scholarly journals The relationship between corporate governance and voluntary disclosure on key financial performance indicators: An empirical analysis on Italian listed companies

2019 ◽  
Author(s):  
Federico Alvino ◽  
Sabrina Pisano ◽  
Franco Lepore ◽  
Alfredo Celentano ◽  
Catello Staiano
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Empirical Analysis ◽  
Performance Indicators ◽  
Voluntary Disclosure ◽  
Listed Companies ◽  
The Relationship

scholarly journals The effect of industry nuances on the relationship between corporate governance and financial performance: Evidence from South African listed companies

2018 ◽  
Vol 21 (1) ◽  
Author(s):  
Jonty Tshipa ◽  
Leon M. Brummer ◽  
Hendrik Wolmarans ◽  
Elda Du Toit
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
South African ◽  
Resource Dependence ◽  
Stock Exchange ◽  
Listed Companies ◽  
Company Performance ◽  
Johannesburg Stock Exchange ◽  
Good Corporate Governance ◽  
The Relationship

Background: Premised on agency, resource dependence and stewardship theories, the study investigates empirically the existence of industry nuances in the relationship between corporate governance and financial performance of companies listed in the Johannesburg Stock Exchange. Aims: The main objective of the study is to understand the relationship between internal corporate governance and company performance from the perspective of three distinct economic periods, as well as industry nuances, cognisant of endogeneity issues. Setting: South Africa, as an emerging African market, offers an interesting research context in which the corporate governance and financial performance nexus can be examined empirically. Method: A sample of 90 companies from the five largest South African industries, covering a 13-year period from 2002 to 2014 (1170 firm-year observations) was examined with three estimation approaches. Results: Two key trends emerged from this study. First, the relationship between corporate governance and company performance differed from industry to industry. Second, the association between corporate governance and company performance also changes during steady and non-steady periods, which is an indication that the nexus is driven by the state of the global economy and the type of the industry. Conclusion: Evidence from the study suggests that companies should be allowed to optimise rather than maximise their corporate governance options. This finding questioned the approach of the recently published King IV Code of Good Corporate Governance, which requires Johannesburg Stock Exchange-listed companies to ‘apply and explain’ as opposed to ‘apply or explain’ as pronounced by King III Code of Good Corporate Governance.

scholarly journals Corporate governance quality, incentive factors and voluntary corporate governance disclosures in annual reports of Malaysian publicly listed companies

2012 ◽  
Vol 10 (1) ◽  
pp. 329-352
Author(s):  
Norziana Lokman ◽  
Julie Cotter ◽  
Joseph Mula
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Listed Companies ◽  
Annual Reports ◽  
Voluntary Disclosures ◽  
Comprehensive Index ◽  
Governance Quality ◽  
Quality Incentive ◽  
Corporate Governance Quality ◽  
The Relationship

This paper investigates the relationship between corporate governance quality and voluntary disclosure of corporate governance information for listed companies in Malaysia. The moderating impacts of incentive factors (capital market transactions and stock-based incentives) on this relationship are also examined. Corporate governance quality is measured using a comprehensive index. The empirical evidence of this study is broadly consistent with the notion that high corporate governance quality is positively related to a greater extent of voluntary disclosure. Stock-based compensation significantly influences the relationship between corporate governance quality and voluntary disclosures; however the other incentive factors examined do not appear to influence the relationship

scholarly journals Moderating Effects of Media Coverage and Corporate Governance on CSR-CFP Nexus-Evidence from Listed Companies on Taiwan Stock Exchange

2016 ◽  
Vol 8 (5) ◽  
pp. 190 ◽  
Author(s):  
Yuan Chang
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Media Coverage ◽  
Stock Exchange ◽  
Random Effect ◽  
Listed Companies ◽  
Regression Result ◽  
Taiwan Stock Exchange ◽  
Stage Estimation ◽  
The Relationship

Media coverage helps firm’s benevolent action under the sunlight (well-known by the public). Effective CEO incentive compensation and sound corporate governance align the interest of management with the firm by forming correct and efficient decision on positive-feedback social activities. This paper examines whether media coverage, compensation and corporate governance act as positive moderators for the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP), namely, CSR-CFP nexus. Based on data of TWSE-listed companies during 2005-2009, regression result generally shows that higher CEO compensation strengthen positive relationship between firm’s CSR engagement and financial performance. Weaker corporate governance deteriorates positive CSR-CFP relationship. Media coverage has little influence on the relationship between CSR and CFP. Robustness checks such as fixed/random effect estimation, two-stage estimation and propensity score matching to control for selection bias yield similar outcome.

scholarly journals The relationship between board characteristics and firm financial performance in Malaysia

2016 ◽  
Vol 14 (1) ◽  
pp. 259-268 ◽  
Author(s):  
Sin Huei Ng ◽  
Boon Heng Teh ◽  
Tze San Ong ◽  
Wei Ni Soh
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Voluntary Disclosure ◽  
Random Effect ◽  
Board Size ◽  
Return On Equity ◽  
External Auditors ◽  
Board Characteristics ◽  
Firm Financial Performance ◽  
The Relationship

Corporate governance has drawn attention of investors and government after the incidence of financial crisis world- wide since the late 90’s. Despite that reforms of corporate governance have been in place in Malaysia, voluntary disclosure of corporate governance has yet to proof its impact on the financial performance of the companies. This study examines the relationship between corporate governance attributes and firm financial performance in Malaysia. The relationship between board characteristics (board tenure, board size and CEO duality) were analyzed to investigate their correlation with firm financial performances. A total of 100 public listed companies were randomly selected from Bursa Malaysia for the year 2009 to 2013. Random effect panel data regression was obtained by using Stata. This study finds that board size, board tenure were significant to Return on Equity (ROE) and Return on Assets (ROA). However, firm size has no significant relationship with firm financial performance. It is recommended that apart from including more variables as controlling effects on firm financial performance and examining few industries as sample, it is also good to examine the correlation between board characteristics and corporate governance variables (foreign listings, equity analysis, external auditors, leverage ratios, dividend policy, etc.) on one hand, and ownership structures on the other hand, that have significant impact on firm financial performance.

scholarly journals Corporate performance and boards’ dilemma of listed subsidiaries

2013 ◽  
Vol 10 (4) ◽  
pp. 130-147 ◽  
Author(s):  
Emiliano Di Carlo ◽  
Francesco Ranalli
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Financial Performance ◽  
Ownership Structure ◽  
Corporate Performance ◽  
Listed Companies ◽  
The Impact ◽  
The Relationship ◽  
Parent Companies

The paper focuses on listed companies controlled by other (listed or not listed) entities. The decisionmaking power of listed subsidiary’s boards could be strongly influenced by (or instead could be autonomous from) the parent companies’ board. However, so far literature on corporate governance seems not to have considered adequately this aspect as well as the impact of that influence on listed companies’ financial performance and on corporate governance variables. The main objective of this paper is to explore how and why this phenomenon is relevant, giving some preliminary suggestions on the interpretation of the ownership structure, board demography and the financial performances of directed listed subsidiaries. In order to explore the relevance of the phenomenon, we use a sample of Italian listed companies controlled and consolidated by other companies for the year 2010. The analysis shows that 71.4% (145 firms) of Italian non-financial listed companies are consolidated by the respective controlling entities and 24.1% (35 firms) of these listed subsidiaries declare to be directed by their parents. Thus, they are not independent economic entities and the effort to study the relationship between corporate governance variables and firm performance could be strongly biased.

scholarly journals Financial Performance in the Light of Corporate Governance in Polish Family Businesses

2017 ◽  
Vol 17 (2) ◽  
pp. 56-70
Author(s):  
Błażej Socha ◽  
Aleksandra Majda-Kariozen
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Empirical Analysis ◽  
Family Businesses ◽  
Governance Model ◽  
Governance Process ◽  
And Control ◽  
Corporate Governance Model ◽  
The Relationship ◽  
The Empirical Analysis

AbstractThe article presents a view (on the basis of theoretical and empirical analysis) of corporate governance models used in Polish family businesses through financial performance. The empirical analysis covered a sample of 24,000 Polish family businesses in the period of 2008–2013. The use of linear regression has allowed the authors to verify the hypothesis concerning the occurrence of differences in profitability ratios in groups of family businesses using variant management models and allowed verifying the relationship between the degree of control and involvement of the owners in management and financial performance. The received results, though inconclusive, indicate that the involvement of the owner in the governance process can affect the financial aspect of a business. The prepared empirical analysis and conclusions of the article contribute to a better understanding of the measures taken on management and control decisions; what is more, they can provide guidance to the owners of family businesses in shaping the corporate governance model.

scholarly journals Corporate Governance and Voluntary Disclosure of Interim Financial Reporting in Jordan

2015 ◽  
Vol 5 (2) ◽  
pp. 100 ◽  
Author(s):  
Ala Hussein Albawwat ◽  
Mohamad Yazis Ali basah
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Voluntary Disclosure ◽  
Listed Companies ◽  
Government Ownership ◽  
Financial Reports ◽  
Related Information ◽  
High Level ◽  
The Relationship ◽  
Substantial Degree

In today’s economy, companies try to publicize their good value by revealing related information in their financial reports as a way of convincing their stakeholders that investment in them is a good move. This paper delves into the relationship that exists between characteristics of corporate governance and structure of ownership on voluntary disclosure in interim financial reports (half yearly) published, focusing on variables that affect voluntary disclosure of the ASE Jordanian listed companies. The dynamic panel system GMM estimation was employed on the data from 72 selected ASE listed companies for the period of 2009-2013, and the results show that a substantial degree of voluntary disclosure is demonstrated in high level corporate governance awareness and implementation in Jordan. Specifically, the factors of board compensation, audit firm size, and government ownership significantly impact voluntary disclosure. Aside from that, voluntary disclosure in the half-yearly reports has potential impact on market capitalization.

IMPLEMENTASI KINERJA KEUANGAN TERHADAP NILAI SPIRITUALITAS PRIBADI

2012 ◽  
Vol 16 (3) ◽  
pp. 332
Author(s):  
Whedy Prasetyo
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Financial Performance ◽  
Annual Report ◽  
Main Concern ◽  
Good Corporate Governance ◽  
Corporate Social ◽  
The Relationship ◽  
Personal Spirituality

Development of financial performance in the application of Good Corporate Governance and Corporate Social Responsibility which affects the values of honesty private individuals, in order to be able to run the accountability, value for money, fairness in financial management, transparency, control, and free of conflicts of interest (independence). The main concern in this study is focused on achieving value personal spirituality through the financial performance and capabilities of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) in moderating the relationship with the financial performance of value personal spirituality. This study is a descriptive verifikatif. The unit of analysis in this study was 15 companies in Indonesia with a policy that has been applied through the concept since January of 2008 until now, with the support of the annual report of the company, the company's financial statements, company reports to the disclosure of Good Corporate Governance and Corporate Social Responsibility in the annual report. Overall reports published successively during the years 2008-2011. The results of this study indicate financial performance affects the value of personal spirituality, and for variable GCG obtained results that could moderate the relationship of financial performance to the value of personal spirituality. But for the disclosure of CSR variables obtained results can’t moderate the relationship with the financial performance of personal spirituality.

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