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Grahovar, Marina, and Martina Åkesson. "A Common Corporate Governance Code - Mission Impossible?" Thesis, Kristianstad University College, Department of Business Administration, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-3239.
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<p>The corporate governance codes are a way of creating trust for companies in national financial markets. The problem with implementing different codes within the European Union has lead to that the trust has been increased for the companies within the different countries but not internationally, within the European Union. This means that investors will have to look into each country code to decide if a company existing in a financial marketplace can be trusted. A resolution for creating trust internationally could be to create a common code for the European Union. Therefore the aim of our research is through a comparison of different corporate governance codes and institutional systems analyse what similarities and differences the codes and the systems have with each other and through our conclusions make a judgement if it is possible to unite the codes into one common code in the European Union.</p><p>To reach our aim we made three different analyses. In the first analysis we compared four European corporate governance codes (the British, German, Spanish and Swedish) and concluded in which areas we thought the codes could be united. In our second analysis we compared the institutional systems in each of these four countries and concluded the main characteristics of each system that could influence the corporate governance codes. In our third analysis we tried to explain the differences in the codes by the differences in the institutional systems and through the comparison conclude in which parts the codes could be united and in which parts not.</p>
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Persson, Therese, and Helena Karsberg. "Swedish Code of Corporate Governance : A study of the compliance with the code among Swedish listed companies." Thesis, Jönköping University, JIBS, Business Administration, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-90.
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<p>After several scandals in the US, the focus on corporate governance has increased rapidly and led to implementations of “codes of best practice” in many countries. In 2002, the Swedish government appointed a committee with the purpose to develop a Swedish Code of Corporate Governance. The purpose with the code is to help the Swedish industry to regain its confidence in order to attract capital after the scandals that have occurred. The code shall be implemented by Swedish com-panies listed on the A-list on the Stockholm stock exchange and companies on the O-list with a market value above 3 billion SEK and shall be implemented by the 1:st of July 2005.</p><p>The code is based on the principle “comply or explain” which means that companies do not have to comply with the requirements of the code as long as they explain their reasons why they deviate. The purpose of this thesis is thereby to examine to what extent Swedish companies prepare to comply or are already complying with the requirements of the code and the reasons for possible deviations regarding the level of compliance between the companies. In order to answer the purpose stated, the authors have chosen to use both a quantitative and a qualitative method. The authors have sent surveys to all companies obliged to implement the code in order to find out to what extent the Swedish companies prepare to comply or are already complying with the code today. In order to answer the second research question, why companies prepare to comply, or are complying to different degrees, hypotheses were stated and interviews with five companies listed on the Stockholm stock exchange were made.</p><p>The authors found a high compliance rate among Swedish companies, with a mean of 88,49%. The companies on the A-list are complying to a larger extent than the ones on the O-list. Based on the hypotheses, the authors found that companies with higher turnovers are more likely to comply with the code to a larger extent than companies with lower turnovers. Additional reasons to a high degree of compliance rate with the code, are: the need for resources, the impact of media, the culture and personal values within the organization and the fact that the code does not imply any major changes for the organization. Reasons why companies do not prepare to comply or are already complying to a large extent are: the increased devotion of resources that the implementation requires, the high level of details and the complicated requirements of the code. These last-mentioned factors lead to difficulties to interpret the requirements of the code and increased bureaucracy, which thereby lead to a lower level of compliance.</p>
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Tayo-Tiwo, Aderonke Alberta. "Nigerian Banks' Compliance with the Code of Corporate Governance." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5788.
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Frequent incidences of bank failures in Nigeria resulting in enormous losses of investments and jobs have raised questions about the level of banks' compliance with the code of corporate governance. This single exploratory case study shifted attention from the banks to the regulators of banks in Nigeria, the Central Bank of Nigeria (CBN), to find out the problems they may be encountering in getting the banks to be fully compliant. Purposeful sampling was used to select 25 senior participants who were directly involved with the monitoring of banks from CBN. The agency theory served as the conceptual framework. The sources of data were semistructured interviews and focus group interviews. The use of member checking and triangulation improved the credibility of the data. Thematic analysis was used in data analysis. Findings showed that the CBN might have identified the shortcomings in their supervision processes and have put measures in place to ensure full compliance. Some of the measures included recruitment of skilled IT personnel to conduct monthly e-examinations of the books of banks, application of steep penalties for noncompliance, the reduction of percentage holding by investors, and continuous training of the staff. Full implementation and continuous evaluation of these measures should make the issue of bank distresses and the attendant loss of depositors' funds and means of livelihood outdated. This will result in positive social change by increasing public confidence in the banks resulting in a growth in the economic activities, more job creation, and greater wealth creation for shareholders.
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Siebeneck, Claudia. "Ein Code of Best Practice for Corporate Governance für KMU." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/94660602001/$FILE/94660602001.pdf.
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Schwarz, Sebastian Henner. "Regulierung durch Corporate Governance Kodizes." Doctoral thesis, [S.l. : s.n.], 2005. http://deposit.ddb.de/cgi-bin/dokserv?idn=976510898.
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Frisk, Emelie, and Wictoria Nyqvist. "Kopplingen mellan CSR och Corporate Governance." Thesis, Karlstad University, Division for Business and Economics, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-3148.
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<p>Syfte: Avsikten med studien är att undersöka relationen mellan CSR och corporate governance, från teori och praktik. </p><p> </p><p>Metod: Med bakgrund av forskningsfrågorna tillämpas den induktiva vägen eftersom vi ser på praktiken, men tolkar teorin utifrån den teorietiska referensramen tillsammans med empirisk data från två företag som undersökningsobjekt, vilket även leder till abduktion. En kvalitativ datainsamling bestående av främst sekundär-, men även primärdata har även genomförts.</p><p> </p><p>Teori: Utgångspunkten ligger i teorierna CSR och corporate governance. För att öka förståelsen för dessa begrepp har teoriavsnittet utökats med angränsande teorier, som till exempel intressentteorin, legitimitetsteorin och triple bottom line.</p><p> </p><p>Empiri: I empirin presenteras Swedbanks och Sveaskogs perspektiv och arbetssätt med CSR tillsammans med en djupintervju med en respondent från Sveaskog, vilket visar på ett välutvecklat engagemang med CSR där etik och miljö är framstående områden. </p><p> </p><p>Slutsatser: Vår studie visar att det föreligger samband mellan CSR och corporate governance, vilket kan tolkas ur flera olika perspektiv. En av dessa kopplingar återfinns i de två fenomens etiska ansvarstagande, när det gäller integritet i affärer och styrelsers implementering av etiska standards. Sambandet mellan CSR och den svenska koden ligger inte i Kodens riktlinjer, utan i dess syfte och mål. Andra relationer återfinns i förtroendet och det är inom de båda ägarstrukturerna viktigt att visa upp ett starkt CSR-engagemang, eftersom detta bidrar till att skapa en positiv bild av företaget, stärka varumärket samt ge företaget legitimitet inför sina intressenter. Ett vidare intressentperspektiv är tydligt i statligt ägda bolag på grund av statens ägarpolicy, där CSR är en central del för ett föredömligt agerande. När det gäller börsnoterade bolag kan CSR istället användas som ett medel för att övertyga samhället och kapitalmarknaden om det tagna ansvaret för ökad tilltro. </p><p> </p><br><p>Purpose: The thesis aspires to explore the relationship between CSR and corporate governance from a theoretical towards an experiential approach.</p><p> </p><p>Methodology: With background of the research questions we applied the inductive approach when it comes to the experiential approach, but since we interpreters the theory on the basis of the theoretical perspectives along with two companies, we also used abduction. We have implemented a qualitative survey which is based on both reports and an interview.</p><p> </p><p>Theoretical perspectives: The theoretical perspectives uses CSR and corporate governance as a starting point and is complemented with other related theories such as the stakeholder theory, the legitimacy theory and triple bottom line. </p><p> </p><p>Empirical foundation: Swedbanks and Sveaskogs perspectives and approaches on their CSR-implementation are presented in the empirical foundation along with an interview with one respondent from Sveaskog. </p><p> </p><p>Conclusions: Our study shows that it exist connections between CSR and corporate governance, which can be interpreted from several different perspectives and a number of conclusions can be made. One of these relationships is found in the ethical responsibility, when concerning the integrity in business and implementation of ethical standards. Other relationships are found in the issue of trust and it is, within both ownership structures, important to present an involvement in CSR. This is because it provides stakeholders with a positive image of the company and its trademark, which leads to legitimacy. A wider stakeholder perspective is found in State owned companies because of the State's ownership policy where CSR is a central part. When it comes to the listed companies CSR can instead be used as a means in order to convince the society and the capital market about the taken responsibility for increased trust. A final conclusion is that the connection between CSR and the Swedish Code of Corporate Governance can not found within its regulations, but rather in its purpose and aspiration.</p>
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Rott, Roland. "The acceptance of corporate governance principles by listed companies and their relevance for shareholders : empirical evidence from the German corporate governance code /." [S.l. : s.n.], 2006. http://www.gbv.de/dms/zbw/537911618.pdf.
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Rashed, Chra, and Georgiana Larsson. "UK pension providers´compliance with corporate governance codes, 2007-2009." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15081.
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The United Kingdom Combined Code is today the most fundamental corporate governance code applicable in United Kingdom. The nation of United Kingdom encourages governance practices by implementing the Directive 2006/46/EC on a voluntary basis before being mandatory. While corporate governance is applicable to many corporations, pension providers may be seen as one of the ideal market sector for governing, since they act as institutional investors representing a major shareholder group. Institutional investors may even improve corporate governance practices as they represent a major part of public sector capital. Owning large amount of shares, their function is to supervise in the firms’ corporate governance activities in order to monitor the transparency and disclosure procedures. To be able to monitor other companies' activities, pension providers must set up an example for enforcing corporate governance practices themselves and follow them respectively. This descriptive case study observes the corporate governance structures represented in annual reports of five large chosen pension providers during the years 2007 to 2009 capturing the financial crisis occurring in 2008, in United Kingdom. The purpose of the study is to examine if strong corporate governance is incorporated in the following pension providers, Aberdeen Asset Management plc, Aviva plc, Prudential plc, Royal London Mutual Insurance Society Limited and Standard Life plc. The focus is on board composition and established committees. The scope of this study answers the following research question: How do the five pension providers, Aberdeen, Prudential, Royal London, Standard Life and Aviva, comply with or explain deviations found in their respectively annual reports from 2007-2009 in accordance with the Combined Code 2008 and the Annotated Combined Code 2005? Fundamental for pension providers is to work on a long-term basis with value creation as goal. Still the core focus of corporate governance remains, to create a system offering protection for all stakeholders. As the result shows, all of the five chosen corporations strongly implement national corporate governance practices throughout 2007-2009 on both board composition and established committees. Still, they suffered short-term negative fluctuations from the United Kingdom financial crises in 2008, but recovered shortly afterwards. Even though these fluctuations occurred, all of the corporations have long-term value as one of their main objectives. The long-term value can partly be sustained by strong corporate governance practices as it a main objective in corporate governance.
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Rozhdestvenskaya, Anna, and Nathalie Eriksson. "Svensk kod för bolagsstyrning. En analys av utvecklingen av bolagsstyrningsrapporternas kvalité : Åren 2005 - 2006." Thesis, Uppsala University, Department of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8486.
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<p>Bakgrund: Styrelseskandaler som orsakat oroligheter i affärsvärlden har skapat ett behov av ett tydligt regelverk för bolagsstyrning, den skulle förstärka svenska noterade bolags och svenska börsplatsers konkurrenskraft på den internationella kapitalmarknaden. Den svenska koden för bolagsstyrning har kommit att bli en viktig del av regelsystemet på den svenska kapitalmarknaden. Den kräver att svenska börsnoterade bolag skall presentera bolagsstyrningsrapporter. Rapporternas kvalité är viktig för intressenterna som använder sig av bolagsstyrningsinformation.</p><p>Syfte: Syftet med uppsatsen är att analysera utvecklingen av tillämpningen av den svenska koden för bolagsstyrningen. Författarna vill undersöka rapporternas kvalité och se hur den har förändrats mellan åren. Författarna vill vidare utreda om informationen som presenteras i bolagsstyrningsrapporter har blivit mer användbar för intressenterna som nyttjar den.</p><p>Teori: Den teoretiska referensramen utgår ifrån Corporate Governance, agent-teorin, den svenska koden för bolagsstyrning och värderingskriterier som används för att bedöma bolagsstyrningsrapporternas kvalité.</p><p>Metod: Författarna använder sig av den kvantitativa metoden där 36 bolagsstyrningsrapporter jämförs mellan åren 2005 och 2006. Rapporterna granskas med hjälp av de tre värderingskriterierna. Resultatet presenteras i löpande text, tabeller och diagram.</p><p>Analys: Resultatet av granskade rapporter visar att de flesta bolag har utformat sin bolagsstyrningsrapportering enligt Kodens föreskrifter. De analyserade bolagen har generellt förbättrat sina bolagsstyrningsrapporter. Detta påvisar bolagsledningens vilja att ge en ärlig bild av bolaget och skapa en transparens gentemot aktieägare och övriga intressenter. Författarna tror att det leder till ökat förtroende mellan bolaget och deras intressenter.</p><br><p>Background: Board scandals that caused disturbances in the business world created a need for a clear regulation system for corporate governance. This system was created to reinforce Swedish-listed companies and their ability to compete on the international capital market. The Swedish Code for Corporate Governance is an important part of the regulation system on the Swedish capital market. It prescribes that Swedish-listed companies should present reports of corporate governance. The quality of the reports is important for stakeholders who use this information.</p><p>Purpose: The purpose of this essay is to analyse the development of the companies’ applications of the Swedish Code for Corporate Governance. The writers want to examine the quality of the reports and observe how it has changed over the years. Furthermore, the writers want to investigate if the information which is presented in the reports of corporate governance has become more applicable for stakeholders who use it.</p><p>Theory: The theoretical frame of reference is corporate governance, agent theory, the Swedish Code for Corporate Governance, and valuation standards, which are used to evaluate the quality of the reports for corporate governance.</p><p>Method: The writers use the quantitative scientific method to evaluate 36 reports of corporate governance between the years 2005 and 2006. The reports are studied on the basis of the three valuation standards. The results are presented in the text, and in tables and diagrams.</p><p>Analysis: The results of the studied reports show that most of the companies have shaped their reports of corporate governance according to the regulations of the Swedish Code for Corporate Governance. The analysed companies have generally improved their reports of corporate governance. This shows the willingness of the boards to give an honest image of the corporations in order to create a transparency towards shareholders and stakeholders. The writers believe that this will lead to a higher level of trust between the corporations and their stakeholders.</p>
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Rode, Oliver. "Der deutsche Corporate-governance-Kodex Funktionen und Durchsetzungsmechanismen im Vergleich zum britischen combined code." Frankfurt, M. Berlin Bern Bruxelles New York, NY Oxford Wien Lang, 2007. http://d-nb.info/991811577/04.
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Gunetilleke, Halpege Walter. "Role of non-executive directors in corporate governance in the context of the codes on corporate governance." Thesis, University of Greenwich, 2009. http://gala.gre.ac.uk/6498/.
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This thesis investigates the role of the Non-Executive Directors (NEDs) of the listed companies in the Alternative Investment Market (AIM) in the UK. Literature review on general theoretical framework on corporate governance and on the role of NEDs shows that there is a paradoxical compliance, that is the implementation of the statutory and non-statutory codes on corporate governance to minimise the corporate governance problems such as exploitation of the assets of shareholders by the management, corporate collapses, accounting frauds and so on yet the same problems emerging again and again. Therefore, the re-examination of the role of NEDs was identified as the intellectual problem for this thesis. A review into the existing research methodologies and research methods led to understand the need to design a research methodology for replication in the same research context or another research context to ensure reliability and validity of the research methodology and methods selected. Two research methods were chosen to collect data that is content analysis and postal questionnaire survey. The main theoretical framework used in this research is the Role Theory. The goal of this research is to understand the role of the NEDs in the context of the implementation of the non-regulatory Codes on Corporate Governance. The aim is to design the research methodology only after making a review into the strengths and weaknesses of the existing research methodologies into the role of the NEDs. The objective is to execute the same with a view to identify a model on the role of NEDs useful for the corporate sector in Sri Lanka. Thesis argues the rational of explaining the role of the NEDs in several categories such as strategy, advice, monitoring and service in previous research. This research finds a multiple number of tasks of NEDs as well as diversity among the tasks. Further it argues that the role of NEDs is conditioned by the expectations of the stakeholders as well as with their own cognitive disposition. Thesis contributes to knowledge in number of ways namely: (1) role of NEDs in AIM companies, (2) a review of general theoretical framework on corporate governance in the context of the implementation of non-regulatory codes on corporate governance, (3) a review of corporate governance experience in Sri Lanka and (4) some methodological developments for the content analysis technique namely use of Chi square test statistics to prove the protection of two properties of content analysis that is mutual exhaustiveness and mutual exclusiveness. Subject to several limitations arising from the inherent weaknesses in sampling and data collection, thesis certainly makes a contribution to understand the role of the NEDs in the modern corporation as well as to design a model on the role of NEDs in Sri Lanka which is planning to implement a non-regulatory code on corporate governance.
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Hossain, Afif, and Bama Nazarius Neng. "The role of Corporate Governance and Corporate Social Responsibility in Business expansion : The Case of Grameen Bank." Thesis, Karlstads universitet, Fakulteten för ekonomi, kommunikation och IT, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-8233.
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In the past few years many businesses has suffered some serious setbacks and some banks have even undergone bankruptcy. That’s why Corporate Governance (CG) and Corporate Social Responsibility (CSR) have increasingly become very important in the recent years. This thesis investigates the role played by CG and CSR in business expansion. Further it examines what is CG and CSR and how it can bring about growth in a business. For better understanding of the theories we used a case study approach and chose Grameen Bank (GB) a Bangladeshi bank because of its tremendous success and growth over the years even in the middle of the turbulent financial crisis. We wish to find out the role CG and CSR played in this success critically. The expected contributions of this work will be to see the visibility of CG CSR in a bank like GB which has deviated from conventional banking models and how this has influenced its growth.
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Boström, Emelie, and Johanna Linderot. "Svensk Kod för Bolagsstyrning : En granskning av bolagsstyrningsrapporter." Thesis, Uppsala University, Department of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-7854.
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<p>Bakgrund: Många företagsskandaler har drabbat ett flertal länder runt om i världen och det är en av orsakerna till att många länder har skapat koder för bolagsstyrning. Sverige är inte heller förskonat från skandaler och uppmärksamheten kring bolagsstyrningsfrågor har intensifierats på senare tid. Kodgruppen, en grupp tillsatt av regeringen, skapade Svensk Kod för Bolagsstyrning som trädde i kraft den 1 juli 2005. Koden har bl a som syfte att ge riktlinjer för bolagets rapportering till kapitalmarknad och ägare.</p><p>Syfte: Syftet med uppsatsen är att granska 50 bolagsstyrningsrapporter och i dem ta fram de vanligaste avvikelserna från Koden och de mest frekventa förklaringarna till dessa. Vidare undersöks graden av tydlighet i informationen i bolagsstyrningsrapporterna avseende Kodens tillämpning hos de berörda företagen. Avslutningsvis undersöks hur stor andel av rapporterna som är granskade av revisor eller inte.</p><p>Teori: Den teoretiska referensramen utgår ifrån corporate governance,</p><p>informationsasymmetri samt intressentteorin.</p><p>Metod: Den vetenskapliga metoden för uppsatsen är kvantitativ, systematiska observationer har utförts i 50 bolagsstyrningsrapporter för att därefter presenteras i diagram och tabeller. Den kvantitativa metoden valdes för att få en generell bild av tillämpningen av Koden.</p><p>Slutsats: Utifrån författarnas granskning kan konstateras att bolagen har en hög ambition gällande tillämpningen av Koden vilket kan utläsas av det låga antalet avvikelser per bolag. Vidare påvisar det låga avvikelseantalet att företagen har gjort en ansträngning för en ökad öppenhet och transparens gentemot aktieägarna. Bolagsstyrningsrapporterna har således gett aktieägarna och övriga intressenter en större insikt i företagens bolagsstyrning och därmed reduceras informationsasymmetrin.</p><p>Nyckelord: Svensk Kod för Bolagsstyrning, bolagskod, bolagsstyrning,</p><p>informationsasymmetri.</p><br><p>Background: Many scandals within big corporations have occurred in several countries and that is one of the reasons countries have created codes for corporate governance. Sweden is not spared from scandals and the debate about corporate governance has been intensified the last couple of years. A group called Kodgruppen, appointed by the Government, has created the Swedish Code of Corporate Governance which took effect 1 July, 2005. The purpose of the Code, among other things, is to give the concerned corporations guidelines about the content in the reports to the capital market and the shareholders.</p><p>Purpose: The purpose of this essay is to review 50 Swedish stock exchange corporations’ reports of corporate governance and from these portray the most frequent deviations from the Swedish Code and the most common explanations to these. The study also looks into the clearness of the information given in the reports regarding the implementation of the Code. Further the paper examines how many of the companies that had their corporate governance report reviewed by an auditor.</p><p>Theory: The theoretical frame of reference is corporate governance, information asymmetry and the stakeholder theory.</p><p>Method: The scientific method for the paper is quantitative, systematic observations have been done of 50 corporate governance reports which are presented in diagrams and tables. The quantitative method was chosen to describe a general situation of the application of the Code.</p><p>Conclusion: From the basis of the author’s review we can establish that the companies have a high ambition in the application of the Code which can be understood from the low number of deviations per company. Furthermore shows the low number of deviations that the</p><p>companies have made an effort for more openness and transparency towards the stockholders. The corporate governance reports have thus given the shareholders and other stakeholders a greater insight in the companies’ corporate governance and with that reduces the information asymmetry.</p><p>Key words: Swedish Code of Corporate Governance, code of corporate governance, corporate governance, information asymmetry.</p>
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Silfverskans, Jessica, and Matilda Stakset. "Svensk kod för bolagsstyrning : Efterlevnad och tillämpning ur ett oberoende perspektiv." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-24119.
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Purpose: The purpose of this study is to present an overview of the Swedish listed companies and their compliance with the Code and its normative rules for independent decision-making. Methodology: The authors have read and delved into the Swedish Code of Corporate Governance. The authors have chosen to study the enforcement of the code based on independent bracing guidelines. The study was conducted through a combined quantitative and qualitative approach. The study is based on primary data collected in the form of companies' corporate governance reports, which have been supplemented by structured interviews. Frame of reference: Swedish ownership structure and concentrated ownership, self regulation and normative guidelines, institutional theory and earlier research on this topic. Empirical foundations: A comparison of the selected companies has been based on the independence rules of the Swedish Code of Corporate Governance. A specific company has been presented with the company's application of the code, interviews have also been done with this company to increase the understanding of the empirical basis further. Conclusions: There are several flaws with the code and how it is applied today. The Code is complied with in an inadequate manner, and in some cases not complied with at all. The authors of this paper believe that the code, through normative guidelines, will not have a self-regulating effect on an independent decision-making in companies in Sweden.
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Jacob, Björktorp, and Robert Källenius. "Comply-or-explain in Sweden : A study on the quality of non-compliance explanations." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-30074.
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Purpose: The purpose of this study is to examine the effectiveness of the comply-or-explain principle in Sweden to determine if the flexible approach is functioning as in-tended. Research design: This paper scrutinizes the quality of the explanations with respect to the Swedish Corporate Governance Code. A quantitative research with a cross-sectional design has been performed and the data collection covers 241 companies listed on Nasdaq OMX Stockholm for the fiscal year of 2014. The secondary data has been gathered from corporate governance reports of the researched companies and analysed by using a tax-onomy of explanations. Findings: The report demonstrates that the comply-or-explain principle in Sweden is effective. A clear majority of the explanations, 71,8%, were deemed as informative, mean-ing that a large proportion of the Swedish firms are utilizing the flexible approach in an effective manner. However, one out of four explanations were classified as insufficient and we have thus provided recommendations in order for the code to become even more effective. Contribution: Our findings provide insights on how the comply-or-explain principle works in a country that is supposed to be a leading example of how the comply-or-explain approach should be implemented. This study should be of significance for policy makers considering that we have outlined how the principle works and provided recommenda-tions on how the Swedish Corporate Governance Code can be improved. Value: Our findings demonstrate that companies listed on Nasdaq OMX Stockholm pro-vide high quality explanations that can serve as an inspiration for companies listed in other countries. Furthermore, the results indicate that managers are likely to act within ethically desired norm. Considering the social implications, as Swedish firms are informative in terms of explanations, it minimizes the risk of firms acting dishonestly.
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Blahouš, Lukáš. "Corporate Governance, účetní, právní a auditorské aspekty." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-81893.
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The thesis deals with the main principles of Corporate Governance. It focuses on the most important legal regulations and codes in this area, on the role of external and internal audit in Corporate Governance, as well as on its connection with accounting standards. Two basic models are described -- Anglo-American and Continental European model. These models are compared particularly in terms of ownership control, board structure and investor protection. After that, the situation in the Czech Republic is analysed. Finally, the information disclosed in annual reports of corporations from four countries are examined and compared
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Zhang, Haitao. "Accrual-based earnings management and corporate governance, China : evidence in the pre- and post-code periods." Thesis, University of Surrey, 2010. http://epubs.surrey.ac.uk/2823/.
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This thesis aims to investigate the impact of implementation of The Code of Corporate Governance . for Listed Companies in China (or the Code) in 2002 upon the accrual-based earnings management (hereafter EM) practices in China's listed companies. Based on Transaction Cost Economics (TCE) and Agency Theory (AT), it is hypothesised that, due to the improvement of the corporate governance Code, Chinese listed companies engage less in EM. In particular, it is hypothesised the relationships between the main corporate governance (or CG) mechanisms arranged from the executive compensation to the characteristics of controlling shareholders (shareholdings and ownership type) and EM prior to and after the Code. Drawing upon a panel data of 447 non-financial Chinese listed companies over the period of 2000-2006, the results provide robust evidence suggesting that while the magnitude of discretionary accruals (or DAs-proxy of EM) measured by the Modified Jones Model (Dechow el al., 1995) and the Larcker and Richardson (2004) (or L&R) Model respectively decreases over time, the reduction is more pronounced after the Code compared with it prior to the Code. In addition, the findings show that companies engage in larger earning-decreasing DAs are followed by smaller positive reversals. The findings also document that: (1) the performance-based compensation is neither statistically nor economically related to the magnitude of DAs; (2) the independent non-executives on the board significantly constrain the magnitude of DAs, and such effect is increased significantly in the post-Code period; (3) while both the audit committee and the institutional investors significantly reduce earnings-increasing DAs, especially in the post-Code period, they do not significantly mitigate the earnings-decreasing choices; (4) the use of the international reputable auditor (Big 4) is not significantly correlated to the magnitude of DAs; and (5) the controlling shareholders especially who are ultimately controlled by the State significantly engage in DAs before and after the Code. This thesis has made important theoretical and managerial implications. Theoretically, it implies that as TCE and AT are complementary theories, a theoretical framework by incorporating TCE with AT should be robust in investigating the relationships between CG and EM in China's stock markets. Managerially, it implies that investors should be aware of the EM behaviours and need to check firms' financial statements with great caution. For stock market regulators, they may need to: (1) enforce more transparent compliance with the CG Code, and extend the requirements and duties of non-executives so that greater oversight is provided; (2) strengthen the independence and expertise of the audit committee; and (3) be cautious of promoting the participation of international audit firms as these firms do not necessarily help China with improving its monitoring system. For policy makers, they may need to consider improving the legal environment so as to make expropriation of minority shareholders more difficult.
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Lawal, Bello. "Securities and exchange commission code of best practices and the quality of corporate governance in Nigeria." Thesis, Glasgow Caledonian University, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.636818.
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This thesis examines the effects of board structure characteristics on firm performance within the context of the recommendations offered in the Securities and Exchange Commission's Code of Corporate Governance. The study adopts an integrated research framework combining four distinct theories including agency, stewardship, stakeholders and resource dependency models. The analyses were based on data drawn from a sample of 127 listed companies on the Nigerian Stock Exchange covering a twelve-year period (1999-2010), an era of significant corporate governance evolution in Nigeria. Consistent with the directions of previous studies, six sets of hypotheses were tested on the presumed effects of board size, CEO duality, independence, directors' educational qualifications, professional experience and ethnicity, across multidimensional performance measures. Through the use of a moderating approach and the deployment of econometric tools that are barely used in management science research, the study offers new sets of gap-closing evidence on the relationship between these board structure elements and firm performance. Empirical findings from the three clusters of regression models show that board independence, directors' educational qualifications and professional experience are positively associated with firm value and the return on assets. Board size was found to be positively but statistically insignificantly linked to an increase in firm performance.
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Jettingstad, Annika, and Sara Kåver. "Internal Control in Corporate Governance Codes : - a comparative study." Thesis, Uppsala University, Department of Business Studies, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-7516.
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Davidsson, Marcus, Camilla Johansson, and Johanna Nilsson. "Hur hanterar företagen kravet på revisionsutskott? : - En studie av fem svenska börsföretag." Thesis, Växjö University, School of Management and Economics, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:vxu:diva-5619.
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<p><strong>Författare: </strong>Marcus Davidsson, Camilla Johansson och Johanna Nilsson</p><p><strong>Handledare: </strong>Ola Nilsson</p><p><strong>Titel: </strong>Hur hanterar företagen kravet på revisionsutskott? – <em>en studie av fem svenska börsföretag</em></p><p><strong>Bakgrund: </strong>Under sommaren 2008 blev Svensk kod för bolagsstyrning obligatorisk för samtliga svenska företag som är noterade på den svenska börsen. Svensk kod för bolagsstyrning stadgar bland annat att företagens styrelser skall inrätta ett revisionsutskott. Företagen kan dock välja att inte inrätta ett revisionsutskott och då förklara varför, enligt principen ”följ eller förklara”.</p><p><strong>Syfte: </strong>Syftet med studien är att öka kunskapen kring hur företag hanterar Svensk kod för bolagsstyrnings krav kring revisionsutskott samt vilken nytta revisionsutskottet upplevs tillföra i styrelsearbetet.</p><p><strong>Metod: </strong>En kvalitativ intervjustudie har genomförts. Studien omfattade fem styrelseledamöter från fem börsnoterade företag på OMX Nordic Exchange Stockholm.</p><p><strong>Slutsats: </strong>Studien visar att fyra av de fem företagen som ingått i studien har valt att inrätta revisionsutskott. Majoriteten av dessa har inrättat revisionsutskotten som ett resultat av strävan att följa Svensk kod för bolagsstyrning. Vidare har studien visat att styrelserna har satt samman revisionsutskott på olika sätt, både vad gäller ekonomisk kompetens och oberoende. Merparten av företagen i studien ställer höga krav på vad revisionsutskotten skall utföra för uppgifter och upplever att utskotten tillför nytta i styrelsearbetet.</p>
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Pothmann, ValerieChristine. "Corporate Governance Kodex für nicht gelistete Familienunternehmen in der Schweiz Untersuchung am Beispiel des neuen Schweizer Governance-Leitfadens für Familienunternehmen /." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03606456001/$FILE/03606456001.pdf.
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Bengtsson, Åsa, and Elvira Hendeby. "The Swedish Code of Corporate Governance : An analysis of the Changes of Information Provided in Companies' Annual Reports." Thesis, Jönköping University, JIBS, Accounting and Finance, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-936.
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<p>In society today large corporations are striving to regain the trust, which has been lost dur-ing the many accounting scandals that occurred lately. As a response to minimize the con-flicts countries have introduced codes of corporate governance. It is common knowledge that a company’s stakeholders and shareholders have different knowledge and interest in the company and the annual report is the agent’s main communication channel towards the principals. The Swedish code of corporate governance was implemented in July 2005 in an attempt to reduce the information gap between the managers of the company and the own-ers.</p><p>The purpose of this thesis is to examine if and how the Swedish code of corporate govern-ance has affected the content in annual reports in Sweden. We will evaluate and explain why listed companies have changed the information provided in their annual reports from the year 2001 prior to the codes existence, during the code’s implementation in year 2005, and after the implementation in 2006.</p><p>A deductive method created our research model, which was used as a tool to gather the empirical findings. Agency Theory, Institutional Theory and the Swedish code constitute the foundation for our evaluation of 65 companies’ annual reports from three individual years. Once our research model was created, an explorative and inductive method was used analyse and interpret the empirical findings.</p><p>Our conclusion is that corporate governance information in annual reports has increased, and the implementation of the Swedish code of corporate governance has affected the in-formation provided to the shareholders. Between 2001 and 2005 a rapid growth in infor-mation can be view, while only minor improvement can be found between 2005 and 2006. The Swedish code has been successful in its implementation as stakeholders and share-holders have received more information from the annual reports. However, we are ques-tioning the Swedish code for its extensive dimensions. Some areas of the Swedish code are provided with sufficient guidelines, while others would bring with it improved information to the shareholders by more detailed instructions. Many of the investigated companies have had their corporate governance information reviewed by an external auditor in 2005 and it is unexpected to see that this has been excluded in 2006. The examined companies provide information regarding many of the Swedish code’s rules, but we found the information re-lated to internal control, managing director and attendance at the general meeting insuffi-cient.</p>
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Eriksson, Tobias, and Emma Lindevall. "Svensk kod för bolagsstyrning : -en studie av hur tre bolag berörts i och med införandet av den reviderade koden (1 juli 2008)." Thesis, Mälardalen University, School of Sustainable Development of Society and Technology, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-6301.
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<p>Syfte: </p><p>Syftet med denna uppsats är att undersöka hur organisation, intern kontroll och eventuella bolagsstyrningsrapporter förändrats i de tre undersökta bolagen i och med införandet av den reviderade koden den 1 juli 2008. Vidare är vårt syfte att undersöka om revisorernas arbete påverkats i och med införandet av den reviderade koden och hur Kollegiet upplever att implementering av densamma fungerat.</p><p>Metod: </p><p>Undersökningen bygger på en kvalitativ forskningsmetod där primärdata studerades i form av bolagsstyrningsrapporter från de granskade bolagens årsredovisningar samt intervjuer av semistrukturerad karaktär. Intervjuerna har gjorts med representanter för tre revisionsbyråer, tre börsnoterade bolag som följer koden sedan 1 juli 2008 samt Per Lekvall representant för Kollegiet för svensk bolagsstyrning.</p><p>Slutsats: </p><p>Författarna har kommit fram till att implementeringen av den reviderade koden inte har blivit så omfattande och krävt några större förändringar som många av de mindre/medelstora bolagen kanske oroat sig för. Anledningen till detta är att bolagen redan följer många delar av koden sedan tidigare samt att koden inte innehåller några revolutionerande förändringar för bolagen.</p><br><p>Purpose: </p><p>The purpose with this thesis is to study how the organization, intern control and possible corporate governance reports changed in three companies since they started to follow the modified code 1 july 2008. Further is the purpose to study if the work of the audits has been affected since the adoption of the modified code and how the Swedish Corporate Governance Board has experienced the implementation of the Swedish code of corporate governance.</p><p>Method: </p><p>The Research is built on a qualitative method where primary data was studied in form of corporate governance reports reports taken from the reviewed companies annual reports and from semi-structured interviews. The interviews has been done with representatives from three audit bureaus, three companies noted on the Swedish stock exchanged, who has followed the code since 1 july 2008 and Per Lekvall from the Swedish Corporate Governance Board.</p><p>Conclusion: </p><p>The Authors has realised that the implementation of the modified code has not brought any big changes as many of the small/ medium-sized companies maybe worrying about. The reason is that many of these companies are already following a large part of the code and that the code does not contain any revolutionary changes.</p>
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Richard, Moses Peace. "An analysis of the structural failings of corporate governance in Nigeria : the UK Companies Act and US Sarbanes Oxley Act as models for reform of the regulatory framework of corporate governance under the Nigerian Companies Act and Governance Code." Thesis, University of Essex, 2017. http://repository.essex.ac.uk/18982/.
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The recent corporate scandals at Cadbury Nigeria Plc and Oceanic Bank Plc in Nigeria not only uncovered devastating incidents of corporate malpractices within Nigerian firms but they also appear to highlight the ineffectiveness of the existing regulatory structure of companies in the country. This study offers a theoretical analysis to corporate governance practices and regulation of public companies in Nigeria from a legal and regulatory standpoint. It analyses the effectiveness of the regulatory framework of corporate governance under the Nigerian Companies and Allied Matters Act 1990 ("CAMA 1990") and the Code of Corporate Governance 2011("2011 SEC Code") in terms of ensuring good governance and promoting ethical practices amongst corporate actors such as directors, auditors, shareholders and stakeholders. This thesis argues that the CAMA 1990 and the 2011 SEC Code have naturally been rendered inadequate in curtailing corporate malpractices and ensuring good governance in Nigeria because important mechanisms pertaining to directors’ accountability, auditing, shareholders’ protection, compliance and enforcement are weak and defective. By using the UK’s Companies Act 2006 ("CA 2006") and US’ Sarbanes-Oxley Act 2002("SOX") as models for reform, the author explores ways to enhance these mechanisms and how to further strengthen the current regulatory framework in Nigeria. The author recognises that the UK and the US, having experienced their own fair share of corporate collapses are by no means perfect, but they are widely known to have robust and well-developed regulatory frameworks, which could provide instructive lessons on practical solutions to existing regulatory lapses in Nigeria. This thesis tackles fundamental questions, which previous studies have ignored, e.g. how effective is the current regulatory framework under the CAMA 1990 and 2011 SEC Code, and to what extent does it facilitate good corporate governance practices in Nigerian public firms?
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Morén, Anna, and Linda Sunebrand. "Internal audit : How the internal audit has been affected by the Code." Thesis, Jönköping University, Jönköping International Business School, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-564.
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<p>The Swedish code of corporate governance (the Code) was introduced 1 July 2005 aiming to raise the quality of corporate governance. This thesis investigates how the Code has affected internal audit. The purpose of this study is dual and aims to 1). Describe the internal audit, in companies on the A-list and O-list, and how it has and is believed to be affected by the Code. 2). Explain why the internal audit function varies between companies.</p><p>The first purpose has been carried out by using an inductive approach. The data has been gathered through qualitative interviews with companies, on the A and O-list, audit firms and the Institute of Internal Auditors. In order to fulfil the second purpose a deductive approach has been used. Quantitative data has been gathered from annual reports as well as homepages. The material has together with agency theory been used in order to analyse why the internal audit differs between firms.</p><p>The result of the qualitative interviews shows that the perceptions of internal audit differ. This can to a certain extent be explained by that there today are no accepted standards for internal audit. Neither does the Code explain what an internal audit function should involve. Overall, all respondents agree that the Code is nothing new nor revolu-tionary since the majority of the companies regard the regulations to be a matter of course. However, the demand of documentation and information has increased. The respondents also states that the acceptance and importance of internal audit has been raised further. All respondents believe that the role of internal audit will develop further. It is expected to become more consultative wherefore the internal auditor’s competence must be improved. Furthermore, the opinion is that COSO will be the framework that companies will apply.</p><p>The differences in internal audit practice have in this thesis also been analysed and explained by applying the agency model. The analysis has resulted in two proposals:</p><p>Proposal 1: The ownership structure affects the agency relationship which in turn leads to differences in the internal audit.</p><p>Proposal 2: Companies operating in complex business environments are more likely to have an internal audit function than entities in less complex businesses. Therefore, the existence of internal audit varies across business sectors.</p>
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Núñez, Izquierdo Manuel Ernesto. "The association between quality of corporate governance and firm performance: Evidence from Spain, Europe and a global setting." Doctoral thesis, Universitat Ramon Llull, 2018. http://hdl.handle.net/10803/663801.
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La qüestió de com el govern corporatiu es relaciona amb el desenvolupament de l’empresa ha captat una considerable atenció dels acadèmics, els reguladors i els inversors. L'objectiu principal que es persegueix en aquesta tesi doctoral és examinar la relació entre la qualitat del govern corporatiu i el rendiment de l'empresa. Hem mesurat aquesta qualitat de govern mitjançant dos dels principals indicadors: els índexs comercials àmpliament utilitzats com a representants del govern corporatiu i el grau de compliment de les recomanacions del codi d'un país. Els models proposats han estat provats empíricament per a l'entorn espanyol, europeu i global per confirmar si es materialitza la suposada associació positiva.
Els capítols 2, 3 i 4 constitueixen el cos principal d'aquesta investigació. En el capítol 2, investiguem la relació entre govern corporatiu i desenvolupament de l’empresa utilitzant un índex comercial de govern corporatiu líder per a una mostra representativa del paisatge europeu. En el capítol 3, examinem empíricament si els nivells més alts de compliment de les recomanacions incloses en el Codi Unificat de Bon Govern (UGGC) tenen un impacte en el rendiment de l'empresa mitjançant un conjunt únic de dades de panell d'empreses cotitzades. El capítol 4 reflecteix l'estudi empíric realitzat per determinar la possible associació entre la qualitat del govern corporatiu mesurada a través de l’índex comercial líder i el rendiment de la companyia a escala global.
En general, els nostres resultats no validen una relació significativa i consistent entre l’índex comercial i el desenvolupament de l’empesa per a la nostra mostra de grans empreses europees i mundials. En segon lloc, els resultats obtinguts en el capítol 3 apunten a un impacte feble en el desenvolupament de les empreses de la qualitat del govern corporatiu quan aquesta es mesura mitjançant el compliment de les recomanacions del codi local. Aquests resultats es refereixen tant a l’indicador general de govern corporatiu com als indicadors parcials de les principals categories de governança o àrees de recomanacions.<br>La pregunta de cómo el gobierno corporativo se relaciona con el desempeño de la empresa ha captado una considerable atención por parte de académicos, autoridades e inversores. El principal objetivo de esta tesis doctoral es examinar la asociación entre la calidad del gobierno corporativo y el desempeño de la empresa. Hemos medido esta calidad de gobernanza a través de dos de los principales indicadores: índices comerciales ampliamente utilizados como indicador para el gobierno corporativo y grado de cumplimiento de las recomendaciones del código de un país. Los modelos propuestos han sido probados empíricamente para el entorno español, europeo y mundial, para confirmar si la supuesta asociación positiva se materializa.
Los capítulos 2, 3 y 4 constituyen el cuerpo principal de esta investigación. En el Capítulo 2, investigamos la relación entre gobierno corporativo y desempeño de la empresa utilizando un índice comercial líder para una muestra representativa del panorama europeo. En el Capítulo 3, examinamos empíricamente si los niveles más altos de cumplimiento de las recomendaciones incluidas en el Código Unificado de Buen Gobierno de España (UGGC) tienen un impacto en el desempeño de la empresa, utilizando un conjunto único de datos de panel de las compañías analizadas. El Capítulo 4 refleja el estudio empírico llevado a cabo para determinar la probable asociación entre la calidad del gobierno corporativo medido a través del índice comercial líder y el desempeño de la empresa a escala global.
En general, nuestros resultados no validan una relación significativa y consistente entre el índice comercial de gobierno corporativo y el desempeño de la empresa para nuestra muestra de grandes empresas europeas y globales. En segundo lugar, los resultados obtenidos en el Capítulo 3 apuntan a un impacto débil en el desempeño de las empresas cuando la calidad del gobierno corporativo se mide a través del cumplimiento de las recomendaciones del código local. Estos resultados son válidos tanto para el indicador general de gobierno corporativo, como para los indicadores parciales que representan las principales categorías de gobierno o áreas de recomendaciones.<br>The question of how corporate governance relates to firm performance has captured considerable attention from scholars, regulators, and market participants alike. The main objective pursued in this doctoral thesis is to examine the association between the quality of corporate governance and firm performance. We have measured this governance quality through two of the main channels: commercial indexes widely used as a proxy for corporate governance, and the degree of compliance with the recommendations of a country's code. The proposed models have been tested empirically for the Spanish, European and global setting to confirm if the assumed positive association does materialize.
Chapters 2, 3 and 4 constitute the main body of this investigation. In Chapter 2, we investigate the governance-performance relationship using a leading CGR for a representative sample of the European landscape. In Chapter 3, we empirically examine whether higher levels of compliance with the recommendations included in the Spanish Unified Good Governance Code (UGGC) have an impact on firm performance using a unique panel data set of listed companies. Chapter 4 reflects the empirical study carried out to determine the probable association between the quality of corporate governance measured through the leading CGR and firm performance at a global scale.
Overall, our results fail to support a consistent significant relationship between CGR and firm performance for our sample of large European and global firms respectively. Second, the results obtained in Chapter 3 point to a weak impact on the performance of companies from the quality of corporate governance when measured through a compliance with local code recommendations. These results hold for the overall proxy of corporate governance as well as for the proxies that represent the main governance categories or areas of recommendations.
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Nilsson, Emelie, and Michelle Spalding. "Bolagstyrningsrapportens placering : vilka faktorer påverkar valet av placering?" Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-11006.
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Purpose: The purpose of this study is to explain which factors that affects Swedish listed companies choice of placement for the corporate governance report when the regulation gives different options. Methodology: The chosen research philosophy is positive, research strategy is deductive and methodology is quantitative. Theoretical Perspectives: As support for the dependent (placement) and independent factors agency theory, positive accounting theory, accounting choice, legitimacy-, stakeholder-, and institutional theory are used. Empirical foundation:The sample consists of 249 companies. The empirical data consists of the companies Annual reports and Corporate Governance reports for financial year 2011 or when split financial year, 2010/2011. Limitations: A limitation of the study is that it is based on observations from only one year why it is not certain that the results should have been the same if a comparison between several years had been done. Conclusions: The factors size and growth explain the placement of the Corporate Governance Report in Swedish listed companies.<br>Syfte: Syftet med studien är att förklara vilka faktorer som påverkar svenska noterade bolag val av placering av bolagsstyrningsrapporten när lagen ger olika alternativ. Metod: Vald forskningsfilosofi är positivistisk, forskningsstrategin är deduktiv och insamlingsmetoden är kvantitativ. Teoretiskt perspektiv: Som stöd för den beroende (placering) och oberoende faktorerna används agentteorin, Positive Accounting Theory, Accounting choice, legitimitets-, intressent-, och institutionellteori. Empiri: Urvalet består av 249 bolag. Empirin består av bolagens årsredovisningar och bolagsstyrningsrapporter för räkenskapsår 2011 eller vid brutet räkenskapsår 2010/2011. Begränsningar: En begränsning i studien är att den bygger på observationer från ett verksamhetsår varför det inte är säkert att resultatet blivit detsamma om en jämförelse mellan flera verksamhetsår hade gjorts. Slutsats: Faktorerna storlek och tillväxt förklarar placeringen utav bolagsstyrningsrapporten i svenska noterade bolag. Bidrag: Utrett möjliga faktorer som kan förklara placeringen utav bolagsstyrningsrapporten för svenska noterade bolag.
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Bergström, Nicklas, Lina Lindblom, and Elin Wetterhäll. "Mindre börsnoterade bolags syn på Svensk kod för bolagsstyrning : – varken ”Rocket Science” eller kioskvältare." Thesis, University of Kalmar, Baltic Business School, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hik:diva-152.
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<p>Inledning: Bolagsskandaler runt om i världen har bidragit till ett strängare sätt att reglera hur bolagen styrs. Enron och WorldCom är två nordamerikanska bolag som varit bidragande orsak till den amerikanska lagstiftningen Sarbanes Oxley Act, SOX, vilken reglerar bolagsstyrningen i USA. Efter detta har den moderna världen valt att</p><p>införa någon sorts normbildning kring ämnet bolagsstyrning. Sverige har följt utvecklingen genom att under 2005 införa Svensk kod för bolagsstyrning på börsbolag med ett börsvärde över 3 miljarder kronor. Under andra halvåret 2008 kommer Koden att utvidgas för att omfatta ett större antal börsnoterade bolag i Sverige med börsvärden under 3 miljarder kronor.</p><p>Syfte: Syftet är att undersöka vad representanter för de bolag som ej ännu omfattas av Svensk kod för bolagsstyrning samt vad revisorer anser om planerna på att införa Koden för börsnoterade bolag med ett börsvärde under tre miljarder svenska kronor. Syftet är även att utifrån den information som införskaffas försöka formulera förslag på ett sätt att göra införandet smidigare för de aktuella bolagen.</p><p>Metod: Den metod vi valt att använda är ett fenomenologisk förhållningssätt till undersökningen, samt att vi valt att genomföra ett induktivt forskningsprojekt med en kvalitativ forskningsansats. Vi har gjort sex intervjuer, varav fem med företagsrepresentanter och en revisor, samt deltagit på ett seminarium berörande ämnet Svensk kod för bolagsstyrning och dess vidare införande på mindre börsnoterade bolag.</p><p>Slutsats: Den slutsats som framkommit genom denna undersökning är att uppfattningen om Koden skiljer sig mellan bolag med olika ägarstrukturer, där bolag med dominerande ägare inte ser lika stor nytta med Koden som de med spridd ägarkrets. Kunskapen om Koden i de bolag som undersökts är i dagsläget ganska bristfällig, vilket kan göra att de inte ser nyttan med Koden. I slutsatsen har vi även sammanställt fem punkter som vi anser kan underlätta implementeringen av Koden för de bolag som har denna förändring framför sig.</p><br><p>Introduction: Corporate scandals all over the world have contributed to a more strict way of handling how the corporations are managed. Enron and WorldCom are two North American companies who were the roots to the American legislation Sarbanes Oxley Act, SOX, which regulate the corporate governance within USA. The modern world has as a result of this chosen to introduce some kind of norm within the corporate governance area. Sweden has followed the development by introducing the Swedish code for corporate governance for listed companies with a stock market value over 3 billion Swedish kronor during the year of 2005. The Code will expand during the last six-month period of 2008 to enclose a bigger number of companies listed on the stock exchange market in Sweden with a stock market value below 3 billion Swedish kronor.</p><p>Purpose: The purpose is to investigate what representatives for the companies who yet have not been included by the Swedish code of corporate governance and auditors think of the plans of introducing the Code on companies with a stock market value below 3 billion Swedish kronor. The purpose is also to try to formulate a few suggestions to make the introduction as smooth as possible through the information we have received during the working procedure.</p><p>Methodology: The methodology we have chosen is a phenomenological method to approach the study. We have also chosen to apply an inductive research project with a qualitative approach towards the study. We have made 6 interviews whence 5 of them with representatives from companies and 1 of them with an auditor. Besides this we have attended on a seminar about the Swedish code for corporate governance and the further introduction of the code on smaller companies listed on the stock exchange market.</p><p>Conclusion: The conclusion that has emerged trough this study is that the opinions about the Code differ between companies with different owner structure. Companies with dominating owners do not understand the utility of the Code as the companies with wide owner structure. The knowledge about the Code in the companies that have been included in the study is today inadequate which can cause the consequence that they do not see the utility of the Code. In the conclusion we have also put together 5 suggestions on how to make the implementation of the Code easier for the changes that will be actualized.</p>
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Davidsson, Marcus, Camilla Johansson, and Johanna Nilsson. "Påverkar regleringar styrelsenätverket? : En studie av Svensk kod för bolagsstyrnings påverkan på det svenska styrelsenätverket." Thesis, Linnaeus University, Linnaeus School of Business and Economics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-5865.
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<p><strong>Bakgrund: </strong>Under senare år har de börsnoterade bolagens styrning kommit att intressera samhället. Ett viktigt fenomen i bolagens styrning är styrelserna. Under de senaste 15 åren har omfattande regleringar införts för att klargöra och definiera hur styrelserna i de börsnoterade bolagen skall sättas samman och arbeta.</p><p><strong>Syfte: </strong>Syftet med denna studie är att undersöka om, och i så fall hur, det svenska styrelsenätverket förändras efter utvecklandet och implementeringen av en reglering. Vår ambition är att ge förklaringar till varför eventuella förändringar sker.</p><p><strong>Avgränsning:</strong> Studien har utgått från Svensk kod för bolagsstyrning som ett fall av reglering för att se hur denna har påverkat styrelsenätverket.</p><p><strong>Metod: </strong>En social nätverksanalys av styrelseledamöternas nätverk har genomförts. Studien omfattar bolag noterade på en svensk reglerad marknad med säte i Sverige.</p><p><strong>Slutsats: </strong>Studien påvisar att införandet av en styrelsereglering inte behöver leda till förändringar i styrelsenätverket. Däremot kan hotet om att en reglering skall införas utgöra ett starkt instrument, för att åstadkomma förändringar i styrelsenätverket.</p>
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Shabbir, Amama. "Does compliance matter? : an investigation of the relationship between compliance with the UK code of corporate governance and firm performance." Thesis, University of Reading, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.493812.
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Does compliance with the UK code of corporate governance matter for firm performance? This the central question guiding this entire thesis. Although a few earlier UK studies have examined this issue but have failed to find a clear answer, partly due to data limitations (being cross-sectional), partly due to a rather fragmented approach to the analysis, and perhaps even because performance is not measured appropriately.
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Juhlin, Liza. "Hur säger bolagen att de tillämpar Svensk kod för bolagsstyrning?" Thesis, University of Gävle, Department of Business Administration and Economics, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-475.
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<p>Syfte: Att bolag inte alltid styrs av sina ägare har varit betydande för marknadsekonomins utveckling. Införandet av aktiebolag sänkte riskerna samtidigt som möjligheterna ökade. I börsnoterade bolag finns ofta ett brett ägande vilket innebär risker vid tillvaratagandet av intressen. Ägare och ledning är sällan den samma och deras intressen skiljer sig ofta åt. För att minska riskerna har många länder infört olika bolagsstyrningskoder. Bolagsstyrning handlar om hur bolag ska drivas utifrån ägarnas intressen. År 2004 fick Sverige sin egen kod för bolagsstyrning kallad Svensk kod för bolagsstyrning. Kodens syfte var att förbättra styrningen av svenska bolag och är en självreglering inom näringslivet. Koden bygger på principen ”följ eller förklara” som innebär att ett bolag kan avvika från koden så länge de förklarar varför. Syftet med min uppsats är besvara frågeställningarna:</p><p>• Hur säger bolagen att de avviker från Svensk kod för bolagsstyrning?</p><p>• Av vilken anledning säger bolagen att de valt att avvika?</p><p>Metod: Undersökningen är kvantitativ och bygger uteslutande på sekundärkällor i form av bolagsstyrningsrapporter från 133 bolag listade på Nordiska listan. Jag har checkat av hur många bolag som avviker från respektive punkt i koden. I min undersökning har jag helt utgått från vad bolagen själva säger att de avviker från. Efter detta har jag tittat på hur dessa avvikelser påverkar ägarna.</p><p>Resultat & slutsats: Min undersökning visar på att endast 9% av de listade bolagen har fler än tre avvikelser från koden. Undersökningen visar även att det endast från 7% av kodens 71 punkter avveks fler än 9 gånger. Detta tyder på att bolagen valt att anpassa sig till koden om de inte redan innan hade en organisation som följde kraven. I de flesta fall hade bolagens förklaringar till avvikelse från kodens olika punkter liknande förklaringar. Enligt min mening har avvikelserna störst effekt på mindre aktieägare då de inte har lika stort inflytande när det gäller att ändra bolagets organisation.</p><p>Förslag till fortsatt forskning:</p><p>• Vad ser bolagen för fördelar respektive nackdelar med koden?</p><p>• Hur kan koden utvecklas för att skydda minoritetsägare?</p><p>• Bör det finnas krav på hur bolagens förklaringar ska se ut?</p><p>• Bör det finnas en myndighet som kontrollerar att förklaringarna är tillräckligt tydliga?</p><p>Uppsatsens bidrag: En sammanställning som denna kan användas till att utvärdera koden för att se vilka anpassningar som kan vara nödvändiga.</p><br><p>Aim: The fact that corporations haven’t always been run by its owners has had a great impact to the development of market economy. Corporations lowered the risks at the same time as possibilities increased. Stock-market corporations often mean a wide ownership including a lot of risks in taking care of everybody’s interests. To reduce these risks many countries have implied corporate governance codes. Corporate governance is about the fact that corporations shall be run according to the owner’s interests. Year 2004 Sweden got its own corporate governance code by the name Swedish corporate governance code. The purpose was to improve Swedish corporate governances and the code is a self-regulation. The code is based on the principle “apply or explain” meaning that a corporation can diverge the code as long as they explain why. The purpose of my investigation is to try to answer the following questions:</p><p>• How do the corporations say they diverge from Swedish corporate governance code?</p><p>• What explanations do they give to the diverges?</p><p>Method: This investigation is quantitative and based exclusively on secondary sources like corporate governance reports from the 113 corporations listed at the Nordic list. I have checked how many corporations have diverged from each part of the code. My investigation is entirely based on what the corporations say they diverge from. I have also investigated how these diversions affect the stock-holders.</p><p>Result & Conclusions: My investigation shows that only 9% of the corporations have more then three diversions from the code. It also shows that only 7% of the codes 71 parts were diverged from more then 9 times. This indicates that the corporations have applied the code. In most cases the corporation’s explanations to the diversions were the same. In my opinion the diversions have the most effect on the smallest owners. This since they do not have the same power to change the organization of the corporation.</p><p>Suggestions for future research:</p><p>• What benefits and disadvantages do the corporations see in the code?</p><p>• How can the code be developed to protect minority owners?</p><p>• Should there be demands on how the explanations should be?</p><p>• Should there be an authority that controls the substance of the explanations?</p><p>Contribution of the thesis: A compile like this could be used to evaluate the code and see which adaptation is necessary.</p>
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Hedin, Lisa. "Bolagsstyrning och tillgänglighet : Hur funkar det?" Thesis, Södertörn University College, School of Business Studies, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-1692.
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<p>Abstract</p><p>The OMX Nordic Exchange Stockholm requires all large companies to apply the Swedish Code of</p><p>Corporate Governance. A revised code will be applied from July 2008. The purpose of this paper is to</p><p>identify the accessibility of information on corporate governance and in particular how the compliance,</p><p>concerning the Swedish Code of Corporate Governance in the perspective of an internet active general</p><p>public.</p><p>This paper is a complete census of the companies at the OMX Nordic Exchange Stockholm who</p><p>complies with the code. Each company website has been visited and a comparison between the sectors</p><p>at the OMX Exchange Stockholm has been performed.</p><p>Results: 96% of the companies present the members of the nomination committee. 94% presents the</p><p>nomination committees proposal of the company board members, though only 33% of the companies in</p><p>the Energy sector. 37% of the companies present all of the facts according to the code about the</p><p>proposed board members. The Materials- and Telecommunication Service sectors presents the facts in</p><p>the most extent (100%). 88% of the companies presents the process for deciding on remunerations to</p><p>members of the executive management, though only 33% of the companies in the Energy sector. 28% of</p><p>the companies presents all of the facts according to the code about the remunerations to members of the</p><p>executive management. 46% of the companies has a special section for corporate governance on the first</p><p>page of the company website. The companies in the Energy- and the Health Care sectors have corporate</p><p>governance on the first page more often then the other sectors. The Rezidor Hotel Group AB is the</p><p>company that, according to the paper, best comply with the Swedish Code of Corporate Governance</p><p>concerning accessibility for the internet active general public.</p><p>Conclusions: The companies comply well with the code concerning the publicity of documents, but are</p><p>being more careless when it comes to details. For an internet active general public who lacks knowledge</p><p>about terms of corporate governance it can be complicated to get accessibility to information concerning</p><p>corporate governance. The Energy sector more rarely presented facts according to the code but more</p><p>often had a special section for corporate governance at the first page of the company website.</p><br><p>Svensk kod för bolagsstyrning är ett av noteringskraven på OMX Nordic Exchange Stockholm för de stora bolagen. Nu presenteras en ny reviderad kod som ska gälla fler bolag. Syftet med uppsatsen är att se hur tillgängligheten av bolagsstyrning och i synnerhet efterföljandet av svensk kod för bolagsstyrning ser ut ur perspektivet från den internetanvändande allmänheten. En totalundersökning av bolagen som följer koden på OMX Nordic Exchange Stockholm har genomförts. Studien har en kvantitativ ansats. Samtliga av bolagens hemsidor har besökts för att se hur de följer koden avseende vad koden föreskriver ska publiceras på bolagens hemsidor, därefter har en jämförelse gjort för att se om skillnader finns mellan de olika branscherna.</p><p>Resultat: 96% av bolagen presenterar vilka ledamöter som ingår i valberedningen, 94% presenterar valberedningens förslag till styrelse, dock endast 33% av bolagen i energibranschen. 37% av bolagen presenterar samtliga av de uppgifter som koden föreskriver om de föreslagna ledamöterna. I störst utsträckning är det material- telekombranscherna som gör det (100%). 88% av bolagen presenterar principer för ersättning till ledande befattningshavare, dock endast 33% av bolagen i energibranschen. 28% av bolagen presenterar samtliga av kodens kriterier om ersättning till ledande befattningshavare. 46% av bolagen har en särskilt avdelning för bolagsstyrning på sin hemsidas förstasida. I störst utsträckning har energi- och hälsovårdsbranschen en sådan på förstasidan. Rezidor Hotel Group AB är det bolag som, utifrån hur undersökningen är utformad, bäst uppfyller kodens kriterier avseende tillgänglighet för den internetanvändande allmänheten.</p><p>Slutsats: Bolagen uppfyller i stor utsträckning kodens regler om publicering av dokument, men slarvar med detaljerna. Som internetanvändande allmänhet som saknar förkunskaper kan det vara svårt att hitta information om bolagsstyrning. I branschjämförelsen märkte energibranschen ut sig för att de i lägre utsträckning än andra branscher publicerade uppgifter, men var samtidigt den bransch som i störst utsträckning hade en lättillkomlig avdelning för bolagsstyrning.</p>
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Ferdous, Chowdhury Saima. "Compliance with codes of corporate governance in developing economies : the case of Bangladesh." Thesis, University of Birmingham, 2013. http://etheses.bham.ac.uk//id/eprint/3993/.
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This thesis investigates the overall acceptance of the Code of Corporate Governance for Bangladesh by examining the level of acceptance and the factors influencing compliance. The study identifies the code provisions which are most and least complied with and examines the perceptions of different stakeholder groups relating to the barriers of good governance, the causes of non-compliance with the Code and the appropriate model of governance for Bangladesh. The study uses a questionnaire survey for the listed companies in Bangladesh and the semi-structured interview method with the stakeholder groups. The shareholder and the stakeholder theoretical perspectives are adopted to interpret the results. The findings suggest that the level of compliance amongst the sample companies is at a moderate level. However, the findings also indicate that the sample companies are following the regulatory provisions, and the Code is yet to be widely accepted by the companies. The corporate infrastructure of Bangladesh appears to be dysfunctional in most, if not all, aspects. Hence, the polarization of the shareholder and stakeholder perspectives is to some extent unrealistic in the case of Bangladesh; rather an appropriate model of governance is considered to be the one that prioritizes the needs and ability of the country.
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Milatovic, Sinisa. "The role of international law in establishing corporate accountability through codes of conduct." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:c9de550d-5260-4c86-afed-ca0ecbef338d.
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The thesis answers the following research question: what is the extent of the influence of international law on the construction and application of corporate codes of conduct, what factors determine this influence and through which processes does it occur? The thesis uses a mix of methods: a content analysis study, used to measure the extent to which codes of conduct incorporate international labour standards and the degree to which they have changed over time in this respect; legal research on whether corporations can be liable for violating their codes and how this risk factors in the drafting of codes; and case studies of fifteen retailer corporations, which examine how their codes were created and how they are being applied. The study's findings show there is an influence of international law on the construction and, to a far smaller degree, on the application of codes. The creation and application of codes is a politicised and contested process and codes are based on international law principally due to the pressure exerted by trade unions and NGOs, but also due to reputational risk, commercial pressure and mimicry by corporations. This influence has been selective, with corporations applying provisions in their codes that protect the rights carrying the biggest reputational risks. These findings show the flaws in the current international framework for corporate accountability, which is based on self-regulation through codes and audits. They also raise issue of whether changes, such as a binding international treaty or the creation of more collaborative and inclusive programmes to oversee the application of codes, may be required in order to ensure wider respect for labour rights of workers.
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Aseghehey, Mekonen Araia, and Bereket Assegid Taffese. "Can Corporate Governance be standardized? A comparative study of South Africa and Sweden Corporate Governance codes based on multiple case studies. (A case study of Nedbank and Nordea Bank)." Thesis, Karlstads universitet, Handelshögskolan, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-35278.
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Stakeholder’s levels of trust and confidence in a company’s operational efficiency and leadership have been influenced negatively by some scandals in the last two decades. This creates a need for governance and transparency, through which corporate governance and social responsibility issues can get more attention from researchers, business and governmental and non-governmental bodies. Corporate governance and corporate social responsibility have also developed to a greater extent in the last decade because of financial crises, corporate scandals and globalization. More specifically, since the early 1990s, corporate governance has received the global attention and consideration in business organizations, financial institutions and governmental agencies required to potentially secure shareholder and stakeholder value. Furthermore, the need for corporate governance has become more important for operational efficiency as it could reduce information asymmetry and build investors’ and stakeholders’ confidence. The main aim of this thesis is to determine if corporate governance codes could be standardized based on a comparative study of two corporate governance codes in South Africa and Sweden and their application in the financial institutions of Nedbank and Nordea respectively. This thesis investigates how corporate governance influences business activities and reporting with an emphasis on assessing integrated reporting of social responsibility. This thesis also describes how Governance Metrics (GMI) attributes can measure the effective implementation of corporate governance codes that contribute to the achievement of sustainable business development and the maintenance of a secured relationship with shareholders and stakeholders. The findings of this thesis indicate that it is difficult to reach an agreement and we conclude that corporate governance should not be standardized because countries differ in their legal structure (laws and governing regulations), cultural and traditional background. Consequently, companies that operate within these countries are required to comply with the respective country’s laws, regulations and values; besides the corporate governance codes. As to stakeholder’s engagement, both Nedbank and Nordea have steady corporate values with clear focus on stakeholder value by providing the best services and social responsibility activities. The Nedbank and Nordea Board of Directors have shown greater accountability in the management of risk and their compliance with corporate governance codes regarding the Governance Metrics (GMI) attributes. To summarize, the managerial implication of the thesis is that companies within the same line of industry should see and use corporate governance code practices and reporting standards and adopt some of the codes, which can fit their own context.
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O'Rourke, Alan. "Creation and implementation of an IT governance compliant IT asset management framework for Wexford County Council." [Denver, Colo.] : Regis University, 2009. http://adr.coalliance.org/codr/fez/view/codr:42.
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Shbeilat, Mohammad Khaled. "The Jordanian Corporate Governance Code: A study of institutional investors' perception of the reliability of the audit report and the audit expectation gap." Thesis, Australian Catholic University, 2013. https://acuresearchbank.acu.edu.au/download/7e47498637229f2a8c8a02b5846a4a1fefbe28d3ed7f3bd4725d047b3e22bc4e/3024767/65084_downloaded_stream_309.pdf.
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This thesis examines, from the perspective of Jordanian financial analysts, the impact of selected components of the Jordanian Corporate Governance Code (JCGC) on the reliability of audit reports and the extent to which the JCGC contributes in narrowing the audit expectations gap. Thus this study focuses on those elements of the JCGC that relate to auditing and seeks to fill a gap in the existing literature regarding the determinants of changes in the audit expectation gap and the perceived reliability of the audit report, in the context of Jordan. Previous research in this area either considered a smaller range of variables or considered codes other than the JCGC. Moreover, Jordanian research has focused on studying the relative main effects of the independent variables on the dependent variables, and thus less attention has been placed on identifying interactive or configural relationships. Also the research methods used were incapable of identifying cause and effect relationships. Furthermore, given that the JCGC was only relatively recently implemented, on a “comply or explain” basis, the full impact of the code has, perhaps, not been fully reflected in prior research. This thesis investigates, experimentally, the main and interactive effects of four independent variables on two dependent variables. The independent variables are: (1) the external auditor’s independence, (2) the internal auditor’s effectiveness, (3) disclosure and transparency, and (4) corporate accountability. The dependent variables are (1) the perceived reliability of the audit report and (2) the perceived level of the audit expectation gap. In addition, this thesis investigates the extent to which Jordanian financial analysts possess self-insight as to the weight they place on the decision cues when evaluating the reliability of audit reports and when assessing the size of the audit expectation gap. By comparing financial analyst stated beliefs about the weights they placed on various factors, on one hand, to the weights revealed by the experiment, on the other, it is possible to gauge the accuracy of self-insight of the group. The study design is based on the agency theory and uses a mixed method approach. The study uses semi-structured interviews, concentrating on ‘how’ and ‘why’ questions, aiming to investigate how institutional investors assess the selected elements of the JCGC in terms of their effect on the perceived reliability of the audit report and the level of the audit expectation gap. The study also uses a fully crossed 2 level factorial experiment based on the repeated measures technique, thus forming 16 possible combinations of the four independent variables (i.e. 16 scenarios). In the survey, each subject was requested to provide their assessment of the two dependent variables in each of the 16 scenarios. The interviews deliver an in-depth understanding of the investors’ perceptions regarding the selected elements of the JCGC and facilitate the interpretation of the study’s experimental results. It was predicted that the sophisticated investors may make decisions regarding the assessment of audits and auditors differently from unsophisticated investors. Therefore this study focused on financial analysts as an important type of sophisticated investor from the following types of institutional investors: banks, insurance companies, brokerage houses, investment companies and funds. An analysis of 47 completed surveys and ten interviews suggested that external auditors’ independence had the greatest effect on the perceived reliability of the audit report while, contrary to the existing literature, corporate accountability had the greatest influence on the perceived level of the audit expectation gap. Several other significant interactions have been identified between the study variables. One-third of the overall effect size in relation to the perceived reliability of the audit report is attributed to interaction between the independent variables, whilst approximately one-quarter of the overall effect size in relation to the level of the audit expectation gap is attributed to interaction between the independent variables. This indicates that institutional investors configurally process decision making information when considering the influence of the selected elements of the Jordanian corporate governance code. This has policy implications for the Jordanian regulating bodies.
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Persson, Elisabet, and Mahim Kenani. "Att tillämpa eller inte? : Svensk kod för bolagsstyrnings effekter på börsnoterade företags årsredovisningar." Thesis, Jönköping University, JIBS, Accounting and Finance, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-484.
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<p>Problem: After several corporate scandals concerning accounting around the world a discussion concerning corporate governance arose. The public demanded greater insight and better corporate governance in public companies. The discussions led to the development of codes of corporate governance, codes such as the Sarbanes Oxley Act, the Combined Code and the Swedish Code of Corporate Governance. The Swedish code is a clarifying of the Swedish law, a codification of praxis and in some cases an increase in the demands on reporting of information from the companies.</p><p>Purpose: The purpose of the thesis is to describe what effects the Swedish Code of Corporate Governance has had on the content of annual reports of listed companies and if different types of companies have been affected in different ways.</p><p>Method: The investigation was conducted using both qualitative and quantitative methods. Through a preliminary study knowledge about the subject was gathered. Using this knowledge, the authors could develop a questionnaire which was sent to all companies listed on the Swedish Stock Exchange’s A- and O-lists.</p><p>Conclusions: A large part of the participating companies has chosen to implement the Swedish Code of Corporate Governance in some way. The larger companies have chosen to do this, but not to the extent that could be expected. Among the smaller companies there is also a will to implement the code even though it is not a forcing code for them. However, not as many companies have chosen to print a report of corporate governance and the board’s report on internal control. Instead, the companies seem to have to chosen to give out information which they were forced to give out since earlier. New information according to the code has then been added to this old information. A great deal of the companies feel that the code has a relatively large use and that the demands of the code are accurate. Finally, it can be concluded that the Swedish Code of Corporate Governance has had an effect on the annual reports of listed Swedish companies but to what extent and how varies greatly.</p><br><p>Problem: Efter flertalet redovisningsskandaler runt om i världen uppkom diskussioner kring Corporate Governance; bolagsstyrning. Allmänheten krävde större insyn och bättre bolagsstyrning i publika företag. Diskussionerna mynnade ut i bolagskoder, koder såsom Sarbanes Oxley Act, Combined Code och den svenska versionen Svensk kod för bolagsstyrning. Den svenska koden är ett förtydligande av lagtext, en kodifiering av praxis och innebär i vissa fall utökade krav på informationsrapportering från företagen.</p><p>Syfte: Syftet med uppsatsen är att beskriva vilka effekter Svensk kod för bolagsstyrning har haft på innehållet i de börsnoterade företagens årsredovisningar och om olika typer av företag har påverkats olika mycket.</p><p>Metod: Undersökningen genomfördes med både kvalitativa och kvantitativa metoder. Genom en förundersökning i form av en granskning av årsredovisningar anförskaffades kunskap om ämnet. Med hjälp av denna kunde författarna sedan ta fram en enkät som skickades till samtliga företag på Stockholmsbörsens A- och O-listor då koden främst berör dessa företag.</p><p>Slutsatser: En stor del av de deltagande företagen har valt att på något sätt tillämpa Svensk kod för bolagsstyrning. De större företagen har valt att göra just detta men inte i så stor utsträckning som kunde antagits, då koden trots allt är ett regelverk. Även bland de mindre företagen finns en vilja att tillämpa koden trots att den inte är tvingande för dessa bolag. Däremot är det inte lika många företag som inkluderar en bolagsstyrningsrapport och styrelsens rapport om intern kontroll. Företagen verkar istället välja att lämna ut sådan information som har krävts sedan tidigare, exempelvis uppgifter om styrelse, VD och incitamentsprogram, som då kompletteras med den utökade information som krävs enligt koden. Många av företagen anser att koden har relativt stor nytta och att kodens krav är tillräckliga. Slutligen kan konstateras att Svensk kod för bolagsstyrning har haft effekt på svenska börsnoterade företags årsredovisningar men i vilken utsträckning och på vilket sätt varierar kraftigt.</p>
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Ptáček, Petr. "Správa a řízení společnosti." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223515.
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The aim of the master’s thesis is to analyse the corporate governance in the Cyrrus, a. s. In the first part of the thesis, particular approaches to corporate governance including an approach used in trading companies in the Czech Republic are appointed. Further, in the practical part, theoretical knowledge to a particular company is applied. With the help of the economic analysis and the analysis of compliance with the Code of Corporate Governance Principles, based on the OECD 2004, the work will evaluate the effectiveness of governance in the particular company and propose recommendations that would lead to an improvement of the situation.
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Frisk, Emelie, Sabina Johansson, and Wictoria Nyqvist. "Valberedningen : Kodens länk mellan ägare och styrelse." Thesis, Karlstad University, Faculty of Economic Sciences, Communication and IT, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-1008.
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<p>Avsikten med studien är att undersöka relationen mellan valberedning, ägare och styrelse samt utifrån detta studera vilken roll valberedningen har, enligt den Svenska Koden.</p><p>Vi har utgått ifrån en deduktiv ansats, där vi både har genomfört en kvantitativ och en kvalitativ undersökning. Den kvalitativa studien baseras på djupintervjuer av ledamöter i svenska börsnoterade företag, medan den kvantitativa undersökningen resulterar i en statistisk undersökning, som utgår från bolagsstyrningsrapporter i årsredovisningar från 2006.</p><p>I det teoretiska perspektivet tas den Svenska Koden för bolagsstyrning upp som utgångspunkt och kompletteras med Aktiebolagsslagen (ABL), agentteorin, intressentmodellen, coporate governance, CSR-modellen samt ett genusperspektiv.</p><p>I empirin redovisas respondenternas yttranden samt den statistiska undersökningen.</p><p>Vi har med hjälp av empiri och analys kommit fram till ett antal slutsatser; valberedningen har endast en uppgift, vilken är att ta fram förslag om nya ledamöter till styrelsen. Förslagen ska leda till att styrelsen får en så bra sammansättning som möjligt. Valberedningen har till viss del ökat förtroendet för bolagen, genom att processen blivit tydligare samt mer transparant. Vår undersökning visar att nästan samtliga företag som är noterade på Stockholmsbörsens LargeCap-lista, använder sig av en valberedning, vilket vi ser som ett bra tecken. Koden är fortfarande relativt ny och är därför ännu inte fulländad. Koden är även unik i ett internationellt perspektiv och den svenska företagskulturen verkar anpassa sig efter Kodens riktlinjer.</p><br><p>The thesis aspires to explore the relationship between the nomination committee, shareholders and the board of directors, and that on the basis of this to study which role the nomination committee has, according to the guidelines of the Swedish Code.</p><p>We have had a deductive approach, where we both have implemented a qualitative and a quantitative survey. The qualitative study is based on interviews with members in Swedish companies, listed on the stock-market, while the quantitative study results in a statistic survey which is gathered from corporate governance reports in the annual reports from 2006.</p><p>The theoretical perspectives uses the Swedish Code of Corporate Governance as a starting point and is complemented with the Swedish Company Law, the Agent Theory, Stakeholder Theory, Corporate Governance, the CSR model, gender- and ethical perspective.</p><p>The respondents’ statements and the statistic survey are in this section presented.</p><p>We have through our empirical and analyses, drawn a number of conclusions. The Nomination committee has only one responsibility, which is to present candidate proposals for the board of directors. The proposals are supposed to lead to a composition that is as balanced as possible. The Nomination committee has in a certain extent enhanced the confidence for corporations through a clearer process and transparency. Our exploration shows that almost every company listed on the stock-market, are applying a nomination committee, which we see as a good sign. The Swedish Code is still relatively new and is therefore not yet perfect. The Swedish Code is also unique in an international perspective and the Swedish corporate culture seems to acclimatize well to its policies.</p>
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Säfwenberg, Henrik, and Hanna Andersson. "Risk- och granskningshanteringsarbetet i större och medelstora börsnoterade bolag utan internrevisionsfunktion." Thesis, Högskolan i Skövde, Institutionen för teknik och samhälle, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:his:diva-8532.
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Bakgrund: De stora redovisningsskandalerna inom bolag som Enron, Worldcom och Palarmat var startskottet för den epidemi som sedan kom att spela en stor roll vid förbättrandet av bolagsstyrningen bland aktiebolag världen över. Kraven på bolagen ökade att informationen som släpptes var tillförlitlig och fullständig. För att säkerställa detta togs svensk kod för bolagsstyrning fram som ett komplement till lagstiftningen berörande aktiebolag. Koden kräver ingen obligatorisk tillämpning i att implementera funktionerna utan har som krav att bolagen ska göra ett aktivt ställningsantagande vid inrättande av funktionerna i koden. En uppmärksammad punkt i koden är 7.4 där bolagen måste beskriva i sina årsredovisningar huruvida de anser sig behöva en granskningsfunktion även kallad internrevision eller inte. Syfte: Syftet med rapporten är att skapa en förståelse för vilka motiv de svenska bolagen med en omsättning över 3 miljarder kronor har haft när de valde att inte följa internrevisionsfunktionen. Samt beskriva hur de bedriver sitt risk- och granskningsarbete på ett alternativt sätt till internrevision. Gränsen på tre miljarder har vi valt då det innan var ett krav för bolag över gränsen att använda sig av följ och förklara-principen. Efter att koden reviderades 2008 gäller nu principen för alla börsnoterade bolag. Metod: Vi har utfört en kvalitativ studie där vi har intervjuvat bolag som har valt att inte inrätta någon internrevisionsfunktion utan använder sig av alternativa lösningar för att säkerställa en hög kvalite på bolagens finansiella rapportering. Intervjuverna som genomförts har tillsammans med respektive bolags publicerade årsredovisning, analyserats för att få fram bidragande anledningar till valet av att inte inrätta internrevision samt hitta kompletterande funktioner för att uppnå samma resultat. Utifrån årsredovisningarna samt intervjuverna har vi kunnat dra slutsatser om hur bolagen har resonerat kring valet samt beskriva deras alternativa lösning. Analys och Slutsats: Med hjälp av den institutionella teorins tre pelare har vi analyserat den insamlade empiri för att se hur bolagen har resonerat vid valet av alternativa lösningar för ett aktivt och strukturerat risk- och granskningsarbete. Även analysera och dra slutsatser om hur de har motiverat sitt ställningstagande till internrevisionsfunktionen.<br>Background: The major accounting scandals in companies like Enron, Worldcom and armed was the start of the epidemic, which then came to play a major role in the improvement of corporate governance among companies worldwide. The requirements increased the information that companies released were accurate and complete. To ensure this was the Swedish Code of Corporate Governance presented as a complement to legislation touching corporations. The code does not require mandatory application in implementing the functions but have announced that the companies will make an active position adopted in the establishment of the functions in the code. A notable point is 7.4 where companies must describe in their annual reports whether they feel they need an audit function also called internal audit or not. Purpose: The purpose of this report is to provide an understanding of the motives of the Swedish companies with a turnover exceeding 3 billion had when they chose not to follow the internal audit function. Also they had describe how they conduct their risk and audit work on an alternative way to internal audit. The limit of three billion, we have chosen as it was before a requirement for companies across the border to follow and explain the principle. After the code was revised in 2008 now apply the principle for all listed companies. Methods: We conducted a qualitative study in which we have interviewed companies that has chosen not to establish an internal audit function without the use of alternatives to ensure the high quality of the financial reporting. The interviews conducted together with each company's published annual report and have been analyzed to derive contributing reasons for choosing not to establish internal audit and to find complementary functions to achieve the same result. Based on the annual reports and interview samples, we have been able to draw conclusions about how companies are reasoning around the election and to describe their alternative solution. Analysis and Conclusion: Using the institutional theory's three pillars, we have analyzed the collected empirical data to see how the company's reasoning in selecting alternative solutions for an active and structured risk and audit work. While analyzing and drawing conclusions about how they have justified its position on the internal audit function.
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Tärnblom, Susanne, and Britta Lindman. "Bolagskoden inspiration för idrottsföreningars förtroendearbete?" Thesis, University of Gävle, Department of Business Administration and Economics, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-31.
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<p>Titel: Bolagskoden – inspiration för idrottsföreningars förtroendearbete?</p><p>Nivå: Ekonomie magisterexamen med ämnesdjup</p><p>University: Institutionen för ekonomi</p><p>Högskolan i Gävle</p><p>801 76 Gävle</p><p>Sverige</p><p>Telefon: 026-64 85 00</p><p>Telefax: 026-64 86 86</p><p>E-mail: www.hig.se</p><p>Författare: Britta Lindman</p><p>Susanne Tärnblom</p><p>Datum: Juni 2006</p><p>Handledare: Tomas Källkvist</p><p>Syfte: Det primära syftet är att se vad idrottsföreningarna själva anser om hur förtroende för deras verksamhet kan skapas och om de tror att en uppförandekod kan öka förtroendet för dem. Aktiebolag använder sig av en kod för bolagsstyrning för att öka förtroendet för sin verksamhet. Vi vill i arbetet undersöka om tankarna bakom denna kod även går att applicera på idrottsföreningar.</p><br><p>Title: The code for corporate governance – an inspiration for sports associations work to create trust?</p><p>Level: Final assignment for a Master degree in Business Administration</p><p>University: Department of Business Administration</p><p>University of Gävle</p><p>801 76 Gävle</p><p>Sweden</p><p>Telephone: +46-26-64 85 00</p><p>Telefax: +46-26-64 86 86</p><p>E-mail: www.hig.se</p><p>By: Britta Lindman</p><p>Susanne Tärnblom</p><p>Date: June 2006</p><p>Tutor: Tomas Källkvist</p><p>The object: The main purpose with this essay is to investigate how sports associations create trust for it´s organization and if they think that a code of conduct can create trust for them. Joint-stock companies use a code for corporate governance to create trust. We want to investigate if the thoughts behind that code can be applied on a code of conduct for sports associations.</p>
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Falkeling, Felicia, and Lovisa Blomqvist. "Förtroende genom bolagsstyrning : En fallstudie med svenska storbanker." Thesis, Karlstads universitet, Handelshögskolan (from 2013), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-71032.
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Finansiella skandaler som orsakats av bolagsmisslyckanden ligger till grund för diskussioner om förtroendet för den finansiella marknaden, därför kan implementeringen av bolagsstyrning och hur förtroende skapas inom banksektorn vara intressant att granska. Syftet med den här studien är att få en förståelse för förtroendeskapande genom implementeringen av bolagsstyrning på olika verksamhetsnivåer. Samt att granska de etiska värdegrunderna för implementeringen av bolagsstyrning ur ett förtroende-perspektiv. För att uppnå syftet utfördes en kvalitativ triangulering på tre storbanker, som innefattade dokumentanalyser av bankernas bolagsstyrningsrapporter, intervjuer med personer i ledande position och enkätundersökning med medarbetarna. I teorin framkommer att det inte finns ett bästa sätt att styra alla bolag på eftersom att alla bolag är olika. Detta visade sig genom att bankernas bolagsstyrningsrapporter var utformade på olika sätt men ändå innehåll liknande områden. En anledning till detta tolkas vara bankernas tillämpning av den svenska koden för bolagsstyrning (Koden). En slutsats som dragits i studien är att medarbetarna är det främsta föremålet för bolagsstyrning och verktyget för förtroendeskapande lokalt. Koden anses vara det viktigaste verktyget för bolagsstyrning centralt. Bankerna har ett antal uttalade värderingar som kan urskiljas som kopplingen mellan bolagsstyrning på central och lokal nivå, därför tolkas de som ett verktyg för bolagsstyrningen. Studien stödjer teorin om att bolagsstyrning bör baseras på etiska värdegrunder, då undersökningen av transparens och ansvarighet visar att de är viktiga komponenter att implementera för att skapa ett intern förtroende mellan ledning och medarbetare. Ett förtroende som i sin tur är viktigt för att medarbetare ska kunna skapa förtroendeingivande relationer med externa intressenter.
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Evaldsson, Josef, and Elin Mattsson. "Revisionsutskott - hur påverkar de revisionskostnaden? : Bevis från Stockholmsbörsen." Thesis, Linköpings universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-129651.
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Introduction Since 2009 it has been legislated that Swedish listed public companies should establish an audit committee. The law and the code gives the board as a whole the possibility to operate the function of the committee. Former research of audit committee’s effect on audit fee have been made in several countries with various results. In this study, we aim to analyze how audit committees in companies listed on the Stockholm stock exchange can affect the audit fee. Purpose The purpose of this study is to explain how the existence of audit committees and its characteristics affect the external audit fees of companies listed on the Stockholm stock exchange. Method This quantitative study has a cross section design and a deductive approach. By studying documents, the annual reports of the companies listed on the Stockholm stock exchange, data will be collected and then analyzed in regression models. We have operationalized our variables according to former studies and research. The hypotheses have been written on the basis of former research and two perspectives of demand and risk. Conclusion The results in this study show that the existence of audit committees have a positive relationship with audit fee. Also the activeness of the committee has a positive influence on audit fee. The results can be explained by the audit committee, especially active committees, on one hand lowers the overall audit risk but on the other increases the demand of higher audit quality, which outweighs the lowered audit risk.<br>Introduktion Sedan 2009 har det varit lagstiftat att svensknoterade publika bolag ska inrätta revisionsutskott. Lagtext och Koden ger dock möjlighet att låta styrelsen som helhet sköta utskottets uppgifter. Tidigare studier har genomförts i flertalet länder, där resultaten av revisionsutskottens påverkan på revisionskostnaden har varierat. Vi vill i denna studie undersöka hur revisionsutskott påverkar revisionskostnaden i svensknoterade bolag. Syfte Syftet med vår studie är att förklara hur revisionsutskottens förekomst och karaktär påverkar revisionskostnaden för bolag noterade på Stockholmsbörsen. Metod Denna kvantitativa studie har en tvärsnittsdesign och en deduktiv ansats. Genom dokumentstudier har data i årsredovisningar från bolag noterade på Stockholmsbörsen samlats in för att sedan analyseras i regressionsmodeller. Operationalisering har i så stor utsträckning som möjligt gjorts i enighet med tidigare forskning. Vidare har hypoteser formulerats utifrån tidigare forskning med utgångspunkt ur ett efterfråge- och riskperspektiv. Slutsats Våra resultat visar att förekomsten av revisionsutskott har positivt samband med revisionskostnader. Även revisionsutskottets aktivitet har visat sig ha positiv påverkan på revisionskostnader. Resultaten förklaras av att revisionsutskott, och särskilt aktiva sådana, visserligen sänker den allmänna revisionsrisken men att en ökad efterfrågan av högre revisionskvalitét överväger den minskade revisionsrisken.
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Myers, Jonathan. "Changing the tune : conceptualising the effects of the global financial crisis on stakeholder perceptions of corporate value." Thesis, University of Hertfordshire, 2019. http://hdl.handle.net/2299/21101.
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Could shareholder primacy, with its assumed short-termist practices, have had its day when it comes to managerial activity centered on creating corporate value? Many business and opinion leaders appear to take this position, not least Jack Welch who famously declared 'shareholder primacy is the dumbest idea in the world!' Indeed, in a post-Crash economy has a wider stakeholder focus with a longer-term outlook superseded any business notions of shareholder primacy and wealth maximization? This research examines these possibilities through a consideration of the narrative companies produce, such as annual reports. From this corpus material, an assessment is made of whether UK managers' perceptions about corporate value generation changed over the period covering the worldwide financial crisis, with respect to their relative favouring of shareholders and stakeholders. The corpus of narrative material used is visualized as a conceptual space in which a conversation reflecting perceptual bias to the generation of corporate value occurs. To explore such corpuses, in order to compare narratives at points either side of the 2008 Crash, a new methodology was devised called narrative staining. Hence, a detection and visual mapping over the period was made possible of managers' changing perceptions concerning primacy (shareholder or stakeholder orientation) with its mediation by termism (a short or long-term bias). Termism is also originally conceived as part of a larger temporal category, which includes a sense of urgency to act (urgent versus non-urgent) that is similarly examined. The investigation reveals that over time perceptual change about value creation happened, though in unanticipated ways. Companies pre-Crash were often short-term stakeholder oriented then moved post-Crash to a long-term shareholder orientation. A focus for this study was the corporate domain, consisting of a selection of FT250 companies. However, managerial perceptions about corporate value creation are influenced not simply by the conversation of the corporate domain but rather by a multi-actor conversation taking place throughout the business environment. To comprehend this effect, the research mines further corpuses that comprise the UK's regulatory domain (hard and soft law), the press (Financial Times and other newspapers), and relevant peripheral stakeholder organizations (including the Confederation of British Industry, the Institute of Directors, and the Trades Union Congress). These organizations demonstrated more complex, unforeseen, perceptual effects as the financial crisis proceeded with many aligning according to their political or business agenda, which also impacted any sense of urgency to act they had. There appears to be no previous attempt at an extensive and multivariate analysis of this nature. And the findings challenge prevalent characterizations of shareholder and stakeholder behaviour. Moreover, the research shows that utilizing a wide set of stakeholder corpuses acts a viable proxy for broader financial perspectives amongst UK organizations. The technique of narrative staining therefore provides insights, hitherto inaccessible, for assessing and consolidating large-scale perceptual bias regarding value creation across the economy. The technique also has significant potential for other applications.
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Renner, Roberto Antonio. "Governança corporativa em mantenedoras de instituições de ensino superior privado." Universidade do Vale do Rio dos Sinos, 2010. http://www.repositorio.jesuita.org.br/handle/UNISINOS/3108.
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Previous issue date: 2010<br>Nenhuma<br>O segmento de educação no Brasil vem passando por um intenso processo de transformação, no qual se observa um forte crescimento da concorrência, além de um constante movimento de fusões e aquisições, fazendo com que a temática da gestão ganhe cada vez mais relevância. Com isso, o presente estudo tem como objetivo investigar as práticas de Governança Corporativa em Mantenedoras de Instituições de Ensino Superior Privadas no Brasil. A pesquisa foi realizada com o uso de questionários, respondidos por 37 dirigentes de Mantenedoras de Instituições de Ensino Superior, sendo que estas foram agrupadas em duas categorias administrativas: com fins lucrativos e sem fins lucrativos. Esta pesquisa caracteriza-se como descritiva quanto aos objetivos e, predominantemente quantitativa, quanto à abordagem do problema. Para a análise dos dados, foi usada, principalmente, a estatística descritiva. As práticas de governança pesquisadas tiveram como base as recomendações do Código das Melhores Práticas de Governança Corporativa do IBGC, das quais foram abordados: Conselho de Administração, Gestão, Auditoria Independente, Conselho Fiscal e Conduta e Conflito de Interesses. De forma geral, os dados da pesquisa indicam haver uma baixa adoção das recomendações das Melhores Práticas de Governança Corporativa, em especial nas Mantenedoras de Instituições Sem Fins Lucrativos.<br>The education segment in Brazil is going by an intense transformation process, in which a fort growth is observed in the competition, besides a fort movement of coalitions and acquisitions, making the issue of management became even more important. Thus, the present study has as objective investigates the practices of Corporate Governança in maintainer of Private Higher Education Institutions in Brazil. The research was accomplished with the use of questionnaires, answered by 37 leaders of maintainer of Higher Education Institutions, and these were grouped in two administrative categories: profit and nonprofit institutions. This research has as descriptive characteristic to be on the objectives and, predominantly quantitative, as to the approach to the problem. For the data analysis was used, mainly, descriptive statistics. The practices of governance investigated, were based on the recommendations of the Code of Best Practices of Corporate Governance IBGC, of which were discussed: the Council of Administration, Management, Independent audit, supervisory board and conduct and conflict of interests. In general, research data indicate a low adoption of the recommendations of Best Practices of Corporate Governance, especially in maintainer institutions nonprofit making.
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Silla, Djamilatu Lopes. "Políticas de governança e o seu impacto na vulnerabilidade financeira do setor social." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/15938.
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Mestrado em Ciências Empresariais<br>O capital financeiro de uma organização está diretamente ligado ao seu capital humano, sendo que são as regras e normas subjacentes à Política Governativa adotados que determinará como este é utilizado, desenvolvido ou desperdiçado. No Terceiro Setor, esta preocupação deve ser maior, visto sua propensão a situações de vulnerabilidade financeira devido as características do setor.
É necessária maior diligência, uniformização de processos, profissionalização e cooperação entre as congêneres do setor, de modo a conseguir adaptar e readaptar, aprender e evoluir com as alterações e exigências da esfera socioeconômica.<br>The financial capital of an organization is directly related to your human capital, which are the underlying rules and standards Corporete Governance policy adopted that will determine how this is used, developed or wasted.
In the Third Sector, this issue should be a priority, due to its propensity to situations of financial vulnerability considering the characteristics of the sector.
It needed more diligently, standardization of processes, professionalism and cooperation among peers in the industry, so as to able to adapt and re-adapt, learn and develop with the changes and demands of the socio-economic environment.<br>info:eu-repo/semantics/publishedVersion
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Valentine, Elizabeth L. H. "Enterprise technology governance: New information and technology core competencies for boards of directors." Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/93089/1/Elizabeth_Valentine_Thesis.pdf.
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Boards of directors have legal and ethical responsibilities to be competent. Yet, in a world where business models and whole sectors are being disrupted by rapid information and technology change, a majority of directors lack IT governance knowledge and skills. Individual IT competency and collective board Enterprise Technology Governance capability is a global problem. Without capability, boards are potentially flying blind, and risk is increased and opportunities to lead and govern digital transformation lost. To address this capability gap, this research provides the first multi-industry validated Enterprise Technology Governance competency set for use in board evaluation, recruitment and professional development.
<a href="http://dx.doi.org/10.13140/RG.2.2.34027.95529">DOI: 10.13140/RG.2.2.34027.95529</a>
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Mwika, M. Julian. "Is it vital to have corporate governance codes for Institutional Investors & Capital Markets? A case study of Rwanda." Thesis, Karlstads universitet, Avdelningen för företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-14122.
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There presently is very limited literature and empirical studies that look at the phenomenon and state of corporate governance in Rwanda. Most of the available literature on corporate governance in Africa mainly focuses on South Africa (King Report I, II & III), and not at the emerging economies in the rest of the continent. In particular there has been very limited focus on the implications of having a growing capital market and institutional investors while having no corporate governance mechanisms in place. The purpose of this research is to examine how vital it is to have good corporate governance codes and an implementation mechanism in Rwanda, in light of the introduction and development of a Capital Market, and the growing presence of institutional investors attracted by both the capital market and the privatization process of state-owned enterprises. It involves a review of literature on corporate governance systems as well as a ground approach done by interviewing two experience professionals who are responsible for the government organizations in charge of formulating and implementing corporate governance codes in Rwanda, as well as investor promotion and protection. Based on my research, I found that Rwanda’s amended Company law is strong on investor protection, but there is a non-existent corporate governance code which leaves room for managers to exploit minority shareholders and stakeholders. From corporate governance studies we are able to establish a positive relationship between good corporate governance and company growth & sustainability, and a negative relationship between bad corporate governance and performance, profitability and sustainability. The nature of the legal and regulatory framework has been fundamental in shaping the current corporate governance system. However these formal mechanisms have not been very significant in penetrating to the majority of the businesses in Rwanda which are Small & Medium scale Enterprises (SME’s) and private limited companies. The informal mechanisms have played a key role in shaping the corporate governance structure and provided support in creating a sound corporate governance system. This research seeks to explore the role and impact of institutional investors and capital market on their decision-making and whether it is vital to have a corporate governance code in place to limit their actions.
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Bozinovska, Elena. "Bolagskodens påverkan på intern och extern revisor." Thesis, Jönköping University, JIBS, Accounting and Finance, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-592.
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<p>In the recent years auditing scandals all around the world, deficient internal control has attracted a lot of attention. This has contributed to further requirements on insight and internal control. Those scandals have seriously damaged the auditor’s profession and contributed to a reduced trust among the public. Therefore an extensive work to recover and stringed the trust was started all around the world. In the USA, the Sarbanes- Oxley Act was introduced in year 2002. In Sweden, the Code group has carried out a similar work and introduced the Swedish Code of Corporate Governance in July 2005. The purpose of the introduction of the Code of Corporate Governance is that it should con-tribute to an improved governance of the Swedish listed companies, but also serve as a role model to other types of companies that are of public interest. This increases the demands on the company’s internal control whose purpose is to secure the company’s assets and protect the owner’s investments. The general information that the board and the CO submit in the annual report can in some cases, when the review demand large industry and market knowledge, be difficult for an external auditor to evaluate. Internal auditors usually possess large industry knowledge and therefore the collaboration with the external auditor becomes even more important. Internal and external audit are two professions with different roles, responsibilities and functions. However, both profes-sions are important for a company and those that have an interest in it.</p><p>The purpose of this thesis is to examine both from the external and internal auditor’s perspective if the collaboration between them has been influenced by the introduction of the Swedish Code of Corporate Governance.</p><p>This study has been carried out with a qualitative research method and data has been collected through personal interviews with three external and three internal auditors within the Stockholm area.</p><p>This study has shown that the code have not yet had that much impact, but it has increased the external auditor’s work load in form of advice on how to implement the code. The code is expected to increase the collaboration between the external and inter-nal auditor within the internal control. Since the external auditor will become more de-pendant on the work of the internal auditor, more planning will be necessary. The in-vestigation further showed that if an increased regulation is to lead to a better aditing is dependent on the board, how they choose to structure and implement the new regula-tions within the company.</p><br><p>Senaste årens redovisningsskandaler runt om i världen där bristande internkontroll uppmärksammats, har bidragit till att ytterligare krav på insyn och internkontroll har tillkommit. Dessa skandaler har allvarligt skadat revisoryrket och lett till minskat förtroende hos allmänheten. Därför har omfattande arbete för att återfå och stärka förtroendet hos allmänheten inletts runt om i världen. I USA infördes Sarbanes- Oxley Act år 2002. I Sverige har ett motsvarande arbete bedrivits av Kodgruppen som introducerade Svensk kod för bolagsstyrning i juli 2005. Syftet med införandet av bolagskoden är att den skall bidra till förbättrad styrning av svenska börsnoterade bolag men även tjäna som förebild för andra typer av bolag med spritt ägar- eller allmän intresse. Detta ställer högre krav på bolagets interna kontroller vars syfte är att säkerställa bolagets tillgångar och skydda ägarnas investeringar. Den allmänna information som styrelsen och VD:n lämnar i årsredovisningen kan i fall, då granskningen kräver stor branschkunskap och marknadskännedom, vara besvärlig för externrevisorn att bedöma. Internrevisorer besitter vanligtvis stor branschkunskap och därför blir samarbetet med externrevisorn ännu viktigare. Intern och externrevision är två professioner med skilda roller, ansvar och funktioner, dock är båda lika betydelsefulla för ett bolag och dess intressenter.</p><p>Syftet med uppsatsen är att undersöka ur både intern och externrevisorns perspektiv om samarbetet mellan dem har påverkats av införandet av bolagskoden.</p><p>Undersökningen har genomförts med hjälp av en kvalitativ undersökningsmetod och data har insamlats genom personliga intervjuer med tre intern och tre extern revisorer i Stockholmsområdet.</p><p>Undersökningen har visat att koden inte har haft så stort genomslag än, men att den har ökat externrevisorns arbetsbörda i form av rådgivning, vad gäller implementeringen av koden. Den förväntas öka samarbetet mellan intern och externrevisorn vad gäller de interna kontrollerna. En ökad samplanering av deras insatser kommer att bli nödvändig, då externrevisorn kommer att bli mer beroende av internrevisorns arbete. Undersökningen visade också att om ökad reglering leder till bättre revisionsarbete beror mycket på styrelsen, hur den väljer att strukturera upp och implementera de nya reglerna inom företaget.</p>