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Boards of Directors: Utilizing Empirical Evidence in Developing Practical Prescriptions 董事会:利用经验证据开发实用处方
ICU management & practice Pub Date : 2005-03-01 DOI: 10.1111/J.1467-8551.2005.00450.X
Catherine M. Dalton, D. Dalton
{"title":"Boards of Directors: Utilizing Empirical Evidence in Developing Practical Prescriptions","authors":"Catherine M. Dalton, D. Dalton","doi":"10.1111/J.1467-8551.2005.00450.X","DOIUrl":"https://doi.org/10.1111/J.1467-8551.2005.00450.X","url":null,"abstract":"Boards of directors and corporate governance, more generally, continue to capture the attention of practitioners and scholars alike. There are now several reports, such as the Higgs Review, that offer both descriptions of past board structures and practices, and prescriptions for effective corporate governance practices going forward. This paper provides an overview of a series of research in which we have been involved that investigated the relationships between board structures (i.e. board composition, board leadership structure, board size and board member equity ownership) and firm financial performance. The paper demonstrates that not all current corporate governance ‘best practices’ are supported by empirical investigation. It also offer views on two means for installing independence in corporate boardrooms that hold considerable promise – installation of a lead independent director and reliance on an independent board of directors budget. Ultimately, however, no amount of structural prescription will guarantee effective boards of directors. Effective boards will install effective boardroom processes and be guided by individuals with the highest integrity and character.","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81107751","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: 323
Improve Board Effectiveness: The Need for Incentives 提高董事会效率:激励的必要性
ICU management & practice Pub Date : 2005-03-01 DOI: 10.1111/J.1467-8551.2005.00449.X
Wei Shen
{"title":"Improve Board Effectiveness: The Need for Incentives","authors":"Wei Shen","doi":"10.1111/J.1467-8551.2005.00449.X","DOIUrl":"https://doi.org/10.1111/J.1467-8551.2005.00449.X","url":null,"abstract":"Roberts, McNulty and Stiles (2005) focus on the attitudes and behaviours of non-executive directors in their recommendations for improving board effectiveness. This paper addresses the importance of providing incentives for non-executives in order to improve board effectiveness. It first points out that the current norms and practices in corporate governance suggest that, without strong incentives, non-executive directors are unlikely to become engaged in corporate governance, to challenge executive decision, and to remain independent of executive influences. It then proposes that, for non-executive directors to develop the attitudes and behaviors recommended by Roberts, McNulty and Stiles, it is important to require them own a significant amount of company stocks over a long period of time. It also addresses some concerns regarding the use of stock ownership to improve the effectiveness of non-executive directors in corporate governance.","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89565710","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: 68
Heterogeneity in the Likelihood of Market Advisory Service Use by U.S. Crop Producers 美国农作物生产者使用市场咨询服务可能性的异质性
ICU management & practice Pub Date : 2005-01-01 DOI: 10.1002/AGR.20031
J. Pennings, S. Irwin, D. Good, Olga Isengildina Massa
{"title":"Heterogeneity in the Likelihood of Market Advisory Service Use by U.S. Crop Producers","authors":"J. Pennings, S. Irwin, D. Good, Olga Isengildina Massa","doi":"10.1002/AGR.20031","DOIUrl":"https://doi.org/10.1002/AGR.20031","url":null,"abstract":"Analysis of a unique data set of 1,400 U.S. crop producers using a mixture-modeling framework shows that the likelihood of Marketing Advisory Services (MAS) use is, among others, driven by the perceived performance of MAS in terms of return and risk reduction, the match between the MAS and the crop producer's marketing philosophy, and the interaction between them. The influence of these factors on crop producers' MAS usage is not homogeneous across crop producers. The heterogeneity is played out in different MAS choices and appears to be driven by crop producers' risk attitudes. lEconLit citations: D210, D400, L100, L200, M310, Q120, Q130.r © 2005 Wiley Periodicals, Inc. Agribusiness 21: 109-128, 2005.","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84483638","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
In Search of Measuring Corporate Success: Eva *As a Choice, Not a Panacea 寻找衡量企业成功的方法:Eva *是一种选择，而不是万灵药
ICU management & practice Pub Date : 2005-01-01 DOI: 10.2139/ssrn.690022
Santanu Ray, A. Choudhuri
{"title":"In Search of Measuring Corporate Success: Eva *As a Choice, Not a Panacea","authors":"Santanu Ray, A. Choudhuri","doi":"10.2139/ssrn.690022","DOIUrl":"https://doi.org/10.2139/ssrn.690022","url":null,"abstract":"Economic value added (EVA) has been getting plenty of attention in recent years as a new form of performance measurement. In a recent Fortune article entitled 'The Real Key to Creating Wealth', the author claims that using EVA can give you a marked competitive advantage over the competition (Tully, 1993). Furthermore, the author states that EVA is today's hottest financial idea and getting hotter. An increasing number of companies are responding to this kind of hype by relying heavily upon EVA to evaluate and reward managers from all functional departments. The purpose of this article is to have a look into on the limitations and uses of EVA. Specifically, the article answers three questions: (1) Is EVA a new form of performance measurement? (2) What are the strengths and limitations of EVA? and (3) How should EVA be used to evaluate performance?","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89679441","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
Effort, Loyalty and Idealism 努力、忠诚和理想主义
ICU management & practice Pub Date : 2004-11-16 DOI: 10.2139/SSRN.619321
M. Gallo, K. Cappuyns
{"title":"Effort, Loyalty and Idealism","authors":"M. Gallo, K. Cappuyns","doi":"10.2139/SSRN.619321","DOIUrl":"https://doi.org/10.2139/SSRN.619321","url":null,"abstract":"The purpose of this pioneering study in the field of family business is to measure the degree of commitment to the family business among family members who do not actually work in the firm. After analyzing the characteristics of these people, we identify four very different groups. The existence of these four groups suggests that there is a \"natural evolution\" in relations between families and their businesses. Based on the behavior of the people in each of the four groups, we aim to identify the factors that can significantly affect the degree of commitment of family members.","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2004-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74405506","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
It Governance on One Page It治理在一页上
ICU management & practice Pub Date : 2004-11-01 DOI: 10.2139/ssrn.664612
{"title":"It Governance on One Page","authors":"","doi":"10.2139/ssrn.664612","DOIUrl":"https://doi.org/10.2139/ssrn.664612","url":null,"abstract":"As firms strive to generate value from information technology (IT), managers are increasingly aware that IT-related decisions and behaviors must be aligned with organizational performance goals. But many individuals throughout organizations make daily decisions influencing the value received from IT. IT governance is the process by which firms align IT actions with their performance goals and assign accountability for those actions and their outcomes. To be effective, IT governance must be actively designed, not the result of isolated mechanisms (e.g. steering committee, office of IT architecture, service level agreements) implemented at different times to address the challenge of the moment. Based on the best practices of 300 enterprises in 23 countries this paper offers an assessment and a one-page framework to help firms design and communicate IT governance.","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2004-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91126180","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: 175
The Allowance for Loan Losses and Earnings Management 贷款损失准备和盈余管理
ICU management & practice Pub Date : 2004-08-01 DOI: 10.2139/ssrn.598482
Robert P. Gray
{"title":"The Allowance for Loan Losses and Earnings Management","authors":"Robert P. Gray","doi":"10.2139/ssrn.598482","DOIUrl":"https://doi.org/10.2139/ssrn.598482","url":null,"abstract":"The purpose of the Allowance for Loan Losses (Allowance) is to adjust gross loans for credit quality. Prior research has given conflicting evidence on whether Bank Holding Companies (BHCs) manage earnings through the Allowance. This paper reveals findings from a two stage regression for all BHCs in the U.S. over $150 million in assets from 1992-2003. Initially the Allowance is regressed against disclosed credit quality variables to test the extent the Allowance meets its purpose through public disclosures. Then the absolute value of the residual is regressed against hypothesized earnings management variables. Since size is found to be significant, the data is divided into three panels by BHC size and is analyzed separately for annual disclosures and quarterly disclosures. The hypothesized earnings management variables relating to a BHC's capital ratio, the absolute value of the change in its prior tax prior provision earnings, and the absolute value of the change in the Allowance are significant in most panels. For quarterly data the largest BHCs show significantly more evidence of earnings management than the other BHCs. These results are consistent with the hypothesis that large BHCs manage quarterly earnings. There is no support for hypotheses that the SEC case against SunTrust induced BHCs to reduce earnings management or that added disclose for loans past due more than 30 days has decreased earnings management.","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"446 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2004-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83061980","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
Returns to Private Equity: Idiosyncratic Risk Does Matter! 私募股权回报:特殊风险很重要!
ICU management & practice Pub Date : 2004-07-16 DOI: 10.1093/ROF/RFQ003
Elisabeth F. Mueller
{"title":"Returns to Private Equity: Idiosyncratic Risk Does Matter!","authors":"Elisabeth F. Mueller","doi":"10.1093/ROF/RFQ003","DOIUrl":"https://doi.org/10.1093/ROF/RFQ003","url":null,"abstract":"Owners of private companies often invest a substantial share of their net worth in one company, which exposes them to idiosyncratic risk. For US companies we investigate whether owners require compensation for lack of diversification in the form of higher returns to equity. Exposure to idiosyncratic risk is measured as the share of the owner's net worth invested in the company. Equity returns are measured as the earnings rate and as capital gains. For both returns measures we find a positive and significant influence of exposure to idiosyncratic risk. This paper improves our understanding of returns to private equity.","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"54 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2004-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74465094","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: 35
Obligation Rules for Minimum Cost Spanning Tree Situations and Their Monotonicity Properties 最小代价生成树情形的义务规则及其单调性
ICU management & practice Pub Date : 2004-06-01 DOI: 10.2139/ssrn.567147
S. Tijs, R. Branzei, Stefano Moretti, H. Norde
{"title":"Obligation Rules for Minimum Cost Spanning Tree Situations and Their Monotonicity Properties","authors":"S. Tijs, R. Branzei, Stefano Moretti, H. Norde","doi":"10.2139/ssrn.567147","DOIUrl":"https://doi.org/10.2139/ssrn.567147","url":null,"abstract":"We introduce the class of Obligation rules for minimum cost spanning tree situations.The main result of this paper is that such rules are cost monotonic and induce also population monotonic allocation schemes.Another characteristic of Obligation rules is that they assign to a minimum cost spanning tree situation a vector of cost contributions which can be obtained as product of a double stochastic matrix with the cost vector of edges in the optimal tree provided by the Kruskal algorithm.It turns out that the Potters value (P-value) is an element of this class.","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"115 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2004-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78601683","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: 73
The Relationship between NPV and Irr in the Presence of a Non-Flat Yield Curve 非平坦收益率曲线下净现值与内部收益率的关系
ICU management & practice Pub Date : 2004-05-01 DOI: 10.2139/ssrn.556360
Michael Osborne
{"title":"The Relationship between NPV and Irr in the Presence of a Non-Flat Yield Curve","authors":"Michael Osborne","doi":"10.2139/ssrn.556360","DOIUrl":"https://doi.org/10.2139/ssrn.556360","url":null,"abstract":"A new relationship is derived for net present value (NPV) per dollar invested that is composed entirely of interest rates. The rates are mark-ups to the cost of capital, each mark-up being an internal rate of return (IRR) embedded in the complex plane. The result has been shown before, but only in the context of a flat yield curve. In this paper, the derivation is done in the context of a non-flat yield curve. Despite the extra complications introduced by the structure in the yield curve, the analysis results in a simple and elegant equation. The interpretation of the equation supports the preference for NPV held by academics because it is shown to contain all relevant information. The traditional IRR, often preferred by practitioners, is shown to be but one component of the NPV and therefore an incomplete measure of return. The general concept of IRR is still important, however, because the core equation shows that all the IRRs are the building blocks, in fact the only building blocks, of NPV per dollar. The new result is also shown to provide yet another expression for the modified internal rate of return.","PeriodicalId":92040,"journal":{"name":"ICU management & practice","volume":"121 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2004-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82565789","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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