Corporate Governance and Firm Performance: A Study of Family and Non-family Controlled Firms in Singapore
Group No: 5382
NANYANG TECHNOLOGICAL UNIVERSITY
NANYANG BUSINESS SCHOOL
AB329 APPLIED RESEARCH PROJECT
Corporate Governance and Firm Performance: A Study of Family and Non-family Controlled Firms in Singapore
U1010347C
U1010546K
U1010424G
Chua Ang Hong
Ho Chuan Lui
Tee Chin Siang Bryan
Supervisor: Associate Professor Ho Kim Wai
Applied Research Project submitted to the Nanyang Business School, Nanyang
Technological University in partial fulfillment for the double degree of Bachelor of
Accountancy and Bachelor of Business.
Academic Year 2012/2013
TABLE OF CONTENTS
ACKNOWLEDGEMENTS………………………………………………………...
ABSTRACT…………………………………………………………………………
1)
INTRODUCTION………………………………………………………......
2)
LITERATURE REVIEW…………………………………………………..
2.1)
Family and Non-family Companies’ Performance…………….........
2.2)
Board Composition………………………………………………….
2.3)
Directors’ Qualification……………………………………………..
2.4)
Board Meetings……………………………………………………...
2.5)
Leadership Structure………………………………………………...
2.6)
Control Variables……………………………………………………
3)
RESEARCH METHODOLOGY………………………………………......
3.1)
Data…………………………………………………………….........
3.2)
Research Model and Measurement…………………………….........
3.3)
Model Specification…………………………………………………
3.4)
Approach……………………………………………………………
4)
RESULTS AND ANALYSIS……………………………………………….
4.1)
Descriptive Analysis…………………………………………...........
4.2)
Univariate Test……………………………………………………...
4.3)
Inferential Analysis…………………………………………….........
4.4)
Multivariate Tests…………………………………………………...
4.4.1) Pooled OLS………………………………………………..
4.4.2) Panel Data Regression……………………………………..
5)
LIMITATIONS AND FURTHER RESEARCH………………………….
6)
CONCLUSION……………………………………………………………...
BIBLIOGRAPHY…………………………………………………………………..
APPENDIX A……………………………………………………………………….
APPENDIX B……………………………………………………………………….
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ACKNOWLEDGEMENTS
We would
NANYANG TECHNOLOGICAL UNIVERSITY
NANYANG BUSINESS SCHOOL
AB329 APPLIED RESEARCH PROJECT
Corporate Governance and Firm Performance: A Study of Family and Non-family Controlled Firms in Singapore
U1010347C
U1010546K
U1010424G
Chua Ang Hong
Ho Chuan Lui
Tee Chin Siang Bryan
Supervisor: Associate Professor Ho Kim Wai
Applied Research Project submitted to the Nanyang Business School, Nanyang
Technological University in partial fulfillment for the double degree of Bachelor of
Accountancy and Bachelor of Business.
Academic Year 2012/2013
TABLE OF CONTENTS
ACKNOWLEDGEMENTS………………………………………………………...
ABSTRACT…………………………………………………………………………
1)
INTRODUCTION………………………………………………………......
2)
LITERATURE REVIEW…………………………………………………..
2.1)
Family and Non-family Companies’ Performance…………….........
2.2)
Board Composition………………………………………………….
2.3)
Directors’ Qualification……………………………………………..
2.4)
Board Meetings……………………………………………………...
2.5)
Leadership Structure………………………………………………...
2.6)
Control Variables……………………………………………………
3)
RESEARCH METHODOLOGY………………………………………......
3.1)
Data…………………………………………………………….........
3.2)
Research Model and Measurement…………………………….........
3.3)
Model Specification…………………………………………………
3.4)
Approach……………………………………………………………
4)
RESULTS AND ANALYSIS……………………………………………….
4.1)
Descriptive Analysis…………………………………………...........
4.2)
Univariate Test……………………………………………………...
4.3)
Inferential Analysis…………………………………………….........
4.4)
Multivariate Tests…………………………………………………...
4.4.1) Pooled OLS………………………………………………..
4.4.2) Panel Data Regression……………………………………..
5)
LIMITATIONS AND FURTHER RESEARCH………………………….
6)
CONCLUSION……………………………………………………………...
BIBLIOGRAPHY…………………………………………………………………..
APPENDIX A……………………………………………………………………….
APPENDIX B……………………………………………………………………….
ii
iii iv 1
4
4
5
7
9
10
12
13
13
14
14
16
17
17
18
21
23
23
24
26
29
30
36
37
ACKNOWLEDGEMENTS
We would
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