Corporate Governance: Search for the advanced practices最新文献

{"title":"Corporate governance and blockchain: Some preliminary results by a survey","authors":"Salvatore Esposito De Falco, Nicola Cucari, Emanuele Canuti, S. Modena","doi":"10.22495/CPR19P3","DOIUrl":"https://doi.org/10.22495/CPR19P3","url":null,"abstract":"Blockchain technology can influence various aspects of the business even if empirical studies are still lacking to estimate the effective application of technology on corporate governance. Beyond its scientific-practical trendiness, blockchain should not be a matter of “if”, but a matter of “how” organizations are willing and able to integrate blockchain practices into their vision of the future, with ways to manage shareholders issues down to regular operations reaching and managing different levels of activism. It seems almost paradoxical that still not all companies subscribe to the “next best practice”. Therefore, this paper aims to answer the following research question: What is the expected impact of blockchain technology on corporate governance? The purpose of this study is to provide a starting point for research that can be used for further examination of these aspects.","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115228862","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":"Audit committees and financial reporting quality: An examination of status in Greek companies","authors":"John Filos","doi":"10.22495/CPR19A25","DOIUrl":"https://doi.org/10.22495/CPR19A25","url":null,"abstract":"It has been compulsory by the Greek legal framework that audit committees are established and operating in all listed in the Athens Stock Exchange companies as well as in other Public Interest Companies (PIEs). Beyond the obligations defined clearly by the law, there is also various proposed ‘soft law’ material, such as a Code of Corporate Governance issued by the Body of Corporate Governance. At the same time, the supervising authorities are working on proposing new and stricter provisions in the corporate law and especially for the listed companies (i.e. Capital Market Committee) and on evaluating the status on listed companies (i.e. External Auditors’ Supervisory Committee), both by faster steps, after a large accounting scandal revealed in Greece in May 2018. For other stakeholders in the market (i.e. professional bodies of auditors – both external and internal auditors – body of minority shareholders, body of BoD members etc.) the issues of corporate governance in general, as well as of Audit Committees’ operation in particular, are under an examination and critique. Considering that all above, as well as other related issues, such as the liabilities of BoD members and the examination of issues in group level, are examined in a period very crucial for the economic recovery of Greece and its stock “Corporate Governance: Search for the Advanced Practices” Rome, February 28, 2019 78 market especially, after a decade of deep recession, one can realize the great importance of examining the quality of financial reporting from the viewpoint of audit committees. In this research, after the framework is described and commented, the status of both Audit Committees (synthesis, rules of operation etc.) and Financial Reporting Quality (according to IFRS and other provisions) are examined. As a first part of the study, a small number of listed companies and other PIEs are examined for the last two years, while the study will go further to bigger size of companies, longer period of time, comparison to other countries’ related data and finally comparison to the status in non-listed and non-PIEs in Greece.","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124987103","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":"A comparative study of banking sector performance before and after merger & acquisition: Evidence from Pakistan.","authors":"H. Muhammad, M. Waqas, Stefania Migliori","doi":"10.22495/CPR19P15","DOIUrl":"https://doi.org/10.22495/CPR19P15","url":null,"abstract":"","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125081550","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":"The relationship between innovation and the financial structure with consideration of the moderating role of the generational stage of family businesses.","authors":"Faten Chibani, J. Henchiri, M. Kefi","doi":"10.22495/CPR19P16","DOIUrl":"https://doi.org/10.22495/CPR19P16","url":null,"abstract":"This research aims to empirically test the relationship between the financial structure and innovation in family businesses. The notion of innovation is, indeed, a sustainability factor for family businesses which favors the conceptual incorporation into the capital structure of family businesses. This paves us the way to analyze the relationship by mobilizing the theory of resources. This research also enables us to verify the moderating role of the generational stage in this relationship. The model estimates are based on a sample of panel data collected over the period 2003-2012 for 100 unlisted French Family firms. The main results indicate that all the traditional determinants of the financial structure, except ROA, play an important role in the financing policy of these firms. We can perceive that innovation can affect the choice of financing and can, also, play a significant role in the choice of debt maturity. Moreover, the financial structure of these family businesses slowly but surely converges towards its target level. “Corporate Governance: Search for the Advanced Practices” Rome, February 28, 2019","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134346275","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":"Football, corporate ownership, and conflicts of interest: Dark spaces and black boxes.","authors":"A. Faraudello, L. Gelmini","doi":"10.22495/CPR19P17","DOIUrl":"https://doi.org/10.22495/CPR19P17","url":null,"abstract":"","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131662114","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":"The notion of social responsibility in social enterprises and non-profit organizations","authors":"Silvia Sacchetti, E. Tortia","doi":"10.22495/CPR19P13","DOIUrl":"https://doi.org/10.22495/CPR19P13","url":null,"abstract":"This contribution focuses on forms of CSR of the likes of NPOs, social enterprises, co-operative firms, and multi-stakeholder governance. Their common feature is that they all are organizational types which do not maximize profits and add the social dimension in the operation and aims of the organization as fundamental elements. The explicit recognition of a social dimension can, therefore, be studied at different levels, starting from basic institutions, such as control rights and governance, up to strategic and operational dimensions such as organizational routines, managerial models and employment relations. The issue to be examined, in these respects, is how these firms design their governance consistently with the instrumental role of profit and other commercial objectives, and how the role of profit is reconciled with the main societal aims. “Corporate Governance: Search for the Advanced Practices” Rome, February 28, 2019","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125697829","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 and earnings management in family firms","authors":"Meltem Gürünlü","doi":"10.22495/CPR19A24","DOIUrl":"https://doi.org/10.22495/CPR19A24","url":null,"abstract":"In emerging markets, it is known that the shareholders having control power in the companies affiliated to the group have superiority to the minority shareholders by carrying out activities in accordance with their interests. This is called the entrenchment effect. For example, pyramidal ownership structures can be used as a tunnelling mechanism, where the controlling shareholder's control rights are greater than the rights to cash flow. This leads to high agency costs and low firm performance. Business groups, on the other hand, can also be used to substitute for missing capital markets in less developed economies. Investments in group companies are affected by cash flows in group companies and there is an internal capital market among the companies affiliated to the group. Such an internal capital market also facilitates reach to the foreign capital markets. Banks feel more guaranteed to give debt to group companies. Because the cross-guarantees provided among the member companies of the group reduce the risk of non-repayment of the debt to the bank. This kind of ownership structure is likely to be the outcome of the financing choice of the enterprise group. A new company added to the pyramidal company chain has the advantage of providing funds from the existing subsidiaries in the chain. Companies within the pyramid ownership structure benefit from insurance provided within the group companies. “Corporate Governance: Search for the Advanced Practices” Rome, February 28, 2019 75 The internal capital markets advantage is mostly found in groups with pyramidal structures where it is possible to reach internally accumulated funds from the above-mentioned subsidiaries, particularly hierarchically. As a result, firms in the pyramid business groups are less prone to earnings management, which is encouraged by high levels of borrowing. But, the entrenchment perspective claims that special gains (i.e. tunnelling) arising from the deviation between control and ownership in the pyramid motivate managerial shareholders to make earnings management in order to prevent external control. In case of financial distress, managerial shareholders are motivated more for earnings management in order to protect their private earnings and to avoid defaulting on their debts. Thus, from the perspective of entrenchment, it is estimated that earnings management will be higher for the firms within the pyramidal ownership structure compared to firms that do not have a pyramidal ownership structure. Following this debate, another objective of this study is to find out which perspective can better explain earnings management in companies within the pyramid structure. Earnings management is practice of considering the impression of stakeholders when deciding on the allocation of accruals of non-cash items in the statement of profit or loss. There are many empirically linked studies of earnings management to accrual decisions that lead to high debts and particularly earnings. Th","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124433494","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":"Third party ownership arrangements: An alternative financial instrument for sports companies apart from football?","authors":"T. Herberger, A. Oehler, Florian Wedlich","doi":"10.22495/CPR19P6","DOIUrl":"https://doi.org/10.22495/CPR19P6","url":null,"abstract":"Sports companies (equivalent to professional sport teams) are increasingly confronted with difficulties in raising capital. On the one hand, they have to fulfill leagueand association-linked infrastructure requirements. On the other hand, they must ensure to be competitive in an increasingly demanding sportive and financial environment. However, future athletic success is highly uncertain (for example, because of players’ injuries) and hence, associated cash flows are difficult to predict which makes it difficult to attract investors. An alternative financing option that has become more popular in recent years – especially in football is Third Party Ownership (TPO). TPO is a way of investing in the player squad of a sports company and therefore reducing investment risks for sport companies. However, due to the wide usage in football and legal concerns about the usage of TPOs, the FIFA has forbidden the implementation of TPOs since 2015. But, the question rises, whether TPOs are still economic useful for sports companies in other sports? What are the reasons why TPO arrangements in football are so popular? What is their economic benefit for involved stakeholders? To answer these questions and to judge the appropriateness of TPOs for sports companies and the ban in football, a financing-theory-oriented view on the design and functional possibilities of TPOs is needed, but still missing. Our paper tries to fill this gap and, moreover, sets the economic basics for a profound legal and economic discussion on the use of TPOs in sports. “Corporate Governance: Search for the Advanced Practices” Rome, February 28, 2019","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123320685","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 reform in Italy during 2000-2017 (Codice di Autodisciplina 2015)","authors":"F. D. Tommaso, A. Gulinelli","doi":"10.22495/CPR19P11","DOIUrl":"https://doi.org/10.22495/CPR19P11","url":null,"abstract":"In that paper, I want to analyze what is the best corporate governance model in the European Union. I start to define what can be the best corporate governance reform in Europe and in particular in Italy. The model that I use is the Italian Code for corporate governance where there is specific protection for the owners and the other shareholders. The statistical sample is the main companies in Italy and in the EU where the composition of the sample is the board of directors of them. The contribute of my paper is to find an original analysis of the bests code of behaviour inside of a board of director in terms of the level of communication inside of the organization and outside. For achieving that aim the corporate governance has to introduce a correct internal auditor an organized company structure and an efficient audit of a board of directors.","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131794228","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 and firm value: An empirical investigation of the wine companies","authors":"Bruno Marsigalia, R. Giovannini, Emanuela Palumbo","doi":"10.22495/CPR19P7","DOIUrl":"https://doi.org/10.22495/CPR19P7","url":null,"abstract":"The present empirical paper aims to investigate the effect of a long-term company culture in terms of economic performance and firm value. Is it possible to track the cumulative knowledge (passed from father to son) into firm economic returns? The survey tests the hypothesis that the more experienced companies (higher firm age) will perform better than the others considering a set of performance indicators on a four years pattern (from firm value to EVA and VAIC). Comparing firm longevity with the performance indicators, but also monitoring many other corporate governance or ownership indicators, on a panel dataset of the top Italian wine companies. This methodology results in a deep analysis of the Italian wine business – family buy-out strategies, cooperatives. Family firms represent 42% of the panel, with more than 200 years of experience, a larger presence of women on board, a higher average age of the directors and a higher propensity to the production of grapes. The research findings support the hypothesis that a family firm add value over the generations through generating an internal cumulative knowledge process and a strong brand image. In addition, the presence of an external CEO is positively influencing performance (the Most Trusted Advisor). Firm value increases along with the number of family members within the board, to support the family logic and the social capital theories. “Corporate Governance: Search for the Advanced Practices” Rome, February 28, 2019","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123878348","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}