Indian Journal of Corporate Governance最新文献

{"title":"Corporate Reputation: Do Board Characteristics Matter? Indian Evidence","authors":"A. Kaur, Balwinder Singh","doi":"10.1177/0974686218797758","DOIUrl":"https://doi.org/10.1177/0974686218797758","url":null,"abstract":"Abstract Drawing inference from signalling theory, the study attempts to examine the relation between corporate governance and corporate reputation in the Indian context. There is hardly any study directly deciphering the impact of board attributes (like size and ownership pattern) on corporate reputation (taking market capitalisation as proxy) in India. Based on a sample of 403 Indian companies listed on the Bombay Stock Exchange (BSE), the results of panel regression indicate that board size and ownership pattern influence the assessment of a company’s reputation, which is in line with the findings of previous research on this issue in developed nations. It is also found that firms who allow access to institutional investors and those with larger boards exhibit better reputation. Overall, the findings of the current study support the proposition that board characteristics influence the formation of firm reputation by the business community. The study bears significant implications for corporate managers that along with improving financial performance, social performance and media visibility, they should give significant weightage to good governance and management quality (reflected through board attributes) to enhance firm reputation and gain competitive advantage over others.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"11 1","pages":"122 - 134"},"PeriodicalIF":0.0,"publicationDate":"2018-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686218797758","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43934362","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":"Perceptual Determinants of Executive Compensation: Survey-Based Evidence from India","authors":"Suveera Gill, Manika Kohli","doi":"10.1177/0974686218797760","DOIUrl":"https://doi.org/10.1177/0974686218797760","url":null,"abstract":"Abstract Ensuring effective and fair determination of executive compensation is complex, though equally essential for protecting the interests of shareholders and in creating long-term corporate value. The present study attempts to unravel the perceptions of executives and investors in terms of the determinants on which executive compensation ought to be based in the context of corporate India. The main research instrument is a quantitative questionnaire through which the responses of 74 top executives and 55 investors have been examined. Results highlight statistically significant mean differences in the perception of executives and investors with regards to the determinants of executive compensation. Further, the underlying dimensions representing pay determinants vary for executives and investors with the former regarding corporate governance and human capital as important, while the latter emphasising on the primacy of ownership and leverage. The article offers valuable insight as it proposes a comprehensive set of determinants of executive compensation by integrating multiple theoretical perspectives.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"11 1","pages":"159 - 184"},"PeriodicalIF":0.0,"publicationDate":"2018-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686218797760","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45677810","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":"Socially Responsible Investment, Microfinance and Banking: Creating Value by Synergy","authors":"C. Praseeda","doi":"10.1177/0974686218769200","DOIUrl":"https://doi.org/10.1177/0974686218769200","url":null,"abstract":"Abstract Socially responsible investing (SRI) is fast catching the imagination of the ever increasing social consciousness of the investor community. Emergence of SRI can be traced back to the 1970s to few socially conscious investors who wanted to invest in bonds other than war, arms and ammunition and alcohol. Traditionally, SRI has focused on the economic social and governance (ESG) areas. Dieckmann (2007) who authored; Microfinance an emerging investment opportunity as a part of the Deutsche Bank Research, indicates that the SRI sector is witnessing the emergence of novae entrants like the microfinance (MF). The report also states that MF is scanning the environment for new funding opportunities by securitising MF opportunities and moving to the extent of going public. The scenario suggests microfinance to be robust, low risk profiled and growing investment avenue, which is fast emerging in the field of SRI. The purpose of the present article is to explore into the different dimensions of this emerging phenomenon and understand the emerging opportunities for banks in creating value using the synergy of SRI and MF.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"11 1","pages":"69 - 87"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686218769200","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45402610","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":"Females’ Representation in the Boardroom and Their Impact on Financial Distress: An Evidence from Family Businesses in India","authors":"Sangeeta Mittal, Lavina","doi":"10.1177/0974686218763857","DOIUrl":"https://doi.org/10.1177/0974686218763857","url":null,"abstract":"Abstract This study empirically examine the females’ representation (gender diversity) on the board as well as their impact on financial distress by taking the sample of Indian-listed family firms for a period ranging from 2013 to 2016. Descriptive statistics and logistic regression have been used to find out the influence of feminine on financial distress. The results of descriptive statistics show that on an average, there is just 9 per cent share of females on the board to a maximum of 28 per cent and only 2 per cent of firms have female chief executive officer (FCEO). Further, females have a diminutive impact on financial distress since their presence on the board is very low. Only one variable, females’ percentage (FPER) on the board is significant and negatively associated with financial distress. However, other insignificant variables are also negatively related with financial distress indicating that gender diversity on the board can minimise the financial distress. Consequently, practical implications derived from the present study are that there should be a considerable share of females on the board and executive positions so that their decisions could considerably impact the firm’s performance and be helpful to reduce the financial distress.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"11 1","pages":"35 - 44"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686218763857","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44637695","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":"Family Governance","authors":"Shital Jhunjhunwala","doi":"10.1177/0974686218776707","DOIUrl":"https://doi.org/10.1177/0974686218776707","url":null,"abstract":"","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"11 1","pages":"VII - VII"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686218776707","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44024311","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":"Comparison of Whistle-blower Protection Mechanism of Select Countries","authors":"J. P. Sharma, Sunaina Kanojia, S. Sachdeva","doi":"10.1177/0974686218769198","DOIUrl":"https://doi.org/10.1177/0974686218769198","url":null,"abstract":"Abstract Whistle-blower protection mechanisms (WPMs) play a critically significant role in combating corruption through ethics, corporate governance and statutes. This article examines the essence of whistle-blower mechanism existing in the developed and developing countries in order to unearth the legislative structure of countries supporting the whistle blower mechanism and pursuit of ethical conduct for sound corporate governance. The article attempts to identify, evaluate and analyse the attributes of whistle-blower mechanism across nations and finds that despite off-symmetric attributes, the mechanisms are asymmetric specific to the countries’ corporate culture. It has also been found that most significant attribute of a sound whistle-blower mechanism is the level of protection provided to the whistle-blowers followed by coverage of sectors, anonymity and the regulator of whistle-blowing complaints in the country. The attributes vary widely across nations on the basis of coverage of sectors, anonymity withheld and the level of protection, with United States of America delivering the best protection to whistle-blowers trailed by Australian whistle-blower protection laws and then South Africa; India, China and Indonesia lag considerably behind in having a sound whistle-blower mechanism.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"11 1","pages":"45 - 68"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686218769198","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45864538","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":"Impact of Ownership Type and Board Characteristics on the Pay–Performance Relationship: Evidence from India","authors":"Manika Kohli","doi":"10.1177/0974686218763853","DOIUrl":"https://doi.org/10.1177/0974686218763853","url":null,"abstract":"Abstract The present research has been undertaken to study the role of ownership type and board mechanisms in moderating the executive pay-corporate performance linkage in the Indian context. A sample of 209 companies listed on the S&P BSE 500 Index has been studied over the period 2008–2009 to 2012–2013. Rigorous statistical analysis of the panel data highlights that some of the governance mechanisms are, in practice, instrumental in improving the relationship between pay and performance. Whereas efforts must, indeed, be channelled towards the better functioning of certain other internal control mechanisms. Specifically, of noteworthy consequence is the difference in the way the shareholders and the board of directors ameliorate the pay–performance relationship with respect to accounting vis-à-vis market-based corporate performance. Further, the weak monitoring role discharged by the institutional investors warrant immediate policy concern. The study brings forth important implications for practitioners and policy makers in designing corporate performance-based pay keeping in view the predominant influence exerted by the institutional environment of the emerging economy of India.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"11 1","pages":"1 - 34"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686218763853","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46487387","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":"Stewardship Theory of Corporate Governance and Value System: The Case of a Family-owned Business Group in India","authors":"S. Subramanian","doi":"10.1177/0974686218776026","DOIUrl":"https://doi.org/10.1177/0974686218776026","url":null,"abstract":"Abstract Stewardship theory of corporate governance is a normative alternative to agency theory. This article argues that the stewardship behaviour of managers results in exemplary corporate governance practices when the espoused values of the firm are aligned with the enacted values. The case study method is used to prove this argument by studying corporate governance practices in a family-owned business group in India. The Murugappa Group is a 100-year-old family-owned business group, known for their ethical practices and currently managed by the fourth-generation family members, without undergoing any split. The espoused as well enacted values of the group are studied and corporate governance practices of the group firms analysed in this article. The article focuses on the governance structure of the group, its succession planning practices and the ownership structure. The analysis indicates that aligning the enacted values with the espoused value helped the group to adapt itself to the changing external economic environment and continue creating shareholder value, the essence of corporate governance.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"11 1","pages":"102 - 88"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686218776026","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48969506","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":"Effects of Innovation Investment on Profitability and Moderating Role of Corporate Governance: Empirical Study of Indian Listed Firms","authors":"S. Busru, G. Shanmugasundaram","doi":"10.1177/0974686217730938","DOIUrl":"https://doi.org/10.1177/0974686217730938","url":null,"abstract":"Abstract Innovation investment decisions are always riskier business decisions, especially when it is a question of spending on research and development, but it is a vital area of decision-making which enhances growth and sustainability. First, we attempted to investigate the bidirectional causality between R&D and profitability measured in terms of NP (net profit), ROA and ROE through Granger causality test from a sample of 255 sample Indian listed firms for a period of eight years ranging from 2008 to 2015, while finding unidirectional causality only between R&D expenditure and profitability, we moved for analysing the magnitude of relationship through multiple regression model which revealed that R&D expenditure negatively affects the profitability but affects the profitability of subsequent years positively while taking lags. Further, moderating regressions equation was employed to assess the moderating role of corporate governance variables such as board size, board independence, family ownership, foreign and institutional ownership with controlling effects of size, market capital and liquidity position. The results revealed that all moderating variables except board size affect the slope of regression positively, but technically only family ownership moderates the relationship between R&D expenditure and profitability as there is significant change in f-value while moderation effect of family ownership is taken into consideration. Only board size affects negatively the relationship questioning the role of internal board and their interest in innovation for maximising personal benefits on the expense of risk-bearing shareholders and stakeholders. Our results were in conformity with some prior studies but have also shown contradiction with results of developed estates regarding role of board for balancing the agency theory conflicts, hence creating room for Indian corporate culture with a full-fledged system which can strike a balance between interest of agents and principals with protection to minority shareholders and overall stakeholders.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"10 1","pages":"117 - 97"},"PeriodicalIF":0.0,"publicationDate":"2017-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686217730938","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46684778","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 Disclosure for Complex Ownership Structure in India","authors":"Shakti Deb, I. Dube","doi":"10.1177/0974686217730937","DOIUrl":"https://doi.org/10.1177/0974686217730937","url":null,"abstract":"Abstract The transition of a national economy to global economy affected the corporate operation in a varied manner. The dichotomous models of corporate governance call for clarity in corporate objectives, strategies and responsibilities of the modern corporation. The dichotomous approaches towards corporate disclosure are influenced by ownership models, that is, concentrated (e.g., Germany and Japan) and dispersed (e.g., the United States [USA] and the United Kingdom [UK]). The dispersed ownership model implicates arm’s length relationships between shareholders and managers, whereas opposite trend demonstrates concentrated ownership. It implicates heavy reliance on large shareholders for bankrolling the firm. Post-reform market in India developed complex ownership structure which represents both concentrated and disperse trends. Consequently, learning curve for corporate governance disclosure in this type of ownership structure is yet to be consolidated. The present research article draws up a case for improvements in the corporate governance disclosure and attempts to indicate a smarter corporate governance disclosure framework for complex ownership structure in India from the learning of selected jurisdictions (the USA, the UK, Japan and Germany) and best practices. The research article also spotlights on the level of convergence of the corporate disclosure norms in India with the global standards. The scope of this article is limited to non-financial disclosure.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"10 1","pages":"143 - 175"},"PeriodicalIF":0.0,"publicationDate":"2017-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974686217730937","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42241365","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}