Corporate Governance: Internal Governance最新文献_第5页

Operational IT Failures, IT Value-Destruction, and Board-Level IT Governance Changes 运营IT失败、IT价值破坏和董事会级IT治理变更

Corporate Governance: Internal Governance Pub Date : 2017-01-19 DOI: 10.25300/MISQ/2017/41.3.04

M. Benaroch, A. Chernobai

{"title":"Operational IT Failures, IT Value-Destruction, and Board-Level IT Governance Changes","authors":"M. Benaroch, A. Chernobai","doi":"10.25300/MISQ/2017/41.3.04","DOIUrl":"https://doi.org/10.25300/MISQ/2017/41.3.04","url":null,"abstract":"This paper presents an empirical study of changes that firms implement in their board-level IT governance (ITG) upon experiencing operational IT failures. Consistent with the separation of oversight from management decisions, board-level ITG is responsible for monitoring managerial IT decisions and policies for controlling IT resources. We expect that operational IT failures indicating inadequacies in board monitoring of controls over IT resources would result in a negative stock market reaction and, in turn, induce firms to improve their board-level ITG. Our expectation is confirmed based on a sample of 110 operational IT failures from U.S. public financial firms. Specifically, our results demonstrate that subsequent to experiencing operational IT failures, firms make improvements to the IT competency level of their boards, and the improvements are proportional to the degree of negative market reaction. However, those improvements are only on the executive side of the board, namely: an increase in the IT experience of internal (executive) directors and an increased turnover rate of CIOs serving on the board. Furthermore, the likelihood of CIO turnover is lower in IT-intensive firms where such turnover could be more disruptive. Our results contribute to understanding the critical connection between operational IT failures and board-level ITG.","PeriodicalId":168140,"journal":{"name":"Corporate Governance: Internal Governance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114781127","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}

引用次数: 83

Board Connections and Debt Structure in Private Firms 私人公司的董事会关系和债务结构

Corporate Governance: Internal Governance Pub Date : 2016-12-14 DOI: 10.2139/ssrn.2821465

M. Amore, S. Caselli, Paolo Colla, G. Corbetta

引用次数: 1

The Impact of Cultural Diversity in Corporate Boards on Firm Performance 公司董事会文化多样性对公司绩效的影响

Corporate Governance: Internal Governance Pub Date : 2016-07-28 DOI: 10.2139/ssrn.2817642

Bart Frijns, O. Dodd, Helena Ćımerová

{"title":"The Impact of Cultural Diversity in Corporate Boards on Firm Performance","authors":"Bart Frijns, O. Dodd, Helena Ćımerová","doi":"10.2139/ssrn.2817642","DOIUrl":"https://doi.org/10.2139/ssrn.2817642","url":null,"abstract":"We examine the impact of cultural diversity in boards of directors on firm performance. We construct a measure of national cultural diversity by calculating the average of cultural distances between board members using Hofstede's culture framework. Our findings indicate that national cultural diversity in boards negatively affects firm performance measured by Tobin's Q and ROA. These results hold after controlling for potential endogeneity using firm fixed effects and instrumental variables regressions. Further, the results are robust to controlling for a wide range of board and firm characteristics, including various measures of “foreignness” of the firm, alternative culture frameworks, and other measures of culture. The negative impact of cultural diversity on performance is mitigated by the complexity of the firm and the size of foreign sales and operations. In addition, we find that the negative effects of cultural diversity are concentrated among the independent directors. Finally, we find that not all aspects of cultural differences are equally important and that it is mainly the diversity in individualism and masculinity that affects the effectiveness of boards of directors.","PeriodicalId":168140,"journal":{"name":"Corporate Governance: Internal Governance","volume":"123 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122990148","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}

引用次数: 176

Why Do Firms Downlist? Evidence on the Costs of IFRS Compliance and Enforcement 为什么公司排名下降?国际财务报告准则合规和执行成本的证据

Corporate Governance: Internal Governance Pub Date : 2016-06-07 DOI: 10.2139/ssrn.2533959

Joerg-Markus Hitz, Stephanie Müller-Bloch

引用次数: 13

Directors as Connectors: The Impact of the External Networks of Directors on Firms 作为连接器的董事:董事外部网络对企业的影响

Corporate Governance: Internal Governance Pub Date : 2016-03-22 DOI: 10.2139/ssrn.2753836

Quoc-Anh Do, Y. Lee, B. Nguyen

引用次数: 12

Women on Boards: The Superheroes of Tomorrow? 董事会中的女性:未来的超级英雄?

Corporate Governance: Internal Governance Pub Date : 2016-03-01 DOI: 10.2139/ssrn.2696804

Renée B. Adams

引用次数: 279

Insider Trading B-Side: Relevance, Timeliness and Position Influence 内幕交易b面:相关性、时效性和仓位影响

Corporate Governance: Internal Governance Pub Date : 2015-12-21 DOI: 10.7819/RBGN.V17I58.2347

F. Pontes, Orleans Silva Martins, Edilson Paulo

{"title":"Insider Trading B-Side: Relevance, Timeliness and Position Influence","authors":"F. Pontes, Orleans Silva Martins, Edilson Paulo","doi":"10.7819/RBGN.V17I58.2347","DOIUrl":"https://doi.org/10.7819/RBGN.V17I58.2347","url":null,"abstract":"Objective – Our main objective is to analyze the impacto f insider trading on stock investments’ decision. Design/methodology/approach – We used an online survey, obtaining 271 valid answers. To analyze our data, we used some parametric (t and F Anova), and non-parametric techniques (Mann-Whitney and Kruskal-Wallis). Findings – We find that insider tradings are relevant to investment decisions, and the timeliness also exert an influence to this kind of decision, especially abnormal trades. Practical implications – In practical terms, our results suggests that the Brazilian Securities and Exchange Commission (CVM) must update the Brazilian insider trading regulation to achieve the objective to protect investors. In the investors point of view, this possible update could improve investors’ ability to control insiders and follow his activities as well as to mimic his trades. Originality/value – The originality of our paper is an analysis of relevance, timeliness and influence of position in a firm as “determinants” of investment decisions. We use these three specific characteristics to criticize the Brazilian insider trading regulation.","PeriodicalId":168140,"journal":{"name":"Corporate Governance: Internal Governance","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114577846","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}

引用次数: 2

Performance-Based Turnover on Corporate Boards 公司董事会基于绩效的人员流动率

Corporate Governance: Internal Governance Pub Date : 2015-12-01 DOI: 10.2139/ssrn.3190588

Thomas W. Bates, D. Becher, Jared I. Wilson

引用次数: 19

Corporate Governance: Internal Governance Pub Date : 2015-09-24 DOI: 10.2139/SSRN.2665015

D. Beerbaum, Maciej Piechocki

{"title":"Related Party Transactions – Empirical Study based on IFRS and SEC Disclosures","authors":"D. Beerbaum, Maciej Piechocki","doi":"10.2139/SSRN.2665015","DOIUrl":"https://doi.org/10.2139/SSRN.2665015","url":null,"abstract":"Many of the most well-known corporate scandals were associated to related party transactions such as Enron, Wordcom or Parmalat. However, transactions between entities and related parties must be adequately disclosed in the financial statements of the reporting entity. Although IAS 24 is endorsed over two decades, a general observations in the literature is that these transactions are not properly disclosed in all instances (Mackenzie et al., 2014). IAS 1 demands to fully comply with all IFRS, which also relates to materiality. Related party transactions are very often prescribed by local requirements and listing standards e.g. Form 20-F of the SEC, which have to be disclosed in parallel to the IAS 24 disclosures. This empirical study will focus on the comparison between those IFRS Related Party Transactions (IRPT) and Non-IFRS related Party Transactions (NIRPT) for a sample of 100 companies listed on the NYSE. The research question is if based on empirical data it is possible to support the hypothesis that IRPRT are not properly disclosed as material NIRPT are missing for IFRS purpose. The results are mixed, as the majority of the companies in the sample provide a summary disclosure for IFRS and SEC-related related party disclosures within the notes, however there are also selective corporations, which strictly separate IFRS IAS 24 disclosures from SEC related party disclosures without any reverse effect.","PeriodicalId":168140,"journal":{"name":"Corporate Governance: Internal Governance","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130390761","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}

引用次数: 1

Disclosure Reform — The SEC is Riding Off in Two Directions at Once 信息披露改革——美国证券交易委员会同时朝着两个方向前进

Corporate Governance: Internal Governance Pub Date : 2015-08-25 DOI: 10.2139/SSRN.2650719

R. Karmel

引用次数: 5