LSN: Corporate Governance International (Topic)最新文献

{"title":"Covid, Work-from-Home, and Securities Misconduct","authors":"D. Cumming","doi":"10.2139/ssrn.3936059","DOIUrl":"https://doi.org/10.2139/ssrn.3936059","url":null,"abstract":"We consider whether traders are more likely to commit securities violations when trading at home, a new form of working induced by the COVID pandemic. We examine data pre- and post-COVID, during which some traders were unexpectedly forced to work at home. The data indicate the presence of both a treatment and a selection effect, where work at home exhibits fewer misconduct cases. Work at home is associated with fewer cases of trading misconduct, although no difference in communications misconduct. The economic significance of working from home on trading misconduct is large for both the treatment and selection effects.","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132143389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"COVID-19: Firm Value and Pre-Existing Corporate Governance Regulations","authors":"Masanori Orihara","doi":"10.2139/ssrn.3827821","DOIUrl":"https://doi.org/10.2139/ssrn.3827821","url":null,"abstract":"We find that Japanese firms that barely met a voluntary minimum pre-COVID-19 regulation (minimal compliers) lost more firm value than others due to COVID-19. We consider the corporate governance code introduced in 2015. It requires that firms have at least two outside directors on a comply-or-explain basis. Our finding hinges on pre-pandemic liquidity: the relative value of outside directors for companies that under- or over-complied with the code (non-minimal compliers) compared to minimal compliers increases with cash holdings accumulated pre-pandemic. There are no significant differences between under- and over-compliers. Director characteristics make no difference to firm value either. Adoption of a US-type board system, which is selectively available without comply-or-explain disclosure, also increases firm value. Our findings suggest that a firm’s own decision, not policy-induced board formation, is a key for shielding firm value against a sudden shock like the outbreak of COVID-19.","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130239207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Responsibility in the Environmental Protection as an Element of Public-Private Partnership in Ukraine","authors":"A. Kostruba","doi":"10.2139/ssrn.3837833","DOIUrl":"https://doi.org/10.2139/ssrn.3837833","url":null,"abstract":"Individual and corporate responsibility is the basis for sustainable development of society and the world. Environmental responsibility of business entities is a prerequisite for the survival of people, which is why it is an important aspect of corporate responsibility. The purpose of the paper is to determine the content of corporate and social responsibility of business entities in the field of environmental protection in terms of its interaction with the state on the basis of public-private partnership. The general scientific method of comparison made it possible to compare the Ukrainian legislative base on environmental protection with the legal framework of regulation and practice in foreign countries. Through the structural and functional analysis, it was possible to consider the features of the interaction between the state and business structures and between other institutions the activities of which are related to environmental protection. The analysis revealed the necessity to consider and include elements of environmental and social responsibility of business in the mechanisms of public-private partnership. The study shows that public-private partnership is an imperative element in the composition of social responsibility. The author proposes a definition of environmental responsibility that encompasses three factors: legal, economic and social. In the future, this research area will be of interest as a comparison of the legislative support of the types of responsibility for foreign and international standards in the context of implementing the relevant standards in the Ukrainian legislative framework and their implementation on practice.","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127467171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Regulación de genero en los consejos de administración: El papel moderador del entorno institucional. (Gender Regulation in the Boards of Directors: The Moderating Role of the Institutional Framework.)","authors":"I. Martínez-García, S. Ansón","doi":"10.2139/ssrn.3769238","DOIUrl":"https://doi.org/10.2139/ssrn.3769238","url":null,"abstract":"<b>Spanish Abstract:</b> Para un panel de empresas pertenecientes al índice bursátil STOXX Europa 600 y para el período 2004-2018, se analiza cómo la regulación en matería de diversidad de género en los consejos de administración influye en la presencia de mujeres en los consejos y en sus comisiones y cómo los factores institucionales, formales e informales, moderan la relación entre regulación y presencia femenina en los consejos. Los resultados muestran que la presencia de mujeres en los consejos de administración y en sus comisiones es mayor en aquellos países que han introducido normativas en materia de diversidad de género en los consejos (recomendaciones en códigos de gobierno corporativo y cuotas), aunque las cuotas sin sanción no parecen influir de forma significativa. Los factores institucionales formales e informales moderan la relación entre la normativa y la presencia femenina en los consejos. La efectividad de la regulación sobre diversidad de género es mayor en países con niveles elevados en las dimensiones culturales relativas a la distancia al poder, el individualismo, la aversión a la incertidumbre y la orientación a corto plazo, pero es menor en los países con elevada calidad de la gobernanza y con mayor presencia de mujeres en órganos de decisión. El estudio evidencia además la existencia de diferencias tanto en la influencia del entorno instutucional como factor moderador de la relación entre la regulación y la presencia de mujeres consejeras, como entre la regulación y la presencia de mujeres en las comisiones.<br><br><b>English Abstract:</b> For a panel of companies belonging to the STOXX Europe 600 stock index and for the period 2004-2018, it is analyzed how the regulation of gender diversity in the boards of directors influences the presence of women on the boards and in their committees and how institutional, formal and informal factors moderate the relationship between regulation and female presence on boards. The results show that the presence of women on boards of directors and on their committees is higher in those countries that have introduced regulations on gender diversity on boards (recommendations in corporate governance codes and quotas), although quotas are not sanction does not seem to influence significantly. Formal and informal institutional factors moderate the relationship between regulations and the presence of women on boards. The effectiveness of regulation on gender diversity is higher in countries with high levels of cultural dimensions related to distance from power, individualism, aversion to uncertainty and short-term orientation, but it is lower in countries with high quality of governance and with a greater presence of women in decision-making bodies. The study also shows the existence of differences both in the influence of the institutional environment as a moderating factor in the relationship between regulation and the presence of female directors, and between regulation and the presence of ","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115384785","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Governance Challenges in Initial Coin Offerings","authors":"Aurelio Gurrea-Martínez, Nydia Remolina","doi":"10.2139/ssrn.3697099","DOIUrl":"https://doi.org/10.2139/ssrn.3697099","url":null,"abstract":"In the past years, Initial Coin Offerings (ICOs) have become an important fundraising method for many individuals and firms. While most regulators, academics and policymakers around the world have focused their attention on whether and, if so, when ICOs are subject to securities laws, they have overlooked many other legal issues involved in an ICO. This article seeks to partially fill this gap by analysing the corporate governance challenges arising in an ICO. Namely, it will explore the exacerbated agency problems existing between the issuers and buyers of tokens, and why traditional corporate governance mechanisms fail to protect tokenholders. Therefore, new strategies must be implemented to protect tokenholders from the opportunism of entrepreneurs launching an ICO. Based on a functional and comparative analysis of ICOs, with particular emphasis on the regulatory responses generally provided in Asia, Europe, the United Kingdom, and the United States, this chapter highlights the corporate governance problems arising in ICOs. It will conclude with various policy recommendations that, by enhancing the level of protection of tokenholders and creating more certainty to entrepreneurs, seek to improve the attractiveness of ICOs as a fundraising method for individuals and firms while reducing the risk of opportunism of promoters vis-a-vis tokenholders.","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123514422","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Shareholder Stewardship: Global Trends and Challenges","authors":"R. Mezzatesta","doi":"10.2139/ssrn.3730129","DOIUrl":"https://doi.org/10.2139/ssrn.3730129","url":null,"abstract":"The global financial crisis of 2007-8 gave definitive light to some worrying cracks that for years have plagued the global economy. In the UK, the remedy to the planetary collapse took the form of the stewardship code, issued in 2010 by the Financial Reporting Council. This initiative, as the name suggests, was nothing more than the material representation of stewardship, a doctrine founded on the rooting of increasingly virtuous corporate governance conduct thanks to the active contribution of the various parties involved, from managers to service providers, from financial intermediaries to institutional shareholders. The latter, in particular, were considered one of the fundamental factors of the British crisis, because of their lack of oversight of the investment dynamics performed by the respective investee companies. The UK was therefore a pioneer in the launch of the shareholder stewardship, the example of which was followed, in the following decade, by numerous world realities. However, while in the UK stewardship was used as a crisis-repelling technique, in other contexts the values expressed by this doctrine were used for the pursuit of goals sometimes far from the British prototype. Through the creation of an original taxonomy based on a cross-analysis of the various stewardship tools and the individual domestic contexts in which they were inserted, it was possible to appreciate this wide diversification. A variety in terms of content, objectives, results, and involved parties, also favored by the way stewardship is expressed. The latter, in fact, found the main propagation vehicle in soft-law models, which, thanks to their inherent malleability, made it possible to adapt a fundamentally unique doctrinal model to the many and varied national circumstances. Nevertheless, the positive flexibility of soft law contrasts with the general difficulty of enforcing it, which is the cause of a wide debate which is dealt with in the course of the research. <br><br>The research also takes into account the sometimes-unexpected results of stewardship and not pertaining to the economic spectrum, originally not planned at the time of the adoption of its values. In particular, the analysis seems to confirm that the adoption of an instrument designed to bring benefits in terms of corporate governance conduct can, at the end of the day, create the conditions for achieving further objectives. In the light of the elements considered, and subsequent to the proposal of some reform plans from time to time adaptable to each individual case, the conclusion is in favor of the adoption of stewardship values through soft-law models. But with one premise. It is not the intention of the writer to suggest that the solution of the problems of corporate governance that led the planet to collapse can lie exclusively in soft-tools that are impossible by nature to be effectively enforced. Soft law can never replace hard law in the role of regulating human dynamics. However","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130948673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Non-Financial Information as a Driver of Transformation. Evidence from Italy (2019)","authors":"N. Linciano, A. Ciavarella, L. Piermattei","doi":"10.2139/ssrn.3639443","DOIUrl":"https://doi.org/10.2139/ssrn.3639443","url":null,"abstract":"The progressive integration of Environmental, Social and Governance (ESG) issues into the corporate decision making is a cultural change process, which can be described, planned, measured. It speeds up sustainable transformation of governance, strategies and business models of companies. \u0000 \u0000The first edition of this Report analysed the changes in some key behaviours of the company organisation and of the board of directors (BoDs) in the occasion of the first year of implementation of the Directive 2014/95/UE, transposed in Italy by the Legislative Decree no. 254/2016 (the Decree). This second edition of the Report measures the progression of behaviours analysed in 2019 and surveys additional actions considered important for the transformation. \u0000 \u0000The first section focuses on non-financial reporting and on the abstracts of Strategic plans presented to investors in order to study the evolution of corporate culture and organisation towards ESG/multicapital integration. Subsequently, the Report explores whether companies consider non-financial issues relevant also at the board level, through both a documental analysis (based on the examination of the guidelines issued by companies prior to the 2019 board appointment and of the corporate governance reports; second section) and a Survey involving directors and statutory auditors that are members of Nedcommunity, the Italian Association of non-executive and independent directors, carried out for the fourth year by Nedcommunity and Methodos (third section). \u0000 \u0000In order to track the progression of the cultural transformation, the information collected in this Report was clustered in three stages: Awareness, Capabilities and Engagement (see the chart below). Awareness is the precondition for change. It gathers behaviours of the company structure and the BoDs that are coherent with a first acknowledgement of the importance of ESG issues and that could kick-off the transformation process. Compared to 2018, the number of companies acting the different behaviours in the Awareness cluster is unchanged or has in some cases increased. The area Capabilities is intermediate in the transformation journey, when new skills, behaviours and mindsets are trained to accelerate the process. Compared to the previous year, this area records improvements, which in some cases are significant. This is the case of the behaviours linked to stakeholder engagement in the materiality analysis: external stakeholder engagement is indeed described in 70 cases (44 last year); engagement with the top management rose from 47 to 69 cases. There is also a slight increase in the number of companies integrating their reporting tools (from 9 to 11). With regards to boards, improvements are found in the integration of ESG into board renewal guidelines and in the board self-evaluation. The integration of remuneration packages with ESG criteria is also included in this intermediate phase because it is considered a driver towards change. The area ","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132127924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Critical Variables in the Implementation of a Risk-Based Internal Audit: A Theoretical and Empirical Investigation of Greek Companies","authors":"Petros Lois, George Drogalas, Karyofylis Doulgeridis, K. Petridis","doi":"10.21314/JOP.2020.242","DOIUrl":"https://doi.org/10.21314/JOP.2020.242","url":null,"abstract":"The role of an internal audit is of indisputable importance for every business. The emergence of many risks and the uncovering of financial scandals in recent years has led to increase of adoption of a risk-based internal audit (RBIA) by firms. This paper investigates the critical variables for the implementation of RBIA in Greek companies and examines the relationship between the above variables and RBIA implementation using data collected by 105 internal auditors, external auditors, directors and managers of Greek companies. The results of the regression analysis reveal that the quality of internal audit, the review concern, the risk management system and compliance with the international standards for the professional practice of internal auditing are positively related with statistical significance to the implementation of RBIA. Consequently, management should focus on these issues in order to apply RBIA. Our research also provides valuable insights into the impact of the economic crisis on firms and the country’s wider economic environment.","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125697752","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Indian CSR - An Overview","authors":"Dr. Ramakrishnan","doi":"10.2139/ssrn.3559464","DOIUrl":"https://doi.org/10.2139/ssrn.3559464","url":null,"abstract":"Ancient Vedic invocations of India have essentially been global in their value premises. A stakeholder approach to management is elaborated by many great ancient Indian scriptures. The Indian scriptures analyzed essentially point out that organization and its members can relate themselves with the stakeholders either by the Family Relations View or the Transcendental Spiritual View. The Indian scriptures spell out the relationship that should exist between the leader and the stakeholders. \u0000 \u0000The Charity was part of Indian culture and history at all times. The concepts of community food, giving alms to the poor and destitute, making offerings in the temple, serving the underprivileged and feeding orphans on their birthdays, keeping some part of their monthly income aside for donations or in the name of the Almighty, etc. are an indication of rich and socially responsible behavior of every Indian. \u0000 \u0000The four reasons for the adoption of CSR policies and practices attributed by Sundar to the Indian companies were \u0000 \u0000Contributing to society without expecting anything in return, or philanthropy, \u0000 \u0000Internal reasons, such as the desire to improve relations with employees, customers, and shareholders, \u0000 \u0000Better relations with local communities for publicity or tax benefits and \u0000 \u0000Enlightened self-interest. \u0000 \u0000The four phases of business philanthropy in India identified by are, \u0000 \u0000Ethical Model \u0000 \u0000Statist Model \u0000 \u0000Liberal Model \u0000 \u0000Stakeholder Model \u0000 \u0000Oriental thinkers view the entire creation to have emanated from one supreme power, including the instruments of economic production. Nature, which is harnessed by industry, is also a part of that Divine Entity. Hence management now becomes grateful to that Entity for its bounty. \u0000 \u0000An insight into the history of CSR reveals that the idea of philanthropy solely dominated and businesses often restricted themselves to a one-time financial grant till the 1990's. Commitments to their resources for long term projects were absent. . The concept of CSR has been changing over the last few years with the transition from giving as an obligation or charity to giving as a strategy or responsibility. \u0000 \u0000What is necessary today is the need for a reorientation of corporate organizations’ approach towards stakeholders and stakeholders’ welfare, coupled with an ardent desire to implement the same. Relationships with stakeholders are considered extremely important. \u0000 \u0000Changes in business have stressed upon the application of a wide range of approaches. These are characterized by harnessing the product with increased levels of satisfaction among consumers. Attention to business ethics is rising across the globe, and many companies realize that to succeed, they must earn the respect and confidence of their customers. \u0000 \u0000The economic reforms at the beginning of the 1990's opened the Indian economy for international competition and privatization. However; the Indian economy is still challenged by widespread poverty widening gaps","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116811220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Between Prudential Regulation and Shareholder Value: An Empirical Perspective on Bank Shareholder Equity (2001-2017)","authors":"Y. Biondi, Imke Graeff","doi":"10.2139/ssrn.3282773","DOIUrl":"https://doi.org/10.2139/ssrn.3282773","url":null,"abstract":"\u0000 We analyse the effects of changes in regulatory capital requirements under Basel III on the dynamic evolution of bank shareholder equity over time. Evidence from managerial and regulatory reports shows that bank shareholder equity stands between micro-prudential regulatory capital requirements and managerial pursuit of equity economising strategies. Shareholder value strategies see shareholders as the equity investment remuneration recipients. Micro-prudential regulators, in turn, address them as equity investment providers. With opposing cash streams, one orientation puts the other to a test. The article visualises this conflict by analysing the actual shareholder contribution to the bank equity position in nine case studies of European financial institutions between 2001 and 2017; our evidence-based financial analysis applies an innovative method to data directly extracted from financial statements, in order to measure this equity position evolution and assess bank equity dynamics in light of revised regulatory capital requirements and persistent assurance of shareholder value thriving in managerial reports. The choice of in-depth analysis of a sample of relevant case studies overcomes the absence of detailed data on changes in bank equity in existing databases.","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131371750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}