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Siljanovska, Zorica, and Elena Shalevska. "OECD PRINCIPLES FOR GOOD CORPORATE GOVERNANCE AND THEIR IMPACT ON PROCESS OF STANDARDIZATION." Knowledge International Journal 34, no. 5 (October 4, 2019): 1491–97. http://dx.doi.org/10.35120/kij34051491s.
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In May 1999, the OECD published the "Principles of Corporate Governance", which are also the first intergovernmental attempt to develop international standards for corporate governance. These principles demonstrate the importance of introducing a basic framework for good corporate governance, in line with rapid technological development, existing economic changes that contribute to the globalization process and increasingly break the boundaries of markets with the tendency of creating a large global and single market. Along with that process of globalization and investment opportunity, the current development in the business world, OECD principles are an indicator and benchmark for international financial institutions, as well as a measure by which governments can be guided in evaluating their corporate laws and regulations management. The principles are developed in a way that is flexible and can be adopted in different cultures, environments and traditions in different countries. As a result, the private sector has, in many countries, used them as a basis for developing its corporate governance codes. As a result, the Corporate Governance Principles have become an international standard for corporate governance by promoting transparency, integrity and the rule of law. The latest released version of the so-called G20 / OECD Corporate Governance Principles take into account recent advances in the financial and corporate sector, which have the potential to influence the effectiveness and relevance of corporate governance policies and practices. Due to the changing world market situation, they have undergone changes and become their final form in 2015. As a result, their goal is actually to serve all countries around the world in the process of evaluating and promoting their legal , institutional and regulatory framework for corporate governance. Although numerous and diverse factors influence the management and decision-making process within each company that are important for its long-term growth, the Principles focus on management issues and problems arising from separation of ownership and control. Standardization, by means of principles, will involve the creation of unified business processes in different organizational units or locations with similar levels of cost and performance goals and the use of good working practices.
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Gyamerah, Samuel, and Albert Agyei. "OECD Principles of Corporate Governance: Compliance among Ghanaian Listed Companies." International Journal of Advanced Multidisciplinary Research 3, no. 11 (November 30, 2016): 82–92. http://dx.doi.org/10.22192/ijamr.2016.03.11.008.
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McGee, Robert W. "Corporate governance in Asia: an eight-country comparative study." Corporate Ownership and Control 5, no. 4 (2008): 186–95. http://dx.doi.org/10.22495/cocv5i4c1p3.
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Corporate governance has received an increasing amount of attention in recent years. Corporate scandals have brought corporate governance weaknesses to the attention of the general public, especially in the United States. But corporate governance is sometimes a problem in other countries as well. This paper begins with an overview of some basic corporate governance principles as identified by the OECD, World Bank and IMF, then proceeds to examine how these principles are being applied in selected Asian countries
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Jesover, Fianna, and Grant Kirkpatrick. "The Revised OECD Principles of Corporate Governance and their Relevance to Non-OECD Countries." Corporate Governance 13, no. 2 (March 2005): 127–36. http://dx.doi.org/10.1111/j.1467-8683.2005.00412.x.
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Worang, Frederik G., and David A. Holloway. "Corporate governance in Indonesian state-owned enterprises: Feeding with western ingredients." Corporate Ownership and Control 4, no. 2 (2007): 205–15. http://dx.doi.org/10.22495/cocv4i2c1p5.
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Corporate frauds and failures in Indonesian have continued despite the corporate governance principles of Indonesia’s State-Owned Enterprises (SOEs) which have been strengthened following the Asian financial crisis of 1997/1998. This appears to indicate that corporate governance principles primarily adopted from developed Western nations are not adequate to address problems faced by SOEs in Indonesia. This primarily analytical paper evaluates the current corporate governance practices in Indonesian SOEs in light of the prevailing political and corporate culture. Given the complexity of Indonesia’s political and corporate culture the adoption of corporate governance principles from Western nations as promulgated by the OECD and/or the Cadbury report are inadequate to reduce corporate mismanagement and failure among SOEs. The study also utilizes some qualitative interview data from thirty respondents at managerial level within three SOEs to aid the assessment of corporate governance practices and principles in the Indonesian context
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Iu, Justin, and Jonathan Batten. "The Implementation of OECD Corporate Governance Principles in Post-Crisis Asia." Journal of Corporate Citizenship 2001, no. 4 (December 1, 2001): 47–62. http://dx.doi.org/10.9774/gleaf.4700.2001.wi.00006.
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HAWES, Colin, and Grace LI. "Transparency and Opaqueness in the Chinese ICT Sector: A Critique of Chinese and International Corporate Governance Norms." Asian Journal of Comparative Law 12, no. 1 (May 8, 2017): 41–80. http://dx.doi.org/10.1017/asjcl.2017.8.
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AbstractThis article critiques the current Chinese corporate governance framework and the OECD Principles of Corporate Governance (OECD Principles) on which the Chinese framework is largely based through detailed analysis of public disclosures by four prominent Chinese internet and communications technology (ICT) firms. These include State-controlled firms (China Telecom & China Mobile), mixed ownership (ZTE), and privately-controlled firms (Huawei Technologies). The article argues that neither Chinese nor international corporate governance norms deal adequately with the complex group structures that are so common among large Chinese firms. It also reveals deficiencies in the rules on independent directors, supervisory committees, and Chinese Communist Party committees as they are applied by Chinese ICT firms. The article concludes with reform proposals that would provide more useful information and better protection to outside investors and public stakeholders in the unique Chinese corporate environment.
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Nizaeva, Mirgul, and Ali Uyar. "Corporate governance codes of Eurasian Economic Union countries: a comparative investigation." Corporate Governance: The International Journal of Business in Society 17, no. 4 (August 7, 2017): 748–69. http://dx.doi.org/10.1108/cg-11-2016-0214.
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Purpose The purpose of this paper is to comparatively analyze the corporate governance codes of transition economies, particularly five Eurasian Economic Union (EAEU) members (i.e. Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia). Specifically, the convergence or divergence of these countries’ corporate governance codes among themselves as well as relative to the best practices of the UK Corporate Governance Code (UK Code) and the OECD Principles of Corporate Governance are investigated. Design/methodology/approach Initially, the existing literature on corporate governance with special focus on transition countries is reviewed. Afterwards, benchmarking the international best practices, based on main chapters and contents, the corporate governance codes of all countries in the sample are analyzed. Findings The paper finds that even though some principles of the corporate governance codes of the countries in the sample differ in some aspects, they do converge to some extent. However, high misalignments between the UK Code and the OECD Principles and the codes of selected countries in some aspects were found. Research limitations/implications The conclusion and implications of the study characterize the corporate governance of selected developing countries; thus, they might not be generalizable to other countries. Practical implications The codes of the countries in the sample should be revised, and more specifications regarding the stakeholder, board structure, its subcommittees, independence, diversity and transparency issues need to be addressed. Originality/value The paper comprehensively analyzes the contents of corporate governance codes of transition countries; from both practical and academic point of view, it was important gap that needed to be fulfilled.
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Wood, Anthony, and Keisha Small. "An assessment of corporate governance in financial institutions in Barbados." Journal of Governance and Regulation 8, no. 1 (2019): 47–58. http://dx.doi.org/10.22495/jgr_v8_i1_p4.
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The objective of this paper is to provide an assessment of corporate governance in selected financial institutions in Barbados. The instrument used for measuring corporate governance practice is derived from the Central Bank of Barbados (CBB) Corporate Governance Guidelines (2013) and the OECD Principles of Corporate Governance (OECD, 2004). A corporate governance index is developed to best fit the domestic financial system. The results indicate that the five financial institutions are highly compliant with the corporate governance guidelines. The corporate governance index ranges from 75 to 92 on a scale of 0 to 100 in ascending order of good corporate governance. Commercial banks obtained the highest corporate governance rankings. This result is not surprising since the banks operating in Barbados are affiliates of foreign-owned and domiciled financial institutions. They are therefore monitored by multiple local, regional and international regulatory agencies. This paper is the first such research effort for the Barbadian economy. The findings should be beneficial to many persons, including top management (CEO, Chairman, Board of Directors), shareholders and other stakeholders, regulators and future researchers.
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Saiynov, Muratbek, and Gulbarshyn Dyussengalieva. "The Benefits of Implementing Supervisory Board in the Healthcare System of Kazakhstan." Journal of Health Development 2, no. 37 (2020): 37–42. http://dx.doi.org/10.32921/2225-9929-2020-2-37-37-42.
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Abstract In order to increase the competitiveness and efficiency of medical organizations, is the implementation of the OECD Corporate Governance Principles. At the moment, most of the medical organizations of Kazakhstan are transferred to state enterprises on the basis of economic management with supervisory boards. Key words: medical organization, corporate governance, state-owned enterprises on the right of economic management, supervisory board, rating score, levels of assessment of corporate governance
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Chen, Ding, Navajyoti Samanta, and James Hughes. "Does regulation matter? Changes in corporate governance in China and its impact on financial market growth: an empirical analysis (1995-2014)." Corporate Governance: The International Journal of Business in Society 19, no. 5 (October 7, 2019): 985–98. http://dx.doi.org/10.1108/cg-07-2018-0256.
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Purpose Over the past two decades, China’s stock market has experienced rapid growth. This period has seen the transplantation of many “OECD principles of corporate governance” into the Chinese corporate regulatory framework. These regulations are dominated by shareholder values. This paper aims to discover whether there is a causal relationship between the changes in China’s corporate governance and financial market growth. Design/methodology/approach This paper uses data from 1995-2014 to create a robust corporate index by looking at 52 variables and a financial index out of five financial market parameters. Subsequently, data are subject to a panel regression analysis, with the financial market index as the outcome variable, corporate governance index explanatory variable and a variety of economics, social and technological control variables. Findings This paper concludes that changes in corporate regulation have in fact had no statistically significant impact on China’s financial market growth, which must therefore be attributed to other factors. Originality/value The study is the first in the context of Chinese corporate governance impact studies to use Bayesian methodology to analyse a panel dataset. It uses OECD principles as the anchor to provide a clear picture of evolution of corporate governance for a 20-year period which is also longer than previous studies.
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Amara, Salem. "An Overview of Corporate Governance Practice in Companies Listed on the Libyan Stock Market." Athens Journal of Business & Economics 7, no. 3 (June 16, 2021): 287–304. http://dx.doi.org/10.30958/ajbe.7-3-5.
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The corporate governance concept has recently become a major issue in the corporate practices of both developed and developing countries alike. Corporate governance is considered to be a tremendously important topic in many countries around the world; specifically within the emerging stock markets in order to protect the minority of shareholders. The aim of this research is to investigate corporate governance practices in companies listed on the Libyan stock exchange. In particular, to investigate whether corporate governance practices in these companies meet international standards of corporate governance and to identify the main obstacles to implementing them. The concept of corporate governance, corporate governance practices in developing countries, the Libyan stock market and OECD principles of corporate governance were discussed. A close-ended questionnaire was the main method for data collection. 100 questionnaires were distributed to the participants of the study, and only 76 questionnaires usable for analysis were received. Several issues related to corporate governance, depending on OCED principles, were investigated. The results revealed that corporate governance practice in the companies under investigation fit with OCED principles of corporate governance in some aspects and do not fit in others. Furthermore, the most important obstacles were perceived impeding corporate governance practice in companies listed in the Libyan stock market are "lack of compliance with the laws governing the work of companies" and "high cost of applying corporate governance rules". (JEL G30) Keywords: Corporate governance, the Libyan stock exchange, developing countries, OCED principles of corporate governance
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Kovalyshyn, O. R. "INFLUENCE OF OECD CORPORATE GOVERNANCE PRINCIPLES IN THE COMPANY LAW OF UKRAINE." Uzhhorod National University Herald. Series: Law, no. 60 (2020): 63–67. http://dx.doi.org/10.32782/2307-3322/2020.60.13.
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Abu-Tapanjeh, Abdussalam Mahmoud. "Corporate governance from the Islamic perspective: A comparative analysis with OECD principles." Critical Perspectives on Accounting 20, no. 5 (July 2009): 556–67. http://dx.doi.org/10.1016/j.cpa.2007.12.004.
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Yoon, Seungyoung. "The Issues of 2015 G20/OECD Principles of Corporate Governance:A Comparative Corporate Governance Code Study." Commercial Law Review 35, no. 1 (May 31, 2016): 385–425. http://dx.doi.org/10.21188/clr.35.1.10.
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al-Kahtani, Faleh Salem. "Current Practices of Saudi Shareholder’s Rights: A Case for Reform." Arab Law Quarterly 27, no. 3 (2013): 231–57. http://dx.doi.org/10.1163/15730255-12341263.
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Abstract This article will analyse Saudi shareholder’s rights, in particular by focusing on the legitimate articles of the Corporate Governance Code (hereinafter CGC), Company Law (hereinafter CL) and law cases related to shareholder’s rights. Analytical and comparative approaches are employed, examining the OECD principles of corporate governance and the UK Companies Act provisions with a view to reforming shareholder’s rights in the Saudi corporate governance system. In addition, shareholder’s rights are divided into financial and administrative rights. Thereafter, a number of recommendations are made regarding shareholder’s rights in the Saudi context.
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Huy, Dinh Tran Ngoc, Nguyen Thi Thuy, Le Thi My Phuong, Pham Minh Dat, Vu Trung Dung, and Pham Tien Manh. "A Set of International OECD and ICGN Corporate Governance Standards After Financial Crisis, Corporate Scandals and Manipulation - Applications for Nigeria and Implications for Developing Countries." Management 24, no. 1 (June 1, 2020): 56–80. http://dx.doi.org/10.2478/manment-2019-0036.
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SummaryA statement by ACCA in May 2009 that any corporate governance system should consider factors such as transparency, accountability, fairness and responsibility, raises issues in this field over past few years. There are also a few researches which have been done in the field of international corporate governance standards. This paper chooses a different analytical approach and among its aims is to give some certain systematic conclusions.First, it separates international standards into groups: ICGN and OECD latest principles covered in group 1 while it uses ACCA principles as reference.Second, it identified differences between these above set of standards which are and have been used as reference principles for many countries and organizations.Third, it aims to build a selected comparative set of standards for corporate governance system in accordance to international standards.Last but not least, this paper illustrates some ideas and policy suggestions.
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Al Abdin Sharar, Zain. "Corporate governance in Qatar: A comparative analysis." Corporate Ownership and Control 8, no. 4 (2011): 225–35. http://dx.doi.org/10.22495/cocv8i4c1p8.
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This article provides an overview and brief comparative analysis on the degree of compliance of Qatar’s corporate governance framework with the OECD Principles of Corporate Governance 2004. The objective of the article is to formulate a number of specific recommendations to the QFMA which will further strengthen the corporate governance framework in Qatar. In 2009 the Qatar Financial Market Authority (QFMA) introduced the Corporate Governance Code (the QFMA Code). Driving the introduction was the recognition by the Qatari authorities of the importance of having a well-structured and mandated corporate governance framework to provide a platform for market integrity and efficiency as well as to facilitate economic growth.1 While the QFMA Code is not yet prescriptive, it encourages listed companies to consider and voluntarily implement the policies to the extent appropriate, having regard the company’s particular circumstances.
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Rudolf, Stanisław. "The Impact of Economic Crises on Changes in Corporate Governance." Equilibrium 6, no. 4 (December 31, 2011): 7–20. http://dx.doi.org/10.12775/equil2011.025.
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Over the last 10 - 15 years significant changes took place in principal systems of corporate governance i.e. in the Anglo-Saxon and German systems. These changes were of similar or the same character. This was an effect of economic crises, mainly crises of 1997 – 1998 and 2007 – 2009. The crises have influenced the changes either directly through amendments in the so-called hard law of national systems of supervision or indirectly through recommendations on corporate governance issued by international institutions and organizations. The OECD and the European Commission played the most important part in this respect. These organizations had a big impact on the formation and shape of the so-called codes of good practice, whose principles are generally implemented by companies, mainly listed companies. The principles happen to be of the so-called soft law character and after some encouraging experience with their use take on the form of legislation.
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Wahed, Mohammad Shakil. "How successfully China has applied the OECD principles of corporate governance: a critical assessment." Journal of Chinese Economic and Business Studies 15, no. 4 (September 5, 2017): 353–72. http://dx.doi.org/10.1080/14765284.2017.1371562.
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Sumarno, Johanes, Sendy Widjaja, and Subandriah Subandriah. "The Impact Of Good Corporate Governance To Manufacturing Firm’s Profitability And Firm’s Value." Signifikan: Jurnal Ilmu Ekonomi 5, no. 2 (September 21, 2016): 181–96. http://dx.doi.org/10.15408/sjie.v5i2.3542.
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This paper studied the behavior of management toward the implementation of Good Corporate Governance in Indonesia to determine whether it has any influence towards profitability and its implication to the Manufacturing Firms’ value publicly listed in Indonesian Stock Exchange. There were 41 corporations who met the criteria of the survey. The data were analyzed using Panel Regression with fixed effects Model. The empirical findings show that the implementation of Corporate Governance in Indonesia has a positive, significant and direct impact toward firms’ profitability and firms’ value. Corporate Governance principles based on OECD principles that have positive and significant impact to both profitability and Firms’ Valueis Rights of Shareholders, Role of Stakeholders, Responsibilities of the Board Commissioners and Board of Directors. The principles that have significance and negative impact towards corporate profitability and value, are: Equitable treatment of shareholders and Disclosure and Transparencies. The most significant principle influencing profitability and firms’ value is Disclosure and Transparencies. Profitability plays a greater role in influencing Manufacturing Firms’ value in Indonesia. DOI: 10.15408/sjie.v5i2.3542
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Evans, John, and Pierre Habbard. "From shareholder value to private equity – the changing face of financialisation of the economy." Transfer: European Review of Labour and Research 14, no. 1 (January 1, 2008): 63–75. http://dx.doi.org/10.1177/102425890801400107.
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Across the OECD, a process of financialisation of the economy can be observed. Defined as the increasing dominance of the finance industry over the real economy and workers, financialisation can take different forms, including: growing instability and opacity of financial markets, increasing focus on shareholder value and the rise of alternative investors. This article reviews in particular the challenges to trade unions posed by the rise of the shareholder value model of governance in listed companies – as seen during the review of the OECD Corporate Governance Principles in 2004 – and more recently the boom in private equity buyout transactions. The trade union response to financialisation has followed two tracks: (i) to engage in regulatory advocacy at national and international levels for stakeholder approaches to corporate governance and financial markets and (ii) to mobilise workers' capital managed by pension funds to ensure responsible and long-term investor behaviour.
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Pletz, Stefanie, and Joan Upson. "The normative evolution of corporate governance in the UK: an empirical analysis (1995-2014)." Corporate Governance: The International Journal of Business in Society 19, no. 5 (October 7, 2019): 1015–41. http://dx.doi.org/10.1108/cg-07-2018-0239.
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Purpose This paper aims to analyse normative corporate governance evolution in the UK between 1995 and 2014 against the benchmark of Organisation for Economic Co-Operation and Development (OECD) regulatory principles. Design/methodology/approach Methodologically, the authors conduct an empirical, longitudinal data set analysis of the formative years of UK normative corporate governance development between 1995 and 2014. We provide a qualitative discussion of the empirical evidence that links the type of UK regulatory corporate governance development to financial market growth thereby adopting a mixed approach based on quantitative and qualitative research methods. Findings The authors find that compared to the OECD model of corporate governance, the UK model is less rigid following a more self-regulatory approach based upon a “comply or explain” paradigm. Thus it is scored below corporate governance systems that follow a compulsory implementation model. However, even with such “low” tilt towards formal shareholder primacy norms, the UK has the best performing financial market. As a quasi-empirical study, the authors suggest that there are several historical and economic reasons for this, which together with a robust rule of law in the UK contribute to this performance – and the law especially the type or tilt is less relevant. Originality/value This is the first of its kind empirical, longitudinal data set analysis with qualitative elements that links empirical evidence to regulatory developments in the wider context of UK corporate governance evolution.
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Bota-Avram, Cristina, and Paula Ramona Rachisan. ""Analysing The Similarities Between Oecd Principles Versus European Corporate Governance Codes - An Internal Audit Perspective "." Annales Universitatis Apulensis Series Oeconomica 2, no. 15 (December 31, 2013): 493–502. http://dx.doi.org/10.29302/oeconomica.2013.15.2.15.
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Salman, Mohammed Haitham A., and Haitham Nobanee. "Recent Developments in Corporate Governance Codes in the GCC Region." Research in World Economy 10, no. 3 (July 25, 2019): 108. http://dx.doi.org/10.5430/rwe.v10n3p108.
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This paper aims to examine recent developments in corporate governance codes in the Gulf Cooperation Council (GCC) region and evaluate to what extent these changes are in line with the G20/OECD Principles of Corporate Governance 2015 Edition. The paper employed an analytical comparative approach, the results show all GCC countries, except Bahrain, have recently updated their CG codes. Bahrain needs to update its current CG code in terms of the rights of both shareholders and stakeholders to be in line with international best practice. Efforts in the GCC region to enhance CG in listed companies should be continued and expanded to cover state-owned enterprises, sovereign wealth funds, and banks. The findings would be useful to the financial managers in the GCC in complying with the recent developments in corporate governance codes and in developing guidelines for appropriate disclosure to improve the reporting quality.
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Iswandi, Iswandi, and Widya Rahmawati. "Evaluasi Pelaksanaan dan Penerapan Prinsip dalam Pengelolaan Perusahaan yang Baik (Good Corporate Governance) pada PT Aneka Tambang Tbk." Binus Business Review 2, no. 1 (May 30, 2011): 584. http://dx.doi.org/10.21512/bbr.v2i1.1165.
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In terms of improving corporate performance and the efforts to create a healthy business climate, particularly in state-owned company, the application of the principles of good corporate governance (GCG) needs to be improved. Research conducted at PT Aneka Tambang Tbk is evaluating the application of the principles of GCG is in compliance with regulations applicable or not. In evaluating the data, the author uses descriptive method of research using a case study approach. The author gives a clear picture of the actual state of the object of research by looking at the facts that exist. After the data is obtained, the suitability evaluation based on several sources of theory relevant to the issues discussed. The authors collected data from PT Aneka Tambang Tbk through interviews and direct observation of the parties relating to corporate governance. Based on the evaluation, it can be concluded that PT Aneka Tambang Tbk has applied the principles of good corporate governance and in accordance with the existing parameters of the OECD 2004. With the application of a good and appropriate, effectivity and improved corporate efficiency and welfare of its employees, shareholders, and company stakeholders has also increased. In addition, the results of the evaluation stated that the consultation of shareholders against the company are very important stakeholders and should be maintained in order to create fluency in information exchange and exchange ideas effectively and efficiently.
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Utama, Cynthia Afriani, Sidharta Utama, and Fitriany Amarullah. "Corporate governance and ownership structure: Indonesia evidence." Corporate Governance: The International Journal of Business in Society 17, no. 2 (April 3, 2017): 165–91. http://dx.doi.org/10.1108/cg-12-2015-0171.
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Purpose The purpose of this study is to investigate simultaneous relations between corporate governance (CG) practice and cash flow right, cash flow leverage (the divergence between control right and cash flow right of controlling shareholders). The two ownership measures reflect alignment and expropriation incentives of controlling shareholders. This study also examines the effect of multiple large shareholders (MLSs) on CG practice. Design/methodology/approach The study uses publicly listed companies (PLCs) excluding those from the Indonesian finance sector during 2011-2013 as the samples of the study. Two-stages least squares regression models were used to test the simultaneous relations between CG practice and ownership structure variables. The study develops a CG instrument to measure CG practice based on ASEAN CG Scorecard, that comprehensively covers OECD CG principles and that can be used for panel data. Findings CG practice has a positive influence on cash flow right and has a marginally negative impact on cash flow leverage, while cash flow right and cash flow leverage have a marginally negative impact on CG practice. Further, the existence of large MLS complements CG practice, but as the control right of the second largest shareholders becomes closer to the largest shareholder, the complement relation becomes less important. State- or foreign-controlled PLCs practice better CG than other PLCs. Research limitations/implications Studies on CG/ownership structure need to treat CG and ownership structure as endogenous variables in their research design. In addition, the level of rule of law in a country should be taken into account when examining the relation between CG and ownership structure. The interrelation among CG, ownership structure, capital structure and firm performance has been studied in the context of dispersed ownership structure and strong rule of law. Thus, future study needs to examine the interrelation among these four concepts in countries with high concentrated ownership and weak rule of law. Practical implications To minimize the risk of expropriation, investors in the capital market need to select shares of PLCs that practice CG suitable for the ownership structure of PLCs, have high ownership by the largest shareholder and have no divergence between control and ownership right, and or have MLSs. PLCs may need to choose the level of CG mechanism in the context of their ownership structure and consider the benefits and costs implementing them. Social implications The study supports the “one size does not fit all” perspective on CG and, thus, it supports the recently enacted financial service authority (FSA) rule requiring PLCs to follow the “comply or explain” rule on the CG code for PLCs. The FSA needs to enforce the compliance of PLCs with CG rules and encourage PLCs to implement CG in substance, not just in form. To strengthen the positive impact of good CG practice in attracting investments in capital market, the regulator needs to improve investor protection rules and ensure strong rule of law. Originality/value The study is the first to examine the simultaneous relation between CG practice and both cash flow right and cash flow leverage of the largest shareholder. It is also the first that investigates the impact of MLS on CG practice. It explores the complement and substitution relation between the two concepts in reducing agency costs. In term of research design, the study develops a CG instrument that is based on OECD CG principles, that can be used for panel data and that uses public information.
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Żak, Katarzyna. "IMPLEMENTATION OF CORPORATE GOVERNANCE PRINCIPLES COMPLIANT WITH OECD STANDARDS IN PUBLIC COMPANIES IN POLAND AND HUNGARY." Scientific Papers of Silesian University of Technology. Organization and Management Series 2019, no. 136 (2019): 693–705. http://dx.doi.org/10.29119/1641-3466.2019.136.55.
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Baker, Andrew. "The ‘public interest’ agency of international organizations? The case of the OECD Principles of Corporate Governance." Review of International Political Economy 19, no. 3 (July 5, 2011): 389–414. http://dx.doi.org/10.1080/09692290.2011.552789.
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Lanshina, Tatiana. "Implementing the G20/OECD Principles of Corporate Governance: What is the Progress in BRICS and Indonesia?" International Organisations Research Journal 12, no. 3 (September 2017): 137–59. http://dx.doi.org/10.17323/1996-7845-2017-03-137.
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Magang, Tebogo Israel Teddy, and Veronica Goitsemang Magang. "Ubuntu or Botho African Culture and Corporate Governance: A Case for Diversity in Corporate Boards." Business and Management Research 6, no. 4 (December 10, 2017): 64. http://dx.doi.org/10.5430/bmr.v6n4p64.
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This paper aims to provide a theoretical analysis on the relationship between nationality/ethnicity and compliance with international best practice corporate governance principles. Using Hofstede-Gray cultural-accounting dimensions, the paper attempts to demonstrate that the Ubuntu/Botho culture may in some instances promote/not promote compliance with international best practice corporate governance principles because of the value system(s) of this culture. In view of this, the paper further attempts to present a case for diversity in corporate boards and executive management to enhance corporate compliance with best practice corporate governance principles, performance, disclosure etc. in line with the literature and theoretical arguments on diversity.On one hand, this paper provides future research an opportunity to empirically assess the relationship between corporate compliance with international best practice and nationality/ethnicity (Ubuntu/Botho culture). Future research could also investigate whether the Ubuntu/Botho values hold true today in view of the autocratic regimes in the African continent which have perfected a culture of impunity, corruption and bad governance.
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Saygili, Arikan Tarik, Ebru Saygili, and Alina Taran. "THE EFFECTS OF CORPORATE GOVERNANCE PRACTICES ON FIRM-LEVEL FINANCIAL PERFORMANCE: EVIDENCE FROM BORSA ISTANBUL XKURY COMPANIES." Journal of Business Economics and Management 22, no. 4 (June 2, 2021): 884–904. http://dx.doi.org/10.3846/jbem.2021.14440.
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Corporate governance (CG) is a fundamental criteria for enhancing investors’ and stakeholders’ trust, relatively recently recognized in emerging markets. This study investigates the effects of CG practices on the firm-level financial performance of Borsa Istanbul XKURY-indexed companies during 2007–2019. Four specific aspects of CG are analysed: shareholders’ rights, public disclosure and transparency, stakeholders’ rights, and board of directors functioning, as defined by the Turkish Code of Corporate Governance, in line with international principles of CG issued by OECD. Alternative estimations of panel regression analysis indicate a positive association between stakeholder-oriented governance practices and firm-level financial performance expressed by accounting measures for both financial and non-financial companies. Shareholder protection policies have a negative influence on accounting-based performance, especially for non-financial industries, whereas the corporate practices related to board of directors and public disclosure vary between financial and non-financial entities. These findings contribute to international research on CG implications for emerging markets, providing evidence about the importance of stakeholders’ protection and the distinctive effects of CG dimensions for corporate financial performance.
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Cerioni, Luca. "Corporate governance: the OECD principles, the scope for a “model of the successful company”, and a new challenge for the company law agenda and the broader regulatory agenda." Corporate Ownership and Control 5, no. 4 (2008): 268–95. http://dx.doi.org/10.22495/cocv5i4c2p2.
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The OECD Principles of Corporate Governance, and the Methodology for assessing their implementation, seem to support those academic contributions which overcome the classic distinction between the shareholders primacy and the stakeholders’ models of companies; they also appear to require a re-conceptualisation of the interests involved and not simply a model of company, but a model of the successful company. This paper proposes such a model, and asserts its validity from a property rights perspective and from a human rights perspective. It subsequently argues that shaping of a corporate governance framework based on this model would raise a key challenge for company law legislators and for the broader regulatory agenda, and that satisfactory responses to this challenge – for which some first hypothesis are proposed - would be fully compatible with the increasingly global corporate social responsibility concern, while opening new themes for academic research and for decision-makers choices
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Jurkonis, Liudas, and Dovilė Petrusauskaitė. "EFFECTS OF CORPORATE GOVERNANCE ON MANAGEMENT EFFICIENCY OF LITHUANIAN STATE-OWNED ENTERPRISES." Ekonomika 93, no. 2 (January 1, 2014): 77–97. http://dx.doi.org/10.15388/ekon.2014.2.3545.
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Abstract. Management efficiency of state-owned enterprises (SOE) is being widely discussed not only in Lithuania, Central Eastern Europe, but also globally (mainly focusing on such countries as China, having state monopoly in most of the industries). Moreover, this topic is interesting to scholars both in the context of public governance reforms and a specific area of public administration. On the other hand, the topic of SOEs management is quite specific due to its duality: firstly, it is an area of public governance with an intensive intervention of the government, and secondly, SOEs are autonomous enterprises having dual – social (e.g., creation of work places, implementation of state-level projects, etc.) and economic (e.g., profitability, return on investment, etc.) – goals. Following the paradigms of (post) new public governance, principal agent theory, corporate governance guidelines established by such international organizations as the OECD, World Bank, International Monetary Fund and others, this paper is focusing on the management and performance of SOEs, trying to find an evidence of positive effects related to the implementation of corporate governance principles in Lithuanian SOEs. The paper seeks to identify those aspects of corporate governance which are the most relevant in terms of their potential effect on the management efficiency of Lithuanian SOEs.Key words: state-owned enterprises, corporate governance, principal agent theory, management efficiency
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Jesover, Fianna. "Corporate Governance in the Russian Federation: the relevance of the OECD Principles on shareholder rights and equitable treatment." Corporate Governance 9, no. 2 (April 2001): 79–88. http://dx.doi.org/10.1111/1467-8683.00232.
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Ramalho, Anna. "The distinctive stance of the King Reports on corporate governance from a global perspective." Journal of Global Responsibility 11, no. 2 (December 19, 2019): 173–85. http://dx.doi.org/10.1108/jgr-10-2019-0094.
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Purpose The purpose of this paper is to provide a perspective on the distinctive stance of the King Report on Corporate Governance in South Africa, 2016 (King IV) in relation to a number of other codes of corporate governance issued globally. Design/methodology/approach The paper presents a comparative analysis between King IV and the codes of governance that apply in a select number of the jurisdictions, namely, Australia, Brazil, Malaysia, Nigeria and the UK. The selection of jurisdictions was done with the view of having a sample that is representative of the major global regions. Preference was given to codes that were issued or revised recently. Mention is also made of the G20/OECD Principles of Corporate Governance where appropriate. Findings The conclusion reached in this paper is that King IV is distinctive from the codes compared to it in this paper in six respects. These include that King IV defines corporate governance as accountable leadership instead of it being a system only and is drafted for positive outcomes instead of compliance; proposes an application regime that is qualitative instead of quantitative; integrates sustainable development into its model for corporate governance instead of treating sustainability as an ad hoc-matter; has applicability across the ecosystem of all organisations instead of limited application to listed or larger companies; and has a has built in a social value system to harness broad public support instead of reliance on bottom-down enforcement. Originality/value The implications of the distinct approach to corporate governance in King IV are explained in the paper and should serve as a premise to reconsider whether the more traditional approaches to corporate governance code development are still appropriate in light of the learning as evidenced in King IV.
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Satifa, Orisa, and Edy Suprapto. "PERAN DEWAN PENGAWAS SYARIAH DALAM PEMENUHAN PRINSIP SYARIAH DALAM PELAKSANAAN GOOD CORPORATE GOVERNANCE PADA PERBANKAN SYARIAH." JURNAL EKONOMI DAN PERBANKAN SYARIAH 2, no. 2 (June 23, 2020): 69–93. http://dx.doi.org/10.46899/jeps.v2i2.148.
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This research is departing from the development of Islamic banking industry, which is growing rapidly. Moreover, the bank demanded to implement good corporate governance (GCG) in order to prevent any risk of islamic banking losses, both financial loss and reputation risk. The implementation of GCG in islamic banking industry have to meet the shariah compiance. Thus, to ensure the shariah compliance, it requires shariah supervisiory board (DPS), which it serves to maintain the bank‟s adherence to islamic principles in their activities to manage customer funds. The regulation of Bank of Indonesia no. 11/33/PBI/2009 on the implementation of GCG in islamic banks provide a comprehensive policy regarding the duties and the responsibilities of the DPS to ensure the fulfillment of islamic principles in implementation of good corporate governance in islamic banking.Keywords: Good corporate governance, Islamic Banking, Shariah Supervisiory Board, Shariah Principles, Regulation of Bank of Indonesia
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Jurkonis, Liudas, Šarūnas Merkliopas, and Karolis Kyga. "IMPACT OF THE CORPORATE GOVERNANCE REFORM ON THE MANAGEMENT EFFECTIVENESS OF STATEOWNED ENTERPRISES IN LITHUANIA IN 2012–2014." Ekonomika 95, no. 2 (October 3, 2016): 158–78. http://dx.doi.org/10.15388/ekon.2016.2.10130.
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Following previous research on the management efficiency of the state-owned enterprises (SOEs) in Lithuania, this paper extends the discussion via analysis of the broader period of time not only focusing on 1 year caption (2012), but trying to identify the impacts (if any) of the corporate governance reform of the SOEs in Lithuania looking at the data of 2012–2014. To ensure the consistency and comparability of the results, the theoretical background is sought to be maintained as similar as in the previous papers, following the paradigms of (post) new public management, principle-agent theory, corporate governance guidelines established by such international organisations as the Organisation for Economic Co-operation and Development (OECD), the World Bank, the International Monetary fund and others. In addition to the quantitative part of the analysis (quantitative analysis of the relationship between management of SOEs and results of its operations as measured by Return on Equity (ROE)), case studies representing biggest Lithuanian SOEs and – accordingly – 3 main sectors Lithuanian SOEs are acting in are analysed to understand if and what (i) actual changes of the corporate governance principles are impacting the management effectiveness of SOEs, as well as (ii) what are the limiting factors (if any) reducing the positive effects of the changes being introduced with the new reform. For both parts of the analysis (quantitative and case studies) we focus on (i) the main elements of corporate governance being introduced by the SOE reform and (ii) the relations of the SOEs and the shareholder of theirs (Government and the society). By applying the above described approach, the paper seeks to (i) understand not only the effects of corporate governance on management and performance of SOEs per se, but also include the time dimension with the purpose to understand (confirm) if previous findings (e.g., the fact that board independence and transparency were the key factors influencing SOEs management efficiency in 2012) are sufficiently sustainable outcomes of the reform, which would still be valid in the 3 year period (2012-2014), as well as (ii) explain the most relevant (in terms of impact on management effectiveness) corporate governance principles that should be applied or be promoted stronger in Lithuanian SOEs.
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Kang, Helen, Sidney Leung, Richard D. Morris, and Sidney J. Gray. "Corporate governance and earnings management: An australian perspective." Corporate Ownership and Control 10, no. 3 (2013): 95–113. http://dx.doi.org/10.22495/cocv10i3art8.
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This study examines the extent to which the first-time adoption of the Australian Stock Exchange (ASX) Corporate Governance Council‟s corporate governance principles and recommendations was associated with lower levels of earnings management. Cross-sectional results indicate that the existence of an audit committee was associated with lower levels of earnings management in pre-, but not post-, recommendations. Lower director ownership was associated with higher levels of earnings management pre-, but not post-, recommendations. On the other hand, the existence of a remuneration committee was associated with lower levels of earnings management pre- and post-recommendations. In addition, longitudinal analysis shows that, following the first-time adoption, the only governance mechanism associated with reductions in earnings management was the establishment of a remuneration committee
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Grove, Hugh, Maclyn Clouse, and Tracy Xu. "Human resource reporting: Implications for corporate governance." Corporate Governance and Organizational Behavior Review 5, no. 1 (2021): 26–36. http://dx.doi.org/10.22495/cgobrv5i1p3.
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The major research question of this study is how boards of directors can monitor human resource reporting, especially with emerging reporting requirements from the U.S. Securities and Exchange Commission (SEC) for all domestic and foreign public companies listed on U.S. stock exchanges. Boards can develop advising and monitoring practices to help their companies meet the SEC’s human capital reporting requirements, as shown by the following topics discussed and analyzed in this paper: criticisms of the modernization of Regulation S-K by using principle-based versus rules-based disclosures; a way forward on the modernization of Regulation S-K; sustainability accounting standards; human resource accounting; board responsibility for white-collar crime risk; and collegiality conundrums. We find that a possible way forward in modernizing human capital reporting would be to combine a rules-based approach with a principles-based approach. We recommend boards to closely follow the United Nation’s Sustainable Development Goals and create opportunities to steer their companies towards a sustainable future. We also research the newly developed accounting standards to address human resource risks and promote sustainable human capital reporting. In addition, we identify the strategies for boards to monitor the risk of white-collar crime and highlight the balance between collegiality and effectiveness in the boardroom. Future research could use case studies and interviews of company boards to investigate how they have developed strategies and procedures to facilitate human resource management and reporting
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AL-Rawashdeh, AbedAlwahab Mahmoud. "Impact of Internal Corporate Governance on Capital Cost in Jordanian Pharmaceutical Companies." International Journal of Economics and Finance 11, no. 6 (May 5, 2019): 83. http://dx.doi.org/10.5539/ijef.v11n6p83.
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The study aims to find the impact of internal corporate governance on capital in Jordanian’s Pharmaceutical Companies .The data was collected through distributing a questionnaire to the leading positions staff in the sample companies in addition to external auditor.
The study found that there is an impact on the principles of the internal corporate governance represented by the board directors, ownership structure, internal control and disclosure (combined and sporadic) on the capital cost, where good corporate governance can reduce the capital cost in Jordanian Pharmaceutical Companies.
The researchers recommended paying more attention for various corporate governance elements, conducting more studies to find the impact of governance on performance and increasing the attention and promotion of rules of governance by the relevant authorities to urge companies to abide by them.
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Samanta, Navajyoti. "Convergence to shareholder primacy corporate governance: evidence from a leximetric analysis of the evolution of corporate governance regulations in 21 countries, 1995-2014." Corporate Governance: The International Journal of Business in Society 19, no. 5 (October 7, 2019): 849–83. http://dx.doi.org/10.1108/cg-07-2018-0249.
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Purpose For the past two and half decades, there has been a marked shift in the corporate governance regulations around the world. The change is more remarkable in developing countries where countries with little or no corporate governance regime have adopted “world class” standards. While there can be a debate on whether law in books actually translates into law in action, in the meantime it might be interesting to analyse the law in books to understand how the corporate governance regime has evolved in the past 20 years. This paper quantitatively tracks 21 countries, most of them being developing and emerging economies, over a period of 20 years. The period covers 1995 to 2014; thus, it traverses the pre and post crisis period in 1999 and 2008. Thus, the paper also provides a snapshot of the macrolegal changes that the countries engage in hoping to stave off the next crisis. The paper uses over 50 parameters modelled on the OECD Principles of Corporate Governance. The paper confirms the suspicion that corporate governance norms around the developing economies are converging on shareholder primacy end of the continuum. The rate of convergence was highest just before the financial crisis of 2008 and has since then slowed down. Design/methodology/approach The paper uses data collected from experts. They filled up detailed questionnaire which quizzed them on the rules relating to corporate governance norms in their country and asked them to retrospectively check their data every five years for the past 20 years. This provided an excellent overview as to how the law has evolved in the past two decades on corporate governance. The data were then tabulated using a scoring sheet and then was put together using item response theory (IRT) which is a Bayesian method similar to factor analysis. The paper then follows a comparative approach using heatmaps to analyse the evolution of corporate governance in developing countries. Findings Corporate governance norms around the developing economies are converging on shareholder primacy end of the continuum. The rate of convergence was highest just before the financial crisis of 2008 and has since then slowed down. Originality/value This is the first time that corporate governance panel data analysis has been carried out on top developing countries across so many parameters for such a long period. This paper also uses Bayesian IRT modelling to analyse the evolution which is novel in its approach especially in the corporate governance literature. The paper thus provides a clear view on the evolution of corporate governance norms and how they are converging on a particular ideology.
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Żak, Katarzyna. "CHALLENGES IN THE SPHERE OF THE FULFILMENT OF INFORMATION OBLIGATIONS BY PUBLIC COMPANIES IN THE FACE OF THE CORONAVIRUS THREAT." Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie 21, specjalny (December 31, 2020): 57–70. http://dx.doi.org/10.5604/01.3001.0014.8063.
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The crisis caused by the covid-19 coronavirus has caused economic stagnation and financial problems for many companies. Due to the unstable situation in the global economy, companies faced the challenge of proper, reliable reporting of their results in accordance with the principles of corporate governance according to OECD standards. Therefore, the study highlights the obligations of managers of public companies related to providing information about the financial and non-financial situation for various players on the capital market. The directions of the search and ad hoc proposals for solutions that may be helpful in current and future investor decisions are also indicated. The study appliessuch research methods as the review of current domestic and foreign publications and desk research analysis.
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Dimitrov, Stanislav. "Integration of environmental, social and governance principles in pension funds and insurance companies activities." VUZF Review 5, no. 3 (September 16, 2020): 31–39. http://dx.doi.org/10.38188/2534-9228.20.3.04.
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Sustainable finance has been one of the modern topics in recent years. The main reason is the growing need for active steps and measures to preserve nature and avoid the risks of climate change and its consequences. A basic concept in sustainable finance is the adoption and follow-up of ESG principles. The latter refers to environmental “E”, social “S” principles and good corporate governance “G” policies. Financial institutions are considered as the conductor of policies in the field of ESG principles. The European Union is following an action plan to implement these principles and policies in the financial sphere. This report examines the integration of ESG principles into the activities of insurance companies and capital pension funds. Potential problems are identified and possible solutions are presented.
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Motala, Michael. "Tax Sovereignty and Investor Protection: Why the Proposed Global Minimum Tax Is not the Final Frontier for Corporate Tax Arbitrage." International Organisations Research Journal 16, no. 2 (June 30, 2021): 99–131. http://dx.doi.org/10.17323/1996-7845-2021-02-06.
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Over the past decade, international tax governance has evolved with bewildering speed in response to the challenges of digitalization and widespread corporate tax avoidance. Since the launch of the Group of 20 (G20)-Organisation for Economic Co-operation and Development (OECD) base erosion and profit shifting (BEPS) initiative in 2012, 135 countries and 14 international organizations have joined the BEPS Inclusive Framework, committing to implement new global standards on corporate tax, which has already been lauded as a revolution in the architecture of international tax law and policy. Even further expanding the scope of the OECD’s work on international taxation in a landmark announcement in March 2021, the U.S. administration further proposed imposing a global minimum corporate tax at a rate of 21% to be implemented through an international agreement by mid-2021. If the new OECD initiative is agreed, will the plan to implement a minimum corporate tax be fully implemented by G20 members, and if so, will it do enough to address the tax challenges of digitalization embodied in corporate tax arbitrage? Although the evidence suggests legislative and public policy compliance is likely to be high among G20 members, this article argues the minimum tax initiative is unlikely to go far enough to address deficiencies in global tax dispute resolution, which are extremely germane to the success of the proposed minimum tax. As explained in this article, U.S. leaders and global policymakers must enhance the mutual agreement procedure (MAP), a cornerstone of tax dispute resolution, given a growing body of tax litigation in investment law that threatens the implementation of BEPS 2.0. To do so, global policymakers must also reconcile the conflict of norms between tax sovereignty and investor protection contained in the investor-state dispute settlement (ISDS) regime. Only by addressing the conflict between the principles of tax sovereignty and investor protection can they prevent a tidal wave of investor disputes that will challenge the implementation of the minimum tax through national tax laws.
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Al-Olimat, Nofan Hamed, and Mohannad Obeid Al Shbail. "The Mediating Effect of External Audit Quality on the Relationship Between Corporate Governance and Creative Accounting." International Journal of Financial Research 12, no. 1 (December 25, 2020): 149. http://dx.doi.org/10.5430/ijfr.v12n1p149.
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The study aimed to examine the impact of corporate governance in limiting creative accounting practices mediating by the quality of external audits in Jordanian industrial public shareholding companies. The analysis in this research was to follow some of the analysis techniques namely; validity, reliability, and multiple regression were used in order to achieve the objectives of the study, The study population consisted of all Jordanian industrial public shareholding companies registered in the Amman Stock Exchange for the year 2019, and due to the large size of the study population, the researchers applied the s sample random technique representing the population where valid questionnaires reached statistical analysis (120) a questionnaire that included; financial managers and heads of accounting and audit departments. The study concluded that there is a statistically significant effect of the quality of external auditing and the principles of institutional governance in limiting creative accounting practices in Jordanian industrial companies, and in light of these results, the study recommended that industrial companies exploit the positive complementary relationship between the quality of external auditing and the principles of institutional governance to reach the common goal to reduce creative accounting practices.
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Djordjevic, Marija. "Corporate management: Ownership, control and shareholders' rights." Privredna izgradnja 48, no. 3-4 (2005): 211–29. http://dx.doi.org/10.2298/priz0504211d.
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In spite of extent of economy development in one country, every corporation faces up with same problems connected with corporate governance. Problems are ownership, shareholders rights and control. The way to acquire ownership is by buying shares of company. Ownership is connected with making essential decisions in corporation like changing statute of firm, allowing new stock market flotation, etc. There are two types of ownership: widespread or dispersed ownership and concentrated ownership. Dispersed ownership is characteristic of Anglo-Saxon countries (United Kingdom and United States) where one-tier system is representative model of corporate governance. Dispersed ownership means that every single packet of shares is smaller than 20% of total shares in corporation. On the other hand concentrated ownership characterizes presence of ultimate owner(s) in company. Ultimate owner is person who holds more than 20% of shares in firm. If shareholder holds more than 50% of shares he is major shareholder what means that he has control over company. Concentrated ownership is characteristic of continental Europe and Japan where is presented two-tier model of corporate governance. Law and other institutional rules, like rules for listed companies of stock market, must guarantee the shareholder rights. Today, every country accepts Principles of Corporate Governance published by the Organization for Economic Cooperation and Development. Further more, the transitional countries, as Russia, must pass and respect laws, which protect shareholders rights. Control of management is one of the ways to protect shareholder rights. Control could be internal and external. Audit or Supervisory board is main part of internal control. Independent external auditor who is in relation with company does external control by contract of giving services. It is important that all auditors (internal of external) be independent of management of corporations. In this paper, we try to adduce main problems of modern corporate governance as ownership control and shareholders rights.
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Alharbi, Bader, and Abdullah Alharbi. "Corporate Governance Development and Practices in an Emerging Economy: A Review of Empirical Findings and Literature in Saudi Arabia." International Journal of Business and Management 16, no. 3 (February 3, 2021): 11. http://dx.doi.org/10.5539/ijbm.v16n3p11.
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Purpose: The aim is to review the literature and present some of the academic contributions researchers have made in the study, development and practice of corporate governance (CG) in Saudi Arabia.
Design/Methodology: We conducted a guided words search on electronic databases using “corporate governance in Saudi Arabia” as the search words. The scope of the study was restricted to the needed materials and information contained in refereed journals from 1965 to 2018 and held in the ABI/INFORM Global, Emerald databases and a few other internationally recognized electronic databases. The papers were first sorted into areas of possible CG application. They are finally analyzed and then synthesized.
Findings: That six broad areas have been examined in relation to CG structures and development; they include: company financial performance, corporate social responsibilities, earnings management, corporate voluntary disclosures, financial structure and the role of CG in times of financial crisis. The papers are skewed in favour of, CG and company financial performance at the expense of other areas. CG has evolved, even though, the country’s institutional environment may not be too close to those of OECD nations, but the establishment of the new 2006 CG code is a positive addition to the business culture. Nevertheless, there are still other outstanding CG issues identified by scholars and practitioners that are not in conformity with international best CG practices.
Research limitations/implications: The study’s analysis was restricted to between 1965 and 2018, and papers from some and not all electronic data bases were used.
Originality/value: The paper provides a comprehensive review and analysis CG development and practice in an emerging economy where greater importance is usually attached to informal relationships and other considerations than formal CG mechanisms.
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Nazarova, Varvara, and Anzhelika Kolkina. "Corporate Governance and Effectiveness of a Diversified Company: Russian Experience." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 10, no. 3 (October 5, 2016): 56–70. http://dx.doi.org/10.17323/j.jcfr.2073-0438.10.3.2016.56-70.
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Varvara Vadimovna Nazarova - SPbShEiM, St. Petersburg.
E-mail: nvarvara@list.ru
Anzhelika Vladislavovna Kolkina - HSE - St. Petersburg.
Email: lika.kolkina@yandex.ru
Researchers come to controversial conclusions regarding the impact of corporate diversification on the company›s value and performance. The diversification strategy itself has been subject to strong criticism in the past 20–30 years. There is an opinion, however, that in emerging markets diversification has a positive impact on companies› value and effectiveness. Despite the existing advantages of diversified companies, planning and budgeting various business areas not related to each other is a considerably difficult task that results in the agency problem between managers and stakeholders. This leads to corporate governance problems in companies that use the diversification strategy. Studying corporate governance in emerging countries is especially important, as they need to adjust their corporate governance standards to developed markets. The theory of corporate governance is now developing rapidly, especially in Russia, where researchers did not often turn to this subject. In the last decade, this issue has most often become a subject of research in China and India. The issue of corporate governance in Russia is relevant today due to the fact that it is a mechanism of managing a company which makes it possible to balance the interests of managers and stakeholders. Moreover, companies are interested in attracting foreign investors, who pay significant attention to the level of current corporate governance. However, unlike in developed countries, corporate governance in developing capital markets is only being introduced. Today a lot of Russian companies are engaged in the optimisation of corporate governance largely to build a good reputation and do not pay enough attention to corporate governance principles, which a company should follow. Thus, today the low level of corporate governance is a problem in Russian companies, as the companies› owners do not understand its significance. Moreover, the Russian business environment is rather specific and requires a certain approach in order to form an optimal corporate governance system. As far as research in this field is concerned, a positive impact of corporate governance on companies› effectiveness lacks empirical proof. A number of studies have not found a statistically significant positive correlation between the level of corporate governance in Russian companies and their effectiveness. With regard to the stated issue, the purpose of this paper is to discover to what extent corporate governance has an impact on the effectiveness of Russian diversified companies. Such companies are a subject of particular interest, as not only developed and emerging economies have different features of corporate governance, but within one country there are also companies whose development strategy and industry have a significant impact on the optimal corporate governance structure. The study suggests the following hypothesis: the corporate governance system has a positive impact on the effectiveness of Russian diversified companies.The study has been conducted on a sample of Russian diversified companies with an original corporate governance index created for this purpose, which had never been done previously.The study has a practical importance, because Russian diversified companies can use the corporate governance index devised during the study to assess their corporate governance level. Such procedure will make it possible to uncover the existing flaws and improve the corporate governance system in Russian companies. In their turn, the suggested methods and the resulting models of the correlation between market capitalisation, on the one hand, and fundamental factors and various factors of corporate governance, on the other, can be used in strategic planning and managing the value of diversified companies. In the paper, we also determine the impact of corporate governance on companies› performance, which enables us to suggest recommendations on enhancing the governance system in Russian companies.
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..... "ANALISIS IMPLEMENTASI PRINSIP-PRINSIP GOOD CORPERATE GOVERNANCE (CCG) TERHADAP PERSEPSI MASYARAKAT DAN KINERJA KEUANGAN PADA PERUSAHAAN DAERAH AIR MINUM (PDAM) KOTA PALOPO." Journal Of Institution And Sharia Finance 3, no. 1 (July 8, 2020): 21–50. http://dx.doi.org/10.24256/joins.v3i1.1442.
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Abstract: The main problem of this research is how is the implementation of the principles of Good Corporate Governance (GCG) towards public perceptions and financial performance in Palopo Municipal Water Company (PDAM)? The sub-points of the problem are: 1. How is the implementation of GCG principles in PDAM Palopo City? 2. What is the community perception of PDAM Palopo City? 3. What is the financial performance of PDAM Palopo City? 4. How is the relationship of GCG principles implementation to financial performance in PDAM Palopo City. This study aims to: a. To find out the implementation of GCG principles in PDAM Palopo City, b. To find out the public perception of PDAM Palopo City, c. To find out the financial performance in PDAM Palopo City, d. To find out the relationship of GCG principles implementation to financial performance in PDAM Palopo City. The data source used in this study is primary data obtained directly from the research object as the source of information sought in this case comes from the PDAM Palopo City office and secondary data through library research related to the title of the research and data collection through interviews , observation, documentation, triangulation, questionnaire. The approach used is a case study approach. Analysis of balanced qualitative and quantitative data in a balanced manner (Concurrent Trianggulation). The results showed that: 1) The implementation of GCG principles in 2010-2012 (pre) in PDAMs went well with a percentage of 49.74% and after the implementation of GCG in 2012-2014, the application was very good with a percentage of 53.57%. 2) Public perception of PDAM Palopo City is classified as good with a percentage of 50.27%. 3) Financial performance in Palopo City PDAM is classified as less by obtaining a value from the financial aspect 45, due to the decline in profitability indicators every year such as NPM, ROA and ROE. 4) The application of GCG does not have a strong relationship to financial performance because the low positive relationship of pre and post GCG implementation in PDAMs only strengthens in the administration section, while in financial performance is not in line.Keywords: Good Corporate Governance, Community Perception, Financial Performance. Abstrak: Permasalahan pokok penelitian ini adalah bagaimana implementasi prinsip-prinsip Good Corporate Governance (GCG) terhadap persepsi masyarakat dan kinerja keuangan di Perusahaan Daerah Air Minum (PDAM) Kota Palopo? Adapun sub pokok masalahnya yaitu: 1. Bagaimana implementasi prinsip-prinsip GCG di PDAM Kota Palopo? 2. Bagaimana persepsi masyarakat terhadap PDAM Kota Palopo? 3. Bagaimana kinerja keuangan di PDAM Kota Palopo? 4. Bagaimana hubungan dari implemantasi prinsip-prinsip GCG terhadap kinerja keuangan di PDAM Kota Palopo. Penelitian ini bertujuan: a. Untuk mengetahui implementasi prinsip- prinsip GCG di PDAM Kota Palopo, b. Untuk mengetahui persepsi masyarakat terhadap PDAM Kota Palopo, c. Untuk mengetahui kinerja keuangan di PDAM Kota Palopo, d. Untuk mengetahui hubungan dari implementasi prinsip-prinsip GCG terhadap kinerja keuangan di PDAM Kota Palopo. Sumber data yang digunakan dalam penelitian ini adalah data primer yang diperoleh secara langsung dari objek penelitian sebagai sumber informasi yang dicari dalam hal ini berasal dari kantor PDAM Kota Palopo dan data sekunder melalui studi pustaka (library research) berkaitan dengan judul penelitian serta pengumpulan data melalui wawancara, observasi, dokumentasi, trianggulasi, kuesioner. Adapun pendekatan yang digunakan adalah pendekatan studi kasus. Analisis data campuran kualitatif dan kuatitatif secara seimbang (Concurrent Trianggulation). Hasil penelitian menunjukkan bahwa : 1) Implemtasi prinsip-prinsip GCG tahun 2010-2012 (pra) di PDAM berjalan baik dengan persentase 49,74% dan sesudah penerapan GCG di tahun 2012-2014, penerapannya sangat baik dengan persentase 53,57%. 2) Persepsi masyarakat terhadap PDAM Kota Palopo adalah tergolong baik dengan persentase 50,27%. 3) Kinerja keuangan di PDAM Kota Palopo tergolong kurang dengan memperoleh nilai dari aspek keuangan 45, disebabkan penurunan setiap tahunnya indikator profitabilitas seperti NPM,ROA dan ROE.4) Penerapan GCG tidak memiliki hubungan yang kuat terhadap kinerja keuangan dikarenakan hubungan positif rendah dari pra dan pasca implementasi GCG di PDAM hanya memperkuat di bagian administrasi, sedangkan di kinerja keuangan tidak sejalan.Kata Kunci : Good Corporate Governance, Persepsi Masyarakat, Kinerja Keuangan.DAFTAR PUSTAKAAdi Nugroho, Faisal, Analisis pengaruh Corporate Social Responbility dan karakteristik Good Corporate Governance tehadap kinerja Perusahaan (Studi empiris pada perusahaan manufaktur di BEI tahun 2012), Skripsi, Universitas diponegoro Semarang, 2014.Anton, Analisis Good Corporate Governance Terhadap Kinerja Keuangan Perusahaan, Universitas AKI, vol 3. nomor 1, 2012.Aplikasi Kamus Besar Bahasa Indonesia, http://www.yufid.orgAriani Dian, Persepsi masyarakat umum terhadap Bank Syariah di Medan, Tesis, UniversitasSumatera Utara, 2007.Ayu Lestari, Tiara, Pengaruh Efektivitas Pengendalian Intern Terhadap Penerapan Prinsip- Prinsip Good Corporate Governance, Jurnal Akutansi, Universitas Komputer Indonesia, 2014.Departemen Agama RI, Al-Hikmah Al-Qur’an Dan Terjemahnnya, Bandung: Diponegoro,2015.Efendi, Muh. Arief, The power of Good Corporate Governance: Teori dan implementasi, Jakarta: Salemba Empat, 2009.Fajaruddin, Ahmad, Implementasi GCG dalam Perspektif Islam (Studi Kasus di RS.’Aisyiyah Bojonegoro), Jurnal Hukum dan Ekonomi Islam, Institut Studi Islam Darussalam Gontor, 2014.Harian Medan Bisnis,”Good and Clean Governance,” 03 Juni 2015.http://mdn.biz.id/n/167128/ (24 Agustus 2016)Kaihatu, Thomas S., Good Corporate Governance dan Penerapannya di Indonesia, JurnalManajemen dan Kewirausahaan, Universitas Kristen Petra Surabaya. vol 8. nomor 1,2006.Kementerian BUMN, Peraturan Menteri Negara Badan Usaha Milik Negara tentang Penerapan Tata Kelola Perusahaan yang Baik (Good Corporate Governance), nomor. 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