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Valuation, operating performance, ex...

Fang, Lei.

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Valuation, operating performance, expenditure decisions and management ownership of listed Canadian dual-class firms.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Valuation, operating performance, expenditure decisions and management ownership of listed Canadian dual-class firms./
Author:	Fang, Lei.
Description:	41 p.
Notes:	Source: Masters Abstracts International, Volume: 45-03, page: 1245.
Contained By:	Masters Abstracts International45-03.
Subject:	Business Administration, Management. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=MR20812
ISBN:	9780494208120

Valuation, operating performance, expenditure decisions and management ownership of listed Canadian dual-class firms.
Fang, Lei.

Valuation, operating performance, expenditure decisions and management ownership of listed Canadian dual-class firms. - 41 p.

Source: Masters Abstracts International, Volume: 45-03, page: 1245.

Thesis (M.Sc.)--Concordia University (Canada), 2006.

Dual-class capital structures, which are characterized by holders of one class of common stock having greater voting rights than holders of another class, are relatively common among Canadian corporations. The cash flow ownership and voting rights ownership of M&D (management and directors) diverge substantially for many Canadian firms with dual-class equity structures, and M&D voting rights ownership generally exceeds cash flow ownership. The relation between firm value and M&D voting ownership is negative and convex. In contrast, the relation between firm value and M&D cash flow ownership is indeterminate, which corresponds with the notion that the primary motive for dual-class equity structures is to ensure voting control. The relation between capital expenditures and M&D voting ownership is negative and convex with increasing M&D voting ownership. The relations between measures of operating performance (such as sales growth, net profit margin and return on equity) or combined R&D and advertising expenditures relative to assets and sales with either M&D cash flow or voting ownership also are indeterminate.

ISBN: 9780494208120Subjects--Topical Terms:

626628
Business Administration, Management.

Valuation, operating performance, expenditure decisions and management ownership of listed Canadian dual-class firms.
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035 $a (UMI)AAIMR20812
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040 $a UMI $c UMI
100 1 $a Fang, Lei. $3 1291953
245 1 0 $a Valuation, operating performance, expenditure decisions and management ownership of listed Canadian dual-class firms.
300 $a 41 p.
500 $a Source: Masters Abstracts International, Volume: 45-03, page: 1245.
502 $a Thesis (M.Sc.)--Concordia University (Canada), 2006.
520 $a Dual-class capital structures, which are characterized by holders of one class of common stock having greater voting rights than holders of another class, are relatively common among Canadian corporations. The cash flow ownership and voting rights ownership of M&D (management and directors) diverge substantially for many Canadian firms with dual-class equity structures, and M&D voting rights ownership generally exceeds cash flow ownership. The relation between firm value and M&D voting ownership is negative and convex. In contrast, the relation between firm value and M&D cash flow ownership is indeterminate, which corresponds with the notion that the primary motive for dual-class equity structures is to ensure voting control. The relation between capital expenditures and M&D voting ownership is negative and convex with increasing M&D voting ownership. The relations between measures of operating performance (such as sales growth, net profit margin and return on equity) or combined R&D and advertising expenditures relative to assets and sales with either M&D cash flow or voting ownership also are indeterminate.
590 $a School code: 0228.
650 4 $a Business Administration, Management. $3 626628
650 4 $a Economics, General. $3 1017424
690 $a 0454
690 $a 0501
710 2 0 $a Concordia University (Canada). $3 1018569
773 0 $t Masters Abstracts International $g 45-03.
790 $a 0228
791 $a M.Sc.
792 $a 2006
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=MR20812