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Corporate governance attributes, firm characteristics and the level of corporate disclosure: Evidence from the Indian listed firms  [PDF]
Sunil Nandi,Santanu Kumar Ghosh
Decision Science Letters , 2013, DOI: 10.5267/j.dsl.2012.10.004
Abstract: This study investigates the association between firm characteristics, corporate governance attributes and the level of corporate disclosure of listed firms in India. The research paper has been based on a sample of 60 firms listed in the Bombay Stock Exchange (BSE) / National Stock Exchange (NSE) during the study period from 2000-01 to 2009-10. The study has used the Standard & Poor (2008) model for measuring the level of corporate disclosure. To examine the association between explanatory variables and the level of corporate disclosure, multiple regression model has been used. The results suggest a positive relationship between board size, ratio of audit committee members to total board members, family control, CEO duality, firm size, profitability, liquidity and the extent of corporate disclosure. However, the degree of corporate disclosure is negatively related to board composition, leverage and age of the firm.
Diamandescu Andrei,Grigore Maria Zenovia
Annals of the University of Oradea : Economic Science , 2009,
Abstract: The object of contractual theories is describing exchange relation between agents, considering institutional and informational restriction in which they evolve. From trials of removing insufficiency in contractual theories new representations gradually
Claudiu George BOCEAN,C?t?lin M. BARBU
Management & Marketing , 2007,
Abstract: Good corporate governance is an important step in building market confidence and encouraging more stable, long-term international investment flows. Many countries see better corporate governance practices as a way to improve economic dynamism and thus enhance overall economic performance. This paper sets out to further develop our understanding of corporate governance and its effects on corporate performance and economic performance. In doing so, it addresses some of the underlying factors that promote efficient corporate governance, and examines some of the economic implications associated with various corporate governance systems. I provide an framework for understanding how corporate governance can affect corporate performance. In the wake of a literature survey, I find that corporate governance matters for economic performance, insider ownership matters the most, outside ownership concentration destroys market value, direct ownership being superior to indirect.
Corporate Governance Mechanisms and Firm Efficiency  [cached]
Douglas Nanka-Bruce
International Journal of Business and Management , 2011, DOI: 10.5539/ijbm.v6n5p28
Abstract: This paper uses technical efficiency to measure the performance impact of internal corporate governance mechanisms. Specifically, it analyzes how the size, leadership and composition of the board of directors together with external shareholders can be structured to enhance a firm’s technical efficiency. The study utilizes an unbalanced pool of manufacturing firms in sixteen countries and offers support that active large external shareholders’ who commit credible signals to minority investors of firms that have an insider-dominated or balanced small board with a unified leadership can lead to enhanced technical efficiency. The results also provide evidence of the convergence of American and European corporate governance practices. External shareholders are also encouraged to elect an outsider-dominated board when insiders underperform, and not on blind normative advice.
Research on Governance Behavior and Inheritance Performance: A Review Based on Chinese Family Businesses  [cached]
Mengyun Wu,Lei Pan
Asian Social Science , 2012, DOI: 10.5539/ass.v8n12p148
Abstract: Governance behavior is a symbol of institutions and mechanisms which is used for standardizing variable relationships between families and businesses. The family businesses’ effective inheritance and sustainable development have unavoidably become two of the biggest challenges for family businesses and owners in the fortune-accumulating process. The paper explains the contents of two types of governance, both relational governance and contractual governance of family business, as well as inheritance performance, discusses the complicated dimension and structure of enterprises’ performance, such as family business’ performance, family success and the working attitudes of staff members. The paper also discusses the relationship between contractual governance and family businesses’ inheritance, and the relationship between relational governance and family businesses’ inheritance.
Formal Contractual Agreements: A Transaction Cost Study of Tanzania Firms  [cached]
Emmanuel James Chao
International Business Research , 2011, DOI: 10.5539/ibr.v4n3p68
Abstract: This is exploratory study that aims at examining formal contractual agreements for firms in Tanzania using Transaction cost theoretical approach. Transactioction cost studies have rarely being done on firms in Africa and Tanzania in particular. Sampling frame is from Tanzania revenue authority records for registerd business 2008-2010. The study is centred on business - to business buyer -seller relations. Primary data were collected from buying side of this business relationship.Random sample of n =150 buyers were contacted through telephone calls and questionnaire were delivered personally. The response rate was about 65%. The findings suggest Transaction cost theoretical framework to be highly consistent with previous findings in western setting inspite of using Tanzania as context. However there were some slight differences which could partly be explained by study limitations. Keywords: formal contractual agreements, asset specificity, environmental uncertainty, buyer dependence
Corporate Governance Index, Firm Valuation and Performance in Brazil
André Luiz Carvalhal da Silva,Ricardo Pereira Camara Leal
Revista Brasileira de Finan?as , 2005,
Abstract: This study investigates the relationship between the quality of a firms corporate governance practices and its valuation and performance, through the construction of a broad firm-specific corporate governance index for Brazilian listed companies. The empirical results indicate a high degree of ownership and control concentration. We can also note a significant difference between the voting and total capital owned by the largest shareholders, mainly through the existence of non-voting shares. Panel data results indicate that less than 4% of Brazilian firms have good corporate governance practices, and that firms with better corporate governance have significantly higher performance (return on assets). There is also positive relationship between Tobin’s Q and better corporate governance practices although the results are not statistically significant.
Tariffs and Total Factor Productivity: The Case of Ghanaian Manufacturing Firms  [PDF]
Charles Ackah, Ernest Ernest Aryeetey, Oliver Morrissey
Modern Economy (ME) , 2012, DOI: 10.4236/me.2012.33037
Abstract: This paper investigates the effects of trade liberalization on firm productivity in Ghana. We examine Ghanaian trade policy from 1993 to 2002, a period during which trade liberalization deepened with intermittent protection in a number of ways across industries, to investigate the effects of trade policy reforms and firm productivity. We find a strong negative impact of nominal tariffs on firm productivity, controlling for observed and unobserved firm characteristics and industry heterogeneity, a result that is robust to various alterations of the base model, including treating tariffs as endogenous and employing different estimation techniques. These results indicate that firms that are overprotected have a lower level of Total Factor Productivity than firms that are exposed to import competition. The estimated coefficients on both tariffs and its squared term confirm that higher tariffs are particularly distortionary.
The Corporate Governance of Privately Controlled Brazilian Firms
Bernard S. Black,Antonio Gledson de Carvalho,érica C. R. Gorga
Revista Brasileira de Finan?as , 2009,
Abstract: We provide an overview of the corporate governance practices of Brazilian public companies, based primarily on an extensive 2005 survey of 116 companies. We focus on the 88 responding Brazilian private firms which are not majority owned by the state or a foreign company. We identify areas where Brazilian corporate governance is relatively strong and weak. Board independence is an area of weakness: The boards of most Brazilian private firms are comprised entirely or almost entirely of insiders or representatives of the controlling family or group. Many firms have zero independent directors. At the same time, minority shareholders have legal rights to representation on the boards of many firms, and this representation is reasonably common. Financial disclosure lags behind world standards. Only a minority of firms provide a statement of cash flows or consolidated financial statements. However, many provide English language financial statements, and an English language version of their website. Audit committees are uncommon, but many Brazilian firms use an alternate approach to ensuring financial statement accuracy – establishing a fiscal board. A minority of firms provide takeout rights to minority shareholders on a sale of control. Controlling shareholders often use shareholders agreements to ensure control.
Diaspora Governance: The Instrumentality of Informal Religio-Politico Structures for Migrant Integration among Ghanaian Diaspora in Guangzhou, China  [PDF]
Patrick Lebene Adonoo, Seth Christopher Yaw Appiah
Advances in Applied Sociology (AASoci) , 2019, DOI: 10.4236/aasoci.2019.98026
Abstract: Africans presence in Guangzhou epitomizes a sweet bitter fragrance for China relative to governance, law compliance and international relations. This study grounded on a case study design with Ghanaians Living in Guangzhou as case investigated who, how and the where of African Ghanaians in the Chinese diaspora governance structure. The study setting was the Ghanaian Church in the De kanlu area in Guangzhou where most Ghanaian lived in Guangzhou, China. The qualitative case study approach was deemed appropriate method for the study. Through participant and non-participant observation and key informant interviews supported with Focus Group discussions, data were collected through direct visits to the Ghana restaurants, Ghana Community meetings and the Ghanaian church for 11 months between in March 2016 and January 2017. Data were analysed using emerging and constant thematic analysis. Central to the findings was the observation that the Ghanaian diaspora in Guangzhou has two main approaches of governance: the formal and the informal approaches. The focus of the former approach facilitations is engineered by the Guangzhou city government while the informal approach relied on the Church of Pentecost in Guangzhou (Ghana Church) in-built and internalized working and governance structures for governing Ghanaians. The informal self-governance approach was considered more trustworthy, effective and efficient compared to the formal arrangement. This new diasporan preferred governance approach has an eclectic character and defined as the religio-political diaspora governance approach emanating from the Ghanaian community assessment and evaluation. The formal approach (the constitutional draft) was considered as woeful outdated and inadequate governance framework for the Ghanaian diaspora community. There however is a continued ideological influence of Ghanaian diaspora by the Chinese political and governmental systems nurturing a hybridized governance approach and structure which is kept in a continuing redefining nature.
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