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Asymetria informacyjna. Potrzeba i znaczenie budowania relacji z inwestorami w procesie tworzenia wartości dla akcjonariuszy

100%

Wrońska E. M., Uniwersytet Marii Curie-Skłodowskiej; Wydział Ekonomiczny; Instytut Ekonomii i Finansów

Acta Universitatis Lodziensis. Folia Oeconomica

2012

vol. 262

Information asymmetry means that investors know less than managers. There are known many different remedies in order to minimize these differences in knowledge. Some of them are enacted by law regulations. It is worth noting that public companies have special information duties. They have to announce every crucial information about company. Their financial statements are the object of thorough scrutiny made by auditors. Even though, there are many known cases that public companies use information announcing duties to convey only good news about themselves. Their aim is to bring about positive investor reactions and feelings. Many companies believe that creating shareholder value means increasing stock price. This way of thinking mixed with investors behavior proved to lead nowhere. Companies focused on shareholders value concentrated their efforts on short-term results even with harm to their future prospects. Gaining increase of stock prices doesn’t mean increase of shareholder wealth. Because this increase in stock price might be easily corrected to their real (intrinsic) value.

Corporate governance structure and shareholder wealth maximization

88%

Boateng Prempeh K., Odartei-Mills E.

Perspectives of Innovations, Economics and Business

2015

vol. 15

issue 1

1-30

Over the past two decades the ideology of shareholder value has become entrenched as a principle of corporate governance among companies. A well-established corporate governance system suggests effective control and accounting systems, stringent monitoring, effective regulatory mechanism and efficient utilisation of firms’ resources resulting in improved performance. The object of the research presented in this paper is to provide empirical evidence on the effects of corporate governance on shareholder value maximization of the listed companies in Ghana. Data from ten companies listed on Ghana Stock Exchange covering the period 2003 –2007 were used and analysis done within the panel data framework. The dependent variables, dividend per share and dividend yield are used as a measure of shareholder wealth maximization and the relation between corporate governance and shareholder wealth maximization is investigated. The regression results show that both the board size and the independence have statistically significant relationship with shareholder wealth maximization.

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1 Acta Universitatis Lodziensis. Folia Oeconomica

1 Perspectives of Innovations, Economics and Business

1 Boateng Prempeh K.

1 Odartei-Mills E.

1 Uniwersytet Marii Curie-Skłodowskiej; Wydział Ekonomiczny; Instytut Ekonomii i Finansów

1 Wrońska E. M.

1 2015

1 2012

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Asymetria informacyjna. Potrzeba i znaczenie budowania relacji z inwestorami w procesie tworzenia wartości dla akcjonariuszy

Corporate governance structure and shareholder wealth maximization