[PDF] The Conditional Nature Of The Value Of Corporate Governance eBook

Author : J. Daniel Chi
Publisher :
Page : 42 pages
File Size : 24,18 MB
Release : 2010
Category :
ISBN :

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Agency theory suggests that governance matters more among firms with greater potential agency costs. Rational investors are unlikely to value safeguards against unlikely events. Yet, few studies of the relation between governance and firm value control for investor perceptions of the likelihood of agency conflicts. Shleifer and Vishny (1997) identify investment-related agency conflicts as the more severe type of agency conflicts in the U.S. We measure the perceived likelihood of this type of agency conflict using free cash flow (Jensen, 1986). We find that firm value is an increasing function of improved governance quality among firms with high free cash flow. In contrast, governance benefits are lower or insignificant among firms with low free cash flow. We show that not controlling for this conditional relation between governance and firm value could lead to erroneous conclusions that governance and firm value are unrelated.

Author : Ulrich Steger
Publisher : John Wiley & Sons
Page : 313 pages
File Size : 36,83 MB
Release : 2008-08-04
Category : Business & Economics
ISBN : 0470754176

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This book present the value school of corporate governance,outlining a multitude of areas where corporate governance could addreal worth, and showing how this can be put into effect. No “one-size-fits-all” model emerges as a solution.Rather, the insights in this book take idiosyncrasies and dynamicsover time into consideration. They consider the main issues andtheir real causes, ownership settings, country settings and newdevelopments in corporate governance research and practice. International focus places emphasises on typical patterns,predicament and solutions instead of national laws. Points are illustrated with in-depth case studies andhighlighted learning nuggets. Alerts the reader to typical dilemmas and traps in attainingthe goal of value creation, whilst also pointing to promisingavenues forward.

Author : Shital Jhunjhunwala
Publisher :
Page : 0 pages
File Size : 25,10 MB
Release : 2023
Category :
ISBN : 9789819927081

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"This is a timely book on the elements of corporate governance. The case studies, comparative and Indian, illustrate the challenges of building effective governance in private businesses and the costs of getting it wrong. It will be useful also in understanding the governance needs of public enterprises." -RFI Smith, Melbourne, Australia "Corporations will now play a critical role in ensuring global flourishing. Corporate boards need to lead businesses in a way that protects people, planet and profit. This book provides an excellent backdrop on how corporate governance can be re-imagined and re-enacted for a just and equitable society. A must read for scholars, practitioners and policy makers." -Subhasis Ray, Professor, Xavier Institute of Management, India The book provides an in-depth understanding of Corporate Governance (CG) and its constituents. It includes new and contemporary topics such as CG in family controlled businesses, governance of multinational corporations, related party transactions and impact investing. A blend of theory and practice makes the book ideal for both students and practitioners. From Maxwell to Tata Sons, cases, old and new from both the western and eastern hemisphere facilitates readers understanding of CG issues. The book brings together governance frameworks of different countries in one place. For instance, when 'appointment of auditors' is discussed the UK code, US laws, EU Audit legislation 2016 and Indian rules are covered. It includes latest and novel regulations such as CSR in India. Dr Shital Jhunjhunwala is a Professor at Department of Commerce, Delhi School of Economics, University of Delhi, India. She has 25 years of industry and academic experience. She has been training corporate directors and senior executives for more than a decade. She is founder editor of the Indian Journal of Corporate Governance. An eminent researcher Jhunjhunwala has several publications to her credit . She has co-authored Diversity and the Effective Corporate Board.

Author : Claudio G. Müller
Publisher : Routledge
Page : 231 pages
File Size : 23,97 MB
Release : 2018-09-03
Category : Business & Economics
ISBN : 1351580698

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This is one of the first books of its kind to highlight family firms in a Latin American context, helping students to understand the distinctive nature and challenges of Latin American family businesses and how these issues compare to family businesses around the world. Building on their experience in teaching, research, speaking, and consulting on the subject of family firms in Latin America, the editors explain the need to implement and adapt traditional frameworks in the changing Latin American reality. Each section provides background on the most important topics in the management of family firms, including strategy, entrepreneurship, and performance, followed by illustrative cases and a discussion of how this knowledge is similar to or different from other parts of the world. The book’s clear writing and in-depth approach will appeal to undergraduate and graduate students of international business, business in Latin America, and family business.

Author : Ismail Lahlou
Publisher : Springer
Page : 204 pages
File Size : 12,73 MB
Release : 2018-12-26
Category : Business & Economics
ISBN : 3030050173

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Corporate governance, a subject that a few decades ago escaped the attention of all but a handful of academics and shareholders, has gradually become a central concern worldwide. This book contributes to the existing literature on the structure and effectiveness of corporate boards. It comprises three topics that address distinct research questions on board structure, the deployment of board resources to monitoring and advisory duties, and the use of equity-based incentives in the compensation packages of directors. Firstly, the book provides strong new evidence on the importance of corporate board functions in value creation. Secondly, it provides some evidence of the potential conflict between the two primary functions of corporate boards. The results indicate that while the board’s advising quality weakens when the board is principally devoted to monitoring duties, the presence of advisory directors on the board does not have any impact on the effectiveness of board oversight, which offers a more complete view on the tradeoffs between the board’s two major functions. Finally, the results suggest that the closer directors' compensation is tied to the firm's stock, the more consistent corporate acquisition decisions are with shareholder interests.

Author : Roger M. Barker
Publisher : OUP Oxford
Page : 352 pages
File Size : 39,98 MB
Release : 2010-01-21
Category : Political Science
ISBN : 0191610356

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The corporate governance systems of continental Europe have traditionally been quite different to those of the liberal market economies (e.g. the US and the UK). Company ownership has been dominated by incumbent blockholders, with a relatively minor role for minority shareholders and institutional investors. Business strategy has focused on the achievement of social stability - taking into account the interests of a broad group stakeholders - rather than the maximisation of shareholder value. However, since the mid-1990s, European corporations have adopted many of the characteristics of the Anglo-American shareholder model. Furthermore, such an increased shareholder-orientation has coincided with a significant role for the Left in European government. This presents a puzzle, as conventional wisdom does not usually conceive of the Left as an enthusiastic proponent of pro-shareholder capitalism. This book provides an analysis of this paradox by examining how economic factors have interacted with the policy preferences of political parties to cause a significant change in the European system of corporate governance. This book argues that the post-war support of the European Left for the prevailing blockholder-dominated corporate system depended on the willingness of blockholders to share economic rents with employees, both through higher wages and greater employment stability. However, during the 1990s, product markets became more competitive in many European countries. The sharing of rents between social actors became increasingly difficult to sustain. In such an environment, the Left relinquished its traditional social partnership with blockholders and embraced many aspects of the shareholder model. This explanation is supported through a panel data econometric analysis of 15 non-liberal market economies. Subsequent case study chapters examine the political economy of recent corporate governance change in Germany and Italy.

Author : Vu Quang Trinh
Publisher : Springer Nature
Page : 105 pages
File Size : 35,99 MB
Release : 2021-11-25
Category : Business & Economics
ISBN : 303089228X

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This book delivers the essential concepts and theoretical perspectives of corporate governance and board busyness. It uses the unique context of a dual banking system to capture the potential effects of such aspects on corporate outcomes. Board busyness refers to a board with a substantial proportion of “busy” members who hold multiple directorships. In most cases, directors are “over-boarded,” which means that they hold an excessive number of seats across different boards. The busyness of individuals is gauged to infer their monitoring and recommending abilities through their involvement, efforts, knowledge, skills, and experience, and hence, their behaviour in financial contexts. Yet an assessment of board busyness and its effects is challenging and inconclusive concerning the two opposing arguments surrounding this board attribute: reputation and busyness. The book is the first to thoroughly discuss this up-to-date concept within the dual banking system, and it is designed to help new researchers in this field and students boost their research and academic careers.

Author : Güler Aras
Publisher : CRC Press
Page : 716 pages
File Size : 45,64 MB
Release : 2016-03-16
Category : Business & Economics
ISBN : 1317187962

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The current economic situation has highlighted deficiencies in corporate governance while also showing the importance of stakeholder relations. It has also raised the profile of the debates regarding corporate social responsibility and shown the inter-relationship with governance. And the two together are essential for sustainable business. The social and environmental contexts of business are generally considered to be as significant as the economic and financial contexts and good governance will address all of these aspects. The combination of these aspects offers long term benefits for a firm, such as reducing risk and attracting new investors, shareholders and more equity as well as sustainable performance. Written by experts from all over the world, A Handbook of Corporate Governance and Social Responsibility is the most authoritative single-volume guide to the relationship between good governance and social responsibility and the reality of managing both. In addition to the theory and practice of governance and CSR, the book includes case studies from large and small organizations and NGOs to highlight examples of good and bad practice, and to show international and cultural similarities and differences while at the same time furthering the debate regarding the relationship between good governance and social responsibility.

Author : Alberto Chong
Publisher : World Bank Publications
Page : 584 pages
File Size : 42,75 MB
Release : 2007-06-26
Category : Business & Economics
ISBN : 0821369148

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'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.

Author : Jacob S. Hacker
Publisher : Cambridge University Press
Page : 487 pages
File Size : 29,5 MB
Release : 2021-11-11
Category : History
ISBN : 1316516369

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Drawing together leading scholars, the book provides a revealing new map of the US political economy in cross-national perspective.