scholarly journals Determinants of the corporate governance of Korean firms

2008 ◽  
Vol 5 (2) ◽  
pp. 15-23 ◽  
Author(s):  
Eunjung Lee ◽  
Kyung Suh Park
Keyword(s):  
Corporate Governance ◽  
Institutional Investors ◽  
Stock Exchange ◽  
The Other ◽  
Board Structure ◽  
Negative Effects ◽  
Controlling Shareholders ◽  
Empirical Results ◽  
Positive Effects ◽  
Other Hand

This paper investigates the determinants of the corporate governance of the firms listed on the Korea Stock Exchange. We find that ownerships by controlling shareholders tend to have negative effects on their corporate governance, and the negative effects are more significant on the board structure and the managerial transparency of the sample firms. On the other hand, foreign shareholders exercise positive effects while institutional investors are shown to be passive on the corporate governance issues. The empirical results suggest that investors’ or regulator’s effort to improve the corporate governance of Korean firms should be directed to the improvement of the board structure and managerial transparency

The Effect of Institutional Investors’ Voice on the Terms and Outcome of Freeze-out Tender Offers

2020 ◽  
Vol 10 (01) ◽  
pp. 2050002
Author(s):  
Beni Lauterbach ◽  
Yevgeny Mugerman
Keyword(s):  
Institutional Investors ◽  
Institutional Investor ◽  
The Other ◽  
Tender Offers ◽  
Controlling Shareholders ◽  
Going Private ◽  
Other Hand ◽  
The Impact ◽  
Freeze Out ◽  
Regulatory Intervention

We study the impact of institutional investors’ “voice” on 201 going private tender offers by controlling shareholders (“freeze-out” offers) in Israel. Israeli regulatory intervention in freeze-out tender offers is relatively mild; thus, institutional investors’ activism becomes crucial. We find that institutional voice has dual effects. On one hand, when there are pre-negotiations with institutional investors’ (their voice is heard), accepted offers’ premiums increase. On the other hand, when institutional investors express their voice, yet reject the offer, these rejections appear to hurt shareholders’ value. We also document significant institutional investor exit after rejected offers, especially after offers preceded by voice (pre-negotiations with institutional investors).

scholarly journals Structuring Corporate Boards: Some Facts and Determinants from the Macedonian Setting

2020 ◽  
Vol 28 (2) ◽  
pp. 57-82
Author(s):  
Bobek Suklev ◽  
◽  
Stojan Debarliev ◽  
Ljubomir Drakulevsk ◽  
◽  
...  
Keyword(s):  
Corporate Governance ◽  
Developing Economies ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Board Structure ◽  
Corporate Boards ◽  
Firm Characteristics ◽  
Governance Mechanisms ◽  
Positive Effects ◽  
Corporate Governance Mechanisms

Purpose: Knowing the factors that might affect board structure is an important step in understanding boards and their role in corporate governance. This research aims to examine the effect of firm characteristics closely related to corporate governance mechanisms, such as the model of corporate governance, shareholder capital concentration, and stock exchange listing on board structure variables (size, independence, and gender diversity). Methodology: The sample of this study stems from large Macedonian joint-stock companies. We run a hierarchical linear regression of board characteristics on common demographic firm characteristics as control variables and contextual firm characteristics related to corporate governance mechanisms as independent variables. Findings: Joint-stock companies in the Republic of North Macedonia have relatively small boards, which provide no positive effects that would originate from the larger number of board members. Moreover, the number of outside independent members is small, insufficient to influence the boards with greater objectivity, independence, and quality. Larger companies with a one-tier model have statistically significant larger corporate boards and a larger number of independent directors. Implications: The best corporate governance practices worldwide must be used as a basis for future improvements of corporate governance in joint-stock companies in developing economies.

DAMPAK PENERAPAN PSAK 50/55 (REVISI 2006) TERHADAP MANAJEMEN LABA DIPERBANKAN: PERANAN CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERATING

2012 ◽  
Author(s):  
Yeasy Darmayanti ◽  
Teti Susanti
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Stock Exchange ◽  
Foreign Ownership ◽  
The Other ◽  
Financial Report ◽  
Other Hand ◽  
Ownership Composition ◽  
Positive Effect ◽  
Test Result

The practicing of earnings management in banking companies certainly has pro and con's from the stockholders, because it tends to harm the users of information and the service of financial report. This research, therefore, aims to investigate the effect of application of PSAK 50/55 (2006 revision) toward earnings management with corporate governance as the moderating variable. This research was implemented in banking companies that listed in Indonesia Stock Exchange. This research used 28 banking companies that published financial report in period of 2009 — 2011 completely. The test result indicated that the application of PSAK 50/55 (2006 revision), moderation of foreign ownership, composition of commissioner council, standard of KAP and committee of audit as the moderator did not have any significance effect toward the practicing of earnings management in banking companies that listed in ISE. On the other hand, the application of PSAK 50/55 (Revision 2006) moderated by the KAP size had the positive effect toward practicing of earnings management.

scholarly journals A comparative analysis of strengths and weaknesses of corporate governance practices between two jurisdictions; UK and South Africa

2021 ◽  
Author(s):  
King Costa ◽  
Thelela Ngcetane-Vika
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
United Kingdom ◽  
Best Practice ◽  
Stock Exchange ◽  
The Other ◽  
The United Kingdom ◽  
Other Hand ◽  
Business Entities ◽  
The Uk

This paper is an exploration of theoretical aspects underpinning the practice of Corporate Governance (CG) in the United Kingdom and South Africa. Because of several corporate scandals and failures in the twenty and twenty first siècles, Corporate Governance has been a significant and crucial subject and field of study in business schools in recent years. Leadership and Management of business entities and alignment to prescripts that are statutory formulated for prevention of corporate decline and enhancement of sound business principles continue to be highly contentious issues. A theoretical and exploratory narrative synthesis was conducted to unearth the strengths and weaknesses of contextual explication, practice and legal application of Corporate Governance in both the United Kingdom and South Africa. In terms of the UK, the study found out that the CG is designed and benchmarked on international best practice, seamlessly fitting within all the Codes on Key Aspects of Corporate Governance. Secondly, another major element of strengths determination were found to be inherent in the practice of voluntary compliance. However, the greatest criticisms of Corporate Governance theories in the UK was the fact that their focus is largely on public corporations, especially those listed in London stock exchange and thus, leave behind small and medium enterprises. The cultural diversity is also found to be a cause for concern in terms of practice and legal application. On the other hand, in South Africa, the study found out that consideration for diversity is one of the greatest strengths in CG practice and legal application, which is likely to contribute effectively to good and sound decision-making, reflective of all people. Weaknesses continue to be the delay in realisation of board equity in terms of gender while on the other hand, corruption and lack of adherence to retributive prescripts remain problematic.

scholarly journals Plackett-Burman and Response Surface Methodology for Optimization of Oily Wastewater Bioremediation by Aspergillus sp.

2018 ◽  
pp. 1-9
Author(s):  
Hazem T. Abd El-Hamid ◽  
Ahmed E. Al-Prol ◽  
Mohamed A. Hafiz
Keyword(s):  
Degradation Process ◽  
The Other ◽  
Oily Wastewater ◽  
Oil And Grease ◽  
Negative Effects ◽  
Positive Effects ◽  
Other Hand ◽  
Wastewater Bioremediation ◽  
Aspergillus Sp ◽  
Remediation Process

Plackett-Burman is beneficial design not only in determining the significant variables of bioremediation, but also in optimization of these variables. In this study, Plackett-Burman (PB) experimental model had been applied to assess the significant of some nutritional and environmental condition affecting oily wastewater bioremediation by Aspergillus niger. Eleven variables through twelve assays were planned, namely; Temperature, pH, sucrose, KH2PO4, NaCl, MgSO4, Na2HPO4, NH4Cl, NaNO3, urea and spore suspension to explain their effects on remediation of water contaminated with oil. The degradation process was enhanced based on oil and grease experiment. pH, sucrose, KH2PO4, NaCl, Na2HPO4 and urea were recognized as the positive factors that stimulate the degradation. On the other hand, other variables affected negatively on remediation process. The regression coefficient (R2 = 0.99) ensure the adequate integrity of the model. It was showed that sucrose (A), NaCl (B) and KH2PO4 (C) give high removal of oily wastewater when approaching to +1, on the other hand, the temperature (D) give high removal of oily wastewater when approaching to -1. (B) had positive effects on oily wastewater degradation, whereas C and D had negative effects. The factor with confidence level above 95% is considered as significant parameter. It was clear that variable B was the chief factor, while variables A, C, D, with levels below 95%, were considered insignificant.

scholarly journals Corporate Governance Quality On Specific Case Of Romanian Listed Companies

2015 ◽  
Vol 3 (2) ◽  
Author(s):  
Sorana Mihaela Manoiu ◽  
Maria Ionela Damian ◽  
Jiří Strouhal
Keyword(s):  
Decision Making ◽  
Corporate Governance ◽  
Qualitative Study ◽  
Stock Exchange ◽  
Listed Companies ◽  
The Other ◽  
Other Hand ◽  
Corporate Governance Codes ◽  
Governance Quality ◽  
Corporate Governance Quality

The purpose of this paper is to analyse the compliance of Romanian listed companies with corporate governance codes. From 2010, the “Comply or Explain” Statement, which discloses if and how the corporate governance principles are applied, became mandatory for all companies listed on Bucharest Stock Exchange (BSE). The methodology employed is based on the analysis of the above mentioned Statements published for the period 2009-2013. Research aims to present through a longitudinal and qualitative study the evolution of the compliance with the BSE Corporate Governance Codes. Most of the observed companies made a step forward in what concerns corporate governance principles and over the study period they disclosed more information on their statements. On the other hand, we found cases where the statements made over the studied period contained inconsistencies for some principles. The implementation of corporate governance rules ensures transparent decision-making, based on clear rules and objectives, and increases shareholders’ confidence in the company.     

scholarly journals Corporate Governance Quality on Specific Case of Romanian Listed Companies

2015 ◽  
Vol 3 (2) ◽  
pp. 40-58 ◽  
Author(s):  
Sorana Mihaela Manoiu ◽  
Maria Ionela Damian ◽  
Jiří Strouhal
Keyword(s):  
Decision Making ◽  
Corporate Governance ◽  
Qualitative Study ◽  
Stock Exchange ◽  
Listed Companies ◽  
The Other ◽  
Other Hand ◽  
Corporate Governance Codes ◽  
Governance Quality ◽  
Corporate Governance Quality

Abstract The purpose of this paper is to analyse the compliance of Romanian listed companies with corporate governance codes. From 2010, the “Comply or Explain” Statement, which discloses if and how the corporate governance principles are applied, became mandatory for all companies listed on Bucharest Stock Exchange (BSE). The methodology employed is based on the analysis of the above mentioned Statements published for the period 2009-2013. Research aims to present through a longitudinal and qualitative study the evolution of the compliance with the BSE Corporate Governance Codes. Most of the observed companies made a step forward in what concerns corporate governance principles and over the study period they disclosed more information on their statements. On the other hand, we found cases where the statements made over the studied period contained inconsistencies for some principles. The implementation of corporate governance rules ensures transparent decision-making, based on clear rules and objectives, and increases shareholders’ confidence in the company.

Audit Committee Effectiveness Among Malaysian Listed Companies

2020 ◽  
Author(s):  
Shamsul Nahar Abdullah ◽  
Ku Nor Izah Ku Ismail
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Stock Exchange ◽  
Listed Companies ◽  
The Other ◽  
Interactive Effects ◽  
Committee Chairman ◽  
Kuala Lumpur ◽  
Political Costs ◽  
Leadership Structure

This study investigates further the previous paper by Shamsul Nahar and Al-Murisi (1997) by examining the interactive effects of the variables in that paper and introducing other variables associated with corporate governance and political costs. The present study postulated that percentage of external directors on audit committee interacted with the presence of an accountant on audit committee and with the number of years an audit committee in existence, respectively, to influence audit committee effectiveness. The study also posited that the interaction of the presence of an accountant on audit committee and the number of years an audit committee in existence positively and significantly influenced audit committee effectiveness. Addition. ally, the roles of leadership structure, audit committee chairman, and a firm's size on audit committee effectiveness were also investigated. Using a multiple regression from a sample consisting the Kuala Lumpur Stock Exchange listed companies, results showed that only a firm's size significantly influenced audit committee effectiveness in the predicted direction. Other variables, on the other hand, did not show any significant influence on audit committee effectiveness.  

Studying the Effect of Changing the Managing Director on the Abnormal Returns of Shares of Companies Listed on the Iraqi Stock Exchange

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Hussein Hasan ◽  
Hudaa Nadhim Khalbas ◽  
Farqad Mohammed Bakr AL Saadi
Keyword(s):  
Stock Returns ◽  
Significant Relationship ◽  
Stock Prices ◽  
Market Reaction ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Abnormal Returns ◽  
The Other ◽  
Other Hand ◽  
Abnormal Stock Returns

The aim of this research is to study the market reaction to the change of the managing director and how this change affects the abnormal returns of the shares. The research is based on the information published by the companies listed on the Iraq Stock Exchange, and 35 companies were selected for the period from 2015 to 2019. The results of the hypothesis test for this study show that there is a negative and significant relationship between the change of the managing director and abnormal stock returns. On the other hand, investors undervalue stock prices when changing CEOs. As a result, the stock returns are less than expected.

scholarly journals CONSUMER MISBEHAVIOR IN TOURISM MARKET

2016 ◽  
Vol 4 ◽  
pp. 121-125
Author(s):  
Marta Grybś-Kabocik
Keyword(s):  
Consumer Behavior ◽  
Service Provider ◽  
Crucial Role ◽  
Target Audience ◽  
The Other ◽  
Significant Problem ◽  
Negative Effects ◽  
Consumer Decisions ◽  
Other Hand ◽  
Preventive Actions

The activities of misbehaving customers represent a significant problem for organizations across diverse sectors and industries. Their need for satisfaction is the most important driver of consumer behavior with the consumer choosing how they fulfill this need. Unfortunately, consumer decisions often lead to consumer misbehavior and negative effects on the service provider or on other consumers. Consumer misbehavior is difficult to control. First, it is not always possible to prove misbehavior of a particular consumer. On the other hand, preventive actions, like social campaigns, may not always reach the target audience. Moreover, neither service provider regulations nor monitoring of infrastructure sufficiently prevents consumers from misbehaving in every case. It seems, however, that the consumers who reject the fraudulent behavior of others have a crucial role in the fight against consumer misbehavior, as they are constant observers of this phenomenon and can react immediately. The aim of this article, therefore, is to present the concept of consumer misbehavior with examples relating to the tourism market. Moreover, the attitudes of consumers towards consumer misbehavior are examined through nethnographic research.

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