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

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Gender diversity in sport governance: A portrait of Italy 体育治理中的性别多样性:意大利的写照
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_51
L. Varriale, F. Mazzeo
{"title":"Gender diversity in sport governance: A portrait of Italy","authors":"L. Varriale, F. Mazzeo","doi":"10.22495/ncpr_51","DOIUrl":"https://doi.org/10.22495/ncpr_51","url":null,"abstract":"This exploratory study aims to investigate the Italian sport context providing a brief portrayal of this country outlining the still existing gap also through a description of the current situation of women in leadership positions, above all in corporate boards, in the Italian sport setting. After a review of the existing contributions in the literature and the regulatory system on the issue, we exam the state of art of the Italian sport setting taking into account the regulatory system and the peculiarities of the field regarding the women representation in corporate boards","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129857935","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
Ownership structure, firm performance and corruption: An empirical analysis of EU countries 股权结构、企业绩效与腐败:基于欧盟国家的实证分析
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_49
Gabriella D’Amore, Luigi Lepore, L. Landriani, Francesco Paolone, Matteo Pozzoli
{"title":"Ownership structure, firm performance and corruption: An empirical analysis of EU countries","authors":"Gabriella D’Amore, Luigi Lepore, L. Landriani, Francesco Paolone, Matteo Pozzoli","doi":"10.22495/ncpr_49","DOIUrl":"https://doi.org/10.22495/ncpr_49","url":null,"abstract":"The aim of the paper is to analyse the interaction effect corruption play in the relation between ownership structure and firm performance. This paper analyses whether and how the Corruption Perception Index affects the relationship between corporate performance and ownership structure in 2,035 firms operating in eight European countries (Denmark, Sweden, Germany, France, Finland, The Netherland, Italy, and Spain) during 2010-2017 period (10,915 firm year observations). Our findings show that level of corruption perceived by investors is relevant to the relationship between ownership concentration and firm performance. This result suggests that institutional context variables should be taken into consideration from corporate governance scholars in their empirical investigations. The contribution of the paper is twofold: first, our results evidence the relevant role played by the interaction effects between firm-level and country-level variables; second, it suggests important managerial and policy implications related to the interaction between internal and external corporate governance mechanisms.","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124788810","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
Independent directors in Sweden and their influence on earnings through accounting and cash flow management 瑞典的独立董事及其通过会计和现金流管理对收益的影响
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_17
F. Björklund, S. Collin, David Krieg, Yuliya Ponomareva
{"title":"Independent directors in Sweden and their influence on earnings through accounting and cash flow management","authors":"F. Björklund, S. Collin, David Krieg, Yuliya Ponomareva","doi":"10.22495/ncpr_17","DOIUrl":"https://doi.org/10.22495/ncpr_17","url":null,"abstract":"In this paper we distinguish between the two domains of monitoring arguing that CFM revolves around long-term action for corporate value creation, and ultimately affects shareholder profit, thus being at the heart of an independent directors’ duty. Empirical results indicate that the share of independent directors is positively correlated with AM and negatively with CFM and remain consistent against several robustness checks. Our theory and empirical results put into question the generally accepted notion that AM is an indicator of opportunism. It could be suggested, on the contrary, that the positive correlation with AM could be an indicator of directors’ performing their fiduciary duty of reducing information asymmetry","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130645123","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
Corporate governance mechanism in the context of Portugal 葡萄牙背景下的公司治理机制
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_29
Elisabete S. Vieira, J. Neiva
{"title":"Corporate governance mechanism in the context of Portugal","authors":"Elisabete S. Vieira, J. Neiva","doi":"10.22495/ncpr_29","DOIUrl":"https://doi.org/10.22495/ncpr_29","url":null,"abstract":"Corporate governance is a mechanism to protect investors in the markets around the world. This study analyses the board of directors’ specificities in the context of Portuguese corporate governance. The results show that the Latin Model (Two-Tier Model) is the most (least) adopted by Portuguese firms. The percentage of executive members is higher than that of non-executive members. In the year of 2014, women held only 9.5% of positions on board, which is very low. With this study, we contribute to the state of art of Corporate Governance in a country in which investigation is still scarce","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124156570","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
The impact of ESG scores on cost of equity and firm’s profitability ESG得分对股权成本和公司盈利能力的影响
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_9
Carlo Bellavite Pellegrini, Raul Caruso, Niketa Mehmeti
{"title":"The impact of ESG scores on cost of equity and firm’s profitability","authors":"Carlo Bellavite Pellegrini, Raul Caruso, Niketa Mehmeti","doi":"10.22495/ncpr_9","DOIUrl":"https://doi.org/10.22495/ncpr_9","url":null,"abstract":"In this paper, we empirically investigate the effect of ESG Scores on (1) Cost of equity; (2) Firm’s profitability for a sample of firms operating in the Oil & Gas sector. The obtained results of this study are in line with the literature, supporting the argument that a better Sustainability Performance generates a reduction in the Cost of Equity (Dhaliwal et al., 2014; Matthiesen & Salzmann, 2017; Gupta, 2018). Our findings support arguments in the literature that firms with better ESG performance have higher value and lower risk (El Ghoul et al., 2011, 2018; Chen et al., 2009; Hail & Leuz, 2006), and in the same time highlight some peculiarities deriving from industry-level factors (Reverte, 2012; Gregory et al., 2016)","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123829637","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: 4
Multi-family cofounders and firm value 多家族联合创始人和公司价值
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_39
So-Yeon Lim
{"title":"Multi-family cofounders and firm value","authors":"So-Yeon Lim","doi":"10.22495/ncpr_39","DOIUrl":"https://doi.org/10.22495/ncpr_39","url":null,"abstract":"The paper shows that higher valuation of family firms occurs only for family firms founded by several non-related people (multi-family cofounding firms). The evidence suggests that having at least two unrelated cofounders involved in management reduces agency problems through mutual monitoring. Relative to single-family founding firms, multi-family cofounding firms are more likely to force out founders and less likely to allow descendants to take control after founders retire","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121832218","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
Executive authorities in Euroland during the financial crisis. A comparison between European commission and national governments 金融危机期间欧元区的行政当局。欧盟委员会和各国政府的比较
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_4
Christos Kallandranis, P. Kaldis
{"title":"Executive authorities in Euroland during the financial crisis. A comparison between European commission and national governments","authors":"Christos Kallandranis, P. Kaldis","doi":"10.22495/ncpr_4","DOIUrl":"https://doi.org/10.22495/ncpr_4","url":null,"abstract":"The issue of trust or social capital, that is, the generalized trust, is important both in sociology and in economics. Trust is an important factor for creating and stabilizing support for political institutions. On the contrary, lack of trust in institutions denotes their failure to function according to the official standards, leading to a weak-state society relation. A lot of research was focusing especially on causal relationship between the individual-level social capital and the amount of trust people have in their institutions. The purpose of this study is first to shed light on this debate for a homogeneous number of democratic countries in the EU. Secondly to provide evidence that tight economic conditions serve as a hastening mechanism of distrust in institutions. In addition, the aims if this paper is understand the determinants of trust along with the impact of the economic crisis on this tendency to trust or not. (Roth et al., 2011)","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128407757","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
The influence of generational shift on sustainability practices: A preliminary analysis based on text-analysis of “I Centenari’s” websites 代际转换对可持续发展实践的影响:基于“I Centenari”网站文本分析的初步分析
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_38
E. Esposito, Francesco Mirone
{"title":"The influence of generational shift on sustainability practices: A preliminary analysis based on text-analysis of “I Centenari’s” websites","authors":"E. Esposito, Francesco Mirone","doi":"10.22495/ncpr_38","DOIUrl":"https://doi.org/10.22495/ncpr_38","url":null,"abstract":"The generational shift plays a crucial role in the transfer of intangible assets such as family values, reputation, long-term vision and the enterprise’s social responsibility that can be competitive advantages and also helpful for family businesses to achieve long term sustainability. In order to asses in which way family firms demonstrate their commitment to sustainability to both internal and external stakeholders, this paper examines a sample of 25 long-lived family businesses belonging to the Association “I Centenari”. We analyze the historical section of these 25 long-lived family businesses’ websites as a metric for the family business behavior toward the three pillars of sustainability (economic, social and environmental) through the text-analysis program LIWC","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116011954","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: 4
Board independence and voluntary financial disclosure: The moderating role of ownership structure 董事会独立性与自愿财务披露:股权结构的调节作用
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_42
Luigi Lepore, S. Pisano, Gabriella D’Amore, Carmela Di Guida
{"title":"Board independence and voluntary financial disclosure: The moderating role of ownership structure","authors":"Luigi Lepore, S. Pisano, Gabriella D’Amore, Carmela Di Guida","doi":"10.22495/ncpr_42","DOIUrl":"https://doi.org/10.22495/ncpr_42","url":null,"abstract":"Voluntary disclosure and corporate governance variables are considered important mechanisms for the reduction of the information asymmetries and conflicts of interest potentially arising between competing parties of the firms. This paper aims at investigating the relationship between board independence and quality of voluntary financial disclosure and how previous relationship is moderated by the level of ownership concentration. The analysis has been conducted on a sample of Italian non-financial listed companies and the results show that there is a significant positive relationship between board independence and the quality of voluntary financial disclosure. Moreover, our findings reveal that ownership concentration plays a relevant moderating role in that relationship, highlighting the necessity to consider the interaction effects of different governance mechanisms when studying corporate governance effectiveness","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"6 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125003795","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
How to improve the pension fund engagement: A research proposal for Italian pension funds 如何提高养老基金参与度:意大利养老基金的研究建议
New challenges in corporate governance: Theory and practice Pub Date : 1900-01-01 DOI: 10.22495/ncpr_27
Nicola Cucari, Giorgia Tapino, Francesco Drigo, S. Carbonara
{"title":"How to improve the pension fund engagement: A research proposal for Italian pension funds","authors":"Nicola Cucari, Giorgia Tapino, Francesco Drigo, S. Carbonara","doi":"10.22495/ncpr_27","DOIUrl":"https://doi.org/10.22495/ncpr_27","url":null,"abstract":"Given the economic weight of the assets managed and their social importance (due to their fiduciary duty towards their policyholders), PFs can influence and participate actively in the investee company’s decisions and literature has shown the importance of activism of this type of institutional investors (Gillan & Starks, 2000; Clark & Hebb, 2004). Institutional investors’ activism may be promoted through favourable legislation, but also through the adoption of good governance practices. Based on this framework, our aim is to understand what key issues that prevent PFs from being active owners and what possible solutions PFs could adopt in order to play an active role in the corporate governance of investee companies. Starting from pension funds’ difficulties, this paper develops a research proposal for describing and analysing the behaviour taken by pension funds and aims to present possible best practice.","PeriodicalId":352139,"journal":{"name":"New challenges in corporate governance: Theory and practice","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114903230","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
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