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| Author: | Setia-Atmaja, L.Y. |
| Title: | Governance mechanisms and firm value: the impact of ownership concentration and dividends |
| Journal: | Corporate governance
2009 : NOV, VOL. 17:6 p. 694-709 |
| Index terms: | corporate governance dividends agency theory directors australia audit committees |
| Freeterms: | ownership concentration |
| Language: | eng |
| Abstract: | This study examines whether ownership concentration affects board and audit committee independence, and whether the impact of board and audit committee independence on firm value is moderated by ownership concentration and dividend payouts. The study is quantitative and based on a sample of Australian publicly listed firms. One of the findings is that ownership concentration has a negative impact on board independence, but no impact on audit committee independence. Results also suggest that board independence enhances firm value and that performance impact of board independence is stronger in closely-held firms and / or firms having low dividend payouts. |
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