scholarly journals Determinants of board diversity policy implementation by companies listed on the Warsaw Stock Exchange

Equilibrium ◽  
2021 ◽  
Vol 16 (3) ◽  
pp. 617-637
Author(s):  
Anna Wawryszuk-Misztal
Keyword(s):  
Corporate Governance ◽  
Policy Implementation ◽  
Stock Exchange ◽  
Supervisory Board ◽  
Value Added ◽  
Diversity Management ◽  
Board Diversity ◽  
Diversity Policy ◽  
Warsaw Stock Exchange ◽  
Domestic Companies

Research background: Diversity management is one of the hot topic issues present in current public discussions. Board diversity requirements are quite new for Polish public companies. The companies listed on the Warsaw Stock Exchange have to publish a statement on the company's compliance with the corporate governance recommendations and principles included in ?Best Practice for GPW Listed Companies 2016?. This regulation is based on the 'comply or explain? principle, thus the company may decide whether to comply with every rule included in the code, but decision on not implementing one or more rules should be explained by the company. Some of the recommended rules regard the board (supervisory and management) diversity policy implementation, where diversity refers to such dimensions as gender, education, age and professional experience. Purpose of the article: This study aims to investigate determinants of board diversity policy implementation by domestic companies listed on the WSE. It also documents explanations provided by companies that do not apply board diversity policy. Methods: The research sample covers 268 non-financial domestic companies listed on the Warsaw Stock Exchange between 2016 and 30 November 2018. The companies? current reports on company compliance with the corporate governance codes and information issued on companies? websites were analyzed in order to identify those that announced implementation of board diversity policy. This study uses logistic regression analysis to identify the firm-level characteristics that may influence the implementation of board diversity policy. Findings & value added: This is the first study analyzing the drivers of board diversity policy implementation by Polish companies listed on the WSE. It shows that large companies, companies with larger management boards and companies with women acting as presidents of the supervisory boards are more likely to take actions seeking to achieve management and supervisory board diversity.

scholarly journals The two-tier board system and underpricing of initial public offerings: Evidence from Austria

2014 ◽  
Vol 12 (1) ◽  
pp. 352-362
Author(s):  
Lalith P. Samarakoon ◽  
Palani-Rajan Kadapakkam
Keyword(s):  
Corporate Governance ◽  
Agency Theory ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Supervisory Board ◽  
Board Structure ◽  
Ipo Underpricing ◽  
Public Offerings ◽  
Management Board ◽  
Board System

We study the relation between initial IPO underpricing and two-tier board structure in the Vienna Stock Exchange of Austria, where a two-tier board is mandatory for listed companies. The board ratio, defined as the size of the supervisory board to the management board, is used to capture the effect of two-tiered board on underpricing. The results show that the board ratio is negatively related with underpricing, consistent with the agency theory which predicts that more effective monitoring implied in a relatively larger supervisory board will lead to lower agency costs, and thus lower underpricing. The results are robust to the inclusion of control variables and suggest that firms seeking to raise external capital will be helped by adopting strong corporate governance standards.

scholarly journals Pengaruh Board Diversity Pada Nilai Perusahaan Dalam Perspektif Corporate Governance

2019 ◽  
pp. 2070 ◽  
Author(s):  
Ni Luh Putu Purna Yogiswari ◽  
I Dewa Nyoman Badera
Keyword(s):  
Corporate Governance ◽  
Firm Value ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Educational Background ◽  
Manufacturing Companies ◽  
Outside Directors ◽  
Board Diversity ◽  
Chemical Manufacturing ◽  
Nationality Diversity

Board composition is one particular issue regarding corporate governance. This study aims to find empirical evidence regarding the effect of board diversity proxied by gender diversity, nationality diversity, educational background, and the proportion of outside directors on firm value. This research was conducted in basic industrial and chemical manufacturing companies listed on the Indonesia Stock Exchange with an observation period of 3 years, those of from 2015-2017. The method of determining the sample uses a purposive sampling. The sample of this study amounted to 39 companies with a total of 117 samples. Based on the results of the analysis, it can be concluded that gender diversity and the proportion of outside directors have no effect on firm value while there is a positive effect between nationality diversity and educational background on firm value. Keywords: Board diversity, corporate governance, and firm value.

scholarly journals The Value of Board Diversity in the Relationship of Corporate Governance and Investment Decisions of Pakistani Firms

2020 ◽  
Vol 6 (4) ◽  
pp. 146 ◽  
Author(s):  
Nauman Iqbal Mirza ◽  
Qaisar Ali Malik ◽  
Ch Kamran Mahmood
Keyword(s):  
Corporate Governance ◽  
Positive Impact ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Investment Decisions ◽  
Board Independence ◽  
Board Size ◽  
Board Diversity ◽  
The Impact ◽  
The Relationship

Inspired by the studies on the impact of diversity among decision-making groups, this study was carried out to examine whether the diversity of the members of the board of directors, encompassing gender, nationality, education, and experience, moderates the relationship between the corporate governance and investment decisions of listed companies of the Pakistan Stock Exchange. Furthermore, the determinants of investment decisions in the context of Pakistani firms’ are also explored. Panel data analysis techniques are used to gauge the cause and effect relationship among the variables. We find short-term liquidity and profitability are the determinants of Pakistani firms’ investment decisions, both having adverse relationships. Moreover, we explore board independence, and chief executive officer (CEO) duality has a significant positive impact on investment decisions. We further find that experience diversity strongly moderates the relationship between board independence and board size with investment decisions in the opposite direction. Education diversity moderates the relation of board size and investment decisions in the same direction. Foreign directors’ presence on the board also significantly moderates the relationship between board independence and investment decisions. The results of this empirical study confirm that board diversity moderates the relationship between corporate governance and investment decisions.

scholarly journals Contested takeovers of family firms and socioemotional wealth: a case study

2017 ◽  
Vol 12 (4) ◽  
pp. 447-463 ◽  
Author(s):  
Kevin Campbell ◽  
Magdalena Jerzemowska
Keyword(s):  
Family Firms ◽  
Stock Exchange ◽  
Supervisory Board ◽  
Socioemotional Wealth ◽  
Content Type ◽  
Warsaw Stock Exchange ◽  
Gains And Losses ◽  
Takeover Bids

Purpose The purpose of this paper is to provide an understanding of the importance of socioemotional wealth (SEW) to family firms in Poland viewed through the lens of the events surrounding the first hostile takeover bid of the post-communist era on the Warsaw Stock Exchange when the clothing company Vistula & Wólczanka (V&W) made an unsolicited, leveraged bid for the family-controlled jewelry company W. Kruk. Design/methodology/approach The 2008 takeover and its aftermath are described in the context of the corporate governance and legal environment in Poland. The case study events demonstrate the connection between firm behavior and SEW theory. Findings After the acquisition of W. Kruk by V&W, the Kruk family purchased stock in the newly named Vistula Group and gained influence over the supervisory board in concert with a business ally, eventually wresting back control of the company in the style of a Pac-Man “defense.” The case study illustrates the importance of SEW in family firm takeovers. Research limitations/implications The case study design has limitations for generalizability. Nevertheless the research highlights the important role of SEW preservation in understanding the market for corporate control of listed family firms in Poland. Practical implications Understanding the reaction by family firms to takeover bids requires recognition that there is a tradeoff between financial and SEW considerations, not just financial gains and losses. Originality/value The case study demonstrates the importance of SEW to family firms and suggests that the balance of power in takeovers on the Polish stock market rests with incumbent management.

scholarly journals PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN CSR DAN GCG SEBAGAI VARIABEL PEMODERASI

2010 ◽  
Vol 10 (2) ◽  
pp. 41
Author(s):  
Hidayatullah ,
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Stock Exchange ◽  
Value Added ◽  
Corporate Financial Performance ◽  
Corporate Value ◽  
Moderating Variables ◽  
Good Corporate Governance ◽  
Relationship Of ◽  
The Relationship

<p class="Style1">This Thesis investigated the influence of financial performance toward corporate value by exposing Corporate Sosial Responsibility (CSR) and Good Corporate Governance (GCG) as Moderating Variables. Corporate Financial performance as independent variable is represented by the Financial Value Added (FVA) and Corporate Value as Dependent Variable is represented by Tobin `s Q value. CSR value is indexed based on the 78 items of exposure themes and GCG value is indexed using the 18 items of exposure themes which the researcher called Corporate Governance Perception Index. After selecting 149 companies listed in Indonesia Stock Exchange, the researcher found 39 manufacture companies<sup>.</sup>  qualified as the research objects based on the defined criteria, with observation timeframe from the year of2005 to 2008. The result of the research concludes that: Financial Performance (FVA) significantly influences the corporate value (Tobins 'Q); Corporate Sosial Responsibility also influences the relationship of corporate financial performance and the corporate value; and Good Corporate Governance influences the relationship of corporate financial performance and the corporate value as well.</p><p class="Style1">Keywords: Financial value Added, Tobin 's Q, CSR, GCG</p>

scholarly journals ESG Transparency on the Polish Capital Market

2018 ◽  
Vol 21 (2) ◽  
pp. 55-72
Author(s):  
Robert Sroka
Keyword(s):  
Corporate Governance ◽  
Capital Market ◽  
Stock Exchange ◽  
Comprehensive Analysis ◽  
Financial Data ◽  
Related Data ◽  
Information Gap ◽  
Warsaw Stock Exchange ◽  
Research Show

The article presents the results of five years of research on transparency levels regarding the disclosure non‑financial data by companies listed on the Warsaw Stock Exchange (WSE). The research was conducted as part of a project entitled “ESG analysis of companies in Poland”. The goal of the project is to provide credible knowledge about the quality of environmental, social and corporate governance (ESG) data on the Polish capital market. The article mainly contains the results of a comprehensive analysis of how well the listed companies reported ESG related data in 2016. The five years of analysis enable us to show a change in the level of non‑financial data disclosure between 2012 and 2016.1 The results of the research show that, from an investor’s perspective, there is still a huge information gap on the Polish capital market, especially in the reporting of environmental and social data.

scholarly journals Opportunities and threats associated with an investment in shares of innovative companies — evidence from Polish capital market

2018 ◽  
Vol 9 (2) ◽  
pp. 225-244
Author(s):  
Tomasz L. Nawrocki
Keyword(s):  
Stock Exchange ◽  
Average Rate ◽  
Value Added ◽  
Investment Strategy ◽  
Efficiency Analysis ◽  
Rate Of Return ◽  
Investment Efficiency ◽  
Arithmetic Average ◽  
Information Diversity ◽  
Warsaw Stock Exchange

Research background: Since the Internet bubble, which took place at the turn of XX and XXI century, on the global capital markets, including Poland, one may note a growing interest in companies focusing on innovations and innovativeness. The main driver of this interest is the belief that in a longer term innovations and expenditures on research and development will translate into an increase in competitive advantage, financial results, and subsequently also the market value of companies. On the other hand, the attention should also be paid to the fact that innovative activity has also another, darker, side, which is identified with the far-reaching uncertainty about its final effects and the possibility of incurring losses, especially in financial dimension. At the same time, it should be noted that implementation of investment strategy regarding the shares of innovative companies is quite troublesome because of the lack of unified methodology for assessing corporate innovativeness and large information diversity in this area. Purpose of the article: The investment efficiency analysis of investment strategy regarding shares of companies perceived to be innovative with simultaneous focusing on the different cases of situation development in time. Methods: The research was carried out for companies listed on the main market of the Warsaw Stock Exchange, taking into consideration various time ranges of investment. The efficiency analysis of this investment strategy was conducted in the risk-return outlay with the use of such measures as: accumulated rate of return, arithmetic average rate of return, standard and semi-standard deviation, as well as coefficients of variation and semi-variation of rate of return and their inverses. Findings & Value added: The obtained results show that in shorter periods of time, inves-tors buy expectations connected with innovative companies and therefore, the efficiency of investment in their shares is relatively high, but in the longer term expectations are revised by companies’ financial results, which in turn often negatively affects the investment efficiency.

Corporate governance and the quality of CSR disclosure: lessons from an emerging economy

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Husam Ananzeh
Keyword(s):  
Corporate Governance ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Negative Relationship ◽  
Chief Executive ◽  
Board Members ◽  
Board Diversity ◽  
Content Type ◽  
Female Directors

Purpose This paper is motivated by the absence of rules that govern the practice of corporate social responsibility disclosure (CSRD). The purpose of this paper is to investigate the corporate governance factors that impact the quality of CSRD. This study further examines the moderating role of family ownership and educational qualifications of female directors on the relation between board gender diversity and CSRD quality. Design/methodology/approach This study adopts a sample of 94 non-financial companies listed on the Amman Stock Exchange to collect data on CSRD based on a checklist of 41 items for seven years from 2010–2016. The quality of CSRD is measured using a four-dimensional method that encompasses relative quantity, disclosure intensity, degree of accuracy and management outlook. Findings This study finds that CSRD quality is far from satisfactory in Jordan. The results also suggest that board size, auditor type, company size and profitability are positively associated with CSRD quality. On the other hand, factors such as chief executive officer duality, board diversity, ownership concentration and financial leverage are negatively associated with CSRD quality. In addition, the results of the empirical analysis suggest that the negative relationship between the quality of CSRD and the presence of female board members is stronger for family-owned companies. By contrast, the negative relationship between the quality of CSRD and the presence of female board members is weakened when the company has more educated, skilled and qualified female directors. Originality/value The originality of this study is manifested in the development of a quantitative measurement of CSRD quality.

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