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1.
Is the German system of corporate governance converging towards the Anglo-American model? 总被引:2,自引:1,他引:1
This paper analyses whether the German corporate governance is converging towards Anglo-American practices. We summarise the
extant empirical evidence on the various governance mechanisms that economic theory suggests ensure efficiency and describe
recent legal developments. We find no clear signs of convergence in form, i.e. the main distinctive features of the German system have remained largely unaltered. However, changes occurred over
the last decade (specially in the legal framework) suggest a certain convergence in function, i.e. some governance mechanisms have effectively incorporated aims and/or goals generally associated with the Anglo-American
model.
Marc Goergen has a degree in economics from the Free University of Brussels, an MBA from Solvay Business School (Brussels) and a DPhil from the University of Oxford. He has held appointments at UMIST, and the Universities of Manchester and Reading. He holds a chair in finance at the University of Sheffield. His research interests are in international corporate governance, mergers & acquisitions, dividend policy, corporate investment models, insider trading and initial public offerings. Marc has widely published in academic journals such as European Financial Management, the Journal of Corporate Finance, the Journal of Finance, the Journal of Financial Intermediation and the Journal of Law, Economics & Organization. He has also contributed chapters to numerous books and written two books (Corporate Governance and Financial Performance published by Edward Elgar and Dividend Policy and Corporate Governance by Oxford University Press). Marc is a Research Associate of the European Corporate Governance Institute. Miguel C. Manjon is Associate Professor at the Department of Economics, Rovira i Virgili University (Spain). He has also held visiting positions at the Netherlands Bureau for Economic Policy Analysis and the Universities of Warwick (UK) and Tilburg (the Netherlands). His research interests include corporate governance and industrial organization. He has published in Applied Economics, Empirica, European Journal of Law and Economics, Journal of Theoretical and Institutional Economics, International Review of Law and Economics and Small Business Economics, among others. Luc Renneboog is Professor of Corporate Finance at Tilburg University. He graduated from the Catholic University of Leuven with degrees in management engineering (MSc) and in philosophy (BA), from the University of Chicago with an MBA, and from the London Business School with a PhD in financial economics. He held appointments at the University of Leuven and Oxford University, and visiting appointments throughout Europe. He has published in the J. of Finance, J. of Financial Intermediation, Journal of Law and Economics, and others. His research interests are corporate finance, corporate governance, dividend policy, insider trading, law and economics, and the economics of art. 相似文献
Luc RenneboogEmail: |
Marc Goergen has a degree in economics from the Free University of Brussels, an MBA from Solvay Business School (Brussels) and a DPhil from the University of Oxford. He has held appointments at UMIST, and the Universities of Manchester and Reading. He holds a chair in finance at the University of Sheffield. His research interests are in international corporate governance, mergers & acquisitions, dividend policy, corporate investment models, insider trading and initial public offerings. Marc has widely published in academic journals such as European Financial Management, the Journal of Corporate Finance, the Journal of Finance, the Journal of Financial Intermediation and the Journal of Law, Economics & Organization. He has also contributed chapters to numerous books and written two books (Corporate Governance and Financial Performance published by Edward Elgar and Dividend Policy and Corporate Governance by Oxford University Press). Marc is a Research Associate of the European Corporate Governance Institute. Miguel C. Manjon is Associate Professor at the Department of Economics, Rovira i Virgili University (Spain). He has also held visiting positions at the Netherlands Bureau for Economic Policy Analysis and the Universities of Warwick (UK) and Tilburg (the Netherlands). His research interests include corporate governance and industrial organization. He has published in Applied Economics, Empirica, European Journal of Law and Economics, Journal of Theoretical and Institutional Economics, International Review of Law and Economics and Small Business Economics, among others. Luc Renneboog is Professor of Corporate Finance at Tilburg University. He graduated from the Catholic University of Leuven with degrees in management engineering (MSc) and in philosophy (BA), from the University of Chicago with an MBA, and from the London Business School with a PhD in financial economics. He held appointments at the University of Leuven and Oxford University, and visiting appointments throughout Europe. He has published in the J. of Finance, J. of Financial Intermediation, Journal of Law and Economics, and others. His research interests are corporate finance, corporate governance, dividend policy, insider trading, law and economics, and the economics of art. 相似文献
2.
This paper investigates the effect of board size and its composition on bank’s performance in an emerging context. This study
includes 749 firm years of data on the banking industry in Lebanon from 1992 to 2006. The data contains all nationwide banks
in operation in any year over the studied period. Since some banks entered and/or exited over the sample period, there is
an unbalanced panel data, where an Ordinary Least Squares regression may create problems of interpretation. Within this framework,
we use a fixed-effect model which produces unbiased and consistent estimates of the coefficients. This paper reports that
bank performance is positively related to board size. It also identifies a quadratic relationship between bank performance
and board independence. Both return-on-assets and return-on-equity first decrease and then increase in direct proportion to
the increased percentage of outside directors on the board. This paper sheds some light on the differential impact of corporate
governance on firm performance across industries and countries. It concentrates on banks in developing countries that are
generally known to suffer from high asymmetric information and where concerns about safety and soundness remain. Hence, it
contributes to the existing debate on appropriate regulations for an effective and stable financial system in the Arab world.
Also, it complements the Basel Committee standards for bank supervision and capital adequacy reinforcement, and offers regulators
some evidence on the relationship between board size and bank performance in a developing country such as Lebanon. 相似文献
3.
Marini Vladimiro Caratelli Massimo Stella Gian Paolo Barbaraci Ilaria 《Journal of Management and Governance》2022,26(3):781-811
Journal of Management and Governance - Private equity is a source of finance and a governance device characterised by active monitoring through sponsors that intervene in targets’ corporate... 相似文献
4.
Henry L. TosiJr. 《Journal of Management and Governance》2008,12(2):153-169
In this paper I first review the basic tenets of agency theory and theory of managerial capitalism as well as some of the
major research in these areas then suggest for areas for future research that go beyond the extant empirical work. First,
I suggest that it would be useful to reconsider the basic nature of the agency relationship, taking into account that while
equity holders can be considered the principal, the board of directors may be more realistically in need of agent-like controls.
Second, the complementary or supplementary nature of the monitoring/incentive alignment relationship has been shown theoretically
but the empirical evidence is equivocal and needs future investigation. Third, there has been very limited research on the
construct validity of archival measures of the sort used in agency theory. This requires the use of methodologies outside
those of the more conventional type used in agency theory (i.e., from economics and finance). Finally, agency theory development
would profit greatly by more extensive use of research methods such as laboratory studies and survey methodology and the integration
of concepts such as personality and control processes.
相似文献
Henry L. Tosi Jr.Email: |
5.
Physician unions are in the news. Patient management and patient care decisions are increasingly being taken out of the hands of physicians and put into the hands of "The Suits." To take their case for a return to physician-driven patient care to the people, some physicians are joining unions. Some are even collectively bargaining for salary and other issues that are historically more closely associated with unions. The simple fact is that physician unions exist and the number of physicians joining them is expected to increase. What are the pros and cons of unionization? What motivates physicians to join unions, and what potential negative and positive factors are associated with physician unionization? This article reviews the pros and cons and the issues related to physician unions, for physicians attempting to answer the question, "Is there a union in my future?" 相似文献
6.
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. 相似文献
7.
The purpose of this paper is to examine whether the stock performance of EU listed banks is related to their efficiency. Our sample consists of 171 banks operating in 15 EU markets over the period 2002–2006. First, we use stochastic frontier analysis to estimate the cost and profit efficiency of banks, while controlling for environmental factors. Then, we investigate if changes in profit and cost efficiency are reflected in changes in stock prices. Our results indicate that the change in profit efficiency has a positive and significant impact on stocks prices; however, there is no relationship between changes in cost efficiency and stock returns. 相似文献
8.
9.
《Journal of International Management》2008,14(3):232-251
In the 1990s, emerging economies all over the world deregulated, privatized and liberalized their domestic markets. These regulatory punctuations caused radical institutional changes for emerging market firms (EMFs). We argue that, for EMFs, regulatory punctuations created a liability of localness, parallel to the liability of foreignness that firms face when they go abroad. Whereas liability of foreignness comes from the differences caused by changing one's geographic place from ‘here’ to ‘there’; liability of localness comes from changing one's point in time from ‘then’ (pre-exogenous regulatory shock) to ‘now’ (post-exogenous regulatory shock). In both cases, firms incur additional costs, and the ones that survive are ones that best develop strategies for coping with “being in a strange land”. We apply our arguments to the Mexican banking industry, which was privatized and liberalized in the 1990s. 相似文献
10.
Caspar Rose 《Journal of Management and Governance》2007,11(4):405-428
It has been advocated within corporate governance that institutional investors may discipline management in listed firms and
thereby alleviate the free rider problem associated with dispersed ownership. This article tests this hypothesis using a sample
of Danish listed firms during 1998–2001 determining, whether ownership by institutional investors impacts performance, measured
by Tobin’s q. Using three stage least squares, it is shown that aggregate ownership by institutional investors does not influence firm
performance. However, when decomposing the results, it is found that joint ownership by the largest two Danish institutional
investors, has a significant negative impact firm performance. Ownership by banks and to a lesser extent insurance companies
significantly influences firm performance positively. The results somehow challenge the conventional wisdom, arguing that
the black box view of institutional investors should be abandon. Therefore it is suggested that a more careful analysis should
be devoted to each institutional investors own legal environment.
相似文献
Caspar RoseEmail: Email: |
11.
《Journal of International Management》2005,11(1):19-41
This paper addresses how the global activities undertaken by multinational enterprises (MNEs) in international settings impact corporate governance mechanisms and accountability systems. International corporate governance and accountability research, whether from a political science, economics, finance, or accounting perspective, has thus far predominantly focused on the comparison of corporate governance schemes in different countries and on the investigation of institutional parameters that determine these schemes. Straying from this line of inquiry, this article discusses how globalization at the firm level affects governance and accountability systems at parent- and subsidiary-levels. It emphasizes how an MNE's globalization attributes such as globalization scale, foreign adaptation, global competition, and international experience influence the design of governance mechanisms such as board size, board composition, executive compensation, market discipline, interlocking directorate, ownership concentration, duality and inbreeding, as well as the design of accountability systems such as accounting information, auditing standards, and financial and non-financial disclosures. This article bases its conjectures on information processing and agency theories. 相似文献
12.
Abstract. This paper is concerned with the possible economic effects of the demographic movements expected to emerge in the OECD area over the next 30 years. It is argued that the labour and product market implications of the changing population size and ageing are not as worrying as conventional wisdom believes, especially if counterbalancing economic policies are implemented. The most negative effect will probably concern a potential productivity slowdown, but ageing might also have some positive side-effects; implying, for example, declining youth unemployment. 相似文献
13.
《International Journal of Applied Quality Management》1999,2(2):127-151
Intangible investments constitute an emerging and important field of management. The objective of this article is to further consider the problem of intangible resource externalization from a theoretical as well as an operational point of view. The first section reviews the problem of defining intangibles; the second section considers the issue of outsourcing intangibles from a theoretical as well as an operational point of view; the third section reviews the practical issues (especially costrelated) of outsourcing, for two main intangible activities: research and development and information technology services (information logistics functions). The fourth section summarizes the main issues and discusses their implications for accounting analysis and practice. 相似文献
14.
Linney G 《Physician executive》2005,31(5):45-47
Find out why the trend toward hiring interim VPMAs and CMOs is growing and learn how three interims handled their posts. 相似文献
15.
Behavioral finance in corporate governance: economics and ethics of the devil’s advocate 总被引:1,自引:0,他引:1
Randall Morck 《Journal of Management and Governance》2008,12(2):179-200
The Common Law, parliamentary democracy, and academia all institutionalize dissent to check undue obedience to authority;
and corporate governance reformers advocate the same in boardrooms. Many corporate governance disasters could be averted if
directors asked hard questions, demanded clear answers, and blew whistles. Work by Milgram suggests humans have an innate
predisposition to obey authority. This excessive subservience of agent to principal, here dubbed a “type II agency problem”,
explains directors’ eerie submission. Rational explanations are reviewed, but behavioral explanations appear more complete.
Experimental work shows this predisposition disrupted by dissenting peers, conflicting authorities, and distant authorities.
Thus, independent directors, chairs, and committees excluding CEOs might induce greater rationality and more considered ethics
in corporate governance. Empirical evidence of this is scant—perhaps reflecting problems identifying genuinely independent
directors.
Randall Morck is University Professor at the University of Alberta, where he also holds the Jarislowsky Distinguished Chair in Finance; and is also a Research Associate with the National Bureau of Economic Research. He graduated summa cum laude from Yale and earned a Ph.D. from Harvard, to which he returns occasionally as a visiting professor. With numerous research articles collectively cited over 7,300 times by other scholars., he has served as a consultant to the US and Canadian governments, the World Bank and the IMF. 相似文献
Randall MorckEmail: |
Randall Morck is University Professor at the University of Alberta, where he also holds the Jarislowsky Distinguished Chair in Finance; and is also a Research Associate with the National Bureau of Economic Research. He graduated summa cum laude from Yale and earned a Ph.D. from Harvard, to which he returns occasionally as a visiting professor. With numerous research articles collectively cited over 7,300 times by other scholars., he has served as a consultant to the US and Canadian governments, the World Bank and the IMF. 相似文献
16.
Sjoerd Beugelsdijk Torben Pedersen Bent Petersen 《Journal of International Management》2009,15(2):126-141
In this study we discuss and empirically test the assertion that over the last two decades multinational enterprises' (MNEs') configuration of value-adding activities has shifted from a sparse and simple (host–home) international division of labor among the foreign affiliates to a more specialized and ‘advanced’ global value chain configuration in which MNEs locate fine-sliced parts of the value chain at the most efficient locations. Using data on trade flows of U.S. affiliates in 56 host countries between 1983 and 2003 we find some indications of a trend in the direction of global value chain specialization. In particular among US affiliates in developing countries the proportion of host–host, intra-firm trade has increased significantly during the observed period of time. Conversely, the proportion of host–home and inter-firm trade has diminished. We interpret this as indicating both value chain disaggregation (vertical specialization) and MNEs' systematic exploitation of factor cost differentials across countries. We also find that the absolute levels of all types of trade flows have increased. Hence, it is the relative, and not the absolute, changes in the trade flow patterns of US affiliates that gives credibility to the global value chain assertion. 相似文献
17.
A universal labeling of a graph G is a labeling of the edge set in G such that in every orientation \(\ell \) of G for every two adjacent vertices v and u, the sum of incoming edges of v and u in the oriented graph are different from each other. The universal labeling number of a graph G is the minimum number k such that G has universal labeling from \(\{1,2,\ldots , k\}\) denoted it by \(\overrightarrow{\chi _{u}}(G) \). We have \(2\Delta (G)-2 \le \overrightarrow{\chi _{u}} (G)\le 2^{\Delta (G)}\), where \(\Delta (G)\) denotes the maximum degree of G. In this work, we offer a provocative question that is: “Is there any polynomial function f such that for every graph G, \(\overrightarrow{\chi _{u}} (G)\le f(\Delta (G))\)?”. Towards this question, we introduce some lower and upper bounds on their parameter of interest. Also, we prove that for every tree T, \(\overrightarrow{\chi _{u}}(T)={\mathcal {O}}(\Delta ^3) \). Next, we show that for a given 3-regular graph G, the universal labeling number of G is 4 if and only if G belongs to Class 1. Therefore, for a given 3-regular graph G, it is an \( {{\mathbf {N}}}{{\mathbf {P}}} \)-complete to determine whether the universal labeling number of G is 4. Finally, using probabilistic methods, we almost confirm a weaker version of the problem. 相似文献
18.
El Gammal Walid Yassine Noura Fakih Khodr El-Kassar Abdul-Nasser 《Journal of Management and Governance》2020,24(2):411-430
Journal of Management and Governance - This paper studies the relationships among corporate governance (CG), ethical practices, and corporate social responsibility (CSR). In particular, the... 相似文献
19.
Marlene Davies 《Journal of Management and Governance》2009,13(1-2):41-73
This research looks at the working relationship between audit committees and the internal audit function within Welsh local government. The focus is primarily on the working relationship from the perspective of the head of internal audit, also known as the Chief Audit Executive or Chief Internal Auditor [Head of internal audit will be used synonymously with that of Chief Audit Executive and Chief Internal Auditor]. Is it a marriage of convenience or a working relationship where the two can capitalise on what they both bring to the corporate governance arena? Reluctance by local government in Wales to embrace the merits of audit committees in the late 1990s means that local government is playing catch up with other public sector organisations. This in turn affects the recognition of the benefits of an effective audit committee capable of working with the internal audit function to promote sound corporate governance. Published guidelines by the UK public sector accountancy body in 2005 on the implementation of audit committees within local government made those organisations yet to establish an audit committee to rethink the situation, and were encouraged by the seemingly positive benefits of audit committees. Wales was no exception, and the 22 local authorities considered embracing the concept of audit committees. Consequently, this placed the internal audit function and head of internal audit under the spotlight in terms of the expectations of the audit committee members. Audit committees roles and responsibilities mean that they should assist councils and officers to ensure they undertake their responsibilities with probity and effectiveness, especially in respect of financial control. It is imperative that committee chairs and internal audit can function as a working team in order to be effective. Audit Committees have a role to assess the performance of the internal audit function, appoint heads of internal audit, support and promote the audit function within the organisation. It is therefore important that the heads of internal audit have confidence and respect for the audit committee and its chair in terms of the skill and knowledge it has of the audit role in relation to the financial and non-financial aspects of the organisation. Laura Spira (2003) comments on how very little research has been undertaken in relation to the audit committee activities, within the private sector, consequently very little is known about what they actually do, let alone how effective they are in undertaking their role. In a similar vein, the same is true of the public sector audit committee activities, especially when they have tended to adopt the private sector audit committee as a blue print to their own audit committee development. 相似文献
20.
Public Organization Review - This paper examines the differences in job satisfaction in the public and private sector using the Spanish Survey of Life Quality at Work throughout the period... 相似文献