公司治理评论 Pub Date : 2016-05-01 DOI: 10.2139/ssrn.2667676

Yeejin Jang, Natalia Reisel

引用次数: 1

Internal Governance and Performance: Evidence from When External Discipline Is Weak 内部治理与绩效:来自外部纪律薄弱的证据

公司治理评论 Pub Date : 2016-04-12 DOI: 10.2139/ssrn.2410027

J. Kalodimos

引用次数: 14

When Principals Conflict: Stakeholder Power, Executive Decision-Making, and the Manipulation of Pension Assumptions 当委托人冲突:利益相关者权力、执行决策与养老金假设操纵

公司治理评论 Pub Date : 2016-04-12 DOI: 10.2139/ssrn.2763825

J. Cobb

{"title":"When Principals Conflict: Stakeholder Power, Executive Decision-Making, and the Manipulation of Pension Assumptions","authors":"J. Cobb","doi":"10.2139/ssrn.2763825","DOIUrl":"https://doi.org/10.2139/ssrn.2763825","url":null,"abstract":"Whereas the dominant theoretical perspective in corporate governance research attends to the conflicting interests between shareholders and executives, in practice executives must frequently adjudicate between the demands of multiple principals with conflicting interests. To investigate how executives cope with these conflicts, I examine how much firms claim they will earn on the assets in their defined benefit (DB) pension plans. In a DB arrangement, participating employees forgo wages in the present in order to receive post-retirement income and they rely on executives to properly fund and manage plan assets for future payout. Executives, however, can act opportunistically by increasing the amount they expect the firm to earn on plan assets, effectively lowering their pension expenses and boosting the firm’s earnings. Whether executives do so, I argue, is determined in part by the power and interests of employees and shareholders as well as the decision-making schemas of the CEO. Through a detailed analysis, I show that equity ownership by bank trusts and public pension funds and the presence of a CEO with a background in finance are associated with higher expected rates, while higher rates of firm unionization are associated with lower expected rates of return on such assets.","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86447685","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

Bend it Like FIFA: Corruption On and Off the Pitch 像FIFA一样弯曲:球场内外的腐败

公司治理评论 Pub Date : 2016-01-14 DOI: 10.2139/ssrn.2719718

C. Boudreaux, R. Coats, G. Karahan

{"title":"Bend it Like FIFA: Corruption On and Off the Pitch","authors":"C. Boudreaux, R. Coats, G. Karahan","doi":"10.2139/ssrn.2719718","DOIUrl":"https://doi.org/10.2139/ssrn.2719718","url":null,"abstract":"Throughout 2015, many of FIFA’s (Federation Internationale de Football Association) top executives were arrested, facing charges of bribery, fraud, and money laundering. On December 21, 2015, FIFA’s own Ethics Committee decided to ban its long-serving president, Joseph “Sepp” Blatter, for eight years. FIFA has long been plagued by allegations of bribery, but has, until recently, been able to get around them, like a well-curved free-kick shot. Being organized as a not-for-profit organization while generating large revenues, FIFA has enjoyed the services of highly paid executives and employees. For-profit firms are regulated largely through the market process, with stockholders having strong incentives to maintain close oversight and demanding transparency of transactions, and being subject to takeover bids. Not-for-profit organizations receive far less oversight, but are subject to regulation from both the country where they are incorporated and the country where they operate. As a monopolist in rule-making and holding a world championship tournament for the world’s most popular sport, FIFA executives and board members are in a position to demand payoffs and/or can punish its adversaries with its venue selection or by banning national teams from tournament participation.","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73772985","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: 22

Covenant Design in Financial Contracts: A Case Study of the Private Equity Acquisition of HCA 金融合同中的契约设计:以私募股权收购HCA为例

公司治理评论 Pub Date : 2015-12-23 DOI: 10.3846/1648715X.2015.1073192

Tzu-Wen Wei, Jyh-An Lee, Chi-Jui Huang, T. Dong

引用次数: 1

The Effects of Institutions and Subsidiary Competence on the International Market Orientation in Foreign-Owned Subsidiaries 制度与子公司能力对外资子公司国际市场导向的影响

公司治理评论 Pub Date : 2015-11-27 DOI: 10.1108/MRR-06-2014-0142

Sven Dahms

{"title":"The Effects of Institutions and Subsidiary Competence on the International Market Orientation in Foreign-Owned Subsidiaries","authors":"Sven Dahms","doi":"10.1108/MRR-06-2014-0142","DOIUrl":"https://doi.org/10.1108/MRR-06-2014-0142","url":null,"abstract":"Purpose - – The purpose of this paper is to enhance our understanding on the effects of national and subnational institutions as well as subsidiary competences on the international market orientation in foreign-owned subsidiaries. Design/methodology/approach - – A postal survey has been conducted based on a census-like database of foreign-owned subsidiaries in the Northwest of England. Findings - – The findings show a positive relationship on the international market orientation for subsidiaries with extended competences and strong links to local suppliers, universities and competitors. A negative association has been found concerning formal institutional distance and strong links to local customers and government institutions. Research limitations/implications - – The survey is limited to foreign-owned subsidiaries in the Northwest of England. Practical implications - – This study implies that subsidiary managers need to take national and subnational institutions as well as subsidiary specific competences into consideration when looking for international market expansion. Originality/value - – The originality of this paper lies in the detailed investigation of institutions at the national and subnational level as well as subsidiary competences on the international market orientation in foreign-owned subsidiaries.","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2015-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75565254","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: 17

Trend-Following, Risk-Parity and the Influence of Correlations 趋势跟踪、风险平价和相关性的影响

公司治理评论 Pub Date : 2015-10-12 DOI: 10.1016/B978-1-78548-008-9.50003-4

N. Baltas

引用次数: 22

Value Creation Drivers in Large Leveraged Buyouts 大型杠杆收购中的价值创造驱动因素

公司治理评论 Pub Date : 2015-06-18 DOI: 10.2139/ssrn.2621525

Daniel Ilg

引用次数: 2

Shari’Ah Supervision, Corporate Governance and Performance: Conventional vs. Islamic Banks 伊斯兰教法监管、公司治理与绩效:传统银行与伊斯兰银行

公司治理评论 Pub Date : 2015-04-18 DOI: 10.1016/j.jbankfin.2015.04.030

Sabur Mollah, M. Zaman

引用次数: 465

Why Social Enterprises are Asking to Be Multi-Stakeholder and Deliberative: An Explanation Around the Costs of Exclusion 社会企业为何要求多利益主体和审慎:关于排斥成本的解释

公司治理评论 Pub Date : 2015-04-14 DOI: 10.2139/ssrn.2594181

C. Borzaga, Silvia Sacchetti

{"title":"Why Social Enterprises are Asking to Be Multi-Stakeholder and Deliberative: An Explanation Around the Costs of Exclusion","authors":"C. Borzaga, Silvia Sacchetti","doi":"10.2139/ssrn.2594181","DOIUrl":"https://doi.org/10.2139/ssrn.2594181","url":null,"abstract":"The study of multi-stakeholdership (and multi-stakeholder social enterprises in particular) is only at the start. Entrepreneurial choices which have emerged spontaneously, as well as the first legal frameworks approved in this direction, lack an adequate theoretical support. The debate itself is underdeveloped, as the existing understanding of organisations and their aims resist an inclusive, public interest view of enterprise. Our contribution aims at enriching the thin theoretical reflections on multi-stakeholdership, in a context where they are already established, i.e. that of social and personal services. The aim is to provide an economic justification on why the governance structure and decision-making praxis of the firm needs to account for multiple stakeholders. In particular with our analysis we want: a) to consider production and the role of firms in the context of the “public interest” which may or may not coincide with the non-profit objective; b) to ground the explanation of firm governance and processes upon the nature of production and the interconnections between demand and supply side; c) to explain that the costs associated with multi-stakeholder governance and deliberation in decision-making can increase internal efficiency and be “productive” since they lower internal costs and utilise resources that otherwise would go astray. The key insight of this work is that, differently from major interpretations, property costs should be compared with a more comprehensive range of costs, such as the social costs that emerge when the supply of social and personal services is insufficient or when the identification of aims and means is not shared amongst stakeholders. Our model highlights that when social costs derived from exclusion are high, even an enterprise with costly decisional processes, such as the multi-stakeholder, can be the most efficient solution amongst other possible alternatives.","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2015-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74143639","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: 22

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