Corporate Ownership and Control最新文献_第3页

The impact of board diversity on firm performance – The case of Germany 董事会多元化对公司绩效的影响——以德国为例

Corporate Ownership and Control Pub Date : 2020-02-25 DOI: 10.22495/cocv17i2art15

U. Braendle, M. Stiglbauer, Khaldoun I. Ababneh, Evangelos Dedousis

{"title":"The impact of board diversity on firm performance – The case of Germany","authors":"U. Braendle, M. Stiglbauer, Khaldoun I. Ababneh, Evangelos Dedousis","doi":"10.22495/cocv17i2art15","DOIUrl":"https://doi.org/10.22495/cocv17i2art15","url":null,"abstract":"In 2006 German Chancellor Angela Merkel became the patron of Germany’s Diversity Charter (“Charta der Vielfalt”), a company initiative promoting diversity in firms. Yet numerous firms have voluntarily signed the charter, affirming their compliance to diversity reinforcement and encouragement. The German Corporate Governance Code (GCGC), a soft-law regulation aiming to foster good corporate governance, especially for listed companies, also included the subject of diversity since 2009 (GCGC, 2009). In fact, during the last few years the concept of diversity has increasingly gained in popularity (Díaz-Fernández, GonzálezRodríguez, & Simonetti, 2020), and has simultaneously remained a topic of public discourse ever since (Naciti, 2019). Consider the following four examples that reflect the increasing importance of diversity: first, Germany pursued a controversial debate about the introduction of fixed quotas for women on corporations’ supervisory boards (Bschorr & Lorenz, 2013, pp. 34–35), an attempt to increase diversity among the gender. Second, caused by demographic change and affected by a raised retirement age — retirement age is to be increased gradually from 65 to 67 years by 2023 — a growing number of older age group German employees will Abstract","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129698424","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: 12

Determinants of audit fees in developing countries: Evidence from Egypt 发展中国家审计费用的决定因素:来自埃及的证据

Corporate Ownership and Control Pub Date : 2020-02-10 DOI: 10.22495/cocv17i2art12

Walid ElGammal, Marwa Gharzeddine

引用次数: 6

A theoretical approach to auditor independence and audit quality 审计师独立性与审计质量的理论探讨

Corporate Ownership and Control Pub Date : 2020-02-04 DOI: 10.22495/cocv17i2art11

Rahman Yakubu, Tracey Williams

{"title":"A theoretical approach to auditor independence and audit quality","authors":"Rahman Yakubu, Tracey Williams","doi":"10.22495/cocv17i2art11","DOIUrl":"https://doi.org/10.22495/cocv17i2art11","url":null,"abstract":"Auditor independence is gaining a lot of attention from researchers, regulators and public observers. This has been described to have a major significant impact on audit quality. Several reasons have been given for the crucial importance of auditor independence to audit quality and this has formed a longstanding debate among academics, regulators and market observers on how best to protect auditors and mitigate concerns from users of the financial report (Tepalagul & Lin, 2015). The accounting scandals of publicly listed entities ignited the scrutiny and criticism by market regulators and independent observers on the credibility of audit reports, and also industry experts‟ reactions to Enron scandal prompted the passage of Sarbanes-Oxley (SOX) Act of 2002 (Dattin, 2017; Tepalagul & Lin, 2015; Velte & Loy, 2018). Most important, the earliest research to investigate the impact of auditor independence on audit quality was greatly attributed to DeAngelo (1981). According to DeAngelo (1981), audit quality greatly depends on auditor independence and has been defined as the probability that the auditor will uncover and report any breach in the accounting system. The concern to auditor independence is highly imperative, because of its magnitude to financial credibility and this has been the reason why market regulators are more concern about the independence of auditor to provide high audit quality that meets the international standard and that can be relied upon by the users of financial statements (Dattin, 2017; Tepalagul & Lin, 2015; Velte & Loy, 2018). The accounting fraud and the collapse of major companies such as Enron, WorldCom, Satyam, Cadbury in Nigeria; Olympus in Japan dent serious blow to audit profession and the aftermath of global financial crisis provide another avenue for market regulators and practitioners in questioning the independence of auditor (Wood & Small, 2019; Velte Abstract","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114460977","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: 3

Equity incentives, earnings management and corporate governance: Empirical evidence using UK panel data 股权激励、盈余管理和公司治理:使用英国面板数据的经验证据

Corporate Ownership and Control Pub Date : 2020-01-31 DOI: 10.22495/cocv17i2art10

M. A. Shabeeb Ali, Hazem Ramadan Ismael, A. H. Ahmed

{"title":"Equity incentives, earnings management and corporate governance: Empirical evidence using UK panel data","authors":"M. A. Shabeeb Ali, Hazem Ramadan Ismael, A. H. Ahmed","doi":"10.22495/cocv17i2art10","DOIUrl":"https://doi.org/10.22495/cocv17i2art10","url":null,"abstract":"JEL Classification: G340, M210, M410, M420, M480 DOI: 10.22495/cocv17i2art10 Using a UK panel data set drawn from 1675 Chief Executive Officer (CEO) year observations and 1540 Chief Financial Officer (CFO) year observations, we examine the relationship between CEO and CFO equity incentives and earnings management. In addition, we examine the moderation effect of corporate governance mechanisms on the relationship between executives’ equity incentives and earnings management. We use multivariate regression models to test our hypotheses. We find that CEO equity incentives are related to higher absolute and income increasing earnings management. These results support the managerial power theory argument that CEOs exploit equitylinked compensation to obtain more personal benefits without causing public anger. Contrary to CEO equity incentives, we could not find any significant relationship between CFO equity incentives and any of the earnings management proxies. In addition, we find that corporate governance quality (measured by individual mechanisms and overall index) has no effect on the relationship between executives’ equity incentives and earnings management. This result indicates that whereas some corporate governance mechanisms can reduce earnings management in general, they do not affect wealth driven incentives to manipulate accruals. In total, results question the effectiveness of the corporate governance system in mitigating opportunistic behavior motivated by executives’ compensation structures.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124891900","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: 8

Impact of ownership concentration, institutional ownership and earnings management on stock market liquidity 股权集中度、机构持股和盈余管理对股票市场流动性的影响

Corporate Ownership and Control Pub Date : 2020-01-23 DOI: 10.22495/cocv17i2art7

Ahmed Imran Hunjra, Uzma Perveen, Leon Li, Muhammad Irfan Chani, R. Mehmood

引用次数: 26

Integrated sustainable performance management systems: A case study on Italian benefit corporations 综合可持续绩效管理体系:意大利福利公司案例研究

Corporate Ownership and Control Pub Date : 2020-01-22 DOI: 10.22495/cocv17i2art6

G. Nigri, Mara Del Baldo, Armando Agulini

{"title":"Integrated sustainable performance management systems: A case study on Italian benefit corporations","authors":"G. Nigri, Mara Del Baldo, Armando Agulini","doi":"10.22495/cocv17i2art6","DOIUrl":"https://doi.org/10.22495/cocv17i2art6","url":null,"abstract":"JEL Classification: M14, G34, M40 DOI: 10.22495/cocv17i2art6 Today, to integrate sustainable development goals into business, an overall integrated sustainable performance management system — to implement and measure these global goals — is needed. In a short timeframe, the benefit impact assessment (BIA) — elaborated by B Lab, utilized by benefit corporations (a new and emerging hybrid type of prosocial business) and adopted by the United Nations — became the most comprehensive indicator to evaluate company practices against SDGs. Italy was the first sovereign country to insert the benefit corporation legislation after the US and analyze the effectiveness of the BIA. This prompted us to address our attention to the integration of benefit-driven indicators, adopted by Italian B Corps into their performance management systems, and to analyze if these indicators are used by managers to support internal decision-making. To achieve this goal, cross-sector semistructured interviews were conducted in seven Italian certified benefit corporations. Relevant to both researchers and practitioners, our review provides a useful snapshot of how the BIA is developing as an assessment and how value-based organizations are moving toward an integrated sustainable performance management system.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115826449","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: 7

The relationship between corporate governance and stock prices in the GCC financial markets 海合会金融市场中公司治理与股票价格的关系

Corporate Ownership and Control Pub Date : 2020-01-17 DOI: 10.22495/cocv17i2art5

M. A. Al Mubarak

引用次数: 2

Cost stickiness behavior and financial crisis: Evidence from the UK chemical industry 成本粘性行为与金融危机:来自英国化工行业的证据

Corporate Ownership and Control Pub Date : 2020-01-16 DOI: 10.22495/cocv17i2art4

Ahmed Hassanein, Mohsen Younis

{"title":"Cost stickiness behavior and financial crisis: Evidence from the UK chemical industry","authors":"Ahmed Hassanein, Mohsen Younis","doi":"10.22495/cocv17i2art4","DOIUrl":"https://doi.org/10.22495/cocv17i2art4","url":null,"abstract":"Traditional cost behavior assumes that variable costs vary symmetrically according to changes in the level of activity. This means that variable costs change proportionately with changes in the cost driver. The key notion in symmetric cost behavior is that variable costs change identically by the same percentage in the two directions (i.e., upward and downward in cost driver) regardless whether the response rate of variable costs is less, equal or more than the rate of change in cost driver (Balakrishnan & Gruca, 2008; Malik, 2012). However, fixed costs remain constant in total despite changes in the cost driver within the relevant range. On the other hand, some costs are neither precisely variable nor fixed; this type of cost known as mixed cost. According to traditional analysis of cost behavior, managerial decisions (i.e., pricing, cost planning, cost control, budgeting, cost variances, cost standardization, cost reduction and cost allocation) are, precisely, based on prior analysis of cost behavior (Novák et al., 2018). The recent stream of research in cost accounting has criticized prior thinking in terms of traditional cost behavior. More specifically, many researchers have provided empirical evidence that emphasize the asymmetric cost behavior throughout Abstract","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129730299","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 failure: Bankruptcy prediction for Italian SMEs based on a longitudinal case study from 2000 to 2011 企业失败:意大利中小企业破产预测——基于2000 - 2011年纵向案例研究

Corporate Ownership and Control Pub Date : 2020-01-01 DOI: 10.22495/cocv17i3art2

F. di Donato, L. Nieddu

{"title":"Corporate failure: Bankruptcy prediction for Italian SMEs based on a longitudinal case study from 2000 to 2011","authors":"F. di Donato, L. Nieddu","doi":"10.22495/cocv17i3art2","DOIUrl":"https://doi.org/10.22495/cocv17i3art2","url":null,"abstract":"Accounting ratios come from financial information included in financial statements that companies are obliged to produce for external stakeholders and to be compliant with the law and fiscal rules. They can have a prediction role for companies’ bankruptcy (Barnes, 1987). Bankruptcy can be defined as the lack of resources to repay the obligations of a company as they come due (Boardman, Bartley, & Ratliff, 1981). Many studies have been devoted to the use of accounting data in order to predict corporates bankruptcy, starting from Beaver’s (1966), and Altman’s (1968) research. Beaver used univariate statistics in the US market while Altman found out that this kind of analysis is not good enough for evaluating companies’ potential failure. For this reason, he introduced the Multiple Discriminant Analysis (MDA) in order to predict the possibility of a company to fail. Anyway, this analysis does not consider the evolution of financial ratios over time. Ohlson (1980), to solve this issue, used information about the company’s performance at a different time before failure. In the US context, Altman’s model was used by many researchers to predict big companies’ failure (Blum, 1974; Ohlson, 1980). The survival of a firm is linked to economic and financial equilibrium in the medium-long term, where economic balance refers to the capability to generate revenues higher than costs and to produce a profit for shareholders’ Abstract","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124986303","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

The first impact of EU regulation on non-financial disclosure: An exploratory analysis in the oil & gas sector 欧盟法规对非财务信息披露的第一个影响:对油气行业的探索性分析

Corporate Ownership and Control Pub Date : 2019-09-27 DOI: 10.22495/cocv17i1art3

Cristian Carini, Laura Rocca, Monica Veneziani, Claudio Teodori

{"title":"The first impact of EU regulation on non-financial disclosure: An exploratory analysis in the oil & gas sector","authors":"Cristian Carini, Laura Rocca, Monica Veneziani, Claudio Teodori","doi":"10.22495/cocv17i1art3","DOIUrl":"https://doi.org/10.22495/cocv17i1art3","url":null,"abstract":"Directive 2014/95, in force since 2017, is the first European step that requires companies to provide mandatory non-financial information (NFI). The regulation concerns sustainability information with the policy goal of increased accountability and comparability among European “public interest entities” on that matters. According to the framework of Regulatory Integrated Assessment (RIA), the study compares the disclosure before and after the Directive application considering the content (what) and the location of the information in companies’ reports (where). Content analysis is applied to both financial and non-financial reports to create a disclosure scoring index and an overlapping one. Thus to compare the ex-ante analysis to the ex-post by a quantitative scoring system. The research contributes to the debate on the regulatory policy evaluation examining whether the ex-post assessment reveals a change in companies’ reporting behaviour about non-financial information, i.e. if the regulation achieves its policy objectives of improving sustainability disclosure. Findings show differences between the ex-ante and the ex-post phase: after the enforcement of the Directive there is an increase in the degree of disclosure (what) and a reduction in the level of overlap (where), with more companies choosing “embedded” reports. These results are a preliminary step in the regulatory policy evaluation and they answer to the request of more studies on the ex-post implementation review of regulation.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126640116","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