The moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the UAE

The moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the UAE

This study evaluates corporate governance practices of listed firms in the UAE and examines the hypothesized influence of investment opportunities, leverage, foreign and institutional ownership on firm performance. Corporate governance strength is also investigated as a moderator between investmen...

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Main Author: Gamrh, Bakr Ali Ali Al
Format: Thesis
Language:eng
eng
Published: 2015
Subjects:
HG Finance
Online Access:https://etd.uum.edu.my/5413/1/s93130.pdf
https://etd.uum.edu.my/5413/2/s93130_abstract.pdf
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id my-uum-etd.5413
record_format uketd_dc
institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Ku Ismail, Ku Nor Izah
topic HG Finance
spellingShingle HG Finance
Gamrh, Bakr Ali Ali Al
The moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the UAE
description This study evaluates corporate governance practices of listed firms in the UAE and examines the hypothesized influence of investment opportunities, leverage, foreign and institutional ownership on firm performance. Corporate governance strength is also investigated as a moderator between investment opportunities, leverage, foreign, institutional ownership and firm performance. The moderating impact of corporate governance strength is also examined during the global financial crisis. After constructing an index to measure corporate governance strength, the fixed effects regression in panel data was used to analyze the data. The data included 101 firms with a total of 501 firm-year observations that spanned the period 2008 to 2012, of all the firms listed on the Abu Dhabi Stock Exchange and the Dubai Financial Market. The results show a significant influence of investment opportunities, leverage and institutional ownership on firm performance represented by Return on Assets (ROA) and Refined Economic Value Added (REVA). However, the results find no influence of foreign ownership on ROA, and a negative influence on REVA. The governance index shows a dramatic improvement in the corporate governance practices over time. In addition, corporate governance strength is found to significantly moderate the relationship between investment opportunities, leverage, foreign and institutional ownership with ROA, but only moderates the relationship between leverage and REVA. During the crisis, corporate governance strength appears to play a more efficient moderating role. The findings of this study provide some insights to the regulators and other related parties about the status of corporate governance practices in the UAE and show that good corporate governance is indirectly able to improve the performance of firms during different time periods.
format Thesis
qualification_name Ph.D.
qualification_level Doctorate
author Gamrh, Bakr Ali Ali Al
author_facet Gamrh, Bakr Ali Ali Al
author_sort Gamrh, Bakr Ali Ali Al
title The moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the UAE
title_short The moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the UAE
title_full The moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the UAE
title_fullStr The moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the UAE
title_full_unstemmed The moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the UAE
title_sort moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the uae
granting_institution Universiti Utara Malaysia
granting_department Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate 2015
url https://etd.uum.edu.my/5413/1/s93130.pdf
https://etd.uum.edu.my/5413/2/s93130_abstract.pdf
_version_ 1747827930211287040
spelling my-uum-etd.54132021-03-18T07:07:38Z The moderating effects of governance on the relationship between investment opportunites, leverage and ownership indentity with firm performance in the UAE 2015 Gamrh, Bakr Ali Ali Al Ku Ismail, Ku Nor Izah Tunku Puteri Intan Safinaz School of Accountancy (TISSA) School of Accountancy HG Finance This study evaluates corporate governance practices of listed firms in the UAE and examines the hypothesized influence of investment opportunities, leverage, foreign and institutional ownership on firm performance. Corporate governance strength is also investigated as a moderator between investment opportunities, leverage, foreign, institutional ownership and firm performance. The moderating impact of corporate governance strength is also examined during the global financial crisis. After constructing an index to measure corporate governance strength, the fixed effects regression in panel data was used to analyze the data. The data included 101 firms with a total of 501 firm-year observations that spanned the period 2008 to 2012, of all the firms listed on the Abu Dhabi Stock Exchange and the Dubai Financial Market. The results show a significant influence of investment opportunities, leverage and institutional ownership on firm performance represented by Return on Assets (ROA) and Refined Economic Value Added (REVA). However, the results find no influence of foreign ownership on ROA, and a negative influence on REVA. The governance index shows a dramatic improvement in the corporate governance practices over time. In addition, corporate governance strength is found to significantly moderate the relationship between investment opportunities, leverage, foreign and institutional ownership with ROA, but only moderates the relationship between leverage and REVA. During the crisis, corporate governance strength appears to play a more efficient moderating role. The findings of this study provide some insights to the regulators and other related parties about the status of corporate governance practices in the UAE and show that good corporate governance is indirectly able to improve the performance of firms during different time periods. 2015 Thesis https://etd.uum.edu.my/5413/ https://etd.uum.edu.my/5413/1/s93130.pdf text eng public https://etd.uum.edu.my/5413/2/s93130_abstract.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abdel-Khalik, A. R. (1985). The effect of LIFO-switching and firm ownership on executives' pay. Journal of Accounting Research, 427-447. Abdelal, R. (2009). Sovereign wealth in Abu Dhabi. Geopolitics, 14(2), 317-327. doi: 10.1080/14650040902827781 Abdullah, F., Shah, A., Iqbal, A. M., & Gohar, R. (2011). The effect of group and family ownership on firm performance: empirical evidence from Pakistan. International Review of Business Research Papers, 7(4), 177-194. Adams, M. B. (1994). 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