidity problem. The study suggests that the public should be educated on the benefits of investing in the stock market as well as on the procedures of investing in stocks. In addition, RSEBL should encourage more companies to be listed in the stock exchange. This study draws awareness to the existence of the Bhutan stock market as a potential investment opportunity. Furthermore, it sheds light on the challenges emerging markets face in establishing a viable and effective exchange.
This research is a type of quantitative research, to determine the pattern of the relationship between profitability,
macroeconomics, capital structure and company value in manufacturing companies listed on the Stock Exchange for the
2014-2018 period. The unit of analysis in this study is financial reports, while the population is all manufacturing
companies. of this population,
Corporate debt policy remained a significant, but a challenging decision for managers entrusted with the responsibility to improve the value of the firm. Thus, this study examines the factors influencing the capital structure decisions of firms in Nigeria. The study employs a panel data regression model to analyze data from firms in Nigeria for the period 2011 to 2015. The result of the empirical analysis reveals that firms in Nigeria have a preference to finance economic operations from retained earnings and the use of short-term debt on rollover basis. The finding of this study confirms that debt decreases with profitability and growth opportunities. The findings show that asset tangibility and firm size have a positive and significant relationship with debt policy of firms in Nigeria. The analysis also reveals that managerial ownership has a negative and significant relationship with debt ratio of firms in Nigeria. The study shows a non-significant positive relationship between non-debt tax shields and debt. The study demonstrates that the trade-off and pecking order theories both explains the factors influencing capital structure decisions of firms in Nigeria. Therefore, this study suggests the need for stakeholders to develop the financial markets and make it accessible for firms to obtain long-term financing for economic growth and development.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
To understand strategy in a simple manner three questions are quite helpful. When deciding on a course of action ask these questions: What next, what next and what next. As simple as they seem but they possess a great power to challenge anyone to consider the plan of action in the light of what will be the consequences, generally all intelligent people think about the consequence of their actions before committing them, but the wise ones think in a series of these question to fully understand the ramification of their deeds.
The aim is to determine the short-term profitability of IPOs and to surrounding the evolution of this profitability on the middle/long run. Therefore, we used the raw initial returns and the adjusted initial returns methods to assess the short-term performance. We determined the long-term performance through the cumulative abnormal returns and the buy-and-hold abnormal returns, abnormal returns being adjusted to the market index and to the market model.
Determinants of Corporate Disclosure in Financial Statements: Evidence from V...IJAEMSJORNAL
Using data of listed firms on Hochiminh Stock Exchange, the study examines determinants of corporate disclosure in financial statements. In line with the literature, the findingsshow that firm size, the use of financial leverage and the presence of supervision board have a positive influence on corporate disclosure. Furthermore, auditing firm (whether a Big4 or not) also plays an important role in the degree of information disclosure by firms.Contradicting to the literature, however state ownership and the proportion of non-executive members in director board show a negative relation to corporate disclosure level. These counter factscanbe explained by real situations of Vietnam over the studied period. Finally, the concurrent role between chair of director board and managing director reduces corporate disclosure degree, as predicted by the agency theory.
Capital Markets Strategies for Sustained Competitive Advantage, in the Jamaic...Edward Wilson
NCB Capital Markets Limited is one of the major players in the investment banking sector in Jamaica. The current economic climate threatens the viability of this industry and only the most efficient and strategic will survive as the region in general and the nation in particular rides out this economic storm. There are however, numerous opportunities that are presented within the pangs of the crisis. The leadership of NCB . ought to be aware of this and position for full advantage.
Outsourcing has come a long way to stay as a strategic weapon enabling companies to
focus on their core skills and products as well as on more expansive business issues such as
branding, strategy, and planning while non-core (but essential) jobs being handled by outside
specialists. A company engaged in a well-calculated outsourcing initiative will benefit by
focusing its resources on meeting the customer’s needs, having been released from dedicating
resources/efforts to areas outside of its business expertise.
InstructionsWrite a paper about the International Monetary Syste.docxvanesaburnand
Instructions
Write a paper about the International Monetary System that addresses each of the following issues:
· Define the International Monetary System and outline the history of the system.
· Describe and provide examples of what is meant by “currency regimes,” and define selected types of regimes and form an argument for selecting fixed exchange rate and arguments for selecting flexible exchange rates.
· Describe and define the creation of the Euro and discuss the benefits as well as the problems associated with the creation of this currency.
Support your paper with at least five (5) resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included. Your paper should demonstrate thoughtful consideration of the ideas and concepts that are presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.
Length: 5-7 pages (not including title and reference pages).
Eiteman, D., Stonehill, M., & Moffett, M. (2016). Multinational business finance. Boston, MA: Prentice-Hall.
Read Chapters 1, 2
This is a major resource, however, I think the assignment can be accomplished without it. I can’t seem to be able to download the book.
The global company's challenge.
Authors:
Dewhurst, Martin1
Harris, Jonathan2
Heywood, Suzanne
Aquila, Kate
Source:
McKinsey Quarterly. 2012, Issue 3, p76-80. 5p.
Document Type:
Article
Subject Terms:
*International business enterprises
*Emerging markets
*Economies of scale
*Contracting out
*Risk management in business
*Business models
*Executives
*Financial leverage
*Globalization
*Research & development
Developing countries
Company/Entity:
International Monetary Fund DUNS Number: 069275188
Aditya Birla Management Corp. Pvt. Ltd.
International Business Machines Corp. DUNS Number: 001368083 Ticker: IBM
NAICS/Industry Codes:
919110 International and other extra-territorial public administration
928120 International Affairs
541712 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology)
541711 Research and Development in Biotechnology
Abstract:
The article focuses on the management of risks, costs, and strategies by international businesses in emerging markets. It states that the International Monetary Fund reported that the ten fastest-growing economies after 2012 will all be in developing countries. It mentions that technology company International Business Machines expects by 2015 to earn 30 percent of revenues in emerging markets compared to 17 percent in 2009, while Indian multinational conglomerate Aditya Birla Group earns over half of its revenue outside India and has operations in 40 nations. It talks about the benefit of economies of scale in shared services enjoyed by large global companies and comments that the ability to outsource business services and manufacturing is benefiting local busine.
Many countries have seen the importance of financial education by making financial
education a national strategy. In Vietnam, although the National Strategies for Inclusive Financial
Education has been proposed since 2017 and officially included in the National Financial Inclusion
Strategy in 2020, however, financial education is still quite new, and many people are not aware of
the necessity of financial l
Today, in the rapidly emerging globalization process, increasing the competitiveness of enterprises
depends on increasing of their firm performance. Although there are many methods and techniques affecting
firm performance, Information technology (IT) capabilities has become one of the most widely used method,
especially in dealing with supply chain matters of a firm. The aim of our study is to express whether innovation
and organization learning is effective as intermediate variable to the effects of IT capabilities at firm’s
performance. The opinion which claim
Globally, the number of startup companies has rapidly expanded during the last 5-8 years. Offering
products and/or services that greatly enhance the lives of its clients is a major focus for these firms. In India,
local and federal government initiatives have provided new enterprises and entrepreneurs with much
momentum and assistance, helping India become the world's top startup location. The Government of India
(GOI) launched the "Startup India" campaign in 2015 to promote entrepreneurship and support businesses to
achieve this goal (Babu, S., Sridevi, K.,2019). An IBM Center for Business Value and Oxford Economics study
in 2018 found that 90% of Indian companies fail within the first five years of operation. Potential difficulties
that startups may run across, both generally and specifically in the Indian market, have been described by
several authors.
Behaviour finance is the study of how psychological phenomena affect financial behaviour. This
financial science is used in making financial decisions. Amid the development of the digital economy, paylater
innovation has emerged. It is feared that the ease of use of paylater can have a negative impact, one of which is
the attitude of impulsive buying. This research will analyze the effect of financial literacy, self-control, risk
perception, and percieved ease of use on impulsive buying behaviour. This research is based on Decision Affect
Theory, which is a theory that discusses financial decision behaviour that is influenced by self-emotion. This
research is uses purposive sampling wi
Improving the business environment is one of the key strategies to promote local and regional
economic development. However, which factors affect the business environment of the provinces is still
controversial. Using survey data from 400 investors and managers and a multivariate regression analysis
method, this study has identified the factors affecting the business environment of Hai Phong province. The
analysis results show that there are 09 factors affecting the business environment of Hai Phong City, including
entry costs, land access and tenure, transparent, informal charges, time cost, pro-activeness, business support
services, labor training and legal institutions. In
The effect of work attitude and innovation ability on employee innovation performance is of great
significance for improving the innovation ability of manufacturing enterprises and building an "Innovative
Country" in China.This article theoretical analysis was conducted on the mechanism by which the work attitude
of employees in manufacturing enterprises affects innovation performance and the mediating mechanism of
innovation ability. Based on data from Chinese manufacturing enterprises, empirical analysis was conducted
using SEM models. Resear
The concept of organizational resilience continues to grow in focus and importance, but there
has yet to be an agreed upon measure of organizational resilience. Organizational resilience can be seen as a
corporation’s ability to adapt to change and maintain flexibility within their supply chain. Resilience and
flexibility at all organizational levels is necessary, in a proactive manner, to turn resilience into a competitive
advantage
In this paper, by using the basic method of differential geometry, combined with the optimization
theory and the basic technique of data analysis, the definition, basic properties and statistical characteristics of
nonlinear correlation coefficients on manifolds are studied and given, test the rationality and validity of the
nonlinear correlation coefficient defined in this paper. Therefore, the study of this paper has certain theoretical
value and potential practical significance.
This study aims to analyze and prove whether there is a positive and significant influence
between product quality and poki prices on purchasing decisions for Kobba brand coffee. The survey was
conducted using 53 respondents who were buyers who had purchased Kobba brand coffee more than once.
Information from respondents was obtained through a list of questions that were sent and returned by
respondents
In this paper, we introduce a universal framework for mean-distortion robust risk measurement and
portfolio optimization. We take accounts for the uncertainty based on Gelbrich distance and another uncertainty
set proposed by Delage & Ye. We also establish the model under the constraints of probabilistic safety
criteria and compare the different frontiers and the investment ratio to each asset. The empirical analysis in the
final part explores the impact of different parameters on the model results.
Despite the attainment of the famous Millennium Development Goals (MDGs) of reducing the number
of poor people across the globe a significant number still live below the poverty line. The problem of poverty is
more endemic in developing countries like Nigeria. Several intervention efforts have been in place to address
the poverty question which persists partly due to serious financial exclusion and unethical activities of informal
finance providers.
The focus of this research was to establish the effect of entrepreneurship Ecosystem in inculcating
entrepreneurial propensity for community development. Promotion of entrepreneurship in Kenya has existed
ever since independence. The Government has shown tremendous support to entrepreneurship growth. The
Government have channelled financial support through funding such as Women Enterprise fund, Youth
Enterprise Fund and Uwezo Fund
In this paper, we consider an AAI with two types of insurance business with p-thinning dependent
claims risk, diversify claims risk by purchasing proportional reinsurance, and invest in a stock with Heston
model price process, a risk-free bond, and a credit bond in the financial market with the objective of maximizing
the expectation of the terminal wealth index effect, and construct the wealth process of AAI as well as the the
model of robust optimal reinsurance-investment problem is obtained, using dynamic programming, the HJB
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Determinants of Voluntary Delisting In China: A Conceptual Study
1. International Journal of Business Marketing and Management (IJBMM)
Volume 4 Issue 10 October 2019, P.P. 17-25
ISSN: 2456-4559
www.ijbmm.com
International Journal of Business Marketing and Management (IJBMM) Page 17
Determinants of Voluntary Delisting In China: A Conceptual
Study
Mohd Rashdan Sallehuddin¹, Zhang Xiao Mei², Rosli Mohd Saad³
¹(School of Business Management, Universiti Utara Malaysia, Kedah, Malaysia)
²(Guizhou University, Guiyang, China)
³(School of Business Management, Universiti Utara Malaysia, Kedah, Malaysia)
ABSTRACT: In recent years, the number of delisting shows dramatically increased in the world particularly
in China. This study will discuss on delisting focus in the context of China’s New Third Board Market (NTBM).
Furthermore, the delisted firms in China's New Third Board Market (NTBM) shows dramatically increased.
Moreover, this research is to make propositional statements and propose a framework to be tested empirically
in future studies. Based on agency theory, we proposed that there will be positive relationship among board
size, board independence, CEO duality and institutional ownership which in turn will positively predict
voluntary delisting. The results of the study could strengthen the confidence of investors by examining the
corporate governance of firm delist from the NTBM and help them to choose the right firm. This study could
assist the management of firms in enhancing the corporate governance as well as improve their capabilities to
achieve sustainable and superior performance over their competitors. This paper extends research on voluntary
delisting by proposing a model which needs to be tested empirically.
KEYWORDS: voluntary delisting, corporate governance, agency theory, NTBM, China.
I. INTRODUCTION
Delisting is defined as the firm exit from the stock market where it previously listed (Martinez & Serve,
2017). In recent years, the number of delisting shows dramatically increased in the world. According to the
report, there are 21280 listed firms delisted from stock markets all over the world from 2007 to October 2018,
which has exceeded the number of IPO (16299) in the same period. Current studies have pointed out that
delisting is one of the strategic decisions during the company‟s life cycle (Vismara & Signori, 2014). However,
large-scale delisting‟s can result in depression sentiment in the stock market (Liu & Liu, 2017). To date, the
GDP of China has remained the second largest economy in the world and contributes to 15% in the world
economy .China‟s capital market is also the second biggest capital market in the world, playing a pivotal role in
economic development (Zhu, 2018). China‟s NTBM, the official name is National Equities Exchange and
Quotations (NEEQ), is an over–the-counter (OTC) market. It is a central foundation of China‟s multi-level
capital markets (Chen& Gu, 2017). A stable multi-level capital market needs a complete OTC market
supporting (Wu & Jin, 2017). China's OTC market began to develop after the government of China explicitly set
forth the necessity of the development of the multi-level capital market for the first time in the Third Plenary
session of the 16th CPC Central Committee (Yang, 2017). After ten years development, in 2013, the completed
establishment of NTBM represented China‟s multi-level capital market was basically formed (Li, Meng, & Wei,
2015).
The NTBM is endowed the historical task for providing financing services to Small-medium
enterprises (SMEs) and capital market access for innovative and entrepreneurial enterprises (Yang, 2017). Thus,
the market plays a pivotal role in China‟s capital market by providing a direct-financing channel for SMEs and
helping SMEs to address their financing difficulties (Li et al., 2015). Researchers have found that firms listed in
NTBM can have these opportunities: (1) Firms listed on the NTBM can raise not only from the NTBM but also
improve ability of funding in traditional financing channels by increasing credit grade through going public (Li
et al., 2015; Xuan, 2016). (2) The company has to enhance the governance structure and management system to
satisfy the requirements established by the stock market, which will improve corporate governance of the
company and increase its firm value (Li, 2007). (3) Compare to firms unlisted on the NTBM, firms listed on this
market are easier to list on main board markets because of their better corporate governance and reputation (Yan
& Tao, 2014). Therefore, the NTBM has attracted a large number of companies to list. Detailed data are listed in
Table 1.
2. Determinants Of Voluntary Delisting In China: A Conceptual Study
International Journal of Business Marketing and Management (IJBMM) Page 18
Table 1 shows that the number of listings was only 200 in 2012, and after 2013, the number of listings
rapidly increase from 356 in 2013 to 11630 in 2017. The total equity of the NTBM also shows the rapid growth
trend; the total equity increased from RMB55.27 million in 2012 to RMB 6756.73 million in 2017. However,
this kind of growth trend is stopped in 2018, the number of listed firms fell to 10691, about 900 less than in
2017 (11630). The total equity also decreased from RMB 6756.73million in 2017 to RMB 6324.53million in
2018.
Although, previous studies analyzed delisting determinants from different aspects: firm characteristics,
corporate governance, culture distance and offering features etc. (Chaplinsky & Ramchand, 2012; Füss,
Hommel, & Plagge, 2016; Konno, Itoh, Konno, & Itoh, 2018; Martinez & Serve, 2011; Pour, 2015; Pour &
Lasfer, 2013), but the determinants for voluntary delisting remain unclearly (Pour & Lasfer, 2013).
Additionally, up to now, most of previous studies have investigated voluntary delisting phenomenon in the
context of developed countries, there has been little discussion about this topic in China‟s NTBM (Zhang,
2015). Therefore, the aim of this study is to explore the determinants of voluntary delisting in the NTBM of
China.
II. LITERATURE REVIEW
Structure of China’s Capital Market
China‟s State Council for the first time explicitly proposed the establishment of multi-level capital
market to meet the financing needs of different enterprises in 2004 (China‟s State Council, 2004). China‟s
capital market has formed three main parts: the Main Board Markets (MBM), Growth Enterprise Market (GEM)
and the NTBM after more than ten years of construction. The MBM is traded by active competitive bidding and
has stringent rules on listing requirements, maintains requirements and disclosures requirements. Shanghai
Stock Exchange (SHSE) and Shenzhen Stock Exchange (SZSE) belong to China‟s MBM, both of which are set
up in 1990 and early 1991, respectively, and provide service for large enterprises only (Li, Meng, & Wei, 2015).
In the established year of SHSE and SZSE, the listed companies were 8 and 10, respectively. After more than
twenty years of development, in 2018, the listed companies in SHSE and SZSE were 1450 and 2134,
respectively. The firm seeking an IPO must obtain approval from the corresponding market regulatory authority
(CSRC). The admission requirement on the MBM of China is similar stringent to the requirements on the LSE
(UK) and NASDAQ (US).
In 2004, the Small and Medium-sized Enterprise Board Market (SMEBM) was established within the
SZSE to meet the financing requirement of small-medium enterprises. The listing and information disclosures
requirements, the maintain laws and regulations of the SMEBM are same with the SHSE and SZSE except for
small stock size and unique transaction and monitoring mechanisms. Actually, SMEBM also is a component of
China‟s Main Board Markets and can be seen as experimentation of Growth Enterprise Market (GEM).
The New Third Board Market
China‟s National Equities Exchange and Quotations (NEEQ), a Chinese nationwide Over-the-Counter
market, is established in 2006. NEEQ is called as New Third Board Market (NTBM). The requirements of the
NTBM are looser than other stock markets, such as the MBM, the GEM. The National Equities Exchange and
Quotations Co, Ltd. are responsible for NTBM‟s operation and management (CSRC, 2013a). In 2006, to
provide another source of funds raising of start-up firms in Zhongguancun, Pilot Project of Zhongguancun
Private Company Share was launched. At the beginning of 2011, the NTBM finished the previous design of
regulations and rules. At September 2012, the National Equities Exchange and Quotations System Co., Ltd
3. Determinants Of Voluntary Delisting In China: A Conceptual Study
International Journal of Business Marketing and Management (IJBMM) Page 19
(NEEQ Co., Ltd) was set up, which demonstrates the official existence of the NTBM (Li & Qiao, 2016). NEEQ
Co., Ltd supervises and provides service to listing firms and other participants, such as lead securities trader.
The NTBM provides a highly efficient financing platform for SMEs during their early life. It also provides
investment opportunities to institutions and individuals with investment willingness and capacity (Li et al.,
2015; Li & Qiao, 2016).
Overview of the Delisting
The choice to go public has achieved many researchers attention. This choice can give rise to many
benefits, such as improve financing ability; strengthen corporate governance; reduce capital cost and
information asymmetry; broaden the reputation of product and expansion its financial visibility (Boers,
Ljungkvist, Brunninge, & Nordqvist, 2017; Bortolon & Junior, 2015; Kalak, Azevedo, & Tunaru, 2018). Kalak
et al (2018) purported that the decision that a firm listed on an exchange represents that management of a firm
has the confidence in operating well under the stringent regulations and public surveillance. However, Cai, Lee
& Valero (2018) thought the goal of the listing choice is to re-balance leverage. Overall, previous researchers
conducted a lot of research on going public themes. However, only few empirical articles focus on the reverse
transaction: delisting (Ehn, 2016). This study is focusing on the determinants of the voluntary delisting decision
in the context of China‟s NTBM. Before doing further study, it is necessary to ascertain the definition and
classification of voluntary delisting.
Delisting can be distinguished into different types in terms with different standards. In accordance with
wishes of initiators, delisting can be distinguished into passive delisting and active delisting (Zhou, 2017).
Passive delisting means the listed company cannot satisfy the listing standards required by the regulator and stop
the listing. Active delisting means the listed company actively apply for delisting to achieve maximum benefits
(Zhou, 2017). They were the first to differentiate between delisting involuntarily and voluntarily. The distinction
between involuntary delisting and voluntary delisting is the difference between initiator. Involuntary delisting
means the firm is forced to exit from stock exchange because it cannot meet the regulatory requirements or has
broken regulations. Voluntary delisting refers to the decision of delisting for a firm is decided by itself
(Martinez & Serve, 2017).
Corporate Governance in China
Since the Reform and Opening-up after 1978, China began to implement the market economy. China
has adopted a set of corporate governance mechanisms to enhance monitoring, and encourage employees to be
active and enthusiasm in work to increase firm performance (Mutlu, Van Essen, Peng, Saleh, & Duran, 2018).
However, researchers also found that it needs to invoke an institutional-based view to better comprehend the
contexture feature of corporate governance issues (Aguilera, Marano, & Haxhi, 2019; Meyer & Peng, 2016).
China is a principal context that can advance a dynamical institution-based viewpoint of corporate governance
(Mutlu et al., 2018). Generally, after more than fifteen years in the development of corporate governance, the
level of corporate governance of companies in China shows steady improvement. "A report on listed companies'
Governance Index in China" published by Gao Minghua, follow the international standards of corporate
governance. The index includes six sub-indices: Financial Governance Index, Rights Protection Index for
minority investors, Executive Compensation Index, Board Governance Index, Capacity index of Enterpriser,
and Voluntary Information Disclosure Index. The report shows that Rights Protection Index for minority
investors in Chinese listed companies continue to increase in recent four years, from 43.07 in the year 2014 to
52.40 in the year 2017; Board Governance Index and Financial Governance Index show steadily light increase
in past three years, separately rise from 50.13(52.79) in the year 2015 to 51.41(53.67) in the year 2017.
The corporate governance code of firms listed on the NTBM emphasizes the protection of the minority
investors „rights and regulates the norms related to takeover and M&A. The code highlights that no
organizations or individual can harm the legitimate rights as interests of public companies and their shareholders
by takeover or M&A. This code also regulates the norms of stock transfer, directional issuance and information
disclosure (NEEQ, 2013). It can be seen from the above discussion, China‟s government tries its best to
establish standard corporate governance to govern companies well and the level of corporate governance
achieve a distinct improvement. The NTBM regulates and highlights the additional and special norms related to
the special business in this stock market, such as the norms related to stock transfer and takeover. However, the
effects of corporate governance in China still exists debate because of the significant difference of the
institutional among China and the developed countries (Mutlu et al., 2018; Tsui, 2007).
To ascertain the correlation between corporate governance and voluntary delisting, Moreira et al.
(2017) suggested that future studies need to consider the impacts of all corporate governance mechanisms in
reducing agency costs and delisting transactions. However, not all indicators of measured corporate governance
4. Determinants Of Voluntary Delisting In China: A Conceptual Study
International Journal of Business Marketing and Management (IJBMM) Page 20
are essential (Kalyani, Mathur & Gupta, 2018). The monitoring and incentive mechanisms have the relationship
with voluntary delisting (Bortolon & Junior, 2015; Tutino, Panetta & Laghi, 2013).
Board Size and Voluntary Delisting
The board size can significantly affect firm‟s abilities and efficiency of a board‟s decision-making (Im
& Chung, 2017). Previous studies have posited that the board size is not a significant determinant when
explaining delisting due to takeover and acquisition (Du, He & Yues, 2013; Sudarsanam, Wright & Huang,
2011). And other researchers found that this relationship is positive (Fidanza, Moressi & Pezzi, 2018b).
Furthermore, previous studies failed to find the connection between IPO failure and board size (Djerbi & Anis,
2015). Others stated that the correlations between board size and the probability of survival show nonlinearity
shape (Chancharat, Krishnamurti & Tian, 2012).
In summary, previous studies about the correlations of board size and voluntary delisting have no
consistency results. Therefore, this study intends to discuss further this relationship. According to the agency
theory, large board size can cause higher agency costs that can affect the effectiveness of corporate governance
(Beiner, Drobetz, Schmid, & Zimmermann, 2004; Dwivedi & Jain, 2005; Fama & Jensen, 1983; John & Senbet,
1998). The effectiveness of corporate governance can affect the probability of voluntary delisting (Bortolon &
Junior, 2015). Thus, the hypothesis of this study is developed as:
Proposition 1: Board size will have a significant correlation on voluntary delisting
Board Independence and Voluntary Delisting
Board composition has been viewed as an important factor that affected board efficiency (Lorsch &
MacIver, 1989). However, previous studies about the results of the effects of insider- and outsider directors on
corporate strategy are mixed. Boards with more independent directors are more willing to initiate strategic
changes (Johnson, Hoskisson, & Hitt, 1993; Pearce & Zahra, 1992). An alternative perspective pointed out that
insider directors can provide better strategic direction by given more knowledge about the firm (Bruni-Bossio &
Sheehan, 2013; Muth & Donaldson, 1998; Valenti & Schneider, 2014).
Valenti and Schneider (2014) compared the effects of insider directors on going private transactions
between the period of 2008-2011 and 2003-2007 and found that insider percentage on the board had a positive
impact on going private transaction in the later period but no impact in the early period. Hostak, Yang & Carr
(2013) found that firm delisted from LSE Main market has a higher proportion of independent directors than
those did not delist.
In addition, prior researchers have found that board independence is positively connected with the
probability of organization survival, but the link is nonlinearity (Chancharat et al., 2012). Other researchers
shown that outsider directors can positively affect the probability of survival of reverse mergers in three years
(Kim, Lee, Lee, Park & Jambal, 2015). Djerbi and Anis (2015) pointed out that the proportion of independent
directors is negatively correlated with post IPO failure risk, which supports the view that external directors can
better supervise the management.
In summary, previous studies cannot draw the consistency conclusion about the effects of board
independence and voluntary delisting and survival probability. Therefore, the current study wants to do further
study about the correlation between board independence and voluntary delisting in the context of China‟s
NTBM. Therefore, this study proposes the following hypothesis:
Proposition 2: Board Independence will have a significant correlation on voluntary delisting.
CEO Duality and Voluntary Delisting
According to the agency theory, CEO duality can result in the agency conflicts between stockholders
and managers. Thus, previous researchers suggested that the chairperson and CEO must be a different person
(Fama & Jensen, 1983; Jensen, 1993). In the previous research theme related to delisting, previous studies
found that CEO duality increases the probability of firm delisting (Djerbi & Anis, 2015; Liu, Lister & Phang,
2013). However, Sudarsanam et al. (2011) noted that the connection between CEO duality and going private is
insignificant. In addition, Chancharat et al. (2012) have found that the duality of CEO and the independence of
board chairman did not impact the new economy IPO firms‟ survival. Besides, prior researchers examined the
correlations of CEO duality with IPO survival. Bach and Smith (2007) indicated that CEO duality has structural
power and upgrades the survival likelihood of high-tech companies. However, other researcher found that the
firm with CEO duality is less likely to survive (Pour, 2015). Therefore, the correlation between CEO duality and
voluntary delisting still remain incongruent, the present study will ascertain this relationship and enrich the
voluntary delisting literature and proposes the following hypothesis:
Proposition 3: There is a significant relationship between CEO duality and voluntary delisting.
5. Determinants Of Voluntary Delisting In China: A Conceptual Study
International Journal of Business Marketing and Management (IJBMM) Page 21
Institutional Ownership and Voluntary Delisting
Moon (2006) purposes that private equity investors can provide more efficient monitoring and affect
firm delisting decision. Private equity investors are like to seek out board representation to monitor the firm‟s
decisions as strategic partners. Maug (1998) purported that whether institutional investors fulfill their
responsibilities to affect corporate decisions is partially depending on the percentage of the share held by them.
Firms with low institutional ownership mean firm‟s monitoring are weak (Cornett, Marcus, Saunders &
Tehranian, 2007), and in such corporations, delisting could keep the interests of managers in line with
shareholders. Therefore, previous articles suggested that institutional ownership could reduce the probability of
voluntary delisting decision because larger institutional ownership means strong monitoring which can protect
minority shareholders and prevent managers making voluntary delisting (Bharath & Dittmar, 2010; Mehran &
Peristiani, 2010). Whereas, other researchers pointed out that institutional ownership positively affect voluntary
delisting (Cumming, Peter, Sannajust, Tarsalewska, 2016; De & Jindra, 2012; Weir, Charlie, Wright & Laing,
2003).
Besides, previous studies found that the correlation between institutional ownership and going private
probability is significantly positive (Cumming et al., 2016). However, Rath & Rashid (2016) examined that the
percentage of institutional holding has a negative impact on private equity transactions probability because of
the effects of their control and information production (Bharath & Dittmar, 2010; Martinez & Serve, 2011;
Mehran & Peristiani, 2010; Sudarsanam et al., 2011; Wilson & Wright, 2009). Furthermore, in the going private
tender offer, institutional presence can increase the probability of offer rejection, but the percentage of
institutional holding only has insignificant impact on the probability of offer rejection (Bajo et al., 2013;
Lauterbach & Mugerman, 2018).
To summarize, previous studies did not draw the consistent conclusion of the correlation between
institutional ownership and voluntary delisting. As indicated by the agency theory, institutional ownership can
affect firm‟s strategic decision by monitoring ( Jensen & Meckling, 1976), and protect minority shareholders,
that will reduce the probabilities of firms making going private decision (Bharath & Dittmar, 2010; Lauterbach
& Mugerman, 2018; Rath & Rashid, 2016). However, other researchers pointed out that institutional ownership
can promote firm making voluntary delisting (Cumming et al., 2016; Weir, Laing, & Wright, 2005). Therefore,
the study aims to ascertain the role of institutional ownership in voluntary delisting decision. Accordingly, this
study proposes the following hypothesis:
Proposition 4: There is a significant relationship between institutional ownership and voluntary delisting.
Agency Theory
Agency theory is one of the dominant theories in corporate governance research (Bendickson,
Muldoon, Liguori, & Davis, 2016; Cuomo, Mallin, & Zattoni, 2016) and cannot be ignored while discussing
voluntary delisting. Although some theorist purposed to take advantage of other approaches to conduct
voluntary delisting research (Baluja, 2018; Kalak et al., 2018). But agency theory was still the focus of the
majority of previous studies (Daugherty & Georgieva, 2011; Djama, Martines & Serve, 2012; Martinez &
Serve, 2011; Moreira et al., 2017; Pour & Lasfer, 2013). This theory is stated by Berle & Means (1932) who
purported that the base of this theory is the hypothesis of the concept of the separation of ownership and control
in modern corporations (Tulung & Ramdani, 2018). In 1976, Jensen and Meckling issued this theory by defining
the agency costs and examined its relationship to the “separation and control” problem (Jensen & Meckling,
1976; Yan, 2006). They defined “an agency relationship as a contract under which one or more person (the
principal(s)) engage another person (the agent) to perform some service on their behalf which involves
delegating some decision making authority to the agent”( Jensen & Meckling, 1976). They argued that there
exist interests‟ conflicts between the different contracting parties, including debt holders, the corporate
managers and the shareholders. The purpose of agency theory is to regulate the best contract to manage the
relationship between principal and agency (Eisenhardt , 1989; Yahya, 2017).
According to the agency theory, delisting can reduce agency conflicts related to cash flow between
managers and shareholders (Jensen, 1986). Good corporate governance can alleviate agency conflicts and then
improve firm performance (Hussain, Rigoni & Orij, 2018; Jiraporn & Nimmanunta, 2018; Singh & Gaur, 2009).
Therefore, corporate governance might have an effect on voluntary delisting. Previous studies have investigated
the correlations of many corporate governance mechanisms, for instance, institutional ownership, ownership
concentration, insider ownership, etc., with voluntary delisting decisions (Djama, Martinez, & Serve, 2012;
Kang & Korea, 2017). However, the results are inconsistent. In summary, as the famous organization theory,
agency theory plays a pivotal role in corporate governance research (Cuomo et al., 2016). However, some
researchers pointed out that agency theory might be narrow or invalid in corporate governance research
6. Determinants Of Voluntary Delisting In China: A Conceptual Study
International Journal of Business Marketing and Management (IJBMM) Page 22
(Aguilera, Florackis, & Kim, 2015; Aguilera & Jackson, 2003; Davis, Schoorman & Donaldson, 1997). Thus, it
is warranted to do research by integrating agency theory and other theories (Aguilera et al., 2015; Cuomo et al.,
2016). Therefore, this study intends to integrate agency theory to research the determinants of voluntary
delisting and the mechanisms of theses determinants affecting voluntary delisting decision.
Proposed Research Framework
Based on the theoretical background and proposition statements made in the preceding section, a
proposed research framework is presented in following Figure 1 to depict the basic assumptions that guide this
study
Independent Variables Dependent
Variable
Figure 1: Research Framework
III. METHODS
This article is conceptual in nature because it serves as proposal for empirical investigation. Hence, the
researchers reviewed extant literature obtained from scholarly data bases.
IV. CONCLUSION
It is important to note that the proposed research framework seeks to add to the stock of knowledge by
integrating agency theory to investigate the relationship between board size, board independence, CEO duality
and institutional ownership and voluntary delisting decision. Moreover this study fills the gap by extending
voluntary delisting literature to the sample of firm exiting voluntarily from the NTBM in a non-western context
of China. To date, lots of previous studies primarily conducted research in developed countries; the research on
the determinants of voluntary delisting in the NTBM of China is underdeveloped. Thus, by the time this
proposed research framework is tested empirically, it would not only deepen insights into integrating corporate
governance building process, but would enhance the understanding of voluntary delisting, as well as provide a
wider applicability of agency theory.
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