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1
Klarner, Patricia, Gilbert Probst, and Michael Useem. "Opening the black box: Unpacking board involvement in innovation." Strategic Organization 18, no. 4 (April 12, 2019): 487–519. http://dx.doi.org/10.1177/1476127019839321.
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Corporate governance research suggests that boards of directors play key roles in governing company strategy. Although qualitative research has examined board–management relationships to describe board involvement in strategy, we lack detailed insights into how directors engage with organizational members for governing a complex and long-term issue such as product innovation. Our multiple-case study of four listed pharmaceutical firms reveals a sequential process of board involvement: Directors with deep expertise govern scientific innovation, followed by the full board’s involvement in its strategic aspects. The nature of director involvement varies across board levels in terms of the direction (proactive or reactive), timing (regular or spontaneous), and the extent of formality of exchanges between directors and organizational members. Our study contributes to corporate governance research by introducing the concept of board behavioral diversity and by theorizing about the multilevel, structural, and temporal dimensions of board behavior and its relational characteristics.
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Padilla-Angulo, Laura, and Faten Ben Slimane. "Board restructuring and successful demutualization: the stock exchanges." Journal of Organizational Change Management 31, no. 3 (May 14, 2018): 598–618. http://dx.doi.org/10.1108/jocm-06-2017-0212.
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Purpose The purpose of this paper is to study corporate governance restructuring strategies of companies to adapt to new market conditions following conversion into a for-profit structure. It focuses on the changes in the composition of the board of directors. Design/methodology/approach The paper conducts a field experiment using stock exchanges, which have become more international over time, and many of which have been forced to demutualize and convert to for-profit structures to compete more efficiently. The paper does a fine-grained analysis of restructuring in the composition of the board using the ANOVA technique. The paper also examines the impact of this board composition restructuring on the reputation of the exchanges using a regression technique. Findings The authors find that the stock exchanges restructured board composition and refocused them to create better value. Results suggest that the conversion of a company to a for-profit structure brings efficiencies when accompanied by changes in the governing bodies. The authors also find that converting to for-profit firms had a positive impact on the reputation of the exchanges. The positive impact was even greater when accompanied by changes in board composition. Research limitations/implications A stronger focus on the corporate governance dimension to understand the successful demutualization of stock exchanges is needed. Originality/value The authors analyze the corporate governance dimension during demutualization processes of an under examined sector. The financial performance of the stock exchanges the authors study significantly improved after their conversion to for-profit organizations and provide an example of successful corporate governance restructuring.
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Ferris, Stephen P., and Min-Yu (Stella) Liao. "Busy boards and corporate earnings management: an international analysis." Review of Accounting and Finance 18, no. 4 (November 11, 2019): 533–56. http://dx.doi.org/10.1108/raf-07-2017-0144.
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Purpose Because of our limited understanding of the incidence and effect of board busyness globally, the mixed evidence of the effect of board busyness obtained in the USA and the divergence of international patterns of director busyness from that observed in the USA, the author contends that there is a strong need to examine board busyness from a global perspective. The literature, however, does not examine the effect of board busyness on reported earnings quality and certainly does not analyze it internationally. Consequently, the purpose of this study is to examine the effect of multiple board appointments on the quality of a firm’s reported earnings. Design/methodology/approach The research design for this study is empirical. It uses both univariate and multivariate statistical analysis to examine historical corporate accounting, finance and governance data. Findings Consistent with the busyness hypothesis of corporate governance, the author finds that firms with a higher proportion of busy independent directors or busy CEOs manage their earnings more extensively. Further, the findings of this study present that firms with a higher proportion of busy independent audit committee members have poorer financial reporting quality. Using a sample of American Depository Receipts (ADRs), this study determines that the ineffectiveness of busy boards regarding earnings management is mitigated by the listing regulations imposed by US exchanges. Research limitations/implications The author believes that this study offers new and important evidence regarding the debate whether busy directors provide knowledge, skill and corporate connections, or whether they are overextended and, thus, unable to fully perform their monitoring duties. This study shows that firms with busy directors are associated with poorer financial reporting quality and, consistent with the busyness hypothesis, are less effective as managerial monitors. Practical implications This study provides useful guidance regarding board design and the kinds of policies that firms should adopt regarding multiple boarding. Social implications The social implications focus on the public policy implications regarding the importance of effective corporate governance in the reporting of financial wealth, wealth creation and wealth management. Originality/value This is the first study that examines the relation between board/committee busyness and corporate earnings management using a comprehensive set of international firms. Second, the author expands the analysis of audit committee into a new dimension: committee quality as captured by the busyness of its independent members. This study also contributes to the ongoing debate in the corporate finance literature regarding the reputation and busyness hypotheses of multiple directorships.
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Krismiaji, Y. Anni Aryani, and Djoko Suhardjanto. "International Financial Reporting Standards, board governance, and accounting quality." Asian Review of Accounting 24, no. 4 (December 5, 2016): 474–97. http://dx.doi.org/10.1108/ara-06-2014-0064.
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Purpose The purpose of this paper is to discuss empirical research examining the impact of International Financial Reporting Standard (IFRS) adoption and board governance on the accounting quality, in terms of relevance and faithful representation. Design/methodology/approach The research uses a sample of 454 observations of publicly listed companies on the Indonesian Stock Exchange for the fiscal year that ends on December 31, 2008 through 2011. Relevance is measured by predictive value, whereas faithful representation is measured by absolute discretionary accrual as an inverse measure. Board governance is measured by the board of commissioner score whereas IFRS adoption is measured by the percentage of IFRS adopted. The data used in this study are obtained both from Indonesian Capital Market Directory, Indonesian Stock Exchange database, and from company annual reports. Findings This research found evidence of a positive association of IFRS adoption on the relevance of accounting information quality. With respect to faithful representation, this study proves a positive association after IFRS adoption. This research also found that board governance has a positive impact on accounting information quality after IFRS adoption both in relevance and faithful representation. This result is in line with investor’s expectations that fair value IFRS adoption enhances the relevance of accounting information. Originality/value This study provides further evidence on the effect of IFRS adoption and board of governance on accounting information quality using data from Indonesia. Moreover, this study measures and tests both dimensions of earnings quality which are relevance and faithful representation and portrays a complete story about the quality of earnings. This study uses the qualitative characteristics of accounting information as proxies for accounting quality, so that it enriches the accounting literature about the role of accounting standards in financial reporting quality.
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Hall, Maggie. "Bioethics Common Market: An International Exchange." Cambridge Quarterly of Healthcare Ethics 3, no. 2 (1994): 302. http://dx.doi.org/10.1017/s0963180100005053.
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Bioethics Common Market is an international bulletin board to post notices regarding such things as networking contacts among people interested in a specific area of concern, hospitality, research underway for which collaboration is desired or possible, sources of scarce or hard-to-find materials, reports or papers available in sufficient numbers to share, textbooks or study materials desired, and, for travelers to any state or country, names of local people with possible common interests.
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Kravchenko, Grygorii. "The effect of international experts on company financial performance." Zeszyty Teoretyczne Rachunkowości 45, no. 3 (September 12, 2021): 203–32. http://dx.doi.org/10.5604/01.3001.0015.2352.
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Objective: The article aims to evaluate the influence of international supervisory board experts on firm financial performance, based on the impact of international experts’ characteristics, such as their knowledge, experience, independence, and connections. Methodology/research approach: The empirical study is based on a unique handcollected dataset covering a final sample of 256 companies listed on the Warsaw Stock Exchange (WSE) and which operated on the market during the observation period 2010- 2015. The Generalized Least Squares (GLS) regression model with a random effect is employed to test the hypotheses. Findings: The findings strongly suggest that the presence of supervisory board members with an outside perspective and international experience may exert a positive impact on companies’ operational outcomes. Research limitations/implications: The research has practical implications for Polish governmental agencies, as it verifies the usefulness of the recommendations for supervisory board composition presented in the Best Practices for WSE Listed Companies. Originality/value: The study contributes to the existing literature on the factors that affect company performance. Consequently, great value is added to the research on supervisory board characteristics that are crucial for effective monitoring and advisory roles, enhancing the quality of corporate governance.
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Dargahi, Esmaeil, and Arash Tahriri. "Representing a Model for Implementing International Financial Reporting Standards in Iran." Revista de la Universidad del Zulia 11, no. 31 (October 1, 2020): 141–59. http://dx.doi.org/10.46925//rdluz.31.11.
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International Financial Reporting Standards (IFRS) are global, identical, high-quality and comprehensive standards for financial reporting that have been developed by the International Accounting Standards Board (IASB). The objective of the current study is to represent a model for the implementation of the International Financial Reporting Standards in Iran. This study is an applied research and can be considered a qualitative research. A survey is applied in this regard. The statistical population of the study consisted of members of the accounting faculty of universities, financial managers, and boards of directors of companies listed on the Tehran Stock Exchange and the Iran Fara Stock Exchange. In this study, the snowball sampling method was used. In this research, 15 experts were initially selected as the initial research sample, then 25 people were added to the initial research volume, and 40 people were selected as the final sample. Based on the results of the interpretive structural model, cultural factors are the prerequisites for all factors that affect the adoption and dissemination of International Financial Reporting Standards (IFRS), and the cost and benefits of applying IFRS have the same greater impact on the adoption and dissemination of these standards.
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Syamsudin, Syamsudin, Erna Setiany, and Sajidah Sajidah. "Gender diversity and firm value: a study on boards of public manufacturing firms in Indonesia." Problems and Perspectives in Management 15, no. 3 (November 8, 2017): 276–84. http://dx.doi.org/10.21511/ppm.15(3-1).2017.11.
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This study aims to analyze the effect of gender diversity in both the Board of Commissioners and Board of Directors, as well as the effect of education background of the President Commissioner on the firm value. Gender diversity is measured from the proportion of women in Board of Commissioners and Board of Directors, while the education background is measured by the education background of the President Commissioner. In this research, the firm value is measured by Tobins Q. The sample used in this study consist of 70 manufacturing companies listed in Indonesian Stock Exchange in the year 2012. This study employs multiple linear regression to draw the research results. The analysis results show that gender diversity in both the Board of Commissioners and Board of Directors significantly affects firm value. On the contrary, the education background of the President Commissioner does not affect firm value. This result support the argument that diversity of boards will, through various ways, affect firm financial value in the long and short term.
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Kusumawardani, Anisa, Wirasmi Wardhani, Siti Maria, and Rizky Yudaruddin. "Board structure and disclosure of intellectual capital: An empirical study in an emerging market." Journal of Governance and Regulation 10, no. 3 (2021): 140–49. http://dx.doi.org/10.22495/jgrv10i3art12.
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Capital market regulators have concentrated on company transparency, including and also intellectual capital disclosure (ICD) throughout the previous decade. Jensen and Meckling (1976) stated that high disclosure can reduce agency costs and the uncertainty faced by investors. This research aims to explore the ways the board structure, comprising board size, independence, female board members and CEO dichotomy, affects intellectual capital disclosure within Indonesia. A sample comprising 323 non-commercial companies in 7 industries listed publicly from 2008 to 2017 on Indonesia Stock Exchanges (IDX) was analyzed using ordinary least squares (OLS) regression. This study found a positive and significant impact of board size which implied that a higher total number of members of the board of directors results in a higher extent of ICD. The larger the number of outside board members, the better. This makes the board more independent and allows it to provide a higher level of corporate governance to shareholders. The findings revealed the level of ICD significantly and negatively affected CEO duality statistically. The complete findings indicated robust implications of board structure for ICD. This study may be utilized to facilitate higher intellectual capital awareness and foster ICD execution by IDX capital market administrators.
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Messier, William F., Nonna Martinov-Bennie, and Aasmund Eilifsen. "A Review and Integration of Empirical Research on Materiality: Two Decades Later." AUDITING: A Journal of Practice & Theory 24, no. 2 (November 1, 2005): 153–87. http://dx.doi.org/10.2308/aud.2005.24.2.153.
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There has been a renewed interest in the concept of materiality motivated by concerns at the Securities and Exchange Commission, the Sarbanes-Oxley Act, and the Auditing Standards Board and International Auditing and Assurance Standards Board issuance of proposed standards on materiality. This paper: (1) reviews and integrates the empirical research on materiality since 1982, and (2) suggests some implications of this research for audit practice and research. The review indicates that while many issues related to materiality have been addressed by prior research, a number of new and important areas are in need of further examination.
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Koufopoulos, Dimitrios N., and Ioannis P. Gkliatis. "An exploration of the effect of organisational demography on board size and leadership structure: Evidence from the Greek manufacturing sector." Corporate Board role duties and composition 14, no. 3 (2018): 46–57. http://dx.doi.org/10.22495/cbv14i3art4.
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This study examines how organisational demography (organizational age, organisational size and number of years listed in the Athens Stock Exchange, ATHEX), may impact the board structure (board size, CEO duality and CEO dependence/ independence). The relationships are proposed, under the light of data collected from the annual reports of all 140 manufacturing organisations quoted in the Athens Stock Exchange. Research findings revealed a significantly positive relationship of organisational size, organisational age and number of years that a firm is listed in the Stock Exchange with board size. However, these organisational characteristics do not influence the leadership structure or dependency/independency of the Chairperson to the CEO. While many studies examining the impact of board characteristics on various organisational outputs, including performance, reputation and effectiveness, there are limited studies investigating variables that affect board characteristics and as such the study opens discussion on potential predictors of board.
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Zona, Fabio, Brian Keane Boyd, and Katalin Takacs Haynes. "Coordination, control, or charade? The role of board interlocks among business group members." Management Decision 57, no. 10 (November 11, 2019): 2630–52. http://dx.doi.org/10.1108/md-11-2017-1200.
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Purpose How do business groups manage their internal processes? The purpose of this paper is to explore how board interlocks between members serve as control and coordination mechanisms within business groups. The authors propose that centrality of groups’ affiliates in the group network of interlocking directorates is shaped by agency and resource dependence forces. In particular, the authors examine the role of international board ties as a resource and information conduit. Design/methodology/approach This study leverages proprietary information on firm-to-firm transaction ties among all 155 affiliates belonging to a large Italian business group. The authors use network analysis to develop multiple measures of the centrality of each group member, and link these to resource transactions, ownership patterns and geographic distributions. The authors test the hypotheses in a structural equation model using LISREL. Findings The results demonstrate that both resource exchanges and the presence of cross-national relations increase an affiliate’s central position in the group’s network of board ties. In contrast, ownership ties between members were unrelated to affiliate centrality. Originality/value Internal governance mechanisms of business groups are rarely studied. While groups are often portrayed as inefficient or value-destroying, the analysis of proprietary firm data suggests a very different scenario: inter-unit ties are much more supportive of a model of business groups as strategic portfolios, using internal ties to share information and resources.
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Adams, Carol A. "Conceptualising the contemporary corporate value creation process." Accounting, Auditing & Accountability Journal 30, no. 4 (May 15, 2017): 906–31. http://dx.doi.org/10.1108/aaaj-04-2016-2529.
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Purpose The purpose of this paper is to examine and explain the complex interrelationships which influence the ability of firms to create value for their providers of finance and other stakeholders (loosely referred to in practice as “integrated thinking”). In doing so it examines the interrelationships between: environmental, social and governance (ESG) risk; delivering on corporate strategy; non-financial corporate reporting; and, board oversight. Design/methodology/approach Interviews were conducted with board chairs and non-executive directors of large listed companies on the Johannesburg Stock Exchange (where Boards are required to have a social and ethics sub-committee and approve integrated reports which have been mandatory since 2010) and the Australian Stock Exchange (where Board directors’ liability legislation results in Boards being reluctant to adopt integrated reporting which is voluntary). Findings The research finds that contemporary reporting processes, and in particular those set out in the King III Code and the International Integrated Reporting Framework, influence cognitive frames enhancing board oversight and assisting organisations in managing complexity. This results in increased awareness of the impact of ESG issues together with a broader view of value creation despite investor disinterest. Research limitations/implications A number of avenues of research are suggested to further examine the interrelationships identified. Practical implications The research assists the development of practice and policy by articulating and enhancing the understanding of linkages, which loosely fall under the vague practitioner term “integrated thinking”. Social implications The conceptualisation can inform national and global discussions on the appropriateness of corporate reporting and governance models to achieve sustainable development and contribute to the Sustainable Development Goals. Originality/value The paper conceptualises emerging and complex interrelationships. The cross-country comparison allows an assessment of the extent to which different national social contexts with differing governance and reporting frameworks lead to different perspectives on, and approaches to, value creation.
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Şahin, Kader, Seyfettin Artan, and Seda Tuysuz. "The moderating effects of a board of directors on FDI’s international diversification in Turkey." International Journal of Organizational Analysis 23, no. 1 (March 9, 2015): 61–88. http://dx.doi.org/10.1108/ijoa-06-2013-0677.
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Purpose – This paper aims to investigate the moderating effects of a board of directors on foreign direct investment (FDI)’s international diversification in Turkey. Design/methodology/approach – A sample of Turkish multinational firms with FDI was used. Two different aspects of international diversification were considered: the relationship between international diversification and financial performance and the moderating effect of board composition on the relationship between international diversification and the firm’s financial performance. Firm-level data were obtained from the Istanbul Stock Exchange in Turkey. Findings – The findings reveal that international diversification leads to better financial performance according to market-based measures. On the other hand, this study indicates that the board characteristics have a moderating effect on international diversification and financial performance. Research limitations/implications – The study is based on a sample of publicly listed firms in Turkey, and this restriction limits the generalizability of the findings. Practical implications – The internalization efforts of Turkish FDI have led to better financial performance in terms of market-based measures. The results have stated that the interest of independent outside directors is aligned with lower-risk investment decisions. Independence of independent outside directors in Turkey is interrogated by practitioners or the Capital Markets Board of Turkey. The larger board size which a moderator variable is provided, the wider shareholder value in Turkey is. Social implications – One can understand that the development of market-supporting institutions provides the support for entry to an emerging economy which is inefficient or incomplete markets and highly concentrated family ownership. Originality/value – These findings provide important implications for corporate governance and highlight the need for further research on the role of governance in firm internationalization. This study not only helps to understand how board characteristics affect the choice of international diversification decisions, but the results also allow to assess the performance implications of these choices for a particular period.
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Velez-Calle, Andres. "Exploring instances of deviation in joint ventures between partners’ equity share and board representation." International Journal of Organizational Analysis 28, no. 1 (January 13, 2020): 260–73. http://dx.doi.org/10.1108/ijoa-11-2018-1598.
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Purpose To date, there has been little research about the degree of correspondence between partner equity ownership and partner representation on boards of joint ventures (JVs). It is generally assumed that partners’ share equals board representation in percentage. This paper aims to explore various instances of deviation from the above norm. Design/methodology/approach Using a unique database of 259 JV contracts extracted from the US Securities and Exchange Commission, and by drawing from resource dependency and transaction cost theories, this manuscript explores the factors that increase or decrease the deviation between equity share and board representation. Findings The results show that international JVs (IJVs) tend to deviate more, while JVs with a deadlock clause, a large board and based in a stable country deviate less from the degree of correspondence between equity share and board representation. Originality/value This study contributes to the alliance and governance literatures by identifying factors that influence the degree of correspondence between partner investment (equity share) and control through board of director representation.
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Saftiana, Yulia, Mukhtaruddin, Krisna Winda Putri, and Ika Sasti Ferina. "Corporate governance quality, firm size and earnings management: empirical study in Indonesia Stock Exchange." Investment Management and Financial Innovations 14, no. 4 (December 20, 2017): 105–20. http://dx.doi.org/10.21511/imfi.14(4).2017.10.
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Earnings management (EM) is manipulation done by management in preparing financial statement in order to gain management advantages or to increase the firm value. EM can reduce the quality of financial statements because it does not show the real earning periodical. This research aims to identify the effect of good corporate governance (GCG) (institutional ownership, managerial ownership, frequency of board meetings, frequency of audit committee (AC) meetings), firm size, and leverage on the EM. Population comprises the companies in LQ 45 index of Iindonesia Stock Exchange (IDX) for the period 2010–2014. Samples of the research were taken using purposive sampling method, and the variables are tested using multiple linear regression analysis. The results of the research show that partially, only leverage has significant effect on EM, while institutional ownership, managerial ownership, frequency of board meeting, frequency of AC meetings, and firm size have no significant effect on EM, but all of the variables have simultaneously significant effect on EM. Limitations of the research are the only used 6 independent variables and 21 companies as samples of the research.
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Goodman, Julia, Hayley Pearson, and Morris Mthombeni. "Sources of accountability inside the boardroom." European Business Review 33, no. 4 (January 18, 2021): 667–91. http://dx.doi.org/10.1108/ebr-05-2020-0119.
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Purpose Despite indications of scholarly interest, there are still gaps in the research of the concept of felt accountability, especially the felt accountability of board members. This paper aims to clarify the sources of accountability experienced by board members. Especially those in a non-executive capacity. How these sources can be accessed to enhance felt accountability and thereby governance effectiveness is explored. Design/methodology/approach Qualitative, exploratory research methods were used. In total, 15 semi-structured, in-depth interviews were completed with non-executive board members of Johannesburg Stock Exchange listed companies in South Africa. Thematic content analysis was used to analyse data. Findings The findings clarified the formal and informal sources of accountability experienced by non-executive board members. This included relational and structural mechanisms that can be used within corporate governance to enhance both types of accountability. Accessing the identified sources of accountability through appropriate mechanisms could increase the levels of felt accountability experienced by the individual non-executive board member, thereby strengthening accountability inside the boardroom and improving overall board effectiveness. The study also revealed a layer of implicit and explicit accountability. Research limitations/implications The study was conducted solely in South Africa, with non-executive board members of Johannesburg Stock Exchange listed companies. Originality/value There is limited research that clarifies the sources of accountability experienced by non-executive board members. This study aims to address this gap in the literature by providing techniques on how to enable the clarified sources of accountability to improve governance effectiveness.
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Yasser, Qaiser Rafique, Abdullah Al Mamun, and Marcus Rodrigs. "Impact of board structure on firm performance: evidence from an emerging economy." Journal of Asia Business Studies 11, no. 2 (May 2, 2017): 210–28. http://dx.doi.org/10.1108/jabs-06-2015-0067.
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Purpose The aim of this paper is to examine the association between board demographics and firm financial performance of Karachi Stock Exchange companies and describe the attributes of these firms and their boards. The connection between board structure and firm performance has attracted much attention, especially in emerging economies, yet yielded many inconsistent empirical results. Design/methodology/approach This study examines the relationship between board structure and the performance of Pakistani public listed companies by using a sample of Karachi Stock Exchange 100 (KSE-100) indexed companies. This study exploits the corporate performance by accounting-based measures (return on assets), market-based measures (Tobin’s Q), and economic profit (economic value added). Findings The outcome of the study shows the positive relationship between the board size, minority representation in board, and family director’s in-board and firm performance. The authors also find that, instead of adding value, independent directors in Pakistan are negatively associated with firm value. Research limitations/implications The study is based on KSE-100 indexed companies from 2009 to 2013; however, a large sample and multiple years’ data are required. Practical implications The paper provides empirical evidence that board independence is not necessary for public-listed companies in Pakistan and would be of interest to regulatory bodies, business practitioners, and academic researchers. Originality/value The paper contributes to the literature on corporate governance and firm performance by introducing a framework for identifying and analyzing moderating variables that affect the relationship between board structure and firm performance.
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Barakat, Firas S. Q., M. Victoria Lopez Perez, Lázaro Rodríguez Ariza, Orobah Ali Barghouthi, and K. M. Anwarul Islam Islam. "THE IMPACT CORPORATE GOVERNANCE ON INTERNET FINANCIAL REPORTING: EMPIRICAL EVIDENCE FROM PALESTINE." International Journal of Accounting & Finance Review 5, no. 4 (November 1, 2020): 1–22. http://dx.doi.org/10.46281/ijafr.v5i4.852.
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The current research investigates whether the difference in the Internet Financial Reporting standard is clarified by corporate governance. A study was carried out on a selection of 48 companies listed on the 2019 Palestine Stock Exchange. An index was also selected from several previous studies to assess the standard of Internet financial reporting. One of the first analytical researches to investigate the relationship between corporate governance and Internet Financial Reporting in Palestine is the latest analysis. Firstly, the scope of disclosure of Internet Financial Reporting in Palestinian businesses appears to be limited. Second, the educational history of boards is greatly related to Internet Financial Reporting. Nevertheless, the board independence coefficient and board audit committee are negligible. Thirdly, an important element in strengthening internet financial reporting standards is a broad audit company. Fourthly, there is a strong positive correlation between the concentration of ownership and financial reporting on the Internet. Companies mainly held by stakeholders are more likely to reveal internet data and to strengthen the reports released. Finally, profitability and market capitalization have a direct connection with Internet Financial Reporting, and Internet Financial Reporting does not justify the composition of the board, board meetings, international investors, and business size.
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Bacharach, Jere L. "Factors Affecting Application for Overseas Research: A Survey of MESA Members." Middle East Studies Association Bulletin 22, no. 2 (December 1988): 173–79. http://dx.doi.org/10.1017/s0026318400020241.
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Why are there relatively few American academicians applying for overseas grants? This was the underlying question at a meeting in April, 1988, where members of the CIES (Council for the International Exchange of Scholars of the Fulbright Commission), the U.S. Information Agency, and the Board of Foreign Scholars, the body which oversees all American government-sponsored activities, met. As background material, CIES presented data accumulated from surveying a sample of individuals who had requested information for Fulbright programs but had not applied. (Twenty-six of the sample were interested in the Middle East programs.) Information of a non-quantitative nature was drawn from the reports of recent Fulbrighters and was also included.
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Fang, Gang, and Shan Wang. "Empirical Study on the Influence of Cultural Distance and Board Capital on the Performance of Foreign Direct Investment of Beijing’s Cultural and Creative Enterprises." E3S Web of Conferences 233 (2021): 01165. http://dx.doi.org/10.1051/e3sconf/202123301165.
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Based on the background that China enterprises are becoming more and more active in capital operation in the international scope, this paper selects 14 cultural and creative enterprises in Beijing as the research objects, and analyzes the relationship between cultural distance, geographical distance, capital elements of the board of directors and enterprises' FDI performance. This paper crawled data from the stock exchange and other websites, and further used SPSS data processing software to model and analyze the data obtained, and obtained the empirical research results as follows. The empirical results showed that cultural distance and geographical distance were significantly negatively correlated with FDI performance, which was consistent with the original research hypothesis of the paper. And among the capital factors of the board of directors, the gender diversity, education level, scale and internationalization degree of the board are significantly positively correlated with FDI performance. Finally, the corresponding conclusions and Suggestions are put forward according to the empirical analysis results.
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Cholil, Muhammad. "Board role on the quality of the service, customers’ satisfaction and customers’ loyalty in restaurant firms: Story from Indonesia." Corporate Board role duties and composition 11, no. 3 (2015): 8–15. http://dx.doi.org/10.22495/cbv11i3art1.
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The objective of this research is to test and conducting an analysis in sequence, on the effect of exchange of superior-subordinate relationship on: the quality of the service, customers’ satisfaction and customers’ loyalty: Case study on a restaurant in Surakarta Indonesia. The samples used in this research are 430 staffs and 430 customers taken with convenient method. The technique used to test the hypothesis is SEM analysis (Structural Equation Model). The validity test result shows that there are several items on this research which extracted and finally used as the base for item analysis that meets the criteria, while the reliability test result shows that all the variable meets the requirements, and the research model required can be found. The analysis result of this research shows that: First, the exchange of superior-subordinate relationship shows positive effect on the service quality, but shows no effect on the customers’ satisfaction. Second, the service quality gives positive effect on customers’ satisfaction, but shows no effect on customers’ loyalty. Third, customers’ satisfaction gives positive effects on customers’ loyalty. The existing research implications and limitations need to be studied in future researches
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Alaryan, Laith A. "Exploring the Role of Board Characteristics on Enhancing Financial Performance of Jordanian Listed Companies." International Journal of Economics and Finance 9, no. 7 (June 12, 2017): 99. http://dx.doi.org/10.5539/ijef.v9n7p99.
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Corporate governance considered important topic at the local and international levels, especially after many financial crises and corporate failures and such as Enron and World Com This paper aims to explore the role of board characteristics, (i.e. board size, board composition and board leadership structure) on enhancing firms’ financial performance; this study used the non-financial companies’ annual reports for 6 years (2011-2016) to extract the needed information. The non- financial sector consisted form 167 companies, only 139 companies are included in this study due the lack of data during study’s period. The results revealed that there is a positive role for board composition, board leadership structure, board size, on enhancing financial performance, while there is no significant role for board tenure, on financial performance. These mixed results on the relationship between board characteristics and financial performance have opened up possible research area in the future. For instance, extending the sample to comprise more sectors from Amman Stock Exchange is worthwhile to further support or refute the results of this study.
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Choldin, Marianna Tax. "Patricia Kennedy Grimsted. A Handbook for Archival Research in the USSR. New York, Washington, D.C.: The International Research and Exchanges Board, The Kennan Institute for Advanced Russian Studies, 1989. xxxiv, 430 pp. $19. 95." Russian History 17, no. 1 (1990): 97–98. http://dx.doi.org/10.1163/187633190x01155.
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Aleqab, Mahmoud Mohmad, and Maha Mohammad Ighnaim. "The impact of board characteristics on earnings management." Journal of Governance and Regulation 10, no. 3 (2021): 8–17. http://dx.doi.org/10.22495/jgrv10i3art1.
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This study explores the effect of the board of directors’ characteristics on real earnings management in Jordanian non-financial companies listed on the Amman Stock Exchange. The sample size is 131 companies during the period of 2015–2017. The study uses a board of directors’ size, board members’ independence, board members’ financial experience, number of board meetings, membership in more than one board, and the ownership of board members of company shares to represent the board of directors’ characteristics. Real earnings management is measured using the Roychowdhury model (2006). A multiple regression analysis (panel data) is used to investigate the effect of the board of directors’ characteristics on real earnings management. The study found a negative and statistically significant impact for both: board members’ independence and board members’ financial experience on earnings management through real activities against the previous studies’ findings, this research measured the impact of real activities. On the other hand, the study did not find any statistically significant effect of the additional earnings management variables through actual activities
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Núñez Morales, N. I., N. Gomez-Coronado Suarez de Venegas, C. Gomez Sanchez-Lafuente, T. Gomez Alemany, G. Montero, J. Cambra Almerge, P. Hervias Higueras, V. Pereira Sanchez, E. Lopez de Munain, and A. San Roman Uria. "Experiences from newly created trainee associations in Spain And Macedonia." European Psychiatry 41, S1 (April 2017): 912–13. http://dx.doi.org/10.1017/s0924933800284538.
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Until July 2016, Spain was not member of European Forum of Psychiatric Trainees. Why? Because Spain did never have Association of Psychiatric trainees. In July 2015, 2 Spanish trainees were invited to attend EFPT meeting in Porto. There, they connect with other European trainees and with the help of MENTA group they starting the foundation of Spanish Psychiatric Trainees Society, now known as SERP. In just 1 year, SERP has increased in number of members and have successfully developed numerous initiatives such as the establishment of our founding documents, the constitution of a democratic board through an Elective General Assembly, the design and update of a website and profiles in the social networks and the organization of the 1st Meeting for National Psychiatric Trainees, which was held in Vitoria-Gasteiz on March 2015 and had as topic Research on psychiatric training period. Last July, Spain was accepted for first time in history as full member of EFPT and we are actively participating in several working groups, even chairing the Child and Adolescent Psychiatry one. This year, Spain is also participating in international exchanges, offering two destination for European trainees. We must acknowledge that during the foundation process, the support of the Spanish National Psychiatric Associations (SEP and SEPB) and EFPT (specially its ENTA group since the first meeting of some of our now board members in the Annual Forum in Porto in 2015), has been crucial.Disclosure of interestThe authors have not supplied their declaration of competing interest.
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C.A. Prado, Malila, and Patricia Tosquil Lucks. "Designing the Radiotelephony Plain English Corpus (RTPEC): A specialized spoken English language corpus towards a description of aeronautical communications in non-routine situations." Research in Corpus Linguistics 7 (2019): 113–28. http://dx.doi.org/10.32714/ricl.07.06.
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Pilots and air traffic controllers need to undergo a specific English test in order to be granted a license for international operations. A language proficiency scale was developed to serve as a parameter to all aviation regulatory agencies throughout the world by targeting the language produced specifically by air traffic controllers and pilots in radio communications when non-routine situations (such as technical problems, bird strike, changes in weather, health problems on board, etc.) occur (ICAO 2010). However, there is a lack of empirical investigation which could shed light upon this particular register helping the users of the scale with its understanding. In an attempt to fill this gap, this paper outlines a compilation of the Radiotelephony Plain English Corpus (RPTEC), a spoken corpus of aeronautical communication consisting of transcriptions of exchanges between pilots and air traffic controllers in non-routine situations for research and pedagogical purposes. By presenting steps taken during the process, we intend to provide fellow researchers with data which may suit other purposes and yield further analyses, as well as enlighten similar investigations in the field of English for Specific Purposes.
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Chiu, An-An, Shaio Yan Huang, Ling-Na Chen, and Wei-Hua Lin. "Earnings management and seasoned equity offerings: evidence from Taiwan started Go Incubation Board for Startup and Acceleration firms." Investment Management and Financial Innovations 17, no. 2 (June 16, 2020): 183–97. http://dx.doi.org/10.21511/imfi.17(2).2020.15.
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Although a large body of empirical research focuses on listed companies, less is done regarding small and medium enterprises. Under the authorities’ support, Taipei Exchange (TPEx) started Go Incubation Board for Startup and Acceleration Firms (GISA) in January 2014. This research yields insight into earnings management activities around seasoned equity offerings (SEO) based on GISA firms in Taiwan and the effectiveness of external corporate governance. Data for the study come from the GISA Market Observation Post System of TPEx and Taiwan Economic Journal. The results reveal that GISA firms with the incentives of raising funds are prone to upward accrual-based earnings management during SEO to avoid long-term negative consequences. Especially, firms with paid-in capital more than TWD (NT$) 30 million, higher fundraising amounts, or smaller-sized firms, tend to increase discretionary accruals. Finally, Certified Public Accountants (CPAs) and Big 4 accounting firms effectively serve as external corporate governance on mitigating earnings management. This study makes some contributions to GISA literature. First, expands the prior research, the different earnings management level before and listed on GISA, to the firms listed on GISA. Second, link up the relationship between the SEO and earnings management of GISA in Taiwan. Finally, it provides several contributions to regulators, for instance, the effectiveness of the counseling system provided by CPAs or Big 4 accounting firms. Also, the CPAs and Big 4 accounting firms serve as supervisors on corporate governance.
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Perniola, Michele, Pier Paolo Roggero, Michael D. Casler, Davide Cammarano, and Michele Rinaldi. "Editorial." Italian Journal of Agronomy 15, no. 1 (March 19, 2020): 1–2. http://dx.doi.org/10.4081/ija.2020.1624.
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The Italian Society of Agronomy (SIA) has changed the Editor in Chief and the Editorial board of the Italian Journal of Agronomy (IJA). The new Editorial board is being integrated with new expertise and includes three Associate editors: Michael D. Casler from USDA-ARS, USA, Davide Cammarano from Purdue University, USA and Michele Rinaldi from Council for Agricultural Research and Economics, Italy, the former co-editor. The Editorial board is redeveloping the Journal with a more pro-active publishing policy, that is consistent to the changing editorial demand of agronomy scientists worldwide. The international scientific publishing industry is facing a sharp transition, pulled by the increasing demand of rapid publication in the publish-or-perish or highly-cited paradigm and pushed towards full open access publishing by research funders and end-users. Minimizing the time between manuscript submission and paper publication is threatening the quality of the peer-review process, which is constrained by time pressure on highly qualified scientists, who end up being overloaded with reviews and editorial duties. The open access scientific journal industry is struggling between increasing the impact factor/cite score of the journals and maximizing the number of published articles, which is directly proportional to the publisher’s business. This is generating an increasing number of open access scientific publications worldwide: +75% between 2008-10 and 2015-17 in the ‘Agronomy and crop science’ subject category (Source: Scopus) while the non-open access publications in the same domain and time span increased by only +27%. This situation and the evolution of long term open-theme research funding schemes into short-term projectified finalized research funding programs are deeply influencing the topics of research in Agronomy. Long term agronomic facilities and field scale research are becoming rare and are often being replaced by short-term easily-published studies. However, international scientific exchanges are facilitating the development of permanent regional and global networks of researchers (e.g. AgMip, Global Research Alliance) that are developing unprecedented long-term research efforts on global issues around agronomy, involving hundreds of post-docs and young researchers worldwide. In this developing context, the Italian Journal of Agronomy, own by the Italian Society of Agronomy, a non-profit scientific organization, is developing a new editorial policy to contribute to the progress of agronomic science through an open-access, low-cost and authoritative scientific literature space, with particular attention to young scientists. There are number of reasons why an agronomy scientist should publish an article in the Italian Journal of Agronomy, including: i) to get a rapid and careful peer review assessment of the submissions by an authoritative editorial board with specific expertise in Agronomy and receive careful support on how to address major revisions when required; ii) to ensure maximum visibility for published articles through the open access system; iii) to contribute to the agronomic scientific literature through an open access Scopus/WOS scientific Journal owned by a non-profit scientific society at a fair price; iv) to compete for the SIA grants and prizes for best articles or best reviewers of the year. The new editorial policy of IJA includes a more pro-active publishing strategy aiming at widening the arena of international scientists contributing to the journal’s scope, including invited papers and special conditions for the publication of special issues on cutting-edge agronomy topics, promotion of the journal during scientific conferences and events, rewarding of the best articles and peer-reviewers contributing to the journal’s development. IJA is solely focused on the free diffusion of agroecosystem science, not on any other business: we trust that authors and readers will appreciate that IJA’s editorial board members work toward this mission without compensation and that the article fee is necessary only to cover the publisher’s net costs. We are very grateful to the past and new Editorial board and all peer reviewers for their invaluable contribution to the development of our Journal.
Michele Perniola, President of the Italian Society of Agronomy Pier Paolo Roggero, Editor in ChiefMichael D. Casler, Associate EditorDavide Cammarano, Associate EditorMichele Rinaldi, Associate Editor
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Odat, Mahmoud A., Khaldoon Ahmad Al Daoud, and Ziad Mohammad Zurigat. "Corporate governance and the cost of equity: Evidence from the developing country." Journal of Governance and Regulation 10, no. 4 (2021): 144–55. http://dx.doi.org/10.22495/jgrv10i4art13.
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This study examines the impact of corporate governance mechanisms on a firm’s cost of equity. The corporate governance mechanisms examined consist of board size, board independence, CEO duality, multiple directorships held by board members, and board political influence. To accomplish the study objective, 210 firm-year observations for manufacturing companies listed on Amman Stock Exchange (ASE) in the period 2014–2018 are analyzed using panel data analysis techniques. The results of the fixed effects regression model reveal that CEO duality and board political influence negatively affect the cost of equity, while there is no significant effect of board size, board independence, and multiple directorships on the cost of equity. The results suggest that firms’ board of directors is an important factor in mitigating the agency problem suggested by Jensen and Meckling (1976). They also suggest that information risk is priced, which is consistent with previous research such as Easley, Hvidkjaer, and O’Hara (2002), and that the board of directors plays a role in reducing that risk in capital markets.
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Bhatia, Aparna, and Binny Makkar. "Stage of development of a country and CSR disclosure – the latent driving forces." International Journal of Law and Management 62, no. 5 (June 3, 2020): 467–93. http://dx.doi.org/10.1108/ijlma-03-2020-0068.
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Purpose The purpose of this paper is to investigate the impact of various determinants at the country level, the industry level, the firm level and the corporate governance (CG) level on the extent of corporate social responsibility (CSR) disclosure in the group of developing and developed nations. Design/methodology/approach The data set comprises 310 companies listed on stock exchanges of developing and developed markets (Brazil – IBrX 100, 42 companies; Russia – Broad Market Index; 48 companies; India – Bombay Stock Exchange (BSE) 100, 50 companies; China – Shanghai Stock Exchange (SSE) 180, 27 companies; South Africa – The Financial Times Stock Exchange (FTSE)/Johannesburg Stock Exchange (JSE) All Share index, 49 companies; the USA – New York Stock Exchange (NYSE) 100, 47 companies; and the UK – London Stock Exchange (LSE) 100, 47 companies). CSR disclosure is measured through CSR disclosure index. Five separate regression models are run to investigate the impact of the factors that affect the extent of CSR disclosure. Findings The findings reveal that CSR disclosure is influenced by factors both at micro and macro levels. Governance environment, globalization and income inequality are found to be significant determinants of CSR disclosure for developing countries. International listing significantly influences CSR disclosure in the developed countries. The results also exhibit that board with large proportion of independent directors, high presence of CSR committee and environmental sensitive industries are more likely to engage in CSR disclosure practices in developing as well as in developed nations. Research limitations/implications This study implicates that varied factors – at country level, industry level, firm level and CG level – need assessment to know their impact differently in countries at different stages of economic development. However, longitudinal study covering longer period would lead to better generalization of results. Practical implications The findings of this present study implicate that managers must evaluate country’s political, social and economic forces and not just rely on company-level indicators affecting disclosure. Policymakers in emerging nations must emphasize on improving country governance features to enhance CSR disclosure of companies. Developing countries must respect and conform to rules and regulations while going global. More endeavors should be made to raise awareness about the benefits of CSR disclosure on reducing income inequality among companies listed on stock exchanges of developing countries. Emerging nations should follow developed nations in assuming responsibility toward stakeholders in foreign markets. This study also recommends regulatory bodies in both developing and developed countries to frame stringent policies regarding CG for improving CSR disclosure by companies. Originality/value This study overcomes the limitations of prior literature by considering both country- and company-specific determinants in prominent group of developing (Brazil, Russia, India, China and South Africa) and developed (the USA and the UK) countries.
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S.R., Vishwanath, Kulbir Singh, Jaskiran Arora, and Durga Prasad. "Restructuring at Suzlon Energy Ltd." CASE Journal 13, no. 2 (March 6, 2017): 218–48. http://dx.doi.org/10.1108/tcj-05-2016-0035.
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Synopsis The case highlights the ambitious growth strategy of Suzlon, an Indian company specializing in non-conventional (wind) energy. In 2007, Suzlon announced the acquisition of REpower of Germany, one of the top wind power companies in the world. It issued zero coupon and coupon bearing foreign currency (US dollar) convertible bonds (FCCB) amounting to $760 million to finance the acquisition. These bonds were listed in Singapore. Due to deteriorating business conditions the company experienced a sharp decline in profitability and stock price resulting in a debt overhang. At the same time, the Indian rupee depreciated from INR44 to INR55 leading to losses on largely unhedged, foreign currency coupon payments. The company had to restructure its capital structure to escape bankruptcy. Since FCCB holders did not agree to restructure the terms of the instrument, the company had to turn to senior lenders to restructure debt. Eventually Suzlon had to sell-off REpower to reduce leverage. Research methodology The case is based on interviews of market intermediaries and published information. The information relating to the restructuring has been taken from the information statement filed with the Securities Exchange Board of India and the Stock Exchanges. The timeline of events were constructed from the information available in company press releases. Financial statements and other details are from the documents filed with the regulators and supplemented with the information available in Prowess database. The stock price and stock market index data are from the websites of Bombay Stock Exchange and the National Stock Exchange of India. Exchange rates, inflation and interest rates have been taken from Bloomberg and the Reserve Bank of India website. Valuation inputs like multiples are from Prowess database and security analyst reports. Sources of information are documented appropriately in the case and instructor’s manual. Although we interviewed the investment bankers involved in the restructuring we have not included any private information in the case to preserve confidentiality. Relevant courses and levels This case can be used in a corporate finance course or in a module on debt restructuring in a corporate restructuring course or in the financing module in an advanced corporate finance course or in an International Finance course. It can also be used to teach an integrated approach to valuation and financing in a valuation course. Theoretical bases The case highlights the rationale for issuing FX convertible debt, parity conditions in international finance and the use of alternate valuation models.
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A. Almaqtari, Faozi, Abdulwahid Abdullah Hashed, Mohd Shamim, and Waleed M. Al-ahdal. "Impact of corporate governance mechanisms on financial reporting quality: a study of Indian GAAP and Indian Accounting Standards." Problems and Perspectives in Management 18, no. 4 (October 13, 2020): 1–13. http://dx.doi.org/10.21511/ppm.18(4).2020.01.
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The present study examines the impact of corporate governance mechanisms on financial reporting quality under Indian GAAP and Indian Accounting Standards (Ind. AS). A sample of 97 companies listed on the Bombay Stock Exchange is selected. Corporate governance mechanisms have been considered as independent variables, and financial reporting quality is the dependent variable. Corporate governance is measured by board effectiveness (board size, independence, diligence, and expertise), audit committee attributes (size, independence, diligence, and expertise), foreign ownership, and audit quality. Descriptive statistics, correlation, and OLS regression are conducted to estimate the results. The study results reveal that board characteristics and audit committee attributes, except for audit committee diligence, have a significant effect on financial reporting quality. However, the impact of board diligence and audit committee attributes is negative. Foreign ownership has no contribution to financial reporting quality, but audit quality has a significant effect. The findings of the study have considerable implications for regulators, policymakers, managers, investors, analysts, and academicians. More emphasis should be given to compliance with Ind. AS, and an oversight body for compliance with Ind. AS should be established. AcknowledgmentThis publication was supported by Deanship of Scientific Research, Prince Sattam Bin Abdulaziz University, Alkharj, Saudi Arabia.
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Salin, Ahmad Saiful Azlin Puteh, Zubaidah Ismail, Malcolm Smith, and Anuar Nawawi. "Board ethical commitment and corporate performance: Malaysian evidence." Journal of Financial Crime 26, no. 4 (October 7, 2019): 1146–64. http://dx.doi.org/10.1108/jfc-10-2017-0099.
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Purpose The purpose of this study is to examine the relationship between board ethical commitment and the performance of the company. When directors embed ethics in discharging their duty, it will prohibit frauds, unnecessary actions and decisions that are detrimental to the company. Design/methodology/approach This study collected data for two years i.e. 2013 and 2014 from the annual report of the biggest 500 companies by market capitalisation as of 31 December 2013 listed under Bursa Malaysia stock exchange. Board ethical commitment is measured based on the Malaysian Code of Corporate Governance (MCCG) and various international best practices while corporate performance is measured based on return on equity, return on assets, net profit margin, market to book value and TobinQ. Findings This study found that ethical commitment by the board has a significant positive relationship with corporate performance. The findings are robust to the alternative performance measurements and lagged one-year corporate performance. Research limitations/implications This paper enhances the theoretical understanding of the contribution of the board of ethical commitment to the sustainable performance of the company. However, this study suffered from a limited data collection period of two years only from the annual report of the company. Practical implications This study provides an indicator that the directors need to provide a good ethical leadership example to the employees and committed to built a good ethical work culture in the organisation via establishment of code of ethics. In addition, this code needs to be promoted, enforced and embedded in the operations of the organisation. Originality/value This study is original as it not only examines board ethical commitment from MCCG 2012 but also international best practices from various countries such as UK, USA and Europe. It also contributed to the literature and theoretical understanding of the importance of board ethical commitment specifically in developing countries like Malaysia that scarce in the literature.
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Omran, Mohamed, Dinesh Ramdhony, Oren Mooneeapen, and Vishaka Nursimloo. "Integrated reporting and board characteristics: evidence from top Australian listed companies." Journal of Applied Accounting Research 22, no. 4 (May 17, 2021): 732–58. http://dx.doi.org/10.1108/jaar-04-2020-0077.
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PurposeDrawing upon agency theory, this study analyses the influence of board characteristics on integrated reporting (IR) for the top 50 companies listed on the Australian Securities Exchange (ASX50). Focus is placed on IR at the aggregate level as well as its separate components, namely Future Opportunities and Risks (FOPRI), Governance and Strategy (GOVSTR), Performance (PERF), Overview and Business Model (OBM) and General Preparation and Presentation (GPP).Design/methodology/approachA checklist is devised based on the IIRC (International Integrated Reporting Council) framework to track companies' disclosures for the period from 1st July 2014 to 30th June 2017. Regression analysis is used to investigate the determinants (board size, board independence, activity of the board, gender diversity, firm size, profitability and growth opportunities) of IR and its separate components.FindingsThe findings indicate a significant and positive effect of board independence on the aggregate IR index, FOPRI and GPP. A negative and significant association is found between activity of the board and both the aggregate IR index and its separate components, including GOVSTR, PERF and GPP. Additionally, the aggregate IR index is significantly related to firm size, profitability and growth opportunities.Research limitations/implicationsThe limited sample of 50 companies over three years is the main limitation of the study. The study suffers from an inherent limitation from the use of content analysis in assessing the level of IR. No checklist to measure the level of IR can be fully exhaustive. Furthermore, we focus on whether an item in the checklist is disclosed, using a dichotomous scale, thus ignoring the quality of information disclosed.Practical implicationsThe study has several practical implications. From a managerial perspective, it shows that having more board meetings harms the level of IR. The results can guide regulators, such as the Australian Securities and Investment Commission (ASIC) and the Australian Securities Exchange (ASX), when drafting new regulations/guidelines/listing rules. If regulators aim for a higher level of integration in the reports, they know which “triggers to pull” to attain their target. Our results can guide regulators to choose the appropriate trigger among various alternatives. For instance, if a higher level of integrated reporting is desired, size instead of profitability should be chosen. Finally, ASX listed companies can use our checklist as a scorecard for their self-assessment.Originality/valueThis research is the first to investigate IR by devising a checklist based on IIRC (2013) along with an additional GPP component in the ASX context. Using separate models to examine each component of the aggregate IR index is also unique to this study. The study also brings to the fore the role of gender-diverse boards in promoting IR. It reiterates the debate about imposing a quota for better gender representation on boards.
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Vilnensis, Acta Orientalia. "ACTA ORIENTALIA VILNENSIA EXCHANGE PROGRAMME." Acta Orientalia Vilnensia 12, no. 2 (January 1, 2011): 132. http://dx.doi.org/10.15388/aov.2011.1.3927.
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The editors of the Acta Orientalia Vilnensia, in co-operation with the Oriental library at Vilnius University, highly welcome a regular exchange of scholarly periodicals publishing on Asian and Middle Eastern studies. For exchange proposals, please contact the secretary of the editorial board.
Journals or serial publications received under the programme in 2014:• Acta Asiatica. Bulletin of the Institute of Eastern Studies• Annals of the Bhandarkar Oriental Research Institute• Archív Orientální• Asian Ethnology• Asian Studies Review• Asiatische Studien/Études Asiatiques• Brahmavidya: The Adyar Library Bulletin• Bulletin of the Deccan College Post-Graduate and Research Institute• Cracow Indological Studies• Dao: A Journal of Comparative Philosophy• Folia Orientalia• Indologica Taurinensia• Japanese Journal of Religious Studies• Journal of Sukrtindra Oriental Research Institute• Journal of the Asiatic Society of Mumbai• Journal of the International College for Postgraduate Buddhist Studies• Journal of the Oriental Institute, M.S. University of Baroda• Linguistic and Oriental Studies from Poznan• Monumenta Serica. Journal of Oriental Studies• New Zealand Journal of Asian Studies• Pacific World: Journal of the Institute of Buddhist Studies• Pandanus• Philosophy East and West• Religion East and West• Rocznik Orientalistyczny• Studia Indologiczne• Studia Orientalia• Wiener Zeitschrift für die Kunde Südasiens• ZINBUN
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Board, Editorial. "ACTA ORIENTALIA VILNENSIA EXCHANGE PROGRAMME." Acta Orientalia Vilnensia 12, no. 1 (January 1, 2011): 0. http://dx.doi.org/10.15388/aov.2011.1092.
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The editors of the Acta Orientalia Vilnensia, in co-operation with the Oriental library at Vilnius University, highly welcome a regular exchange of scholarly periodicals publishing on Asian and Middle Eastern studies. For exchange proposals, please contact the secretary of the editorial board. Journals or serial publications received under the programme in 2012:• Acta Asiatica. Bulletin of the Institute of Eastern Studies• Annals of the Bhandarkar Oriental Research Institute• Archív Orientální• Asian Ethnology• Asian Studies Review• Asiatische Studien/Études Asiatiques• Brahmavidya: The Adyar Library Bulletin• Bulletin of the Deccan College Post-Graduate and Research Institute• Cracow Indological Studies• Dao: A Journal of Comparative Philosophy• East and West• Folia Orientalia• Indologica Taurinensia• Japanese Journal of Religious Studies• Journal of Sukrtindra Oriental Research Institute• Journal of the Asiatic Society of Mumbai• Journal of the International College for Postgraduate Buddhist Studies• Journal of the Oriental Institute, M.S. University of Baroda• Linguistic and Oriental Studies from Poznan• Monumenta Serica. Journal of Oriental Studies• New Zealand Journal of Asian Studies• Orientalia Suecana• Pandanus• Philosophy East and West• Religion East and West• Rocznik Orientalistyczny• Studia Indologiczne• Studia Orientalia• Wiener Zeitschrift für die Kunde Südasiens• ZINBUN
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Gulzar, M. A., Jacob Cherian, Jinsoo Hwang, Yushi Jiang, and Muhammad Safdar Sial. "The Impact of Board Gender Diversity and Foreign Institutional Investors on the Corporate Social Responsibility (CSR) Engagement of Chinese Listed Companies." Sustainability 11, no. 2 (January 9, 2019): 307. http://dx.doi.org/10.3390/su11020307.
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The main purpose of this research is to examine the impact of board gender diversity and foreign institutional investors on the corporate social responsibility engagement of Chinese listed companies by considering a sample from the China Stock Market and Accounting Research (CSMAR) database of all non-financial firms listed on the Shanghai stock exchange and the Shenzhen stock exchange during the period from 2008–2015. The CSR is engaged by using the data from the CSMAR database at the firm level, and ranks the CSR disclosures of Chinese companies separately. The recent CSR promotion in China produced a visible increase in attracting female members on the board and members as foreign institutional investors by Chinese listed companies. The findings also showed that the greater the presence of female directors on the board, the stronger the CSR engagement would be. According to critical mass theory and team dynamics, these findings further broaden the accounts that emphasize social networks based on gender. Hence, female members on the board of directors emerged to be significant as a gender mix with extending CSR change. Therefore, our results added a new aspect to the emerging literature on CSR-engagement and gender especially in China. Due to intense political forces and networks in the Chinese listed entities, foreign institutional investors (FIIS) have less incentive to enhance CSR engagement further. Thus, the impact of foreign institutional investors on CSR engagement is as yet unknown, but we improved our knowledge about how the international aspects affect CSR in China. Furthermore, our results are robust, which concern control variables under consideration.
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Dvornichenko, Darina, and Vadym Barskyy. "BLENDED LEARNING MODEL IN TEACHING MEDIA LITERACY." Science and Education 2021, no. 1 (March 2021): 49–56. http://dx.doi.org/10.24195/2414-4665-2021-1-7.
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This article offers insights into the practices of a blended learning course devoted to media literacy. The present study focuses on correlation of such terms as “blended learning”, “hybrid learning”, “ubiquitous learning”. Special attention is also paid to the studying of benefits and drawbacks of Massive Open Online Courses (MOOCs). The case under investigation is the MOOC “Very Verified: Online Course on Media Literacy” developed by International Research & Exchanges Board (IREX) and EdEra in 2019. Data were collected via pre-test and post-test instruments of assessment with the aim of deriving an understanding of progress made by students, as well as analysing the fluctuations in students’ self-assessment of their own media literacy skills. The study also examined quantitative data to determine how many learners completed the course and how useful it was for them. By comparing the data from students who completed the online course combined with face-to-face sessions and those who completed the online course without attending face-to-face sessions, the research examined the benefits of blended learning model. It was found that the Psychology - Medicine - Education Science and Education, 2021, Issue 1 50 blended learning model turned out to be more effective in comparison with the ubiquitous learning model despite the uniformity of learning content. The findings and analysis offer several insights of blended-learning model and its application in formal and non-formal education.
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Gwaison, Panan Danladi, and Livinus Nkuri Maimako. "Effects of Corporate Governance on Financial Performance of Commercial Banks in Nigeria." International Journal of Finance Research 2, no. 1 (June 17, 2021): 13–23. http://dx.doi.org/10.47747/ijfr.v2i1.244.
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In most developing countries, several cases of collapses or failure in the banking sector were witnessed. Nigeria had witnessed several cases and collapsed in the banking sector. This study investigated the effects of corporate governance on the financial performance of commercial banks in Nigeria. The study used the survey research design. A secondary source of data was used for this research. The data were collected from financial statements of the five (5) commercial banks selected from the Nigerian Stock Exchange listing for fourteen financial years (2003 – 2017). The study utilized the panel Least Squares Regression Analysis as the method. The result indicated that board size had significant effects on financial performance (ROA) of commercial banks in Nigeria, board composition had significant effects on financial performance (ROA) of commercial banks in Nigeria, board gender diversity had significant effects on financial performance (ROA) of commercial banks in Nigeria, the audit committee has no significant effects on financial performance (ROA) of commercial banks in Nigeria, and board independence had significant effects on financial performance (ROA) of commercial banks in Nigeria. The study, therefore, concludes that the weak corporate governance structure in Nigeria contributed immensely to the recent crisis experienced in the Nigerian banking sector. The study recommended that banks develop and implement strategic training for board members and senior bank managers. Nigerian banks should appropriately adopt the international codes of corporate governance to meet the need of the Nigerian environment, among other recommendations.
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Arif, Muhammad. "The Third International Zakah Conference." American Journal of Islam and Society 7, no. 2 (September 1, 1990): 279–82. http://dx.doi.org/10.35632/ajis.v7i2.2800.
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The first International Zakah Conference was held in Kuwait in 1984 (1404 H) at the invitation of Kuwait Zakah House. The second International Zakah Conference was held in Riyadh, Kingdom of Saudi Arabia, in 1986 (1406 H), at the invitation of the Zakah and Income Tax Department of the Kingdom. The Third International Zakah Conference, held in Kuala Lumpur, Malaysia, intended to achieve the following goals:
i) To provide a comprehensive picture of different socioeconomic and organizational dimensions of Zakah institutional systems currently operating in Muslim countries and communities.ii) To study the economic significance of various institutional frameworks.iii) To focus on the effects of the mandatory payment of Zakah to the state.iv) To compare different systems of Zakah collection and disbursement in use in different IDB member countries.v) To provide a forum for exchange of views and sharing of experiences of Zakah administration both for scholars and administrators.
The principal theme of the Third International Zakah Conference was the institutional framework of Zakah. The conference was jointly organiz.ed by: i) Islamic Research and Training Institute (IRI'I) of IDB, Jeddah, ii) Islamic Affairs Division, Minister of Religious Affairs in the Office of the Prime Minister of Malaysia, iii) Zakah and Income Tax Department, Ministry of Finance and National Economy, Kingdom of Saudi Arabia, iv) Zakah House, Kuwait, and v) International Shari'ah Board for Zak.ah, Kuwait. The conference began with a welcome address on behalf of the President of the Islamic Development Bank, Jeddah. The address highlighted the importance of the conference in contributing toward the establishment of a more effective Zakah system in the Muslim Urrunah. Mr. Abdul Ghafar bin Baba, Deputy Prime Minister of Malaysia, in his opening speech, emphasized ...
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Licht, Christoph, Gianluigi Ardissino, Gema Ariceta, David Cohen, Christoph Gasteyger, Laurence A. Greenbaum, Masayo Ogawa, Franz Schaefer, Johan Vande Walle, and Veronique Fremeaux-Bacchi. "Baseline Demographics and Characteristics of 466 Patients with Atypical Hemolytic Uremic Syndrome in the Global aHUS Registry." Blood 124, no. 21 (December 6, 2014): 4204. http://dx.doi.org/10.1182/blood.v124.21.4204.4204.
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Abstract Introduction:Atypical hemolytic uremic syndrome (aHUS) is a rare, genetic, life-threatening disease of chronic, uncontrolled complement activation leading to thrombotic microangiopathy, renal, and other end-organ damage. Started in April 2012, the aHUS Registry is an observational, non-interventional, multicenter, global registry designed to collect information on patients (pts) with aHUS. By making follow-up data on the aHUS indication for eculizumab (ECU) available, the Registry fulfills postmarketing regulatory requirements while also highlighting the need for and benefit of a sponsor/academia partnership. An independent Scientific Advisory Board ensures data are made accessible for publication. Herein, we report baseline demographics and clinical characteristics of pts enrolled in the aHUS Registry. Methods:Pts of all ages with a clinical diagnosis of aHUS (irrespective of treatment) are eligible for enrollment into the Registry. An identified complement abnormality is not required. Demographic, medical and disease history, treatment, and efficacy and safety outcomes data are collected at Registry enrollment and prospectively thereafter. Results:By July 1, 2014, 466 pts (from Australia, Austria, Belgium, Canada, France, Germany, Israel, Italy, Russia, Spain, Sweden, Switzerland, the UK, and USA) were enrolled in the aHUS Registry. Of these, 261 (56.0%) were treated with ECU and 286 (61.4%) were ≥18 years of age. Family history of aHUS, prior kidney grafts, dialysis, plasma exchange/plasma infusion (PE/PI), and renal impairment were assessed at baseline in ECU- and non–ECU-treated pts (Table). Mean time from aHUS diagnosis to ECU initiation was 2.5 years. Sixty-five pts (24.9%) discontinued ECU; of these, 8 (12.3%) restarted. Conclusions:Since the public disclosure of data from the last aHUS Registry update, pt enrollment has continued to increase. Ongoing and future analyses will further clinicians’ understanding of the history and progression of aHUS. Additional clinical sites are encouraged to enroll pts into the aHUS Registry to facilitate knowledge acquisition and optimization of pt care and quality of life. Disclosures Licht: Achillon Pharmaceuticals: Consultancy, Honoraria, Membership on an entity's Board of Directors or advisory committees, Research Funding, Speakers Bureau; Alexion Pharmaceuticals: Consultancy, Honoraria, Membership on an entity's Board of Directors or advisory committees, Research Funding, Speakers Bureau. Ardissino:Alexion Pharmaceuticals: Consultancy, Membership on an entity's Board of Directors or advisory committees, Speakers Bureau. Ariceta:Alexion Pharmaceuticals: Consultancy, Membership on an entity's Board of Directors or advisory committees. Cohen:Alexion Pharmaceuticals: Consultancy. Gasteyger:Alexion Pharma International Sàrl: Employment, Equity Ownership. Greenbaum:Alexion Pharmaceuticals: Consultancy, Honoraria, Membership on an entity's Board of Directors or advisory committees, Research Funding. Ogawa:Alexion Pharmaceuticals: Employment. Schaefer:Alexion Pharmaceuticals: Consultancy, Membership on an entity's Board of Directors or advisory committees, Research Funding. Vande Walle:Alexion Pharmaceuticals: Consultancy, Honoraria, Membership on an entity's Board of Directors or advisory committees, Research Funding, Speakers Bureau. Fremeaux-Bacchi:Alexion Pharmaceuticals: Consultancy, Membership on an entity's Board of Directors or advisory committees, Research Funding; CLS Behring: Honoraria.
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Rubino, Franco Ernesto, Giovanni Bronzetti, Graziella Sicoli, Maria Baldini, and Maurizio Rija. "Corporate governance and performance: An analysis of Italian listed companies." Corporate Board role duties and composition 16, no. 1 (2020): 8–18. http://dx.doi.org/10.22495/cbv16i1art1.
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In recent years, both corporate governance and performance management have been subjected to considerable changes. In this dynamic context, it is interesting to study the evolution of the relationship between performance and governance. Does governance still affect performance? The purpose of this paper is to verify the presence and intensity (extent) of the relationship between corporate governance and performance in Italian listed companies by using both accounting and non-accounting performance measures. The purpose of this paper is to investigate the effects of prior firm performance on board composition and governance structure of some companies listed on the Italian stock exchange, analysing how a governance approach influences the performance of sample companies. For the research the methodology used is quantitative and we used regression analysis on a sample of 23 Italian listed companies: mechanical companies and public utilities to find that the company's performance was positively related to the size of the board. The empirical analysis conducted allowed us to verify the hypothesis according to which the increase in Corporate Governance Best Practices influences company performance. However, the results we have received do not allow us to arrive at completely unequivocal interpretations. The results showed we have received do not allow us to arrive at completely unequivocal interpretations; the main limit is the sample size used in this study was relatively small.
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Al-Hamadeen, Radhi, Turki AlHmoud, Hasan El-Nader, Malek Alsharairi, and Firas Almasri. "Do boards influence audit quality? A multidimensional analysis." Journal of Governance and Regulation 10, no. 1 (2021): 125–38. http://dx.doi.org/10.22495/jgrv10i1art12.
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This study investigates how corporate boards of directors influence the quality of external audit in a sample of service firms listed on the Amman Stock Exchange (ASE). We contribute to the literature by providing empirical evidence on the efficacy of the corporate governance mechanisms through corporate boards to influence audit quality in an emerging country setting (i.e., Jordan). According to Chua (1986), this is mainstream “market-based” accounting research. We regress multiple dimensions that capture the quality of financial statements’ audit on a group of board of directors (BoD) characteristics for total observations of 225 firm-year obtained for 45 companies during the period (2014-2018). Specifically, the multidimensional analysis of the response variable, audit quality, includes audit firm’s internationalization, audit fees, auditor tenure, and the number of licensed practitioners at the audit firm. Using multiple linear (Panel Least Squares – PLS) and logistic regression models, we document empirical evidence that audit quality is positively affected by the independence and size of boards but negatively affected by CEOs duality, while no influence of the board’s expertise on any measures of the audit quality. The study provides implications for policymakers and investors regarding the signals that firms can send regarding the quality of financial statements audit when complying with the best practices of corporate governance
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Waheed, Abdul, and Qaisar Ali Malik. "Institutional Ownership Board Characteristics and Firm Performance." International Journal of Asian Business and Information Management 12, no. 2 (April 2021): 1–15. http://dx.doi.org/10.4018/ijabim.20210401.oa1.
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This research study attempts to investigate the moderating role of financial institutions with corporate governance and firm performance variables in the light of a purposely developed contingent theoretical framework. The current study analyzed an unbalanced panel of 287 non-financial sector firms listed on Pakistan Stock Exchange (PSX) from 2005 to 2015 by using the technique Arellano-Bond dynamic panel-data estimation under assumptions of generalized methods of moments (GMM). The contingency framework proposed in this study confirmed the moderating role of financial institutions in corporate governance and performance variables. Empirical evidence revealed that higher level of institutional ownership in firm's ownership structure although discourages the large size board but encourages higher ratio of independent directors in the governing body. To the best of the authors' knowledge, the current study provides a deeper understanding regarding the role of financial institutions in corporate governance and performance mechanism particularly in the context of Pakistani emerging economy.
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Liang, Zhicheng, Junwei Wang, and Kin Keung Lai. "Dependence Structure Analysis and VaR Estimation Based on China’s and International Gold Price: A Copula Approach." International Journal of Information Technology & Decision Making 19, no. 01 (January 2020): 169–93. http://dx.doi.org/10.1142/s0219622019500445.
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Since 2013, China has become the world’s largest gold producer and consumer. To gain the corresponding global pricing power in gold, many actions have been taken by China in recent years, including the International Board at Shanghai Gold Exchange, Shanghai-Hong Kong Gold Connect and Shanghai Gold Fix. Our work studies the dependence structure between China’s and international gold price and examines whether these moves are changing the dependence structure. We use GARCH-copula models to detect the dynamic dependence and tail dependence. The research period is set to contain the Financial Crisis in 2008, the dramatical plunge of gold price in 2013 and a series of black swan events in 2016. The empirical study shows that some event driven dependence structure breaks are statistically insignificant. And the time-varying Symmetrized Joe-Clayton copula is the best copula to model the dependence structure based on AIC value. Finally, an example of applications of this dependence structure is given by estimating the VaR of an equally weighted portfolio with a simulation-based method.
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Manchikatla, Anil Kumar, and Rajesh H. Acharya. "Insider trading in India – regulatory enforcement." Journal of Financial Crime 24, no. 1 (January 3, 2017): 48–55. http://dx.doi.org/10.1108/jfc-12-2015-0075.
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Purpose The purpose of this paper is to study the effectiveness of insider trading enforcement actions in India and international dimensions. Design/methodology/approach The research is based on the insider trading regulations and amendments made during the period 1992-2015. Findings The notable observation of the study is the dearth of insider trading conviction and the paucity of prosecution for insider trading offences in India. It is difficult to resist the conclusion that surveillance and enforcement matter more than the drafting of the relevant statutes and regulations in emerging markets. Whereas, developed countries have a better record of prosecution than emerging markets. Research limitations/implications Future research may explore the factors that hinder effective regulation and recommend new methods to increase the impact of Securities and Exchange Board of India insider trading regulation. Originality/value The current paper presents guidance for the foreign institutional investors, regulators and market participants on insider trading regulation and prosecution in India.
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Fauzi, Hasan, and Sami R. M. Musallam. "Corporate ownership and company performance: a study of Malaysian listed companies." Social Responsibility Journal 11, no. 3 (August 3, 2015): 439–48. http://dx.doi.org/10.1108/srj-05-2014-0064.
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Purpose – This study aims to examine the effects of corporate ownership (government-linked investment companies, GLICs), linearity of GLICs, board ownership and linearity of board ownership on company performance. Design/methodology/approach – Using panel data from companies that are listed on the Malaysian Stock Exchange during the period of 2000 to 2009, this study uses weighted least square models. Findings – The results show that GLICs ownership is positively and significantly related to company performance, while board ownership is negatively and significantly related to company performance. These findings suggest that GLICs ownership improves company performance, while board ownership destroys company performance. The results also show that while GLICs ownership has an inverted U-shaped relationship with company performance, board ownership has a U-shaped relationship with company performance. Research limitations/implications – The theoretical implication of this study is that agency problem decreases in companies with low and high levels of board ownership concentration, while it increases in companies with middle level of board ownership concentration. Furthermore, agency cost decreases in companies with a certain level of GLICs ownership concentration as the government’s New Economic Model (NEM) expects. However, agency cost increases in companies after a certain level of GLICs ownership concentration. Practical implications – In practical perspectives, this study provides evidence to policy makers that the government’s proposal to reduce GLICs’ investments in Malaysia and diversify them aboard as mentioned in NEM is supported because the decrease in GLICs stakes in certain level may increase company performance. On the other hand, if the policy of the government is to increase GLICs stakes, the company performance may decrease after a certain level of ownership concentration. This study also provides evidence that investors can invest in companies with low and high board ownership concentration. Furthermore, the NEM policy gives investors an opportunity to invest in the companies with GLICs. Reducing GLICs stakes in the Malaysian market and putting them in the international markets, as mentioned in the Malaysian Government’s NEM policy, will create more opportunities for international investors to invest their fund in the Malaysian market. Thus, the emerging markets exist. In addition, the NEM policy also encourages institutional ownerships like domestic and foreign to increase their stakes instead of GLICs in the Malaysian market. Originality/value – So far, most of the previous studies on GLICs and board ownerships in the Malaysian setting focused on the relationship of the ownership structure with company performance. However, no study has been done to examine the linearity effects of GLICs and board ownerships on company performance. The study is very important to perform to provide the policy makers and investors with clear guidance before their decisions.
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Mohammadi, Shaban, Hadi Saeidi, and Nader Naghshbandi. "Investigating the impact of board characteristics on money laundering." Journal of Money Laundering Control 23, no. 4 (April 10, 2020): 751–67. http://dx.doi.org/10.1108/jmlc-12-2019-0101.
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Purpose The purpose of this study is to examine the effect of board characteristics on money laundering in Iranian listed companies. Design/methodology/approach This was a descriptive-correlational study, and in terms of purpose, it was an applied research. The statistical population of this study was all companies listed in Tehran Stock Exchange during the years 2012-2018. A sample of 150 companies was selected by screening method. Data analysis and hypothesis testing were performed using logistic regression and Eviews 10. Findings The results indicated that the board bonus and CEO duality (chief executive officer duality) had a significant effect on money laundering. CEO gender also had a significant effect on money laundering. Originality/value Sound management of risks related to money laundering by the board of directors is associated with stability, soundness and overall health of a country's financial system, which enables the integrity of the international financial system by meeting the Basel Committee goals, including strengthening the regulations, monitoring and improving current procedures, promoting financial stability and maintaining and enhancing a good corporate reputation; however, banks and other financial institutions are exposed to more serious risks, especially the reputation risk, operational risk, etc., if management does not play an effective role in the fight against money laundering. If management considers efficient and risk-driven policies and procedures in the fight against money laundering, then many problems and losses as well as many costs, including failure to collect receivables and to bring legal proceedings, can be prevented.
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Alfraih, Mishari M. "The effectiveness of board of directors’ characteristics in mandatory disclosure compliance." Journal of Financial Regulation and Compliance 24, no. 2 (May 9, 2016): 154–76. http://dx.doi.org/10.1108/jfrc-07-2015-0035.
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Purpose The purpose of this paper is to investigate the relationship between the characteristics of the board of directors and mandatory disclosure compliance (measured by International Financial Reporting Standards requirements) in firms listed on the Kuwait Stock Exchange (KSE) in 2010. Design/methodology/approach Several characteristics are used to assess the effectiveness of the board of directors: number of members, gender diversity, CEO duality, multiple directorships, the proportion of family members on the board and the presence of a member of the ruling family of Kuwait. Mandatory disclosure compliance is measured using a self-constructed, item-based index. A regression model tested the paper’s hypotheses. Findings After controlling for firm-specific characteristics, it was found that board size, gender diversity and multiple directorships were positively correlated with compliance, while CEO duality and the proportion of family members on the board were negatively correlated with compliance. Research limitations/implications Potential limitations stem from both the nature of the sample and the dataset. The small sample reflects the size of the KSE and the limited timeframe (a one-year period). Nevertheless, this paper provides some interesting insights. A longitudinal study would provide more comprehensive insights into the relationship between the characteristics of the board of directors and mandatory disclosure compliance over time. Practical implications The findings highlight the effectiveness of board of directors’ characteristics in promoting mandatory accounting compliance. As disclosure is fundamental for the effective functioning of capital markets and sound investments, a direct implication is that the quality of financial reporting can be improved by taking these characteristics into account. Originality/value The paper contributes to the literature on the determinants of mandatory accounting compliance. The findings highlight the importance of the board of directors’ role in enhancing transparency and ensuring the quality of financial reporting. The findings will be particularly valuable to those involved in the appointment of directors, who should be aware of the influence of the configuration and characteristics of the board on compliance.