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While research has uncovered an array of visible competitive dynamics, a strategic world of competition lies beneath the surface that should also be theorized and empirically traced. We investigate the strategic consequences of "media–rival" common ownership, in which investors own a media company and a non-media focal firm's rivals. We posit that focal firms receive worse coverage from media outlets when institutional investors hold substantial ownership in both a media company and the focal firm's rivals because the investors' common holdings provide them with incentives and power to enhance the competitiveness of their portfolio firms by tainting the focal firm's media coverage. We account for three moderators to show that this effect amplifies when investors have stronger incentives and power to influence the media and when media executives have incentives to cater to the interests of their investors. Using a novel dataset on common ownership of rival firms and media companies, we find support for our theory. Our study reveals a new invisible hand underlying competitive markets and offers a new view of the media as a strategic tool. [ABSTRACT FROM AUTHOR]

Purpose: Our study aims to explore the ownership structure and accounting conservatism in influencing the value relevance that we analyse through the paradigm of open innovation and socio-emotional wealth (SEW). We also extended the test to identify how firm size could affect value relevance. Design/methodology/approach: Through panel data testing, we collected all issuers on the stock exchange for the 2016–2018 period. The total collected observations are 735 observations from various industries. Findings: The results of the study provide empirical evidence that institutional ownership is more pronounce, especially in companies with high asset levels. We also conducted other tests to see it from the perspective of SEW. We divide companies into family and non-family companies. The results of this study indicate that institutional ownership has an effect on increasing value relevance, especially in family companies compared with non-family companies. The results of the study also indicate that accounting conservatism plays a more important role in increasing value relevance in non-family firms compared to family firms. Originality/value: This study advances in two main ways. First, we use a SEW approach and an open innovation perspective. Second, we conducted tests for family and non-family firms. [ABSTRACT FROM AUTHOR]

We investigate the impact of diversity and inclusion (D&I) on firm performance for the period 2017–2021. While the existing literature examines the relationship between diversity and firm performance, little is known about the combined effects of D&I on firm performance. This study aims to utilize the most widely used data source, the Global Diversity and Inclusion (D&I) Index, provided by the LSEG workspace. Using 8089 firm-year observations from a sample of globally listed firms and an OLS regression model, we find that firms with a higher D&I score have better firm performance, as measured by Tobin's Q. Our moderating analysis shows that the impact of D&I on firm performance is more pronounced for firms with higher institutional ownership. We also split institutional ownership into domestic and foreign institutional ownership and show that the influence of D&I on firm performance differs between domestic and foreign institutional ownership. Our result is robust when we use an alternative proxy for firm performance and consider the findings without US firms in the sample. The overall findings indicate that considering a diverse and inclusive workforce is worthwhile for key stakeholders when making policy decisions. [ABSTRACT FROM AUTHOR]

Being a destination for investors around the globe, there are increasing concerns about climate change, pollution and biodegradation as well as the disposition of companies towards reporting environmental concerns in Africa. This necessitated the interest in a comparative study of corporate governance mechanisms and environmental accounting reporting (EAR) in selected African quoted companies. Using ex-post facto research design, the study's population comprised of quoted companies in six sectors located in four Africa countries (Egypt, Nigeria, Kenya and South Africa). A content analysis was carried out to obtain environmental disclosure and reporting score, while static panel regression model was used to analyse the data. Findings revealed that board committee has a significant influence on EAR in the African countries, board diversity in Kenya and Nigeria, board size in South Africa and Nigeria, board independence in Egypt and Kenya, and institutional ownership in Nigeria, Egypt and South Africa were found to have significant influence on EAR. This result implies that extant laws and codes on corporate governance should be followed, and most importantly, other countries studied should emulate South Africa and adopt integrated reporting and application of Global Reporting Initiative (GRI) index score in their corporate reporting. [ABSTRACT FROM AUTHOR]

The recovery in the economic sector due to the COVID-19 pandemic is challenging for all countries, including Indonesia. This study aims to analyze financial performance before and after the Covid-19 pandemic as a moderating variable to see the effect of corporate governance mechanisms on tax avoidance. Financial performance is represented as Return on Assets (ROA) and became a moderating variable, while corporate governance mechanism is represented as institutional ownership and audit committees that influence tax avoidance. The population in this study was 189 manufacturing companies listed on the Indonesia Stock Exchange over the 2019 – 2021 period. The sampling technique in this study was purposive sampling, namely, companies that were consistent and not delisted on the Indonesia Stock Exchange over the 2019-2021 period, including companies that did not experience losses during the 2019-2021 period. This study used panel data regression analysis with Eviews 12.0 program, which was then analyzed through a quantitative approach. The results of the study indicated that institutional ownership has a significant negative effect on tax avoidance, and ROA as the moderator can strengthen the effect of institutional ownership on tax avoidance. While the audit committee also has a significant negative effect on tax avoidance, ROA as the moderator can strengthen the effect of the audit committee on tax avoidance. [ABSTRACT FROM AUTHOR]

The goal of this study is to use the triangle theory to investigate the characteristics that support fraudulent financial reporting. In this study, the dependent variable is false financial reporting, and the independent variables are pressure, which is a proxy for personal financial need and opportunity, which is a proxy for industrial nature, rationalization, and institutional ownership. Because they include numerous units and time periods, the data used fall under the time series and cross sections category. 17 businesses that are included in the 2017-2021 Sri Kehati stock index serve as the sample. The findings demonstrated that Personal Financial Need (OSHIP) had a negative and significant impact on fraudulent financial reporting, whereas the Nature of Industry (REV) had no impact. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the relationship between chief executive officer (CEO) power and the level of tax avoidance of Tunisian listed companies. It also examines the moderating role of institutional ownership in this association. Design/methodology/approach: The sample comprises 306 firm-year observations of companies listed on the Tunis Stock Exchange during the 2013–2020 period. Findings: The results indicate that CEO power reduces tax avoidance levels. Moreover, the relationship between CEO power and tax avoidance is more pronounced in the presence of institutional ownership, suggesting that CEOs act less opportunistically when monitored by institutional investors, which results in a reduction in tax avoidance. Practical implications: This study suggests that CEO power and institutional shareholders' influence are important factors in determining firms' avoidance behavior. This study has significant implications for shareholders and regulatory bodies. Indeed, shareholders apprehend the impact of appointing a powerful CEO on tax avoidance practices. This study may also provide regulators with new insights into the influence of CEO power dimensions and institutional ownership on tax aggressiveness. Originality/value: This study fills the gap in the accounting literature by investigating how CEO power may impact tax avoidance behavior and provides empirical evidence on the moderating impact of institutional ownership on this relationship in an emerging economy context characterized by a weakly protected investor setting. [ABSTRACT FROM AUTHOR]

This research aims to determine the effect of institutional ownership on carbon emissions disclosure, with leverage, number of top executives, company age, company size, and profitability as control variables. The sample in the research was non-financial companies listed on the Indonesia Stock Exchange, but during the research, several companies were eliminated due to incomplete data from 2018-2022. After statistical analysis and modelling, this research found that institutional ownership influences carbon emissions disclosure. In addition, control variables that influence carbon emissions disclosure are the number of top executives, company age, and company size. So the results of this research are in line with the proposed hypothesis. Although this research is limited in the available sample size because not all companies disclose carbon emissions, its novelty lies in the fact that disclosing carbon emissions for all non-financial companies in Indonesia is still an interesting topic to research related to the issue of climate change and global warming. [ABSTRACT FROM AUTHOR]

This study aims to investigate the moderating effect of country level institutional variables on the relationship between institutional ownership and board gender diversity. Using firm and country level data of three different cultural environments (Gulf Cooperation Council countries, UK, and France) for the years 2018–2019, this study concludes that institutional elements related to women (Women Tertiary education levels; legal support, Economic Participation and culture) create isomorphic pressure on firms that enhance the role of institutional owners in increasing women representation on board of directors. Other governance elements, such as ownership concentration, board independence and board size may indicate governance levels better than board gender diversity in certain institutional environments. The study recommended that board gender diversity should not be a priority for investors and portfolio managers in financial markets where reduced female labor market participation exists. Moreover, quotas may be a good tool for enhancing female representation among boards in contexts that have reduced female labor market participation and high levels of tertiary education attainment to maintain corporate sustainability. [ABSTRACT FROM AUTHOR]

This study explored the impacts of ownership structure (OS) on intellectual capital (IC) and its components. Data were gathered from 31 Dhaka Stock Exchange-listed banks for five years, from 2017 to 2021, consisting of 155 observations as balanced panel data. The study used the modified value-added intellectual coefficient (MVAIC) model to track the IC efficiency. The robust fixed effects model was employed for regression analysis to test the hypotheses. The research found that sponsor director ownership is negatively associated with the MVAIC, human capital efficiency (HCE), and structural capital efficiency (SCE) but positively with relational capital efficiency (RCE). High institutional and public ownership are positively linked with SCE but negatively with RCE. Foreign ownership is only positively associated with banks' MVAIC and HCE. The regression results showed that high institutional ownership (IO) significantly enhanced the MVAIC and HCE. Foreign and public ownership positively influenced banks' MVAIC, HCE, and capital employed efficiency (CEE) but negatively impacted RCE. The findings of this study will help banks' policymakers with ownership mixes for the optimum utilization of banks' resources. Management may assess IC's efficiency level for proper supervision and use of knowledge resources to boost bank profitability. Also, the findings will help investors make prudent investment decisions. This is the first study to focus on OS and IC with diverse elements in Southeast Asia, especially Bangladesh, an emerging market. [ABSTRACT FROM AUTHOR]

In addressing the challenges of climate change (CC), companies face the difficult task of reconciling long‐term environmental goals and short‐term financial interests. In this paper, we argue that that effective climate governance enables companies to balance both objectives, supporting a business case for CC action. For a sample of 832 multinationals for the period 2011–2020, the findings show that effective climate governance leads to higher corporate financial performance (FP) and this relationship is strengthen by better climate performance. Furthermore, effective climate governance is driven by the ownership of long‐term institutional investors, whose positive influence is reinforced by homogeneous distribution of their ownership. We provide a broad analytical framework that considers the determinants and effects of climate governance, from which theoretical and practical implications can be derived. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between foreign institutional ownership (FIO) and earnings management (EM) using 552 firms of non-financial sector companies that publish annual financial reports for 2015-2021. We use ordinary least squares (OLS) for equation estimation. The results show that, overall, FIO has a negative impact on earnings management. Tests were also conducted on the FIO group: banks, insurance, pension fund mutual funds, and securities companies. The test results indicate that each group of institutional investors has a negative effect except for securities companies, which positively impact earnings management. The positive influence of securities firms shows that securities firms are more focused on trading strategies than managerial controls. The findings of this study are expected to contribute to the corporate governance literature and the quality of financial reporting. Institutional ownership as a corporate governance mechanism is expected to control earnings management which can reduce the quality of financial reporting. [ABSTRACT FROM AUTHOR]

This research aims to test and analyze the influence of agency costs, intellectual capital, managerial ownership, and institutional ownership on firm value with financial performance as a moderating variable. The population in this study are LQ45 index companies listed on the Indonesia Stock Exchange (BEI) for the 2020-2022 period. This research used a purposive sampling technique with a sample size of 18 companies for three consecutive years for a total of 54 observations. Partial research results show that agency costs and intellectual capital have no effect on firm value. Meanwhile, managerial ownership and institutional ownership have a positive effect on firm value. Financial performance is unable to moderate the influence of agency costs on firm value, nor is it able to moderate the influence of intellectual capital on firm value. However, financial performance can moderate the influence of managerial ownership and the influence of institutional ownership on firm value. [ABSTRACT FROM AUTHOR]

Purpose: This study examines the impact of female directors' representation in the boardroom and the role of institutional ownership (IO) on intellectual capital efficiency (ICE) and its three efficiency components: human capital efficiency (HCE); innovation capital efficiency (INCE) and capital employed efficiency (CEE). Design/methodology/approach: A sample of non-financial French firms listed within the Société des Bourses Françaises-120 (SBF-120) was employed for the period from 2011 to 2020 using the generalized method of moments (GMM) approach to test the set of hypotheses. Findings: Grounded in agency and resource dependence theories, this study found that female directors play a vital role in enhancing ICE. IO also has a significant role to play. Active institutional investors tend to push toward gender-balanced boardrooms and play an external supervisory role to improve efficiency. Moreover, female financial experts on audit committees also contribute to the ICE decision-making process within firms with high IO levels. Research limitations/implications: This study focused only on IO. Future research may use other forms of ownership, such as foreign or family ownership. Practical implications: The findings may serve as a reference for managers and policymakers to enhance IC management and make appropriate investment decisions. Managers and policymakers may rely on strategic and effective decisions regarding the efficient use of IC for value creation through the judgments of female directors. Originality/value: The current study adds significant insights to the accounting and intellectual capital literature. [ABSTRACT FROM AUTHOR]

This research explores the moderating effect of institutional ownership on the relationship between audit committee attributes and audit report lag. The paper sampled data from 102 Saudi non-financial listed firms from 2012 to 2021. The data was analyzed using a fixed effect regression, while the generalized method of moments approach (GMM) was employed for robustness check. The research finding strongly suggests that the audit committee size may increase audit report lag. In contrast, it was found that audit committee independence and financial expertise may reduce audit report lag. In addition, the interaction effect reveals that the impact of audit committee financial expertise and the committee meetings on reducing audit report lag may be higher as institutional shareholding rises. Thus, the outcome validates the agency theory perspective that the active monitoring of institutional investors may shape firms' internal governance systems. More importantly, the finding implies that firms should prefer a smaller audit size with a higher ratio of independent directors and financial experts to improve financial reporting quality. They should also embrace institutional shareholding to reduce audit report lag. Thus, lowering audit report lag may mitigate information disparity between firms and prospective investors, reducing agency conflicts and boosting firm value. [ABSTRACT FROM AUTHOR]

Copyright of REMAH Journal is the property of Research & Development of Human Recourses Center (REMAH) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper examines whether institutional investors invest less into overvalued firms due to their informational advantage. Considering high media sentiment as a source of overvaluation, we show that institutional investors tend to hold fewer stocks of firms that receive high media sentiment. The size of the overvaluation is empirically shown as a channel through which media sentiment influences the ownership structure in firms. We conclude this paper by showing institutional investors do not view high media sentiment as a chance to withdraw their money from firms with poor corporate governance structure that the institutional investors cannot exert much influence on. Instead, institutional investors tend not to invest in these firms from the start. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to review empirical research on the relationship between institutional ownership (IO) and board governance (85 studies). Design/methodology/approach: Based on agency and upper echelons theory, the heterogeneous monitoring function of specific types and the nature of institutional investors on board composition, compensation and chief executive officer (CEO) characteristics will be focused. Findings: The author found that most studies have referred to archival studies, analyzed the impact of board governance on IO, focused on CEO characteristics, neglected IO heterogeneity and advanced regression models to address endogeneity concerns. In line with the theoretical framework, the relationship between total IO and board governance is heterogeneous. However, specific types such as foreign, dedicated and pressure-resistant institutions represent active monitoring tools and push for increased board governance. Research limitations/implications: The author provided useful recommendations for future research from a content and methodological perspective, e.g. the need for analyzing the impact of IO on sustainable board governance and other characteristics of top management team members, e.g. the chief financial officer. Practical implications: As many regulatory bodies implemented regulations to promote shareholder rights and board governance, this literature review highlights the connections of both corporate governance mechanisms. Managers should conduct a careful and timely investor analysis and change the composition and compensation of the board of directors in line with institutional investors' preferences. Originality/value: This analysis makes useful contributions to prior research by focusing on IO and board governance, whereas the author structured the heterogeneous variables and results within the structured literature review. The authors guides researchers, regulatory bodies and business practice in this corporate governance topic. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to examine whether and how financial performance feedback influences green innovation performance by drawing on the behavioral theory of the firm (BTOF) and relying on motivation-based logic. Design/methodology/approach: A total of 17,558 firm-year observations from 3,062 publicly traded firms in China are used as the research sample. Findings: The results reveal that low-performing firms are less likely to conduct green innovation activities because managers burden pressure to meet short-term targets. This study further finds that these relations are moderated by institutional ownership. Originality/value: This study contributes to the BTOF literature by linking performance feedback to green innovation activities. This study applies a motivation-based logic to relate performance below and above aspirations to green innovation activities. This study introduces institutional ownership as a boundary condition. [ABSTRACT FROM AUTHOR]

This research aims to obtain empirical evidence regarding the influence of liquidity as measured by the Current Ratio, institutional ownership, managerial ownership, and profitability as measured by Return on Assets on capital structure. Firms increase leverage to support growth or to offset poor performance. The population of this study is companies listed as consumers of the non-cyclical sector on the IDX in 2018-2022, with as many as 113 companies. The method used is quantitative with statistical analysis of panel data regression. Capital structure is the dependent variable, and profitability, liquidity, institutional ownership, and managerial ownership are independent variables. The method used is quantitative, with statistical analysis of panel data regression using the SPSS Analysis tool. Capital structure is a framework that describes how equity and debt are used to finance company operations to generate optimal returns for shareholders and maximise company returns by considering the level of risk. The results showed that the Probability (ROA) and Liquidity (CR) were partially significant to the Capital Structure. Institutional and managerial ownership have no significant effect on the Capital Structure. [ABSTRACT FROM AUTHOR]

The aim of this research is to obtain empirical evidence regarding the influence of management ownership, institutional ownership, independent ownership boards, audit committees on profitability (Return On Equity) in companies listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, the research samples obtained were 15 companies for the 2019-2022 period so there were 60 analysis units. The research design is quantitative descriptive. The analysis technique in this research uses the panel data regression method. The research results show that management ownership, independent board ownership, and audit committee have no effect on profitability. Meanwhile, institutional ownership has a significant negative effect on profitability. The implication of this research is that companies must pay attention to institutional ownership shares, because they can have a negative impact on the company's profitability. [ABSTRACT FROM AUTHOR]

This research investigates whether institutional ownership contributes to enhancement of stock liquidity in emerging markets. The study examines data of listed companies on the Vietnamese stock market. Using a comprehensive data set for all stocks listed on Ho Chi Minh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) from 2008 to 2017, the statistical findings consistently demonstrate that institutional ownership has a negative impact on stock liquidity. In other words, the empirical evidence supports the adverse selection hypothesis that the upward trend of institutional ownership could reduce stock liquidity because the institutional investors with superior and advantageous information could exacerbate informational asymmetry issues. By using a case study in Vietnam, this research makes an original contribution to the academic literature by examining the relationship between institutional investors and stock liquidity in emerging markets. In addition, this study offers policymakers, authorities, agencies, and managers some insightful recommendations and implications that will help to not only promote the active participations of professional institutions but also improve stock liquidity, fairness, and efficiency. [ABSTRACT FROM AUTHOR]

The aim of this research is to examine the effect of tax planning on earnings management using institutional ownership as a moderating variable. The data source for this research uses secondary data, the population of this research data is various manufacturing companies in various industrial sectors listed on the Indonesia Stock Exchange (BEI) during the 2015-2020 period. The data sample for this research is 60 samples from 10 companies that carried out Objective Sampling, namely sampling based on certain considerations. Data analysis was carried out using multiple linear statistics processed in SPSS version 25. Based on the results of research conducted using the T-test, it can be concluded that tax planning has no effect on income management and the moderating variable of institutional ownership cannot strengthen the relationship between tax planning and income management. [ABSTRACT FROM AUTHOR]

The purpose of this study is to obtain empirical evidence of the, Managerial's Ownership, Institutional Ownership, independent board of commissioners, board of directors, and audit committee on the Banking Company firm's performance listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, the research samples obtained totaled 6 companies with a research period from 2018-2022 so that there were 30 units of analysis. The research design was quantitative descriptive. The analysis technique in this research is multiple regression analysis method. The results showed that Managerial's Ownership and Audit Committee has a significant positive effect, Institutional Ownership, independent board of commissioners, board of directors has no effect on firm's perfromance. The implication of this research is that companies must pay attention to that Managerial's Ownership and Audit Committee and those that can affect profitabilty so that company performance can increase. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the effect of the classification of origin country of institutional shareholder (domestic, developed and developing country) and its status on stock exchange (listed and unlisted) on environmental disclosure level in Indonesian companies. Design/methodology/approach: The data set comprises 474 non-financial firms listed in Indonesian Stock Exchange (IDX) for the period of 2017 to 2019. The study uses an environmental disclosure checklist to measure the extent of environmental disclosure in companies' reports. Panel regression analysis technique is adopted to investigate the association between total percentage of shares held by institutional shareholders based on the classification of origin country and the status in stock exchange, and the extent of environmental disclosure. Findings: The study reveals that the extent of environmental disclosure is positively and significantly associated with institutional investors from domestic, developed countries, listed and unlisted institutional investors. Further analysis shows interesting results that institutions from developing countries have a negative and significant relationship with environmental disclosure in non-sensitive industries. Research limitations/implications: The authors recognize the issue of authors' subjectivity in the measurement process of environmental disclosure. The sample for this study encompasses Indonesian listed firms. Thus, the results may not be generalized to Indonesian unlisted firms and other countries or regions. Practical implications: This study suggests managers to engage more with institutional shareholders because they have greater concern for environmental disclosure practices. The current study also suggests managers to make strong environmental policies as they are important to ensure that institutional shareholders' investments are safe. Social implications: Given the positive impact institutional shareholders have on the level of environmental disclosure, it indirectly indicates that institutional shareholders have a strong motivation to make the world a better place. Originality/value: This study offers in-depth insights into the effect of institutional ownership on environmental disclosure based on the classification of origin country and listing status of institutional investors. [ABSTRACT FROM AUTHOR]

This study aims to examine the relationship between internal audit functions and the board of commissioners on financial performance with institutional ownership as a moderating variable. The research method involved all public banking sector companies listed on the Indonesia Stock Exchange during the period from 2020 to 2022, collecting 51 company-year observations. Based on the analysis of previous research results, it is shown that the internal audit function and the board of commissioners have a negative impact on the financial performance of the company. These findings indicate that the role of internal audit functions and boards of commissioners in providing value-added services related to financial performance in Indonesian public companies is relatively small. This research is expected to enhance the understanding of the roles of internal audit functions and boards of commissioners and to encourage the practice of internal audit functions in public financial sector companies in Indonesia to improve financial performance in their consultative roles, especially regarding ROA performance. [ABSTRACT FROM AUTHOR]

The study examines the quality of sustainability reporting (SR), the relationship between ownership structures (namely institutional ownership (IO), managerial ownership (MO), and family ownership (FO)) and SR, and the existence of a non-linear relationship between ownership structures and SR based on the inconsistent results of previous studies. The study collected secondary data from the annual and sustainability reports of 261 Malaysian public listed companies (PLCs) in 2018 and 2019 and analysed the data using content analysis. The results report a slight increment in the quality of SR in 2019, and using Ordinary Least Squares (OLS) regression, it is found that only IO has a positive and significant association with SR, which indicates that companies with major institutional shareholdings attain superior SR quality. Further exploration reveals a curvilinear relationship (inverse U-shape) between IO and SR quality, whereby the effect declines when IO reaches a certain threshold. As such, these findings shed light on the changes in investors' motivation towards their Corporate Social Responsibility (CSR) commitment based on their company holdings, showing the delicate balance needed between oversight and the aligning of interests. This means that large institutional investors in a company should collaborate with management to advocate for policies and practices that support social and environmental objectives that are aligned with the company's long-term view of value creation. [ABSTRACT FROM AUTHOR]

Addressing financial risks draws attention from both government and academia. Current studies primarily focus on the impact of CSR on stock-price crash risk, overlooking the regulatory role of institutional ownership and internal control, and the mediating effect of analyst coverage. This paper investigates the relationship between CSR and stock price crash risk using data from A-share listed companies (2015–2021). Findings suggest that better CSR helps reduce stock-price crash risk. The mediating effect test shows that improved CSR attracts analysts' attention and enhances information transparency, thus reducing stock-price crash risk. Institutional ownership, internal control and CSR have substitution relations in inhibiting stock-price crash risk. Further research shows CSR's significant role in reducing stock-price crash risk for non-state-owned, eastern regions, and non-Big Four audited enterprises. This study enriches literature on stock-price crash risk and CSR and guide firms in reducing stock-price crash risk, promoting capital market development and enhancing enterprise evaluation systems. [ABSTRACT FROM AUTHOR]

Copyright of Riwayat: Educational Journal of History & Humanities is the property of Riwayat: Educational Journal of History & Humanities and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This research was aimed to determine the effects of independent commissioners, managerial ownership, institutional ownership, and audit committee, on the integrity of financial statements in manufacturing companies listed on the Indonesian stock exchange. The analysis model used is panel data regression analysis and data processing using Eviews9. The sample in this research is 33 manufacturing companies in various industry sectors and the consumer goods industry sector in the 2017-2019 research year. The type of data in this study is secondary data with a sample selection method that is purposive sampling method. The results of this study indicate that the variables of independent commissioners, institutional ownership, and audit committee affect the integrity of financial statements, while managerial ownership variables do not affect the integrity of financial statements. [ABSTRACT FROM AUTHOR]

Applying the principles of Good Corporate Governance is a major factor in building a solid and reliable corporate fundamentals to achieve sustainable corporate profitability. The aim of this research is to examine the influence of CSR and Independent Commissioners on Profitability which is moderated by Value Added Human Capital and Institutional Ownership. This study uses a quantitative method, where the data source used secondary data taken from the Indonesia Stock Exchange. The contribution of this research is the higher the proportion of independent commissioners, the more independent commissioners will carry out optimal supervision of operational activities. The board of independent commissioners greatly determines the company's success in achieving goals and improving the company's financial performance so that the company's ROA has increased. VAHC can weaken Komi's effect on ROA and is not significant. In principle, appropriate human capital activities can motivate Komi to achieve profitability. Institutional ownership affects company performance because institutional ownership can encourage more optimal supervision and monitoring mechanisms can guarantee shareholder prosperity, so institutional ownership will encourage managers to show good performance in front of shareholders. Institutional Ownership Contribution in moderating the influence of the Committee on ROA. [ABSTRACT FROM AUTHOR]

Voluntary disclosure, especially disclosure of carbon emissions in mining companies, is still low. The purpose of this study is to analyze the impact of carbon emission disclosure on financial performance and to find out whether the ownership of institutions can moderate the impact of carbon emission disclosure on financial performance. The data for this study was collected from annual reports and sustainability reports. The sample for this research is 305 mining companies and transportation companies listed on the Indonesia Stock Exchange and Malaysia Stock Exchange in 2018 - 2022. The research model used is moderated regression analysis (MRA). The research results show that carbon emission disclosure has a negative effect on financial performance and institutional ownership can moderate the effect of carbon emission disclosure on financial performance. Disclosure of carbon emissions is so expensive that some companies do not disclose it. Disclosing information about carbon would be an advantage for companies. [ABSTRACT FROM AUTHOR]

This research delves into the multifaceted relationships between Transfer Pricing, Leverage, Profitability, Profit Management, and Tax Avoidance, with the moderating influence of Institutional Ownership in manufacturing companies listed on the Indonesia Stock Exchange (BEI). The study employs a descriptive research design with a quantitative approach, utilizing a multiple linear regression-based method through EViews. The research population comprises manufacturing companies listed on the Indonesia Stock Exchange (BEI) between 2020 and 2021. The purposive sampling method was employed, resulting in a sample of 81 manufacturing companies, totaling 162 observations. Secondary data were collected from the official IDX website www.idx.co.id and www.yahoofinance.com. The findings indicate that Transfer Pricing and Leverage exhibit a significant positive influence on Tax Avoidance in manufacturing companies, while Profitability demonstrates a significant negative effect on Tax Avoidance. Conversely, Profit Management does not exhibit a significant impact on Tax Avoidance. Moreover, Institutional Ownership is identified as a moderator, strengthening the influence of Transfer Pricing and Leverage on Tax Avoidance. However, Institutional Ownership does not reinforce the influence of Profitability and Profit Management on Tax Avoidance. This research contributes valuable insights for policymakers, tax authorities, and corporate practitioners, highlighting the nuanced dynamics of Transfer Pricing, Leverage, Profitability, and Profit Management in shaping tax avoidance strategies, particularly in the context of manufacturing companies in Indonesia. [ABSTRACT FROM AUTHOR]

Management in the banking industry is not solely focused on financial performance but also on the sustainability of their portfolios. To achieve this, banks need to incorporate sustainable finance into their balance sheet. In addition, a global phenomenon has emerged where investors have demanded the inclusion of sustainable finance in portfolios. This financial instrument served to support the global agreement on climate change, which they were committed to making a reality. The impact of sustainable finance on firm value remains a question. Therefore, this study aimed to examine the effect of sustainable finance and capital on firm value within the banking industry, focusing on entities listed on the ASEAN stock market from 2015 to 2021. To assess investor demand for involvement in sustainable finance, a moderating variable was included in the model. Furthermore, this study used a quantitative design and a purposive sampling technique with panel data regression analysis for the hypothesis testing. The results showed that sustainable finance and capital had a significant effect on firm value. Institutional ownership moderated the relationship between sustainable finance and firm value, although it did not moderate the link between capital and firm value. This indicated that banks prioritized sustainable finance due to its positive impact on their operations, ultimately leading to an improvement in firm value. Furthermore, institutional ownership influenced the relationship between sustainable finance and firm value, as banks strived to comply with international society or enhance firm value. This study incorporated profitability ratios and firm size as the control variables. [ABSTRACT FROM AUTHOR]

The study empirically investigates how the sustainability performance affects corporate performance through Leverage which is moderated by managerial and institutional ownership. This research employs verification analysis and data analysis techniques based on conditional process analysis. Financial Sector Companies, especially Banks listed on the Indonesia Stock Exchange from 2018 to 2021, constitute the study population. The study's findings indicate that: Leverage mediates the impact of Sustainability Performance on Corporate Performance which is moderated by Institutional Ownership, Managerial Ownership moderates the impact of Sustainability Performance on Corporate Performance and moderating the impact of Leverage on Corporate Performance, Institutional Ownership moderates the impact of Sustainability Performance on Corporate Performance and Institutional Ownership moderates the impact of Leverage on Corporate Performance. This conclusion is crucial for decision-makers who want to maximize sustainability performance to boost business performance. [ABSTRACT FROM AUTHOR]

We examine the impact of the threat of takeovers on default risk. Using a sample of 50,189 firm‐year observations for US firms over the period 1990–2015, we find that the threat of takeovers has a negative relation with default risk. We use difference‐in‐difference analysis to address potential endogeneity concerns and propensity score matching to control for self‐selection bias. The results are robust to alternative measures of default risk and exclusion of the dot com and financial crisis periods. Our results also hold after controlling for Governance Index and Entrenchment Index. We identify improvement in performance and earnings quality in response to the threat of takeovers as channels underlying our main result. The effect of the threat of takeovers on default risk is more pronounced for firms with opaque information environment and low institutional ownership. Our findings provide important insights for the market for corporate control as a disciplining mechanism in reducing default risk. [ABSTRACT FROM AUTHOR]

The purpose of this study was to examine the effect of the ownership structure, deferred tax expense, current tax expense and tax planning on earnings management. This study used 112 manufacturing companies which were used as research samples which were analyzed using quantitative methods. The sample in this study was tested using multiple linear regression analysis using SPSS version 24. Through the research that has been tested, the researchers obtained the results that: institutional ownership has a significant negative effect on earnings management, managerial ownership has a significant negative effect on earnings management, current tax expense has a significant positive effect on earnings management, deferred tax expense has a negative effect on earnings management, and tax planning has no effect on earnings management. [ABSTRACT FROM AUTHOR]

I find a strong positive association between firms' implied cost of equity capital and firm‐level political risk. This effect is above and beyond the firm‐level cost of equity implications of economywide political risk. Firm‐level political risk contributes to elevating stock illiquidity, increases dispersion of analyst forecasts and dampens analyst coverage and these attributes, in turn, have positive cost of equity capital implications. Overall, the findings of this study suggest firm‐level political risk has a non‐trivial effect on increasing equity market illiquidity, increasing dispersion of earnings forecasts and decreasing analyst coverage thus increasing financing costs. [ABSTRACT FROM AUTHOR]

Research Question/Issue: This study shows how investors assessed the informativeness of earnings announcements during the Covid‐19 pandemic. Prior studies suggest that earnings announcements are more likely to provide value to investors during periods of heightened uncertainty. However, the massive regulatory intervention that took place during the pandemic is likely to have led investors to seek alternative sources of information and to have reduced their reliance on earnings to price stocks. Moreover, the uncertainty brought by Covid‐19 directly challenged firms' value drivers and business models, potentially inhibiting the ability to map earnings onto stock prices. Research Findings/Insights: The empirical findings show that earnings announcements lost part of their information content during the Covid‐19 crisis. Cross‐sectional tests document that geographic dispersion of operations and the degree of institutional ownership significantly affected the relationship under study. We also find that the loss of earnings announcements' informativeness was driven by exposure to the pandemic. Theoretical/Academic Implications: The recent accounting literature investigates the role of accounting information in supporting public policy during systemic crises. Our results highlight the firm‐specific attributes that affect investors' perceptions of the informativeness of earnings announcements by showing how geographic dispersion and ownership structure affect it in periods of uncertainty. Practitioner/Policy Implications: In a context in which earnings announcements' informativeness decreases, regulators and standard‐setters should consider taking corrective action to restore its informativeness, such as by strengthening disclosure requirements. The documented decrease in the informativeness of earnings announcements could be partially offset by heightening disclosure requirements to complement financial statements. [ABSTRACT FROM AUTHOR]

The purpose of the study is to obtain knowledge about the effect of sales growth and fixed asset intensity on tax avoidance and see the role of institutional ownership in strengthening or weakening the two independent variables on tax avoidance as the dependent variable in this study. The data used in this study is secondary data derived from the financial statements of manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2018-2020. The method used in this study is a qualitative approach method, with samples in this study selected using the purposive sampling method. The results showed that institutional ownership was unable to weaken the effect of sales growth on tax avoidance, so the third hypothesis was rejected. In addition, institutional ownership is also unable to weaken the effect of fixed asset intensity on tax avoidance, so the fourth hypothesis is also rejected. Overall, the study concluded that sales growth did not have a significant effect on tax avoidance, while fixed asset intensity had a significant effect only on non-conforming tax. In addition, institutional ownership is unable to moderate the effect of sales growth and fixed asset intensity on tax avoidance. These findings provide an important understanding of the factors influencing tax avoidance practices in the context of sales growth, fixed asset intensity, and institutional ownership. [ABSTRACT FROM AUTHOR]

This study aims to empirically explore company size and corporate governance as determinants of risk management disclosure by investigating the effect of a combination of determinants on risk management disclosure practices in manufacturing companies. This study used a random sampling method. The sample for this research is 189 manufacturing companies (3 years of observation) listed on the Indonesia Stock Exchange for the 2019-2021 period. The COSO 2017 spreadsheet was used to measure the level of risk management disclosure. Panel data regression analysis using the Eviews program version 10 was used to examine the effect of company size and corporate governance on risk management disclosure. The results showed that company size, institutional ownership, and audit committee had a positive effect. In contrast, the size of the board of commissioners hurt risk management. The independent board of commissioners with managerial ownership shows results that do not affect risk management in manufacturing companies in Indonesia. [ABSTRACT FROM AUTHOR]

We hypothesise that societal norms cause institutional investors to discriminate against polluters. Consistent with this hypothesis, we document relatively lower institutional ownership for the most polluting firms in the United States. Institutional discrimination against polluters increases over 1987–2018, in line with increasing environmental awareness. Institutions are primarily averse to investments in dioxin emitters. Institutions that prioritize portfolio performance are less sensitive to societal norms against polluters, as are institutions with shorter investment horizons and more aggressive trading strategies. Lastly, we test whether investor discrimination affects polluter equity valuations and creates systematic trading opportunities, but find no convincing evidence of a polluter return premium. [ABSTRACT FROM AUTHOR]

This study aims to obtain empirical evidence of the effect of managerial ownership, institutional ownership and profitability, size on debt policy in the property and real estate subsectors listed on the IDX (Period 2017-2020). The population in this study are property and real estate companies listed on the IDX for the 2017-2020 period with a sampling method using saturated sampling. The number of final samples that deserve to be observed are 15 companies with a total sample of 65 companies. The analysis was used using logistic regression analysis with the help of the Eviews program. The results of the analysis show that the variables of managerial ownership, institutional ownership and profitability have no effect on firm debt, meanwhile size have possitive effect on firm debt. [ABSTRACT FROM AUTHOR]

Taxpaying companies in Indonesia aim to maximize profit to increase the company's shares value so that more investors are interested in investing in the company. This practice causes companies to try to pay taxes to a minimum by carrying out tax management without violating tax laws. This study examines and analyzes the effect of institutional ownership, family ownership, and thin capitalization on tax avoidance. Data used were from the manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2021, using a purposive sampling technique. In the sample of this study, 6 companies met the criteria. This research uses the panel data regression analysis method which is a combination of time series and cross data to get more informative data. The table of the coefficient regression test result shows that the significant value for Institutional Ownership is 0.0295, <0.05 (alpha 5%) with a positive beta value in accordance with the hypothesis proposed in this study. Therefore, it can be stated that institutional ownership has a significant positive effect on tax avoidance at the 95% confidence level. The significant value for family ownership is 0.2213, >0.05 (alpha 5%) with a negative beta value and is not in accordance with the hypothesis proposed in this study. So, it can be stated that family ownership has no effect on avoidance. And, the significant value for thin capitalization is 0.0103, <0.05 (alpha 5%) with a positive beta value in accordance with the hypothesis proposed in this study. So, it can be stated that thin Capitalization has a significant positive effect on tax avoidance at the 95% confidence level. The F-statistic test was used to measure the accuracy of the sample regression function in estimating the actual value (goodness of fit). The F-test analyzes whether the independent variables are able to explain the dependent variable well or whether the model used is fit or not. The F-test in this study uses a significance level of 5%. From the table, it is known that the significant value is 0.005389 <0.05, which means that institutional ownership, family ownership, and thin capitalization simultaneously affect the dependent variable tax avoidance. [ABSTRACT FROM AUTHOR]

We investigate whether ownership structure influences the likelihood and amount of dividend payments in two groups of European Union's public companies: Nordic and Baltic. Nordic and Baltic capital markets have become increasingly integrated through Nasdaq OMX stock exchanges and harmonized by the EU corporate governance directives. However, some differences in the corporate governance system, legislation, practice, and ownership structure still exist. The study covers Nordic and Baltic companies listed on the Nasdaq OMX for the period 2013–2020. Logit and Tobit panel regressions are applied to disclose the effect of ownership structure on the likelihood and amount of dividend payments accordingly. We find that ownership concentration positively influences the likelihood and amount of dividend payments in Nordic public companies. Managerial ownership does not influence the likelihood of dividend payments but positively influences their amount. Institutional ownership does not influence the likelihood of dividend payments but negatively influences their amount. Our findings revealed that ownership structure does not have any effect either on the likelihood of dividend payments or on their amount in Baltic public companies. We disclosed that the effect of ownership structure on dividend payments is influenced by the context behind ownership structure. The results of our research will improve understanding and predict the decision-making on dividend payments and will help investors manage their portfolios, choosing between current and future consumption. [ABSTRACT FROM AUTHOR]

Purpose: The authors empirically investigate the impact of the existence of a stand-alone risk committee (RC) and its characteristics on the likelihood of stock price crash risk in listed financial firms on the Bursa Malaysia. The authors also test whether the effect of RC on crash risk is attenuating or amplifying by the level of institutional ownership. Design/methodology/approach: The authors use a principal components analysis (PCA) to aggregate and derive a factor score for risk committee characteristics (i.e. independence, qualification, and size) as a proxy for the effectiveness of RC. The study also employs two distinct stock price crash risk measurements to corroborate the findings and partition institutional ownership into dedicated and transient to examine the potential impact of institutional shareholding on RC-stock price crash risk association. Findings: Regression analysis reveals that only RC qualification has a significant negative impact on stock price crash risk. However, when RC characteristics are aggregated into one composite factor, the authors find that firms with effective RCs exhibit lower risk of stock price crash. The authors also find that firms with high level of institutional shareholdings and effective RCs are less likely to experience crash risk likelihood. The additional analyses indicate that the complementary moderating effect of institutional ownership on RC-crash risk nexus is likely to be driven by dedicated institutional ownership. The results are robust across two measures of stock price crash risk and regression specifications for a longer run window. Originality/value: The study, to the best of the researchers' knowledge, is the first to provide evidence in an emerging market financial sector companies' perspective suggesting that effective RCs are individually and aggregately associated with lower stock price crash risk, which is further strengthened by dedicated institutional investors. These findings are unique and contribute to a small but growing body of literature documenting the need for effective RCs and specific institutional investors and their consequences of improvements in stock price crash risk environment. Results of our research in this area provide important insights to financial and capital market participants, investors, regulators, and policymakers in Malaysia. [ABSTRACT FROM AUTHOR]

This study uses unbalanced panel data to construct the empirical regressions, and examines the role of the global financial crisis and institutional ownership on the earnings informativeness of firm with income smoothing. The result reveals that the earnings informativeness of income smoothing decreased after the occurrence of the crisis. High institutional ownership also reduces the informativeness of earnings for firms with income smoothing and supports the institutional investors' opportunism hypothesis. Yet, this result is prominent when the institutional ownership is held by the qualified foreign rather than local institutional investors. This study implements several diagnostic checks and demonstrates that the results are robust to various specifications. [ABSTRACT FROM AUTHOR]

As hospitality and tourism (H&T) businesses mature, they often seek institutional equity financing to support their growth. Capital intensive H&T firms, such as cruise operators, casinos and large restaurant and hotel chains, continuously rely on institutional capital to fund their operations. This study examines which corporate social responsibility dimensions affect H&T firms' ability to attract institutional equity capital providers. We document that firms with better social and governance performance have higher institutional ownership, particularly by investors focused on long-term growth and value creation, such as dedicated institutional investors, domestic investors and blockholders. Community and environmental performance do not increase institutional holdings. [ABSTRACT FROM AUTHOR]