scholarly journals External Pressure, Corporate Governance, and Voluntary Carbon Disclosure: Evidence from China

2019 ◽  
Vol 11 (10) ◽  
pp. 2901 ◽  
Author(s):  
Pinglin He ◽  
Huayu Shen ◽  
Ying Zhang ◽  
Jing Ren
Keyword(s):  
Corporate Governance ◽  
Information Disclosure ◽  
Positive Impact ◽  
Listed Companies ◽  
External Pressure ◽  
General Manager ◽  
Analysis Process ◽  
The Board Of Directors ◽  
Heavy Pollution ◽  
The Impact

This paper uses manually collected data of carbon information disclosure for listed companies, from 2009 to 2015 in China, to measure corporate carbon information disclosure, and it explores the impact of external pressure and internal governance on carbon information disclosure through text analysis and a hierarchy analysis process. The results show that, firstly, the greater the external pressure is, the higher the level of carbon information disclosure will be; that is, when listed companies are state-owned enterprises or in heavy pollution industries, the level of carbon information disclosure is higher. Secondly, the higher the level of corporate governance is, the higher the level of carbon information disclosure will be; that is, when the board of directors is larger, the proportion of independent directors is higher, and the chairman and general manager positions are differentiated, the level of carbon information disclosure is higher. Furthermore, when listed companies are state-owned and in heavy pollution industries, the level of carbon information disclosure is higher; when the chairman and general manager are in the same position (lower governance level), the positive impact of government pressure on carbon disclosure is less significant, the positive impact of external pressure on carbon disclosure is less significant, and the positive interactive impact of government pressure and external pressure on carbon disclosure is less significant. The conclusions of this paper are still robust after Heckman two-stage regression, propensity score matching (PSM) analysis, sub-sample regression, and double clustering analysis.

scholarly journals Determinants of executive board remuneration new insights from Germany

2014 ◽  
Vol 11 (4) ◽  
pp. 96-113 ◽  
Author(s):  
Patrick Velte ◽  
Marc Eulerich
Keyword(s):  
Corporate Governance ◽  
Positive Impact ◽  
Supervisory Board ◽  
Multivariate Regression Analysis ◽  
Listed Companies ◽  
Company Performance ◽  
Related Factors ◽  
Management Board ◽  
Board Compensation ◽  
The Impact

Board remuneration in German listed companies becomes more and more subject of public and political discussion, concerning the presumed lack of transparency and too short-term orientation. Besides the increasing regulatory activity, the arrangement of board compensation constitutes a focal economic issue of current empirical corporate governance research. The purpose of our analysis is to identify factors determining the amount and the structure of board compensation in Germany. Our study of 128 German listed companies for the business year 2011 investigates the impact of company-, performance and corporate governance-related factors on board remuneration by means of a multivariate-regression analysis. The analysis indicates that company size has a positive impact and leverage a negative on management board compensation. Furthermore, ROE and return on total capital, as indicators for performance-related variables, both have a positive impact on the average level of management remuneration. However, the corporate governance-related characteristics as ownership concentration and size of the supervisory board have no significant impact on management board remuneration.

Corporate Governance Practices and Firm Performance in Emerging Markets: Empirical Insights from India and Gulf Countries

2021 ◽  
pp. 097226292110257
Author(s):  
Waleed M. Al-ahdal ◽  
Faozi A. Almaqtari ◽  
Mosab I. Tabash ◽  
Abdulwahid Abdullah Hashed ◽  
Ali T. Yahya
Keyword(s):  
Corporate Governance ◽  
Positive Impact ◽  
Emerging Market ◽  
Secondary Data ◽  
Listed Companies ◽  
Annual Reports ◽  
Board Structure ◽  
Gulf Countries ◽  
Governance Practices ◽  
The Impact

The purpose of this article is to analyse the impact of corporate governance practices on the performance of listed firms from countries like India and the Gulf countries. This research study relies on secondary data collected from annual reports of 100 companies covering 8 years, from 2010 to 2017, using manual content analysis. Fifty non-financial listed companies from each emerging market were selected; the selection is based on the market capitalization. Findings from countries’ dummy indicate that Indian companies perform better in corporate governance practices than Gulf countries. Moreover, corporate governance practices negatively impact Indian and Gulf countries’ firms’ performance measured by return on assets (ROA), except for governance effectiveness (GE) that has a positive impact. In contrast, corporate governance measured by board structure (BS) is negatively affected by the performance of Indian and Gulf countries’ listed companies measured by Tobin’s Q (TQ), whereas transparency and disclosure (TD), leverage (LEV) and GE have a positive impact. The results have implications for managers and policyholders to understand the corporate governance practices and their relationships with performance. Based on the best knowledge of the authors, this is one of the first studies that addresses the comparison between India and Gulf Cooperation Council (GCC) countries.

scholarly journals The Impact of Corporate Governance on the Financial Distress: Evidence from Pakistani Listed Companies

2017 ◽  
Vol 5 (2) ◽  
pp. 49-53
Author(s):  
Ahmed Hassan Jamal ◽  
◽  
Syed Zulfiqar Ali Shah ◽  
Keyword(s):  
Corporate Governance ◽  
Financial Distress ◽  
Audit Committee ◽  
Positive Impact ◽  
Stock Exchange ◽  
Listed Companies ◽  
Board Composition ◽  
Explanatory Variables ◽  
Governance Practices ◽  
The Impact

This study intends to assess how corporate governance affects the financial distress in non-financial listed companies in Pakistan. Sample of 53 companies was obtained from non-financial institutes listed in Pakistani stock exchange. Regression analysis is used to estimate the impact of explanatory variables including size of board, composition of board, audit committee independence and duality of CEO on the financial distress. The findings show that size of board, composition of board and CEO duality has a positive impact on Z-score of Pakistani listed firms. This implies that better the corporate governance practices in companies, lower will be the financial distress and vice versa.

scholarly journals Environmental Information Disclosure and Auditing of Listed Companies in Heavy Pollution Industries

2020 ◽  
Vol 185 ◽  
pp. 02018
Author(s):  
Shi Xiao
Keyword(s):  
Information Disclosure ◽  
Audit Fees ◽  
Listed Companies ◽  
Environmental Information ◽  
Financial Statement ◽  
Related Information ◽  
Environmental Information Disclosure ◽  
Heavy Pollution ◽  
Audit Opinions ◽  
The Impact

Concentrating on environmental issues in financial statement auditing is the main way for auditors to fulfill their environmental protection responsibilities. By studying the impact of environmental information disclosure on audit fees and audit opinions, we can infer how closely the auditors focus on environmental matters to some extent. In this paper, listed companies with serious pollution in A-share market in China from 2014 to 2019 are selected as research samples to explore the correlation among environmental-related information disclosure, audit fees and audit opinions. Through empirical analysis, it is found that the level of environmental information disclosure of listed companies in heavily polluted industries is positively correlated with the audit fees, and negatively correlated with the publication of non-standard audit opinions.

Board restructuring and successful demutualization: the stock exchanges

2018 ◽  
Vol 31 (3) ◽  
pp. 598-618 ◽  
Author(s):  
Laura Padilla-Angulo ◽  
Faten Ben Slimane
Keyword(s):  
Corporate Governance ◽  
Positive Impact ◽  
Stock Exchanges ◽  
Board Composition ◽  
Content Type ◽  
For Profit ◽  
Fine Grained ◽  
The Board Of Directors ◽  
The Impact ◽  
A Company

Purpose The purpose of this paper is to study corporate governance restructuring strategies of companies to adapt to new market conditions following conversion into a for-profit structure. It focuses on the changes in the composition of the board of directors. Design/methodology/approach The paper conducts a field experiment using stock exchanges, which have become more international over time, and many of which have been forced to demutualize and convert to for-profit structures to compete more efficiently. The paper does a fine-grained analysis of restructuring in the composition of the board using the ANOVA technique. The paper also examines the impact of this board composition restructuring on the reputation of the exchanges using a regression technique. Findings The authors find that the stock exchanges restructured board composition and refocused them to create better value. Results suggest that the conversion of a company to a for-profit structure brings efficiencies when accompanied by changes in the governing bodies. The authors also find that converting to for-profit firms had a positive impact on the reputation of the exchanges. The positive impact was even greater when accompanied by changes in board composition. Research limitations/implications A stronger focus on the corporate governance dimension to understand the successful demutualization of stock exchanges is needed. Originality/value The authors analyze the corporate governance dimension during demutualization processes of an under examined sector. The financial performance of the stock exchanges the authors study significantly improved after their conversion to for-profit organizations and provide an example of successful corporate governance restructuring.

Corporate governance and financial distress: Asian emerging market perspective

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Noman Younas ◽  
Shahab UdDin ◽  
Tahira Awan ◽  
Muhammad Yar Khan
Keyword(s):  
Corporate Governance ◽  
Financial Distress ◽  
Positive Impact ◽  
Emerging Market ◽  
Random Effect Model ◽  
Listed Companies ◽  
Z Score ◽  
Content Type ◽  
Governance Practices ◽  
The Impact

Purpose The purpose of this paper is to examine the impact of corporate governance index (PAKCGI) on firm financial distress for a sample of 152 non-financial firms listed at Pakistan Stock Exchange (PSX) over the period from 2003 to 2017. Design/methodology/approach To examine the impact of PAKCGI on financial distress (Altman Z-Score), random effect model is applied. The PAKCGI is a self-constructed index based on the five important factors of corporate governance practices, i.e. board of directors, audit committees, right of shareholders, disclosures and risk management. The binary coding approach is adopted for the construction of PAKCGI. Altman Z-Score model is used as a proxy for financial distress indicator. The absolute value of Altman Z-score has been taken as financial distress indicator. Findings The outcomes of the study indicate a positive impact of PAKCGI on risk of firms’ financial distress. The positive coefficient of PAKCGI implies that the good corporate practices work as catalyst to reduce risk of financial distress in Pakistan. A significant negative impact of block holders on financial distress suggests that the concentrated block ownership take monopolistic decision to protect their interests. It has also been observed that significant positive impact of institutional ownership on financial distress exists in the Pakistani listed firms. Furthermore, this study also reveals that significant negative association between board size, CEO duality and financial distress indicator. Research limitations/implications The findings may encourage the Pakistani listed companies to follow and implement good corporate governance practices, which would lead to increase the confidence of investors, regulators and stakeholders. Originality/value The current study extends the corporate governance literature by examining the relationship between the corporate governance attributes and the financial distress status of Pakistani listed companies. From the academic perspective, this paper adds to the knowledge concerning the association between corporate governance practices and risk of financial distress in emerging markets.

scholarly journals Intellectual Capital Disclosure, Good Corporate Governance and Firm Performance: Asean Cross Country Analysis

2020 ◽  
Vol 5 (5) ◽  
Author(s):  
Juan Barus Gultom ◽  
Itjang. D. Gunawan
Keyword(s):  
Corporate Governance ◽  
Intellectual Capital ◽  
Information Disclosure ◽  
Positive Impact ◽  
Company Performance ◽  
Good Corporate Governance ◽  
Country Analysis ◽  
Asean Countries ◽  
The Impact ◽  
Test Result

This study aims to examine the impact of intellectual capital information disclosure and the application of Good Corporate Governance to the performance of companies in ASEAN countries. This study used a sample of 102 firm-year from 6 ASEAN countries 5 ASEAN countries namely Indonesia, Malaysia, Phlipina, Singapore and Thailand. The test result proves that intellectual capital disclosure in ASEAN able to improve company performance. In addition, this study also proves that the implementation of GCG has a positive impact on the performance of the company's operations in ASEAN. This research also proves that leverage variable has no impact to company performance. Meanwhile, company size has a positive impact on company performance.  

scholarly journals Evaluation of Environmental Information Disclosure of Listed Companies in China’s Heavy Pollution Industries: A Text Mining-Based Methodology

2021 ◽  
Vol 13 (10) ◽  
pp. 5415
Author(s):  
Rongjiang Cai ◽  
Tao Lv ◽  
Xu Deng
Keyword(s):  
Text Mining ◽  
Information Disclosure ◽  
Listed Companies ◽  
Environmental Information ◽  
Evaluation Framework ◽  
Scoring Method ◽  
Study Results ◽  
Environmental Information Disclosure ◽  
Heavy Pollution

Environmental information disclosure (EID) of listed companies is a significant and essential reference for assessing their environmental protection commitment. However, the content and form of EID are complex, and previous assessment studies involved manual scoring mainly by the experts in this field. It is subjective and has low timeliness. Therefore, this paper proposes an automatic evaluation framework of EID quality based on text mining (TM), including the EID index system’s construction, automatic scoring of environmental information disclosure quality, and EID index calculation. Furthermore, based on the EID of 801 listed companies in China’s heavy pollution industry from 2013 to 2017, case studies are conducted. The case study results show that the overall quality of the EID of listed companies in China’s heavily polluting industries is low, and there is a gap differentiation between the 16 industries. Compared with the subjective manual scoring method, TM evaluation can evaluate the quality of EID more effectively and accurately. It has great potential and can become an essential tool for the sustainable development of society and listed companies.

Taiwan as a Regional Laboratory for Corporate Governance

Asian Survey ◽  
2015 ◽  
Vol 55 (4) ◽  
pp. 793-821
Author(s):  
Vincent C. Ma ◽  
John S. Liu
Keyword(s):  
Corporate Governance ◽  
Financial Distress ◽  
Information Disclosure ◽  
Listed Companies ◽  
Statistical Analyses ◽  
Legal Capital ◽  
Regional Laboratory ◽  
American Style ◽  
Anglo American

Taiwan is a regional laboratory for Anglo-American-style corporate governance; we examine it from legal, capital, labor, and management perspectives. Statistical analyses of Taiwanese-listed companies show that independent directorship reduces financial distress and improves information disclosure.

Insider Trading Laws and Corporate Governance Impact on Investment Decision

2021 ◽  
Vol 3 (2) ◽  
pp. 126-137
Author(s):  
Sadaf Khan ◽  
Ubaid Ur Rehman
Keyword(s):  
Corporate Governance ◽  
Insider Trading ◽  
Positive Impact ◽  
Investment Decision ◽  
Investment Decisions ◽  
Future Research ◽  
Good Corporate Governance ◽  
Governance Practices ◽  
The Government ◽  
The Impact

This research aims to analyze the impact of insider trading laws and corporate governance on investment decisions. For this purpose, the data of 400 potential and actual investors employed who provided their feedback on a structured questionnaire. When the data is collected, it was cleaned. The normality of data and reliability of items were also checked and within limits. Simple Regression was applied to test hypotheses. It was concluded that the perception of insider trading laws and corporate governance have a positive impact on investment decisions. The study has wide implications and the government and corporation both can be beneficial from its insight and findings, and exercise good corporate governance practices and follow stringent insider trading laws. The study also paves the way for future research.

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