scholarly journals An action plan to protect and strengthen corporate governance practices in Russian corporations

2021 ◽  
Vol 26 (1) ◽  
pp. 26-43
Author(s):  
Pavel G. VORONTSOV
Keyword(s):  
Corporate Governance ◽  
Law Enforcement ◽  
Action Plan ◽  
Public Companies ◽  
Rating Agencies ◽  
Governance Model ◽  
Governance Practices ◽  
Single Standard ◽  
Corporate Governance Model ◽  
Corporate Legislation

Subject. The article considers the corporate governance implementation in Russia under modern conditions and evaluates its efficiency. Objectives. The aim is to identify key areas for strengthening and developing the corporate governance practices in Russian companies that will enable to improve the existing corporate governance model. Methods. The study draws on comparative analysis, ranking, classification, formation of ratings on the basis of sociological surveys. Results. The paper includes recommendations on creating a single standard to assess corporate government practices, which should involve three parties, i.e. the business, rating agencies and the State, and consider their interests. I offer a methodology for overall assessment of components investigated by rating agencies that may help investors understand the business activity of companies. Conclusions. Public companies and State-owned corporations demonstrate the best results in the sphere of corporate governance. It is critical to enhance corporate governance in Russia, which implies developing the corporate legislation, improving the law enforcement practice. Companies should be willing to take measures to perfect corporate governance.

scholarly journals The Making of the Shareholder Primacy Governance Model: Price Theory, the Law and Economics School, and Corporate Law Retrenchment Advocacy

2017 ◽  
Vol 8 (3) ◽  
Author(s):  
Alexander Styhre
Keyword(s):  
Corporate Governance ◽  
Law And Economics ◽  
Low Cost ◽  
Price Theory ◽  
Shareholder Primacy ◽  
Governance Model ◽  
Generic Term ◽  
Corporate System ◽  
Corporate Governance Model ◽  
Corporate Legislation

Abstract Shareholder welfare (also addressed as shareholder primacy and shareholder value in the corporate governance and economics theory literature, and here used interchangeably with the more generic term shareholder welfare) has been fortified in the present regime of investor capitalism and is today widely normalized and taken for granted. However, when examining the theoretical tenets, operative methodologies, and stated preferences regarding the virtues of efficiency as a primary economic objective, and wider assumptions regarding alleged costs generated in the corporate system on the basis of managerial discretion and extant corporate legislation and court rulings, the advocacy of the benefits of shareholder welfare is compromised considerably; i. e., it is based on unjustified preferences and far from irrefutable propositions. Tracing the roots of agency theory and its forceful defence of shareholder welfare back to Chicago economics price theory and its application in law and economics scholarship, instituted in the early 1960s, theoretical inconsistencies in the predominant corporate governance model are demonstrated, accompanied by empirical materials that discredit the claim that the market for corporate control can replace, at low cost, the management discretion governance model. The study thus contributes to the critique of the role of shareholder welfare advocacy in investor capitalism.

scholarly journals Corporate governance in Saudi Arabia: An overview of its evolution and recent trends

2020 ◽  
Vol 10 (1) ◽  
pp. 23-36
Author(s):  
Mamdouh Abdulaziz Saleh Al-Faryan
Keyword(s):  
Corporate Governance ◽  
Saudi Arabia ◽  
Stock Exchange ◽  
Initial Point ◽  
Background Information ◽  
Governance Model ◽  
Governance Systems ◽  
Governance Practices ◽  
One Stop ◽  
Corporate Governance Model

In spite of growing interest in Saudi corporate governance systems, there is little literature on the evolution of Saudi corporate governance. This study helps close this gap by investigating and compiling corporate governance development in Saudi Arabia. After providing background information for Saudi Arabia and its corporate governance model, we touch on the Saudi legal system and key external institutions that helped shape its corporate governance. We examine the specific contributions of the accounting and auditing professions, and the roles of the National Anti-Corruption Commission and the Saudi Stock Exchange. We describe key reforms implemented to develop the Saudi economy and evaluate their importance in facilitating change in corporate governance practices. This study contributes as an initial point of reference for future studies on Saudi Arabia, and serves as a one stop resource for both academics and practitioners, while specifically benefitting foreign and domestic investors considering investments in Saudi Arabia.

scholarly journals Modernising corporate objective debate towards a hybrid model

2020 ◽  
Vol 62 (3) ◽  
pp. 361-390
Author(s):  
Jingchen Zhao
Keyword(s):  
Corporate Governance ◽  
Hybrid Model ◽  
Boards Of Directors ◽  
Learning From Experience ◽  
Corporate Scandals ◽  
Active Involvement ◽  
Governance Model ◽  
Corporate Objective ◽  
Governance Practices ◽  
Corporate Governance Model

In the light of the increasing significance and vivid dynamism of corporate governance practices, a vast amount of literature has been dedicated to the development of modes of corporate governance. This subject deals with the rights and responsibilities of boards of directors, their shareholders and stakeholders, and the balancing of their individual interests with the economic goals of the organisation as well as the interests of society as a whole. A fundamental topic lies at the heart of corporate governance regimes: whose interests should corporations be serving? This article rethinks the shareholder and stakeholder theory debate, treating it as a contemporary topic worth reconsidering in the context of the current climate of corporate scandals and financial crisis. Learning from experience, the article offers some guidance on how to establish an efficient corporate governance model by adopting hybrid model principles for higher investor confidence, bettercorporation shape, more active involvement from shareholders and stakeholders and more considerations of the views and interests of stakeholder groups. Thus, this paper provides some thoughts on corporate objectives in the convergent corporate governance model in order to formulate a hybrid model mechanism and provide some guidance for directors in the carrying out of their function.

Examination of the Institutional and Regulatory Framework for Corporate Human Rights Accountability in South Africa

2017 ◽  
Vol 25 (2) ◽  
pp. 158-175
Author(s):  
Abiodun Jacob Osuntogun
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Human Rights ◽  
Regulatory Framework ◽  
Institutional Framework ◽  
Bill Of Rights ◽  
Corporate Accountability ◽  
Governance Model ◽  
Wide Gap ◽  
Corporate Governance Model

This article examines the existing statutory and institutional framework for corporate human rights accountability in South Africa. It considers the questions whether corporations are duty bearers and whether they have responsibilities or obligations to respect human rights and the mode of corporate governance model adopted to regulate them. It argues that although the Bill of Rights adequately provides for the culture and entrenchment of corporate accountability for human rights, the possibility of achieving its objective is not certain because there is a wide gap between the fulfilment of the vision of the Constitution and the mechanism adopted for its realisation.

The Merit of the DATA Act to Enhance the Governmental Reporting Process: A Corporate Governance Perspective

2018 ◽  
Vol 15 (1) ◽  
pp. 107-120 ◽  
Author(s):  
Jacob Errichetti ◽  
Saeed J. Roohani
Keyword(s):  
Corporate Governance ◽  
Data Transfer ◽  
Information Flows ◽  
Corporate Context ◽  
Governance Model ◽  
Reporting Process ◽  
Regulatory Bodies ◽  
Common Goals ◽  
Corporate Governance Model ◽  
Conceptual Link

ABSTRACT This paper utilizes corporate governance concepts to assess the merit of the Digital Accountability and Transparency Act of 2014 (DATA Act). The paper first compares the information flows seen in a corporate context to those seen in a governmental reporting context. The paper then utilizes agency theory to establish a conceptual link between the two reporting processes. This conceptual link is used to identify common goals between the participants in the information flows. Following this, a corporate governance model is used to outline factors that contribute to effective corporate governance. This governance model is then used as a basis for assessing the merit of the DATA Act. After this, differences between the participants in the information flows are discussed and limitations of the paper are acknowledged. The paper suggests that the DATA Act has merit due to its potential to improve transparency and monitoring in the governmental reporting process. Increased data timeliness and usability will enhance transparency, while improvements in automation, data transfer, and data analytics will improve monitoring. The conclusions of this paper have implications for the participants in the governmental reporting process including government agencies, legislators, regulatory bodies, contractors, non-voting taxpayers, and members of the voting public.

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