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Journal articles on the topic 'Corporate governance code'
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1
Mohamad, Shafi. "National corporate governance codes and IT governance transparency." Corporate Ownership and Control 16, no. 1 (2018): 13–18. http://dx.doi.org/10.22495/cocv16i1art2.
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The main purpose of this paper is to explore the influence of national corporate governance codes on IT governance transparency and was carried out by comparing the IT governance disclosure requirements across two jurisdictions Belgium and South Africa using the study by Huygh et al. (2017). The latter focused on these two countries since the South African corporate governance code King III (2009) contains detailed IT governance disclosures, while the Belgian corporate governance code Lippens (2009) does not. Huygh et al. (2017) found that listed South African financial services organizations were more concerned with disclosing their IT governance practices than their listed Belgian counterparts and that this observation held across the board for all four disclosure categories within the IT governance transparency framework. Further analysis at an individual item-level also found that many of the items for which the South African respondents reported frequently could be directly traced to the IT governance principles and recommended practices contained in the King III (2009) corporate governance code. Huygh et al. (2017) attributed the higher IT governance transparency of the South African respondents to the specific reporting requirements of their national corporate governance code King III (2009). Hence the recommendation that IT governance disclosures be proactively encouraged via national corporate governance codes to further enhance transparency.
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Ojogbo, S. E., and T. C. Nwano. "Corporate Governance Code and Corporate Governance Implications for Business: A Critique of Nigeria’s 2016 and 2018 Codes." Recht in Afrika 22, no. 1 (2019): 77–96. http://dx.doi.org/10.5771/2363-6270-2019-1-77.
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Corporate governance is the system by which companies are directed and controlled. Board of directors are responsible for the governance of a Nigerian company. However, the shareholders of a Nigeria company have power of oversight over the board. This power is exercised by a majority of shareholders. It is this separation of ownership and control that makes good corporate governance imperative to protect shareholders against corporate board misbehaviour, as well as to protect minority shareholders against the opportunism of corporate insiders (board of directors and majority shareholders). Even though corporate law is the primary legislation that regulates the corporation, corporate governance codes have become important corporate governance standards that helps to guide the board and promote effective managerial engagement with shareholders to promote corporate accountability. The Financial Reporting Council of Nigeria (FRCN) issued two corporate governance codes in two years - the National Code of Corporate Governance 2016 and the Nigerian Code of Corporate Governance 2018. This shows a clear intention to promote good corporate governance in the country. This essay identifies the peculiar corporate governance challenges in Nigeria, and reviews the two corporate governance codes to show how they address the peculiar challenges. The paper undertakes a criticism of the 2018 and compares to the 2016 Code and corporate governance regulations in other regulations. This criticism highlights the weaknesses in the code and the need for a review. The essay thus suggests a review of the 2018 to provide for Independent Non-Executive Directors dedicated to the interest of minority shareholders as an important first step towards providing access to corporate boards for minority shareholders, as a strategy for promoting corporate accountability. The paper concludes that since the very essence of a corporate governance code is to promote good corporate governance and accountability, any corporate governance Code for Nigeria must address the peculiarity of the Nigerian corporate environment for it to be able to achieve this purpose.
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Ooi, Chai-Aun, Chee-Wooi Hooy, and Jong-Seo Choi. "Corporate Governance Code Revisions, Corporate Social Performance and Firm Value: International Evidence." Malaysian Journal of Economic Studies 59, no. 1 (2022): 1–25. http://dx.doi.org/10.22452/mjes.vol59no1.1.
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This study investigates the impact of corporate governance code revisions on corporate social performance, and its’ moderating effect on the relationship between corporate social performance and firm value. This study applies the two-stage Heckman sample selection bias approach to tackle endogeneity issues. The sample includes public listed firms from 35 countries that have released their national codes of corporate governance from 2007-2014. Prior to the analysis, we read through the national codes of corporate governance, and find that a majority of the recently revised codes provide new recommendations related to corporate social responsibility. Based on the regression results, we find that progressive corporate governance code revisions are positively related to corporate social performance. In addition, the progressive revisions positively moderate the relationship between corporate social performance and firm value, which is shown in those firms having above-median positive correlation between their corporate governance score and the code revisions. The overall results are robust to industry-adjusted measure of corporate social performance. Furthermore, we find that firm age is important in explaining the moderating effect of corporate governance code revisions.
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Thakhathi, Andani, Derick De Jongh, and Phumzile Langeni. "What’s in a King? Unveiling the pragmatic micro-perceived value attributes of a fulfilling corporate governance code for responsible sustainable development." Journal of Global Responsibility 12, no. 4 (2021): 469–90. http://dx.doi.org/10.1108/jgr-03-2021-0037.
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Purpose A recent contribution entitled Global Responsibility and the King Reports was made to the literature that represents a significant advancement in the understanding of how standards of good governance are practised. The corpus revealed key insights about macro-institutional governance regimes, yet, extraordinarily little about meso-organisational and even less so, micro-individual corporate governance practice. This study aims to shed light on the micro-individual level of corporate governance practice which has remained obscured by drawing pragmatic insights from the landmark South African King Code experience that may be applied to other governance jurisdictions for global organisational responsibility. Design/methodology/approach To unearth micro-individual corporate governance code practices, a phenomenological exploration of corporate governance practitioners’ (CGPs) perceptions was conducted. Qualitative semi-structured interviews with senior board members of securities-exchange listed companies were conducted with 10 directors of leading multinational South African corporations listed on Africa’s largest formal financial market; the Johannesburg Stock Exchange. Recursive analysis of the qualitative data revealed key attributes that render a corporate governance code “fulfilling” as a consequence of being perceived as subjectively valuable by practitioners who are the ultimate end-users of the King Codes for advancing good corporate governance practice in each of their respective companies. Findings Two categories of fulfilling micro-perceived value attributes (MPVAs) of corporate governance codes emerged, namely, internal and external MPVAs. The three internal MPVAs are, namely, (I1) Meaningful innovation, (I2) Ethical pragmatism and (I3) Cultural transformation. The three external MPVAs are, namely, (E1) Governance legitimacy, (E2) Societal licencing and (E3) Risk mitigation. From these six attributes, two testable corporate governance code development propositions are advanced, namely, (P1) a corporate governance code with a higher constitution of MPVAs will fulfil CGPs more than one with less. (P2) A more fulfilling corporate governance code will enjoy higher adoption, application and/or compliance rates. Originality/value Illumining the subjective experiential perceptions that constitute the fulfilment of a corporate governance code deepens the pragmatic understanding of the “demand-side” or consumption of such codes in practice. Knowing these fulfilling MPVAs may also result in the development of codes that enjoy wider adoption and compliance rates thereby enhancing global corporate responsibility pragmatism through enhanced good governance. This study sheds light on the nexus where normative corporate governance principles and the enactment thereof meet at the coalface of organisational activity with an emphasis on those attributes that render them valuable to practitioners.
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Ilona, Desi, Shamharir Abidin, Nurwati A. Ahmad-Zaluki, and Zaitul Zaitul. "Does the New Revised Code of Corporate Governance Impede Board Diversity? Evidence from Indonesia." Atestasi : Jurnal Ilmiah Akuntansi 6, no. 2 (2023): 495–511. http://dx.doi.org/10.57178/atestasi.v6i2.374.
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This study explores the effect of Indonesia's good corporate governance code on board diversity: ethnicity, nationality, gender, qualification, experience, composition, and multiple directorship diversity. The revised corporate governance code provides guidelines for better corporate governance practices. Therefore, board attributes such as diversity are among the best corporate governance practices. Two hundred and three of Indonesia's listed companies (1,421 firm years) are research objects. The data was collected from company annual reports and other internet sources. The data was analyzed using a pair sample t-test and distribution frequency. Based on the pair sample t-test, Oversight board ethnicity diversity, nationality diversity, gender diversity, and board composition significantly differ between pre- and post-revised codes. In addition, management board nationality diversity and gender diversity are also differences between the pre-and post-revised code. In most cases, updating code improves diversity, except for the Oversight Board's ethnic diversity. This study also provides the detailed average number and percentage of board diversity pre- and post-the-updated code of good corporate governance. This study implies that the revised code of good corporate governance increases the board diversity of Indonesian-listed companies. Since the last revised code was released in 2006, a new updated code of good corporate governance has been demanded.
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Braendle, Udo C. "Recent developments in BRIC’s corporate governance with a focus on Russia – Innovation or imitation?" Corporate Ownership and Control 11, no. 3 (2014): 369–80. http://dx.doi.org/10.22495/cocv11i3conf1p6.
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The practice of joint-stock companies in Russia and other BRIC countries suggests that the development of the corporate sector and the stock market requires a corporate governance level of the companies that corresponds to international standards. The Russian Code of Corporate Conduct was implemented in 2002 and has not been revised for many years. The same is true for Codes of other BRIC countries. 2013 the situation has changed. Russia published a Draft Code of Corporate Governance that should reflect the changes in Russian Corporate Governance over the last 10 years. The paper critically analyses this draft code and gives implications about the future of corporate governance in Russia. We are doing so in comparing Russian Corporate Governance Initiatives with those of other BRIC countries.
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Boot, Arnoud W. A., and Philip Wallage. "Corporate governance toekomstbestendig?" Maandblad Voor Accountancy en Bedrijfseconomie 80, no. 5 (2006): 204–5. http://dx.doi.org/10.5117/mab.80.16899.
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De Code Tabaksblat (de Code) mag zich verheugen over algemene bekendheid in ondernemingsland. Maar wat is er tot nu toe van terechtgekomen? Welke lessen kunnen hieruit worden getrokken? En hoe moeten we verder? Deze vragen staan centraal in dit themanummer van het MAB.
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Boot, Arnoud W. A., and Philip Wallage. "Corporate governance toekomstbestendig?" Maandblad Voor Accountancy en Bedrijfseconomie 80, no. (5) (2006): 204–5. https://doi.org/10.5117/mab.80.16899.
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De Code Tabaksblat (de Code) mag zich verheugen over algemene bekendheid in ondernemingsland. Maar wat is er tot nu toe van terechtgekomen? Welke lessen kunnen hieruit worden getrokken? En hoe moeten we verder? Deze vragen staan centraal in dit themanummer van het MAB.
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Nizaeva, Mirgul, and Ali Uyar. "Corporate governance codes of Eurasian Economic Union countries: a comparative investigation." Corporate Governance: The International Journal of Business in Society 17, no. 4 (2017): 748–69. http://dx.doi.org/10.1108/cg-11-2016-0214.
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Purpose The purpose of this paper is to comparatively analyze the corporate governance codes of transition economies, particularly five Eurasian Economic Union (EAEU) members (i.e. Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia). Specifically, the convergence or divergence of these countries’ corporate governance codes among themselves as well as relative to the best practices of the UK Corporate Governance Code (UK Code) and the OECD Principles of Corporate Governance are investigated. Design/methodology/approach Initially, the existing literature on corporate governance with special focus on transition countries is reviewed. Afterwards, benchmarking the international best practices, based on main chapters and contents, the corporate governance codes of all countries in the sample are analyzed. Findings The paper finds that even though some principles of the corporate governance codes of the countries in the sample differ in some aspects, they do converge to some extent. However, high misalignments between the UK Code and the OECD Principles and the codes of selected countries in some aspects were found. Research limitations/implications The conclusion and implications of the study characterize the corporate governance of selected developing countries; thus, they might not be generalizable to other countries. Practical implications The codes of the countries in the sample should be revised, and more specifications regarding the stakeholder, board structure, its subcommittees, independence, diversity and transparency issues need to be addressed. Originality/value The paper comprehensively analyzes the contents of corporate governance codes of transition countries; from both practical and academic point of view, it was important gap that needed to be fulfilled.
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Okike, Elewechi, and Emmanuel Adegbite. "The code of corporate governance in Nigeria: Efficiency gains or social legitimation?" Corporate Ownership and Control 9, no. 3 (2012): 262–75. http://dx.doi.org/10.22495/cocv9i3c2art4.
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This paper is the first study which examines the rationale behind the adoption of corporate governance codes, the requirements of the codes and their operationalisation, and the effectiveness of the codes in addressing corporate governance abuses in the turbulent and endemically corrupt environment of sub Saharan Africa (Nigeria). It examines the extent to which the adopted Codes of Corporate Governance is as a result of international pressures or internally driven by the need for effective accountability to the shareholders, in a way which addresses the peculiar problems of corporate governance in Nigeria. Through the theoretical lens of efficiency gains and social legitmation, the paper found that the Code of Best Practices for Corporate Governance in Nigeria is driven more by social legitimacy pressures while the Code of Corporate Governance for Banks in Nigeria Post Consolidation, developed by the CBN, is predominantly aimed at pursuing efficiency gains.
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Cromme, Gerhard. "Corporate Governance in Germany and the German Corporate Governance Code." Corporate Governance: An International Review 13, no. 3 (2005): 362–67. http://dx.doi.org/10.1111/j.1467-8683.2005.00430.x.
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Muneeza, Aishath, and Rusni Hassan. "Shari'ah corporate governance: the need for a special governance code." Corporate Governance 14, no. 1 (2014): 120–29. http://dx.doi.org/10.1108/cg-02-2011-0015.
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Purpose – With the advent of Islamic banking, a new species was added to the banking system which was then, only dominated by the conventional banking. Islamic banking expanded in the world within the last decade and as a result, Islamic finance emerged as an alternative to the conventional finance. This created Islamic companies and Islamic financial institutions which operate based on the principles of Shari'ah or Islamic Law. These Islamic corporate bodies, like the conventional corporate bodies do need good governance rules. In other words, they also need a good, sophisticated “Shari'ah Governance Code” which would be based on the principle of Islamic Law. This is mainly because the objective of the conventional and the Islamic Corporate governance is different as conventional corporate governance structure is more focused on the protection of the rights of the stakeholders; while Islamic corporate governance focus on retaining the Islamicity of whole corporation. The objective of this research is, as the title suggests, proposing the reasons why a special governance Code for Shari'ah corporate bodies are needed. This paper would suggest a proper governance structure to the Islamic companies and will also discuss why the conventional corporate governance Codes are unsuitable for the Islamic companies. Design/methodology/approach – This research which is primarily library based, is an exploratory legal research in nature. Findings – In the course of this research, it is found that there is a need to enact a Shari'ah Corporate Governance Code due to the widespread establishment of shari'ah compliant companies in the world. Hence, the authors had discussed the potential content of such a Code in this paper. Originality/value – This research will complement the knowledge based on shari'ah corporate governance and is targeted to the existing and prospective shari'ah compliant companies.
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Strikwerda, Hans. "De Nederlandse Corporate Governance Code." Maandblad Voor Accountancy en Bedrijfseconomie 87, no. 1/2 (2013): 43–57. http://dx.doi.org/10.5117/mab.87.14490.
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Er wordt vaak verwezen naar de Nederlandse Corporate Governance Code (NCGC) als bron voor normen voor goed bestuur van ondernemingen. Wanneer de NCGC tegen het licht wordt gehouden van de feitelijke praktijk in het bedrijfsleven, in het bijzonder de kritische rol van de functie van management control en de problemen daarmee, dan vraagt dit om een aantal correcties in de NCGC. Daarnaast speelt een institutionele verandering in de vorm van de gevolgen van de toenemende rol van ongecodificeerde en persoonsgebonden kennis voor de eigendomsverhoudingen rond ondernemingen. Deze wordt wel erkend door de kapitaalmarkt, maar niet in systemen voor corporate governance en vormt een impairment van de institutionele grondslagen van het systeem voor corporate governance, waarmee in de praktijk rekening moet worden gehouden. Het vertalen van die verschuiving in eigendom in een code voor corporate governance is een internationaal vraagstuk. Vandaar dat in dit artikel een onderscheid wordt gemaakt tussen correcties en vernieuwing. De in dit artikel geformuleerde inzichten hebben consequenties voor hoe om te gaan met de vereiste van pas-toe-of-leg-uit.
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van Manen, Jaap. "De Corporate Governance Code 2016." Maandblad Voor Accountancy en Bedrijfseconomie 91, no. 5/6 (2017): 124–25. http://dx.doi.org/10.5117/mab.91.24031.
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In het begin van deze eeuw stond corporate governan- ce in de belangstelling van bestuurders en commissa- rissen. Debatten over typisch Nederlandse bescher- mingsconstructies en het boekhoudschandaal bij Ahold zorgden voor een goed klimaat om de Code Ta- baksblat te implementeren. In de jaren die volgden op de implementatie, bleek de Code goed te worden na- geleefd. Tegelijkertijd nam de belangstelling voor de code bij commissarissen en bestuurders af. De nale- ving werd meer een aangelegenheid voor accountants en juristen. Ondertussen ging er wel het een en ander mis. Ondernemingen kwamen in de problemen door gebrekkig risicomanagement, door het misleiden van afnemers, door omkoping, door kartelvorming en door boekhoudfraudes. Wij zagen dat bij een grote minderheid van de Nederlandse beursfondsen waar- devernietiging plaatsvond. Het gemeenschappelijke element daarbij was een te grote focus op korteter- mijnwinstgevendheid. In de meeste gevallen leidde dat tot schade bij diverse stakeholders waaronder aandeel- houders.
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van, Manen Jaap. "De Corporate Governance Code 2016." Maandblad Voor Accountancy en Bedrijfseconomie 91, no. (5/6) (2017): 124–25. https://doi.org/10.5117/mab.91.24031.
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In het begin van deze eeuw stond corporate governan- ce in de belangstelling van bestuurders en commissa- rissen. Debatten over typisch Nederlandse bescher- mingsconstructies en het boekhoudschandaal bij Ahold zorgden voor een goed klimaat om de Code Ta- baksblat te implementeren. In de jaren die volgden op de implementatie, bleek de Code goed te worden na- geleefd. Tegelijkertijd nam de belangstelling voor de code bij commissarissen en bestuurders af. De nale- ving werd meer een aangelegenheid voor accountants en juristen. Ondertussen ging er wel het een en ander mis. Ondernemingen kwamen in de problemen door gebrekkig risicomanagement, door het misleiden van afnemers, door omkoping, door kartelvorming en door boekhoudfraudes. Wij zagen dat bij een grote minderheid van de Nederlandse beursfondsen waar- devernietiging plaatsvond. Het gemeenschappelijke element daarbij was een te grote focus op korteter- mijnwinstgevendheid. In de meeste gevallen leidde dat tot schade bij diverse stakeholders waaronder aandeel- houders.
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Strikwerda, Hans. "De Nederlandse Corporate Governance Code." Maandblad Voor Accountancy en Bedrijfseconomie 87, no. (1/2) (2013): 43–57. https://doi.org/10.5117/mab.87.14490.
Full textAbstract:
Er wordt vaak verwezen naar de Nederlandse Corporate Governance Code (NCGC) als bron voor normen voor goed bestuur van ondernemingen. Wanneer de NCGC tegen het licht wordt gehouden van de feitelijke praktijk in het bedrijfsleven, in het bijzonder de kritische rol van de functie van management control en de problemen daarmee, dan vraagt dit om een aantal correcties in de NCGC. Daarnaast speelt een institutionele verandering in de vorm van de gevolgen van de toenemende rol van ongecodificeerde en persoonsgebonden kennis voor de eigendomsverhoudingen rond ondernemingen. Deze wordt wel erkend door de kapitaalmarkt, maar niet in systemen voor corporate governance en vormt een impairment van de institutionele grondslagen van het systeem voor corporate governance, waarmee in de praktijk rekening moet worden gehouden. Het vertalen van die verschuiving in eigendom in een code voor corporate governance is een internationaal vraagstuk. Vandaar dat in dit artikel een onderscheid wordt gemaakt tussen correcties en vernieuwing. De in dit artikel geformuleerde inzichten hebben consequenties voor hoe om te gaan met de vereiste van pas-toe-of-leg-uit.
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Smith, Rozanne, and Ben Marx. "Corporate Governance Practices in Large and Medium-Sized Auditing Firms in South Africa." International Journal of Management and Sustainability 11, no. 4 (2022): 202–20. http://dx.doi.org/10.18488/11.v11i4.3209.
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South African corporate failures and audit failures, including those of VBS Bank, Tongaat, Steinhoff and KPMG, have exposed vulnerabilities in audit quality and the role of governance failures in auditing firms. In auditing firms, good corporate governance principles are not always followed. Additionally, South Africa does not have a corporate governance code that governs auditing firms, nor is there a sector supplement to the King IV Report on Corporate Governance that applies to other industries. To identify areas for improvement in South Africa, this study aimed to ascertain the current corporate governance practices in South African auditing firms and compare them to the United Kingdom (UK) Audit Firm Governance Code. A structured questionnaire based on the UK Audit Firm Governance Code was used to collect qualitative data. Nine large and medium-sized South African auditing firms with 20 or more auditing partners made up the population. The literature study emphasised the value of good corporate governance in auditing firms, as well as the difficulties these firms encounter with corporate governance. The review also emphasised the absence of codes and standards regulating corporate governance in auditing firms. The empirical results highlighted the resultant inconsistencies in corporate governance application in South African auditing firms. Areas requiring improvement were identified in the study.
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Fijabi, Lateef Kolawole. "AN EVALUATION OF CORPORATE GOVERNANCE CODE AND SMALL AND MEDIUM ENTERPRISES IN NIGERIA." Caleb International Journal of Development Studies 05, no. 02 (2022): 49–75. http://dx.doi.org/10.26772/cijds-2022-05-02-03.
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The paper evaluated Nigerian corporate governance code to identify the need for an adoption of a separate corporate governance code for SMEs as identified in Dubai and United Kingdom. Corporate governance code essentially is set out help corporate organizations in addressing ownership and control to ensure sustainability of their system into foreseeable future. This code requires a special attention for business continuity among SMEs in Nigeria. The study adopted secondary data approach by reviewing the corporate governance for Nigeria, corporate governance code for SMEs in Dubai and some other relevant literature. The findings revealed that Nigeria and some West African countries have no separate corporate governance code that guides their SMEs for growth and sustainability. The number of failed SMEs should encourage regulators to set up an identifiable corporate governance code for this group. The study recommended that Nigeria should take a cue from Dubai by organizing a separate forum to sensitize SMEs on the need to adopt corporate governance code for the expansion of their business, access to credit, opportunity for foreign technical partnership and foreign investment, the regulators should device a monitoring system that checks the failure rate among the SMEs and provide training to family business owners on the need to embrace corporate governance code.
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Bootsma, Bart, and Steven Hijink. "De beurs-NV in den vreemde. Toepassing en naleving van de Nederlandse Corporate Governance Code." Maandblad Voor Accountancy en Bedrijfseconomie 88, no. 5 (2014): 198–209. http://dx.doi.org/10.5117/mab.88.31294.
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Dit artikel beschrijft de mate waarin beurs-NV’s in den vreemde de Nederlandse Corporate Governance Code en/of buitenlandse corporate governance codes toepassen en in hoeverre de principes en bepalingen uit de Nederlandse Corporate Governance Code door dit type vennootschap worden nageleefd. Onder de beurs-NV in den vreemde wordt in deze bijdrage verstaan een statutair in Nederland gevestigde vennootschap wier aandelen primair zijn toegelaten tot de handel op een buiten Nederland gelegen effectenbeurs. Het artikel richt zich, met andere woorden, op (Nederlandse) beurs-NV’s wier aandelen niet primair te Amsterdam zijn genoteerd. Het merendeel van de beurs-NV’s in den vreemde past meerdere codes toe. De naleving van de Nederlandse Corporate Governance Code door beurs-NV’s in den vreemde blijft achter bij die van beurs-NV’s met notering op Euronext Amsterdam. Naast verschillen in de naleving tussen beurs-NV’s in den vreemde en Amsterdamse beurs- NV’s bestaan ook verschillen tussen beurs-NV’s in den vreemde onderling. Beurs- NV’s in den vreemde die geen banden met Nederland hebben, rapporteren bijvoorbeeld relatief meer afwijkingen van de Nederlandse Corporate Governance Code dan beurs-NV’s in den vreemde die wel banden met Nederland hebben.
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Bootsma, Bart, and Steven Hijink. "De beurs-NV in den vreemde. Toepassing en naleving van de Nederlandse Corporate Governance Code." Maandblad Voor Accountancy en Bedrijfseconomie 88, no. (5) (2014): 198–209. https://doi.org/10.5117/mab.88.31294.
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Dit artikel beschrijft de mate waarin beurs-NV's in den vreemde de Nederlandse Corporate Governance Code en/of buitenlandse corporate governance codes toepassen en in hoeverre de principes en bepalingen uit de Nederlandse Corporate Governance Code door dit type vennootschap worden nageleefd. Onder de beurs-NV in den vreemde wordt in deze bijdrage verstaan een statutair in Nederland gevestigde vennootschap wier aandelen primair zijn toegelaten tot de handel op een buiten Nederland gelegen effectenbeurs. Het artikel richt zich, met andere woorden, op (Nederlandse) beurs-NV's wier aandelen niet primair te Amsterdam zijn genoteerd. Het merendeel van de beurs-NV's in den vreemde past meerdere codes toe. De naleving van de Nederlandse Corporate Governance Code door beurs-NV's in den vreemde blijft achter bij die van beurs-NV's met notering op Euronext Amsterdam. Naast verschillen in de naleving tussen beurs-NV's in den vreemde en Amsterdamse beurs- NV's bestaan ook verschillen tussen beurs-NV's in den vreemde onderling. Beurs- NV's in den vreemde die geen banden met Nederland hebben, rapporteren bijvoorbeeld relatief meer afwijkingen van de Nederlandse Corporate Governance Code dan beurs-NV's in den vreemde die wel banden met Nederland hebben.
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Eulerich, Marc, Carolin van Uum, and Sarah Zipfel. "Comparing corporate governance codes in Germany and Eastern Europe – An analysis of different corporate governance characteristics." Corporate Ownership and Control 14, no. 3 (2017): 170–79. http://dx.doi.org/10.22495/cocv14i3c1art2.
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A series of accounting scandals and company failures led to a loss of trust by investors in an organization’s management, which triggered extensive debates regarding Corporate Governance. Eastern European countries require additional regulatory actions due to the privatization programs as a result of the transformation from the planned to market economy. The different corporate governance systems of the individual countries in terms of the monistic one-tier or the dualistic two-tier system resulted in distinctive contents of the corporate governance codes. Despite the differences, all codes have a common objective: to strengthen the confidence of investors through good corporate governance. The objective of this paper is to evaluate the similarities and differences of the Corporate Governance Codes (CGC) in various Central and Eastern European (CEE) countries. To do so, the CGCs of Romania, Slovakia, Slovenia, Hungary and Poland are illustrated and compared to the German Corporate Governance Code. On the basis of a broad theoretical model, the national characteristics of the CEE countries are linked to the respective code and the central components are evaluated in detail.
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Tagesson, Torbjörn, and Sven-Olof Yrjö Collin. "Corporate governance influencing compliance with the Swedish Code of Corporate Governance." International Journal of Disclosure and Governance 13, no. 3 (2015): 262–77. http://dx.doi.org/10.1057/jdg.2015.15.
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Krenn, Mario. "The Government as Institutional Entrepreneur in Corporate Governance Reform." European Journal of Business and Management Research 7, no. 5 (2022): 169–74. http://dx.doi.org/10.24018/ejbmr.2022.7.5.1657.
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Governments around the world have become prolific issuers of soft law regulation in the form of corporate governance codes. However, the strategies that governments pursue to ensure the diffusion of the codes have remained unexplored in the literature. Drawing from institutional and sociopolitical perspectives, I hypothesize that governments pursue a combination of different intervention strategies to bring the corporate governance arrangements of firms in line with the issued code. These strategies focus on the mobilization of material resources, the dissemination of rationales and legitimating accounts for corporate governance change, interventions in social structure and the establishment of new social relations. I test my hypotheses in the context of the issuance of the national corporate governance code in Germany and find general support for my hypotheses.
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De Haes, Steven, Tim Huygh, Anant Joshi, and Laura Caluwe. "National Corporate Governance Codes and IT Governance Transparency in Annual Reports." Journal of Global Information Management 27, no. 4 (2019): 91–118. http://dx.doi.org/10.4018/jgim.2019100105.
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IT governance is concerned with the oversight of IT assets, their contribution to business value and the mitigation of IT-related risks. Emerging research calls for more board level engagement in IT governance and identifies profound consequences for digitized organizations in case the board is not involved. Against this context, this article analyses how corporate governance codes are guiding boards to provide transparency on how they treat IT governance. The findings show that only the South African corporate governance code, King III, contains a significant amount of IT (governance)-related content. As a second objective, this article builds on these findings by providing an exploratory insight in the contemporary state of IT governance transparency in Belgian and South African companies. This way, the influence of the national corporate governance code on IT governance transparency is explored. The authors' findings show that South African firms tend to be more concerned with IT governance transparency in their annual reports than Belgian firms, given a comparable IT strategic role and ownership structure. Accordingly, the case is made for including more IT (governance)-related guidance in national corporate governance codes, as this might enable companies to be more transparent about their IT governance.
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Herbert, Wilson, and ThankGod C. Agwor. "Corporate governance disclosure and corporate performance of Nigerian banks." Journal of Research in Emerging Markets 3, no. 3 (2021): 14–36. http://dx.doi.org/10.30585/jrems.v3i3.674.
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Corporate disclosure is a key mechanism of corporate governance. This study examined the effect of corporate governance disclosure (CGD) on the financial performance of commercial banks listed on the Nigeria Stock Exchange. Based on the provisions of the Code of Corporate Governance for Public Companies in Nigeria, 2011 and the Code of Corporate Governance for Banks and Discount Houses 2014, the study developed a disclosure checklist and employed content analysis technique to extract corporate governance (CG) from 78 annual reports of 13 Nigerian commercial banks from 2011 to 2016. The study trichotomized CGD into those relating to the board of directors, risk framework, and whistleblowing policy. The results of the hypothesized relationships showed a positive and significant association between CGD and the banks' financial performance, with a positive effect of CGD on the board of directors and whistleblowing policy. However, the study did not find a significant association between CGD of risk management framework and the banks' financial performance. This study contributes to the body of knowledge by providing a broader understanding of the effect of CGD on banks' financial performance. The development of a disclosure checklist based on the regulators’ codes of corporate governance is a useful addition to the literature.
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Tzavara, Dionisia, Christos Grose, Sandra Pereira Rebelo Greven, and Maria Argyropoulou. "Evaluating the Quality of Corporate Governance of Swiss Banks." Studies in Business and Economics 16, no. 3 (2021): 278–94. http://dx.doi.org/10.2478/sbe-2021-0060.
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Abstract The aim of this research is to investigate the corporate governance frameworks of listed Swiss bank, to evaluate their performance across several indicators and identify strengths and weaknesses of their internal guidelines and code of best practice. More specifically, we use the OECD Principles of Corporate Governance, the Basel Committee Guidance on Corporate Governance for Banks and the Swiss Code of Best Practices for Corporate Governance to develop a framework to evaluate the corporate governance of Swiss banks relative to factors such as board structure, board composition, transparency, compensation and risk management To meet the aim of the research, we collect qualitative data from publicly available yearly reports, corporate governance documents and codes of conduct from a sample of listed Swiss banks. We find that, overall, Swiss banks have a sound corporate governance framework. However, board gender diversity is low. Also, there are differences between smaller and bigger banks in board composition. Our findings contribute to the understanding of the corporate governance structure of listed Swiss banks and they can be a useful tool for the banks, which can use our findings to implement enhancements to their corporate governance frameworks.
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Horan, Aidan, and Michael Mulreany. "Corporate governance in the public sector: Reflections on experience in Ireland." Administration 68, no. 4 (2020): 121–44. http://dx.doi.org/10.2478/admin-2020-0027.
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Abstract The article proceeds from the context for corporate governance in the public sector in Ireland. It examines the adoption and evolution of corporate governance guidance, standards and codes, and focuses on the Code of Practice for the Governance of State Bodies. In reflecting on the scope and depth of the provisions of the state body code, the article points to various implementation challenges using examples in the areas of culture, risk appetite and assurance arrangements. The article concludes by pointing to future challenges and suggestions for a research agenda for corporate governance in the public sector in Ireland.
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Obasi, Rosemary O. "Corporate Governance Research Opportunities in Nigeria: A National Development Issue." International Letters of Social and Humanistic Sciences 87 (May 2019): 13–22. http://dx.doi.org/10.18052/www.scipress.com/ilshs.87.13.
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This paper presents a number of research opportunities in corporate governance in Nigeria. Corporate governance has come along with changes in Nigeria regulatory framework for financial reporting and corporate governance code during the recent years. The researcher identified some important areas where research can help advance our knowledge and provide relevant information for policy makers. These research areas include audit firm governance, corporate level of compliance on corporate governance; Public sector code of governance; adoption of Not-for-profit governance code by such organisations in Nigeria. The research questions that were raised are of global interest, but the Nigeria environment provides some distinctive natural experimental settings to address these questions.
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Mangunsong, Nathaniel O. L., and Yetty Komalasari Dewi. "Should Indonesia adopt a Stewardship Code?" Lentera Hukum 12, no. 1 (2025): 104–36. https://doi.org/10.19184/ejlh.v12i1.51890.
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Shareholder stewardship has rapidly become a popular concept among policymakers, companies, and investors around the world. On its first release in 2010, the inaugural United Kingdom stewardship code was primarily targeted to incentivize institutional investors to be actively engaged as “stewards” in the corporate governance of companies in which they are shareholders. In Southeast Asia, Singapore has adopted separate stewardship codes for institutional investors and family companies. This article aims to explore if Indonesia should adopt a Stewardship Code like the above codes in Singapore and, if yes, how these codes should be adopted in Indonesia.KEYWORDS: Shareholder stewardship, Stewardship code, Corporate governance.
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Sheveleva, G. "New Opportunities for the Development of Corporate Governance in Power Generating Companies for the Benefit of Investors." Energy Systems Research, no. 3(15) (November 30, 2021): 59–69. http://dx.doi.org/10.38028/esr.2021.03.0006.
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The paper presents an analysis of the central metrics of corporate governance in wholesale and territorial generating companies of the electric power industry that concern ownership structure and compliance of the companies with the principles of the Corporate Governance Code based on their performance results of 2018 - 2019. An increase in ownership concentration and the presence of the state in the competitive segment of the electric power industry is noted. This study has identified the least met criteria for evaluating compliance with the principles of the Corporate Governance Code. The possibilities of developing corporate governance for the benefit of investors are elucidated. These are tightening control over the observance of international "soft law" ("comply or explain"); expanding the criteria for evaluating compliance with the principles of the Corporate Governance Code that are recommended by the Bank of Russia; updating the Corporate Governance Code based on ESG (Environmental, Social, and Governance) transformation. A new form of oversight over compliance with the Corporate Code principles and criteria for evaluating the adherence to the ESG principles are proposed.
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Parkinson, John, and Gavin Kelly. "The Combined Code on Corporate Governance." Political Quarterly 70, no. 1 (1999): 101–7. http://dx.doi.org/10.1111/1467-923x.00209.
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Vetter, H. J. "Herziening van de Corporate Governance Code." Onderneming en Financiering 24, no. 3 (2016): 4–12. http://dx.doi.org/10.5553/oenf/157012472016024003002.
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Rietveld, S. "De Herziene Corporate Governance Code 2022." Maandblad voor Ondernemingsrecht 9, no. 1-2 (2023): 37–47. http://dx.doi.org/10.5553/mvo/245231352023009001006.
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Braendle, Udo. "Corporate Governance Code Compliance and financial performance: the case of Austrian stock listed companies." Investment Management and Financial Innovations 16, no. 3 (2019): 131–41. http://dx.doi.org/10.21511/imfi.16(3).2019.13.
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This article analyzes the correlation between compliance to the Austrian Code of Corporate Governance and financial success of Austrian stock listed companies. It uses a sample of 52 Austrian companies that are listed on the Vienna Stock Exchange and corporate data collected from company publications such as annual reports, financial reports, corporate governance reports and company websites. Three accounting measures – return on assets, return on equity and net profit margin – were chosen in order to proxy the financial performance of a company. The period under review ranges from 2008 to 2016, whereas particular attention is given to the years 2010 to 2016. A corporate governance compliance score has been established on the comply or explain basis and recommendation rules of the Austrian Code of Corporate Governance in order to measure a company’s ability of implementing ‘good’ corporate governance practices. In line with research for other countries, this study finds no statistical evidence that a correlation exists between high compliance to the Austrian Code of Corporate Governance and financial success of companies listed on the Austrian Stock Exchange. The paper highlights the uniqueness of the Austrian Corporate Governance system when compared to other systems and gives arguments why companies comply with corporate governance recommendations.
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Owusu, Andrews, and Charlie Weir. "The governance-performance relationship: evidence from Ghana." Journal of Applied Accounting Research 17, no. 3 (2016): 285–310. http://dx.doi.org/10.1108/jaar-06-2014-0057.
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Purpose The purpose of this paper is to investigate the impact corporate governance, measured by a governance index, on the performance of listed firms in a developing economy, Ghana. It also evaluates the effect of the introduction of a code of corporate governance on compliance rates across Ghanaian firms as well as assessing the impact of the code’s introduction on firm performance for the study period 2000-2009. Design/methodology/approach The paper develops a Ghanaian corporate governance index (GCGI) containing 33 provisions to measure corporate governance quality during the pre-code and the post-code sub-periods. The authors use a panel data analytical framework and fixed effects regressions to analyse the governance-performance relationships. Findings After controlling for endogeneity, the authors find a statistically significant and positive relationship between the GCGI and firm performance. The analysis shows evidence of a statistically significant increase in the degree of compliance with the Ghanaian Code from the pre-2003 sub-period to the post-2003 sub-period. The authors also find that the introduction of the code has led to improved firm performance. However, not all elements of corporate governance appear to have a significant effect on firm performance. Research limitations/implications One limitation of this study is the development of a corporate governance index. The binary coding used to construct the GCGI may not reflect the relative importance of the different corporate governance provisions. This means that all elements included in the index are given equal weighting. Future research may assign weights to each of the corporate governance provisions but this may have the disadvantage of making subjective judgements relative to the importance of each corporate governance provision recommended by the Ghanaian Code. Practical implications These results have important implications for both policy makers and companies. For policy makers, it is encouraging for the development of a code of corporate governance to regulate firms rather than enforcing rigid laws that may not be value relevant. For companies, the improvement in compliance with a code of corporate governance can provide a means of achieving improved performance. Originality/value This paper adds to the limited evidence on the governance-performance relationship in developing economies and in particular it analyses the role of a governance index. It is also the first paper to compare the pre- and the post-code governance index-performance relationship in an African or developing country.
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Fijabi, Lateef. "Corporate governance and auditors’ expectation." Caleb International Journal of Development Studies 3, no. 2 (2020): 166–93. http://dx.doi.org/10.26772/cijds-2020-03-02-010.
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This study investigated the impact of Code of Corporate governance on the auditor’s expectation gap, following the implementation of the Nigerian corporate governance code. The study outcomes were based on the literature review, the analysis of the qualitative data and discussions of generated themes. The results revealed that adopting effective corporate governance (accountability) system positively contributes in narrowing the audit expectation gap due to the increasing interest in the role of accountability in fighting corruption in Nigeria. The Study recommends; the need for continued sensitization of the public, by both the auditing profession and other stake holders on the role and duties of the auditor, management and the board to avoid expectation gap from the public. The CBN, NAICOM, PENCOM and NCC should implement and enforce the approved Code of Governance. Keywords: Audit Expectation Gap, Corporate Accountability, Audit committees, Code of Corporate Governance, Regulatory agencies.
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Bello, Lawal. "Re: duplication of corporate governance codes and the dilemma of firms with dual regulatory jurisdictions." Corporate Governance 16, no. 3 (2016): 476–89. http://dx.doi.org/10.1108/cg-08-2015-0115.
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Purpose This paper aims to examine the evolution of corporate governance in Nigeria and how the duplication of code of corporate best practices is impacting compliance with the key recommendations of these guidelines. The issues of corporate governance and reforms especially those related to the development and implementation of code of corporate best practices have been a subject of academic discuss over the years with more research emphasis placed on developed economies. This paper intends to add the sub-Sahara Africa and the emerging economic perspective to this vibrant stream of research. Design/methodology/approach This paper adopts an explanatory approach in the review of the four different codes of corporate governance that were issued in Nigeria in the past ten years. Findings The paper demonstrated that corporate governance has been a fundamental issue of concern in Nigerian public enterprises since the country gained independence in 1960. The paper equally established that the application of recent corporate governance reforms has been challenged, not on competency grounds but rather by the proliferation of codes which have created implementation and monitoring difficulties for both the affected firms and the regulatory agencies. Originality/value Unlike other previous studies, this paper offers comprehensive analysis of corporate governance evolution in Nigeria and found through documented literatures that shortage of experienced local personnel and the absence of effective external control mechanisms have been the bane against the development of corporate governance in Nigeria. The originality of this paper also lies in being the first paper to have linked developments in the public enterprises to the renewed focus on corporate governance. This is the most inclusive paper to have identified key implications of multiplicity of corporate governance codes and the direct application of governance system within the context of the country’s socio-cultural distinctiveness.
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Aluchna, Maria, and Tomasz Kuszewski. "Does Corporate Governance Compliance Increase Company Value? Evidence from the Best Practice of the Board." Journal of Risk and Financial Management 13, no. 10 (2020): 242. http://dx.doi.org/10.3390/jrfm13100242.
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Drawing upon agency theory, we address the limitations of best practice code in the context of emerging governance, emphasizing the role of concentrated ownership. While the code provisions were formulated in developed countries, the transfer of one-size-fits-all guidelines may not address the characteristics and challenges of emerging and post-transition economies. Specifically, we emphasize that provisions of corporate governance codes are aimed at solving the principal–agent conflict between shareholders and managers. These guidelines may remain limited in addressing principal–principal conflicts between majority and minority shareholders and have either a lesser effect on valuation or none at all. Using a unique sample of 155 companies listed on the Warsaw Stock Exchange during the period 2006–2015, with hand-collected data from declarations of conformity, we tested the hypotheses on the link between corporate governance compliance (with board) practice and company value. The period of 2006–2015 was chosen deliberately, due to the relative stability of corporate governance code recommendations over this time. The results of our panel model reveal a negative and statistically significant relation between corporate governance compliance and company value. We contribute to the existing literature providing new evidence on compliance practice in the context of concentrated ownership, and the limited effect of code provisions in addressing structural challenges of corporate governance in emerging post-transition economies and hierarchy-based control systems.
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Qurashi, Mubashir Hassan. "Corporate governance code comparison for South Asian emerging economies." International Journal of Law and Management 60, no. 2 (2018): 250–66. http://dx.doi.org/10.1108/ijlma-05-2017-0115.
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Purpose The purpose of this study is to compare the corporate governance (CG) codes of Pakistan, India and Bangladesh with the CG guide of United Nations (UN) and to identify the similar points of these codes with the requirements of Combined Code (CC) that are not included in the CG guide of UN. Design/methodology/approach This study is based on the qualitative data, while content analysis is used for the analysis. For this exploratory research, different documents have been reviewed and consulted and qualitative data are collected from those. A multiple case study approach is adopted because the codes of three countries (four CG codes used for the analysis) have been reviewed. Findings This study has presented that the Pakistani and Bangladeshi (issued by Bangladesh Enterprise Institute) CG code has approximately 77 per cent convergence (40 out of 52), Indian CG code has 50 per cent convergence (26 out of 52), whereas the Bangladeshi (issued by Bangladesh Security and Exchange Commission) CG code has approximately 41 per cent convergence (21 out of 52) to CG guide of UN. Seven similar points to CC have been found out in all four or few of the codes that were used in this study. Originality/value This study has explored the convergence of CG codes of Pakistan, Bangladesh and India with the CG guide of UN. Furthermore, this study has highlighting the similar mechanisms presented in CC and the codes of selected countries so international investors get clear information about the quality of these codes and take informed investment decision.
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Yeoh, Peter. "Corporate Governance Codes in the UK: The Risk of Over-Reliance?" Business Law Review 40, Issue 1 (2019): 19–27. http://dx.doi.org/10.54648/bula2019004.
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This article looks at how modern corporate governance codes evolved in the UK to the present UK Corporate Governance Code 2018. Major issues and controversies surrounding the most recent reforms are discussed. Particular attention is given to their implications for corporate directors, and whether policymakers, regulators, and market participants are over-relying on them.
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Boolaky, Pran Krishansing. "Corporate governance in the financial services sector of small island economies: A case study of Mauritius." Corporate Ownership and Control 4, no. 3 (2007): 266–78. http://dx.doi.org/10.22495/cocv4i3c2p4.
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This study investigates the practices of corporate governance in the financial services sector of small island economies with special reference to banks and insurance companies in Mauritius with a view to assess the level of compliance. The financial sector is today an important economic pillar on which the government is relying given the imminent recession in the sugar industry. In this respect financial institutions play a key role because they are the core set of the financial sector. It is therefore important for people to have confidence in both banks and insurance companies of their country. This is possible by ensuring compliance with good governance. In Mauritius, the Central Bank has issued its guidelines on good corporate governance for banks and this guide is made in line with the Corporate Governance Code issued by the National Committee on Corporate Governance. Banks are also required to comply with the codes as per the Banking Act 2004 and the Financial Reporting Act 2004. In a similar vein insurance companies should comply with the National Code on Corporate Governance and relevant laws related to good governance of insurance business, such as the Insurance Act 2005, the Financial Services Commission guidelines on Corporate Governance and the Financial Services Development Act 2002. In addition insurance companies should also comply with the Companies Act 2001 and the Financial Reporting Act 2004. This paper initially reports on the practice of corporate governance in the financial services sector of small island economies by drawing data from the Financial Sector Assessment Programme of the International Monetary Fund. A content analysis of the annual reports of companies in the sector is used to assess the level of compliance to corporate governance code in Mauritius and concludes that compliance rate is above 70% as regards board’s composition, audit committee, disclosure of policies and practices. This study reports that there are few cases of noncompliance with the National Code but good governance is necessary in the financial services sector to inspire stakeholders confidence.
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Aldaas, Dr. Abdullah Ahmed, Dr. Suleiman Jamal Mohammad, and Dr. Mohammad Yousef Abuhashesh. "Successful Implementation of Corporate Governance Mechanisms in Banks." Journal of Social Sciences (COES&RJ-JSS) 8, no. 4 (2019): 692.710. https://doi.org/10.25255/jss.2019.8.4.692.710.
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Corporate Governance is significant in managing the financial sector particularly banks of both the developing and the developed nations. Major corporate collapses worldwide revealed the presence of weak corporate governance system. The researcher conducted survey from the finance managers of the five commercial Jordanian banks which revealed that good corporate is significant for the performance of the banks. Good corporate governance balances the conflict of interest among the stakeholders. The participants believed that good corporate governance mechanisms such as transparency, privacy, legislations, code of conduct and clarity of procedures can enhance the efficiency of the banks. They believed that good corporate governance mechanisms effects the bank risks such as it protects the shareholders, stakeholders and reduces or transfers risk and ensures the stability of the economy. Hence, good corporate governance is essential for achieving success of the banking sector and in turn for the economic growth. The participants suggested that implementing good corporate governance in the banks leads to the integration of the capital markets, better solutions of the corporate governance issues and helps in building trust, integrity and transparency.
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Lobrij, Marie-Fleur, Muel Kaptein, and Mijntje Lückerath-Rovers. "What national governance codes say about corporate culture." Corporate Governance: The International Journal of Business in Society 20, no. 5 (2020): 903–17. http://dx.doi.org/10.1108/cg-08-2019-0254.
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Purpose This study aims to provide insight into the current incorporation of corporate culture in national corporate governance codes. The authors identify three levels of incorporation for each of the following three dimensions: layers of corporate culture (the “what”), the alignment of corporate culture in the organization (the “for whom”) and the board’s roles regarding corporate culture (the “how”). Design/methodology/approach To assess the extent to which national codes have incorporated corporate culture, the authors used a sample of 88 national corporate governance codes. The authors performed a content analysis of these codes using a computer-aided text analysis program. The first step involved the identification of dimensions of corporate culture per national code. These dimensions were then assessed based on three levels of incorporation. Finally, the authors ranked national codes with similar levels of incorporation per dimension and aggregated the dimensions. Findings The data show that five of the 88 national corporate governance codes that the authors analysed scored the highest level in all three dimensions of corporate culture. Originality/value This is the first study to provide an overview of what national corporate governance codes say about corporate culture. The authors address two gaps in the existing literature. First, the authors develop and use a richer conceptualization of how corporate culture can be addressed in national corporate governance codes. Second, the authors analyse these corporate governance codes worldwide.
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Ofo, Nat. "Securities and Exchange Commission of Nigeria's Draft Revised Code of Corporate Governance: An Appraisal." Journal of African Law 55, no. 2 (2011): 280–99. http://dx.doi.org/10.1017/s0021855311000143.
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AbstractIn furtherance of its role to entrench good corporate governance practice in Nigeria, the Securities and Exchange Commission of Nigeria published a draft revised Code of Corporate Governance. It is intended that this revised code will replace the country's current corporate governance code which came into force in 2003. This article sets out a thorough examination of the draft code with a view to appraising whether the final version of the code will be well-suited to meet its desired goals. Consequently, some of its provisions have been critically reviewed while others have been acclaimed. Furthermore, the article draws attention to the increased responsibility of the Securities and Exchange Commission in establishing good corporate governance practice and makes extensive suggestions in this regard.
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Apostol, Ciprian. "CORPORATE GOVERNANCE IN ROMANIA." CBU International Conference Proceedings 3 (September 19, 2015): 248–52. http://dx.doi.org/10.12955/cbup.v3.649.
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The objective of the research was focused on measuring the performance level of corporate governance in Romania. This is carried out by evaluating the importance level given to the principles of corporate governance in the Romanian economy, while the practices of transparency and dissemination of companies’ information in the selected sample were monitored. To achieve the objectives of the study, we need to examine the Corporate Governance Code of the Bucharest Stock Exchange. Sample companies were selected and their information from the “Comply or Explain” Statements was analyzed.The research method is a non-participating observation—based on the information from the “Comply or Explain” Statement to determine whether companies are applying corporate governance and transparency elements. The research results highlight the progress of Romanian companies in the process of exercising to the principles of corporate governance, becoming internationally recognized, and integrating into the Corporate Governance Code of the Bucharest Stock Exchange.
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Marchetti, Piergaetano, and Maria Lucia Passador. "From London to the Continent: Rethinking Corporate Governance Codes in Europe." European Company and Financial Law Review 21, no. 2 (2024): 129–56. http://dx.doi.org/10.1515/ecfr-2024-0005.
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This paper critically evaluates the arguments proposed by Cheffins and Reddy in their recent article, advocating for the abolition of the UK Corporate Governance Code with the promise of substantial benefits to the market. The exploration primarily delves into the potential ramifications of such a proposal on other European jurisdictions, where Codes of corporate governance hold significant sway in the corporate domain, reflecting a spectrum of legal and cultural traditions. While the article under scrutiny is geographically confined to the United Kingdom, the ramifications of such a proposal extend far beyond, resonating deeply with the pervasive influence of the UK Code of Corporate Governance even within continental Europe, urging a comprehensive examination.The analysis begins by revisiting the arguments advanced by the authors and scrutinizing them in light of the Continental European context. This examination reveals several concerns that necessitate attention. We contend that despite geographic limitations, the Code serves as a valuable and adaptable instrument for fostering accountability, transparency, and innovation in markets transcending borders and jurisdictions. Its continued relevance is underscored by its utility in addressing emergent issues and governance challenges, particularly in the realm of ESG and auditing. Consequently, the proposition of its abolition carries significant drawbacks for both companies and investors alike. In conclusion, we assert that European jurisdictions should not dismiss Codes of corporate governance outright, but rather advocate for their refinement and adaptation to the evolving imperatives of the globalized 130economy. Such an approach is deemed imperative to maintain and enhance corporate governance standards, thereby ensuring the continued integrity and efficiency of European markets.
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Steger, Thomas, and Markus Stiglbauer. "The German corporate governance code and its adoption by listed SMEs – just another ‘Procrustes bed’?" Problems and Perspectives in Management 14, no. 3 (2016): 494–503. http://dx.doi.org/10.21511/ppm.14(3-2).2016.05.
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The discussion of companies’ compliance with corporate governance standards and codes has widely neglected the situation of small and medium-sized enterprises (SMEs). Accordingly, the authors examine a sample of 151 SMEs listed on the Frankfurt Stock Exchange in 2006 (before the financial crisis) and 2012 (after the financial crisis) and, thus, required to declare whether they comply with the recommendations of the German Corporate Governance Code or not. While code compliance seems to be quite homogenous comparing different branches, the authors found that company size has a positive impact on code compliance. With regard to a remarkably high number of recommendations a lot of companies do not comply to, company size might be a major problem, why the existing GCGC does not fit very well to the situation of SMEs. This is why, most remarkably, code compliance does not exert any significant influence on either market reaction or on operating performance of SMEs. Keywords: corporate governance, SMEs, Germany, firm performance. JEL Classification: G3, G34, M10, L25
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Krenn, Mario. "Understanding decoupling in response to corporate governance reform pressures." Journal of Financial Regulation and Compliance 23, no. 4 (2015): 369–82. http://dx.doi.org/10.1108/jfrc-04-2014-0019.
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Purpose – The purpose of this article is to explain under what circumstances firm-level adoption of codes of good corporate governance will more likely be superficial rather than substantive in nature. The article contains lessons for any agency or country that attempts to implement deep and lasting changes in corporate governance via codes of good corporate governance. Design/methodology/approach – The article reviews the literature on compliance with codes of good corporate governance and develops a conceptual model to explain why some firms that have formally adopted a code of good governance decouple this policy from its actual use. Findings – Decoupling in response to the issuance of codes of good corporate governance will be more attractive to firms and also more sustainable under the following conditions: firms’ compliance costs are relatively high firms’ costs of outright and visible non-compliance are relatively high and outsiders’ compliance monitoring costs are relatively high. Originality/value – The article contributes to the debate on compliance and convergence and provides policymakers with a conceptual framework for assessing the likelihood of successful regulatory change in corporate governance.
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van Leeuwen, Oscar, and Philip Wallage. "Corporate Governance: the way forward." Maandblad Voor Accountancy en Bedrijfseconomie 91, no. 5/6 (2017): 122–23. http://dx.doi.org/10.5117/mab.91.24030.
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Twintig jaar geleden, om precies te zijn op 25 juni 1997, verscheen het rapport van de eerste Nederlandse Commissie Corporate Governance onder voorzitterschap van Jaap Peters met de titel Aanbevelingen inzake Corporate Governance in Nederland. In 2003 gevolgd door De Nederlandse corporate governance code Beginselen van deugdelijk ondernemingsbestuur en best practice bepalingen. Deze Code, vernoemd naar de voorzitter van de commissie Morris Tabaksblat, werd bij Besluit van 23 december 2004 in de wet verankerd (Stb. 2004, nr. 747). Sindsdien moeten beursfondsen in het bestuursverslag mededeling doen over de naleving van de principes en best practice-bepalingen. Recentelijk is de code onder leiding van Jaap van Manen geactualiseerd en op 8 december 2016 gepubliceerd. De belangrijkste inhoudelijke wijzigingen betreffen onder andere een focus op langetermijnwaardecreatie en aandacht voor risicobeheersing, cultuur en beloning. Het corporate governance-domein kenmerkt zich door de constante zoektocht naar een balans tussen de belangen die verschillende stakeholders in een onderneming hebben.
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van, Leeuwen Oscar, and Philip Wallage. "Corporate Governance: the way forward." Maandblad Voor Accountancy en Bedrijfseconomie 91, no. (5/6) (2017): 122–23. https://doi.org/10.5117/mab.91.24030.
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Twintig jaar geleden, om precies te zijn op 25 juni 1997, verscheen het rapport van de eerste Nederlandse Commissie Corporate Governance onder voorzitterschap van Jaap Peters met de titel "Aanbevelingen inzake Corporate Governance in Nederland". In 2003 gevolgd door "De Nederlandse corporate governance code "Beginselen van deugdelijk ondernemingsbestuur en best practice bepalingen." Deze Code, vernoemd naar de voorzitter van de commissie Morris Tabaksblat, werd bij Besluit van 23 december 2004 in de wet verankerd (Stb. 2004, nr. 747). Sindsdien moeten beursfondsen in het bestuursverslag mededeling doen over de naleving van de principes en best practice-bepalingen. Recentelijk is de code onder leiding van Jaap van Manen geactualiseerd en op 8 december 2016 gepubliceerd. De belangrijkste inhoudelijke wijzigingen betreffen onder andere een focus op langetermijnwaardecreatie en aandacht voor risicobeheersing, cultuur en beloning. Het corporate governance-domein kenmerkt zich door de constante zoektocht naar een balans tussen de belangen die verschillende stakeholders in een onderneming hebben.