Journal of Corporate Governance, Insurance, and Risk Management最新文献

{"title":"The Participation of the Small Shareholder in the Annual General Meeting: A Reflection of Good Corporate Governance? **","authors":"P. J. Baldacchino, Amy Camilleri, Isabel Cutajar, S. Grima, F. Bezzina","doi":"10.56578/jcgirm030201","DOIUrl":"https://doi.org/10.56578/jcgirm030201","url":null,"abstract":"This paper analyses the level of small shareholder (SS) participation in the Annual General Meeting (AGM), assessing how this reflects upon the corporate governance of listed entities. It focuses on SS attendance, voting and proposals (excluding those of institutional and majority shareholders), improving SS participation and the significance of such AGM proceedings to listed company corporate governance. Empirical mixed methodology research is carried out in a Maltese listed company (LC) setting by means of semi-structured interviews with seventeen LC secretaries, five stockbrokers, an online questionnaire responded by fifty-four shareholders in different LCs, as well as the analysis of company notices and documentation relating to the AGM. Results indicate that SS participation is weak. Attendance is poor, and is often spurred both by legitimate factors such as information on current financial performance and by questionable ones such as refreshments served and venue. Shareholders seem uncomfortable in asking management formal questions and even in voting by show of hands, and therefore opt for informal interaction with management and for voting by poll, the latter often rendering attendance fruitless and even unnecessary by permitting proxies. As for proposals, they could induce management’s later action despite seldom, if ever, being approved, but their submission is rare and mostly frivolous, commonly hampered by a lack of financial knowledge. The study concludes that the current level of SS participation does not render the AGM a tool reflecting good corporate governance, as it does not keep in balance the interests of this shareholder with those of other stakeholders. For the sake of better direction and control, and, in particular, for more transparency and accountability, the AGM has to be less stage-managed, as well as more interactive and engaging towards such shareholder. This calls for increased management commitment, particularly towards more investoreducation and guidance.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134368038","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":"Short Term Announcement Returns to the Bidder**","authors":"Kenneth Högholm, J. Knif","doi":"10.56578/jcgirm030202","DOIUrl":"https://doi.org/10.56578/jcgirm030202","url":null,"abstract":"In this paper we investigate the short term abnormal return to the bidding firm’s shareholders in takeover transactions in Finland during the time period from January 2000 to December 2013. Specific features of the market for corporate acquisitions in Finland are that almost all of the transactions are friendly acquisitions and usually aim for 100 % of the target company. We estimate the abnormal return around 314 individual takeover announcements and investigate determinants of the abnormal returns. Our results show that the takeover announcement on average yields a positive abnormal return to the bidding firm’s shareholders, thus, support the value creating hypothesis. The announcement effect on the announcement day is1.4 % and statistically significant. Both pre-event and post-event abnormal returns are statistically insignificant, although there is sign of a negative revaluation in the post-event period. Among the takeover characteristics, we document a significant impact on the bidder’s abnormal return on the announcement day for small deals yielding a higher abnormal return, but a positive relationship between the announcement effect and the relative size of the deal, cross-border deals giving a smaller abnormal return, and indication of diversification deals giving a higher abnormal return to the bidder’s shareholders.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122929994","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":"Modelling Fraud Prevention Process **","authors":"Darko Tomaš, I. Todorović","doi":"10.56578/jcgirm030205","DOIUrl":"https://doi.org/10.56578/jcgirm030205","url":null,"abstract":"Fraud is global social problem and they occur in all activities. The term fraud implies corruption, misappropriation of assets and fraudulent financial reporting. People that commit fraud are inside and outside of organisation. Factors that affect fraud doing are: motive, opportunity, ability and justification. In our region, it can be said that fraud is not individual problem but it’s a case of systematic fraud, especially in public sector by creating monopoly of private over public sector. Costs related to fraud will be difficult to objectively assess. Everyone is sensitive to health care related frauds, from patients and doctors to whole society. For battle against fraud requires political will, effective legislative framework and anti-fraud strategy. Every strategy has to begin with prevention process. Paper presents model of fraud prevention process. Model is based on increasing awareness of all participants about the importance of battle against the fraud, accepting anti-fraud policies and zero fraud toleration, establishing channels for reporting fraud, as well as defining responsibilities of internal audit in evaluation of internal controls, fraud risk assessment, corporate governance and providing recommendations for process improvement.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130693223","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":"Are There Relationship among Stressor, Behavior, and Employee Performance? A Case of Civil Servants in Bantul, DIY, Indonesia","authors":"Muafi, N. Probosari, A. Hartati","doi":"10.56578/jcgirm030207","DOIUrl":"https://doi.org/10.56578/jcgirm030207","url":null,"abstract":"High stressors can be experienced by employees, both by civil servants and private sector employees. This could have an impact on the positive and negative behaviors of employees and could eventually affect employee performance. The purpose of this study is to examine and analyze the effect of stressors on deviant behavior (negative and positive) and work performance of civil servants in Bantul, Yogyakarta, Indonesia. This research is a survey research using questionnaires given in private to civil servants as respondents, with a purposive sampling technique. Research results concluded that; (1) stressor of individual and task demands has a significant positive effect on negative behavior, (2) stressor of role demand has no significant effect on negative behavior, (3) stressor of individual demand has a significant negative effect on positive behavior, (5) stressor of task demand has no significant effect on positive behavior, (6) stressor of role demand has no significant effect on positive behavior, (7) negative attitudes have a significant negative effect on employee performance, and(8) positive behaviors have a significant positive effect on employee performance.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125296395","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":"Whistleblowing Policy and Corporate Governance Strategy","authors":"Nathalie Devillier","doi":"10.56578/jcgirm03s104","DOIUrl":"https://doi.org/10.56578/jcgirm03s104","url":null,"abstract":"Can whistleblowing reinforce corporate governance? This will be the subject of this legal study which aims at first identifying legal instruments that exist under French law, and comparing them with those that exist abroad in order to map these mechanisms and identify the structural characteristics. Then, the vocation of whistleblowing as a lever of corporate governance will be discussed, including questioning the effectiveness of this mechanism.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133881143","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 Interconnection of Company Data – a Way Forward in Development of Freedom of Establishment?","authors":"Hana Horak, Kosjenka Dumančić, Kristijan Poljanec","doi":"10.56578/jcgirm03s111","DOIUrl":"https://doi.org/10.56578/jcgirm03s111","url":null,"abstract":"In this paper authors have analysed development of legal and technical framework of interconnection of registries of company data at the level of the European Union. Analysis of sources of the European Union Law and case law of the Court of Justice of the European Union has led to the conclusion on importance of integration of registries of Member States of the European Union for affirmation of principle of transparency and development of freedom of establishment. Efforts made so far in this area of law have resulted in adoption of Directive (EU) 2012/17 on interconnection of central, commercial and companies’ registries. The aim of the Directive is to create a framework for easier access to companies’ data and to increase transparency. Amended provisions of Act on Court Register have been analysed, by which provisions of Directive (EU) 2012/17 have been implemented. Legal solutions which would contribute to overall integration of central register of financial data of Croatian Financial Agency into the system of interconnection of companies’ registries are taken into consideration.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124837706","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 Influence of Top Managers' Personal Values On Sustainability Of SMEs In Developing Countries","authors":"Azra Ahmić, A. Šunje, Emir Kurtić","doi":"10.56578/jcgirm03s103","DOIUrl":"https://doi.org/10.56578/jcgirm03s103","url":null,"abstract":"The purpose of this paper is to provide a new theoretical insight regarding top managers' personal values in developing countries based on the Schwartz Values Theory (Schwartz, 1992, 1996, 2006; Schwartz and Bilsky, 1990) and to explore the influence of top managers' personal values on sustainability performances of successful businesses. The research describes personal values differences between top managers and their commitment to pro-social and pro-environmental responsibility who were approached through the validated and reliable questionnaire on identifying top managers' personal values (PVQ40) and questionnaire on sustainability indicators observed through the „triple bottom line“ concept which includes three measuring elements: financial, social and environmental performances (Fauzi, Svensson and Rahman, 2010). Given that top managers are very often the owners in SMEs, their values are largely reflected in the organizational values, which means that in small pro-environmentaly oriented firms, the personal values of owners-managers seem to play a much stronger part in motivating pro-environmental behaviors than in other SMEs (Lawrence at al., 2006). With regard to business sustainability, it is still insufficiently known, developed and understood in Southeast Europe and in developing countries. Therefore, this research may be used to encourage companies and local governments to include a sustainability issues in their business activities as a pre-condition for business success and competitiveness. The managers in SMEs can use this research as a guideline on introduction of contemporary principles of sustainability into their companies and to improve and direct their personal values towards sustainability.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125324386","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":"Materialisation of the Concept of Good Governance by Effective Investment Dispute Resolution in the European Union","authors":"J. Mucha","doi":"10.56578/jcgirm03s106","DOIUrl":"https://doi.org/10.56578/jcgirm03s106","url":null,"abstract":"The concept of good governance constitutes a wide perspective for academic discussion because it provides a substantial theoretical background for settling many practical problems faced contemporarily by the EU. The basic assumptions of good governance have basically remained unchanged since the 90’s, when the concept was introduced by the World Bank. Notably, the scholarly discussions these days reveal new facets of the said concept, when related to specific domains. The paper discusses the application of the specific elements of the concept of good governance in the field of the international investment law. Specifically, it seeks to demonstrate that the concept of good governance regulates the issue of international investments in that, among others, it requires the application of the alternative dispute resolution in order to make the investment law enforceable in the best possible way.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"186 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122053315","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":"Technological Progress in Croatian Non-Perennial Agriculture","authors":"T. Herceg, Ilko Vrankic, Fran Galetić","doi":"10.56578/jcgirm03s109","DOIUrl":"https://doi.org/10.56578/jcgirm03s109","url":null,"abstract":"Croatian agriculture stagnates over the last quarter of the century. Although it is heavily subsidized and the investment in mechanization was high, Croatian agriculture did not improve its production level, not even after the accession to the European Union. The project of green and blue Croatia, which aim is to connect agricultural production and tourism, did not show significant results import substitution. In this paper non-perennial crops agriculture is analyzed since it forms more than 40% of total agricultural production in Croatia. In order to distinguish the contribution of capital, labour and total factor productivity, a Cobb-Douglas production function is estimated on a panel data set for Croatian non-perennial agriculture in the period of 2008 – 2014. It was discovered that production elasticities do not correspond to the shares of expenditures on labour and capital which is a common production function assumption. Also, it is shown that total factor productivity declines over time, a disinvestment and labour decline caused stagnation of this sector of Croatian economy. A further analysis is made to determine the impact of subsidies and export orientation on TFP and it is found that Croatian agricultural production is affected by export orientation and subsidies, but their impact is almost irrelevant.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128383198","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":"Interdependence of Managerial Capabilities and Business Internationalization","authors":"I. Kovač, I. Novak, Davor Vlajcic","doi":"10.56578/jcgirm03s108","DOIUrl":"https://doi.org/10.56578/jcgirm03s108","url":null,"abstract":"Internationalization has become an inevitable fact in the business world since the 1970s, when a strong liberalization of the market started to take place and the technology came to a level which enabled companies to expand their businesses outside the boundaries of their countries. Businesses use range of different modalities entering foreign markets but this research is focused on exporting companies as one of the most commonly used strategy in foreign market exploitation. Research conducted on the basis of 113 exporting companies examines the role of managerial capabilities regarding their international performance. Managerial capabilities are associated with key organizational requirements necessary for entering these foreign markets, along with the methodical building of a competitive product portfolio and achieving sustainable competitive advantage. Managerial capabilities are measured by the level of their general education, skills and experience, as well as knowledge about international markets.","PeriodicalId":404632,"journal":{"name":"Journal of Corporate Governance, Insurance, and Risk Management","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121905020","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}