New challenges in corporate governance: Theory and practice最新文献

{"title":"Collaborative governance against corruption","authors":"Mireille Chidiac El Hajj","doi":"10.22495/ncpr_30","DOIUrl":"https://doi.org/10.22495/ncpr_30","url":null,"abstract":"The purpose of this paper is to study the benefits of the Blockchain, if properly applied in the near future in Lebanon. It sheds light on why collaborative governance against corruption is needed. The research is built on an analysis of reports and on face to face interviews with key managers in all 14 Lebanese alpha banks. Due to the sovereign debt composition, we found out that the Blockchain technology can represent a vital tool to disrupt corruption, but the decision of implementing it, is up to the Central Bank governor. The research offers an added value as it is the first to describe the positive effects of implementing the Blockchain technology in a country that is ranked 180 out of 209 on WB’s control of corruption index","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128256651","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":"Environmental, social, and governance disclosure: The role of religiosity at a cross-country level","authors":"Libero Mario Mari, S. Terzani, Teresa Turzo","doi":"10.22495/ncpr_8","DOIUrl":"https://doi.org/10.22495/ncpr_8","url":null,"abstract":"Some studies highlight the influence of religiosity on corporate decisions defining religion as a proxy of culture and as a key factor in affecting beliefs and behavior (Kennedy & Lawton, 1998), on the cost of debt (Chen, Huang, Lobo, & Wang, 2016), on financial reporting irregularities and accruals-based earnings manipulation (Du et al., 2014; Dyreng et al., 2012; Kanagaretnam et al., 2015; McGuire et al., 2012), on risk exposure (Hilary & Hui, 2009; Jiang et al., 2015), on tax avoidance (Boone et al., 2012), on the volatility of the stock price (Blau, 2017; Callen & Fang, 2015), on attitudes toward business ethics (Mazzi et al., 2017), and on Integrated Report development (Gelmini, 2017). This is study extends this stream of research by investigating the relationship between religiosity and ESG disclosure at the cross-country level, more preciously, by arguing that the salience of the religious social norms in the local community affects corporate behaviors, thus the extent of the ESG disclosure. The conclusions of this study may also help standard-setters, regulators, and managers. As religious social norms potentially represent a mechanism in enhancing ESG disclosure, providing evidence on the positive association between religiosity and ESG disclosure could be relevant for shaping appropriate non-financial reporting standards","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129800508","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":"Sustainability and corporate governance","authors":"S. Yamak","doi":"10.22495/ncpr_1","DOIUrl":"https://doi.org/10.22495/ncpr_1","url":null,"abstract":"","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134167449","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 impacts of MiFID II product governance requirements on financial intermediaries and a Blockchain solution to face POG requirements","authors":"Giulia Cartei","doi":"10.22495/ncpr_41","DOIUrl":"https://doi.org/10.22495/ncpr_41","url":null,"abstract":"MiFID II (Markets in Financial Instruments Directive) introduces the requirements on product governance to enhance investor protection, by regulating of all stages of the life-cycle of financial products or services and to ensure that firms, which realize and distribute financial instruments or structured deposits, act in the clients’ best interest. To reach this scope, MiFID II set out several a set of rules about the creation and distribution of called Product Governance requirements (POG), that impose to financial intermediaries to implement a product approval process for each new financial instrument they are going to create or for significant changes to existent products. By implementing the product approval process, MiFID II redesigns the relationship between intermediaries and clients, internalizing this relationship into the intermediaries’ corporate governance processes, because the client’s interest has a central role during all life-cycle of financial instruments, from the creation to distribution of financial products. Clients’ features play a fundamental role since the early stage. In fact, financial products have to be designed to satisfy the target market’s needs and objectively identified for each product. The implementation of a product approval process has a great impact on corporate governance financial intermediaries because it involves a redefinition of function and assignment of the new tasks. The aim of this paper is to underline the main impacts of MiFID II Product Governance requirements on corporate governance of financial institutions and the necessary efforts to make intermediaries compliant to the new regulatory framework. At the same time, this essay wants to provide an insight into future research on a fintech solution, to let intermediaries face POG requirements. Furthermore, the author, with this food for thought about Blockchain, wants to underline the importance for financial service industry, of paying attention to fintech technologies and their several possible applications to win the challenges of new regulatory frameworks, such as MiFID II, and to survive in the new era of digital finance","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125071796","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":"Activist investors and implications for corporate governance: A case study of Barington Capital Group and L brands","authors":"H. Grove, M. Clouse","doi":"10.22495/CBV15I2ART3","DOIUrl":"https://doi.org/10.22495/CBV15I2ART3","url":null,"abstract":"The key research question of this paper is to explore the implications for both financial and corporate governance performances from the emergence of activist investors. This paper uses a case study of one specific activist investor’s role, Barington Capital Group, in analyzing the public company, L Brands (Barington, 2019; Haigh, 2019). In conclusion, this activist investor’s approach and recommendations in this case study could be used as operational guidelines by boards of directors and corporate executives for improving both their financial and corporate governance performances","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"191 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121097244","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":"New challenges in bank corporate governance: Theory and practice. Does theory speak to practice?","authors":"M. Brogi","doi":"10.22495/ncpr_2","DOIUrl":"https://doi.org/10.22495/ncpr_2","url":null,"abstract":"Corporate governance can be broadly defined as processes and relations by which firms are managed (Brogi & Lagasio, 2019a). In the last two decades, non-binding principles have been issued by various international organisations (Brogi, 2008) (such as stock exchanges, international organisations, associations, institutional investors mainly) for listed and unlisted companies, in order to preserve the effectiveness and the soundness of the corporate governance frameworks of the companies worldwide. As concerns banks, the quality of corporate governance is one of the requirements for the stability of the banking system (Draghi, 2008). Banks are risk-takers, carry out activities with externalities, are fundamental in supporting the economy, in providing liquidity to the system, in the transmission of monetary policy (Brogi & Lagasio, 2017). Corporate governance in banks therefore also affects the governance of non-financial companies and their sound and prudent management (Francis, Hasan, Koetter, & Wu, 2009)","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122639568","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":"Reasons and opportunism control in public grants policies for development and innovations of businesses","authors":"Salvatore Esposito De Falco, Nicola Cucari","doi":"10.22495/ncpr_45","DOIUrl":"https://doi.org/10.22495/ncpr_45","url":null,"abstract":"n this paper we would to analyze the mechanism of public grants on economic growth. In particular this topic has been the subject of scientific interest by economists and, recently, also by business economics scholars. The studies of the economists focused on the motivations of the intervention itself; the business economic studies, on the other hand, have analyzed the impact both on the behavior of entrepreneurs and on the firms themselves by public grants. The studies examined so far highlight two basic conceptual dimensions, different, but also complementary to each other: on the one hand the economic-oriented to investigate the motivations and effectiveness of the public intervention; the second, business-oriented, focused on the firm’s behavior following public grant. Based on these arguments, our research question arises: could the effectiveness of public intervention for funding development and business innovation be influenced by the differences in the various socio-political and institutional contexts in which they are applied? The aim of paper is analyze the motivations of public grants policies and their influence on the behavior of firms. In this way we want to identify a solutions scheme able to recover efficiency and effectiveness of public actions to support development. It is therefore possible to identify some corrective mechanisms on public intervention policies. In particular with reference to the behaviors induced by the grants policies, the idea is to re-design the grants policies in consideration of the different forms of pre and post contractual opportunism. With reference, instead, to the motivations underlying the public grants policies, it is necessary to examine the relationship between the State (Principal) and the beneficiary firms (Agent) in relation to the respective dimensions of the contractual force","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126654826","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":"SPACS as an instrument of beneficial change in corporate governance, aimed at company growth: The first Italian insurtech-based insurance company","authors":"Vincenzo Sanguigni","doi":"10.22495/ncpr_34","DOIUrl":"https://doi.org/10.22495/ncpr_34","url":null,"abstract":"The paper begins with the definition of the concept of SPAC (“Special Purpose Acquisition Companies”), as a corporate vehicles constituted with the objective to carry out after raising capital an investment in one or more existing operating companies (“target company”). We focus on the peculiar aspects of the SPAC as an instrument of beneficial change in corporate governance, aimed at company growth. Therefore, a summary picture of the situation of the SPACs in the Italian context is provided, proceeding, finally, to the analysis of the case of NET SPA, the first insurtech based Italian insurance company, created through the SPAC tool","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134119846","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 social responsibility guiding sustainable innovation in the fashion system: The role of standards","authors":"F. Iannone, Alessandra De Chiara","doi":"10.22495/ncpr_33","DOIUrl":"https://doi.org/10.22495/ncpr_33","url":null,"abstract":"The theme of sustainability is an interesting topic in the fashion industry. This industry has one of the highest levels of pollution and also from a social outline is responsible for serious injuries to human dignity, given the poor working conditions in many factories in developing countries. The paper deepens the relation between corporate social responsibility (CSR) and innovation in the Italian fashion system. Which is the level of sustainable innovation in the Italian fashion industry? This is the research question deepened through the analysis of the degree of the social and environmental standards in the fashion system. Standards represent an important driver of organizational, process and product innovations, they impose the use of new technologies, new processes, new materials, but also a different organization of supply chains, and allow evaluating fashion companies’ concrete commitment in CSR. The research intends to explore this relation in order to contribute to the debate on this topic","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"1997 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128225008","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 role of the media in executive pay: Evidence from the UK","authors":"Aditi Gupta","doi":"10.22495/ncpr_21","DOIUrl":"https://doi.org/10.22495/ncpr_21","url":null,"abstract":"Using a large sample of FTSE All-Share companies between 2002 and 2013 was study the impact of media coverage on executive compensation. Beside, was assess whether: 1) excessive levels of executive compensation are associated with negative media coverage; 2) negative media coverage towards executive compensation acts as a constraint on compensation levels; 3) negative public opinion towards executive compensation affects certain components of the compensation package. It was concluded that the media acts as an effective watchdog in reporting excess pay but does not act as an effective governance mechanism in curbing it","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131888659","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}