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This paper aims to investigate the impacts of financial development through commercial banks on poverty conditions in India.

Using unbalanced panel data for Indian states and union territories from 1973 to 2004, and applying the generalized method of moments estimation, the author estimates models in which the poverty ratio is explained by financial inclusion and financial deepening for public sector banks and private sector banks, respectively.

The results show that financial inclusion and deepening have statistically significant negative relationships with the poverty ratio for public sector banks, but not for private sector banks. In addition, the coefficients of the interaction term between financial inclusion and deepening are estimated to be negative and statistically significant in most cases of public sector banks. Considering the positive impacts of financial inclusion and deepening on poverty reduction, this result implies that promoting breadth and depth of public sector banks could have a synergistic effect on poverty reduction in India.

First, unlike previous studies, the author applies both the numbers of bank branches and accounts as the measure of accessibility and usage of banking services. Second, using the interaction term between financial inclusion and deepening, the author empirically analyzes whether, and to what extent, the breadth and depth of the banking sector interact with each other in the process of poverty reduction. Third, the author divide the Indian commercial banks into public sector banks and private sector banks and compares their impacts of financial inclusion and deepening on poverty conditions.

The purpose of this study is to investigate the incidence of target gearing behaviour in firms as well as the drivers of such behaviour.

The paper employs a triangulation approach across three methodological phases: a questionnaire survey, logistic regression modelling of firm data, and interviews with finance directors. The results are then discussed under the key themes of gearing optimality, valuation issues, external drivers, the finance life‐cycle, the impact of risk, and the relationship between gearing and corporate strategy.

The results reveal that the majority of firms engage in targeting, though targets are subject to fairly frequent revision as both external and internal drivers evolve. Important external drivers include macroeconomic variables and analysts' views, whereas important internal drivers include income gearing and profitability.

Given the range and variety of drivers, target gearing evidently represents a complex strategic decision for finance directors. The paper provides a benchmark perspective for finance directors when determining their firm's gearing strategy.

The innovation of the paper is the study of target gearing across three methods, the results of which are then triangulated to provide a deeper understanding of both the quantifiable and qualitative drivers of gearing. This provides a far broader insight into the real‐world determination of gearing strategy than a conventional empirical approach.

This study examines compensation changes among top executives of formerly privately held stock insurers and mutual insurers at the time around an initial public offering. This study explains how CEO compensation changes following an IPO differ between these two types of insurers owing to their differing agency characteristics. The results also show that CEOs’ benefits increase materially following an IPO. The authors find evidence that reduced ownership retention by managers increases agency costs and CEOs of mutual insurers exploit their positions and increase their reward at the expense of policyholders.

To examine how a manager's strategic philosophy is influenced by his or her management level in the organization.

Scales are developed to measure managers' philosophical perspectives along three key dimensions and tested with 289 managers in the United States. Refined scales are administered to 237 managers.

A manager's level in the organization influences his or her strategic philosophy. As compared to middle‐and lower‐level managers, top managers were more likely to view strategy formulation as an art, to emphasize strategic flexibility as opposed to strategic consistency, and to see strategy as top‐down process.

No single strategic philosophy is suggested as the optimal perspective. In addition, there are multiple possible explanations for the findings. Additional research is needed. Recognizing differences in strategic philosophy can also enhance training and development efforts at the lower and middle management levels.

Findings lend support to the notion that one's strategic philosophy is not independent of one's management position and suggests that managers at each level may adopt perspectives that facilitate the managerial responsibilities at that level.

This paper provides empirical evidence for a nexus between management level and strategic philosophy, a stream of research that received only limited research interest to date.

This research seeks to investigate the role of key corporate governance mechanisms in determining a firm's post‐bankruptcy performance following reorganisation.

The study is based on agency theory and uses a unique sample of 111 filing companies whose reorganisation plans have been confirmed by the Thai Central Bankruptcy Court during the period 1999‐2002.

The results indicate that monitoring and incentive mechanisms are significant determinants of a firm's post‐bankruptcy performance. The key monitoring mechanism is ownership concentration, measured by shares held by the largest shareholder, whereas the critical incentive mechanisms are cash compensation and percentage of common shares held by the plan administrator. The results indicate that these mechanisms can mitigate agency problems in previously insolvent companies and increase post‐bankruptcy performance over a three year period.

The study is timely given that many organisations are facing rebuilding programs following the impact of the global financial crisis. Prior research in Thailand and elsewhere has not measured bankruptcy reorganisation outcomes in terms of the difference of actual financial performance to predicted performance and in relation to the governance factors of the reorganisation process. Neither has this aspect been considered within an agency theory framework. This provides a unique opportunity to consider these variables based on the theoretical framework of agency theory and to evaluate the importance of governance mechanisms in reorganisation proceedings.

This paper aims to make an attempt to identify the determinants of dividend policy by analyzing 125 real estate companies, which are selected on the basis of consistent dividend distribution throughout the study period. Most of these companies either listed with Bombay Stock Exchange or National Stock Exchange.

This paper applies three alternative methods to verify and validate the results obtained from each other method, namely, fully modified ordinary least square (FMOLS), dynamic ordinary least square and generalized method of moments (GMM). Data collected of the selected companies’ post-recession period i.e. 2009-2017. The selected companies have age either 5 years old or more when data are retrieved from the above-mentioned sources. Due to much volatility in the recession period in the real estate firms at the global level, no data have been taken of the firms before March 2009. Moreover, for arriving at good analysis and an adequate number of observations for the study more recent data have been taken.

Empirical findings of this research paper depict that firm previous dividend, firm risk and liquidity are strong predictors of future dividend payout ratios (DPRs). The results indicate that firm risk as measured through price-earnings ratio (PE ratio) has a positive association with a DPR of selected real estate firms. Lagged DPR used in the GMM test as an exogenous variable is showing positive significant association with DPR. Firm’s growth is found significant in FMOLS and GMM techniques. On the other firm’s size is found significant according to cointegration techniques.

The present study shall be useful to different stakeholders of real estate companies. Various significant determinants as identified can be used by management for designing optimum dividend policy and providing maximum benefits to existing shareholders. Similarly existing and prospective shareholders may predict the future payment of dividend and accordingly they may take investment decisions in these firms, as the future fund’s requirement of a firm depends upon dividend payment and retention ratio.

As per the authors’ knowledge, there is no single study carried in the post-recession period to predict determinants of dividend policy of real estate sector using three alternatives of methods to verify and validate the results obtained from each other method. The study is carried out after exploring determinant from a diverse range of period of studies (oldest one to latest one).

This paper aims to explore the relationship of promoter ownership and board structure with firm performance for Indian companies.

Corporate governance structures of 391 Indian companies out of CRISIL NSE Index (CNX) 500 companies listed on national stock exchange (NSE) have been studied for their impact on performance of companies. Panel data regression methodology has been used on data for five financial years from 2010 to 2014 for the selected companies. Performance measures considered are market-based measure (Tobin’s Q) and accounting-based measure (return on assets [ROA]).

The empirical findings indicate that market-based measure (Tobin’s Q) is more impacted by corporate governance than accounting-based measure. There is significant positive association between promoter ownership and firm performance. It is also indicated that the relationship between promoter ownership and firm performance is different at different levels of promoter ownership. Board size is found to be positively related to ROA; however, board independence is not found to be related to any of the performance measures.

Limitations of the study are in terms of data methodology and possible omission of some variables. It is felt that endogeneity and reverse causality might be better addressed using simultaneous equation methodology.

The paper adds to the emerging body of literature on corporate governance performance relationship in Indian context using a reasonably wider and newer data set.

The purpose of this paper is to investigate the relationship between Chief Executive Officers’ (CEOs) compensation and corporate governance practices of publicly listed companies in New Zealand for the period 2005-2010.

Prior literature argues that corporate governance systems and structures are heterogeneous, that is, corporate governance mechanisms that are important tend to be specific to a country and its institutional structures. The two corporate governance mechanisms most important for monitoring CEO compensation are ownership structure and board structure. The authors use a generalised least squares regression estimation technique to examine the effect ownership structure and board structure has on CEO compensation, and examine whether ownership structure, board structure, CEO and director compensation have an effect on company performance.

After controlling for size, performance, industry and year effects, the authors report that internal features rather than external features of corporate governance practices influence CEO compensation. Companies that have their CEO on the board pay them more than those who do not sit on the board, suggesting CEOs on boards have power to influence board decisions and therefore boards become less effective in monitoring CEO compensation in the New Zealand context. Companies that pay their directors more tend to reward their CEOs more as well, thus supporting the managerial entrenchment hypothesis.

The results confirm the findings reported in prior studies that institutional investors are ineffective in monitoring managerial decisions and their focus is on decisions that benefit them on a short-term basis.

The findings indicate that although the proportion of independent directors on boards does not significantly influence CEO compensation, it does indicate that outside directors are passive and are no more effective than insiders when it comes to the oversight and supervision of CEO compensation.

Being a small and open financial market with many small- and medium-sized listed companies, New Zealand differs from large economies such as the UK and the USA in the sense that CEOs in New Zealand tend to be closely connected to each other. As such, the relationship between pay-performance for New Zealand is found to be different from those reported for the UK and the USA. In New Zealand, the proportion of institutional and/or block shareholders is positively associated with CEO compensation and negatively associated with company performance, suggesting that it is not an effective mechanism for monitoring CEO compensation.

This study aims to take a strategic approach to analyze how the US technical textile companies manage their business operations and to determine whether there are differences on competitive priorities between high‐ and low‐performing companies.

A competitive priority model consisting of four latent constructs – low cost, quality, delivery performance, and flexibility – was utilized to construct the analysis. Primary data were collected through a survey of senior executives in the US technical textile companies. Using 202 eligible survey returns, exploratory factor analysis and confirmatory factor analysis within structural equation modeling were carried out to assess adequacy of the measurements and validity of the model.

The competitive priority model is proven valid and the four constructs account for the most variance in corporate competitive strategies. High‐performing companies placed greater emphasis on quality and delivery performance strategies than low cost strategy in order to build capabilities for product or service differentiation; in contrast, low‐performing companies gave equal weight to all four competitive capabilities. The lack of clear emphasis on strategies could be one of the reasons for a relatively low business performance.

The study provides a springboard for future studies of corporate competitive strategies and its relationships with other key decisions and outcomes.

The deployment of appropriate strategies is imperative to achieve superior business performance and, perhaps, just to survive.

The paper represents the first empirical investigation into corporate strategy issues in the US technical textile sector. The methodology may be transferred to other industrial sectors.

Ownership change has been an overlooked contingency factor in past plant level practice-performance studies. Therefore, the purpose of this paper is to examine the impact of ownership changes to practice-performance dynamics by longitudinally following the same 23 manufacturing sites from year 1993 to 2010.

Interview data of the made in Finland – study are used for presenting different paths of plant development in the long term. Both narratives and descriptive statistics are used to support the analysis.

The findings suggest that the benefits of long-term domestic ownership may in fact exceed the positive knowledge spill-over effects that derive from foreign acquisitions. Foreign acquirers seem to “cherry-pick” well-performing sites. Also it seems that the likelihood of inferior performance and plant shutdowns may increase due to foreign acquisitions.

Due to the exploratory nature of the study the sample size did not allow for testing statistical significance of the results.

The exploratory findings of the study open new avenues of theory development for practice-performance studies, and corroborate research in other disciplines such as economics and corporate governance.