Dissertations / Theses on the topic 'Centennial Board of Finance'
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ZHOU, Ying. "Ownership structure, board characteristics, and tax aggressiveness." Digital Commons @ Lingnan University, 2011. https://commons.ln.edu.hk/acct_etd/3.
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Tax aggressiveness, as commonly proxied by the effective tax rate (ETR), measures a firm’s effort spent on minimizing its tax payments. It is suggested that more tax aggressive firms have greater incentives to allocate resources to minimize taxes and thus have lower ETRs. Corporate governance has been continuously receiving attention in literature across different fields and can affect a firm’s tax strategy through its control mechanism. This thesis investigates how corporate governance influences a firm’s tax aggressiveness. The main hypothesis of this thesis is whether firms with good corporate governance will have less incentives and opportunities to manage tax aggressively. Specifically, I take advantages of the distinct institutional settings in China to study whether the Chinese firm’s tax aggressiveness is affected by ownership structure and the characteristics of board of directors. Using all non-financial listed companies in the Chinese A-share market during 2003 and 2009 period, I find that firms with state-controlled nature and lower proportion of controlling shares pursue less aggressive tax strategies and maintain higher ETRs. In addition, my finding is consistent with prior literature that a higher percentage of the boards’ shareholdings and dual service duties performed by the board chairman result in lower ETRs. However, I do not find a significant relationship between the percentage of independent directors and tax aggressiveness which may suggest the ineffective role of independent directors in China.
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Sarang, Aitzaz Ahsan Alias. "Three essays on board gender diversity, corporate governance and corporate finance." Electronic Thesis or Diss., Aix-Marseille, 2019. http://www.theses.fr/2019AIXM0460.
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Cette thèse étudie l’impact de la diversité de genre dans les conseils d’administration en finance et gouvernance d’entreprise. Le premier chapitre présente la littérature sur la diversité de genre en sciences de gestion. Nous concluons le chapitre en soulignant les voies de recherche futures dans le domaine de la diversité au sein des conseils d'administration et de la finance d'entreprise. Les chapitres ultérieurs examinent empiriquement l'effet des femmes administratrices dans trois domaines importants en finance, mais non explorés dans le contexte du marché français. Il s'agit notamment du risque de liquidité, du coût des capitaux propres et de la probabilité de révocation du dirigeant suite à un faible rendement. Le deuxième chapitre examine l'effet des femmes administratrices sur la trésorerie de l'entreprise. À partir d'un échantillon d'entreprises françaises sur la période 1998-2015, nous montrons qu’il existe une relation positive significative entre la présence d’administratrices et deux mesures de la trésorerie des entreprises. Les résultats confortent l'idée que les administratrices ont une propension moins élevée à prendre des risques de liquidité que leurs homologues masculins. Le troisième chapitre examine la relation entre la diversité de genre au sein du conseil et le coût des capitaux propres. Nous constatons un effet négatif significatif des femmes administratrices sur le coût des capitaux propres. Le quatrième chapitre est basé sur la théorie de la masse critique. Les résultats suggèrent que le fait d’avoir au moins trois femmes augmente la probabilité de révocation des dirigeants peu performantsThis thesis examines the effect of board gender diversity in corporate finance. The first chapter provides a survey of literature on board gender diversity in management science domain and conclude the chapter by highlighting the potential areas of future work in the board gender diversity and corporate finance domain. The next chapters empirically examine the effect of female directors in three important, yet not explored areas of finance in the context of the French market. The second chapter examines the effect of female directors on corporate cash holdings. Using a sample of French firms over the period 1998 to 2015, we document a significant positive relationship between women directors and two measures of corporate cash holdings. The results support the notion that female directors have a lower liquidity risk-taking propensity than their male counterparts. The third chapter examines the relationship between board gender diversity and the cost of equity. We document a significant negative effect of female directors on the cost of equity. The fourth chapter is based on the critical mass theory. The results suggest that attaining the number of at least three women increases the likelihood of dismissing poorly performing CEOs. In summary, the results validate the notion that women directors are risk averse, strict at monitoring executives, and they increase the value of firm
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Rodriguez, Jodonnis. "Essays on the Effect of Board Gender Diversity on Firm Risk, Performance, and Institutions' Ownership Preferences." FIU Digital Commons, 2016. http://digitalcommons.fiu.edu/etd/2615.
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This dissertation examines the effect of gender diversity on firm risk and financial performance, and on the stock ownership preferences of institutional investors. For the firm risk and financial performance analysis, we use U.S. firms listed on the S&P 500 and NSE-listed Indian companies. The two samples provide our study with the ability to study gender diversity in a developed and emerging market with distinct economic frameworks, cultural traditions, and legal environments.
Our empirical tests show that firms with more gender diversity are less risky and have higher financial performance than firms with less gender influence. These results are consistent with the notion that the addition of female directors increases the collective intelligence of the board and, thus, leads to higher quality deliberations and decision-making. The results are robust to propensity score matching which help control for endogeneity. Additionally, the results are robust to various measures of firm risk, financial performance, legal environments, industry and time fixed effects, and clustered standard errors.
Furthermore, this dissertation examines the ownership preferences of institutional investors, a group of investors known for their ability to acquire private information and analyze publicly-disclosed information quickly. Researchers find that firms with female directors tend to disclose more firm-specific information and tend to serve on monitoring-related committees. As higher disclosure and more monitoring decreases institutional investors’ incentive to collect and profit from private information, we hypothesize that they will invest less in gender diverse firms. For our empirical tests we use the data on US firms. We find that institutional investors tend to hold less shares in firms with more gender diversity. These results are robust to industry and time fixed effects, heteroscedasticity, and serial correlation.
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Coria, Elizabeth F. "The Board of Governors fee waiver, financial aid, and community college student success." Thesis, California State University, Fullerton, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=3577926.
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California established the Board of Governors (BOG) fee waiver in 1984 to maintain educational access after the implementation of the state's first ever unit-based fees for community college attendance. Although it was not designed as an incentive to stimulate higher levels of academic achievement or student success, recent accountability policy enactments have ascribed this purpose to the BOG fee waiver. An example is the Seymour-Campbell Student Success Act of 2012, which established the first-ever academic satisfactory progress requirements for BOG fee waiver recipients. The purpose of this study was to explore the relationships among students' financial aid awards, including the BOG fee waiver, and measures of success for students who were attending Rio Hondo College. Findings showed that students who had the greatest financial need—and therefore the highest financial aid awards—had lower cumulative grade point averages and completed a smaller percentage of units attempted. While the study was unable to control for students' prior academic achievement, it appears that financial aid awards were not sufficient to fully counteract the negative effects of students' need, thus calling to question some of the efficacy of adding academic performance requirements to financial aid awards such as the BOG fee waiver. The paper concludes with a discussion of findings and recommendations for policy, practice, and future research.
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Bång, Joakim. "Essays in empirical corporate finance." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Finansiell ekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1283.
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In the first of the three chapters in this thesis, the effects of overlapping board directorships on executive compensation are analyzed. In particular the possibility of more or less explicit agreements to reciprocally increase compensation levels, or the possibility that the personal relationships of board members and CEOs determine compensation levels are examined, with suggestive results. The second chapter documents the existence of economically important halo effects in the Australian consumer real estate marker. The final chapter evaluates the effects of blackout (or silent) periods in the UK on corporate insider behavior. Joakim Bång's main research interests are in empirical corporate finance, and in particular in executive compensation, corporate governance and behavioral finance. He is currently teaching at the University of New South Wales in Sydney, Australia.Diss. Stockholm : Handelshögskolan i Stockholm, 2011
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Shrestha, Ganesh Bhakta. "Financing for urban development in Nepal : a case study of town development fund board and the municipalities /." Thesis, Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19906560.
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Kharabsheh, Buthiena. "The effect of board structure and presence of female directors on corporate risk taking in the UK." Thesis, University of Liverpool, 2015. http://livrepository.liverpool.ac.uk/2012099/.
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This study investigates the effects of board structure and the presence of female directors on corporate risk-taking behaviour of UK public firms. The research employs a sample of 589 firms from the non-financial sector and 276 firms from the financial sector listed in the FTSE All-Share Index on the London Stock Exchange over the period 2003-2012. The main objective of this research is thus to examine the effect of board structure characteristics and the presence of female directors on corporate risk taking in UK publicly listed companies. After controlling for three types of endogeneity, i.e. simultaneity, unobserved heterogeneity and dynamic endogeneity, through the application and use of a dynamic panel estimator system GMM, this study finds that board structure and female directors are important determinants of corporate risk taking in the UK. Board independence and CEO/Chairperson duality are negatively related to corporate risk taking in both the financial and non-financial companies. In addition, the findings indicate that larger boards in the non-financial sector result in lower corporate risk taking whereas no impact of board size was found in the financial sector. While analysing the percentage number of female directors on corporate risk taking, it was revealed that the presence of female directors on corporate boards in the non-financial sector increases the corporate risk taking and thus works in line with shareholders’ interests and expectations. Moreover, the study finds that this positive significant effect has a quadratic concave effect on corporate risk taking. However, in the financial sector no significant effect on risk taking is shown by the presence of female directors. After considering the effect of financial crisis, it was found that the non-executive directors work in line with shareholders’ interests and support more risky investments in the pre-crisis period in the non-financial companies. However, the non-executive directors in the financial sector behave in a more conservative way, and negatively affect corporate risk taking in both the pre-crisis and post-crisis periods. Moreover, in both sectors duality is found to be negatively related to corporate risk taking during the crisis period only, with no significant effect found for duality in the pre- and post-crisis periods. Further, the positive effect of female ix directors in the non-financial companies appears only in the pre-crisis period. Overall, the findings of this research would be important for the regulators and policymakers responsible for establishing corporate governance regulations for both the financial and non-financial sectors in the UK.
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Engelbrecht, Leonie S. "Women on executive and board levels in South Africas finance sector : why so few." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/97270.
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Thesis (MBA)--Stellenbosch University, 2014.ENGLISH ABSTRACT: The study presents an empirical investigation that was conducted on why the number of women on executive and board levels in companies is not consistent with the number of women in the workforce. The barriers which women face in career progression were explored by focusing on three main themes, namely internal, societal and organisational barriers. The research method used to evaluate previous and current research was content analysis which provides a definitive correlation between current challenges that women face and how they have progressed over the past 20 years. The research further provides insight in what changes companies and government can incorporate to ensure that the gender gap is closed over time. Analysis shows that although the number of women on executive and board level has improved during the past ten to 15 years, it remains disconcertingly low. The type of barriers which hindered women from reaching the upper management positions some time ago, are still the same reasons that keep them in the lower ranks in the business. Findings have indicated that the strongest internal barrier is that women struggle to balance family obligations with the severe requirements of top positions in business. It was also found that some women do not perceive the male-dominated structures and discrimination in companies as a threat but rather see it as a challenge which strong women can overcome if they believe in and equip themselves. Although some companies have made progress in supporting women and invite women onto their boards and executive teams, the attempt is still not enough to close the gender gap. The present study concludes with recommendations on what women, male colleagues, companies and government bodies can do to increase the number of women on upper levels in the organisations.
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Vernimb, Peter Jon. "Superintendent and School Board Relationships: Applying Leadership Strategies to Maintain Quality Public Schools During an Economic Recession." Diss., Virginia Tech, 2015. http://hdl.handle.net/10919/71694.
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This study describes the strategies that were employed by the Frederick County Public Schools Superintendent and the School Board to maintain instructional programming while assuring continued support for schools by the local governing body during the economic recession of 2007-2009. Despite reductions in state appropriations beginning in 2008 and continuing through 2011, division leaders worked closely with the county Board of Supervisors to support public schools and local governmental services, even as the local economy faltered. While other local governments annually reduced appropriations to schools, effort by the Frederick County School Board and its administrative leadership to foster a positive relationship with the Board of Supervisors led to only one operating fund reduction in fiscal year 2010, as the schools' share of the projected local revenue shortfall. This study describes those actions that promoted and improved trust between the School Board and the Board of Supervisors. This study addresses the following research questions:
1. What political and relationship factors contributed to maintaining level local funding in fiscal year 2010 and beyond by the local Board of Supervisors?
2. What strategies were employed by the School Board and division leadership to reduce operating expenditures and maintain quality education programs for all students?
3. How did State Fiscal Stabilization Funds provided under the American Reinvestment and Recovery Act influence decision making for fiscal year 2010?
Some of the actions taken by the School Board and the Board of Supervisors may be representative of those steps taken to address revenue shortfalls by other Virginia local governments. However, each community has had unique financial challenges to overcome. Not all actions described will be generalizable to other communities. As economic uncertainty continues at the time of this study, the findings may foreshadow how public education will be supported in the future.Ed. D.
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Peters, Dennis L. "The Tennessee School Board Chairperson's Perception of School Accountability." Digital Commons @ East Tennessee State University, 1992. https://dc.etsu.edu/etd/2764.
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The purpose of this study was to obtain and analyze information about the perceptions of local school board chairpersons in Tennessee toward school accountability. A questionnaire was designed to gather information from all school board chairpersons in the state of Tennessee. The questionnaire contained 32 attitudinal statements related to school accountability and 11 demographic questions about the chairpersons and the system they represent. The mean score, frequency, and percentage of the responses were computed and analyzed. The Kruskal-Wallis one-was ANOVA was computed to determine if significant differences existed in the mean score of the 32 attitudinal statements based on the 9 demographics which contained more than two subgroups. When only two subgroups were available in the demographics, or the Kruskal-Wallis identified that a significant difference did exist among the subgroups, the Mann-Whitney U - Wilcoxon Rank Sum W Test were computed. The Mann-Whitney U Test identified the differences and pinpointed the subgroups that did have significant differences. Findings derived from school board chairpersons' responses to the questionnaire: (1) Parents are responsible (99.1%) for getting children to attend school. (2) Schools should be equally funded (98.2%) before a school accountability program is implemented. (3) More research on value-added testing needs to be completed before teachers and principals are held accountable by test results. (4) Programs to improve attendance (86.7%) and graduation rates (85.7%) need to be implemented for all school systems. (5) School board chairpersons need more education concerning site-based management and how it relates to accountability.
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Kim, Incheol. "Two Essays on Politics and Finance." Scholar Commons, 2013. http://scholarcommons.usf.edu/etd/4710.
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I examined how politics affects corporate policies and value in two dissertation essays. In my first essay, we investigate whether diversity in points of view within corporate boards, as captured by the diversity in political ideology of board members, can affect a firm's performance. We employ personal political contributions' data to measure political ideology distance among groups of inside, outside directors and the CEO. Our empirical evidence strongly supports the notion that outside directors' monitoring effectiveness is more likely to be enhanced when their viewpoints are distinct from those of management. We find that ideologically diverse boards are associated with better firm performance, lower agency costs and less insiders' discretionary power over the firm's Political Action Committee (PAC) spending. Taken together, our results lead us to conclude that multiplicity of standpoints in corporate boardrooms is imperative for board effectiveness. In my second essay, we document that firms surrounded by high degrees of policy risk generated by local politicians' legislative activities present significantly high stock returns, indicating investors' perception of policy risk. We find that the diverse political strategies firms implement 1) successfully mitigate such policy risk, 2) help firms to acquire more lucrative procurement contracts, and 3) even get firms in trouble with legal issues. Additional results reveal that poor stock performance related to litigation is significantly recovered by political connections. Overall, our results reflect that investors view corporate political activities as effective hedging strategies against policy risk. Collectively, politics plays a critical role in determining corporate policies and/or value.
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Philp, Paul A. "Understanding decision making within the changeless| Board culture, revenue adjustments, and mission shift." Thesis, Capella University, 2013. http://pqdtopen.proquest.com/#viewpdf?dispub=3567875.
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Fluctuations within the global economy have the capacity to affect the revenue streams of institutions of higher education, often necessitating discussions of financially-motivated mission shift within the context of governing boards. This study investigated the manner in which institutional cultural attitudes of governing board members differ when discussing such issues at religious institutions of higher education. These differences were studied within the unique context of the challenges raised by the interplay between organizational change and a culture defined, in part, by doctrinal formulations. Governing board members at five religious institutions of higher education were interviewed in a qualitative comparative case study regarding the board decision-making process. Structured interviews utilized the critical incident technique and the framework of resource dependence theory. The study revealed critical differences in the manner in which board members engaged the decision-making process in each of the aspects of resource dependence theory, as well as in the areas of institutional mission and finance. The local societal context of each institution was revealed to be a critical component in the board decision-making process relative to institutional mission, institutional finance, and financially-motivated mission shift.
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OSullivan, Jennifer. "Corporate Governance, Performance and Risk-Taking in the U.S. Banking Industry." ScholarWorks@UNO, 2012. http://scholarworks.uno.edu/td/1521.
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In this dissertation, we first examine the relationship between performance of the bank holding company and several board characteristics. We use five proxies for bank performance including Tobin’s Q, ROA, loan loss reserve ratio, non-performing asset ratio, and net charge-offs ratio. Board characteristic variables we include are board size, proportion of outsiders, CEO power, CEO tenure and board tenure. We find that a large board enhances bank performance, as proxied by Tobin’s Q and loan quality variables. We find no evidence that board structure or CEO power influences firm performance. We see that CEO and board tenure have a positive effect on firm performance. We further employ a crisis dummy during the period 2007 through 2009 to determine if the relationships between firm performance and board characteristics changed during the crisis. Our crisis results show us that board size has a negative effect on Tobin’s Q and the non-performing asset ratio during the crisis. Further, we find that board structure decreases the non-performing asset ratio during the crisis.
We next examine the relationship between risk-taking of the bank holding company and several board characteristics. We use four accounting based proxies for bank risk-taking including credit risk, liquidity risk, capital ratio and operational risk. We also use three market based proxies for bank risk including market beta, idiosyncratic risk and the standard deviation of its stock return. Board characteristic variables we include are board size, board independence, CEO duality, CEO tenure and board tenure. We find that a large board reduces both balance sheet and market risk. We further investigate the relationships between risk-taking and board characteristics changed during the financial crisis of 2007-2009. We find that our results are robust during the crisis.
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Olson, David Eric. "Agency theory extensions: The impacts of board demography in banks and independent colleges." Diss., The University of Arizona, 1998. http://hdl.handle.net/10150/282615.
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This dissertation is a compilation of three studies that seek to extend the reaches of agency theory. In the first study, data on California banks from 1979-1987 were used to test the effect that board strength has on the acquisition and subsequent write-off of problem loans. As expected stronger boards incurred fewer loan delinquencies and loan losses. Board strength was also associated with smaller increases in loan write-offs when management turned over but larger increases when board members turned over. This suggests that board members are susceptible to escalating their level of commitment in the same way that managers are, implying that board members are also self-serving. Using the same data set, the second study examined the relationship between management ownership in banks and corporate performance and risk-taking. In support of the agency argument, increased management ownership led to higher levels of ROA and loan losses in the banks. The function was diminishing but monotonic. Using data gathered from private colleges and universities, the third study focused attention on agency in the not-for-profit sector by examining the relationship between board of director and presidential demography and school performance as measured by institutional revenue and gifts. The results provide mixed support and direction for the extension of agency models to the not-for-profit sector. Board strength, as measured by tenure and functional background, and presidential tenure, predicted better performance. These findings suggest that while boards play a significant role in performance of not-for-profits, their focus is on facilitating access to resources from the external environment rather than in monitoring management.
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Nenninger, Steve A. "Three perspectives of mutual fund performance : the individual investor, the finance professional, and the board of directors /." Available to subscribers only, 2009. http://proquest.umi.com/pqdweb?did=1967963311&sid=1&Fmt=2&clientId=1509&RQT=309&VName=PQD.
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Nenninger, Steve A. "Three Perspectives of Mutual Fund Performance: The Indiviudal Investor, the Finance Professional, and the Board of Directors." OpenSIUC, 2009. https://opensiuc.lib.siu.edu/dissertations/72.
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In this dissertation I examine mutual fund performance from the points of view of three distinct, but interrelated parties: individual investors, financial advisors, and the boards of directors of mutual fund companies. In the first essay, "Comparing Fund Flow Sensitivity for Load and No-Load Funds Under Different Market States," I compare the flow-performance sensitivity of no-load funds and the three main classes of load fund shares, assuming investment advisors are more likely to guide the decision-making process of load fund investors. I find that load investors are more sensitive to raw fund return than are no-load investors. The flow to performance relation increases during good market states, but portfolios formed from the top performing funds after good market years actually tend to underperform during the following three years. In the second essay, "Mutual Fund Performance and Board Characteristics Relating to Manager Terminations," I examine the timing of the decision to replace fund managers. I find that while returns and flows improve for those funds which replace their managers, very similar improvement is found in funds which do not terminate their managers. However, for mutual fund boards which do choose to replace a poorly performing manager, stronger board governance characteristics are associated with a greater probability of early replacement. In the third essay, "Mutual Fund Performance in Extreme Market States," I examine performance of actively managed mutual funds separately for good and bad states of the market to test whether mutual funds perform differently under different market conditions. I find that the sample of funds performs 2.3 percentage points better in good states over bad on a risk adjusted basis. I also analyze the performance of mutual funds by assuming individual funds are part of a larger, more complete portfolio. The performance of the portfolios closely matches that of the individual funds.
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Pitt, Lucian J. "An investigation into the use of derivative by 104 of the smallest companies on the main board of the JSE as well as those companies listed on the ALTX." Master's thesis, University of Cape Town, 2011. http://hdl.handle.net/11427/12679.
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Included bibliographical references (leaves 52-55).This paper is a study of the use of derivatives by the smallest companies listed on the Johannesburg Stock Exchange (JSE). The size of the company is measured in terms of its market capitalisation. The sample of companies chosen for review is roughly comparable to the small companies referred to in the studies of Bodnar, Hayt, Marston and Smithson (1995) and Bodnar, Hayt, and Marston (1996; 1998) and similar studies that followed in various other countries. The objective of the study is to test the hypothesis that… 1. the use of derivative by small South African companies will be aligned to international trends, 2. that companies in the primary sector will demand derivatives mainly for the management of exposure to commodity price risk, 3. that manufacturing companies will demand derivatives mainly for the management of foreign exchange risk and that the instrument of choice will be forwards, 4. and finally, that companies who use derivatives for the management of interest rate exposure will show an overwhelming preference for swaps as an instrument of choice. The study supports the third and fourth hypothesis. The first hypothesis is not supported given the lower demand for derivatives shown compared to international trends, although the trend in South Africa is in line with earlier studies of Bodnar, Hayt, Marston and Smithson (1995) and Bodnar, Hayt, and Marston (1996; 1998).
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Hall, Ronald M. "The perceived effects of membership on an Indiana public school board of education on members' families, friendships, and personal finances." Virtual Press, 1999. http://liblink.bsu.edu/uhtbin/catkey/1159145.
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The purpose of the study was to determine how former Indiana public school board of education members perceived the effects of school board service on their families, friendships and finances. The primary research problem was that there were no systematically acquired descriptions of the prevalence of consequences of service on an Indiana public school board of education. Twelve research questions were presented.The study was descriptive in nature and used descriptive survey methodology. A survey containing 40 closed-ended and four open-ended questions was mailed to 433 former Indiana public school board members who served in 1995 and whose terms of service expired on or before June 30, 1996. Of the 390 deliverable surveys, 207 (53.1 %) were completed and returned. The statistical analyses of the aggregate data included the establishment of frequency counts, corresponding percentages, analysis of variances (ANOVA), and Tukey's HSD post hoc analyses. Responses from the open-ended questions were reviewed by the researcher to determine common categories based upon the content of the responses. The categories were ranked and reported based upon the frequency and corresponding percentage of the responses.Data from the study indicated that most former members of Indiana public school boards perceived that their membership on Indiana public school board had no effect on both their familial and non-familial relationships. If there was a perceived effect, it was more likely to be positive in nature than negative. In addition, most former Indiana public school board members perceived that membership on Indiana public school boards of education had no effect on the friendships/non-family relationships of their children, spouses, or significant others. If there was an effect, it was more likely positive than negative.Former Indiana school board members generally perceived that service on Indiana public school boards of education had no effect on their businesses and/or economic status. If there was an effect, it was more often negative than positive.There were essentially no differences in the perceived effects of service on a local Indiana public school board of education based upon board members' method of assuming office (election, appointment, etc.), method of leaving office (defeated in election, choosing not to seek re-election, etc.) length of school board service, gender, political experience or service as board president.A difference in the perceived effects of service on local Indiana public school boards of education was found based up the former members' occupations and the urbanization of the former members' districts.More than half of the respondents indicated that because of school board membership they occasionally or often experienced increased periods of stress, received cold or unresponsive reactions from acquaintances, and experienced interactions that they would describe as harassment. However, more than 85% of the respondents indicated feeling pride in their leadership and accomplishments, as well as the development of greater personal growth because of their service on public school boards. In addition, approximately 95% of the respondents indicated they were thanked or shown appreciation for their service on a school board.Department of Secondary, Higher, and Foundations of Education
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Iselin, Michael. "Estimating the Potential Impact of Requiring a Stand-Alone Board-Level Risk Committee." The Ohio State University, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=osu1402311135.
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Michener, Olivia H. "A national survey of school board members views on retrenchment in public school budgets." Diss., Virginia Tech, 1992. http://hdl.handle.net/10919/38532.
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Rahman, Mohammad Anisur. "Short Selling: Implications for Corporate Governance and Capital Structure." FIU Digital Commons, 2018. https://digitalcommons.fiu.edu/etd/3731.
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The literature on short selling documents substantial evidence that short sellers are generally informed investors (e.g., Diamond and Verrecchia, 1987; Asquith and Muelbrook, 1996). This dissertation investigates three specific implications of informed short selling for a firm and its investors.
The first essay investigates if short selling discourages managers from pursuing over-optimistic projects by reducing equity market timing. By conditioning short selling on firm overvaluation, this essay shows that short selling reduces managerial equity market timing and increases leverage. This moderating impact of short selling is more pronounced in smaller firms and those with low institutional ownership or higher intangible assets. Furthermore, the results show that board independence facilitates the above effect of short selling which helps protect shareholder interests.
The second essay investigates if board independence reduces informed short selling prior to earnings announcements. This essay estimates short sellers’ correct prediction of the direction of unexpected quarterly earnings through Logistic regression and finds that short sellers’ correct prediction decreases in firms with independent boards relative to firms with non-independent boards. Furthermore, this effect is more pronounced in firms with CEO duality and large board size. The quasi-natural experiment using the exogenous shock to board independence from the Sarbanes-Oxley Act of 2002, provides further support to our hypotheses.
The third essay provides Sell recommendations by examining pre-announcement short selling of firms ahead of their earnings announcements. The methodology makes Sell recommendations for firms with the highest short position prior to their quarterly earnings announcement. The post-announcement raw, excess, and abnormal returns of firms having the Sell recommendations are statistically and economically significant for multiple-holding periods showing the methodology’s significant trading strategy implication.
This dissertation significantly contributes to short selling, governance, capital structure, and investment literature.
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Wang, Yuwei. "Two Essays on Corporate Governance." Scholar Commons, 2012. http://scholarcommons.usf.edu/etd/4415.
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This dissertation includes two related chapters that investigate corporate governance. In the first chapter, we examine the effectiveness of board monitoring on CEOs. It is widely believed that outsider boards are better monitors. In fact, regulations now require that the board of directors of publicly traded firms be composed of a majority of independent directors (or outsiders). However, this paper documents that an insider-dominated board can monitor the CEO just as well as an outsider board can when the firm's CEO is hired from outside. The results suggest that what matters is not so much as the structure of the board, but the "independence" between the board and the CEO it monitors. Specifically, we find that insider boards monitor more of their firms' CEOs if the CEO is hired from outside than from within. In addition, outsider boards monitor both inside and outside CEOs the same way. We also find little difference between insider and outsider boards when they monitor outside CEOs. The main contribution of this paper is to show that an insider board can be an effective monitor as long as it is independent of the CEO. In other words, what is important is board independence, not board structure per se.
In chapter two, we examine the relation between the change in a firm's value and its CEO selection sources: internal promotion versus external hire in both high and low product competition environments. Our results show that firms will be better off hiring an outside CEO (external hire) when the firms operate in a low product competition industry. Specifically, the evidence shows that hiring an outside CEO for a firm in a low product competition industry will increase the firm's value by about 3% for the entire tenure of the CEO. The main contribution of this paper is to show that product market competition is an important factor in CEO selection.
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Rodgers, Sally T. "Guidelines for small school systems in developing orientation programs for board members." Diss., Virginia Polytechnic Institute and State University, 1986. http://hdl.handle.net/10919/76490.
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The purpose of this study was to develop guidelines for small school divisions in Virginia to use in preparing an orientation program which would meet the needs of the new school board members. These guidelines addressed state and local concerns which had been identified through the review of literature and a questionnaire which was completed by superintendents and school board members from small school divisions in Virginia.
The questionnaire was distributed to all superintendents and school board members from school divisions with fewer than five thousand students. The contents of the guidelines were determined by those items which were identified as being essential by 50 percent or more of at least one of the respondent groups.
The results from this study indicated that school board members and superintendents do agree on the majority of items that were essential to an orientation program for new school board members. Thirty-eight of the sixty-nine items were regarded as essential by both respondent groups. There were eight areas in which the superintendents and school board members disagreed. These areas were also included in the guidelines.
As a result of this study a set of curriculum guidelines was developed which would assist small Virginia school divisions in preparing an orientation program for new school board members. The ultimate aim of these guidelines was to improve the effectiveness of the new school board member.Ed. D.
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Hurley, Charles A. "Capital Maintenance Funding of Two-year Colleges in the Tennessee Board of Regents System and Selected Funding Models." Digital Commons @ East Tennessee State University, 1993. https://dc.etsu.edu/etd/2737.
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The purpose of this study was to determine the differences between selected state capital maintenance models and the model used in Tennessee. Research questions addressed the differences between the other selected models and the Tennessee model; the quantitative results of the models using data collected from the 14 Tennessee public two-year colleges, and the policy issue differences of the selected models. Research involved gathering information for each specific selected model including common factors used to calculate capital maintenance needs. Comparisons were made of the major components of each model. Actual data from the 14 Tennessee public two-year colleges was incorporated into each model. The quantitative results were then compared. Research also revealed policy issue differences between the selected models. These differences were examined. Results of this study included suggestions for enhancements to the Tennessee model which would provide more equitable funding of capital maintenance needs for each institution. Other suggestions and conclusions included the development of specific training and guidelines for the proper completion of model calculations. It was also suggested that an awareness campaign be initiated to strengthen the funding authority's commitment to the capital maintenance problem.
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Bai, Gang. "BANK HOLDING COMPANY GOVERNANCE, OPACITY AND RISK." Diss., Temple University Libraries, 2013. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/214769.
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Business Administration/FinancePh.D.
As financial intermediaries, banks are "special" because they play an important role in transferring funds from surplus spending units to deficit spending units and serve as a channel of monetary policy. Therefore, the safety and soundness of banks is essential to the financial stability and economic development. This study investigates how bank governance mechanisms, namely, executive compensation and board of directors, affect bank safety. Given the unique nature that bank assets are opaque, bank governance is expected to be different from corporate governance of industrial firms. This study also investigates how the opaqueness nature of bank assets affects the compensation design of bank executives. Chapter 1 investigates the association between asset opacity and CEO pay-performance sensitivity of bank holding companies (BHCs). Contrary to the monitoring cost hypothesis according to which when information asymmetry is high firms rely more heavily on equity-based compensation, I find that when the share of opaque assets in total assets increases, pay-performance sensitivity in BHCs declines. This finding supports the view that when the share of opaque assets increases, managers can pursue risky projects to a greater extent in the interests of shareholders but at the expenses of bondholders, and, hence, the optimal compensation structure in BHCs with larger share of opaque assets has a lower pay-performance sensitivity to restrain managerial risk-taking incentives, reducing the conflicts of interests between shareholders and bondholders. The negative effect of asset opacity on pay-performance sensitivity is robust after accounting for the endogeneity of asset opacity and using various compensation measures. In addition, I find that higher pay-performance sensitivity generally leads to a greater share of opaque assets in total assets. The results of this study suggest that asset opacity is an important determinant of compensation structure in the banking industry. BHCs should use caution when using stocks and options to promote prudent risk taking under bank asset opacity conditions because opaque bank assets make risk-shifting behaviors induced by equity-based compensation difficult to monitor, threatening the bank stability. Regulators should also account for this opacity effect. Chapter 2 investigates the relationship between insolvency risk and executive compensation for BHCs over the 1992-2008 period. I employ CEO compensation sensitivity to risk (vega) and pay-share inequality between the CEO and other executives as measures of compensation and employ a simultaneous equation model to account for the endogeneity problem between vega and risk. Five main results are obtained. First, CEO compensations in BHCs have risen in response to deregulation to resemble those of the industrial firms. Second, higher vegas lead to greater bank instability. Third, the association between bank stability and managerial compensation is bi-directional; higher vegas induce greater risk and vice versa. Fourth, BHCs in the next to the largest-size group increase CEO vegas the most and have the strongest potential to create instability in the financial industry, such as the one witnessed in 2007-2009. Fifth, increased pay-share inequality has effects opposite to those of the increase in vega; greater pay-share inequality is associated with greater bank stability. Implications of executive compensation effects on instability for depositors, deposit insurers and regulators are drawn. Chapter 3 investigates the association between the structure of board of directors and risk taking of bank holding companies. I use the number of directors on the risk committee and the frequency of its meetings to measure the strength of risk management exercised by bank boards. Several interesting findings are obtained. First, banks with stronger risk committees, namely risk committees with a greater number of directors and more frequent meetings, are associated with more diversified loan portfolios, greater amounts of safer loans, less mortgage-backed securities, and lower market risk. These results continue to hold even after controlling for the possible endogeneity problem using the dynamic panel GMM estimator. Overall, these results suggest that stronger risk management by bank boards has a positive and significant impact on banks' safety and soundness. Second, the percentage of banks having a risk committee has been increasing steadily since 1999, suggesting bank boards have gradually taken a greater role in risk management and their fiduciary duties have expanded beyond shareholders to include depositors. However, less than half of bank boards have a risk committee before 2007, suggesting weak risk management at the top level and the possibility that bank boards may have failed to control the excessive risk-taking in the banking industry leading to the recent financial crisis. Finally, the percentage of banks with a risk committee is still less than 60% after the crisis, suggesting that depositors and bank supervisors could enhance the stability of banks by further improving the effectiveness of internal risk control at bank boards.
Temple University--Theses
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Korkmaz, Aslihan Gizem. "Three Essays on Corporate Governance." Cleveland State University / OhioLINK, 2015. http://rave.ohiolink.edu/etdc/view?acc_num=csu1437057271.
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Alharbi, Abdulrahman. "Dividend Policy in a Frontier Market and Sector Equity Traded Funds in the United States." ScholarWorks@UNO, 2017. http://scholarworks.uno.edu/td/2371.
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In chapter 1, we examine the nature and scale of the relationship between returns on sector Equity Traded Funds (ETFs) and their volatility. We discuss the source and direction of the effect between returns and risk and whether behavioral biases are prominent among sector ETFs. The study has implications for financial sector practitioners and investors, as it provides more information about the risk in sector ETF and whether that risk differs from that of other investment instruments. To this end, we test three hypotheses based on the relevant literature on volatility and returns: the leverage effect hypothesis, feedback hypothesis, and behavioral biases in assets pricing. We employ two measures of volatility in this chapter; specifically, we use the GARCH (1, 1) model and the Range-based autoregressive model.
Chapter 2 presents an examination of the factors that affect payout policy in a frontier market. MSCI classifies the Saudi stock exchange as a large frontier market and proposes to be reclassified as an emerging market by next year. The Saudi market is characterized by the high governmental influence and dominance of individual traders on daily transactions. By studying the 12-year panel data, we assess the effect government, board characteristics, social norms and major shareholder on Saudi firms’ decision to distribute dividends. The government presence and investor taste, especially for Islamic-compliant firms, are discussed. This chapter provides valuable information for investors and practitioners by identifying the factors that should be considered when making finance and investment decisions in frontier markets.
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Donkor, Augustine. "Combined assurance, firm reporting and market consequences: The mediating roles of Board monitoring intensity and integrated reporting quality." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2021. https://ro.ecu.edu.au/theses/2432.
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There have been changes in corporate reporting practice to meet the changing needs of the business environment and stakeholders, which aimed to improve corporate reporting and capital market performance of firms. Integrated reporting (IR) has evolved as the current corporate reporting framework to overcome the existing limitations of corporate reporting and to promote the disclosure of forward-looking information. However, there are heightened concerns about the reliability of IR and appropriateness of existing assurance mechanisms for current trends in corporate reporting practice. Therefore, the combined assurance (CA) model has been introduced. However, the suitability and consequences (i.e., economic and reporting) of the CA model in the current reporting environment and the role of IR quality and board monitoring intensity (BMI) are rarely examined in the literature. Thus, this study relies on agency and stakeholder theories to empirically assess the economic (i.e., capital market liquidity performance) and reporting (i.e., reporting performance of sustainability [ESG] and financial reporting [FR] quality) consequences of CA quality and the mediating roles of BMI and IR quality.
This study observed a sample of 85 firms on the Johannesburg Stock Exchange in South Africa between 2011 and 2017. The sample firms provided 595 firm-year observations. South Africa was selected for this study, as it is the only country that mandates IR and encourages the CA model.
CA and IR quality were assessed using content analysis. The least-square dummy variable (LSDV) variant of fixed effect (FE) estimating technique with PROCESS macro based on bootstrap confidence intervals was used to estimate the models. The study finds that CA quality is an appropriate assurance mechanism for forward-looking and narrative in nature reports (i.e., IR and ESG). Further, CA quality can reduce firms’ operational disruptions that support real earnings management and is an essential tool to improve capital market liquidity performance of firms. IR is also found to be a superior reporting mechanism to the existing standalone reporting frameworks (i.e., ESG and FR). Moreover, firms’ capital market liquidity and reporting performance are beneficiaries of IR quality. However, the study indicates that CA quality is not ideal for accrual earnings management, and BMI does not directly influence firms’ capital market liquidity performance. The findings generally reveal that BMI and IR quality mediates the relationship between firms’ reporting performance, capital market liquidity performance and CA quality.
The study findings make significant contributions to the ongoing debate of IR’s superiority and the suitability of the CA model in current corporate reporting practice. The finding that IR and CA are relevant to capital market liquidity and firm reporting performance supports the increasing interest in IR and CA globally. Hence, countries, regulatory bodies and standard setters will find the findings helpful in considering the mandatory adoption of IR and the CA model.
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Imes, Matthew Douglas. "Essays In Executive Incentives." Diss., Temple University Libraries, 2019. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/596467.
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Business Administration/FinancePh.D.
My dissertation consists of three chapters which explores various aspects of executive incentives. In the first chapter, I examine the relation between executive equity pay and stock returns. By compensating CEOs and CFOs differently, shareholders can create incentive conflicts between the firms’ top two managers that potentially affects shareholder wealth. On the one hand, incentive conflict potentially benefits shareholders by improving information exchange and establishing checks and balances in decisions made jointly by the CEO and CFO but alternatively, can harm shareholders by increasing risk through impeding the decision-making processes. I examine the relation between CEO-CFO incentive conflict and stock returns. The analysis indicates that an investor who routinely buy firms with the least incentive conflict and shorts firms with the greatest incentive conflict between CEO and CFOs will outperform the market by 475 basis points per year. I investigate whether risk, firm performance, or market inefficiency explain the excess returns and provide evidence that shareholders demand higher returns for bearing risk associated with CEO-CFO incentive similarities. Next, I explore the impact of executive incentives on bondholder wealth through looking at bond yields. Firms compensate managers to maximize shareholder value, yet these same incentives affect bondholder risk. I investigate the relation between executive equity pay and the cost of debt. My findings indicate a “u-shaped” relation between bond yields and equity pay. These results are consistent with the notion that bondholders prefer a moderate amount of executive equity pay and above or below that level, bondholders increase yields to protect their interests. Instrumenting equity pay using CEO heritage, I find support for a curvilinear relation. These findings suggest that moderate levels of equity pay mitigate the agency costs between firm shareholders and bondholders. Finally, I study the affect of board gender diversity on CEO and director compensation. Females occupy only about 12% of director positions on corporate boards. I find that boards with more female’s onboard tend to give CEOs larger fractions of equity in their compensation packages while incentivizing directors with lower fractions of equity pay. This evidence is consistent with the notion that female board members are superior monitors yet also possess greater risk-aversion than male board members.
Temple University--Theses
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Pandya, Dishant D. "A Study on the Effect of the Mandated Change in Board Composition on Firm Performance & CEO Compensation." Cleveland State University / OhioLINK, 2021. http://rave.ohiolink.edu/etdc/view?acc_num=csu1624556598421205.
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Carnes, Marilyn J. "The Status of Training for Local Boards of Education in Ohio as Perceived by School Board Members and Superintendents." Ohio University / OhioLINK, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1210108464.
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Mendes-da-Silva, Wesley. "Board interlocking, desempenho financeiro e valor das empresas brasileiras listadas em bolsa: análise sob a ótica da teoria dos grafos e de redes sociais." Universidade de São Paulo, 2010. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-24052010-161337/.
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A governança corporativa é uma área do conhecimento em finanças que tem recebido crescente atenção da comunidade acadêmica. Em seu escopo, existe um fenômeno que, crescentemente, tem motivado pesquisas: o board interlocking. Isto é, o fato de uma ou mais pessoas participarem, simultaneamente, do conselho de administração de empresas diferentes, possibilitando a formação de redes corporativas e pessoais, nas quais são criados fluxos de recursos essenciais à empresa, sejam esses negociados, ou não, em mercados. Diante desses argumentos, o objetivo principal desta tese é verificar a existência de associações de aspectos posicionais das empresas nas redes com o valor e o desempenho financeiro da firma, ao mesmo tempo em que se analisa a evolução estrutural das redes corporativas e pessoais. O presente estudo foi desenvolvido a partir de dados relativos a um conjunto de 452 empresas listadas no Brasil, entre 1997 e 2007, com base nas abordagens da teoria dos grafos e das redes sociais, empregando regressões com dados em painel. Os principais resultados deste estudo sugerem a existência de uma elite intelectual que ocupa a alta administração das companhias listadas em bolsa. Uma consequência desse resultado é o entendimento do ambiente corporativo, segundo o modelo de small-worlds, para o qual a distância entre os atores de uma rede tende a ser pequena, sendo grande o agrupamento local dos participantes da rede, aumentando a velocidade de comunicação entre membros de conselhos, e, consequentemente, entre as empresas. No quesito do desempenho da firma, encontrou-se uma relação quadrática significativa, do tipo U invertido, da centralidade de grau com o Q de Tobin e com a liquidez da firma, indicando a existência de valores ótimos (que maximizam o valor e o desempenho corporativo) da centralidade da empresa, no âmbito da rede de relações corporativas.Corporate governance is the realm of finance studies that has received growing attention from the academic community. In addition, when studying corporate governance, there is a phenomenon that has increasingly motivated research, the interlocking board - the fact that one or more individuals participate simultaneously in the board of directors of different companies, allowing the formation of corporate and personal networks, which create a flow of essential resources to the company, resources that can be negotiated, or not, in markets. The main objective of this thesis is to verify the existence of associations with firms positional aspects in the networks regarding their value and their financial performance, while it examines the structural evolution of corporate and personal networks. This study used a dataset of 452 companies listed in Brazilian stock market between 1997 and 2007, based on the graph theory and social networks approaches, using regressions analysis with panel data. The main results of this study suggest the existence of an intellectual elite who occupy the top management of listed companies. One consequence of this result is the understanding that the business environment follows the model of small-worlds, whereby the distance between the actors of a network tends to be small, and large group of participants from the local network, increasing the speed of communication between board members, and thus between the companies. Regarding the performance of the firm, the results suggest a significant quadratic relationship, such as inverted U, the centrality of the degree to Tobin\'s Q and the liquidity of the firm, indicating the existence of optimum values (with maximizes the value and corporate performance) for the centrality of the company, within the network of corporate relations.
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Basistha, Arabinda. "Essays on monetary policy and the ouput gap in the US /." Thesis, Connect to this title online; UW restricted, 2002. http://hdl.handle.net/1773/7493.
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Akande, Oyebola Bejide. "Corporate Governance Issues in the Nigerian Banking Industry." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2467.
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Corporate governance issues resulting from bad governance, fraudulent activities, insider abuse, and corruption have attracted the attention of shareholders and regulators in the banking industry. The financial crisis that erupted from the United States affected the financial institutions of both developed and developing countries, among which Nigerian banks belong. The Central Bank of Nigeria removed 8 managing directors and executive directors due to bad governance, nonperforming loans of 61%, and toxic assets of $13.3 billion; the Central Bank injected 620 billion naira into the banks. The purpose of this multiple case study was to develop an understanding of corporate governance strategies needed to ensure regulatory compliance and enhance financial performance from the perspective of senior management of the regulatory authority and corporate financial leaders. Agency theory served as the conceptual framework for the study. The population for this study was10 senior regulatory leaders and corporate financial leaders in Nigeria. The data sources were semistructured interviews, research notes, codes of corporate governance, and financial reports of banks. Member checking was used to improve the credibility and trustworthiness of the data. After compiling, disassembling, reassembling, and coding the data, 5 themes including the need for: improvement on compliance to corporate governance regulations; effective board governance; training education and awareness on best practices, strategic risk management and internal control; and strategic and effective leadership. Potential implications for social change may include knowledge for investors and the public, who have increasingly relied on financial services in Nigeria to support personal and business goals to identify banks with best practices.
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Jackson, Rosemary Y. "Comparison of State Appropriations by Function and by Program to Actual Expenditures for the Two-year Institutions in the Tennessee Board of Regents System." Digital Commons @ East Tennessee State University, 1999. https://dc.etsu.edu/etd/2926.
Full textAbstract:
The purpose of this study was twofold. The first purpose was to determine the extent to which the 14 two-year institutions of the Tennessee Board of Regents system expended funds in functional categories equal to the amount of funds provided by the appropriations funding formula for the same functional categories. The second purpose was to determine the extent to which the 14 two-year institutions expended funds for direct instructional purposes for each academic program equal to the amount of funds provided by the appropriations funding formula for direct teaching purposes for each academic program. Using an archival research design, appropriations funding data and actual expenditure data were collected for the period 1990-91 through 1996-97 relative to the first purpose. Data for only the years 1995-96 and 1996-97 were used for the second purpose. For each of the two purposes studied, the data were adjusted to reflect comparable funding and expenditure data. The final evaluation involved a comparison of the percentage of funding expended by function and by college for the first purpose and the percentage of funding expended by academic program and by college for the second purpose. The evaluation of the percentage of funding expended by function revealed that most colleges and the system as a whole expended approximately 90% or more of the funding for the function for which funds were allocated by the appropriations formula. This level was determined to be positive, because some funding is typically set aside for transfers to plant funds for renewals and replacements. The evaluation of the percentage of funding expended for direct teaching purposes revealed that most colleges and the system as a whole expended approximately 60% or less of the funding for direct teaching purposes. This is permissible according to the policies of the TBR and THEC. The funding formula for direct teaching is based on enrollment and an average full-time faculty salary amount. However, most colleges use part-time faculty to teach a portion of its student-credit-hours; thus, excess funds accrue from this area and are available for use in other areas. Based on the findings of this study, two recommendations are offered. A review of the funding formula with regards to potentially needed modifications is recommended for the specific functions in which either substantially more or less than 100.0% of the funding was expended. Additionally, a formal analysis of the proportion of student-credit-hour enrollment taught by part-time faculty should be made to assist in determining if the funding formula calculation for direct teaching activities should include an element for the proportion of student-credit-hours taught by part-time faculty.
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Newcomer, Julia D. "Perceptions of Decision-Makers of the Future Role of the Texas Higher Education Coordinating Board in the Funding Process for Public Senior Colleges and Universities." Thesis, University of North Texas, 1988. https://digital.library.unt.edu/ark:/67531/metadc331376/.
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This study compares the perceptions of presidents and academic and fiscal vice presidents of Texas public senior colleges and universities and with those of (appointed) members of the Texas Coordinating Board. A survey instrument was developed, based upon appropriate coordinating board functions discussed in the literature review, A five-point scale was used to measure intensity or agreement or disagreement. Responses were subjected to one way analysis of variance to determine differences between administrators and board members. Differences significant at the .05 level are reported. Administrators and board members differed significantly on all statements related to centralized control versus internal autonomy. Board members endorsed a greater variety of roles and a higher level of activity for the board than did administrators, although members were not expansionistic. Administrators indicated diverse opinions regarding the board's role. Responses related to formula funding were similar. Board members believed that requests to the legislature for higher education funding needs should be presented in terms of a statewide system; administrators indicated uncertainty. Both agreed on the increasing importance of long-range planning in formula development, but administrators were unsure whether such planning would help provide stability and realistic expectations in funding. Both groups endorsed a greater role for the board in collecting, interpreting, and disseminating information regarding higher education institutions. Neither subgroup offered an opinion regarding subjection of higher education budget requests to the criteria used for other state agencies. Board members and administrators disagreed as to whether private business standards were appropriate for higher education institutions. The relationship between funding recommended by the board and appropriations passed by the legislature was not considered appropriate for evaluating board success. State appropriations for higher education were seen as an investment in the state's economic future. Administrators did not believe college and university faculties understood the board s role in funding; board members were undecided.
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Rico, Anthony Heath. "Web of Ties: The Effect of Relationship Ties on Government Funding for Nonprofit Organizations." UKnowledge, 2016. http://uknowledge.uky.edu/msppa_etds/18.
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Chapter 1 raises the research question guiding this study. Do relationships that board members of nonprofits have to officials in other agencies affect the likelihood of acquiring grants? The objective of this study was to examine the role that relationship ties played in the nonprofit sector’s ability to receive grants.
Chapter 2 ties the research agenda to existing research. Nonprofit organizational and financial behavior was explained in terms of resource dependence. Since nonprofit organizations face uncertainty in resource allocation, the behavior of the organization and the board members change in reaction to uncertainty. The relationships that board members possess serve as social capital for the nonprofit through a series of formal and informal ties.
Chapter 3 provides a theoretical framework for measuring relationship ties as well as other variables to funding. Ties that were measured included previous work experience in government agencies, nonprofit agencies, for-profit organizations, and universities. Relationships ties also included previous appointment to a nonprofit board and membership in professional associations. Additional variables such as financial and organizational measures were considered that had an effect on funding likelihood. Expected funding then became a function of all of these variables. This framework led to the hypothesis that nonprofits with a greater number of relationship ties, controlling for appropriate variables, will receive more funds from a government agency.
Chapter 4 describes the methods used. The sample of organizations included 176 nonprofit community healthcare organizations over the span of five fiscal years. Board member names, financial and organizational data, and relationship ties were collected as they were expected to affect funding outcomes. Information on relationships was obtained from three sources: LinkedIn profiles, Who’s Who profiles, and agency websites. Financial and organizational variables were obtained from nonprofit organizations’ 990 tax forms.
Chapter 5 details the analyses and the results from the collected data. Conducted analyses included a series of multiple regressions, a probit regression, and fixed-effects and between-effects panel data regression models. The findings partially supported the hypothesis. While there were some relationship ties that were correlated to anticipated funding, the effects were small across analyses. Financial and organizational variables overshadowed the effects of relationship ties. There was evidence of mediation in that a number of variables were significant only if board members were in an organization receiving funds prior to the examined time period. Ties to other nonprofits mattered only when an agency already had funding.
Chapter 6 concludes with possible explanations, policy implications, and further directions.
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Bills, Michael. "Turning Around Small, Private, Tuition Dependent Colleges: How Boards of Trustees Impact Decline and Turnaround." Antioch University / OhioLINK, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=antioch1592569275961028.
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Gozzi, Paulo Roberto. "A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012." reponame:Repositório Institucional do FGV, 2013. http://hdl.handle.net/10438/11404.
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The object of this paper is the corporate governance, specifically in relation to the role of the independent board members elected by the companies of Novo Mercado from BMF&Bovespa, by means of a qualitative study in order to verify the participation of the independent board members and the dynamics of decision process within such companies. The purpose of this work is to contribute to the corporate finance and corporate governance areas, specifically to explain several results of quantitative studies that deny a positive correlation between the proportion of independent board members and the financial performance of the companies. The survey was distributed by e-mail which was answered by 30 out of the total 361 independent board members and enabled the identification that the performance tasks of such members are directed by consulting activities and not by controlling activities, demonstrating that the dynamics within the boardroom in the decision process is in the direction of an alignment of interests and not of conflict. Furthermore, the study identified that reduced hours are dedicated in the actual performance of the functions of board members and, therefore, indicate that this may be one of the reasons to justify the lack of positive correlation between the proportion of board members and the financial performance of the companies. Therefore, the study suggests that, in the Brazilian environmental of high concentration of shares within reduced number of shareholders, the regulation authorities should be more active in their supervision functions, as the independent board member does not assume such role.
O tema do presente trabalho é a governança corporativa, especificamente sobre a atuação dos conselheiros independentes das companhias do Novo Mercado da BM&FBovespa por meio de um estudo qualitativo para verificar a forma e a dinâmica da participação dos membros independentes no processo de tomada de decisão das companhias onde atuam. O objetivo é contribuir para o campo de finanças e governança corporativa de modo a explicar resultados de diversos estudos quantitativos que apontam não haver uma correlação significativa entre a proporção de conselheiros independentes e o desempenho financeiro das companhias. O questionário distribuído por e-mail foi respondido por 30 dos 361 conselheiros independentes e possibilitou a constatação de que a atuação dos conselheiros independentes avaliados está atualmente mais voltada para o papel consultivo do que propriamente de fiscalização, demonstrando uma dinâmica de alinhamento e não de conflito no processo decisório do conselho de administração. Além disso, o estudo constatou que os conselheiros independentes disponibilizam pouco tempo no exercício das suas funções, situação que pode constituir fator indicativo para a falta de correlação entre proporção de conselheiros independentes e o desempenho financeiro das companhias, conforme apontada por diversos estudos quantitativos. Dessa forma, o estudo sugere que, no ambiente brasileiro de elevada concentração de ações nas mãos de poucos acionistas, os órgãos reguladores estejam mais atentos à sua função fiscalizadora uma vez que os conselheiros independentes não assumem esse papel.
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Davies, Llewellyn Willis. "‘LOOK’ AND LOOK BACK: Using an auto/biographical lens to study the Australian documentary film industry, 1970 - 2010." Phd thesis, Canberra, ACT : The Australian National University, 2018. http://hdl.handle.net/1885/154339.
Full textAbstract:
While much has been written on the Australian film and television
industry, little has been presented by actual producers,
filmmakers and technicians of their time and experiences within
that same industry. Similarly, with historical documentaries, it
has been academics rather than filmmakers who have led the
debate. This thesis addresses this shortcoming and bridges the
gap between practitioner experience and intellectual discussion,
synthesising the debate and providing an important contribution
from a filmmaker-academic, in its own way unique and insightful.
The thesis is presented in two voices. First, my voice, the
voice of memoir and recollected experience of my screen
adventures over 38 years within the Australian industry, mainly
producing historical documentaries for the ABC and the SBS. This
is represented in italics. The second half and the alternate
chapters provide the industry framework in which I worked with
particular emphasis on documentaries and how this evolved and
developed over a 40-year period, from 1970 to 2010.
Within these two voices are three layers against which this
history is reviewed and presented. Forming the base of the
pyramid is the broad Australian film industry made up of feature
films, documentary, television drama, animation and other types
and styles of production. Above this is the genre documentary
within this broad industry, and making up the small top tip of
the pyramid, the sub-genre of historical documentary. These form
the vertical structure within which industry issues are
discussed. Threading through it are the duel determinants of
production: ‘the market’ and ‘funding’.
Underpinning the industry is the involvement of government, both
state and federal, forming the three dimensional matrix for the
thesis. For over 100 years the Australian film industry has
depended on government support through subsidy, funding
mechanisms, development assistance, broadcast policy and
legislative provisions.
This thesis aims to weave together these industry layers, binding
them with the determinants of the market and funding, and
immersing them beneath layers of government legislation and
policy to present a new view of the Australian film industry.
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Díaz, Estévez Ignacio. "Danone SA, a valuation of a centennial company." Master's thesis, 2019. http://hdl.handle.net/10400.14/29143.
Full textAbstract:
The present Dissertation aims to obtain the value of the multinational dairy company Danone as of 2019. In order to determine what is the aforementioned company worth, this document employs two different valuation techniques. First, the Discounted Cash Flow model is applied, and a target price is derived based upon Danone’s intrinsic value. Additionally, Danone’s value is computed through a comparison approach considering how similar firms are valued in the market. More specifically, this document employs the EV/EBITDA and PE multiples. Data was retrieved from both the Financial Report presented by Danone in February of 2019 as well as from the Thomson Reuters Eikon software, the OECD Economic Outlook and estimates from Damodaran website.
A DCF base case scenario involving multiple growth and cost of capital assumptions is presented. Following Danone’s internal reporting and forecasting approach, the author develops two additional scenarios with potential risks and opportunities, divided into High and Medium according to their probability of materializing. The outcome from both methodologies results in a valuation range of €65.5 and €88.6, close to which the most accurate target price for Danone is to be found. Derived from a detailed and extensive analysis of the company’s intrinsic value, this target price is €88.77, implicitly suggesting a Strong Buy recommendation from the author.A presente Dissertação tem como objetivo principal determinar o valor atual da companhia multinacional de lacticínios Danone. A fim de quantificar qual é o valor líquido da empresa acima mencionada, o presente documento utiliza duas técnicas de avaliação diferentes. Em primeiro lugar, aplica o método do cash flow atualizado, conseguindo assim um preço-alvo baseado no valor intrínseco da Danone. Além disso, calcula o preço por ação através dum método de comparação, mediante o qual considera ativos similares no mercado e o valor dos mesmos. Mais especificamente, este documento emprega os múltiplos EV/EBITDA e PE. Os dados foram obtidos quer do relatório financeiro apresentado pela Danone em 2019 quer do software Thomson Reuters Eikon, o último Economic Outlook publicado pela OCDE assim como estimativas do website de Damodaran. Um cenário de base relativo ao método do cash flow atualizado é apresentado, incluindo uma série de pressupostos relativos ao crescimento futuro e ao custo de capital. Baseado nos relatórios internos e o método de previsão da Danone, o autor desenvolve dois cenários adicionais com riscos e oportunidades potenciais, divididos em High e Medium segundo a probabilidade de se materializarem. Os resultados da aplicação das duas metodologias, nomeadamente o preço-alvo da Danone, variam entre €65.5 e €88.6, perto dos quais se encontra o preço por ação mais preciso. Este preço-alvo é de €88.77 e é obtido após uma análise extensa e detalhada do valor intrínseco da companhia, o qual sugere implicitamente uma recomendação Strong Buy.
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Wen-HuiChen and 陳雯惠. "A Study of the Relationship among Board Capital、Board Compensation and Overcompensation: Evidence from Finance and Insurance Industries." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/10356219042480709446.
Full textAbstract:
碩士國立成功大學
會計學系碩博士班
98
Hillman and Dalziel(2003) pointed that there was no evidence showing the direct relationship between the corporation performance and the motivation of directors' supervision in some researches; on the contrary, they inquired the board’s function into the resource dependence role and viewed the board as resource provider, which is called “board capital” that includes human capital and relational capital. These capitals promoted the corporation performance efficiently so that the board compensation could increase. Therefore, this study examines the relationship between the individual directors’ characteristics and their own compensation. Otherwise, the “Fat cat” problem arose from AIG had become a hot issue recently, so this study tries to find out whether the overcompensation exists in the listed companies of finance and insurance industries in Taiwan. Furthermore, this study examines the relationship between the overcompensated directors’ characteristics and their own compensation. The evidences shows that： 1.The education、career、political status、numbers of connection are all associated with the directors’ compensation. 2.There is an overcompensation phenomenon in finance and insurance industries in Taiwan. 3.There is no obvious association between the overcompensated directors’ characteristics and their compensation, and the main reason for overcompensation is the design of director’s compensation system.
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Liao, Shu-Hui, and 廖淑惠. "A Study of the Influence of Supply Chain Finance on Printed Circuit Board Industry." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/16990439729011832391.
Full textAbstract:
碩士東吳大學
會計學系
103
The Printed Circuit Board (PCB) production in Taiwan ranks number one in the world. Capital, international marketing and talent professionals are critical factors for keeping PCB industry growing rapidly. In addition, the financing relationship with upstream, downstream and banks also affect the development of PCB industry. This study is to find out the advantages on trade finance from supply chain finance and to find out the way to reduce cost of capital, so that the PCB industry could increase their business performance. By applying multiple regression model, this study tests 42 PCB companies and 20 PCB materials companies in Taiwan from 2009 to 2013, with the theories of financing, market forces and product quality, respectively to figure out the impact of supply chain finance on the PCB industry. The findings of empirical results are as follows: 1.From the perspective on financing theory: company with larger scale, higher credit rating, larger amounts of accounts would be easily to achieve trade financing comparative to others, the finding is consistent with the theory. 2.From the perspective on market power theory: company with higher market share, stronger supply power, greater size is more easily to obtain trade finance, the finding is in line with the theory. 3.From the perspective on product quality theory: the better the quality of the company demonstrates for better trade credit from clients, the finding is consistent with the theory.
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"Evidence on the Value of Director Monitoring: A Natural Experiment." Doctoral diss., 2014. http://hdl.handle.net/2286/R.I.25011.
Full textAbstract:
abstract: I examine the determinants and implications of the level of director monitoring. I use the distance between directors' domiciles and firm headquarters as a proxy for the level of monitoring and the introduction of a new airline route between director domicile and firm HQ as an exogenous shock to the level of monitoring. I find a strong relation between distance and both board meeting attendance and director membership on strategic versus monitoring committees. Increased monitoring, as measured by a reduction in effective distance, by way of addition of a direct flight, is associated with a 3% reduction in firm value. A reduction in effective distance is also associated with less risk-taking, lower stock return volatility, lower accounting return volatility, lower R&D; spending, fewer acquisitions, and fewer patents.Dissertation/Thesis
Ph.D. Business Administration 2014
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TSAI, CHIA-CHI, and 蔡佳綺. "A Study on the Relationship among Board Characteristics, Auditor Industry Specialization and Finance Perfomances - Evidence from Taiwan Electronic Industry." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/9n6z97.
Full textAbstract:
碩士中華大學
企業管理學系
105
In recent years, companies both in Taiwan and globally have devoted their efforts to promoting corporate governance in order to establish the corporate management and supervision mechanism and manage to reduce the agency cost, enhance corporate performance and avoid occurrence of any corruption and financial crisis. On the other hand, the financial statements certified by a CPA epitomize an enterprise’s past business activities and outcomes. They could present the status of an enterprise’s finance performances, and provide the information most accessible for external users. As such, according to past financial data, the study has explored if there is any specific correlation among non-financial variables of the strength and weakness of enterprise’s finance performances, board characteristics (internal governance mechanism), auditor industry specialization (external governance mechanism), etc., in the hope of providing an enterprise’s internal and external valuators with the results as the reference for developing future policies. To serve its purpose, the study picked up its statistics from Taiwan Economic Journal (TEJ) and Market Observation Post System, in which the sampling range covered the observation of 930 companies selected from the 2015 local TSEC, OTC and emerging listed companies in the Taiwan electronic industry, and the research used descriptive statistics and multiple regression analysis to probe the correlation between the research variables and control variables of board characteristics and finance performances. In addition, after comparing the addition of the intervening variables of the big four/ non-big four accounting firms or the deletion of the outlier, the study investigated if there was any distinct or reinforcing effect. The empirical results suggest the following: 1.the seats of independent directors, board meeting attendance rates, director/ supervisor shareholding ratios, managerial personnel’s shareholding ratios, major shareholders’ shareholding ratios, institutional investors’ shareholding ratios, the establishment period and debt ratios have significant correlation with finance performances; 2.after distinguishing the samples of the big four/non-big four samples, the R2 explanatory power of the regression model significantly rose in the group of the non-big four sample companies. It represents that the board characteristic variables of the non-big four sample companies have greater impact on their finance performances than that of the big four sample companies. It illustrates that reinforcement of corporate governance could have positive and significant help to enhancement of finance performances and elevation of corporate governance becomes more imperative; 3.the R2 of the regression model increases after deleting the outlier, showing that the explanatory power of the overall model and individual variables is strengthened.
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Rapp, Albert. "Extrapolation bias as a manifestation of the representativeness heuristic: evidence from the content analysis of stock message board postings." Thesis, 2015. http://hdl.handle.net/1959.13/1060134.
Full textAbstract:
Professional Doctorate - Doctor of Business Administration (DBA)A large volume of literature identifies that investors are affected by behavioral biases. While most of these biases have been explained by referring to cognitive psychology, the emergence of market anomalies also appears to be due to biased investor behavior. A substantial behavioral bias is extrapolation bias, which constitutes a manifestation of the representativeness heuristic. This study provides a novel examination of extrapolation bias by using the message board postings of a sample of German bank stocks. An innovative methodology that involves qualitative content analysis (QCA) is employed to code the postings and extract private investor sentiment. This thesis tests whether after-hours private investor sentiment is positively predicted by preceding daily stock returns. The impact of extrapolation bias by private investors on the market prices of stocks is examined by testing whether contemporary daily stock returns depend on prior-day daily stock returns; that is, whether daily stock returns are positively autocorrelated. The results reported in this thesis show that daily stock returns are a significant positive factor in explaining after-hours private investor sentiment. This implies that private investors simplistically extrapolate past stock returns for forming expectations with respect to future stock returns. Nevertheless, daily stock returns have not been found to be autocorrelated, which means that extrapolation bias among private investors is not reflected in the market prices of stocks. When prices move sufficiently away from rationality, market participants may enter arbitrage positions which ultimately drive prices back to more rational levels. As the pricing of stocks remains efficient, the random walk hypothesis cannot be rejected. This thesis illuminates the ongoing controversy between neoclassical finance and behavioral finance, demonstrating that private investor behavior is inconsistent with the dominant neoclassical paradigm. Private investor education appears necessary for raising the awareness of extrapolation bias and promoting rational investment behavior. Future research should focus on a different sample and investigate whether the findings in this study are robust to noncrisis periods.
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Gintzburger, Anne-Sophie H. M. "The sources in variation in the application of Shari'a-compliant finance contracts : a comparative analysis of Shari'a scholars, Shari'a board roles, and regulatory variations in Malaysia and the Gulf Cooperation Council (GCC) states." Master's thesis, 2009. http://hdl.handle.net/1885/151670.
Full text
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Hoag, Matthew L. "Is All Goodwill Created Equal? An Analysis of the Association Between Agency Conflicts, Board Monitoring, and Goodwill in U.S. Mergers and Acquisitions." 2010. http://trace.tennessee.edu/utk_graddiss/806.
Full textAbstract:
The objective of this study is to examine the association between goodwill and governance structures – specifically, potential agency conflicts and internal and external board monitoring mechanisms – over a four-year period (2004-2007). To do this, I perform two distinct analyses to test (1) whether governance structures appear to be determinants of aggregate goodwill, and (2) whether governance structures appear to moderate investors’ perceptions of aggregate goodwill. I then extend these tests to a sample of U.S. merger and acquisition (M&A) transactions where I calculate a more refined measure of residual goodwill and re-perform the tests using this alternative goodwill measure. I find that potential agency conflicts are associated with both goodwill and residual goodwill, whereas monitoring mechanisms appear to have little measureable association with either of the goodwill measures. In addition, I provide evidence that investors perceive goodwill balances less favorably when agency conflicts are high and limited evidence that their perceptions of goodwill improve when external monitoring is strong. Based on these findings, I conclude that governance structures should be considered when evaluating goodwill. My results also suggest that previous findings based on residual goodwill may need to be reevaluated. Specifically, my analyses highlight an important distinction between the purchase price and consideration elements of residual goodwill, and I propose future avenues of research which may be used to investigate this important distinction further.
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"Essays in Organizational Economics: Information Sharing and Organizational Behavior." Doctoral diss., 2014. http://hdl.handle.net/2286/R.I.25180.
Full textAbstract:
abstract: One theoretical research topic in organizational economics is the information issues raised in different organizations. This has been extensively studied in last three decades. One common feature of these research is focusing on the asymmetric information among different agents within one organization. However, in reality, we usually face the following situation. A group of people within an organization are completely transparent to each other; however, their characters are not known by other organization members who are outside this group. In my dissertation, I try to study how this information sharing would affect the outcome of different organizations. I focus on two organizations: corporate board and political parties. I find that this information sharing may be detrimental for (some of) the members who shared information. This conclusion stands in contrast to the conventional wisdom in both corporate finance and political party literature.Dissertation/Thesis
Ph.D. Economics 2014
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Marodi, M. L. "Does freedom of testation supersede the powers of the board of trustees to allocate a death benefit in terms of section 37C of the Pension Funds Act, 24 of 1956?" Thesis, 2015. http://hdl.handle.net/10386/1223.
Full textAbstract:
Thesis (LLM. (Labour Law)) -- University of Limpopo, 2015Section 37C of the Pension Funds Act was introduced primarily to ensure that death benefits are paid in accordance with the object of the Act and government policy. Its purpose is to make sure that the dependants of the deceased member are not left destitute upon the death of the member. In order to achieve this, the death benefits are placed under the control of the trustees who are tasked with the duty to distribute the benefits equitably among the beneficiaries. According to this section, death benefits do not form part of the deceased’s estate and as a result a beneficiary under the last will and testament of the deceased is not necessarily a beneficiary under section 37C of the Act. The board of trustees will consider a person as a beneficiary if the deceased member has nominated such a person in a valid nomination form. This section therefore overrides the deceased’s freedom of testation because the board of trustees are not bound by the deceased’s wishes as completed in the nomination form. A nomination form is one of the factors which the trustees have to consider in the exercise of their discretion to make an equitable distribution.