Some implications of voucher privatization for corporate governance

1998 ◽  
Vol 7 (1) ◽  
Author(s):  
Marie Bohatá
Keyword(s):  
Corporate Governance ◽  
World Economy ◽  
Board Members ◽  
Voucher Scheme ◽  
Publicly Traded ◽  
The Czech Republic ◽  
Face To Face ◽  
Economies In Transition ◽  
State Enterprises ◽  
Structured Questionnaire

This article focuses on the way Czech joint stock companies are governed and monitored. At first, it analyses implications of voucher privatisation for corporate governance and then explains the main features of its model applied in the Czech Republic (CR). It summarises results of an empirical research and a survey among 77 board members of large companies operating in the CR. The survey, which used face to face interviews based on a structured questionnaire, was accomplished in spring 1997. In the CR, the transformation of former state enterprises is characterised by their privatisation, as well as their search for a place in a globalise world economy. The emphasis placed on privatisation in the CR was unique compared to other economies in transition. The voucher scheme, which became a massive privatisation method, led to the emergence of a large number of publicly traded joint stock companies.

scholarly journals Corporate Governance In The Lodging Industry: Special Case Of The Service Industry

2013 ◽  
Vol 17 (2) ◽  
pp. 71
Author(s):  
Twila-Mae Logan ◽  
Doreen J. Gooden ◽  
Helen H. Simon
Keyword(s):  
Corporate Governance ◽  
Business Models ◽  
Service Industry ◽  
Governance Structure ◽  
Lodging Industry ◽  
Board Members ◽  
Publicly Traded ◽  
Corporate Governance Structure ◽  
Ceo Pay ◽  
Hospitality Firms

This paper examines the corporate governance structure of publicly traded hospitality firms and determines whether the governance structure selected by these firms is consistent with minimizing monitoring and bonding costs dictated by the complexity of the business models. There is strong evidence that complex firms had larger board of directors, more outside board members, a greater fraction of CEO pay being variable, and more frequent occurrence of CEO/Chairman duality than simple firms. The results also present evidence of a positive relationship between firms that have the appropriate governance structures and the profitability and valuation of the firm.

scholarly journals Obstacles for the compliance with good corporate governance and practices for publicly traded and closed Brazilian companies

2012 ◽  
Vol 9 (3) ◽  
pp. 142-154
Author(s):  
Oderlene Vieira de Oliveira ◽  
Marcelle Colares Oliveira ◽  
Sérgio Henrique Arruda Cavalcante Forte ◽  
Vera Maria Rodrigues Ponte
Keyword(s):  
Corporate Governance ◽  
The Other ◽  
Publicly Traded ◽  
Good Corporate Governance ◽  
Governance Practices ◽  
Structured Questionnaire

This study aims to identify the perceptions of executives from Brazilian companies traded and closed on obstacles for the adherence to good corporate governance practices. Therefore, a structured questionnaire was sent to 516 companies. We concluded that the perceptions of executives from Brazilian companies traded and closed differ with respect to amounts allocated; being most of the obstacles (ten out of thirteen) in adhering to good corporate governance practices. What could possibly be explained, is that the fact of a group having already gone through the process or have already duly joined this practice and not the other.

scholarly journals Family Control and Corporate Innovation in Stakeholder-Oriented Corporate Governance

2021 ◽  
Vol 13 (9) ◽  
pp. 5044
Author(s):  
Hideaki Sakawa ◽  
Naoki Watanabel
Keyword(s):  
Corporate Governance ◽  
Research And Development ◽  
Innovation Activity ◽  
Board Members ◽  
Publicly Traded ◽  
Family Control ◽  
Corporate Innovation ◽  
Main Bank ◽  
Publicly Traded Firms

This study investigates the effects of family control on corporate innovation activity in publicly traded firms in Japan under stakeholder-oriented corporate governance. In a sample of 14,991 firm-year observations in publicly traded firms in Japan during the period 2007 to 2016, we tested whether family owners or board members are enhancing research and development investments. While theoretical perspectives of principal–principal conflicts generally assume a negative relationship between family control and research and development intensity, we find a positive relationship, which supports the stewardship theory perspective. Additionally, we find that main bank ownership positively moderates the relationship between family control and research and development, suggesting that the main bank could affect the decision-making of family board members in the long-term. This result is supported by the close relationships between the main bank and client firms. Furthermore, our study reveals that the shareholder orientation of foreign shareholders suppresses family board members’ long-term orientation. We conclude that the exploitation presumed by principal–principal conflict perspectives has not been thoroughly investigated in Japan’s stakeholder-oriented corporate governance system.

scholarly journals Corporate governance and IPO underpricing: evidence from the italian market

2021 ◽  
Author(s):  
Emanuele Teti ◽  
Ilaria Montefusco
Keyword(s):  
Corporate Governance ◽  
Initial Public Offering ◽  
Boards Of Directors ◽  
Stock Option ◽  
Board Members ◽  
Ipo Underpricing ◽  
Italian Market ◽  
Public Offering ◽  
The Impact ◽  
Positive Effect

AbstractThis paper aims to analyse the impact of firms’ corporate governance characteristics on the degree of first-day returns (i.e., underpricing) in the Italian initial public offering (IPO) market. In particular, this work investigates the impacts of the characteristics of boards of directors (BoDs) and ownership structure on the underpricing of newly offered shares. By studying a sample of 128 Italian IPOs between 2000 and 2016, it is concluded that corporate governance characteristics affect the degree of first-day returns following a company’s IPO. More specifically, the size of the BoD negatively affects underpricing, while the ownership of institutional investors and board members has a positive effect on the degree of underpricing. Conversely, no significant evidence is found with regard to board independence, the number of female directors in the boardroom, the implementation of stock option plans and ownership concentration.

Boards and governance of state-owned enterprises

2014 ◽  
Vol 14 (2) ◽  
pp. 238-251 ◽  
Author(s):  
Samuel Nana Yaw Simpson
Keyword(s):  
Corporate Governance ◽  
Public Sector ◽  
Boards Of Directors ◽  
Evaluation Criteria ◽  
Executive Directors ◽  
Middle Income ◽  
Content Type ◽  
And Performance ◽  
Legal Frameworks ◽  
State Enterprises

Purpose – This study aims to examine the structure, attributes, and performance of boards of directors of state-owned enterprises (SOEs) within the broader context of public sector governance. This is informed by the less attention given to the concept among public sector organizations despite efforts to make state enterprises more effective and efficient, especially in developing and middle income countries. Design/methodology/approach – Data was collected through questionnaires self-administered in 2010 to all 25 SOEs in Accra, Ghana, out of the 29 nationwide. Some key officials were interviewed and documentary evidence analyzed to achieve triangulation of data and results. Findings – Results show that state-owned enterprises have boards and comply with the minimal governance issues outlined the legal frameworks establishing them. However, they exhibit significant weaknesses in the areas of board performance evaluation, criteria for board appointment, the balance of executive directors and non-executive directors, and other board characteristics, indicating a departure from general practices. Practical implications – Findings suggest the need for a tailored corporate governance framework or code for state-owned enterprises in developing countries. Originality/value – Compared to the literature, this study provides insight on boards from the perspective of state enterprises in ensuring good corporate governance, particularly in the context of a middle income country (Ghana).

Gendering Corporate Boards and Conditional Effectiveness of Board Processes: Insights from a Sub-Saharan African Country

2021 ◽  
pp. 097215092110362
Author(s):  
Obi Berko O. Damoah ◽  
Yvonne Ayerki Lamptey ◽  
Alex Anlesinya ◽  
Barbara Naa Amanuah Tetteh
Keyword(s):  
Corporate Governance ◽  
African Country ◽  
Board Members ◽  
Corporate Boards ◽  
Corporate Board ◽  
Board Processes ◽  
Board Directors ◽  
Women On Corporate Boards ◽  
Sub Saharan ◽  
Board Level

This study explored how and when female board members make effective contribution to board processes in a sub-Saharan African country (Ghana), a context characterized by low female representation on corporate boards, but highly under-researched with respect to the gender and corporate governance literature. The study is based on interview data from 25 female board directors in Ghana. The results show that women on corporate boards contribute to effective board processes and outcomes when their proposed ideas during board meetings are accepted by other board members, implemented by management and impact positively on organizational outcomes such as enhanced financial, product and staff outcomes. These effective contributions of female board directors to corporate board processes can further be enhanced by suitable female directors’ personal-level conditions such as their human capital (advanced degree and professional qualification, and past board membership experience) and family support (supportive husbands, and having grown up children), as well as board-level conditions like occupying chairperson/leadership position on the board or committees, and regular attendance at board meetings. Consequently, this research study contributed to the gender and corporate governance literature by providing new evidence from under-researched geographical context on how women on corporate boards contribute to effective board processes. It further highlights personal and board-level conditions that are necessary for greater contributions of female directors to corporate board processes and outcomes in male-dominated societies and boards.

scholarly journals Core corporate governance dilemmas facing boards: a South African perspective

2011 ◽  
Vol 12 (2) ◽  
pp. 194-210
Author(s):  
Hyram Serretta ◽  
Mike Bendixen ◽  
Margie Sutherland
Keyword(s):  
Corporate Governance ◽  
South African ◽  
Delphi Technique ◽  
Board Members ◽  
International Literature ◽  
The Core ◽  
Good Corporate Governance ◽  
Key Factor ◽  
African Perspective ◽  
Managing Complexity

Directors and boards face many challenges in terms of managing complexity. A key factor of success in practicing good corporate governance is the board’s ability to cope with paradox. The purpose of this research has been to explore the core corporate governance dilemmas facing boards. The investigation was qualitative in nature using the Delphi technique. Six core corporate governance dilemmas facing board members were identified one of which is not mentioned in the international literature. The findings should provide directors with an ability to identify the nature of the paradoxes they need to respond to.

scholarly journals Identification Elements Symmetry in Teaching Informatics in Czech Secondary School during the Covid-19 Outbreak from the Perspective of Students

Symmetry ◽  
2020 ◽  
Vol 12 (11) ◽  
pp. 1768
Author(s):  
R. Nemec ◽  
A. Jahodova Berkova ◽  
S. Hubalovsky
Keyword(s):  
Distance Education ◽  
Secondary School ◽  
The Self ◽  
The Czech Republic ◽  
Main Research ◽  
Face To Face ◽  
Classical State ◽  
Anonymous Questionnaire ◽  
Research Questions ◽  
Students Attitudes

This article describes the research results aimed at distance education during the Covid-19 pandemic and closing schools and its symmetry with the classical state in terms of time, difficulty, and the mental and physical condition of students. An important aspect is therefore to maintain the symmetry of attitudes to teaching in face-to-face form and distance form. In terms of the eight-year gymnasium in the Czech Republic, students’ attitudes to the teaching subject informatics were investigated. The main research questions in our study dealt with whether students felt equally balanced regarding the amount of tasks and time taken for home preparation during the Covid-19 outbreak compared with the time before the quarantine and their condition (both mental and physical) during the Covid-19 outbreak. The research was conducted using an anonymous questionnaire, which was answered by 110 out of 180 students. According to the results, it is evident that students felt that during the distance education, there are more tasks compared to face-to-face ones. Students also claimed to spend more time learning at distance education than at school. On the other hand, they agreed that the self-education schedule is suitable for them. In terms of the questionnaire, their condition (both mental and physical) was also evaluated, which was slightly above the average.

scholarly journals Allocative efficiency and adoption of improved maize variety: A case of eastern hills of Nepal

2020 ◽  
Vol 3 (1) ◽  
pp. 148-159
Author(s):  
Tilak Katel ◽  
Bhishma Raj Dahal ◽  
Sandesh Bhatta
Keyword(s):  
Regression Model ◽  
Insect Pest ◽  
Allocative Efficiency ◽  
Climatic Conditions ◽  
Probit Regression ◽  
Maize Production ◽  
Factors Affecting ◽  
Face To Face ◽  
Maize Variety ◽  
Structured Questionnaire

Production and  profit from maize farming can be substantially increased by allocating resources efficiently and adopting improved maize variety. In this context, a study was undertaken to determine the allocative efficiency and factors affecting adoption of improved maize variety in Eastern hills of Nepal. Random sampling was conducted in eastern part of Khotang district namely, Halesi municipality and Diktel Rupakot Majuwagadi municipality during month of March 2019. Pretested semi-structured questionnaire was administered among 80 randomly selected farmers cultivating maize since last two years. Face to face interview was scheduled to obtain data. Cobb Douglas production function was used to determine allocative efficiency; probit regression model was launched to determine factors affecting adoption of improved maize variety.  Significant positive relation of cost of seed, planting, and weeding with income has suggested to increase expenditure on certified maize seed over own farm seed, line sowing over broadcasting, and weeding. The model revealed that increasing all the factors of production by 100% would result in increase in income by 71.83%. Furthermore, cultivating improved maize variety is more profitable than own farm seed. Probit regression model showed that, farmers who have received training, who were member of cooperatives and who have received high schooling were more likely to adopt open-pollinated improved maize variety. Unavailability of inputs (seed, fertilizer, and labor), insect pest attack and adverse climatic conditions were major constraint of maize farming. Therefore, it would be better to suggest maize producers to increase expenditure on seed; make maize field weed free and adopt line sowing method. In addition, providing training, increasing access over inputs and encouraging farmers towards cooperatives could be virtuous for sustainable maize production.

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