Institutional Change and Debt-based Corporate Governance: A Comparative Analysis of Four Transition Economies

Countries in transition now represent a significant sector of the international political economy. One of the challenges that they face in moving towards market-based systems and institutions is that of transforming the structure of business enterprises into forms more compatible with capitalist economies. Corporate governance is an important part of this. We argue that, certainly during an interim stage whilst equity markets are weak or non-existent, debt finance has a useful role to play. However for this to be possible there are some important institutional changes that are necessary in order to provide the infrastructure within which debt finance can operate effectively and efficiently. We then present an overview and evaluation of the progress of change in four selected transition countries. This revised version was published online in July 2006 with corrections to the Cover Date.     

Institutional Complementarities within Corporate Governance Systems: A Comparative Study of Bankruptcy Rules

Recent research work has put forward theconcept of national system of corporate governance to describe the complex architecture of legal rules, economic mechanisms and mentalities which constrain managerial discretion in a different way according to the country considered. The role played by the legal system in this set of mechanisms is particularly important and, as part of the legal system, the bankruptcy law performs a specific function: designed as a governance device for financially distressed firms, it also acts as a monitoring mechanism for healthy ones. The aim of this paper is to investigate the mechanisms of corporate governance in the context of bankruptcy in a comparative perspective. Relying on a broad definition of corporate governance (i.e., one which takes into account the influence of all stakeholders on managerial discretion), we first examine the insolvency codes of five countries (France, Germany, Japan, the United Kingdom and the United States). The stance of the law (creditor-oriented vs. debtor-oriented) is discussed in relation to the legal tradition of each country. We then study the way bankruptcy law in each country articulates with the other governance mechanisms. For that purpose, a typology of those mechanisms is used, based on the type of device each kind of stakeholder is able to activate. Results of both theoretical and empirical studies on bankruptcy are used to understand which of the different devices are used in each country. The comparative approach underlines the impact of institutional differences on organizations through the incentives sent to their stakeholders.     

Accountability and Creating Accountability: a Framework for Exploring Behavioural Perspectives of Corporate Governance

What is board accountability, and how is such accountability created? This response to Roberts, McNulty and Stiles suggests a framework for exploring behavioural perspectives of boards and corporate governance. The contribution of this framework is to develop a terminology that may help us accumulate knowledge and provide directions for a research agenda. The consistent use of a terminology, the accumulation of knowledge and an accepted research agenda among a core group of scholar are some of the first steps in developing a promising research field with considerable potential to create actionable knowledge. The framework can help us sort some of the research, concepts and anecdotes that have been presented in efforts to open the black box of board research.     

Comparative and International Corporate Governance

Abstract

In this article, we examine the state of the art in comparative and international corporate governance by identifying the key research questions, main concepts, and paradigms of explanations of cross‐country diversity in corporate governance. First, we discuss the multiple definitions of corporate governance across disciplines and explore how this multi‐dimensional nature of corporate governance posses challenges when making cross‐national comparisons. Second, we review existing comparative research on corporate governance and highlight some of the main characteristics of comparative analysis. Third, we analyze how comparative corporate governance has been understood from four different scholarly perspectives: economics and management, culture and sociology, legal, and political paradigms. We conclude from this third section that future research should make an effort to better integrate cross‐disciplinary paradigms. Fourth, we investigate what insights these four perspectives bring to understand change and stability better in two particular governance dimensions: corporate ownership and the role of labor in comparative corporate governance. Finally, we conclude the article with some forward looking suggestions regarding (1) how different perspectives of corporate governance can be more effectively integrated by adopting case‐based, historical, and actor‐centered forms of institutional explanations and by (2) discussing the current U.S. corporate governance system, frequently seen as the “best practice” model.     

Corporate Governance Reform in Australia: A New Institutional Approach

From an international perspective, Australia has been one of the leading jurisdictions for corporate governance reform. Its first corporate governance code predates the Cadbury Report, and Australia is also one of the few countries internationally to have been only marginally affected by the recession that ensued after the Global Financial Crisis. Considerable governance reform has occurred since 2007–8 in Australia, however; much of it occasioned by pressure brought to bear by institutional investors as a reaction to both traditional governance failings and also social and environmental concerns such as a growing awareness of climate change. Institutional influence is primarily associated with the compulsory retirement income system that emerged in the 1980s in light of an economy‐wide union campaign. While governance structures are becoming more homogenous, institutional logics reflecting trustees’ concerns are driving and shaping this ongoing process. A new approach to corporate engagement has emerged under the influence of investor representative bodies such as the Australian Council of Superannuation Investors that is driving corporate governance change.     

制度环境、公司治理与股价信息含量

股价信息含量决定因素研究是目前资本市场领域的实证研究热点,以2000年～2005年的中国上市公司为研究样本,采用非平衡面板教据模型的回归方法,实证分析制度环境与公司治理因素对股价信息含量的影响,制度环境因素包括区域制度环境和双重上市两个方面,公司治理因素包括股权结构、董事会特征、治理会议、管理层激励和审计质量5个方面.实证结果表明,在制度环境较好的省市,股价信息含量较高,第一大股东持股比例与股价信息含量呈倒U型关系,双重上市、股权制衡度、独立董事比例、董事会规模、股东与董事会年度会议次数和管理层持股比例与股价信息含量显著正相关,国有股比例与股价信息含量显著负相关,两职合一和审计质量对股价信息含量没有显著影响.实证结果时于如何提高证券市场股价信息含量和资源配置效率有较大的政策指导意义.     

公司治理与机构投资人持股之研究

在一连串的管理阶层舞弊案发生后,信息透明度(Information Transparency)成为实务界和学界关心的焦点,而信息透明度为其探讨公司治理制度的重点之一。本研究探讨董监事会的组成、股权结构、薪酬制度和信息透明度等公司治理机制与机构投资人投资间之关系,了解包含信息透明度在内的多项公司治理评量变量是否为机构投资人投资的重要参考指标。研究结果亦显示,董监事持股比例、样本公司所有权透明度与投资者关系透明度与机构投资人持股呈现显著正相关。显示公司治理成效愈佳及信息透明度越高的企业,将较易吸引机构投资人的青睐。     

基于制度视角的企业非市场战略与市场战略的整合研究

经典的战略理论是以"市场"为核心的研究,将"非市场"概念运用到企业层次的战略与行为以寻求竞争优势是战略研究领域出现的新趋势。随着各种非市场因素对企业战略影响重要性研究的逐渐深入,非市场战略的研究逐步兴起并日益成为战略管理研究的重要内容。本文首先从制度与战略互动的新视角论述了企业的非市场和市场行为是对转型背景下非市场和市场环境特征的战略反应;然后从一个古诺竞争模型出发,通过构建博弈模型对非市场战略与市场战略的整合效应作了合理的诠释。研究发现,战略整合的核心在于两者之间的正向外溢性,主要反映在一种战略的效应会正向外溢到另外一种战略。由于市场与非市场战略的指向有所不同,有时又需要交互发生作用,因此,对二者进行有效整合,使其能量能够大于任何单一战略所不能及的限度。     

管理者代理行为、公司过度投资与公司治理——基于企业生命周期视角的实证研究

通过建立企业生命周期新的划分指标,从企业发展的动态层面研究管理者代理行为与公司过度投资之间关系随企业生命周期的演变,并检验公司治理机制随企业生命周期的治理效果。结果表明,我国上市公司管理者代理行为随企业生命周期动态变化,其对公司过度投资的影响随企业生命周期发展不断减弱。不同公司治理机制的治理效果随企业生命周期也发生变化,其中董事长总经理兼任在成长阶段能够有效抑制公司过度投资,而独立董事在成熟阶段及大股东在衰退阶段均显著没有发挥应有的监督作用。成长阶段中的公司监事会能够对代理行为引致的过度投资起到显著的监督作用,而董事长总经理兼任则显著加剧代理行为引致的过度投资,成长阶段中管理层持股、成熟阶段中独立董事与外部机构持股以及衰退阶段中大股东均显著没有起到应有的治理作用。     

公司治理模式的多维度比较研究:构建公司治理权变模式

本文依据制度环境维度,将公司治理模式分为外部监管模式、家族监管模式和内部监管模式;依据人力资本维度,将公司治理模式分为股东至上主义模式、双边治理模式、员工至上主义模式;依据企业成长维度,将公司治理模式分为古典治理模式、过渡治理模式和现代治理模式。本文进行了公司治理模式三个维度的比较研究,即从宏观层面、中观层面和微观层面对公司治理模式进行比较研究。在综合考虑三个维度因素基础上,构建了公司治理权变模式。     

机构投资者参与公司治理决策的模型分析

在对相关文献回顾的基础上,构建数学模型研究了机构投资者参与治理决策的影响因素.最后,结合我国机构投资者参与影响上市公司治理的实践,探讨了模型的应用价值,提出了相应的政策建议.     

The Challenges of Socially Responsible Investment Among Institutional Investors: Exploring the Links Between Corporate Pension Funds and Corporate Governance

During the last few decades, globalization of finance markets has come under increasing pressure to manage the many risks that companies face due to the negative impact that certain financial crises have had on securities quoted on the stock exchange. Simultaneously, there is a growing tendency among different institutional investors to take into account nonfinancial aspects—social, environmental, and ethical values—of company management. In this respect, increasing numbers of asset managers are aware of the importance of nonfinancial aspects of company management for finance markets. Asset managers integrate corporate social responsibility, sustainability policies and corporate governance strategies as indicators in risk management and the search for long‐term investments. The largest segment of socially responsible investment (SRI) screened and mutual funds are portfolios that are privately managed on behalf of institutions. Socially responsible investors include private and public pension funds, mutual funds, and private accounts that are managed on behalf of institutional investors such as corporations, universities, hospitals, religious institutions, and nonprofit organizations, among others. The aim of this paper is to analyze the development of SRI‐screened management corporate pension plans in the Spanish finance market. Spain is one of the European countries with a less developed SRI institutional market. Since SRI is still at the fledgling stage in the Spanish institutional market, this analysis is restricted to the awareness of SRI among a sample of the total number of corporate pension funds or schemes in Spain. The paper concludes with some proposals to encourage wider SRI acceptance and practice in Spain.     

独立董事责任险、机构投资者与公司治理

独立董事责任险(独董险)强化了独立董事的独立性和信息监督动机。董事会独立性的提高有助于机构投资者提高治理效率。实证分析认为,独董险和机构投资者形成显著的共同治理效果。一方面,对于管理层代理问题,独董险与机构投资者的共同机制对管理费用率有显著的控制作用,形成对显性代理行为的有效监督;机构投资者对ROA有显著的提升能力,一定程度弥补了独立董事对隐性代理行为监督上的不足。另一方面,独董险和机构投资者对国有公司信息披露质量有提高作用。独董险可以强化对披露信息的监督动机,机构投资者有助导入国有公司缺失的独立董事外部声誉约束。在信息监督过程需要较多时间和专业知识投入的情况下,两者对独立董事的激励作用形成互补。     

美日中小企业公司治理比较分析

在美国经济中,中小企业有着举足轻重的作用.日本是仅次于美国的世界经济大国,中小企业是日本经济发展的主要支撑.本文通过具体分析,在股权结构、控制权约束、劳动力雇佣关系、董事会作用、贷款渠道、公司治理优劣等6个方面对美日中小企业经营状况进行了比较.     

论机构投资者在公司治理中角色的定位及政策建议

在研究公司治理和资本市场发展时,机构投资者的作用越来越受到重视,随着机构投资者所持有公司股份的不断上升,他们开始积极参与公司治理.但是,不同类型的机构投资者所持有公司的股权比例、监督成本以及风险偏好等存在较大的差异,因而他们在公司治理活动中的表现也将截然不同.正是基于此,本文通过对机构投资者积极参与公司治理进行数理模型的一般分析,分析了机构投资者是否积极参与公司治理的条件机构投资者持有公司的股权比例、监督成本、风险偏好.结论表明,上述三个因素的变动影响着机构投资者是否进行监督及其监督的临界值.本文对机构投资者积极参与我国上市公司治理进行了适用性分析,并提出一些政策性建议.     

机构投资者参与公司治理积极性的分析

在对公司治理和资本市场发展的研究中,机构投资者的作用越来越受到重视.本文基于机构投资者与公司治理间的相关性和国内外已有的研究成果,通过数理模型的一般分析阐释了影响机构投资者参与公司治理积极性的四个因素:持有单个公司的股权比率、资本市场中公司治理结构不完善的概率、所投资公司治理结构的完善程度以及监督成本,并得出了有关的研究结论.最后本文,对机构投资者积极参与我国上市公司治理提出了若干政策建议.     

公司治理学科发展的新阶段--《公司治理学》述评

公司治理是国内外管理、经济、法律等学术界和实业界共同关注的一个世界性课题。2005年,作为中国公司治理研究的开拓者,全国首批文科长江学者特聘教授、国家“985”哲学社会科学重点研究创新基地——南开大学公司治理研究中心首席专家李维安教授主编并由高等教育出版社出版了普通高等教育“十五”国家级规划教材《公司治理学》。该书立足学科前沿,全面系统论述了公司治理学的理论基础、框架体系及运作机制。该书的出版,开创了公司治理学科发展的新阶段,标志着公司治理学在我国工商管理教育体系中学科地位的正式确立。一伴随着证券市场的建设…     

顾客参与公司治理与公司相互持股的比较研究

通过顾客参与公司治理与公司相互持股的比较研究,从企业战略联盟的角度,得出了顾客参与公司治理实质上是代表了一种新型的企业战略联盟类型——治理权战略联盟——的结论,它与现有的包括公司相互持股在内的股权型战略联盟和契约型战略联盟相比更具生命力和优越性。在当前经济总体上由短缺经济过渡到过剩经济、卖方市场变成买方市场的背景下,通过顾客参与公司治理的形式在供需双方间建立治理权的战略联盟必将成为越来越多企业的现实选择。     

公司治理:新趋势与启示

良好的公司治理是资本市场健康发展的基石。通过概括全球公司治理的发展趋势,以及对我国和全球公司治理发展趋势的对比,认为提升我国公司治理水平需要进一步完善董事会质量和组成,大力发展机构投资者,引导中小股东向积极股东转变,此外,还需关注与企业长期价值和可持续性相关的ESG等非财务信息。