Do Independent Directors and Chairmen Really Matter? The Role of Boards of Directors in Mutual Fund Governance

2005 ◽  
Author(s):  
Stephen P. Ferris ◽  
Xuemin Sterling Yan
Keyword(s):  
Mutual Fund ◽  
Boards Of Directors ◽  
Independent Directors ◽  
Fund Governance

Tools for improving the efficiency of corporate governance at enterprises of rocket and space engineering

2021 ◽  
pp. 14-20
Author(s):  
М.С. Абрашкин ◽  
Н.С. Хорошавина ◽  
М.С. Гусаков
Keyword(s):  
Corporate Governance ◽  
Goal Setting ◽  
Boards Of Directors ◽  
Equity Capital ◽  
Independent Directors ◽  
State Participation ◽  
Legal Forms

Сложившиеся условия развития предприятий ракетно-космического машиностроения требуют переосмысления эффективности их корпоративного управления, подходов к формированию советов директоров и обоснованию привлечения независимых директоров в их составах. Специфика отрасли требует трансформации функции целеполагания, усиления роли экономических результатов над общественными, которые при условии превалирования участия государства в акционерных капиталах выступают доминирующими. По результатам исследования 62 предприятий отрасли удалось установить изменение их организационно-правовых форм в сторону нарастания акционерных обществ, а анализ выборочной совокупности из них позволил установить закономерности в корпоративном управлении и концептуализировать предложения по его совершенствованию. The current conditions for the development of rocket and space engineering enterprises require a rethinking of the effectiveness of their corporate governance, approaches to the formation of Boards of Directors and the rationale for attracting independent directors in their composition. The specifics of the industry require the transformation of the goal-setting function, the strengthening of the role of economic results over public ones, which, given the prevalence of state participation in equity capital, are dominant. According to the results of the study of 62 enterprises in the industry, it was possible to establish a change in their organizational and legal forms towards the growth of joint-stock companies, and the analysis of a sample of them made it possible to establish patterns in corporate governance and conceptualize proposals for its improvement.

scholarly journals How Does Corporate Governance Affect Bank Performance? The Mediating Role of Risk Governance

2018 ◽  
Vol 13 (10) ◽  
pp. 212
Author(s):  
Paola Leone ◽  
Carmen Gallucci ◽  
Rosalia Santulli
Keyword(s):  
Corporate Governance ◽  
Boards Of Directors ◽  
Governance Structure ◽  
Independent Directors ◽  
Risk Governance ◽  
Bank Performance ◽  
Board Size ◽  
Mediating Role ◽  
Risk Committee

This paper aims to investigate how bank governance (board size, board composition, ownership structure) affects performance (ROA), by considering the mediating role of risk governance (presence of a risk committee, the number of meetings of the risk committee in one year, the risk committee size, the percentage of independent directors in the risk committee, and the presence of a chief risk officer). A sample of 31 Italian listed banks is examined over a ten-year period (2008-2017), in order to delineate the changes in corporate governance structure and to catch the effects of the current national and European regulations followed to the financial crisis. Hypotheses are tested by applying a mediation analysis according to the causal steps procedure. The main findings suggest that risk governance fully mediates the corporate governance-bank performance relationship. Specifically, we find that the board size is positively related to the presence of a risk committee and to the number of meetings. The percentage of independent directors on board is positively related to the percentage of independent directors in the risky committee and, in turn, has a positive effect on performance. Finally, the presence of institutional owners is positively related to the presence of a chief risk officer and, thus, to bank performance. Summing up, banks with wider and more heterogeneous boards of directors have better risk management-related corporate governance mechanisms and reach higher performance levels.

scholarly journals Conceptual Framework for the Determinants of Mutual Fund Performance in Malaysia

2018 ◽  
Vol 3 (4) ◽  
pp. 48-53
Author(s):  
Hafinaz Hasniyanti Hassan ◽  
Nazimah Hussin
Keyword(s):  
Conceptual Framework ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Structural Equation ◽  
Fund Performance ◽  
Mutual Fund Performance ◽  
Mediating Role ◽  
Fund Governance ◽  
The Relationship

Objective - The aim of the study is to identify the determinants of mutual fund performance. Mutual funds have grown in the global financial scene since the 1890s. Past studies have examined various issues associated with mutual funds. However, in Malaysia, mutual fund related studies are rather limited. While most global researches observe the determinants of conventional mutual fund performance, the literature in Malaysia focuses only on a comparison of the performance of mutual funds. Hence, this study aims to fill that gap by providing a framework to assess the determinants of mutual fund performance. More specifically, the study proposes a conceptual framework to determine the effect of historical return, fund governance, timing and selection skills on mutual fund performance. The advancement of the study can be found through the use of theory of performance and mutual fund fees as a mediator in determining the performance of mutual fund fees. Methodology/Technique - A quantitative approach based on secondary data will be used in this study. Multivariate regression analysis and structural equation modelling is also used to evaluate the relationship between the variables. Findings - A conceptual framework is proposed based on the Theory of Performance. The model fit and the mediating role of mutual fund fees will be confirmed after the collection of the research data. It is expected that historical return, fund governance, timing and selection skills will affect mutual fund performance and mutual fund fees will mediate the relationship between the two. Novelty – This study will provide a new perspective on mutual fund performance by using the Theory of Performance. In addition, the mediating role of mutual fund fees is further examined in relation to the specified determinants and mutual fund performance. Type of Paper - Review. Keywords: Mutual Funds; Fees; Performance; Mediator; Theory of Performance. JEL Classification: G10, G11, G19.

An Empirical Examination of Mutual Fund Boards

2019 ◽  
Vol 09 (04) ◽  
pp. 1950015
Author(s):  
Felix Meschke
Keyword(s):  
Mutual Fund ◽  
Fund Performance ◽  
Independent Directors ◽  
Board Independence ◽  
Empirical Examination ◽  
Board Characteristics ◽  
Fund Industry ◽  
Mutual Fund Industry ◽  
Fund Governance ◽  
Director Ownership

This paper examines how board independence and director incentives in the mutual fund industry affect fund expenses, performance, and compliance. It is based on a hand-collected panel dataset of mutual fund governance characteristics from 1995 through 2004, which covers about 60% of assets listed in the CRSP mutual fund database. The results show that funds overseen by an independent chair charge fees that are 12 basis points lower and that the fraction of independent directors is associated with higher fees during the earlier part of the sample and with lower fees during the latter part. Both measures of board independence are associated with lower fund performance, although funds with higher director ownership and lower unexplained compensation charge lower fees and deliver higher returns. Fund board characteristics do not seem to affect the likelihood of litigation by regulators and shareholders. These results suggest that fund investors do not necessarily benefit from greater board independence if boards negotiate low fees without closely evaluating fund performance. In contrast, higher director ownership and relatively low compensation seem to align incentives between fund boards and investors.

scholarly journals How independent directors affect firms’ performance and sustainability: An analysis of Italian firms

2021 ◽  
Vol 5 (2) ◽  
pp. 72-81
Author(s):  
Francesco Mirone ◽  
Giuseppe Sancetta ◽  
Domenico Sardanelli ◽  
Salvatore Mele
Keyword(s):  
Best Practices ◽  
Boards Of Directors ◽  
Independent Directors ◽  
Board Independence ◽  
International Studies ◽  
Opportunistic Behavior ◽  
English Speaking ◽  
The Impact ◽  
Positive Effect

The role of independent directors has been for years in the spotlight of international studies. This phenomenon, which was initially a prerogative of corporations of English-speaking countries, over the last two decades has rapidly spread across Europe, where several countries have introduced specific regulations, borrowing from international best practices. Board independence is thought to buffer the firms against opportunistic behavior (Masulis & Zhang, 2019). This study aims to analyze how independent directors contribute to the decisional processes within Italian boards of directors and to the development of the firms to which they belong. The research hypotheses were formulated based on bibliometric analysis and then they were validated through both a desk analysis and survey data. Therefore, the hypotheses were first connected to the data included within the Assonime reports on corporate governance in Italy in the last 4 years. Then, a quantitative analysis was conducted through a structured survey, administered to a sample of 65 independent directors of Italian firms and belonging to Nedcommunity, the Italian association of non-executive and independent directors, in order to examine the self-perception of independent directors about their own role and effectiveness. This work, combining the structural and the behavioral views, aims at contributing to the literature concerning the impact and the efficacy of independent directors. The findings confirm that the presence of independent directors has a positive effect on corporate performance, on the protection of shareholders’ interests, and especially on the adoption of CSR policies.

Mutual Fund Equity Allocations World Wide and the Role of International GAAP Differences*

2009 ◽  
Author(s):  
Jere R. Francis ◽  
Shawn X. Huang ◽  
Inder K. Khurana
Keyword(s):  
Mutual Fund ◽  
World Wide
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