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Corporate Governance: International/Non-US eJournal最新文献

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A Multilingual Analysis of Corporate Governance News 公司治理新闻的多语言分析
Corporate Governance: International/Non-US eJournal Pub Date : 2016-05-04 DOI: 10.2139/ssrn.2775319
Andy Moniz
{"title":"A Multilingual Analysis of Corporate Governance News","authors":"Andy Moniz","doi":"10.2139/ssrn.2775319","DOIUrl":"https://doi.org/10.2139/ssrn.2775319","url":null,"abstract":"In this study, we conduct a textual analysis of media news for a sample of Chinese ADRs and compare the topics discussed by English- and Chinese-language media outlets. Our findings suggest that a large proportion of corporate governance news articles published by Chinese media outlets appear to be overlooked by the English media. Next we investigate investors’ attention to Chinese corporate governance news. Our findings are consistent with the notion that high costs associated with searching, translating and processing foreign language news creates informational frictions for foreign investors.","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"253 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122862809","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: 0
Political Bias of Corporate News in China: Role of Commercialization and Conglomeration Reforms 中国企业新闻的政治偏见:商业化和集团化改革的作用
Corporate Governance: International/Non-US eJournal Pub Date : 2015-09-08 DOI: 10.2139/ssrn.2674780
Joseph D. Piotroski, T. Wong, Tianyu Zhang
{"title":"Political Bias of Corporate News in China: Role of Commercialization and Conglomeration Reforms","authors":"Joseph D. Piotroski, T. Wong, Tianyu Zhang","doi":"10.2139/ssrn.2674780","DOIUrl":"https://doi.org/10.2139/ssrn.2674780","url":null,"abstract":"Using textual analyses of 1.8 million articles, this paper examines whether the authoritarian government in China, despite its direct ownership and control of the press, manages to increase the diversity of corporate news through commercialization and conglomeration reforms. Through the creation of business newspapers, commercialization introduced market competition into the media market; conglomeration subsequently re-organized business and official newspapers from the same locale into a single news group. Our evidence shows that business newspaper articles are less politically biased than official newspaper articles, and this difference in the bias magnifies among conglomerated newspapers, with business newspapers showing a further reduction in political bias. Our results are robust to using a matched firm-month research design that examines the content of articles written about the same firm in the same month and a difference-in-difference approach to test for conglomeration effects. Corroborating evidence on the perceived informativeness of the news articles, as captured by absolute stock price response to article publication, follows a similar pattern. That is, the stock price response is stronger for business newspaper articles than official newspaper articles, and this difference is larger for conglomerated newspapers than non-conglomerated newspapers. The evidence suggests that commercialization can shift newspapers’ reporting incentives towards consumers’ preferences and attenuates state influence, even under state ownership and control. Also, conglomeration facilitates specialization and diversification, allowing business newspapers to focus on commercial objectives and official newspapers to concentrate on political goals. The combined evidence suggests the reforms allowed the government to successfully realign the newspaper industry to better fulfill its dual role as the government’s mouthpiece and an information institution supporting the market economy.","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"158 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132412702","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: 6
More than a Fair Share? Principal-Principal Conflicts in Emerging Markets: Evidence from India 超过公平份额?新兴市场的主要冲突:来自印度的证据
Corporate Governance: International/Non-US eJournal Pub Date : 2015-07-21 DOI: 10.2139/ssrn.2311977
Radha Ladkani
{"title":"More than a Fair Share? Principal-Principal Conflicts in Emerging Markets: Evidence from India","authors":"Radha Ladkani","doi":"10.2139/ssrn.2311977","DOIUrl":"https://doi.org/10.2139/ssrn.2311977","url":null,"abstract":"The concentrated ownership structure of emerging market firms may help mitigate principal-agent conflicts; however, the presence of two sets of principals, promoters with controlling stake and dispersed shareholders, may give rise to principal-principal conflicts. India, where firms are largely organized as business groups, with stock pyramids and complex cross-ownership structures, presents a distinctive venue to study the presence of such conflicts. This paper tests if the principal-principal conflicts transpire in the form of risk aversion when Indian bidders seek to merge or acquire. We observe that Indian bidders resort to risk-aversion only when promoters have high cash flow rights, that is, when they hold a majority stake in the acquiring firm. We argue that in business group firms this happens due to ‘tunnelling distortion’, whereas in standalone firms, this occurs due to ‘portfolio concentration’.","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130147032","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
Do Creditors Prefer Smooth Earnings? Evidence from European Private Firms 债权人更喜欢平稳的收益吗?来自欧洲私营企业的证据
Corporate Governance: International/Non-US eJournal Pub Date : 2015-02-20 DOI: 10.2139/ssrn.2496791
Joachim Gassen, Rolf Uwe Fuelbier
{"title":"Do Creditors Prefer Smooth Earnings? Evidence from European Private Firms","authors":"Joachim Gassen, Rolf Uwe Fuelbier","doi":"10.2139/ssrn.2496791","DOIUrl":"https://doi.org/10.2139/ssrn.2496791","url":null,"abstract":"ABSTRACT: We investigate the interplay between creditor financing and the smoothness of earnings reported by European private firms, and document how heterogeneous debt-contracting infrastructures across Europe moderate this relation. We expect the smoothness of earnings to be positively related to the relative importance of credit providers in our setting. More importantly, we predict this relation to be more pronounced in regimes with higher bankruptcy and contract enforcement costs. Finally, we hypothesize that earnings smoothness is negatively related to the cost of debt of our sample firms. Our large-sample empirical evidence confirms our expectations. While the cross-sectional nature of our setting limits our potential to address endogeneity concerns and, thus, caution is required when interpreting our findings in a causal way, they are consistent with the accounting of European private firms being shaped by creditor incentives and with this link being moderated by the country-level efficiency of th...","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115621120","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: 67
Financial Aspects of Corporate Governance in New Zealand 新西兰公司治理的财务方面
Corporate Governance: International/Non-US eJournal Pub Date : 2014-03-20 DOI: 10.2139/SSRN.2412232
Saahil Kaul
{"title":"Financial Aspects of Corporate Governance in New Zealand","authors":"Saahil Kaul","doi":"10.2139/SSRN.2412232","DOIUrl":"https://doi.org/10.2139/SSRN.2412232","url":null,"abstract":"New Zealand’s financial system remains sound. The banks are well capitalised and have strengthened their funding base, while non-performing loans continue to fall. All banks comfortably meet the new Basel III minimum capital requirements introduced at the start of the year. Core funding ratios are also well above the required level. The main threats to the financial system are the risks associated with growing imbalances in the housing market. The Reserve Bank has introduced a slew of measures to combat the same.Over the past six months the Reserve Bank has continued to enhance the prudential regulatory framework to strengthen the soundness of the New Zealand financial system. The Reserve Bank’s review of the prudential regime for non-bank deposit-takers was completed in September 2013, and several legislative amendments are proposed to ensure the regime is appropriately targeted. A review has been undertaken of the oversight regime for payment and settlement systems, and it is expected that powers will be strengthened in this area.","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132790668","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
Analysis of Strategies that Promote the Development of BRICs 推动金砖国家发展的战略分析
Corporate Governance: International/Non-US eJournal Pub Date : 2014-03-01 DOI: 10.2139/ssrn.2403156
J. Vargas-Hérnandez
{"title":"Analysis of Strategies that Promote the Development of BRICs","authors":"J. Vargas-Hérnandez","doi":"10.2139/ssrn.2403156","DOIUrl":"https://doi.org/10.2139/ssrn.2403156","url":null,"abstract":"The aim of this work is to identify strategies that enable emerging economies of the BRIC group play a bigger role globally, these structural changes have been made in their political and economic reforms, which together with the business sector has been progress scorch significant breakthrough towards international market, since society and organizations are functional institutional organizations for the development of a society and the economy.","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134302964","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
Does Auditor Choice Matter to Foreign Investors? Evidence from Foreign Mutual Funds Worldwide 审计师的选择对外国投资者有影响吗?来自全球外国共同基金的证据
Corporate Governance: International/Non-US eJournal Pub Date : 2014-03-01 DOI: 10.2139/ssrn.1921112
Julia Chou, N. Zaiats, Bohui Zhang
{"title":"Does Auditor Choice Matter to Foreign Investors? Evidence from Foreign Mutual Funds Worldwide","authors":"Julia Chou, N. Zaiats, Bohui Zhang","doi":"10.2139/ssrn.1921112","DOIUrl":"https://doi.org/10.2139/ssrn.1921112","url":null,"abstract":"This study explores whether a firm’s auditor choice affects its ability to access foreign equity capital. Using the equity holdings of 35,665 foreign mutual funds from 30 countries for the period 1998–2009, we find evidence that appointing a Big 4 auditor is associated with the increased level of foreign mutual fund ownership in firms. Our results are robust when conditioned on firm-level information asymmetries, country-level information disclosure quality, and when employing the Enron–Andersen fiasco as the natural experiment. Furthermore, appointing Big 4 auditors is particularly important for firms to attract foreign capital during the 2008 global financial crisis.","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126561270","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: 29
Acquisition Pricing in India During 1995-2011: Have Indian Acquirers Really Beaten the Odds? 1995-2011年印度并购定价:印度并购者真的成功了吗?
Corporate Governance: International/Non-US eJournal Pub Date : 2013-07-17 DOI: 10.2139/ssrn.2147624
Pradip Banerjee, Prithviraj S. Banerjee, Soumendra De, J. Jindra, J. N. Mukhopadhyaya
{"title":"Acquisition Pricing in India During 1995-2011: Have Indian Acquirers Really Beaten the Odds?","authors":"Pradip Banerjee, Prithviraj S. Banerjee, Soumendra De, J. Jindra, J. N. Mukhopadhyaya","doi":"10.2139/ssrn.2147624","DOIUrl":"https://doi.org/10.2139/ssrn.2147624","url":null,"abstract":"We examine the announcement returns of acquisitions made by Indian firms during the period 1995–2011. Our results confirm that the announcement returns to Indian acquirers are on average significantly positive. However, we are first to document that the announcement returns to Indian acquirers decline over time and become, on average, negative towards the end of our sample period. We analyze several hypotheses for such decline and find that the decline, while robust to a variety of explanations, is related to the intensity of the market for corporate control in India. Finally, the post-acquisition long-run returns for acquirers are, on average, consistently positive, do not change over time, and are unrelated to the initial market reaction to the acquisition announcement.","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124342539","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: 26
Corporate Governance Practices in Bangladesh 孟加拉国的公司治理实践
Corporate Governance: International/Non-US eJournal Pub Date : 2011-12-13 DOI: 10.2139/SSRN.1971852
Jahidur Rahman, M. Hossain
{"title":"Corporate Governance Practices in Bangladesh","authors":"Jahidur Rahman, M. Hossain","doi":"10.2139/SSRN.1971852","DOIUrl":"https://doi.org/10.2139/SSRN.1971852","url":null,"abstract":"Corporate governance is a concept about the way in which boards oversee the running of the company by its mangers and how board members are in turn accountable to shareholders and the company. Good corporate governance has implications for company behavior towards employees, shareholders, customers and banks. The paper tries to identify best practices of corporate governance and the steps that organizations can take to improve the situation of corporate governance in Bangladesh. Improving corporate governance can provide sign rewards to both individual companies and the country. The paper also tries to identify critical areas where institutions, regulations or other economic factors could be strengthened to improve corporate governance.","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124741577","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: 6
Corporate Governance in India's Infrastructure Sector: Issues and Perspectives 印度基础设施部门的公司治理:问题与展望
Corporate Governance: International/Non-US eJournal Pub Date : 2011-11-20 DOI: 10.2139/SSRN.1962383
Umakanth Varottil
{"title":"Corporate Governance in India's Infrastructure Sector: Issues and Perspectives","authors":"Umakanth Varottil","doi":"10.2139/SSRN.1962383","DOIUrl":"https://doi.org/10.2139/SSRN.1962383","url":null,"abstract":"This article seeks to examine the specific issues and concerns pertaining to corporate governance in the infrastructure sector more generally, and in India in particular. It identifies three key relationships and issues therein. First, corporate governance framework defines the manner in which managers of infrastructure companies can be incentivised to demonstrate optimal performance so as to benefit shareholders and lenders. Second, the infrastructure sector in India is vulnerable to the ill-effects of related party transactions that put external or minority shareholders at a disadvantage compared to the insider shareholders or promoters, and this requires the imposition of checks and balances that monitor the impact of related party transactions to ensure fairness on all shareholder constituencies. Third, appropriate corporate governance mechanisms will minimise the adverse impact of infrastructure activity on stakeholders outside the industry, and also act as a driving force in the fight against corruption and in otherwise advancing public interest.","PeriodicalId":343950,"journal":{"name":"Corporate Governance: International/Non-US eJournal","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127133761","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: 0
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