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Li, Hao Yost Keven E. "Corporate risk and corporate governance". Auburn, Ala, 2009. http://hdl.handle.net/10415/1686.
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Huang, Cong. "Liquidity, corporate policy, and corporate governance". Thesis, University of Birmingham, 2018. http://etheses.bham.ac.uk//id/eprint/8419/.
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Liquidity has a potential impact on the investment strategies and financing strategies which can affect or be affected by the risk perspective. The thesis aims to establish linkage between liquidity and three risk-related issues in the finance literature. First, we inspect the impact of market liquidity on feedback trading. Our results suggest that the market liquidity should be included in the feedback traders’ demand function for shares in East Asian stock markets. We then analyse the listed US firms to test the impact financial flexibility on firm’s corporate social responsibility. We find a negative relationship between financial flexibility and CSR, which indicates that the two are substitutes to each other in hedging financing risk. Furthermore, we find the negative relationship between financial flexibility and CSR is affected by both CEO conservatism and the lifecycle stage of a firm. Finally, we investigate the impact of CEO inside debt compensation on the adjustment speed of cash holding of the listed US firms. We find that the CEOs with high inside debt compensation accelerate the adjustment of cash holding when the actual cash ratio is below target while decelerating the adjustment speed of cash holding when there is excess cash.
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Vizingr, Tomáš. "Budování Corporate Image a Corporate Identity". Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-9102.
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Pohled na firemní identitu a firemní image. Práce přináší několik úhlů pohledu na prvky determinující firemní identitu: Corporate Design, produkt organizace, kulturu organizace, organizační chování a komunikaci organizace. Aplikace psychologických, sociologických teorií a teorie řízení a managementu na dané téma vysvětluje, jakým způsobem je pomocí firemní identity vytvářen firemní image. Praktická část se zabývá analýzou firemní identity a image firmy InBev, Staropramen.
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Seemann, Ralph. "Corporate Reputation Management durch corporate communications /". Göttingen : Cuvillier, 2008. http://d-nb.info/990426491/04.
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Guidoux, Aymeric. "Corporate Governance and Corporate Social Responsibility". Thesis, Université Paris-Saclay (ComUE), 2018. http://www.theses.fr/2018SACLX122/document.
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Selon la théorie des parties prenantes, la Responsabilité Sociétal de l’Entreprise (RSE) est la réponse donnée par les entreprises à la pression croissantes des employées, actionnaires, communautés locales, ONG environnementales ou régulateurs afin de prendre en compte les impacts environnementaux et sociaux de leurs activités. L’enjeu n’est pas une simple compensation des externalités négatives mais une transformation des entreprises pour permettre une croissance durable. Ainsi, la RSE pousse les entreprises à être proactive et à dépasser les attentes règlementaires. Cependant, comment réussir à concilier des objectifs si différents voire opposés ? Alors que de plus en plus d’entreprises intègrent la RSE au cœur de leurs stratégies, les processus de gouvernance semblent être le chainon manquant pour réunir performance économique, sociale et environnementale. Cette thèse présente des arguments empiriques et théoriques de l’impact de la gouvernance à son plus haut niveau, du conseil d’administration au Directeur Général (DG). Après un chapitre d’introduction, le chapitre 2 analyse le lien entre la composition des conseils d’administrations et l’intégration de la RSE dans la stratégie des entreprises. Il s’appuie sur une loi sur la représentation des femmes dans les conseils d’administrations. Adopté en France en 2011, cette loi a entrainé la nomination de nouveaux administrateurs, majoritairement des femmes plus jeunes que leurs prédécesseurs. Pour autant, ce chapitre montre que l’augmentation de la diversité au sein des conseils n’est pas corrélée à variation de la performance financière et extra-financière. Ce chapitre repose sur l’étude des entreprises du SBF 120 de 2009 à 2015. Cependant, si les caractéristiques des administrateurs sont impliquées dans les processus de décisions, la mise en place des stratégies et le management de l’entreprise est confié au soin du DG. Grâce à un système de rémunération avec part variable, le conseil d’administrations s’applique à aligner les intérêts du DG avec les siens. Le chapitre 3 étudie l’efficacité des rémunérations variables basées sur des critères environnementaux ou sociétaux. Il montre que l’impact de ces « Bonus RSE » dépend du modèle de gouvernance de l’entreprise. Chez les entreprises possédant une gouvernance de type actionnarial, les « Bonus RSE » semble n’avoir qu’un impact négatif sur la performance financière. En revanche, pour les entreprises du type partenarial, ces bonus permettent efficacement l’amélioration des performances extra-financières sans diminuer la performance financière. Cette étude empirique se base sur un panel mondial de 3500 entreprises sur la période 2006-2015. Le chapitre 4 propose un modèle théorique permettant d’analyser l’impact de la nature intrinsèque ou extrinsèque des motivations. Basé sur le modèle principal-agent développé par Che et Yoo (2001), ce chapitre analyse différentes incitations pour une entreprise composée de deux agents travaillant sur une tâche « RSE ». Trois scénarios sont étudiés : les deux agents reçoivent une compensation financière, les deux agents sont motivés intrinsèquement, un agent est motivé intrinsèquement et l’autre financièrement. Le modèle montre que le scénario optimal pour le principal dépend du niveau de motivation intrinsèque mais également de l’interdépendance entre les décisions des deux agents. Dans le cas particulier de la rémunération des directeurs d’entreprises, les données empiriques montrent qu’inclure des critères RSE dans la rémunération est plus adapté aux entreprises avec une forte interdépendance décisionnelle. La conclusion retrace le lien qui unit gouvernance et RSE à plusieurs niveaux, et discute de l’implication des réseaux et effets de mimétisme entre entrepriseAccording to the stakeholders’ theory, Corporate Social Responsibly is the firm’s response to increasing pressure from employees, shareholders, communities, environmental NGOs or regulators to consider the social and environmental consequences of their business activity. What is at stake, is not only a compensation of negative externalities but the adaptation and the participation of firms to a sustainable growth. In that sense, CSR is not just about being efficient but being the best and push firms to be proactive and go beyond legal requirements. But how manage objectives so various and even opposite? While firms start to integrate CSR into their global business strategy, at the top of the decision-making process, corporate governance appears to be the missing link to join economic, environmental and social objectives. This dissertation provides empirical and theoretical evidences of the determining factors involved at the high level of firms’ governance, from the board of directors to the CEO. After an introduction chapter, chapter 2 investigates the link between board composition and integrated CSR strategies. Adopted in 2011, the law targets listed firms and brought about the entrance of new directors, more likely to be women and younger than prior directors. However, we do not find evidence that this diversity is correlated to financial or extra-financial performance. For this chapter, we use a panel composed of French listed companies (SBF120 index) over the 2009-2015 period. If director’s characteristics are involved at the top of the decision making-process, the execution of the strategy and management of the firm is delegated to the CEO. Using variable pay, compensation part determined by performance objectives, the board aligns the CEO’s interests with his own interests. Chapter 3 shows evidence of the effectiveness of CSR based compensation part, labelled under the term “CSR contracting”. We show that the impact of such compensation depends on the governance structure. For firms who focus on shareholder, CSR contracting is more likely to have a negative impact on financial performance and no impact on extra-financial performance. On the contrary, for firms with a stakeholder model of governance, we show that CSR contracting is effective and have a positive impact on the environmental and social performance without impacting the economic results. This empirical work is conducted on a worldwide dataset with 3500 firms over the 2006-2015 period. Chapter 4 provides a theoretical framework to understand the role of governance factor on the efficiency of incentives. We develop a model based on Che et Yoo (2001) model to study the influence of compensation among a team of two managers who have to work on a CSR task. We determine the optimal compensation between three compensation mixes: both agents receive monetary compensations, both agents receive external rewards from their environment, one agent receives monetary compensation and the other receives an external reward. We show that the choice of the optimal compensation scheme depends on the environment outside the firm, i.e. the level of the exogenous reward, and the environment inside the firm through the level of the interdependence between the managers' decisions which corresponds to the capacity of the firm to create cooperation between the agents. Then, using evidence from executive compensation, we apply this model to the relationship between the CEO and the board of directors and find that the adoption of monetary incentives for CSR tasks is more suitable for firms with a high decisional interdependence than for firms with a lower interdependence. In conclusion, from directors’ characteristics to the overall governance organisation, we retrace the link between corporate governance and CSR integrated strategies; a link who could go beyond firm frontiers and include industry ties and peer effects
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Daniel, Oluwakemi. "The Relationship Between Corporate Social Responsibility, Corporate Sustainability, and Corporate Financial Performance". ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5847.
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Some business executives are reluctant to engage in social responsibility and sustainability practices because of the assumption that these projects are costly and impair profitability. The purpose of this correlation study was to examine the relationship between corporate social responsibility, sustainability (as proxied by the 2016 Best Corporate Citizens index), and corporate financial performance (as measured by ROA and Tobin's Q). Stakeholder theory was the theoretical framework for the study. The results of linear regression analyses indicated an insignificant positive relationship between corporate social responsibility, sustainability, and financial performance. The yield of the linear regression analyses was as follows: F(1, 12) = .023, p = .881, R2 = .002 for ROA and F(1, 12) = .060, p = .811, R2 = .006 for Tobin's Q. The findings from the study revealed that the relationship between social and sustainable activities and financial performance is indifferent regardless of whether financial performance is assessed using accounting or market measures. The presence of a direct, though insignificant, association calls for business managers' attention. The reason is that with the positive association, it is arguably useful to suggest that the more social and sustainable projects are embarked on by firms, the greater the probability of an increased financial outcome.
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Khan, Muhammad Ghayour y Omar Khan. "Corporate Identity, Corporate Branding and Brand Image". Thesis, Linnéuniversitetet, Ekonomihögskolan, ELNU, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-57516.
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This dissertation aims to address the research gap which was evident on the apparel industry. The authors identified that additional research is required on how corporate identity influences the designing of a brand image on apparel industry. In order to address the gap the authors first formed a research model based on literature review or secondary data. Later on, primary data was collected through qualitative research method from 14 garments companies in Pakistan. Moreover, the primary data and secondary data was synthesized in order to analyze and conclude the research.The finding shows that the communication is a main issue when forming the brand image and it must be in line with the corporate identity in order to form a successful brand.
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Li, Yiwei. "Essays on corporate governance and corporate finance". Thesis, University of Reading, 2018. http://centaur.reading.ac.uk/80634/.
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This thesis is a comprehensive study on how corporate governance structure and quality affect the corporate policies. First of all, I examine the effects of female directors on corporate debt maturity structures, using a dataset of S&P 1500 firms with 10,285 firm–year observations during 1997–2016. I find that firms with a higher ratio of female directors tend to have a larger proportion of short-maturity debt. This effect is more pronounced with female independent directors but insignificant with female inside directors. Then, I study the association between both the age of compensation committee members and the age dissimilarity between the CEO and compensation committee members and CEO compensation, using a dataset of FTSE 350 firms with 3,420 firm–year observations during 2002–2013. I find that both the age of committee members and the age dissimilarity from the CEO have negative impacts on the level of CEO total compensation and cash compensation. On the issue of how CEO’s human capital influences corporate policies, I find that CEOs with general managerial skills can account for corporate investment inefficiency. CEOs who possess general managerial skills over broad work experience (generalist CEOs) have different risk-taking incentives compared with their counterpart CEOs, whose skills are only valuable within a specific organization (specialist CEOs). They may thus overinvest when there is a lack of efficient monitoring. Finally, I study the effect of firm-level tournament incentives on the level and value of firm cash holding, using a sample of 20,993 US firm–year observations over the 1992–2014 period. This paper investigates the impact of tournament incentives of the Chief Financial Officer (CFO) on the level and valuation of firm cash holdings. I document the higher propensities to keep larger cash holdings for firms with strong tournament incentives.
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Janečková, Barbora. "Corporate identity a corporate image značky PRIM". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-11719.
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The master thesis named "Corporate identity and corporate image of PRIM" analyses the current position of brand PRIM on the watch market in the Czech Republic whereas the main focus is on the description of its corporate identity elements and the brand management strategy. The thesis consists of two main parts - theoretical and practical. The theoretical part defines the concept of corporate identity, corporate image, as well as strategic planning and strategic brand management. The practical part comprises of the ELTON firm's presentation and analysis of the Czech watch market including the description of typical Czech customer. The major attention is paid to the evaluation of PRIM's corporate identity elements and its strategic brand management. At the end of the practical part, there is a presentation of my own proposals for possible improvements of the current brand strategy and consideration of the possibility of expansion into the foreign market.
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Mietzner, Mark. "Changes in corporate governance and corporate valuation /". München : GoingPublicMedia, 2009. http://d-nb.info/992892937/04.
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Stagliano, Raffaele. "Corporate governance, corporate diversification and ownership structure". Thesis, Toulouse 1, 2011. http://www.theses.fr/2011TOU10056.
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Cette thèse a pour objectif d'étudier le rôle que la diversification des entreprises et la structure de propriété jouent dans le processus de création de valeur. Le deuxième chapitre est consacré à une revue de littérature portant sur les travaux théoriques et empiriques qui analysent l’impact de la structure d’actionnariat et de la diversification des entreprises sur leur valeur de marché. Le troisième chapitre approfondit l'analyse de la diversification des entreprises en étudiant l'effet d'interaction entre diversification des produits et diversification internationale. Ce chapitre considère la relation entre diversification et structure du capital sur un échantillon d’entreprises manufacturières italiennes. Nos conclusions nous permettent de soutenir que cet effet d’interaction a un impact négatif sur la capacité d'endettement. Enfin, le quatrième chapitre étudie l'impact d’une structure d’actionnaires multiples sur la prise de risque des entreprises. L’analyse est menée sur les firmes cotées sur le marché financier américain. La plupart des études antérieures sur la structure de propriété se concentre sur les différences entre les entreprises avec au moins un actionnaire de référence par rapport aux entreprises à l’actionnariat éparpillé, sans tenir compte de l'effet potentiel de l'existence de multiples détenteurs de blocs d’actions sur la volatilité et la performance des titres boursiers. Nous montrons que les détenteurs de blocs jouent un rôle important dans l'atténuation des conflits d'intérêts entre actionnaire majoritaire et actionnaires minoritairesThe purpose of this thesis is to examine how corporate diversification and ownership structure affect value creation for firms. In Chapter 2, we review the relevant theoretical models in the field of corporate finance. The chapter also summarizes the empirical results found regarding the relationship between corporate diversification, ownership concentration and the firm’s value. In Chapter 3, we extend the analysis of corporate diversification and consider the effects of the interaction of both product and international diversification on a firm. Empirically, this chapter considers the impact of diversification decisions on the capital structure for a sample of Italian manufacturing firms. We find that the interaction of both international and product diversification has a negative impact on debt capacity. Finally, in Chapter 4, we empirically examine the impact of complex ownership structures on the risk choices of U.S. firms. Most previous studies on ownership structure focus on the differences between firms with at least one blockholder and widely held firms, without considering the potential effect that the existence of other blockholders might have on the financial variables. We find that the blockholders with intermediate holdings play a mitigating role in the conflicts of interest between the largest blockholder and the minority shareholders
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Patrisia, Dina. "The relationship between corporate diversification, corporate governance and corporate social performance in Indonesian companies". Thesis, University of Huddersfield, 2016. http://eprints.hud.ac.uk/id/eprint/32622/.
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The effect of corporate diversification on behaviour of business towards stakeholder demands and social concerns has been overlook, especially in product diversification both related and unrelated diversification. This study investigates the relationship between corporate diversification (CD) (i.e. related, unrelated and international diversification) and Corporate Social Performance (CSP) in Indonesian listed companies. It explores the moderating effect of corporate governance (CG) (e.g. independent commissioner and ownership concentration) on the correlation between corporate diversification and CSP. This study takes 203 listed companies from the Indonesian Stock Exchange as the sample. It applied company annual report, Indonesian Capital Market Directory and Osiris database as sourced of data. Moreover, content analysis based on 80 indicators of Global Report Initiative is used to measure CSP, while multiple regression with one-year lag dependent variables is used as the primary data analysis. The result of multi regression analysis shows that related and unrelated diversification produced different outcomes whereby related diversification is negatively correlated with CSP. Unrelated diversification, conversely, reveals a positive relationship with CSP. Moreover, unrelated diversification is more positively correlated to CSP than the related CD, while international diversification also has a positive relationship with CSP. Furthermore, an independent commissioner could strengthen the CD-CSP relationship with regards to unrelated and international diversification. Conversely, ownership concentration could weaken the CD and CSP relationship for related diversification. In conclusion, this study contributes to theoretical development (i.e. it explains the link between product diversification, international diversification and CSP in emerging economies setting. It extends previous studies by considering the role of CG as a moderator, and uses content analysis based on GRI indicators in measuring CSP). Additionally, it has managerial implications, including a manager needs to consider CD and carefully manage the demands of an extensive range of stakeholders to increase CSP. Second, in order to maximise the impact of corporate diversification strategy on CSP, a manager has to think sensibly, based on the CG dimensions in the company, such as the number of independent commissioners and ownership concentration. Third, this study provides input to managers who run their businesses in emerging economies that have some differences with developed economies, for instance local rules, regulations and governmental control. Fourth, it also has an impact on the economy of Indonesia. For example, the government should establish regulations suitable for several types of industry and encourage the listed companies to implement good CG. Finally, limitations and further research directions are discussed.
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Li, Xiao. "Corporate governance in the context of corporate restructuring". Thesis, Connect to e-thesis, 2008. http://theses.gla.ac.uk/60/.
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Thesis (Ph.D.) - University of Glasgow, 2008.Ph.D. thesis submitted to the Faculty of Law, Business and Social Sciences, School of Law, University of Glasgow, 2008. Includes bibliographical references. Print version also available.
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Perera, Shalini. "Corporate Ownership and Corporate Governance in Sri Lanka". Thesis, University of Oxford, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.517315.
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Johl, Satirenjit Kaur. "Corporate entrepreneurship and corporate governance : an empirical analysis". Thesis, University of Nottingham, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.430642.
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Gibbs, Philip Archel. "The role of corporate governance in corporate restructuring". Thesis, Massachusetts Institute of Technology, 1992. http://hdl.handle.net/1721.1/12544.
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Mohseni, Mahdi. "Three essays in corporate finance and corporate governance". Thesis, Boston College, 2015. http://hdl.handle.net/2345/bc-ir:104372.
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Thesis advisor: Philip StrahanIn my first essay, I find that CEOs with more control over the firm have smaller compensation packages and are less likely to have severance contracts. Despite lower pay, these CEOs have longer tenure and their boards' replacement decisions are less sensitive to their performance, which is consistent with the view that there is a trade-off between pay and dismissal risk. To mitigate endogeneity concerns, I use divorce as an exogenous shock to CEO equity ownership, and find that following a divorce, turnover risk goes up and pay increases significantly. My findings highlight the importance of turnover risk in studying executive compensation. The second essay shows that staggered boards are associated with higher private benefits of control. We find that companies de-staggering their boards experience a decrease in control premiums. Using two court rulings in 2010 with opposite decisions on the effectiveness of staggered boards, we show that our findings are not driven by the endogeneity of the corporate control. Finally, we find evidence that the stock market reactions to the court rulings are negatively associated with the changes in control premium. Overall, our results suggest that staggered boards decrease shareholder value via entrenchment. In my third essay, I study the impact of accounting practices on debt renegotiations and covenant violations. Firms that recognize losses in a timelier manner (i.e., have more conservative accounting practices) have less slack at any given time and are more likely to violate loan covenants. But the consequences of a covenant violation by such firms differ from those of firms with aggressive accounting practices. I also find that firms with more conservative accounting practices are more likely to renegotiate their loans with creditors
Thesis (PhD) — Boston College, 2015
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Szöcs, Ilona, Bodo B. Schlegelmilch, Thomas Rusch y Hamed M. Shamma. "Linking cause assessment, corporate philanthropy, and corporate reputation". Springer, 2016. http://dx.doi.org/10.1007/s11747-014-0417-2.
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This study analyzes the link between cause assessment, corporate philanthropy, and dimensions of corporate reputation from different stakeholders' perspectives, using balance theory as a conceptual framework and the telecommunications industry in Austria and Egypt as the empirical setting. Findings show that corporate philanthropy can improve perceptions of the corporate reputation dimensions, but the results vary between customers and non-customers and depend on the country setting. (authors' abstract)
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Nilsson, Klara. "Corporate Social Responsibility : How Corporate is the Responsibility?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-75124.
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Bakgrund: Allt fler företag har idag erkänt betydelsen av att ta ett ökat samhällsansvar, Corporate Social Responsibility (CSR), samt att regelbundet kommunicera arbetet med deras intressenter. Då CSR saknar en enhetlig definition och därmed också en enhetlig modell att arbeta efter, skapar det emellertid oklarheter vad arbetet ska leda till. CSR kan då omfamnas av företag som enbart ser arbetet som ett PR-trick och gör symboliska handlingar för att utåt sett uppfattas som goda samhällsmedborgare. Det kan därför ifrågasättas hur väl CSR-arbetet integreras i kärnverksamheten. Det har dock kommit allt fler lagkrav och standarder inom området, vilket potentiellt kan skapa en tydligare ram men även ett annat synsätt. Syfte: Denna studie har som syfte att få en ökad förståelse över CSR som begrepp för att sedan se hur företagen arbetar för att integrera CSR i kärnverksamheten och varför. Studien ser även till påverkan av ökad reglering, för att se om företags syn på CSR har förändrats. Metod: Studien har huvudsakligen en kvalitativ forskningsstrategi med en deduktiv ansats då studien tar avstamp i tidigare studier. De företag som studerats är Lammhult Design Group AB och Electra AB. Som datainsamlingsmetod har det genomförts semistrukturerade intervjuer med ansvariga personer, men det har även skickats ut en medarbetarundersökning i form av en enkät. I studien har jag dessutom inhämtat information från fallföretagens hemsidor samt års- och hållbarhetsredovisningar. Resultat och slutsats: Det är inte lika viktigt att finna en enhetlig definition av CSR i dagens samhälle. CSR som begrepp har dessutom allt mer kommit att ersättas av hållbarhet som anses vara ett vidare begrepp. Vidare är det en långsam process att integrera CSR i kärnverksamheten, där intern CSR-röst, utbildning, rutiner och information är av särskild vikt. Genom att ha ett hållbarhetsarbete i framkant och se det som värdeskapande kan företag undvika påtryckning vid potentiella händelser såsom lagkrav.Background: Today, most companies have recognized the importance of Corporate Social Responsibility (CSR) and regularly communicating the work with stakeholders. Since CSR lacks a uniform definition and thus also a uniform model to work for, it creates uncertainties about the purpose of the work. Companies who only do symbolic actions to be perceived as good citizens of the community can then use CSR as PR. It can therefore be questioned how well CSR is integrated into the core business. However, it has been an increasing number of legal requirements and standards in the area, potentially creating a clearer framework but also another approach. Purpose: The purpose of this study is to gain a greater understanding of CSR as a concept and then see how companies work to integrate CSR into core business and why. The study also looks at the impact of increased regulation, to see if views on CSR have changed. Method: The study has primarily a qualitative research strategy with a deductive approach that stands on previous studies. The companies studied are Lammhult Design Group AB and Electra AB. As a data collection method, I have conducted semi-structured interviews with responsible managers, but also a staff survey. I have also used the homepages websites and annual and sustainability reports. Outcome and conclusion: It is not as important to find a unified definition of CSR in today's society. The concept of CSR has been replaced by sustainability, which is considered as a broader term. Furthermore, it is a slow process of integrating CSR into core business, where internal voice, education, routines and information are of particular importance. By maintaining sustainability at the forefront companies can avoid pressure such as legal requirements.
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He, Ting. "Three essays in corporate finance and corporate governance". HKBU Institutional Repository, 2011. http://repository.hkbu.edu.hk/etd_ra/1230.
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Cha, Taemin. "Two Essays on Corporate Policy and Corporate Governance". Thesis, The George Washington University, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=3608897.
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Employee Ownership and Corporate Governance: I find that firms that actively promote employee ownership through profit sharing and equity ownership plans pay their executives less and adopt more provisions favorable to shareholders. Furthermore, my empirical evidence shows that the shareholders in firms with higher employee ownership tend to be more active in corporate governance through the execution of proxy voting. The corporate boards in firms with higher employee ownership are younger, more diverse, and more representative of employees. My findings suggest that in the shareholder-manager conflict, employee ownership tends to shift power in the direction of shareholders and could significantly mitigate existing agency problems in the firm.
Leadership and Corporate Culture: Evidence from Executive Migrations across Firms This paper examines the importance of leadership for corporate culture by studying changes in firm environmental policy around executive successions. I find that firms improve significantly their environmental performance following the arrival of executives from firms with strong pro-environmental culture and firms tend to decrease their environmental standards following the arrival of executives with poor environmental record. However, the economic impact is much weaker for an executive with poor environmental record. The findings provide insight into the formation of organizational culture and the diffusion of cultural norms in the economy.
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Bajuri, Norkhairul Hafiz. "Corporate Malaysia : essays on corporate governance, voting power, joint venture companies and ethnic Bumiputra corporate achievement". Thesis, Bangor University, 2010. https://research.bangor.ac.uk/portal/en/theses/corporate-malaysia-essays-on-corporate-governance-voting-power-joint-venture-companies-and-ethnic-bumiputra-corporate-achievement(89bc65f1-5a5a-4126-815e-c7f4fd4a5f67).html.
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This dissertation is on corporate Malaysia - a subject that spans both corporate governance and political economy. It deals with such issues as corporate ownership and control in the context of ethnicity. The first essay draws on the unique Malaysian experience to describe the possible unsuitability of the UK-US model of corporate governance for emerging economies. Examples from previous studies are used to highlight the unique relationship between ethnic Bumiputra economic interest and corporate governance. This essay also provides new statistics on the level of corporate control and highlights three areas of corporate governance as warranting further studies - technology, shareholders participation and application of voting power concept. The second essay introduces the basic concept of voting power as an alternative way of analysing corporate Malaysia. Data emanating from the Centre of Public Policy Studies 2006 (CPPS 2006) is analysed to illustrate this concept. A possible mismatch between the level of corporate ownership and the level of corporate control is illustrated. The third essay is on ethnic Chinese-Bumiputra joint venture companies as an equitable form of corporate ownership, as proposed by the CPPS (2006). Data from CPPS (2006) is analysed and a new framework of analysis is offered. Two stories emerge from our analysis. The study by the CPPS may have over-estimated the emergence of inter-ethnic joint ventures in Malaysia. The CPPS report also underestimates the difficulty of forming coalitions when shareholding within ethnic groups is dispersed. It remains to be seen if equitable control is also in the process of being achieved, since only a small percentage of companies listed in the stock exchange can be considered as inter-ethnic in the actual sense. Enriched information to highlight not just inter-ethnic but intra-ethnic distribution of equity is needed to shed light on potential coalitions across the ethnic divide. The fourth essay calls for greater application of the voting power concept in corporate governance studies. Special attention is placed on the Straffin index in view of its recent attention. This chapter concludes the Penrose-Banzhaf index as applicable with greater confidence despite general issues confronting this concept. The last essay is on ethnic Bumiputra' s corporate achievement. The first part focuses on corporate equity ownership by offering lawmakers as the basis for allocating shares in government-linked companies, hence an alternative equity ownership estimate. In the second part, the focus shifts to corporate control. Two observations are made: the intra-ethnic mismatch between equity and control and the inter-ethnic corporate control gap. In the latter observation, this gap reduces upon further analysis. Coalition with government entity increases ethnic Bumiputra's corporate control while small shareholders inactivity has an adverse influences on that of the ethnic Chinese group. The combined influences are corporate control increases for ethnic Bumiputra group but for ethnic Chinese group, reduction hence narrowing the gap. The influence of government coalition is expected. The influence of small shareholders inactivity to corporate control is however less expected.
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Roldão, David José de Abreu. "Corporate sustainability". Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/4333.
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Keeler, Rebecca L. "Corporate Rights". Digital Commons @ East Tennessee State University, 2015. https://dc.etsu.edu/etsu-works/449.
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Book Summary: Spanning three volumes, this comprehensive encyclopedia of over six hundred entries covers the full range of civil rights and liberties in America from the antecedents of the Bill of Rights through the most recent controversies over political and social issues, including abortion, free speech, religious liberty, voting rights, and the guarantees of equality. It also addresses the civil rights and liberties issues stemming from America's ongoing war on terrorism. Detailed entries include key concepts, historical events and developments, major trials and appellate court decisions, landmark legislation, legal doctrines, important personalities, and key organizations and agencies. Entries have an objective tone, allowing readers to draw their own conclusions.
Designed as an up-to-date reference source for students, scholars, and citizens, the encyclopedia will help broaden and heighten understanding and appreciation for the wide range of issues associated with civil rights and liberties in the United States, and is the most sophisticated treatment available. The volumes of the encyclopedia consist of original entries, arranged alphabetically, on many current hot-button issues as well as in-depth coverage of the rights Americans hold sacred. Written by experts in the field, including attorneys, judges, and legal scholars, the encyclopedia takes a historical-legal approach, providing important information on the background and development of an issue or event.
The third volume concludes with over three dozen essential primary documents, including landmark statutes, key court decisions, and influential essays.
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Hatlapa, Tomasz. "Corporate Identity". Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-4594.
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The subject of this thesis is the study of issues of a corporate identity - an instrument which a company (subject) makes an attempt to create a positive image that would allow it to withstand present competetive evironment. The thesis confronts the theoretical basis of a corporate identity creation with the practical reception of this identity. The thesis is supplemented by the marketing research.
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Žilková, Alena. "Corporate Governance". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-11230.
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Definition and basic theoretic information about Corporate Governance of big industry company Description and Analyse of corporate Management, the functions of Top Management Members, their role in relationship to owners / shareholders (describtion of used tools for internal control of government, investment and tools for financial analyses)
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Sajko, Michal. "Corporate identity". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-17429.
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The content of the thesis is the process of designing a suitable corporate identity with respect to the nature of its activities and perceptions of current customers. In the paper you can find theoretical knowledge of the instruments of corporate identity, business knowledge with regard to two years experience in the company and not at least the knowing of customers habits and their opinions. An example will be a particular film club: Filmový klub VŠE. On that example I will be trying to clarify the principles of corporate identity formation.
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Bejr, Štěpán. "Corporate design". Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-162775.
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The Master's Thesis deals with the issue of corporate design. The theoretical part specifies the integration of corporate design into marketing theory, introduces its basic components, principles and process of its creation. The practical part explores corporate identity changes in four significant Czech organizations - Czech Television, Czech Radio, Zoo Praha and Česká pojišťovna. It reveals specifics of each case, its positive and negative aspects and aims to find important factors that affect a success of corporate identity change in practice. Market research among consumers is used for these purposes, as well as expert opinions.
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Anderson, Aidan Sean. "Corporate Populism". Thesis, The University of Sydney, 2022. https://hdl.handle.net/2123/29661.
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The term ‘populism’ has only been applied to three different types of political actors: politicians, parties and social movements. But I argue that corporations are equally capable of populist politics. Corporate populism is corporations using populist discourse to frame politicians as corrupt elites who are defying the general will of the pure people. Corporate populists position themselves as political outsiders, standing among the pure people and representing their interests against their constructed mutual enemy: the unresponsive political insiders. In order to test the theory of corporate populism, the thesis develops a rubric of four elements – dualistic logic, direct rhetoric, patriotic imagery and mood of crisis – derived from Cas Mudde’s (2007) ideational definition of populism, and applies it to four Australian case studies of corporations launching populist campaigns against a state/federal government: the mining industry; Qantas; the gambling industry; and the tobacco industry. The thesis argues that the causal factors identified by Mudde and Kaltwasser (2017) to explain the rise of populism are equally applicable to corporate populism, except that in order to explain the latter we also need to incorporate Wendy Brown’s (2015) theory of neoliberal ideology. Throughout the thesis, the impact of corporate populism on representative democracy is debated, with both the positive and negative implications considered.
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Cheng, Hsiao Fan y 鄭筱凡. "Corporate Ownership and Corporate Performance". Thesis, 2001. http://ndltd.ncl.edu.tw/handle/61597359594280097574.
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Tsai, Hsi-Chin y 蔡錫欽. "Corporate crime and corporate liability". Thesis, 2014. http://ndltd.ncl.edu.tw/handle/71749624757227036487.
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Ching-Hui, Kuo y 郭靜慧. "A study of Corporate Emterprisese and Corporotate Leaders". Thesis, 2015. http://ndltd.ncl.edu.tw/handle/00183419740077653982.
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碩士國立高雄應用科技大學
會計系
103
Under the global thriving development of social enterprises, the Executive Yuan of Taiwan has recently enacted the social enterprise mobility program in September 2014, which promotes the development of Taiwan’s social enterprises with four strategies, namely legislation, platform establishment, fundraising, and advocacy for incubation. Countries worldwide now value highly the issues related to social enterprise development and are projected to impel the society and the economy to develop positively through the social enterprise organization and the related counseling measures and commercial business model. This is an important motive for this study. The study employs literature review and case study with in-depth interview to analyze the cognition, attitude, and the role of managers of policy instruments that challenge niche markets in social enterprise development. This study also aims to analyse the relevant supporting measures for social corporate sustainability. Moreover, the study proposes multi-dimensional suggestions for the government to take into consideration in decision-making, including the five issues addressed below: 1. Develop taxation preferential policies to expedite the development of social enterprises. 2. Introduce social corporate impact bond mechanism to establish social corporate sustainability. 3. Identify the requirement of social enterprise by taking into consideration of the multiple objectives of social enterprise management. 4. Establish social enterprise institution by strengthening the counseling mechanism for social enterprise incubation. 5. Strengthen the corporate financial management of social enterprises to advocate for transparency and completeness in financial transparency. 6. Strengthen the role of social enterprises leader by fulfilling corporate social responsibilities.
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HSIAO, AN-TING y 蕭安庭. "The Relationships between Corporate Governance, Corporate Performance and Corporate Social Responsibility". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/hpth2s.
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碩士國立高雄應用科技大學
財富與稅務管理系
105
A series of food safety scandals in Taiwan has hurt consumer confidence, making all sectors of the community realize the importance of corporate social responsibility (CSR). Thus, the Financial Supervisory Commission has been gradually requiring that public companies issue annual CSR report starting in 2015. Since corporate governance is also a key factor deciding whether a company can have a sustainable development, my thesis is aimed to investigate the corporate governance structure affecting CSR performance. The empirical results indicated that we have found that the board size and the percentage of independent board director seats are significantly and positively correlated with being chosen as awarded corporates and rating marks, even several re-pairings produce the same results. The dual position of chairman and CEO holds significant negative correlation with being chosen as awarded corporates. Moreover, the proportion of shareholding of directors and supervisors and managers shareholding proportion have no significant impact on being chosen as awarded corporates. However, they have significant impact on the rating markings.
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Chen, Jian-fu y 陳建福. "The Relationships of Corporate Governance, Corporate Social Responsibility and Corporate Performance". Thesis, 2010. http://ndltd.ncl.edu.tw/handle/80207223923870828923.
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碩士逢甲大學
會計所
98
In recent years, the controversy of globalization, international environmental awareness is getting higher. Enterprises not only pursue profits for shareholders, government agencies, investors, employees and the community for the corporate social responsibility a gradual increase in the demands of international trade sanctions, environmental protection of the convention as enterprise management, and a source of their competitive pressure. In addition, corporate governance and corporate social responsibility work in very tight relationship. The past studies have pointed that both corporate governance and company performance with relevance. This study used the Commonwealth magazine’s "Excellence in corporate social responsibility top 50" as samples, to research the relationship of corporate social responsibility, corporate governance and corporate performance. Our findings show that, (1) Using multiple regressions to analyze the relationship of CSR and corporate performance. The result shows that, when the corporate governance is better, the corporate financial performance is better. (2) Testing the relationship of individual corporate governance and the scope of corporate governance. The corporate governance score will higher if the size of board of directors and the ratio of independent directors is bigger. (3) Testing the relationship of individual corporate governance and the corporate performance. Their financial performance is better when the electronics industry’s large shareholders, institutional investors holding ratio is higher. (4) If using the stepwise regression, when the ratio of independent directors and institutional investors holding are higher, the financial performance is better. While the director holdings is higher, the financial performance is worse. (5) Comparing the each year to the relationship of individual corporate governance and corporate performance. Except for 2007, when the other years’ ratio of independent directors and institutional investors holding is higher, its financial performance is better.
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Li, Sheng-Jie y 李勝傑. "Impact of Corporate Governance and Corporate Social Responsibility on Corporate Performance". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/m5fqwr.
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碩士國立高雄應用科技大學
財富與稅務管理系
106
The purpose in the study is to discuss the influence of corporate governance and corporate social responsibility on corporate performance. The research period is from 2009 to 2017, and samples of the Taiwan listed company. The substantial evidences result shows that hypothesis 1 to hypothesis 6 are supported. There is a significant positive correlation with financial institution holding, managers holding and director and supervisor holding when the dependent variable is corporate performance. It is negatively correlated with deviation of controlling interest subtract revenue distribution, director and supervisor pledge of stock rights and director controller ratio. But it is inconsistency with hypothesis 7. There is a significant negative correlated with CSR when the dependent variable is corporate performance in model 1 and model 2. It is insignificantly in model 3. Only the model 4 support hypothesis 7 that is a significant positive correlation with CSR when the dependent variable is Tobin’s Q.
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Liu, Hsiang-Sheng y 劉向晟. "The Corporate Risk and Corporate Governance". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/4ar4b9.
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碩士逢甲大學
財務金融學所
100
Prior studies mostly focus on the corporate performance and pay little attention to the relationship between corporate governance and corporate risk. This study aims to examine the effect of corporate governance on the corporate risk from different perspectives. We divided corporate governance into board composition and ownership structure. The risk examined in the study includes the total risk and idiosyncratic risk. We use the standard deviations of return on assets, stock return and Tobin''s Q as proxies for total risk. We also follow the direct decomposition method provided by Xu and Malkiel (2003) to estimate the corporate idiosyncratic risk. Finally, we employed the panel data regression to examine the relationship between corporate governance and corporate risk. The result shows that board size, board independent, and CEO holding have a negative relationship with total risk and idiosyncratic risk. Board duality has positive relationship with corporate risk. However, not all corporate governance variables have a significant relationship with both risk measures variable. The institutional holding not only has impact on corporate risk behaviors, but will also affect the risk measures differently.
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Tsui, Chen-Shiuan y 崔震萱. "Corporate Information Disclosure and Corporate Performance". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/56989011682108030423.
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碩士國立交通大學
管理學院碩士在職專班管理科學組
95
In this thesis, we undertake a study on the relationship between corporation’s disclosure quality and their financial performance. Main sources of data include the public disclosure evaluation conducted by the Securities and Futures Institute during 2003~2005, as well as annual reports published by publicly listed Taiwanese companies. The quantitative methods, OLS (Ordinary Least Square Approach) and 2SLS (Two Stage Least Square Approach), were adopted to uncover the correlations and to reduce Homoskedasticity problems. The empirical results show that there is a consequential positive correlation between credit risk and disclosure quality. The quality of disclosure is also positively correlated with size of foreign institutional shareholding, and negatively correlated with the presence of large domestic shareholders. Further, there is indeed a positive correlation between disclosure quality and financial performance, inline with our research hypothesis. Other ancillary findings show that R&D expenditure is positively correlated with financial performance, whilst sizable government holding is a negative factor for performance. Size of holding by the senior management team also turns out to be a negative performance factor, we believe, due to the Mutual Back Scratching Effect that impairs management effectiveness. Board of Directors compensation showed a positive factor for performance. This indicates that higher compensation has encouraged board members to get more involved in monitoring and guiding the company’s developments. The presence of Independent Directors proved a further positive factor for performance. This result also shows that the Cronyism Effect commonly witnessed in the U.S. capital markets is not currently demonstrated in Taiwan.
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ZHANG, YA–CHUN y 張雅君. "Corporate Social Responsibility and Corporate Image". Thesis, 2015. http://ndltd.ncl.edu.tw/handle/32657407455941178308.
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碩士康寧大學
企業管理研究所
103
Faced with a rapid changing environment, in order to ensure sustainable management, a business must fulfill its corporate social responsibilities and establish its corporate image to enhance its market competitiveness. The study focuses on domestic enterprises to propose ways to assess CSR strategies and examine the influential factors of CSR strategy. According to the findings of the study, the higher the consumers’ cognition of the CSR, the greater the positive influence it will have on corporate image. Conversely, the lower the consumers’ cognition of the CSR, the lesser the positive influence it will have on the corporate image. In addition, corporate image also exerts a positive influence on the consumers’ willingness to buy, but the consumers’ cognition of CSR has no direct impact on willingness to buy. Of the various constructs of CSR, economic responsibility has the greatest influence on corporate image; therefore, these are key factors to be taken into consideration when fulfilling corporate social responsibilities.
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Chen, Yuan-Yi y 陳原毅. "Corporate governance factors and corporate performance". Thesis, 2009. http://ndltd.ncl.edu.tw/handle/17802103311159986366.
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碩士中國文化大學
會計研究所
97
This study empirically examines the relationship between corporate governance factors and corporate performance. Prior research of corporate governance and corpo-rate performance usually use single indicator or single dimension as the measurement of corporate governance. Using a limit indicators or dimensions of corporate governance will create correlated omitted variable problem. According to the OECD principles of corporate governance, we use the OECD’s principle as the standard to classify the corporate governance into four dimensions. Ex-tract 8 corporate governance factors by exploratory factor analysis from 17 corporate governance indicators. Use 8 corporate governance factors into research to examine the relationship between corporate governance and corporate performance. Finally, the re-search will expect that adjusted R-square will be effectively promoted. The results indicate that director size factor, institutional shareholding factor and director payoff factor have significantly positive with corporate performance. Related transaction factor and employees’ work experience and qualifications factor have significantly reverse with corporate performance. Finally, the result show that adjusted R-square have effectively promoted than before.
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Chen, Shiang-Ju y 陳湘茹. "The Corporate Governance of Corporate Reorganization". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/25039029429385119143.
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WU, SHUEI-YU y 吳水郁. "The Impacts of Corporate Governance and Corporate Social Responsibility on Corporate Performance". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/83944577078593230796.
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碩士大葉大學
管理學院碩士在職專班
104
Recently food safety events happened very often. Some companies did not care professional ethics and social responsibility and just wanted to seek their maximum interests. Therefore, serious problem sregar ding to food safety happened again and again. Expect for laws and regulations and supervision of the authority concerned, perhaps effective corporate governance is the only solution. This research is initiated based on the above reasons. Objects of this paper are enterprises which have won social citizen award provided by Commonwealth Magazines. Sample period begins from year 2007 to 2014.By the way of descriptive statistics, relevance analysis, and regression analysis forth statistics analysis skills, we discuss and verify the relevance of corporate governance and social responsibility with corporate performance. Finally, we give some suggestions. This study shows the ratio of independent directors and the shares of board directors both are positive related to company’s financial performance. While the scale of board of directors and the chairman served CEO are negative related to company’s financial performance. The CSR firm serving as asocial citizen is obviously negative correlated with a firm’s financial performance, however it is obviously positive correlated with the market performance. Secondly, control variables such as liability ratio shows an obvious negative relationship with company’s financial performance but it is not related to market performance. Therefore, we get a result that a good v corporate governance creates outstanding financial performance and through establishing a complete supervision and audit system and implementing it thoroughly are necessary means for corporate governance.
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Hung, Yu-Chiao y 洪煜喬. "Financial Tsunami, Corporate Governance, and Corporate Performance". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/17640333925259959372.
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碩士國立中興大學
財務金融系所
99
This study uses the financial tsunami as the background to explore the performances of the companies which are going on the market, cabinet in Taiwan , and what effects do the corporate governance of their own have on the value of the firm during this period. And we then extend the time period into one year later after the financial tsunami to do research on the relationship between corporate governance and firm value. Finally, we compare values and performances of the firms to see if the factor of corporate governance affects them more in the period of financial tsunami than in the period of non-financial tsunami .This question is what we want to ask. Empirical results: (i) As for the stock return, the ratio of insider ownership, board size and institutional investors holding shares have significant impacts on the stock return during financial tsunami; however, one year after the financial tsunami, it doesn’t have significant relationship for stock return. If we compare the two periods, financial tsunami and non-crisis, the factor of corporate governance during financial tsunami shows a more significant impact on the company''s stock return than in non-crisis period. (ii)how about the Tobin''s Q? The ratio of insider ownership, board size and institutional investors holding shares also have significant impacts on the company’s Tobin''s Q during financial tsunami. However, one year after the financial tsunami, it doesn’t have particularly significant relationship for Tobin''s Q either. If we compare impacts of the factor of corporate governance on Tobin''s Q in financial tsunami times with non-crisis period, the variables of corporate governance do not show more significant relationship for Tobin''s Q during financial tsunami than during non-crisis times.
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Chen, Szu-Hui y 陳思慧. "Corporate Financing, Financial Institutions and Corporate Governance". Thesis, 2002. http://ndltd.ncl.edu.tw/handle/25279225039960376318.
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碩士國立中央大學
財務金融研究所
90
Enterprises need plentiful fund to operate the business, to expend the scale, and to innovate new products or technologies. So, how to raise fund is the important subject to enterprises. This thesis describes four phases (incubating phase, growing phase, expanding phase and restructuring phase) during an enterprise life cycle, the theoretical background for optimal financing strategies in each phase, and optimal relationship between enterprise and financial institution changes during different phases. This thesis examines the relationship between fund resource of enterprise and financial institution and the corporate governance structure of IPO companies in Taiwan. There are three main aspects to investigate: (1) the relationship between the timing, the industry of firms’ IPO and investment of financial institutions, (2) an compare about the time of entering and exiting the board of directors of financial institutions, (3) an analysis about characters of IPO firms to be attracted by financial institutions and to control the company.
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WANG, CHING-JUNG y 王敬融. "Corporate Risk, Financial Constraints and Corporate Governance". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/phm2s4.
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碩士東海大學
財務金融學系
105
Most of the past literature explores the relationship between corporate risk and corporate governance, but ignores one factor — the importance of financial constraints. Manager’s investment decision, depending on the availability of fund, will affect the company's risk. Therefore, in this paper we explore whether financial constraints can affect the company's risk, and further, we investigate whether the corporate governance factors can influence the impact of financial constraints on corporate risk. We examine the listed companies in Taiwan from 2011 to 2015. The financial constraint is defined by firm size, dividend payout, and firm age, and corporate risk is measured by the standard deviation of the stock returns. We confirm that higher degree of financial constraints leads to higher level of corporate risk. Further, we find that corporate governance factors will impact the relationship between financial constraints and corporate risk, indicating that the agency problem caused by poor corporate governance would result in higher corporate risk when the company was fund insufficiency. The samples were then tested again respectively in a family-controlled form, divided into single-family-controlled and non-single-family-controlled. But under the different definitions of corporate risk, there is no consistent result of the impact of different control types on corporate risk.
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Tsai, Chia-chin y 蔡佳錦. "CORPORATE GOVERNANCE, EARNINGS MANAGEMENT, AND CORPORATE PERFORMANCE". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/54044990194653178078.
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碩士大同大學
事業經營學系(所)
96
Recent accounting scandals at prominent companies such as Enron, Healthsouth, Tyco, and Worldcom abroad and Procomp technological, Rebar Group, PEWC in our country make the honest of firm’s principle doubt by investors. Information asymmetry between investors and management is becoming increasingly serious. The purpose of this study was to explore the difference between accounting-based economic added value and equity market-value-based created of shareholder value. As the same time we also explore the impact of corporate governance mechanisms on earnings management.
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Lai, Wei-Ting y 賴威廷. "Corporate Diversification, Agency Cost and Corporate Governance". Thesis, 2004. http://ndltd.ncl.edu.tw/handle/98520293667703316438.
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碩士東海大學
企業管理學系碩士班
92
This study discusses the relationship between corporate diversification, agency cost and corporate governance. First, we examine the effect of diversification type to excess value using Berger & Ofek(1995) procedure and return of asset. To make sure that diversification will result in average valuation discounts. Further, we analyze whether agency cost causes a diversification discount or not. Third, we investigate whether corporate governance structure is different between non-diversified and diversified firms. Finally, we also examine whether diversified firms improve their corporate governance structure solve the situation of value discount or not. Using a sample of 2560 firm-years between 1994 and 2002, we explore that segment diversification will decrease business value, but geography diversification will increase business value. Further, we find evidence to support that segment diversified firms have more serious agency problem including agency cost of cash flow, managerial incentive, and debt. In addition to, we also use ownership structure and rating system to measure firm’s corporate governance structure. In ownership structure, we find that relative to non-diversified firm, CEOs, block holders, and board of directors in diversified firms have lower stock ownership. Finally, in rating system side we explore that diversified firm enjoys lower corporate governance’s rating. Moreover, we find out that diversified firms can improve business value by corporate governance. In conclusion, we explore that agency costs and downgrading corporate governance will cause diversified discount. Moreover, we also find that diversified firm urgently requires upgrade of corporate governance to improve this situation.
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康嫻莉. "Corporate Governance, Corporate Frauds and Financial Distress". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/86803553111435343911.
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碩士國立政治大學
會計研究所
95
With financial distress being classified as operating-failure financial distress and fraud financial distress, this study employs discrete-time survival model to characterize the fraud financial distress by corporate governance and financial performance. It also investigates the moderate effect of corporate governance on the sensitivity of financial distress to debt ratio. The empirical results indicate that companies with weak corporate governance and good financial performance are more likely to encounter fraud financial distress than operating-failure financial distress. In addition, corporate governance positively moderates the sensitivity of financial distress to debt ratio.
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Jhang, Jhe Jhen y 張哲禎. "Globalization, Competition, Corporate Governance and Corporate Performance". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/16930549184444409804.
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碩士國立臺北大學
企業管理學系
100
In this study, we examine how globalization, competition, corporate governance affects company’s performance. We employ eleven empirical proxies to measure corporate governance, HHI index to measure the degree of competition, and a globalization proxy to measure the degree of globalization. All the proxies we used are widely used in Taiwan. Following Xavier & Holger (2011) research’s framework, we decompose corporate governance into three aspects: stock returns, company value, and operating performance. According to the empirical evidence in this study, we find that improving corporate governance will significantly enhance company’s performance no matter under which kinds of competition degree in the industry. However, the scope of performance increment is significantly greater in the high level of competition than in the low level of competition. We infer that there exist the complementary effect between the degree of competition and corporate governance. On the other hand, for the aspect of globalization, we also find that if the company is under the high level of competition within the industry, then the higher degree in globalization will lead to the greater scope of performance increment when improving corporate governance.
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Chu, Ying-Ying y 朱盈盈. "Investor sentiment,corporate governance and corporate investment". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/78237052307644762225.
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碩士淡江大學
會計學系碩士班
100
Corporate investment is an important decision. This study investigates the relation between investor sentiment and corporate investment of companies listed in Taiwan Stock Exchange. The empirical results show that a positive relation between corporate investment and investor sentiment; over-investment is also significantly positive with investor sentiment. It means that the corporate investment decisions is affected by investor sentiment. When sentiment is optimistic, managers increase investment expenditures in order to cater investor sentiment, resulting companies over-investment. However, corporate governance can decline the impact of investor sentiment and reduce the agency problem.
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ErnestoEscobar, Jose y 何義華. "Corporate Social Responsibility and Corporate Financial Performance". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/23785108680142769128.
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碩士國立成功大學
國際經營管理研究所碩士班
101
This thesis investigates the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP). CSR is measured by an aggregated KLD score from 1998 to 2008. This thesis uses the market based assets and shareholder value framework to build a case for CSR. CFP is measured with both accounting based and market based financial measurements. The Fama-French three factor model is used to derive the numbers for abnormal return, idiosyncratic risk and systematic risk. In order to assess the relationship between CSR and CFP, a hierarchical multiple regression with a one year lag on the independent variable is used. The results show a U-shaped relationship between CSR and the accounting based financial measurements. Only Tobin’s Q shows an inverse U-shaped relationship. However, both results indicate that there is a threshold. The presence of CSR concurs with previous studies that it lowers idiosyncratic risk. However, it has no effect on systematic risk. In addition, higher association with CSR also yields lower abnormal return. The relationship between abnormal return and CSR may help explain the inverse U-shaped relationship between CSR and Tobin’s Q. At the peak of the inverse U, firms still enjoy many benefits from CSR and are less affected by lower return.