Dissertations / Theses on the topic 'Corporate regulation'
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1
Ferrell, Frank Allen. "Essays in financial regulation and corporate law." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/32407.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2005.Includes bibliographical references.
In the first essay, we investigate which provisions, among a set of twenty-four governance provisions followed by the Investor Responsibility Research Center (IRRC), are correlated with firm value and stockholder returns. Based on this analysis, we put forward an entrenchment index based on six provisions - four "constitutional" provisions that prevent a majority of shareholders from having their way and two "takeover readiness" provisions that boards put in place to be ready for a hostile takeover. We find that increases in the level of this index are monotonically associated with economically significant reductions in firm valuation, as measured by Tobin's Q. We present suggestive evidence that the entrenching provisions cause lower firm valuation. We also find that firms with higher level of the entrenchment index were associated with large negative abnormal returns during the 1990-2003 period. Furthermore, we find that the provisions in our entrenchment index fully drive the correlation, identified by prior work, that the IRRC provisions in the aggregate have with reduced firm value and lower stock returns during the 1990s. We find no evidence that the other eighteen IRRC provisions are negatively correlated with either firm value or stock returns during the 1990-2003 period. The second essay investigates the effect the imposition of mandatory disclosure in 1964 on over-the-counter firms had on stock volatility, stock returns and stock synchronicity. This study finds that mandatory disclosure is associated with both a dramatic reduction in the volatility of OTC stock returns and with OTC stocks enjoying positive abnormal returns.
(cont.) The third essay investigates whether the empirical evidence favors state competition for corporate incorporations. The essay concludes that the existing empirical evidence does not favor state competition. Moreover, data on incorporation choices made by firms supports this conclusion. States with wealth-reducing state antitakeover statutes are not penalized in the market for incorporations. The fourth essay addresses whether dispersion of ownership in the United States can be explained by the U.S. having a strong corporate and securities legal regime. The essay concludes that dispersion of ownership cannot be so explained.
by Frank Allen Ferrell.
Ph.D.
2
Johnston, Kristine. "Extracting Truths: State Regulation and the Canadian Ombudsperson for Responsible Enterprise." Thesis, Université d'Ottawa / University of Ottawa, 2021. http://hdl.handle.net/10393/42602.
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Taking the Canadian Ombudsperson for Responsible Enterprise (CORE) as its empirical focus, this study engages in a critical analysis of (capitalist) state regulation and corporate social responsibility as it relates to the Canadian extractive industry. Using a theoretical-analytical combination of Marx’s ideology theory and critical discourse analysis, the study explores discourses pertaining to the introduction, creation, and role of the CORE – the Canadian state’s most recent response to corporate harms and crimes within the industry – to uncover the factors that shaped this process. Further informed by critical criminological literature on corporate crime, the study found that dominant neoliberal capitalist narratives prevailed in determinations of which regulatory approach should be adopted by the state. Dominant voices sidetracked counter-hegemonic claims in debates about human rights and international development by prioritizing the economy, leaning on Canada’s “good” global reputation, downplaying the violence of the industry, and redirecting blame. Ideological assumptions about the nature of state regulation, corporations, and capitalist law and politics further influenced which knowledge claims “won out.” Despite the emergence of the CORE as a logical state response to corporate crime and impunity, however, debates about its role are ongoing. This not only reinforces the idea that (capitalist) dominance is never absolute but signals the ever-present nature of resistance and possibility for change.
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Smith, G. "Corporate governance : In search of balance between state regulation and self regulation." Thesis, Queen's University Belfast, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.517519.
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Kaka, Imraan. "Corporate self-regulation and environmental protection / Imraan Kaka." Thesis, North-West University, 2012. http://hdl.handle.net/10394/8742.
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Ntongho, Rachael Ajomboh. "The Politics of Corporate Accountability Regulation in Cameroon." Thesis, University of Manchester, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.532244.
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Jiang, Liangliang. "Empirical essays in corporate governance, regulation and corruption." [Gainesville, Fla.] : University of Florida, 2009. http://purl.fcla.edu/fcla/etd/UFE0024962.
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Anyakudo, Cosmas Uchechukwu. "Corporate social responsibility in Nigeria : an exploration of the efficacy of legal regulation." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/15680.
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The social responsibility of corporations has become a topical issue. This is particularly so in relation to the ways and means of achieving harmony and congruency with social expectations. With the growing importance that corporations now place on meeting contemporary demands for extra-commercial engagement placed on them by society, regulating corporate activity in this area has come under intense public and legal scrutiny. In what can be described as a departure from the norm, the use of legislation to mandate and govern corporate social responsibility (CSR) is becoming increasingly perceived as an effective regulatory method in emerging economies. India, Mauritius, Indonesia and the Philippines have adopted legislation with regard to CSR. In Nigeria, however, several attempts at legislating on CSR have failed. This study shows that a multiplicity of factors is responsible for this development. This thesis posits that while the adoption of international CSR standards is encouraged through various international activities, only an autochthonous approach which recognises the peculiarities of the Nigerian state can promote the desired legislative objective on mandating CSR. This study explores the prospects of mandating CSR by legislation in Nigeria and suggests reforms deemed necessary for achieving the objective of mandatory CSR.
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Horn, Stefan. "Takeover Regulation in Europe An Emerging Market for Corporate Control? /." St. Gallen, 2005. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02607869001/$FILE/02607869001.pdf.
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Li, Li, and 李莉. "Bank regulation, corporate governance and bank performance around the world." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B43224088.
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Akintoye, Simisola Imelda. "Corporate governance regulation and control of fraud in Nigerian banks." Thesis, University of Sheffield, 2015. http://etheses.whiterose.ac.uk/11873/.
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The 2009 banking crisis in Nigeria awakened the country on the need for effective corporate governance regulation. In a bid to prevent future banking crisis in the country, this thesis examines control fraud in the 2009 banking crisis using the first five banks involved as a case study. The research addresses three major areas of concern: first, it investigates the fraudulent activities of the banks’ CEOs in the periods leading to the crisis; second, it explores the involvement of other corporate actors in the banking crisis; lastly, it examines how corporate governance regulation can be improved to reduce the likelihood of future control fraud in the banking sector. The research adopts a socio-legal method that links corporate governance regulations pre and post banking crisis to the role of corporate actors including CEO’s, auditors, shareholders and Regulators in corporate governance. The research explores corporate governance as a driver of control fraud in Nigerian banks. The research suggests that prevention of control fraud is not in itself determined by provision of adequate corporate governance regulation but also include a number of enforcement mechanisms and contribution of corporate participants, a totality of which could help prevent future control frauds in Nigerian banks. The research contributes to theory, practice and policy. First, it integrates and enhances appropriate literature and knowledge on corporate governance regulation in Nigerian banks. Also, by using the concept of control fraud to understand the banking crisis of 2009; the research unfolds a relatively new type of fraud perpetrated by CEOs in collaboration with other corporate individuals. This is the first study of its kind in Nigeria and will be useful for future studies to adopt in conducting similar research. The research also influences regulators and policy makers by providing a set of recommendations for each actor in corporate governance which can be incorporated into law in the fight against future control frauds in Nigerian banks.
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Cairns, Steven. "Changing the culture of financial regulation : a corporate governance approach." Thesis, University of Liverpool, 2014. http://livrepository.liverpool.ac.uk/2008505/.
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The 2007-09 Global Financial Crisis has been described as the greatest crisis in the history of financial capitalism. The failure of the global financial system was triggered by the ‘Great American Real Estate Bubble,’ however it quickly developed into a global liquidity squeeze that left financial markets at the brink of collapse. The thesis argues that the general culture of banking prevalent at the time both caused and exacerbated the crisis. The Business Strategies were excessively risky, focusing on short-term gains, at the expense of financial security. It is therefore purported that to mitigate the risks of any future global financial crisis a fundamental change in the culture of banking is needed. Behavioural expectations and norms must be redefined and more prudent strategies inculcated. The thesis will show that the only way to hope to achieve such a cultural shift is to employ a holistic approach, encompassing supervision, regulation and crucially corporate governance mechanisms. Previous debates within the UK have tended to focus on macro and micro regulatory reform. However, it is purported that it was in many cases, risk monitoring and management practices within financial institutions that dramatically failed. Whilst prudential regulation is important, the thesis will show that it alone is insufficient to change the culture within the financial system; a multi-faceted approach is needed. The central argument to the thesis will show that corporate governance mechanisms must play a central part in the legal and regulatory response to the Global Financial Crisis, as part of a cohesive package of measures necessary to effect cultural change; it will do this by conducting a case study into the collapse and subsequent nationalisation of Northern Rock Plc.
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Li, Li. "Bank regulation, corporate governance and bank performance around the world." Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B43224088.
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Nzero, Ignatious. "Corporate Restructurings in Zimbabwe : a Legal Analysis of the Regulation of Corporate Mergers and Acquisitions in Zimbabwe." Thesis, University of Pretoria, 2013. http://hdl.handle.net/2263/53211.
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The Zimbabwean economy rapidly declined over the past two decades. A record
hyperinflationary environment and a collapse of the financial service sector coupled by lack of
external lines of credit created a difficult operating environment for corporate businesses.
Businesses thus either closed down operations or resorted to survival strategies. Corporate
mergers and acquisitions emerged as natural favoured strategies in implementing survival
corporate restructuring transactions. However, the success of such strategies largely depends on
the effectiveness of the merger regulatory framework, that is, its ability to promote beneficial
corporate restructuring transactions on one hand and to maintain the competitive structure of the
market on the other hand.
This research analyses the current merger regulatory framework in Zimbabwe and assesses
whether it is suited to promote beneficial corporate restructuring transactions implemented
through mergers and acquisitions without unnecessarily distorting the competitive structure of
the market. Employing the failing firm doctrine as the focal point, the research identified a
number of shortcomings within the current merger regulatory framework that impacts upon its
ability to effectively promote beneficial corporate mergers and acquisitions without sacrificing
the competitive market structure.
Selected comparative jurisdictions were used to draw various lessons for Zimbabwe. The aim of
the comparative study was not to provide an exhaustive analysis of these jurisdictions but to
identify specific arrears that can be used to develop and suggest an effective merger regulatory
framework for Zimbabwe.
In order to remedy the identified shortcomings inherent within the current Zimbabwean merger
regulatory framework, this thesis proposes a number of amendments to the current Competition
Act [Chapter 7:01] of 1996. These proposed amendments are aimed at bringing clarity,
flexibility and strengthening the merger regulatory framework including the institutions tasked
with such. The research is primarily a legal analysis of the Zimbabwean merger regulating
statute and its implications on any decisions made by the competition authority. As such, the
thesis states the status of legal development in Zimbabwe and the selected comparative
jurisdictions as of 31 July 2013.Thesis (LLD)--University of Pretoria, 2013.
Mercantile Law
LLD
Unrestricted
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Batchelor, Lyn Maree. "A Critical Examination of Identity Regulation: The Case of Corporate Real Estate." Thesis, Griffith University, 2011. http://hdl.handle.net/10072/367661.
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This thesis adopts a critical management framework to examine identity regulation by exploring the narratives of a group of Australian corporate real estate workers in the Surfers Paradise area of Queensland‟s Gold Coast region. Corporate real estate firms have features that are described in the organisation studies literature as denoting ambidextrous organisations. Identity regulation has not previously been studied in this context. In some real estate settings, the characteristics of ambidextrous organisations, i.e., the presence of different, simultaneous and evolving organisational forms, allow traditional methods of control to operate side-by-side with other less familiar modes. Identity regulation is important as a topic of research as contemporary work and flexible employment practices challenge the ability to use formal modes of control, and even challenge informal controls such as culture change. Identity regulation, endemic to all organisations to some degree, will also pervade real estate work. Real estate employees can be co-opted into the dominant management discourses that are the “markers” of identity regulation and control, despite the nature of the industry and the unconventional ways in which some real estate employees might work. Although the prospect of employees co-creating and regulating their own identities might be seen as a way to escape oppressive constraints, in some real estate contexts identity regulation may not appear to be overtly oppressive or pervasive, and therefore narratives of resistance may be difficult to unearth. However, for particular groups of real estate salespeople, especially those elites accorded special status by virtue of their performance, the setting might give rise to opportunities for them to resist control through new emerging discourses of resistance that re-define their identities. Some might appear to appropriate the organisational identity narratives, but might also negotiate and frame their identities through competing discourses within the dominant discourses that have the potential to resist management‟s identity regulation attempts.
These new discursive practices, resistant or otherwise, can arise in response to the fluid and dynamic nature of social interaction. It is these discursive practices that are investigated in this thesis. The key questions that the thesis addresses are: how are meanings of identity regulation framed in the narrative accounts given by individuals working in an ambidextrous organisational context such as corporate real estate? A second question asked is: if there are possibilities for micro-emancipatory practices arising from identity regulation, how might they be manifested in these accounts? Third, do these accounts illustrate novel or previously unexplored forms of resistance in terms of self-identity regulation? And lastly; what does this suggest for re-theorising control in organisation studies?
Whereas much of the literature deals with identity regulation as a form of domination, in the critical literature it is also seen as a joint project between management and employees that may be neither overt nor premeditated. However, arguments are emerging that even in non-traditional settings, identity regulation is an intentional and pervasive mode of control. It is possible that certain types of real estate sales people, those working in the environments of ambidextrous organisations, embrace the identities offered by the company as a means to professionalise and legitimise their work to a range of others. However, despite a perhaps willing co-option of management‟s dominant identity discourses (Alvesson & Willmott, 2002, p. 620) by the sales “elite”, there may be other narratives of identity regulation in the identity work of real estate sales people. If new narratives are present, they may indicate new forms of identity work that may, or may not be, expressions of resistance. Innovative identity work may emulate established modes of control, or it may indicate new ways in which employees resist control. Within any narratives of resistance there may be traces of micro-emancipatory possibilities in the way real estate salespeople craft and regulate their self-identity work. New discourses of identity regulation may be an indication of an expanding space for resistance, which may allow particular real estate workers to devise and embrace micro-emancipatory possibilities.
In addressing the question of how experiences of identity regulation are represented in the narrative accounts of individuals working in an ambidextrous organisational context such as corporate real estate, several contributions are made. Several possibilities for micro-emancipatory practices arising from identity regulation are manifested in the narratives of the research subjects. These accounts and anecdotes reveal alternative identity discourses which are either novel or might be interpreted as unexplored forms of resistance in terms of self-identity regulation.
The thesis invites researchers of individual (self) identity regulation to explore discourses that extend past organisational boundaries, and to pay greater attention to micro-emancipatory practices that might appear in more mundane contexts of everyday work in order to draw on theory that acknowledges the fluid nature of contemporary work. Methodologically, the thesis demonstrates a reflective and reflexive approach which underscores the relevance and contribution that interview research can make to critical studies of identity regulation.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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Horn, Roelof Combrinck. "The legal regulation of corporate governance with reference to international trends." Thesis, Link to the online version, 2005. http://hdl.handle.net/10019/1042.
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Munro, Iain. "Moral regulation in business : an investigation into corporate codes of ethics." Thesis, University of Hull, 1994. http://hydra.hull.ac.uk/resources/hull:3945.
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This thesis provides an investigation intotompany codes of ethics and their part in the moral regulation of UK business. Codes of ethics have been adopted by many firms in the UK over recent decades, and the use of codes also comes highly recommended within the literature on Business Ethics. So, the purpose of this thesis will be to investigate how these codes are used in practice, why they have emerged in the first place, and what potential they might hold.Part One of the thesis will attempt to establish the present condition of company codes of ethics. This will begin by tracing the history of company codes of ethics, and the factors which have influenced their emergence. Subsequently, the ideological positions which underpin these codes will be exposed by examining the extent to which they express social responsibilities or mask other ideological undercurrents such as managerialism. This will be followed by an investigation into their general effects on actual business practices. The final chapter in Part One will attempt to provide an account of the ways in which these codes are limited as regards the regulation of business practices. Currently, they are restricted to a largely apologetic role with regard to existing business practices, and they have a very limited critical potential. A number of recommendations will then be made in order to overcome the various inadequacies at each stage of code implementation.Part Two of the thesis will begin by exposing the assumptions about morality which underlie the use of existing company codes of ethics. The employment of these codes presumes a very limited conception of the moral agency of business persons, where obedience may be considered to be their primary virtue. The orthodox company code takes little account of the interpretive powers of its subjects, or their ability to deliberate on moral matters. Therefore, in order to overcome these limitations, an alternative format for the design and implementation of codes will be proposed. This format will be constructed with questions to enrich one's moral thinking, rather than simply in terms of commands that one should follow. This question code could be referred to in order to uncover any illegitimate rationalizations which might be used to support unethical business practices. A dialogical framework for implementing a code will be examined in order to address the political and ideological problems which may permeate moral thinking within an organization.Finally, the philosophical foundations of this thesis will be interrogated. The Enlightenment tradition of philosophy will be shown to underpin much of the existing work on business ethics, where it also informs the impoverished moral debates within the institutions of modern liberalism. At best, the focus on codes neglects a rich seam of ethical thinking - virtue theory - and, at worst, it may be merely a mask for power, hiding the arbitrariness of moral decision making in contemporary business.
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Belyak, Tatiana, and Т. О. Беляк. "Corporate culture as instrument of regulation of social and labor relations." Thesis, CUNTU, 2016. http://dspace.kntu.kr.ua/jspui/handle/123456789/5586.
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Türk, Oliver, and Sullivan Bridget O'. "Corporate Social Responsibility and Reporting : Is Mandatory Regulation the Route to Follow?" Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-58529.
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Bino, Adel. "Essays on the Impact of Antitrust Regulation on Corporate Mergers and Divestitures." ScholarWorks@UNO, 2007. http://scholarworks.uno.edu/td/1074.
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A merger requires at least one of two separate yet equally important sets of negotiations. The first involves merging parties to discuss issues related to the terms of the merger, including target firm's valuation. The second resolves disputes between the merging parties and the government regulatory agency over the potential anticompetitive impact of the merger. In the first essay, I investigate the probability of completing an acquisition deal conditional on the government approval by applying a nested logit model. My results support the findings of Eckbo (1985), Coate, Higgins, and McChesney (1990), and Coate (2005) that mergers that are expected to increase market concentration are more likely to be challenged by the government. Consistent with Officer (2003) and Bates and Lemmon (2003), I find that including target termination fees is significantly positively related to the probability of completion irrespective of whether the deal is challenged or not. However, I document that including target termination fees deters competitive bidding only if the deal was challenged and leads to higher bid premium to the target firm only if the deal was not challenged. Conditional on not being challenged, acquirer's investment opportunities and the relative size of acquirer and target firms are significantly positively related to the probability of completion, while target investment opportunities and the existence of multiple bidders are significantly negatively related to the probability of completion. Conditional on the merger being challenged, acquirer's investment opportunities and the existence of target termination fees are positively related to the probability of completion and only the existence of multiple bidders is negatively related to the probability of completion. In the second essay, I study the impact of asset sales on the firm's focus level, information asymmetry, and operating performance. I find that following a merger facilitating asset sale the firm becomes more diversified, its information asymmetry increases, and its operating performance does not change while following a non merger related asset sale, the firm becomes more focused, its information asymmetry decreases, and its operating performance improves significantly.
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Ye, Ana Jin. "Risk-taking by banks, corporate governance and regulation : evidence from EU countries." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16397.
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Mestrado em Economia Monetária e FinanceiraO objetivo desta dissertação constitui em analisar a relação entre a estrutura acionista dos bancos e o risco tomado. Adicionalmente, é examinado o impacto da regulação bancária nessa mesma tomada de risco. A análise empírica considera uma amostra de bancos dos países da União Europeia, que se encontram atualmente cotados, durante os anos 2011 a 2016. O modelo econométrico usado foi a regressão generalized least squares random effect, uma vez que estamos a considerar um conjunto de dados de painel balanceado. Foi testada a hipótese de que os bancos que apresentam uma estrutura com poucos accionistas têm maior probabilidade em tomar mais risco, comparativamente com os bancos que apresentam uma estrutura accionista mais difusa. Igualmente foi considerada a estrutura do conselho de administração uma variável explicativa do modelo: se um numeroso e independente conselho de administração tem alguma influência na tomada de risco dos bancos. Atendendo à amostra utilizada, verificou-se alguma evidência entre a composição do conselho de administração e a tomada de risco. Por outro lado, relativamente à concentração da estrutura accionista, constatou-se uma evidência reduzida ou mesmo nula no risco. Relativamente ao impacto da intervenção regulatória no risco, não foi igualmente verificada uma significância na relação entre as duas variáveis, isto é, regulação mais rigorosa não influencia o risco que os bancos tomam.
The aim of this dissertation is to study the relationship between banks' ownership structure and its risk-taking behaviour. Additionally, we also examine the impact of the banking regulation in the way that banks take their risk. The empirical analysis considers a sample of listed banks from EU countries, over the period spanning from 2011 to 2016. The econometric model used was a generalized least squares random effect regression, since we are considering a balanced panel dataset. We test the hypothesis that banks with a large shareholder structure have the propensity to take on more risk, when comparing to those who have a more diffuse shareholder structure. We also consider the structure of the board of directors as an explanatory variable in our model: if a bigger board or more independent directors have an influence on the bank risk-taking behaviour. Taking into account the selected sample, we found some evidence that the board of director's structure can influence the bank risk behaviour. On the other hand, to the ownership concentration, little or no evidence was found. Regarding the influence of the regulatory environment in the bank risk, there is no significant relationship between them, i.e. stricter regulation has no effect on how banks take their risk.
info:eu-repo/semantics/publishedVersion
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Cronin, Alison Louise. "Reforming corporate fraud regulation in the UK : a model of manifest liability." Thesis, Bournemouth University, 2016. http://eprints.bournemouth.ac.uk/25064/.
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Under the common law ‘identification principle’ criminal fault can only be attributed to a corporation if a sufficiently senior individual, typically a director, is guilty of the offence in question. This is problematic in itself given the typically complex and decentralised organisational structures of large companies. However, it is particularly ill-suited to address instances of pervasive and systemic corporate fraud, such as may have been evidenced in the recent widespread mis-selling scandals. In response to the difficulties associated with the ‘identification principle’, various alternative approaches have been mooted. Whilst the realist nature of organisations is now widely acknowledged, proposals for reform implicitly perceive the need to prove criminal mens rea as problematic and therefore construct an altogether different basis of fault, such as negligence or the ‘failure to prevent’ model. However, whereas the negligence-type model fails to express adequately the deceptive nature of fraud, the ‘failure to prevent’ construct is equally ill-suited in that fraud is peculiar, it is not an activity in itself but the way in which an activity is performed. This thesis makes an original contribution to knowledge by identifying the legal principles and evidential mechanisms through which mens rea can be attributed directly to an organisation such that a corporate prosecution under the Fraud Act 2006 can be sustained without the need to identify individual criminality. Further, the proposed return to a manifest approach to fault attribution does not disturb the actus reus/mens rea construct of criminality and neuro-scientific advances made in relation to mirror neurons provide a radical new understanding of how fault can be ascertained in both individual and collective action. Accordingly, the perception that the manifest approach to fault is incompatible with the subjectivist ideology of the criminal law melts away with exciting implications for a theory of corporate criminality generally.
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Lui, Alison. "Regulation and corporate governance : a case study of the UK banking industry." Thesis, University of Liverpool, 2014. http://livrepository.liverpool.ac.uk/18153/.
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Financial stability remains a key theme in UK financial regulation. This thesis investigates important issues of financial regulation revealed in the financial crisis of 2007-2009. It will analyse macro and micro prudential regulatory weaknesses in UK financial regulation in light of the financial crisis of 2007-2009. The structure of the new ‘twin-peaks’ model in the UK will be compared with the Australian ‘twin-peaks’ model. There are concerns that the Bank of England might have too much power and is thus a super single financial regulator in the ‘twin-peaks’ model. The author will compare the new ‘twin-peaks’ model with the German regulatory structure, where some similarities are found due to the sharing of supervisory responsibilities between the regulatory bodies in both jurisdictions. As far as the author is aware, there is a gap in the literature because the ‘twin-peaks’ model in the UK only came into existence in April 2013 and the literature in comparing this model with the Australian and German models is scarce. The thesis adopts a doctrinal, comparative case study approach, as well as a quantitative analysis of the important financial ratios of four major UK banks and four major Australian banks. The thesis will reveal that the Financial Services Authority (FSA) failed to supervise banks such as Northern Rock, Bradford & Bingley and HBOS properly. The main regulatory and supervisory failures of the FSA are due to organisational and management problems. With regards to the statutory provisions on banking regulation, the Financial Services Markets Act (FSMA) 2000 is complicated, with standards and principles underpinning the FSA’s statutory core objectives. The FSA’s remit is too wide. It is responsible for regulating banks, deposit-taking institutions and insurance companies. With the development of complex products, increased use of securitisation and merging of financial services offered to customers, the tripartite system increasingly found it difficult to delineate their scope and responsibility. Overall, the FSA’s passive, non-interventionist and laissez-faire regulatory approach led to criticisms that its measures were too late and too little. In comparison to the big four Australian banks, the thesis revealed that the big four UK banks had on average, higher cash ratio, higher leverage ratio, higher loan to deposit ratio, higher capital ratio, lower asset quality, lower return on assets but higher return on equity than the big four Australian banks. There is gradual convergence between the UK and Australian prudential supervisory models although there are still some differences between the two models. Financial stability is enshrined in both countries’ legislation and is a key priority after the financial crisis of 2007-2009. Both regulators reject a ‘zero-failure’ regulatory policy. The Prudential Regulatory Authority (PRA) shares the Australian Prudential Regulatory Authority’s (APRA) opinion that it is impossible to prevent all bank failures. Therefore, with the Special Resolution Regime contained in the Banking Act 2009, the PRA’s role is to minimise the systemic effect of any bank failure. The PRA’s supervisory style is based on judgement; risks; forward-looking and early intervention. This is very similar to APRA’s. PRA’s risk assessment framework and its supervisory responses based on the Proactive Intervention Framework. Yet, there are differences between the prudential regulatory and supervisory systems between Australia and the UK. The UK legislative framework is more complex than the Australian framework. Further, the PRA has policy setting powers although the vertical integration of financial regulation at European level may suggest that the PRA is unlikely to exercise this power very often. APRA on the other hand, does not have such wide policy setting powers. The UK Risk Assessment Framework takes more mitigating factors into account. Its Proactive Intervention Framework has five stages and early intervention is clearly a priority for the PRA, since it can start planning for resolution of an organisation even at stage 1. This is in contrast to the Australian SOARS methodology, where there are only four stages and resolution of an organisation takes place in the later stages. There are fears that the new structure within the Bank of England will make it a super single regulator. The thesis will compare the ‘twin-peaks’ model with the German regulatory structure since there are similarities in the sharing of supervisory responsibilities between the UK and German models. The thesis will then make several recommendations on how this concentration of power can be addressed.
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Carrillo, Giovanna M. "The Impact of Regulation and Governance on the Risk Profile of Banks." Cleveland State University / OhioLINK, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=csu1336449506.
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Ogowewo, Tunde Idolo Ekemena. "Tender offer regulation : thwarting the market for corporate control through opportunities for defensive litigation." Thesis, King's College London (University of London), 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.281714.
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Roos, Michael Nikolaus. "Takeover and merger regulation in the United Kingdom and Germany : a comparative analysis." Thesis, De Montfort University, 1996. http://hdl.handle.net/2086/4171.
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Drake, Hannine. "The legal regulation of the external company auditor in Post-Enron South Africa." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/2301.
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Thesis (LLM (Mercantile Law))--University of Stellenbosch, 2009.The worldwide increase of corporate failures on the scale of Enron and WorldCom has sparked a renewed international trend of corporate governance review. With the external company auditor blamed at least in part for many corporate failures, corporate governance reform also necessitates a review of the statutory regulation of the company auditor. In particular, the lack of auditor independence when auditing clients has been under the legislator’s spotlight. The problems associated with unregulated or poorly regulated auditors are well illustrated by the activities of auditing giant Arthur Andersen. In the US, the Sarbanes-Oxley Act has been promulgated in reaction to corporate failures, imposing many new legislative restrictions on the auditor. The UK has a more tempered, selfregulatory approach. South Africa, following international trends with its recently promulgated Auditing Profession Act and Corporate Laws Amendment Act, has also greatly increased the regulation of auditor independence. The question is now whether these new restrictions in the wake of corporate failures have been the right approach with which to prevent future failures and to provide adequate protection to shareholders. Although the general legislative increase in auditor awareness is welcomed, the efficacy of several provisions in South African legislation can be questioned. Widespread reform has taken place in the appointment and remuneration of the auditor, which now has to be independently determined by the audit committee. In particular, South Africa’s new regulation of non-audit services, and the lack of refined regulation on compulsory auditor rotation as well as the cross-employment of auditors by clients, needs a critical discussion. It is submitted that the discretion of a well-regulated audit committee, combined with increased disclosure and transparency, should be enough to regulate most of the key aspects of auditor independence. Care should be taken to not overlegislate in haste to reform. South Africa needs a flexible and customised approach in this regard.
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Withheld, Name. "The Regulation and Supervision of Integrated Corporate Governance of Financial Conglomerates in Indonesia." Thesis, Griffith University, 2019. http://hdl.handle.net/10072/387694.
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Financial conglomerates—a group of financial institutions under common control—are the salient feature of the Indonesian financial system. Various issues stem from their complex organisational structures, cross-sectoral activities and internal governance mechanisms. Many of these issues arise from the inadequacy of the traditional regulatory and supervisory regimes that focus on a financial institution as a separate legal entity, with little or no contemplation of a financial conglomerate. To address the issues posed by financial conglomerates, Indonesian policymakers conducted a financial reform and, subsequently, enacted the Law No 21 of 2011 on the Financial Service Authority (Otoritas Jasa Keuangan’s [OJK’s] Law) to establish an integrated financial services authority (OJK) with the mandate to establish integrated regulation and supervision of financial conglomerates. However, the OJK’s Law maintained the traditional regulatory and supervisory regimes, providing the OJK with an unsound legal basis for addressing financial conglomerates. Nonetheless, the OJK strived to regulate and supervise financial conglomerates. It enacted a set of regulations concerning the integrated corporate governance of financial conglomerates (hereafter, the Integrated Regulations) and established an integrated supervisory framework to oversee financial conglomerates (hereafter, the Integrated Supervision). Since their inception, both have been contested on the grounds that they contravene traditional laws and regulations. Yet, despite the importance of the Integrated Regulations and Integrated Supervision, there has been very little research on either and little is known about them.
This thesis seeks to examine the effectiveness of the Integrated Regulations and Integrated Supervision. It employs a qualitative research method involving a literature review, doctrinal legal analysis and empirical research (interviews). It discusses the evolving phenomenon of financial conglomerates, identifies the issues posed by these conglomerates, assesses the adequacy of the Integrated Regulations and Integrated Supervision to address these issues and examines the legal coherence of the Integrated Regulations and other regulations. The implementation of the Integrated Regulations and Integrated Supervision were also investigated by conducting interviews with representatives of the lead entities of financial conglomerates and the OJK’s integrated supervisory teams. This thesis also provides some recommendations for enhancing the effectiveness of the Integrated Regulations and Integrated Supervision.
This thesis finds that the Integrated Regulations and Integrated Supervision are ineffective in addressing the issues posed by financial conglomerates. The OJK’s Law does not provide a sound legal basis for OJK to regulate and supervise financial conglomerates and the Integrated Regulations contravene other laws and regulations, creating legal ambiguity and uncertainty for regulated entities. The Integrated Regulations are also incomplete, containing ambiguous provisions and failing to include important requirements to address the issues posed by financial conglomerates. Further, this thesis finds that although the lead entities of financial conglomerates strove to implement the requirements of the Integrated Regulations, they encountered challenges in doing so due to the corporate autonomy of entities within financial conglomerates and lack of authority of the lead entity to impose group-wide policy (such as that concerning the integrated corporate governance of those entities), disharmonised sectoral regulations, the incompleteness of the Integrated Regulations, and the dual-hatted role of integrated internal control functions. Additionally, the OJK’s integrated supervisory teams encountered challenges that prevented them from effectively implementing the Integrated Supervision and have not effectively overseen and enforced the Integrated Regulations. The challenges arose from the incompleteness of the Integrated Regulations, lack of resources, insufficient data and information, and b excessive bureaucratic processes due to OJK’s silo-sectoral organisation. Those challenges need to be addressed to improve the effectiveness of the Integrated Regulations and Integrated Supervision.
This thesis’s recommendations for enhancing the Integrated Regulations are to enact a new law to govern financial conglomerates and to amend the Integrated Regulations to address their ambiguous provisions and incompleteness. The recommendations for enhancing the Integrated Supervision are to amend the OJK’s Law to remove OJK’s silo-sectoral organisation and to provide supervisory power to the OJK’s chairman to conduct integrated supervision; to add staff to the integrated supervisory teams; amending the OJK’s supervisory procedure to allow the integrated supervisory team to access the sectoral supervisory information system; and to expedite the development of the integrated information supervisory system.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Law School
Arts, Education and Law
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Ruppel, Conrad. "Dimensions of the global financial crisis the future of corporate governance and regulation." Göttingen Cuvillier, 2009. http://d-nb.info/1001110048/04.
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Chung, Donna E. "Transnational advocates, norm advancement, and U.S. corporate self-regulation in China (1993-2003)." Thesis, University of Oxford, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.410771.
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Wood, Steven Michael. "Corporate restructuring, regulation and competitive space : the US department store in the 1990s." Thesis, University of Southampton, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.343013.
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Guarniz, Izquierdo Reynaldo Antonio. "The cynicism and Corporate Governance." IUS ET VERITAS, 2017. http://repositorio.pucp.edu.pe/index/handle/123456789/122413.
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In this article, the author explains about the adoption of corporate governance practices, which depends on an evaluation of costs and benefits. Peruvian companies do not assume these practices because of the lack of incentives, informality and poor regulation. Finally, he concludes peruvian regulation of corporate governance practices lacks content, which means that it is not a priority for companies.En este artículo, el autor explica acerca de la adopción de prácticas de gobierno corporativo, la cual depende de una evaluación de costos y beneficios. Las empresas peruanas no asumen dichas prácticas por causa de la falta de incentivos, informalidad y deficiente regulación. Finalmente, el autor concluye que el tratamiento peruano de las prácticas de gobierno corporativo carece de contenido, lo que genera que no sea una prioridad para las empresas.
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Betzer, André. "Corporate governance mechanisms in Europe : an analysis of leveraged buyouts and insider trading regulation /." Berlin : Dissertation.de, 2006. http://deposit.d-nb.de/cgi-bin/dokserv?id=2832815&prov=M&dok_var=1&dok_ext=htm.
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Leblanc, R. "Canadian regulation of director nomination and assessment." Thesis, Українська академія банківської справи Національного банку України, 2007. http://essuir.sumdu.edu.ua/handle/123456789/60685.
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Ця Канадська політика корпоративного управління, що має назву "Національна політика 58-201"
Керівні принципи корпоративного управління "(" Політика ") відображає політику в рамках
кількість юрисдикцій.This Canadian corporate governance policy, entitled “National Policy 58-201 Corporate Governance Guidelines,” (the “Policy”) is reflective of policies within a number of jurisdictions.
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Nyaki, Judith V. "A critical analysis of Tanzanian corporate governance regulation and its impact on foreign investment." Thesis, University of Western Cape, 2013. http://hdl.handle.net/11394/3326.
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Magister Legum - LLMThe main objective of this study is to review the legal and regulatory framework of corporate governance in Tanzania with the focus on corporate governance laws and regulations. The study is intended to discuss the main legal and regulatory framework in Tanzania which plays a part in the corporate governance. The Companies Act No. 12 of 2002 will be reviewed in order to establish which corporate governance principles are provided and to what extent they are effective. The capital markets and securities laws, guidelines on corporate governance in Tanzania with a focus on the listing requirements and other regulations applied at the DSE will also be reviewed in order to establish their effectiveness in attracting investors to the market. Given the comparative value of South Africa and Kenya in SADC and EAC respectively, this work will also discuss the legal and regulatory framework of corporate governance in Kenya and South Africa and compare with those in Tanzania in areas such as shareholders rights; stakeholder’s right; board control and effectiveness and the effectiveness of compliance. Such comparative analysis is done in order to single out areas of focus in legal and regulatory framework in corporate governance law such as companies’ law and stock market and security laws in Tanzania.
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Březina, Václav. "Corporate governace a její právní rámec." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16553.
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The master's thesis analyses the contemporary corporate governance standards and their legal framework. The paper describes the development of different corporate governance principles and the key legal pieces that regulate the corporate governance area (eg. Sarbanes-Oxley, Basel II, EC regulation). The core of the paper focuses on corporate governance failures that led to the current financial crisis, analyses their link to the corporate governance principles and describes the trends for development in the corporate governance regulation.
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Kerr, Vindel Leroy. "Exploring corporate governance structures and practices in Jamaica : towards policy reform." Thesis, University of Manchester, 2010. https://www.research.manchester.ac.uk/portal/en/theses/exploring-corporate-governance-structures-and-practices-in-jamaica-towards-policy-reform(293fd6e3-436c-49d2-8288-74a5bd2d4385).html.
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This study explores corporate governance (CG) structures and practices in Jamaica to fill theoretical, practical and public policy gaps. The study is organized into four parts and nine chapters. Part one is an introduction to the thesis and the contextual setting. Part two explores the theoretical and methodological framework via an in-depth review of the social science literature on CG and sets out the research strategy and methodology. Part three analyses and discusses the findings from the fieldwork, and part four examines gaps, proposes recommendations for reform, discusses conclusions, limitations of the study, and suggestions for future research. The study assumes a two-fold hypothesis of a CG problem and public policy problem. The CG problem is characterised by a dearth of empirical literature, a lack of CG awareness, and inadequate and poor CG practices among public bodies. The public policy problem is defined by a weak regulatory framework, systemic weaknesses in the financial sector, and pervasive corporate and political corruption. In seeking solution to the problems under review, the study adapts the interviewer’s administered survey method supported by three in-depth case studies and two focus groups. The views of about 100 respondents were sought and an additional unspecified number of informal informants. This multi-technique approach ensured that the weaknesses of a given technique were compensated for by the counterbalancing strengths of other techniques. The key themes of focus were regulation, corruption, ownership and control, stakeholder relations, perceptions and role of institutional investors, board characteristics and processes and the board’s role in strategic decision-making and corporate disclosures. The findings revealed that while Jamaica has implemented several laws and regulations, there are still gaps in coverage, content and effectiveness of implementation. Corruption is still rampant in spite of evidence of a reduction since 2006 (TI 2008 Report). Ownership and control of Jamaican firms are highly concentrated and mainly by oligarchic groups giving way to such problems as an under-developed new issues market, a high degree of insider boards, inadequate minority protection, poor information disclosure, and incentives are aligned to dominant shareholders. There is a lack of representation and voice of employee and trade union representatives in the Jamaican boardrooms and institutional investors (II), while controlling approximately 75% of listed companies, are not interested in promoting CG reform over and above the extent to which such efforts would redound to their self-interest. IIs play influential roles in financing Jamaican politics and control large distribution channels, and determine who gets large private sector contracts. While much is being done internationally to achieve gender balance in the boardroom, the mean number of females on Jamaican corporate boards is 1.8 (or 19.8%) with an average board size of 9.1 Directors. Cross-tabulation analyses were conducted and tests for relationships between and within groups of key variables (board size, Chair/CEO duality, NEDs vs. EDs, number of female Directors with listed and unlisted firms and dominant ownership dispersed vs. closely held) and nothing of significance was found. The study has concluded that reform is needed in several areas. These include increase of coverage and content of legislation and enforcement mechanisms to improve CG and fight corruption; reform of corporate boards - director selection and appointments, board’s role and conduct of Directors, training and board performance evaluation. Future research is directed at more emphasis on CG in developing countries, SMEs, public bodies and non-profit organizations, the role and contribution of employees and trade unions, the board’s role in influencing strategy, and the role of risk management. The study seeks to contribute to the growing body of international literature on emerging CG and targets primarily academics, practitioners and policymakers.
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Coetzee, Hendrik Christiaan. "Die ontwikkeling van 'n ekosistemiese program ter fasilitering van selfregulering by korporatiewe werkers / H.C. Coetzee." Thesis, North-West University, 2007. http://hdl.handle.net/10394/1818.
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The aim of this study was to develop, evaluate and refine an ecosystemic program to facilitate self-regulation (SR) among corporate workers. A temporary program was developed with the aid of a literature review, based on the integration of the SR-theory with the principles of the ecosystem theory and program development. The program was presented over a period of three days at the Mabula nature reserve for a group of seven corporate employees in the broker industry. Each session took place in the form of a game drive, preceded by a group activity, a discussion of one of the three components of SR and followed by applicable examples out of nature. Data was analysed quantitatively and qualitatively.
Results show that although participants' goal management, self effectiveness (SE) and mindfulness improved after conclusion of the program, these changes were not statistically or practically meaningful. Possible explanations for this are detained in the nature of the program and the manner in which the program was implemented, as well as in the factors which could have negatively influenced the credibility and reliability of the program evaluation. The conclusion was made that the program had a greater impact on participants' insight of the theoretical under print of SR, rather than their SR skills and that the aspect of experiential learning is possibly not promoted enough. Nevertheless, the program is very promising and only a few changes are necessary to refine the temporary program.
Recommendations include that there should be more intensive emphasis on the practical facilitation of SR during the presentation of the program and that standardised instruments with a greater group of participants, including a control group, should be considered.Thesis (M.A. (Psychology))--North-West University, Potchefstroom Campus, 2008.
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Andres, Christian. ""Corporate governance in Germany - an empirical examination of ownership structures, payout policy and disclosure regulation" /." Berlin : Dissertation.de, 2007. http://www.dissertation.de/buch.php3?buch=5288.
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Agbonkpolor, T. A. "Banking in a developing economy : Issues in corporate control, regulation and financial stability in Nigeria." Thesis, Queen's University Belfast, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.516944.
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Ng, Christine Bik-Kay 1979. "Shaping the terms of competition : environmental regulation and corporate strategies to reduce diesel vehicle emissions." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/34619.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Engineering Systems Division, Technology, Management, and Policy Program, 2006.Includes bibliographical references.
Environmental regulations are typically portrayed as an outside force stimulating development of environmental technologies in regulated industries. In reality, firms influence regulation by communicating their technological progress, which helps form a basis for future standards. Because of differences in each firm's technological capability and environmental performance, regulations affect the competitive position of firms. Firms with advanced technologies stand to gain competitive benefit from more stringent environmental regulations, and may therefore choose to introduce a more costly but cleaner technology ahead of regulation. Such a competitive regulatory strategy has the potential to bring competitive benefits to the lead firm(s) and environmental benefits to the public. This research explains the conditions under which competitive regulatory strategies are pursued in the diesel vehicle and fuel industry. Growing public concern about the health effects of diesel exhaust has led countries to implement several cycles of increasingly stringent emission and fuel regulations over the past two decades.
(cont.) Taking a comparative case study approach, this work studies multiple regulatory cycles for light-duty vehicles, heavy-duty engines, and diesel fuel sulfur in the European Union, Japan, and the United States. For each region's regulatory cycles, cases of corporate behavior, including early adoption, first-mover behavior, and noncompliance, are identified and analyzed for their context, motivation, influence on regulatory policy, and public and private effects. Source material consists of documentary sources, descriptive statistics, and semi-structured interviews with experts. This methodology generates multiple cases for comparison across countries, cycles, sectors, and firms. While early- and first-mover behavior was observed in the regulatory cycles, firms do not aggressively pursue competitive regulatory strategies. They are guided by other motivations, such as fiscal incentives, diesel market share protection, and technology development/testing. A weak business case, risk aversion, industry pressure, and lack of supporting infrastructure pose strong disincentives.
(cont.) The final recommendations address issues pertinent to regulators, firms, and environmental groups: fiscal incentives as an effective means to encourage rapid technology adoption; environmental NGOs as a vehicle for communicating technological progress; use of technology demonstrations by lead firms to show regulatory readiness; and combination of short-term and long-term targets with mechanisms to encourage technology-based competition.
by Christine Bik-Kay Ng.
Ph.D.
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Asafo-Adjei, Marang Akua. "Regulation of executive directors remuneration in South Africa : the road to achieving good corporate governance." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/15188.
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The purpose of this dissertation is thus to evaluate the extent to which the existing legal and regulatory instruments in South Africa have effectively regulated director’s remuneration as a means of ensuring that those in control are accountable to the owners and do not remunerate themselves excessively with the owners’ money. The research will embark on a comparative analysis with international jurisdictions being Australia and the United Kingdom with the objective of determining how these countries have regulated executive director remuneration and the lessons that South Africa can learn from them. Lastly, the research will provide recommendations on how the existing framework s can be improved to ensure adequate and effective regulation of executive director remuneration.
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Russ, Robert W. "SEC Regulation of Corporate 10K Filing Dates: The Effect on Earnings Management and Market Recognition." VCU Scholars Compass, 2006. http://scholarscompass.vcu.edu/etd/721.
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In November 2002, the Securities and Exchange Commission released a final ruling regarding a filing requirement change. The proposed requiredment change was for domestic companies to file annual and quarterly reports within 60 and 30 days, respectfully. This requirement was recommended for companies with a market value of at least $75 million and would reduce by 30 days the time allowed to file these reports. The Wall Street Journal article announcing this proposal stated the change was an effort to address some of the problems arising from accounting scandals such as the Enron scandal of 2001. A potential added benefit of the SEC rule change might be a reduction in earnings management. The purpose of this study is two fold. The first part is to test the theory that earnings management takes time. The second purpose is to examine the question of market recognition of earnings management. Sloan (1996) and other researchers report that the market does not recognize earnings management in the long term. Xie's (2001) results suggest that the market over prices earnings management. Balsam et al. (2002) found the market reacted negatively to abnormal accruals. The current research study uses a larger sample including firms not suspected of earnings management and fails to confirm the Balsam et al. result. The findings of the current study suggest that the results of the Balsam et al. study are either the result of the data selection process used in that study or the data selection processs used by Balsam et al. controlled for other market fluctuations not included in the current study. The results of this study suggest a positive relationship between earnings management and the time to file annual reports. Thsi finding supports the theory that moving earnings management from a future period to the current period requires time. Thus, the SEC rule change to reduce the time to file annual reports should reduce a company's ability to manipulate earnings.
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Wei, Henry. "Australian Real Estate Stock Reactions to FIRB Regulation Changes." Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1637.
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This study analyzes the share price reactions to real estate development and building/construction materials corporations in relation to FIRB rule changes. It appears companies as a whole were indifferent to the rule changes; however individual securities returns were wildly different. These findings suggest that the FIRB rule changes had a mixed effect on different corporations possibly based on their exposure to the Australian real estate market.
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Juks, Reimo. "Corporate governance and the firm's behaviour towards stakeholders." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-938.
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Obey the Law and Do a Little Bit Extra? The paper provides evidence on how firms’ stakeholder orientation is associated with standard measures of corporate governance using a panel of 1778 US companies during the period of 1995-2006. We construct two binary indicators, one measuring stakeholder hostility and the other stakeholder friendliness using data from KLD ratings agency. Based on these indicators, we classify firms into four groups representing stakeholder hostile, neutral, friendly and ”friendly and hostile” firms. Our results show that both stakeholder friendly and hostile firms tend to have significantly lower insider ownership, smaller option grants, lower pay-performance sensitivities, larger boards, older executive officers and directors, lower institutional ownership and larger number of anti-takeover defenses than the firms in the neutral group. We also find that the probability of stakeholder hostile activity is positively related to the strength of corporate governance, but the effect is insignificant except in local and global community areas. A possible explanation is that in these areas stakeholders are protected mainly by ethics and social norms rather than by various regulations that is commonplace in labour, environment and customer related areas. These findings lend support for the idea that stakeholders are best protected by various regulations. Corporate Governance and Workplace Safety. This paper examines how the weakening in corporate governance affects workplace safety. We use anti-takeover laws in the US in the 1980s as a source of variation in corporate governance. Our measures of workplace safety are the number of violations of OSHA workplace safety regulation, penalties paid for these violations, the number of accidents and employees’ complaints about their workplace safety. We find that firms affected by the regulation presented significantly more workplace safety violations and penalties than otherwise similar firms that were not affected by the regulation. Accidents and complaints tend to decrease as a result of the anti-takeover regulation, but the results are not entirely robust. We also document that the increase in workplace safety violations was significantly smaller in unionized firms. This suggests that unions can play an important role in curbing managerial discretion. How Responsible is Private Equity? The financial success of leveraged buyout targets (LBOs) is frequently associated with deteriorating conditions for other stakeholders, such as workers, customers, suppliers, tax-payers and society as a whole. We obtain a comprehensive set of stakeholder ratings for a sample of 373 LBOs and examine the pre-and post-LBO performance of these ratings. LBO targets are characterized by weak stakeholder relations across a number of measures compared to their peers, in terms of corporate governance, transparency, employee relations and community relations. Controlling for this selection, we do not find systematic evidence in favor of the idea that private equity funds gain at the expense of other stakeholders. Private equity ownership alters targets in the direction of higher pay, improved work-life benefits, increased charitable giving, and decreased concerns related to retirement benefits, adverse economic impact, tax disputes, unfair marketing practices and antitrust problems.Diss. Stockholm : Handelshögskolan, 2010; Sammanfattning jämte 3 uppsatser.
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Li, Tao. "Ownership, privatization and banking regulation : four essays in the economics of transition and development /." Full text available, 2003. http://images.lib.monash.edu.au/ts/theses/litao.pdf.
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Faye, Sainey. "An examination and analysis of bank corporate governance regulation in The Gambia : a grounded theory approach." Thesis, University of Plymouth, 2014. http://hdl.handle.net/10026.1/3155.
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The purpose of this research is to carry out an empirical investigation of bank corporate governance regulation in The Gambia. The aim is to determine what contributions, if any, effective governance systems can make to the management of the needs of different stakeholder groups within the financial sector. Through the application of grounded theory methodology this research aims to build a substantive theory of corporate governance regulation within The Gambian banking sector. The substantive theory identified the main phenomena and as such outlined the model of corporate governance currently prevailing in The Gambian banking sector. The grounded theory methodology adopted for this research includes a three stage process of analysing data namely open coding, axial coding and selective coding. Firstly, through the application of comparative method in open coding semi structured interviews and focus groups discussions were conducted with senior bank executives, employees and customers, as well as regulators across The Gambian banking sector. Open coding process enables the development and identification of properties and dimensions. The interviews were informed by survey questionnaires designed to sensitise and gain access to the identified participants and subsequently guided the semi structured interview questionnaires and focus groups that followed. Secondly, through axial coding, the open categories were incorporated into wider categories. The use of the paradigm model establishes the relationship among these categories. This led to the development of the human factor model of bank corporate governance regulation in The Gambian banking system. Finally, selective coding identified the core category through the verification of the second set of semi structured interviews and established its’ relationship with other sub categories. The substantive theory was further explored Categorical Imperative theoretical framework leading to a more formal substantive theory that considers corporate governance issues of financial sector stakeholders. It concluded that there is no consistency between banks when it comes to corporate governance mechanisms and codes partly due to obstacles such as environment, culture and policies. Thus, regulatory compliance and ethics are therefore necessary to serve as a moral compass in the absence of a mandatory regulatory framework. Finally, this thesis also explored the phenomenon of corporate governance, grounded theory and Categorical Imperative in an unexplored context. Thus, providing a new approach to corporate governance understanding to inform and to improve corporate governance practice. The identification of the substantive theory will also help key stakeholders to address the challenges, thus, minimising the risk of bank failures and improve the corporate governance regulation framework in The Gambia. Finally, this research also proposed an ethical code of conduct for The Gambia. The proposed code of conduct will influence future behaviour and subsequently improve the robustness of the banking system.
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Eckel, Doug. "Two essays on political influence and the regulation of financial markets." Diss., Virginia Tech, 1996. http://hdl.handle.net/10919/39160.
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I examine two potential instances of rent-seeking in financial markets in the 1980s. In the first essay I test whether managers engage in political activity designed to influence federal regulation of the market for corporate control. In the second, I examine whether firms in the financial services sector attempt to affect bank deregulation.
Using Federal Election Commission data, I find campaign contributions by corporate political action committees (PACs) are negatively related to levels of inside ownership, my main proxy for managerial vulnerability to hostile tender offers. Contribution patterns for firms with less than 20% insider ownership are relatively highly correlated, and differ from those of firms with greater than 20% inside ownership. Low inside ownership firms have slightly higher levels of contributions to legislators on particular House and Senate committees proposing relevant legislation. However, when I analyze the impact of contributions on legislator support for regulation I find no statistical support for a theory of vote-buying. I conclude that corporate political behavior is tied to levels of inside ownership, and comprises an alternate index of manager-shareholder conflict. Using a similar approach to analyse the financial services industry, I also find significant patterns in political action committee (PAC) campaign contributions for depository (commercial bank and thrift) and non-depository (brokerage and insurance) sectors of the financial services industry during the 98th Congress (1983-84). Contributions by depository firm PACs appear not only to purchase access to legislators serving on important banking committees crucial to their interests, but are also a significant determinant of votes for repealing sections of the Glass-Steagall Act. Nondepository contributions do not appear to influence votes directly, even though the brokerage and insurance sectors effectively lobbied House Banking Committee chairman Fernand St Germain to enforce the regulatory status quo. When I measure the rents at stake in the legislation using a two-factor market model event study approach, I find that the passage of legislation in the Senate had a positive affect on depository firm returns, implying the sector's lobbying effort was justified. However non-depository PACs lobbied just as extensively, and did not experience significant abnormal returns over the same event period, even though this round of deregulation should have been a zero-sum game between the affected sectors of the industry. I then measure the correlation between the market value impacts of new legislation and contribution amounts for individual firms within the sectors. I find rents are correlated with political activity, even for firms in the non-depository sectors.Ph. D.
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Jofre, Alegria Maria Paz. "Fighting Accounting Fraud through Forensic Analytics." Thesis, The University of Sydney, 2017. http://hdl.handle.net/2123/17826.
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Accounting Fraud is one of the most harmful financial crimes as it often results in massive corporate collapses, commonly silenced by powerful high-status executives and managers. Accounting fraud represents a significant threat to the financial system stability due to the resulting diminishing of the market confidence and trust of regulatory authorities. Its catastrophic consequences expose how vulnerable and unprotected the community is in regards to this matter, since most damage is inflicted to investors, employees, customers and government. Accounting fraud is defined as the calculated misrepresentation of the financial statement information disclosed by a company in order to mislead stakeholders regarding the firm’s true financial position. Different fraudulent tricks can be used to commit accounting fraud, either direct manipulation of financial items or creative methods of accounting, hence the need for non-static regulatory interventions that take into account different fraudulent patterns. Accordingly, this study aims to identify signs of accounting fraud occurrence to be used to, first, identify companies that are more likely to be manipulating financial statement reports, and second, assist the task of examination within the riskier firms by evaluating relevant financial red-flags, as to efficiently recognise irregular accounting malpractices. To achieve this, a thorough forensic data analytic approach is proposed that includes all pertinent steps of a data-driven methodology. First, data collection and preparation is required to present pertinent information related to fraud offences and financial statements. The compiled sample of known fraudulent companies is identified considering all Accounting Series Releases and Accounting and Auditing Enforcement Releases issued by the U.S. Securities and Exchange Commission between 1990 and 2012, procedure that resulted in 1,594 fraud-year observations. Then, an in-depth financial ratio analysis is performed in order to evaluate publicly available financial statement data and to preserve only meaningful predictors of accounting fraud. In particular, two commonly used statistical approaches, including non-parametric hypothesis testing and correlation analysis, are proposed to assess significant differences between corrupted and genuine reports as well as to identify associations between the considered ratios. The selection of a smaller subset of explanatory variables is later reinforced by the implementation of a complete subset logistic regression methodology. Finally, statistical modelling of fraudulent and non-fraudulent instances is performed by implementing several machine learning methods. Classical classifiers are considered first as benchmark frameworks, including logistic regression and discriminant analysis. More complex techniques are implemented next based on decision trees bagging and boosting, including bagged trees, AdaBoost and random forests. In general, it can be said that a clear enhancement in the understanding of the fraud phenomenon is achieved by the implementation of financial ratio analysis, mainly due to the interesting exposure of distinctive characteristics of falsified reporting and the selection of meaningful ratios as predictors of accounting fraud, later validated using a combination of logistic regression models. Interestingly, using only significant explanatory variables leads to similar results obtained when no selection is performed. Furthermore, better performance is accomplished in some cases, which strongly evidences the convenience of employing less but significant information when detecting accounting fraud offences. Moreover, out-of-sample results suggest there is a great potential in detecting falsified accounting records through statistical modelling and analysis of publicly available accounting information. It has been shown good performance of classic models used as benchmark and better performance of more advanced methods, which supports the usefulness of machine learning models as they appropriately meet the criteria of accuracy, interpretability and cost-efficiency required for a successful detection methodology. This study contributes in the improvement of accounting fraud detection in several ways, including the collection of a comprehensive sample of fraud and non-fraud firms concerning all financial industries, an extensive analysis of financial information and significant differences between genuine and fraudulent reporting, selection of relevant predictors of accounting fraud, contingent analytical modelling for better differentiate between non-fraud and fraud cases, and identification of industry-specific indicators of falsified records. The proposed methodology can be easily used by public auditors and regulatory agencies in order to assess the likelihood of accounting fraud and to be adopted in combination with the experience and instinct of experts to lead to better examination of accounting reports. In addition, the proposed methodological framework could be of assistance to many other interested parties, such as investors, creditors, financial and economic analysts, the stock exchange, law firms and to the banking system, amongst others.
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Cruz, Francisco João de Almeida. "Treasury stocks: evidence from Portuguese listed companies in 2010." Master's thesis, NSBE - UNL, 2012. http://hdl.handle.net/10362/9599.
Full textAbstract:
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsThe Miller and Modigliani (1961) curiosity awoke the interest of professionals to look into share repurchases. The aim of this study is to analyse how relevant were the treasury stocks in the Portuguese listed companies accounts for 2010. From the sample analysis of the PSI Geral (Portuguese Stock Exchange companies), most of the companies had in their account treasury stocks and half of them traded them during the year. The research contributes to present the reality of the Portuguese listed companies in terms of regulation, disclosures, and financial statement analysis numbers.
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Brussell, Alexander. "Pollution and Persuasion: An Investigation of Corporate Toxic Releases and Lobbying Expenditures." Scholarship @ Claremont, 2018. https://scholarship.claremont.edu/cmc_theses/2021.
Full textAbstract:
Although the prevailing viewpoint claims that corporate profitability and environmental regulation are directly at odds, there is a growing base of evidence suggesting that low-carbon companies gain a strategic advantage over dirtier competitors by lobbying for more stringent climate regulations. This paper extends previous analyses of corporate greenhouse gas (GHG) emissions and lobbying using toxic releases as a measure of environmental performance to assess the assertion that both clean and dirty firms disproportionately lobby on environmental policies. In my analysis, I find that the same relationship previously found using GHG emissions as a measure of corporate environmental performance holds with toxic releases when examining only the three most widely represented industries in my data—Major Chemical, Power Generation, and Energy Utilities. When combined with findings of a negative linear correlation between firms’ toxic releases and lobbying expenditures using the same sample, my results suggest that clean firms in these industries not only lobby frequently on environmental policies—they actually do so more aggressively than their dirtier competitors. While I deduce that these results are caused by clean firms lobbying for stricter environmental regulations that impose costly compliance costs on dirty competitors, it is evident that my data do not specify if firms are lobbying for or against more stringent regulations or what the implications of those lobbied policies would entail. This inability to distinguish firms’ underlying motivations for lobbying is a fundamental shortcoming of my analysis.