Die Rolle des Bilanzrechts in der aktuellen Corporate Governance-Diskussion

This paper discusses the role of accounting and auditing and its regulation in the current debate over good corporate governance. Part I addresses the functional relationship of accounting and corporate governance and the extent to which the goals of accounting and auditing on one hand and of corporate governance on the other hand converge. Part II discusses the ways in which specific substantive and formal or procedural features of accounting and auditing are designed to foster the goals of good corporate governance. Finally, part III presents a number of regulatory steps taken recently in order to enhance efficiency of accounting and auditing as devices to promote good corporate governance. It becomes evident that despite strong emphasis on information and disclosure as core functions of accounting, the original and prime function of accounting is self-information and self-account, particularly with regard to corporate governance, as has been evidenced by recent attempts of regulators to exploit self-information and self-account functions of accounting in the context of risk-management and the relationship between accountant and supervisory board. From a regulator’s perspective this recent development is of particular interest since after a long period of focusing on transparency and disclosure the classical technique of material regulation is back in the center or legislative attention.     

Effect of the board of directors and the audit committee on firm performance: a panel data analysis

This research examines the relationship between independent directors, the audit committee (AC), and firm performance, taking into account the impact of the chief executive officer’s powers and block shareholders. We use the maximum likelihood estimator, based on agency theory assumptions and cylindered panel data, to examine three models of firm performance. The results show that the independence of the board is reflected clearly by increased economic and equity performance of the firm. However, an AC that is fully independent or meets frequently is associated with lower firm performance. Unlike pension funds, institutional shareholders can be considered an effective control mechanism in the context of France. Our results development includes advanced explanations for market liquidity and shareholders’ portfolios. The study period ends before the European regulation on ACs came into effect in 2008. This allows for an appreciation of soft law in French corporate governance. It also lets us compare the data with the way firms operate their boards one decade later. The evidence provides useful guidelines on the supremacy of soft law in corporate governance and suggests that the composition and functioning of the board of directors should be moderated based on the firms’ context. The specificity of the cylindered panel data helps to better examine the impact of the board and AC’s independence and functioning in French corporate governance structure.     

基于MCMC模拟的贝叶斯复合状态信用溢价模型研究

针对已有的信用溢价模型只考虑了单一尺度的波动均值回复过程,从而导致的信息损失问题,提出了贝叶斯复合状态信用溢价模型,据此辨析不同尺度的信用溢价波动回复状态。利用不同剩余偿付期的中国企业债信用溢价指数序列,引入了基于混合正态分布的多步MCMC方法对复合状态模型进行贝叶斯分析,研究结果表明:不同剩余偿付期的债券具有不同的异方差水平,均值回复过程可以区分为长期和短期两种趋势,并且分别具有不同的尺度维度;长期回复过程显示了序列的整体波动趋势,短期回复过程更细致地刻画了极值点的影响;与传统模型的比较突出了复合状态模型在拟合效果上的优越性。     

Revisiting corporate governance through the lens of the Spanish evidence

The purpose of this study is to illustrate the characteristics of the Spanish corporate governance system and especially describe the diffusion of each mechanism among listed firms, in comparison with other industrialized countries. In doing so, we identify idiosyncratic traits of the Spanish corporate governance model that points up how the dichotomy between outsider- and insider-oriented models is simplistic and does not fit with the Spanish context. We argue, instead, that corporate governance has evolved in Spain towards a hybrid model that is situated in an intermediate position between the two aforementioned systems. The result of this hybridization is a system characterized by a new role for the state as a regulator, the presence of large blockholders, and a higher free float of capital on the stock market. Still, it is a very weak market for corporate control, and has reduced incorporation of Anglo-Saxon practices such as information transparency, board independence, or variable compensation packages for the management.     

The influence of psychopathic traits on the acceptance of white-collar crime: do corporate psychopaths cook the books and misuse the news?

Due to several empirical shortcomings in the research of personality characteristics in ethical decision making, we address in this paper the concept of corporate psychopathy in the organizational context. Corporate psychopaths are individuals successfully working in organizations, but are selfish, manipulative, and exhibit a lack of empathy, remorse, and conscience; therefore, they may be viewed as risk factors for organizations. While there is abundant literature on the connection between clinical psychopathy and criminal behavior, such research is scarce in the business context where successful psychopaths operate. Thus, we examine if the malevolent traits of corporate psychopaths predict the acceptance of different forms of white-collar crime. In doing so, we conduct two survey studies in which we first measure participants’ psychopathic tendencies and then assess their acceptance of either an accounting fraud or an insider-trading situation. Consistent with our hypotheses and across both studies, we find a highly significant relationship between personality traits that are associated with corporate psychopathy and the acceptance of white-collar crime. This paper discusses the implications of these findings and identifies some potentially useful approaches for excluding corporate psychopaths from organizations.     

Corporate Social Responsibility through Cross‐sector Partnerships: Implications for Civil Society,the State,and the Corporate Sector in India

Corporations are increasingly forced to widen their agendas to include social and environmental concerns, or corporate social responsibility (CSR). This development has been recorded in the current academic debate, and the views regarding its implications for business, the state, and civil society diverge. However, there is agreement within the CSR and corporate governance literatures that there is a lack of thorough empirical studies of these effects. Based on a case study of the multinational wind energy company Suzlon Energy's CSR projects in rural India, this article contends that CSR projects implemented through cross‐sector partnerships can help to build the capacities of civil society organizations (CSOs). Although the risk of corporate steering of the civil society agenda is reduced when CSR prioritizes community needs over business imperatives, CSOs tend to bear the highest costs in partnerships, through credibility losses and insecurity concerning project terms and funding, reinforcing the importance of critical cooperation and complementary core competencies in cross‐sector partnerships. The results have implications for the strategies of corporations, CSOs, and governments as well as for the planning of national and international development aid.     

The cross-border hostile bid fight between Scania in Sweden and the two German companies MAN and Volkswagen: institutional change and the mandatory bid rule

International hostile takeovers provide a unique context for studying how corporate governance mechanisms migrate across countries. This paper is prompted by a case study of the cross-border takeover fight between the target companies Scania (Sweden) and MAN (Germany) and the involvement of the owners of Volkswagen, Porsche (both Germany) and Investor (Sweden), 1999–2014. It reveals how incumbent owners in Germany and Sweden—two countries with a history of corporate control through blockholdings, corporatist-governance, state control (Germany) and multiple voting shares (Sweden)—manage to take advantage of the minority shareholders through arbitraging the differences in implementation of a new governance device across borders. The study focuses in particular on the mandatory bid rule (MBR) that forces a shareholder who passes a certain threshold of ownership to bid for the rest of the shares. The study reveals over twenty incidents of breaches of the idea of the MBR, to the detriment of minority shareholders. Building on institutional theory and sociology, the study provides useful insight into how incumbent actors may use bargaining power to capture a new regulation and circumvent it. Furthermore, the case illustrates the importance of legitimacy in the efforts to converge corporate governance systems. Thirdly, it adds to the critique of the mandatory bid rule in countries with a governance system supporting blockholders. Overall, the study raises a number of important issues regarding how national politics shape corporate governance and responds to new actors and coalitions of actors entering the scene. A convergence of takeover regulation not compatible with the legal framework might result in a less efficient than anticipated outcome of the market for corporate control. These results are consistent with the institutional theory perspective that key actors may have a vested interest in resisting change.     

Expertise-based lobbying and accounting regulation

It has long been recognised that accounting regulation is not a mere technical exercise but one that takes place in a political context and lobbying has been examined in numerous empirical studies. Most of these studies address lobbying of the accounting standard setter. However, standard setting is embedded in a political and institutional context. In their decision-making, these institutions depend on the expertise of potentially self-interested lobbyists. This expertise-provision element tends to be ignored in most lobbying studies. The present paper proposes an analytical model of lobbying of an accounting regulator that explicitly focuses on the provision of relevant information by lobbyists. It suggests that lobbying will generally be non-controversial, i.e. either those opposed to a standard will lobby or those favouring it, but not both. Analysis of the model furthermore implies an important role for the regulator’s ex ante leanings, both perceived and real, even when the regulator treats all information received impartially. This implies an important role for the institutional context of accounting regulation.     

Does accounting regulation enhance corporate governance? Evidence from the disclosure of share-based remuneration

Accounting for stock options and share-based remuneration is a controversial issue. The purpose of this study is to explore the impact of the mandatory adoption of IFRS 2 on accounting for share-based remuneration by Italian listed companies. The requirements under this standard could have relevant implications for corporate governance as IFRS 2 is expected to reduce the information asymmetry that may exist between corporate insiders and outsiders regarding such remuneration. Empirical evidence confirms that overall disclosure in annual reports concerning the costs of remuneration plans has increased following the adoption of IFRS 2, although some cases of lack of disclosure have also been found. We find that this change in accounting regulation has contributed towards revealing the ‘true’ cost of share-based remuneration to minority shareholders and other investors, together with some evidence of creative accounting surrounding the substance over form principle.     

Acccounting and Volksgeist – Teritorial Claims on Accounting Regulation

In this paper, it is argued that international diversityin the rules governing corporate accountability is afunction of the desire to preserve local jurisdictionsby maintaining national distinctiveness. Successiveattempts at regulatory harmonisation in Europe havemet considerable resistance, starting with Savignysappeal to the spirit of the people (Volksgeist)and ending with the notion of subsidiarity. In thispaper, territorial claims on regulation are exploredin the context of the rules governing asset revaluation,where there are still almost as many required methodsof accounting in the European Union as there aremember states. The paper rejects the conventionalexplanation that such differences are culture-bound,and instead suggests that the continued existence ofnational rules in accounting reflects the pursuit ofautonomy by individual states and the self-interestof national regulators.     

Konvergenz des internen und externen Rechnungswesens

For almost two decades, the convergence of financial and management accounting systems has been intensively discussed in German literature. This issue is occasionally considered a theory-practice-gap that appears problematic for an application-oriented science such as accounting research. This paper includes a systematic analysis and critical assessment of the discussion in German-speaking journals as well as doctoral and habilitation theses. Findings suggest that a ??partial convergence?? of the IFRS-earnings statement and management control systems is both accepted by academics and implemented in German corporations. However, existing empirical research faces several limitations arising the question if the developments in corporate practice have been adequately described and sufficiently analyzed. In this context, the paper highlights avenues for future research.     

基于“Meta分析”视角的企业社会绩效与企业财务绩效之间的关系研究

随着企业社会责任理论体系逐步的发展与完善,国内外学者开始关注企业社会绩效(CSP)与企业财务绩效(CFP)之间的关系,但是其中大量有关的研究结果却是互相矛盾的。本研究首先提出了一个理论模型以及相关研究假设,以国内外有关的实证研究文献作为研究对象,采用Meta分析方法对各项独立研究结果进行综合统计分析。其研究结果表明:企业社会绩效常常与企业财务绩效是直接地相互作用和相互影响的;企业管理能力和企业声誉作为中介变量对CSP与CFP关系有着正向的影响,其中企业声誉有着高度的影响;大多数CSP测量方法与CFP测量方法之间有着显著的正向关系,其中CSP声誉排名测量方法与CFP测量方法之间显示出相当高的正向关系,而以市场基础和会计基础CFP测量方法与CSP测量方法之间的关系要低于感知(调查)CFP测量方法的。最后,将其研究结果与相关文献的研究结果进行了比较,并提出了研究结论和相关启示。     

Regulation,the public interest and the establishment of an accounting supervisory body

The accounting/auditing profession in Ireland has maintained a form of self-regulation since the era of professional formation in the late-nineteenth century. In general, the view taken was that the public interest was best served by allowing the profession to monitor and regulate its own members. This reflected a general confidence in the workings of the market, with regulation being considered necessary only to address specific shortcomings. In recent years, a combination of factors ranging from corporate collapses in which the independence of the auditing profession was questioned, to a variety of political pressures arising from globalisation and the exigencies of international financial markets, have created an environment in which increased state involvement has been seen as critical to securing the public interest. In Ireland, these international developments conjoined with political and media disquiet at revelations regarding the conduct of prominent accountants and auditing firms to create an environment in which modifications to this regime could be considered. The result was a state initiative to introduce an independent authority, the Irish Auditing and Accounting Supervisory Authority, to regulate the profession. Using public interest theories as the dominant paradigm, this paper investigates this development.     

The Effect of Earnings‐Based Metrics on Vertical Efficiency

The tendency to rely on accounting earnings as the primary metric of corporate performance has been subject to criticism in recent times. A key concern is that earnings misrepresent changes in value in that cash outlays occur upfront but expenses are recognized only over time. While recognized expenses indeed add up to the initial cash outflow, the equality holds only in undiscounted (nominal), not discounted (real), terms. Accordingly, corporate earnings figures suffer from a form of money illusion. In this paper, we demonstrate that such money illusion can have an upside when it is present in vertical relationships subject to self‐interest. In particular, a buyer who focuses on earnings has incentives to increase purchases since it does not immediately encounter the full cost of cash outflows. These added incentives can promote more efficient trade. We also show that the increased incentives to buy can also lead to Pareto improvements by spurring the supplier to invest more in developing technology. Finally, we demonstrate that judiciously chosen inventory valuation rules can lead to efficient supply chain outcomes. Thus, efficiency can be achieved when supply chain parties freely trade and regulators specify only the accounting rules under which they operate.     

高管团队职能异质性与企业绩效关系研究:基于管理者认知和团队冲突的中介分析

高管团队的职能特征如何反映到企业绩效中一直是管理领域研究的重点,但是其实证检验结果呈现出复杂化的特征,一致性的结论尚未达成。本文从高阶梯理论和信息处理理论出发,较为全面地探索高管团队职能异质性如何影响企业绩效。研究结果表明:(1)高管团队职能异质性对企业绩效水平有负向的影响;(2)高管团队职能异质性会显著促进管理者认知集中性和复杂性的提高;(3)管理者认知集中性和复杂性的提高会进一步促进绩效水平的提高;(4)管理者认知是高管团队职能异质性影响企业绩效水平的中介机制;(5)高管团队职能异质性的提高会显著促进团队冲突的提高;(6)团队冲突的增强会抑制企业绩效水平的提高;(7)团队冲突是职能异质性影响企业绩效水平的中介机制。     

Portfolio Interrelationships and Financial Performance in the Context of European Firms

The linkage between the interrelationships of a firm’s lines of business and corporate financial performance has been the subject of extensive research in the strategy field. Yet very little research has examined this key relationship within firms operating in Continental Europe. This study investigates firm relatedness and its further relationship to accounting and market-based performance measures within a sample of European firms. The results confirm a positive and significant relationship between resource-based relatedness and firm performance for German, Swiss and Austrian multi-business firms. Thus, this study provides further evidence that resource-based relatedness of large diversified manufacturing companies can help explain variability in corporate financial performance across different institutional environments.     

Whistle-blowing regulation in different corporate governance systems: an analysis of the regulation approaches from the view of path dependence theory

The research question of this paper is, if and why countries need different legal approaches to whistle-blowing regulation. The paper specifically explores whether regulation approaches from other countries are suitable to regulate whistle-blowing in the German corporate governance system. First, it is clarified which factors influence the choice of the desired action—that is, “internal whistle-blowing”—and it is demonstrated that the underlying corporate governance system has a potential influence on these factors. Next, it is shown that the consistency of systems is responsible for the lack of success of some legal approaches of the whistle-blowing regulation in special corporate governance systems, whereas in other systems they can be very successful. Finally, the paper presents the requirements for whistle-blowing regulation that does not damage the consistency of the underlying corporate governance system. The findings support path dependence theory, which claims that legal approaches of one country cannot be transferred to other countries. Moreover, whistle-blowing literature is expanded by the fact that the underlying corporate governance system of a country influences the power and loyalty of the employee. It suggests new avenues for whistle-blowing research as well as for the potential convergence of corporate governance regulation. The findings offer insights for policy makers interested in the development of legal proposals for whistle-blowing regulation in their countries. Moreover, it provides a new perspective to enable managers of multinational firms to design whistle-blowing systems within different corporate governance systems.     

Globalization,The State and Public Administration: A Theoretical Analysis with Policy Implications for Developmental States

This article discusses the relationship between globalization, the state, and public administration, with implications for developmental states. Using a political economy analysis, globalization is discussed as the latest dynamic change in the context of the continuity within the process of surplus accumulation by corporate capitalism at the global level, a phenomenon with far reaching implications for the modern state, governance, and public administration. First, the context of change and continuity is briefly discussed, followed by a presentation of several theoretical perspectives on, and meanings of, globalization as defined by different people from different disciplines. Then, the causes and consequences of globalization are discussed with implications for the state and public administration. Finally, a number of policy choices are suggested in response to globalization by developmental states, with another discussion on the changing character and role of the state under globalization with implications for the state and public administration worldwide.     

政府行为、股权安排与公司治理的有效性——基于盈余质量视角的研究

本文以我国2000至2005年期间A股上市公司为研究对象,探讨在政府控制的特殊经济环境下,股权安排对会计盈余质量的影响,试图从会计契约角度对公司治理有效性做出新的诠析。本研究发现,控股股东对盈余质量的影响是非线性的,而第二大股东则对控股股东的壕沟防御效应起到有效的遏制作用。研究还发现,在政府行政干预力度加大和内部人利益侵害行为加剧的双重推动下,国有上市公司财务报告质量将进一步被降低。     

中国情境下企业社会责任与财务绩效关系的实证研究——基于大、中小型上市公司的对比分析

本文以2012年发布的中国500强且在沪深上市的企业为大型企业样本,以中小板上市企业为中小型企业样本,选取各企业2010-2012年会计年报数据,运用结构化方程模型和多元回归分析方法,分别实证检验了大型企业、中小型企业承担社会责任对企业短期财务绩效和长期财务绩效的影响。研究结果表明:(1)无论是大型企业还是中小型企业,承担社会责任都不会引起其短期财务状况的恶化。(2)大型企业和中小型企业的社会责任与长期财务绩效关系的表现不完全相同,大型企业多呈正向关系,中小型企业则负向关系较多。(3)特别值得关注的是,无论大型企业还是中小型企业,对员工和顾客的社会责任与长期财务绩效都呈负相关关系。本文研究揭示了在当前中国情境下企业履行社会责任不容乐观的现状,同时研究结果对于引导企业履行社会责任,促进我国经济社会的健康和谐发展,也具有重要的借鉴价值。