scholarly journals Shareholders proposals, vote outcome, and board composition

2008 ◽  
Vol 4 (2) ◽  
pp. 50-58
Author(s):  
Amani Khaled Bouresli ◽  
Wallace N. Davidson III
Keyword(s):  
Corporate Governance ◽  
Significant Role ◽  
Nonparametric Tests ◽  
Board Composition ◽  
Negative Coefficient ◽  
Vote Outcome ◽  
Shareholder Proposals ◽  
Prior Performance ◽  
Before And After

This paper examines the variables that affect vote outcome in shareholder proposals. We found that sponsor identity, proposal type, and board composition play a significant role in determining vote outcome. Furthermore, we found that the interaction between the prior performance with board composition is significant and has a negative coefficient. We conducted nonparametric tests to investigate changes in board’s major characteristics before and after targeting. The results indicate that some changes in management and boards occur after shareholder proposals. These changes, however, are unrelated to variables that impact vote outcome. We conclude that shareholders proposals are not effective at changing company behavior or corporate governance.

scholarly journals Agency costs, ownership structure, and corporate governance in pre-and post-IPO firms

2006 ◽  
Vol 3 (3) ◽  
pp. 88-95 ◽  
Author(s):  
Wallace N. Davidson III ◽  
Amani Khaled Bouresli ◽  
Manohar Singh
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Agency Costs ◽  
Board Composition ◽  
Control Mechanisms ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Before And After ◽  
Venture Capital Firms ◽  
The Impact

Following the approach in Ang, Cole, and Lin (2000), we estimate the impact of CEO ownership on agency costs in pre-IPO firms and again in the post-IPO period when they have become publicly traded companies. We find that CEO ownership is large in both the pre and post-IPO firms. Greater CEO ownership is associated with lower agency costs both before and after the IPO, and CEO ownership in these firms seems to dominate all other agency control mechanisms. Board composition and involvement by venture capital firms does not appear to mitigate agency costs.

Midfoot Function Before and After Total Ankle Arthroplasty

2021 ◽  
pp. 107110072199578
Author(s):  
Frank E. DiLiberto ◽  
Steven L. Haddad ◽  
Steven A. Miller ◽  
Anand M. Vora
Keyword(s):  
Cohort Study ◽  
Prospective Cohort Study ◽  
Prospective Cohort ◽  
Peak Power ◽  
Nonparametric Tests ◽  
Total Ankle Arthroplasty ◽  
Control Group ◽  
Ankle Arthroplasty ◽  
First Metatarsal ◽  
Before And After

Background: Information regarding the effect of total ankle arthroplasty (TAA) on midfoot function is extremely limited. The purpose of this study was to characterize midfoot region motion and power during walking in people before and after TAA. Methods: This was a prospective cohort study of 19 patients with end-stage ankle arthritis who received a TAA and 19 healthy control group participants. A motion capture and force plate system was used to record sagittal and transverse plane first metatarsal and lateral forefoot with respect to hindfoot motion, as well as sagittal plane midfoot region positive and negative peak power during walking. Parametric or nonparametric tests to examine differences and equivalence across time were conducted. Comparisons to examine differences between postoperative TAA group and control group foot function were also performed. Results: Involved-limb midfoot function was not different between the preoperative and 6-month postoperative time point in the TAA group (all P ≥ .17). Equivalence testing revealed similarity in all midfoot function variables across time (all P < .05). Decreased first metatarsal and lateral forefoot motion, as well as positive peak power generation, were noted in the TAA group postoperative involved limb in comparison to the control group (all P ≤ .01). Conclusion: The similarity of midfoot function across time, along with differences in midfoot function in comparison to controls, suggests that TAA does not change midfoot deficits by 6 months postoperation. Level of Evidence: Level II, prospective cohort study.

scholarly journals Corporate governance and conglomerate diversification strategy – evidence from Vietnam

2018 ◽  
Vol 13 (6) ◽  
pp. 1578-1596 ◽  
Author(s):  
Thi Xuan Trang Nguyen
Keyword(s):  
Corporate Governance ◽  
Stock Exchange ◽  
Board Composition ◽  
Governance Mechanisms ◽  
Content Type ◽  
Unrelated Diversification ◽  
Corporate Governance Mechanisms ◽  
Control Devices ◽  
Interest Alignment ◽  
The Relationship

Purpose The purpose of this paper is to examine the impact of internal corporate governance mechanisms, including interest alignment and control devices, on the unrelated diversification level in Vietnam. Additionally, the moderation of free cash flow (FCF) on these relationships is also tested. Design/methodology/approach The study is based on a balanced panel data set of 70 listed companies in both stock markets, Ho Chi Minh Stock Exchange and Hanoi Stock Exchange, in Vietnam for the years 2007–2014, which gives 560 observations in total. Findings The results show that if executive ownership for CEOs is increased, then the extent of diversification is likely to be reduced. However, the link between unrelated diversification level and executive stock option, another interest alignment device, cannot be confirmed. Among three control devices (level of blockholder ownership, board composition and separation of CEO and chairman positions), the study finds a positive connection between diversification and blockholder ownership, and statistically insignificant relations between the conglomerate diversification level and board composition, or CEO duality. Additionally, this study discovers a negative link between diversification and state ownership, although there is no evidence to support the change to the effect of each internal corporate governance mechanism on the diversification level of a firm between high and low FCF. Practical implications The research can be a useful reference not only for investors and managers but also for policy makers in Vietnam. This study explores the relationship among corporate governance, diversification and firm value in Vietnam, where the topics related to effectiveness of corporate governance mechanisms to public companies has been increasingly attractive to researchers since the default of Vietnam Shipbuilding Industry Group (Vinashin) happened in 2010 and the Circular No. 121/2012/TT-BTC on 26 July 2012 of the Vietnamese Ministry of Finance was issued with regulations on corporate governance applicable to listed firms in this country. Originality/value This research, first, enriches current literature on the relationship between corporate governance and firm diversification. It can be considered as a contribution to the related topic with an example of Vietnam, a developing country in Asia. Second, the research continues to prove non-unification in results showing the relationship between corporate governance and conglomerate diversification among different nations. Third, it provides a potential input for future research works on the moderation of FCF to the effects of corporate governance on diversification.

scholarly journals Female directors in Italy: The state of art after the mandatory gender quota

2017 ◽  
Vol 14 (3) ◽  
pp. 157-169 ◽  
Author(s):  
Barbara Sveva Magnanelli ◽  
Elisa Raoli ◽  
Riccardo Tiscini
Keyword(s):  
Family Firms ◽  
The State ◽  
Board Composition ◽  
Corporate Boards ◽  
Female Directors ◽  
Before And After ◽  
The Law ◽  
The Difference ◽  
The Impact ◽  
State Of Art

The purpose of this paper is to investigate the state of art of female directors in terms of presence, role and remuneration for Italian corporate boards. The analysis wants to highlight the changes occurred after the introduction of the mandatory female quotas legislation in 2012 and to check how many firms are already complying with the law after 2 years. The picture of the state of art is drawn looking at 163 Italian listed firms for a period of 4 years, from 2011 to 2014. The analysis of the data reveals relevant differences in board composition before and after the law. A significant result concerning the presence of female directors stands in the difference between family and non-family firms: the first are those with higher number of female members in the board. Additionally, an interesting data refers to the amount of remuneration for women, which is significantly lower than the remuneration provided to male directors. Being the first work which charts the situation of board composition and board member remuneration in Italy before and after female quotas introduction, this paper wants to trace some key points for future analysis about the impact of female quotas on various firm’s aspects, such as firm performance, firm earning management and quality, governance characteristics.

scholarly journals COMPARAÇÃO DO DESEMPENHO ECONÔMICO E DE MERCADO DAS EMPRESAS: O CASO DAS COMPANHIAS CLASSIFICADAS NOS NÍVEIS DE GOVERNANÇA CORPORATIVA DA BOVESPA

2007 ◽  
Vol 12 (1) ◽  
pp. 88
Author(s):  
Rosilene Marcon ◽  
Everson Manoel De Souza
Keyword(s):  
Corporate Governance ◽  
Key Words ◽  
Economic Performance ◽  
Market Performance ◽  
Great Majority ◽  
Economic Sector ◽  
Return On Assets ◽  
Return On Equity ◽  
Before And After

This study had the objective to investigate the economical and of market performance of the Brazilian companies before and after the inclusion in the levels of corporate governance proposed by BOVESPA. The study period understood the years from 1999 to 2004, where the ratios were collected: Return on Equity, Return on Assets and Price-to-Book. The results showed good acting of the indicator P/VPA, due his/her the best performance of the Price-to-book. This conclusion is obtained through the evaluation of the behavior of the ratios, confronting the periods before and after event, as well as when being drawn comparative among the acting of the companies in relationship economic sector of performance. The comparative general of the ratios regarding the performance of the participant companies of the system of listing of BOVESPA it indicated that the great majority reached improvement of the performance, in other words, they presented larger return on assets and equity, as well as in the value of their actions after they migrate for some of the levels of corporate governance Key words: Economic performance. Bovespa. Corporate Governance.

scholarly journals Kinerja Keuangan Bank Syariah Mandiri: Sebelum dan Sesudah Penerapan Good Corporate Governance

Akuntabilitas ◽  
2020 ◽  
Vol 13 (1) ◽  
pp. 51-62
Author(s):  
Sabirin Sabirin
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Performance Assessment ◽  
Quantitative Research ◽  
Comparative Approach ◽  
Whitney Test ◽  
Good Corporate Governance ◽  
Satisfactory Performance ◽  
Mann Whitney Test ◽  
Before And After

This research aims to determine the Financial Performance Assessment Before and After Implementation of Good Corporate Governance (GCG) seen from the ratio (1) Liquidity, (2) Profitability, and (3) Capital. The research method is quantitative research with a comparative approach. The ratio used to measure the financial performance of Bank Syariah Mandiri Tbk consists of the ratio of FDR, ROA, ROE, and CAR. The data analysis technique used is the data Normality and the Mann-Whitney test. The results of this study based on the normality test show that the data are normally distributed. The Mann-Whitney test results show that (1) after implementing GCG, liquidity ratio has satisfactory performance assessment compared to before the implementation of GCG. (2) After implementing GCG, profitability ratio has satisfactory performance assessment compared to before the implementation of GCG. (3) After implementing GCG, the capital ratio has a satisfactory performance assessment compared to before the implementation of GCG 

scholarly journals Corporate Social Responsibility Proposals and Firm Valuation

2021 ◽  
Vol 9 (3) ◽  
pp. 45
Author(s):  
Pyung Kun Chu
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Firm Value ◽  
Causal Effect ◽  
Firm Valuation ◽  
Public Companies ◽  
Shareholder Proposals ◽  
The Board Of Directors ◽  
Corporate Social

Corporate social responsibility (CSR) is a topic which has recently been attracting an increasing amount of attention with respect to corporate operations, and shareholder proposals on CSR are also one of the main types of proposals at firms’ annual shareholder meetings. However, even though the frequency of CSR proposals at annual meetings is comparable to other types of shareholder proposals, the approval rate of CSR proposals is significantly lower than that of other types of proposals, meaning that most CSR proposals are not recommended by the annual meeting to the board of directors for further approval. Motivated by this stylized fact, this study investigates the value of the submission of CSR shareholder proposals. Using a regression discontinuity design with shareholder proposal data of US public companies between 2006 and 2019, this study examines the importance of shareholders’ interest in CSR for firm valuation. Interestingly, while the CSR proposals themselves are typically not approved, the submission of CSR proposals by shareholders at annual meetings matters for the value impact of other types of shareholder proposals. More specifically, the causal effect of approving a corporate governance proposal on shareholder value is significantly positive only if the corporate governance proposal is voted together with a CSR proposal at the same meeting, i.e., the presence of CSR proposals is important for firm value through its interrelations with corporate governance proposals. This shows that the submission of CSR shareholder proposals has significant value implications, even if the CSR proposals themselves are not approved at annual meetings.

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