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JIRARI, Samia, Mounime El Kabbouri et Sidi Mohamed Rigar. « Wealth redistribution between stakeholders ». Archives of Business Research 8, no 11 (21 novembre 2020) : 27–35. http://dx.doi.org/10.14738/abr.811.9301.
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Corporate social responsibility (CSR) is a very popular concept that hits the headline recently, companies face the obligation, not only to maintain their viability to ensure the sustainability of their business by continuing to create value, but to adopt a mode of governance that combines interests of all stakeholders. A CSR strategy is becoming more and more an obligation than just a wise choice.
The strong involvement of Moroccan companies in CSR strategies is not by coincidence; but fits perfectly into the Kingdom's strategy, which adheres to the principles of sustainable development and CSR, for a sustainable economy and an inclusive growth.
The purpose of this empirical study is to examine the shareholder’s engagement and the degree of involvement in CSR strategy, of a sample of 45 Moroccan companies listed on the Casablanca Stock Exchange and belonging to all sectors other than banking, insurance and equity investments, that claim to be socially responsible, through an analysis of the redistribution of their created value towards five categories of primary stakeholders, that are: lenders of funds, customers, suppliers, shareholders and employees.
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Post, James E. « Global Corporate Citizenship : Principles to Live and Work By ». Business Ethics Quarterly 12, no 2 (avril 2002) : 143–53. http://dx.doi.org/10.2307/3857808.
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Abstract:This paper discusses global corporate citizenship in the twenty-first century. The primary focus is on the responsibility of management educators to foster among students an understanding of the causes and consequences of business activitiy that creates organizational wealth, including the role of stakeholders. The modern corporation is a stakeholder enterprise: stakeholders enable the business to create wealth and require that it distribute wealth appropriately. The stakeholder enterprise model, which has been so economically successful, also implies corporate citizenship responsibilities. The Clarkson Principles are discussed as a means through which educators and managers can better understand and address the challenges of corporate citizenship in the modern world.
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Moro Visconti, Robert. « Inflation risk, wealth expropriation and governance implications ». Corporate Ownership and Control 10, no 4 (2013) : 329–40. http://dx.doi.org/10.22495/cocv10i4c3art4.
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With its often unperceived impact, interest rates and inflation volatility strongly affect long term stability within the firm, surreptitiously reshaping equilibria among different stakeholders and so raising key corporate governance concerns. Whereas the impact of interest rates and inflation on capital budgeting issues had been extensively analyzed, little attention has been paid to corporate governance implications, concerning key issues such as “optimal” (indexed) contracting, effective corporate ownership (messed up by wealth expropriation and redistribution), asset substitution or information asymmetries (embedded in hidden impacts on interest/inflation sensitive assets and liabilities). The topic is so theoretically and practically captivating, filling a gap in the existing literature and addressing real value protection targets, unassumingly crucial even for corporate ownership and control issues.
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Wagdi, Osama, Eman Salman et Walid Abouzeid. « Maximizing Stockholder Wealth under Corporate Governance Mechanisms : Evidence from EGX ». International Journal of Economics and Finance 13, no 4 (10 mars 2021) : 1. http://dx.doi.org/10.5539/ijef.v13n4p1.
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The study dealt the corporate governance mechanisms (CGM) to achieve the goal of maximizing stockholder wealth. That under the dividend decision is the crux of the agency problem. A quantitative sample of 15 companies listed on the Egyptian Stock Exchange for the period from 2005 to 2019. According to the quantitative analysis, the interpretation rate of corporate governance mechanisms is 60.97% of maximizing stockholder wealth in the Egyptian business environment. While the qualitative analysis included 417 individuals that have been examined according to a survey (questionnaire). The results concluded that there is a significant difference in the attitudes of stakeholders towards the role of CGM in determining dividend decision.
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Nwanji, Tony Ikechukwu, et Kerry E. Howell. « A review of the two main competing models of corporate governance : the shareholdership model versus the stakeholdership model ». Corporate Ownership and Control 5, no 1 (2007) : 9–23. http://dx.doi.org/10.22495/cocv5i1p1.
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This paper reviews the impact of the shareholdership and stakeholdership models in guiding managers through the most appropriate way of delivering business objectives. The shareholder model is the traditional Anglo-American system of corporate governance, which focuses on the maximisation of shareholder wealth, while the stakeholder model is considered to be exemplified by the German system of corporate governance and focuses on meeting the needs and expectations of a wider range of stakeholder groups. The results from this study indicate that a combination of both models could enable management to deliver the needs of stakeholders groups, while in the long term maximizing wealth for the shareholders
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Bhagwat, Yashoda, Nooshin L. Warren, Joshua T. Beck et George F. Watson. « Corporate Sociopolitical Activism and Firm Value ». Journal of Marketing 84, no 5 (29 juin 2020) : 1–21. http://dx.doi.org/10.1177/0022242920937000.
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Stakeholders have long pressured firms to provide societal benefits in addition to generating shareholder wealth. Such benefits have traditionally come in the form of corporate social responsibility. However, many stakeholders now expect firms to demonstrate their values by expressing public support for or opposition to one side of a partisan sociopolitical issue, a phenomenon the authors call “corporate sociopolitical activism” (CSA). Such activities differ from commonly favored corporate social responsibility and have the potential to both strengthen and sever stakeholder relationships, thus making their impact on firm value uncertain. Using signaling and screening theories, the authors analyze 293 CSA events initiated by 149 firms across 39 industries, and find that, on average, CSA elicits an adverse reaction from investors. Investors evaluate CSA as a signal of a firm’s allocation of resources away from profit-oriented objectives and toward a risky activity with uncertain outcomes. The authors further identify two sets of moderators: (1) CSA’s deviation from key stakeholders’ values and brand image and (2) characteristics of CSA’s resource implementation, which affect investor and customer responses. The findings provide new and important implications for marketing theory and practice.
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Mohanadas, Nirmala Devi, Abdullah Sallehhuddin Abdullah Salim et Suganthi Ramasamy. « A Theoretical Review on Corporate Tax Avoidance : Shareholder Approach versus Stakeholder Approach ». GATR Journal of Finance and Banking Review 4, no 3 (23 décembre 2019) : 82–88. http://dx.doi.org/10.35609/jfbr.2019.4.3(1).
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Objective - Although corporate tax avoidance is a widely discussed topic in the literature, conflicts do emerge when it is analyzed through the context of primary corporate duty. Should companies, in managing their taxes, solely honor their obligation to increase shareholders' wealth or should they cater to the interests of all their stakeholders? Such conflicts are especially evident in the inconsistent empirical observations on how corporate tax avoidance relate to corporate social responsibility (CSR), which makes the dearth of theoretical analysis on this issue even more conspicuous. Taking into account the socio-political nature and human elements in corporate tax avoidance, theoretical analyses from social sciences' perspectives are becoming markedly crucial. Methodology/Technique – This paper critically reviews the extant literature for discussions on how corporate tax avoidance is influenced by the dissenting approaches towards primary corporate duty. Findings – By allowing an insight into how people act and the world they live in, these analyses form a constructive tool to rationalize and foretell managerial actions towards shareholders and stakeholders alike. Novelty – It focuses particularly on the theories that are widely used to lend supports for such approaches. These theories are the agency theory, stakeholder theory, and legitimacy theory. Type of Paper - Review. Keywords: Corporate Tax Avoidance; Corporate Social Responsibility (CSR); Theoretical Analysis; Shareholder Approach; Stakeholder Approach; Agency Theory; Stakeholder Theory; Legitimacy Theory. JEL Classification: G30, G32, G39.
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Liu, Yunshi, Alix Valenti et Yi-Jung Chen. « Corporate governance and information transparency in Taiwan’s public firms : The moderating effect of family ownership ». Journal of Management & ; Organization 22, no 5 (17 février 2016) : 662–79. http://dx.doi.org/10.1017/jmo.2015.56.
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AbstractThis study incorporates insights from both institutional and family socioemotional wealth perspectives with agency theory to examine the relationships among governance practices, family ownership, and information disclosure quality. Employing a sample of 516 publicly listed firms in Taiwan over a period of 5 years (2006–2010), we found that high levels of board independence and board activity have a significant positive effect on disclosure quality. Further, family ownership positively moderated the relationship between board independence and disclosure quality. This relationship is stronger with a higher level of family ownership. The results support the institutional proposition that family-owned firms that pursue socioemotional wealth are more likely to promote information transparency to gain legitimacy and enhance their reputations with outside stakeholders.
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Ju Ahmad, Nurulyasmin Binti, Afzalur Rashid et Jeff Gow. « CEO duality and corporate social responsibility reporting : Evidence from Malaysia ». Corporate Ownership and Control 14, no 2 (2017) : 69–81. http://dx.doi.org/10.22495/cocv14i2art7.
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This study aims to examine the impact of CEO duality on Corporate Social Responsibility (CSR) reporting by public listed companies in Malaysia. Content analysis was used to determine the extent of CSR reporting. A reporting level index consisting of 51 items was developed based on six themes: General, Community, Environment, Human Resource, Marketplace and Other. In order to determine the relationship between CEO duality and CSR reporting, an Ordinary Least Square regression was employed. The finding of the study is that, there is no significant association between CEO duality and CSR reporting. CEOs have little interest to promote CSR as it is not cost free and may lead to loss of individual wealth. The finding of this study implies that dual leadership structure reduces checks and balance and makes CEOs less accountable to all stakeholders. As for regulators, this study will provide valuable input to assist in their continuous efforts to improve corporate governance and social responsibility practices that may promote the interest of all stakeholders.
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Englander, Ernie, et Allen Kaufman. « The End of Managerial Ideology : From Corporate Social Responsibility to Corporate Social Indifference ». Enterprise & ; Society 5, no 3 (septembre 2004) : 404–50. http://dx.doi.org/10.1017/s1467222700013768.
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During the 1990s, U.S. managerial capitalism underwent a profound transformation from a technocratic to a “proprietary” form. In the technocratic era, managers had functioned as teams to sustain the firm and to promote social welfare by satisfying the demands of competing stakeholders. In the new proprietary era, corporate bureaucratic teams broke up into tournaments in which managers competed for advancement toward the CEO prize. The reward system of the new era depended heavily on stock options that were accompanied by downside risk protection. The tournaments turned managers into a special class of shareholders who sought to maximize their individual utility functions even if deviating from the firm's best interest. Once this new regime became established, managers discarded their technocratic, stakeholder creed and adopted a property rights ideology, originally elaborated in academia by financial agency theorists. Managers hardly noticed (or cared) they were capturing a disproportionate share of the new wealth being generated in the U.S. economy. When critics brought this fact to light, managers replied like well-schooled economists: markets worked efficiently. Whether they worked fairly was a question they did not address.
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Irani, J. J., Subir Raha et Suresh Prabhu. « Corporate Governance : Three Views ». Vikalpa : The Journal for Decision Makers 30, no 4 (octobre 2005) : 1–10. http://dx.doi.org/10.1177/0256090920050401.
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The fundamental concern of corporate governance is to ensure that the firm's directors and managers act ethically in the interests of the firm and its shareholders and that the managers are held accountable to capital providers for the use of assets. Corporate governance issues are in general receiving greater attention as a result of the increasing recognition that a firm's corporate governance affects both its economic performance and its ability to access long-term, low investment capital. However, business schools are sometimes blamed for having neglected corporate governance. We present here a conceptualization of governance from three different perspectives. J J Irani strongly feels that values are coming back into demand once again. Responding to the apprehensions of critics about playing the game of business according to rules, he comments that being ethical does not mean losing on profits. According to him, it is, in fact, most important to make profits and to generate wealth because only then can one have the resources to do good for the community. What is important is to note that ethics cannot be imposed by law. It has to come through a change of mindset. In Subir Raha's opinion, while business has always been conducted for profit, the perception about profit has changed. It is now interpreted as creating value, creating wealth. Managers are required to create wealth ethically with concern not only for the company but also for the community. Corporate social responsibility is the way corporates interact, the way they get involved with people outside. The crucial issue in management is confronting the decisions — good or bad. Corporate governance is about making the right judgment in a given situation even if it involves risks. Suresh Prabhu attributes all the problems in the country to the deteriorating standards of governance. Governance, in fact, is what we have created — the new functionaries with different responsibilities. If they deliver, governance would be of high order. Unfortunately, however, they do not deliver as the responsibilities and functions have not been codified. Reforming governance would mean overhauling the entire system. And, once public governance gets reformed, corporate governance would automatically improve. Following are the highlights emerging from the discussion: We need a change in our mindset which will allow us to use the superiority of our intellect to the advantage of corporate India. Training could help in mindset change. When confronted with the options of doing right or doing wrong, the managers need to test their judgment on their learning or value system in terms of corporate governance by doing the right thing that their training, knowledge, skill, judgment, and conscience tell them to do. The issue is the ability to make a judgment in a given situation and a given time and to confront the question: “Am I doing the right thing for my stakeholders?” If governance has to ultimately be reformed, the whole country has to change. We must go to the basics of the issue and start solving the problems.
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Patrusheva, Elena, Elena Sapir et Igor Karachev. « Assessing the Stakeholders’ Contribution to Business Value ». SHS Web of Conferences 89 (2020) : 02003. http://dx.doi.org/10.1051/shsconf/20208902003.
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Stakeholder theory is the most attractive fundamental concept to ensure the necessary improvement of corporate governance in the modern world, integrated into the idea of value maximization as the main strategic goal of the enterprise. The proposed concept of total value considers this category as the sum of the organizational wealth and the values of the stakeholders, which together constitute the total contribution of the economic system to public welfare. Recognizing not only the financial implications of stakeholder relationships, the authors propose practical tools for value management, based on the agreed interaction of stakeholders – the modeling of resource flows to optimize the resulting total value and the algorithm of step-by-step management of interaction with stakeholders. The modeling of value creation reflects both the organizational benefits of interaction and explicitly identifies the value of the stakeholders’ benefits, and also discloses a list of key management factors: the economic value of the resources used by parties, the fairness of the exchange, the relationship between interacting companies, the opportunity costs, etc. Critical aspects of value creation that go beyond profitability and economic returns are highlighted. Corporate values can only be understood by reference to the multiplicity of stakeholders’ value perspectives.It is recommended that the process of managing interaction with stakeholders should be guided by an extensive interpretation of the target (value) setting of the business, taking into account the totality of material and intangible resource flows between the parties.
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Salman, Mohammed Haitham A., et Haitham Nobanee. « Recent Developments in Corporate Governance Codes in the GCC Region ». Research in World Economy 10, no 3 (25 juillet 2019) : 108. http://dx.doi.org/10.5430/rwe.v10n3p108.
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This paper aims to examine recent developments in corporate governance codes in the Gulf Cooperation Council (GCC) region and evaluate to what extent these changes are in line with the G20/OECD Principles of Corporate Governance 2015 Edition. The paper employed an analytical comparative approach, the results show all GCC countries, except Bahrain, have recently updated their CG codes. Bahrain needs to update its current CG code in terms of the rights of both shareholders and stakeholders to be in line with international best practice. Efforts in the GCC region to enhance CG in listed companies should be continued and expanded to cover state-owned enterprises, sovereign wealth funds, and banks. The findings would be useful to the financial managers in the GCC in complying with the recent developments in corporate governance codes and in developing guidelines for appropriate disclosure to improve the reporting quality.
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Hamidu, Aminu Ahmadu, Md Harashid Haron et Azlan Amran. « Profit Motive, Stakeholder Needs and Economic Dimension of Corporate Social Responsibility : Analysis on The Moderating Role of Religiosity ». Indonesian Journal of Sustainability Accounting and Management 2, no 1 (2 juin 2018) : 1. http://dx.doi.org/10.28992/ijsam.v2i1.39.
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Economic dimension of corporate social responsibility (CSR) represent the main aim of establishing all forms of business organizations. The outcome from all transactions translate into the process of attaining continuity, growth, satisfactory returns, maximization of shareholders wealth and provision of goods and services to the community. Achievement of all these goals depends on how managers are able to perfect the profit motive objective and satisfy the needs of all stakeholders. A total of 164 respondents who are the managers responsible for decision making on all corporate social responsibility activities were engaged in answering the questionnaire for this study. The managers were representing different sub sectors of the Nigerian financial sector. A statistical analysis on the data was done by using the partial least square approach (PLS-SEM). Results from the analysis revealed that both profit motive and stakeholder needs are positively related with the economic dimension of CSR. Religiosity of managers is also positively related with ability of managers to attain economic responsibilities they were employed to achieve. With the role of religiosity as a significant moderating factor managers are expected to align CSR activities with accepted religious values that instills hard work, trust and assistance to stakeholders to fulfill the overall economic dimension of corporate social responsibility.
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Butchey, Deanne. « Determining the Environmental Sustainability Content of Finance and Accounting Textbooks ». Journal of Business Ethics Education 16 (2019) : 63–80. http://dx.doi.org/10.5840/jbee2019165.
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Corporations play a historic role in generating wealth but sometimes have a contentious impact on the environment and society as a whole. In recent years, corporations have become more sensitive to social issues and stakeholder concerns, and are collectively striving to become better corporate citizens (in some cases, compelled to do so by multiple stakeholders or government regulations). Business schools must prepare their graduates for success within these organizations by ensuring they are exposed to the best practices for implementing corporate sustainability initiatives and for measuring the social and financial impacts of these activities. This article provides implications for curriculum by examining recent editions of Corporate Finance/Financial Management and Financial and Managerial Accounting textbooks commonly used by undergraduate students in North America to see how much space is devoted to these topics. The study finds that Cost/Managerial Accounting textbooks have the highest coverage (frequencies) related to sustainability and environmental topics.
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Lindorff, Margaret, et James Peck. « Exploring Australian financial leaders' views of corporate social responsibility ». Journal of Management & ; Organization 16, no 1 (mars 2010) : 48–65. http://dx.doi.org/10.1017/s1833367200002261.
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AbstractThis paper reports an exploratory and qualitative study of the corporate social responsibility (CSR) beliefs of leaders of large Australian financial institutions. The findings are presented in four sections. The first discusses whether leaders have a mental model of the firm that is most closely aligned with the traditional shareholder or the stakeholder view of the firm. It then examines how they frame the organization's responsibilities, particularly as they relate to balancing the needs of shareholders and other stakeholders. The third section identifies how they view CSR and the fulfilment of potential economic, legal, ethical and philanthropic responsibilities of organizations. The final section examines the driving factors that lead to their promotion of corporate social responsibility. We find that although many leaders support the wealth creation model's central premise that the organization's primary responsibility is to maximise its value in order to meet its fiduciary obligations to its shareholders, they also believe that CSR activities benefit the organization financially and in building corporate sustainability, employee engagement and performance, and social capital. CSR activities are also believed to increase the legitimacy of the organization, although philanthropy is not supported unless there is a business case. This has implications for those seeking support from organizations for community causes. We also find the view of employees as primary stakeholders is strong and widespread; an implication of this is that employee influence is a strong lever for positive change towards CSR behaviour in a firm.
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Lindorff, Margaret, et James Peck. « Exploring Australian financial leaders' views of corporate social responsibility ». Journal of Management & ; Organization 16, no 1 (mars 2010) : 48–65. http://dx.doi.org/10.5172/jmo.16.1.48.
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AbstractThis paper reports an exploratory and qualitative study of the corporate social responsibility (CSR) beliefs of leaders of large Australian financial institutions. The findings are presented in four sections. The first discusses whether leaders have a mental model of the firm that is most closely aligned with the traditional shareholder or the stakeholder view of the firm. It then examines how they frame the organization's responsibilities, particularly as they relate to balancing the needs of shareholders and other stakeholders. The third section identifies how they view CSR and the fulfilment of potential economic, legal, ethical and philanthropic responsibilities of organizations. The final section examines the driving factors that lead to their promotion of corporate social responsibility. We find that although many leaders support the wealth creation model's central premise that the organization's primary responsibility is to maximise its value in order to meet its fiduciary obligations to its shareholders, they also believe that CSR activities benefit the organization financially and in building corporate sustainability, employee engagement and performance, and social capital. CSR activities are also believed to increase the legitimacy of the organization, although philanthropy is not supported unless there is a business case. This has implications for those seeking support from organizations for community causes. We also find the view of employees as primary stakeholders is strong and widespread; an implication of this is that employee influence is a strong lever for positive change towards CSR behaviour in a firm.
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Van Gils, Anita, Clay Dibrell, Donald O. Neubaum et Justin B. Craig. « Social Issues in the Family Enterprise ». Family Business Review 27, no 3 (9 juillet 2014) : 193–205. http://dx.doi.org/10.1177/0894486514542398.
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In this introduction, we discuss social issue research in the management and family business literatures, focusing on ethics, corporate social responsibility, and philanthropic practices of family enterprises. Next, we introduce and highlight four articles accepted for publication. The editorial concludes by presenting future research questions at the social issues—family business interface. Our review of 35 articles, as well as those included in this Special Issue, suggest that family businesses are more attuned and attentive to social issues and stakeholders than nonfamily business. Noneconomic motivations (e.g., reputation, socioemotional wealth, and stewardship) appear particularly salient to family enterprises.
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Mahyudin, Wan A'tirah, et Romzie Rosman. « VALUE-BASED INTERMEDIATION AND REALISATION OF MAQASID AL-SHARIAH : ISSUES AND CHALLENGES FOR ISLAMIC BANKS IN MALAYSIA ». Advanced International Journal of Banking, Accounting and Finance 5, no 2 (1 décembre 2020) : 34–44. http://dx.doi.org/10.35631/aijbaf.25003.
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The expectation of stakeholders towards Islamic banks has changed and goes beyond avoiding riba and compliance with Shariah but to become value-based intermediaries and fulfil the objective of Shariah Many studies argue that the goals of Islamic banking should not be restricted to maximizing shareholder wealth but should also entail raising the standard of living and welfare of the community. This paper aims to discuss the issues, trends, and challenges for Islamic banking in Malaysia towards satisfying various stakeholders’ needs through the implementation of value-based intermediation (VBI). VBI has been firstly introduced by Bank Negara Malaysia in 2017. In VBI, maqasid al-shariah is established as the fundamental framework in deciding the underlying values, moral compass, and goals in Islamic finance. Thus, realisation of maqasid al-shariah has created its own challenges in VBI implementation. Some earlier studies have discussed issues related to the principles and approaches related to VBI but neglecting other important mechanisms to drive its successful implementation. This review paper highlighted that corporate governance and performance measures are essential elements in VBI implementation. Future studies are encouraged to further explore the possible indicators that can fairly assess the efforts of Islamic banks in satisfying stakeholder needs in line with maqasid al-shariah. Further studies in corporate governance also deemed important to establish the relationship between the key corporate governance players and stakeholder management in Islamic banks.
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Qamar, Parveen. « Do The Companies Owe Corporate Social Responsibility towards Institutions of Higher Education ? » RESEARCH REVIEW International Journal of Multidisciplinary 7, no 12 (14 décembre 2022) : 76–83. http://dx.doi.org/10.31305/rrijm.2022.v07.i12.013.
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With an emphasis on distribution of wealth among the stakeholders and considering environmental sustainability, the companies are required to manage business processes in such a way to provide a positive impact on the society. These companies through their business earn a major profit by operating in the society and various stakeholders are involved and affected from their process directly or indirectly, therefore the companies are expected to spend a part of their profit for the benefits of their stakeholders. Corporate Social Responsibility (CSR) is a concept where big companies consciously combine their economic profit with social well-being and environmental sustainability. India has made legislation in the form of section 135 of Companies Act, 2013 for this purpose. According to this Act, education, gender equality, persons with disability (PwD) and environmental sustainability are some of the areas where the companies can use Corporate Social Responsibility funds through their policies.
In response to the law, a large number of companies are performing well and undertaking a large number of projects in areas mentioned under the Schedule VII of the Companies Act, 2013. But the data shows a lot still needs to be done as these large numbers of Companies are spending on education at school level and skill development but higher educational institutions (HEIs) are far away from reaping the benefits of CSR funds. Companies and corporate houses do not consider much about the infrastructural development in HEIs for environmental sustainability, and projects leading to women development.
Government is over burdened in looking and sponsoring even the small projects. CSR funding can share this responsibility thereby accelerating the process of development in the institutions.
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Roba, Suleiman Guyo, Wilson Muema et Dr Ken Mugambi. « CORPORATE GOVERNANCE, ETHICS, SIZE, RETAINED EARNINGS AND DEBTS : THEIR RELATIONSHIP WITH SHAREHOLDER VALUE OF FIRMS IN NAIROBI SECURITIES EXCHANGE ». EPH - International Journal of Business & ; Management Science 1, no 2 (27 juin 2015) : 13–22. http://dx.doi.org/10.53555/eijbms.v1i2.35.
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Traditionally, Corporations exist primarily to maximize shareholders wealth (Berle & Means,1932; Kapoor,2006; Stout, 2012; Friedman, 1962).The struggle for Corporations to maximize profits have taken centre stage in recent years. This has led to increased use by Corporations of various practices to meet the expectations of various stakeholders / shareholders. This study investigates the relationship between corporate ethics, governance, retained earnings, debts and sizes and shareholder value (EPS) of firms listed on NSE. The results of the study should assist Corporate CEOs and Executives make informed use of the Corporate Practices in furthering corporate objectives. A Survey of staffs of 33 Kenyan Firms listed on NSE revealed that there is significant correlation between these practices and the EPS of the Companies. In addition the study revealed that higher ratings on governance and ethical practices promote efficiency of operations among firms hence increased EPS. Increased adoption of retained earnings and debts to finance investments portrayed increased effects on EPS of the firms. The findings further revealed that corporate size have no significant influence on the EPS of the firms. Adoption of these practices can be an appropriate strategy towards maximization of corporate returns; hence shareholder value of firms. Corporate Managers, CEOs and Executives should, however, carefully evaluate corporate strategies/practices they employ against other forces including market characteristics and nature of company products/services.
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De la Cuesta-González, Marta, et Eva Pardo. « Corporate tax disclosure on a CSR basis : a new reporting framework in the post-BEPS era ». Accounting, Auditing & ; Accountability Journal 32, no 7 (16 septembre 2019) : 2167–92. http://dx.doi.org/10.1108/aaaj-12-2017-3282.
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Purpose The purpose of this paper is to explore the emerging discourse on corporate taxation from a corporate social responsibility perspective to develop a consensual definition of corporate tax responsibility (CTR) and to identify a set of indicators that firms should publicly communicate to their stakeholders as an accountability mechanism. Design/methodology/approach Data were obtained from semi-structured interviews with representatives of stakeholders closely related to taxation: tax authorities, companies, NGOs, tax advisors and academics. Based on a discourse analysis approach, data were coded and analyzed using computer-assisted qualitative data analysis software. Findings CTR is defined as the set of tax-related practices and policies that allow companies to pay a fair share of taxes as a function of the generated value in each jurisdiction in which they operate and to then publicly disclose them. Disclosure should cover disaggregated quantitative data and information on practices and policies. Originality/value Despite the wealth of research on sustainability reporting and increasing public awareness of tax aggressiveness and disclosure, academic research has not explored tax-responsible reporting. Moreover, no consensual definition of CTR has been formulated, and no indicators to properly account for responsible taxation have been identified. This paper contributes to filling these gaps by providing rich interview evidence regarding the nature of the emerging discourse on CTR reporting and a set of material indicators for CTR disclosure. This paper encourages researchers to foster the development of social accountability by engaging in future empirical studies of CTR.
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Lamb, Nai H., et Frank C. Butler. « The Influence of Family Firms and Institutional Owners on Corporate Social Responsibility Performance ». Business & ; Society 57, no 7 (9 mai 2016) : 1374–406. http://dx.doi.org/10.1177/0007650316648443.
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Research on corporate social responsibility (CSR) has traditionally focused on managerial discretion and stakeholders’ influence. This study extends current research by addressing the effect of family firms and institutional owners on CSR performance, namely, CSR strengths and concerns. Based on stewardship theory and the socioemotional wealth perspective, we propose that family firms are more likely to value CSR performance. Next, drawing from multiple agency theory, we predict that institutional owners, unlike family owners, will influence a firm’s CSR performance differently. We tested our hypotheses using a sample of 153 firms from 1994 to 2006 and found general support for our hypotheses. A higher percentage of family owned equity and the presence of a family CEO are found to increase CSR strengths, whereas transient institutional owners have an opposite effect. The presence of a family CEO and founding family are found to reduce CSR concerns. Contrary to our predictions, dedicated institutional owners are positively associated with CSR concerns.
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Mande, Bashir. « Board Effectiveness and Employee Engagement : Nigeria Stakeholder Perceptions ». Issues In Social And Environmental Accounting 7, no 1 (31 mars 2013) : 55. http://dx.doi.org/10.22164/isea.v7i1.75.
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The objective of this study is to determine whether employee participation yields effective board performance. To stimulatedebates inthe stakeholder theoretical perspective in an attempt to offer more inclusive approach to strengthen the existing governance structure in Nigeria.This research intends to investigate the suitability of employees participating in board’s decision-making hierarchy because of their contractual importance as wealth creators of the firm. A conceptual model is proposed and tested on public listed companies in Nigeria based on survey perception of sampled 154 respondents. The study employs in-depth confirmatory factory analysis in a structural equation modeling approach. Building upon constructs such as union relations, productivity, and skilled-labor turnover, the study found the indicator variables measure employee participation, which focused more on the board’s control, operational decisions, and strategy in monitoring, service, and networking roles. Hence, we conclude that employees as important contractual company stakeholders affect board performance. Builds on the limited research agenda for boards and corporate governance that focus on coordinating, exploring and distribution of stakes using adventurous research designs and statistical tools, especially in Nigerian emerging economy. This paper exposes the firm’s potentials as provider of sustainable and longer-term benefits not only limited to equityholders, but also to employees as wealth creators, which will improve mutual trust, harmony and confidence for more stable and productive outputs that could give visibility to income inequality. The paper provides valid measures that link corporate governance debates to broader stakeholder perspective.
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Saleem, Irfan, Irfan Siddique et Aqeel Ahmed. « An extension of the socioemotional wealth perspective ». Journal of Family Business Management 10, no 4 (18 juillet 2019) : 293–312. http://dx.doi.org/10.1108/jfbm-04-2019-0022.
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Purpose Socioemotional wealth (SEW) has emerged as the most differentiating aspect in family firms and has become the focal issue in family firm decision making. Family firms have to face the jeopardy of financial gains and socioemotional. The purpose of this paper is to investigate the different dimensions of SEW in developing the firm as corporate entrepreneurial and which dimensions engage stakeholders. Design/methodology/approach The authors designed a survey questionnaire to obtain primary data for the study using purposive sampling method. The study conducted on the family firm using the questionnaire to investigate for corporate entrepreneurship (CE), and stakeholder engagement (SE) depended on family control and influence, family identity, binding social ties, emotional attachment and renewal of family bonds. Findings The study identified different SEW factors affecting CE and SE. The authors found that binding social ties and renewal of family bonds has a statistically significant impact on SE, whereas family identity and social ties have a statistically significant impact on CE. Research limitations/implications The authors receive data from the CEOs with low response rate and expected to have better results with more observations. The same study been conducted in different parts of the world may give different results and a cultural bias may restrict the findings. Practical implications From the research, family firms can take twofold benefits. In short term, a family firm with better SE can generate satisfied employees with lesser turnover intentions. For long-term objectives with respect to CE, a firm can get a result in terms of market innovations through for better firm’s performance. Social implications Since her inception, Pakistan has emerged as a society of commodity traders and technology importers. This society can easily generate an import-driven business. Nonetheless this import-driven economy always remains under great economic distress due to limited potential for actual innovations and market disruptions. The family businesses of any emerging market like Pakistan need to learn CE and SE while safeguarding social-emotional wealth, thereby being successful as firm to become export-driven economy at large. Originality/value The study identifies different SEW factors that help in developing a firm as corporate entrepreneurial and stakeholder’s engagement. Findings of the study are valuable for managing the family firms in developing economies where the family structures are very vibrant and businesses have a clear dependency on family formations.
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Li, Zhi-qiang. « Research on Government Regulation of Social Credit System — From the Perspective of Business Ethics ». Administrative Consulting, no 3 (30 avril 2022) : 126–43. http://dx.doi.org/10.22394/1726-1139-2022-3-126-143.
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Institution system is an important part of modern social governance. Government, market and social relations within the system, as well as the corresponding institutional arrangements, can be said to be the top priority. Corporate social responsibility is an outstanding case that embodies the relationship and institutional arrangement of the three in practice.Government regulation of social credit system is a good example to analysis it. The research on government regulation of social credit system itself is put forward from the perspective of government, so in the field of government regulation of social credit system, should enterprises play a role? Especially in the era of big data, a large number of data are provided by private enterprises. Without these data, it is difficult to complete the construction of big data system. If enterprises should play their role, what’s the contribution of the government? Academic and industrial circles have been expressing their own opinions on these issues.Therefore, this paper attempts to build a game model among government, enterprise and society to solve the following problems: how to solve the relationship problem among government, enterprise and society? How to build the corresponding system? What’s the corresponding government regulation of China’s social credit system go from the perspective of business ethics?Through the game model analysis, the author finds that shareholders can reduce the threat of CEO replacement and collude with the management staff members to make the cake (including the interests of stakeholders) smaller. But on the basis of the loss of stakeholders’ rights and interests, shareholders’ wealth is increasing, which also explains why more and more senior executives are trying to form collusion with stakeholders in the campaign against antitakeover and loose audit system. Shareholders’ rights and interests and stakeholders’ rights and interests present a seesaw phenomenon. The response of the stakeholders and shareholders to a better corporate governance model is consistent. That is to say, the increase of shareholders’ income is not necessarily based on the loss of stakeholders. The game model also shows that the protection of formal laws and regulations is the main factor to increase the benefits of stakeholders. Through the case of the social credit system, we will conclude that the formal laws and regulations cannot fully ensure the increase of stakeholders’ income, but also need to strengthen the transformation of institutional advantages into governance advantages, and strengthen the law enforcement. It will finally promote the further improvement of social credit system.
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Florentina Cretu, Raluca. « Analysis of the Correlation between Corporate Governance and the Economic-Financial Performance of the Economic Entities ». Journal of International Business Research and Marketing 6, no 1 (2020) : 17–23. http://dx.doi.org/10.18775/jibrm.1849-8558.2015.61.3003.
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Performance is a combination of efficiency and effectiveness. If efficiency is to achieve maximum effects with minimal effort, effectiveness is the quantification of the extent to which the objectives are met. The new economic configuration of commercial transactions, characterized by change and unpredictability, leads to a shift from a reactive approach, based on previous planning and subsequent control, to a dynamic, proactive, characterized by the quantification-action-reaction. The quantification of the performance of the economic entity is carried out with the help of the indicators. The indicator thus becoming a decision support tool that verifies whether the actions taken are registered in the direction approved by the General Meeting of Shareholders and the Board of Directors. Therefore, quantification of performance involves identifying a methodology in which the following components appear as the main directions of action: customers, shareholders, business partners, own staff, various interested audiences, widening the company’s responsibility to groups other than shareholders, managers, employees and trade unions, internal processes, quality system, information system. In this paper I propose to analyze the correlation between corporate governance and the performance of economic entities, known to be the fact that economic agents with poor corporate governance have low economic performance (low yield of assets, equity and investments, etc), expose themselves more often the risks (eg stock price volatility of BSE listed companies, low interest rate, etc.). I believe that it is necessary to create a new global governance model that takes into account the organizational and evolving dimension of the entity, but also other partners whose actions can maximize the efficiency, performance or value of the brand, and which puts particular emphasis on creating value or wealth for stakeholders. We need a new policy to maximize shareholders’ wealth.
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Ramaswamy, Venkat, et Naveen Chopra. « Building a culture of co-creation at Mahindra ». Strategy & ; Leadership 42, no 2 (11 mars 2014) : 12–18. http://dx.doi.org/10.1108/sl-01-2014-0005.
Texte intégralRésumé :
Purpose – This case shows how a set of six steps that captured the essence of implementing co-creation thinking to promote transformational change were applied in a complex corporate manufacturing operation in India. Design/methodology/approach – This case describes how the co-creation paradigm of value creation was applied step by step in the quality function across the five operating sites of Mahindra's Automotive Division, a subsidiary of the conglomerate Mahindra Group. The case also looks at the results as the initial experiment expanded. Findings – By enlisting employees and a range of other stakeholders the firm was able to greatly improve product quality. The success of the initial program caused executives in other units of the firm to become co-creation of value process champions. Practical implications – The six-step process is: 1. Identify key stakeholders and increase their willingness to engage. 2. Set up platforms purposefully designed to engage individuals more co-creatively, with environments of interactions configured around people's “lived” experiences. 3. Identify and support new co-creation champions. 4. Expand the circle of stakeholders and joint value creation opportunities. 5. Deepen the impact and enable the viral spread of “win more-win more” value creation in the enterprise ecosystem. 6. Engage stakeholders across private, public, and social sectors to expand wealth, welfare and well-being for the benefit of all. Originality/value – Co-authored by a leading authority on the theory of co-creation of value and a senior executive at a large corporation, this case will be useful to practicing managers in all industries.
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Amoako, George K., Gregory Amoah et Attatesey Mayqueen. « How Organisational Performance is Affected by Strategic Corporate Social Responsibility (CSR) ». Journal of Corporate Governance, Insurance, and Risk Management 3, no 3 (30 décembre 2016) : 126–45. http://dx.doi.org/10.56578/jcgirm030309.
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This paper aims to report as a study that contributes to the understanding of the roles of strategic corporate social responsibility (CSR) in overall organisational performance. The approach to the paper was by the review of acclaimed researches with linkages between corporate social responsibility, more specifically strategic corporate social responsibility and organisational performance. Strategic CSR undertaken by various organisations were analysed to find how significant they affect to performance metrics. The researchers had difficulties unearthing previous tangential and empirical research as there had not been a wealth of research in the area of CSR relationships especially with regards to strategic CSR practices and performance and at the same time, previous research on CSR mostly focuses on its nature and impact on society and how customer loyalty can be gained with CSR. The study thus revealed that, although some organizations to some extent confuse CSR with philanthropic reasoning, they are aware of how rewarding it is for both societal stakeholders and the firm and intensively work towards integrating CSR with other business undertakings. This research contributes to one’s understanding of the impact that strategic CSR has on organisational performance when instituted in the business. Additionally, the study analyses how business performance may be affected either positively or negatively depending on the level of integration that strategic CSR has been implemented by organisations. The outcome of the study ultimately, will help top level management to amend shortcomings by implementing strategic CSR techniques as well as build formidable business performance.
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Galindo-Manrique, Alicia Fernanda, Esteban Pérez-Calderón et Martha del Pilar Rodríguez-García. « Eco-Efficiency and Stock Market Volatility : Emerging Markets Analysis ». Administrative Sciences 11, no 2 (6 avril 2021) : 36. http://dx.doi.org/10.3390/admsci11020036.
Texte intégralRésumé :
Climate change, the accelerated industrialization of emerging countries, as well as the growing demand for transparency from stakeholders, are all factors that influence the environmental performance of companies. Thus, eco-efficient behavior can improve financial performance by increasing wealth generation and decreasing the volatility of listed financial assets. There is a lot of previous literature showing diverse results of the effect of eco-efficiency on corporate profitability, but this is not the case when we refer to risk. This study analyzes the relationship between eco-efficient behavior and the share price volatility of companies traded in emerging markets. For this purpose, a sample of 346 companies listed in 24 countries was studied for the period between 2010 and 2017. The results show a positive effect. Thus, the recommendation is that a clear commitment to eco-efficient investment can improve the environmental impact of companies, from the private, public, and institutional spheres.
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Edgar, William B., et Chris A. Lockwood. « Corporate Core Competencies’ Essence, Contexts, Discovery, and Future : A Call to Action for Executives and Researchers ». SAGE Open 11, no 1_suppl (octobre 2021) : 215824402110517. http://dx.doi.org/10.1177/21582440211051789.
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Research and managerial literatures on core competencies present them as essential to corporations because these competencies, proposed by the literatures to be difficult to acquire and imitate, are applied repeatedly to produce products and services delivering value to customers and wealth to corporations. Indeed, researchers and managers consider the significance of core competencies to be immense as they are the central intellectual means through which corporations produce valuable products and services. Paradoxically, though, rather than providing a clear, focused description, or picture, of what core competencies are and how they contribute to their host corporations, these same literatures present a sprawling, even fragmented picture of core competencies’ essence and contribution.In contrast, this book presents a clear empirical model of corporations’ core competencies’ essence; provides a clear conceptual treatment of how core competencies’ contextual, corporate contributions occur; presents valid methodologies for discovering and understanding corporations’ specific core competencies; and delineates an agenda for executives and researchers to collaborate in learning about core competencies and in using them to provide value for corporate stakeholders, especially customers. The book also places core competencies within their historical and social context, and it presents conceptual and methodological tools to assist in managing and discovering them.
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Rusady, Evita Nurul, Girang Razati et Suci Aprilliani Utami. « Sharia Corporate Governance and Reputation Effects on Customer Trust in Islamic Bank (Survey on BJB Syariah KCP Cimahi) ». Review of Islamic Economics and Finance 2, no 2 (31 décembre 2019) : 17–28. http://dx.doi.org/10.17509/rief.v2i1.21829.
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The city of Cimahi is ranked the lowest in wealth and deposits compared to eight cities in West Java Province and this is what confirms that the level of public trust in Islamic banks is still low. Another factor that causes low customer confidence is that the Sharia Corporate Governance has not been maximized, as evidenced by IRTI's research results showing that GCG implementation has not been implemented well in Islamic banks in various countries and failure to apply sharia principles to 85%. Sharia Corporate Governance (SCG) is a combination of two theories, namely Good Corporate Governance (GCG) and the theory of Sharia Compliance. The implementation of SCG in Islamic banks is based on six principles, namely transparency, accountability, accountability, professionalism and fairness and implementation of compliance shariah. Sharia Corporate Governance (SCG) can also be referred to as a system, regulation, and process used to realize a compliance culture in managing Islamic banking risk as well as monitoring, regulating and encouraging its performance efficiently so as to generate sustainable added value for stakeholders in the long term in accordance with sharia principles. This study aims to determine the effect of the application of SCG and reputation on customer trust in Islamic banks. The population in this study is the customer of BJB Syariah KCP Cimahi. The sampling technique in this study was simple random sampling with a sample of 210 respondents. The method used in this research is explanatory method. The data analysis technique used is multiple linear regression method. The results of the research designation that the implementation of Sharia Corporate Governance and reputation simultaneously affect customer trust and this will have an impact on increasing the market share of Islamic banks.
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Bello, Shukurat Moronke. « The Role of Waqf in Enhancing the Financial Inclusion of Women Entrepreneurs in Developing Countries ». Journal of Islamic Business and Management (JIBM) 12, no 01 (30 juin 2022) : 125–38. http://dx.doi.org/10.26501/jibm/2022.1201-009.
Texte intégralRésumé :
Purpose: To accelerate modern micro-enterprises especially for women in developing countries, waqf can bridge the gap in the financial exclusion of women in entrepreneurship activities. The goal of this research is to identify the extent to which financial inclusion can enhance women’s economic empowerment in developing countries through waqf. Methodology: This study used a desk-based review of the literature to gain insight into the concept of the research variables. Findings: The paper revealed that property waqf, cash waqf, and corporate waqf can influence women’s economic empowerment through the development of physical capital, financial capital, and human capital. Significance: This paper reviewed the extant literature to provide a research framework that will accelerate women entrepreneurship, enhance Islamic wealth management and financial inclusion of women in Muslim societies. Theoretically, this study has contributed to the body of knowledge in Islamic finance, women empowerment and entrepreneurship development. Limitations: This study only focused to the body of knowledge in women empowerment and entrepreneurship development in developing countries. Practical Implications: Practically, access to the financial system will be improved by increasing the access of small businesswomen entrepreneurs, resulting in an increase in asset ownership, wealth creation, and serving as a catalyst for larger economic empowerment. Women’s entrepreneurship in can be improved with adequate knowledge of waqf instruments, conscious planning, and implementation by relevant stakeholders.
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Muat, Susnaningsih, et Agung Prayogo. « Corporate Social Responsibility Disclosure and Financial Performance : A State Owned Enterprises Case Study ». Sosial Budaya 15, no 1 (1 septembre 2018) : 11. http://dx.doi.org/10.24014/sb.v15i1.5735.
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In today’s business environment, the maximization of shareholders wealth is not the only objective of a company. By engaging in the Corporate Social Responsibility (CSR) program, companies are also responsible for the interest of stakeholders and society at large. CSR disclosure is believed to improve financial performance. In State Owned Enterprises (SOE), however, the validity of this relationship has been called into question. In this paper, the main objective is to investigate the influence of CSR disclosure on financial performance in SOE. In relation to the measurement of financial performance, this study takes into account three indicators: Return on Equity (ROE), Earning Per Share (EPS), and Net Profit Margin (NPM). In this study, data from state owned enterprises, which were listed on the Indonesian Stock Exchange from the period of 2011 to 2015, were analyzed using simple regression method. The data used in this study took the form of financial and sustainability report issued by state owned enterprises. The results show that the disclosure of CSR has a significant positive effect on ROE. The CSR disclosure also has a significant positive effect on EPS. In contrast, the disclosure of CSR has no effect on NPM. In the context of State Owned Enterprises, the research demonstrates that there is positive relationship between CSR disclosure and financial performance. This paper contributes to our understanding of state owned enterprises in Indonesia; a research area which has to date been neglected by scholars.
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Otekunrin, Adegbola, Tony Nwanji, Damilola Fagboro, Johnson Olowookere et Stella Ibitoye. « Performance of Firm and Board Attributes Nexus : Using Hausman Test Analysis ». International Journal of Financial Research 12, no 4 (18 mars 2021) : 268. http://dx.doi.org/10.5430/ijfr.v12n4p268.
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With the rise of corporate failures and the conflict of interest arising from shareholders and the management, there have been growing concerns in corporate governance (CG). It is there is ponsibility of the board of director in CG is to oversee the management as well as the firm performance and to make the management accountable to shareholders. Hence this research examines the connection between firms’ performance and board features using board size, board independence in addition to board age as a proxy for board characteristics and turnover as a proxy for firm performance. A sample size of 16 consumer goods firms out of a population of 20 consumer goods firms listed in the NSE from 2016 to 2019 was used using a judgmental sampling technique. Secondary data employed was taken out from the sampled firms’ annual reports. Hausman test analysis was used to select the appropriate regression model, which is the fixed effect regression model that was utilized to analyse the connection between firms’ performance in addition to board characteristics. It is found that firm performance and board independence of the consumer services goods companies in Nigeria are significantly related.The results also confirmed that firm performance and board size of the consumer services goods companies in Nigeria are significantly related. The result indicates firm performance and board education of the consumer services goods companies in Nigeria are not significantly related. Consequently, overall lthe study concluded that firms’ performance and board characteristics are related. Also, board characteristics increase board performance which will lead to increase in firms’ performances, there by maximizing profit and ensuring efficiency. The study concluded that a company with good board characteristics would help to ensure the maximization of both the shareholders and stakeholders wealth. Hence a proper board characteristic helps to solve the problem of both agency theory and stakeholders’ theory.
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Amdanata, Donal Devi, Yusriadi Yusriadi, Noorhayati Mansor et Nurul Nuzilah Lestari. « Implementasi Asas Transparansi Good Corporate Governance pada BUMD di Indonesia ». Inovbiz : Jurnal Inovasi Bisnis 7, no 2 (22 décembre 2019) : 154. http://dx.doi.org/10.35314/inovbiz.v7i2.1172.
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The Government of Indonesia finally issued a Government Regulation (PP) governing Regionally Owned Enterprises (BUMD), namely PP No. 54 of 2017 concerning BUMD. The PP is the government's answer to the debate about BUMD that has occurred so far. The government provides an opportunity for regional governments to optimize the wealth of their respective regions, but because local governments are not allowed to carry out business activities, establishing BUMD is one way that can be done by local governments to increase Regional Original Revenue (PAD). Even so, the government did not prepare regulations that govern BUMD. With PP No. 54, it is hoped that the parties involved with BUMD have guidelines on how to manage and oversee BUMD operations. The purpose of this study was to determine the level of implementation of Good Corporate Governance (GCG) guidelines on BUMD throughout Indonesia in the form of Regional Corporation (Perseroda). In this study, the scope of the research is limited to examining the implementation of the principle of transparency in the General Guidelines for GCG in Indonesia issued by the National Committee on Governance Policy (KNKG) in 2006. One of the main guidelines for the implementation of the transparency principle is that companies must provide information in a timely, adequate, precise, accurate, and comparable and easily accessible to stakeholders under their rights. To obtain this information, the first step taken is to inventory BUMDs in the form of Perseroda in Indonesia. BUMD data obtained through searching facilities from the internet. Based on the searching, 57 BUMDs were obtained that matched the research criteria. Based on this study, only 35% of BUMDs implemented the principle of transparency, 26% only implemented a part of the transparency principle, and the remaining 39% did not apply the principle of transparency.
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Lizińska, Joanna, et Leszek Czapiewski. « Towards Economic Corporate Sustainability in Reporting : What Does Earnings Management around Equity Offerings Mean for Long-Term Performance ? » Sustainability 10, no 12 (22 novembre 2018) : 4349. http://dx.doi.org/10.3390/su10124349.
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Companies are very important contributors to the long-term sustainable wealth of economies and society. Public companies are likely to be especially important for economic, environmental, and social development. That is why we focus on initial public offerings (IPO). Responsible external reporting relates to the long-term value of companies and influences perceptions of value by stakeholders. This study contributes to the literature not only because it concentrates on earning quality in terms of going public, but it also combines it with another market puzzle, namely, long-term value. Previous conclusions for other markets should not simply be generalized for Poland, as the country has been an emerging market with many public firms controlled by insiders, with a limited role for the equity market and quite considerable bank financing. Using a unique dataset, we find positive and significant discretionary accruals in the IPO year, which may be perceived as a sign of poor earning quality. We also show that these accruals are negatively correlated with subsequent long-term market value for IPOs made before the financial crisis. The general conclusions are robust with respect to the latest innovations in proxies for earnings management, and also to a variety of alternative specifications.
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Tampakoudis, Ioannis, Michail Nerantzidis, Demetres Soubeniotis et Apostolos Soutsas. « The effect of corporate governance mechanisms on European Mergers and Acquisitions ». Corporate Governance : The International Journal of Business in Society 18, no 5 (1 octobre 2018) : 965–86. http://dx.doi.org/10.1108/cg-05-2018-0166.
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Purpose The purpose of this study is twofold: First, to assess the economic impact of Mergers and Acquisitions (M&As) on European acquiring firms from the beginning of the sixth merger wave onward. And second, to investigate the effect of CG mechanisms such as board size, voting rights and anti-takeover provisions (ATPs) on acquirers’ gains, along with a set of control variables. Design/methodology/approach For the purpose of the study, the authors use a sample of 349 completed M&As across all business sectors between European firms from 01/01/2003 to 31/12/2017. Abnormal returns are estimated by applying an event study methodology, and the effects of CG mechanisms are assessed with univariate and multivariate cross-sectional regressions. Findings The authors present evidence that acquirers realize significant positive excess returns upon the announcement of M&As. The authors find past profitability to be a strong indicator of value creation, while most of the traditional firm-specific and deal variables fail to interpret the results. The authors’ analysis indicates that the examined CG measures have a significant effect on acquirer’s gains. More specifically, the authors find that boards in excess of eight directors are negatively related to announcement-period abnormal returns. In contrast, the wealth effects for acquiring firms are positively related to shareholders’ voting rights and/or to the number of ATPs. The estimated coefficients of all three CG mechanisms are statistically significant across alternative model specifications. Research limitations/implications A clear implication is that the existence of certain CG mechanisms leads to value-enhancing strategic decisions for European acquirers. In terms of policy direction, the authors’ findings assist practitioners and/or national and transnational institutions in perceiving the efficacy of certain CG practices. Practical implications This study indicates that Corporate Governance Statements (CGSs) fail to provide adequate information to investors to understand in-depth the CG mechanisms that companies apply. Thus, the authors recommend that CGSs should provide not only narrative information but also information that may generate value for shareholders and other stakeholders as well. Such information should be qualitative and/or quantitative in nature and be made available to market participants to support their decision-making. Originality/value To the authors knowledge, this is the first study that investigates the effect of CG on the economic impact of M&As for European acquirers, using three widely examined CG mechanisms, namely, the board size, the voting rights and the ATPs. The authors’ empirical findings form the basis for further examination of the linkage between M&As and CG, with the intention of establishing the appropriate CG framework that will ensure shareholder wealth creation. This line of research could produce new insights in the field, allowing investors and policymakers to appreciate the benefits of effective CG.
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Garg, Roshni, et Abha Shukla. « The impact and implications of SWFs : a systematic review of literature ». Qualitative Research in Financial Markets 13, no 5 (29 septembre 2021) : 580–607. http://dx.doi.org/10.1108/qrfm-08-2020-0171.
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Purpose This paper aims to systematically review all available evidence on the implications of sovereign wealth funds (SWFs) for various stakeholders (recipients of sovereign investment, home countries, which incorporate SWFs and the world at large) and offer future research directions. Design/methodology/approach A systematic literature review (SLR) technique is used to review 102 handpicked articles for the period 2005‐2019. Findings This review reveals that the literature on the impact of SWFs emerged only during the financial crisis of 2008–2011 and much of it is qualitative in nature. The literature is lopsidedly focused on the impact of SWFs on target firms and there has been a limited empirical investigation of the impact on other stakeholders. There is a lack of consensus in several areas, which calls for additional research. Few areas, which have not been addressed in the literature and can be taken up by future researchers include the impact of SWFs on macroeconomic fundamentals and stock markets of recipient countries, especially emerging economies; implications of SWFs for alternative asset classes; impact on the welfare of citizens and internationalization strategies of home countries; impact on initial public offerings and unlisted corporations; and impact on innovativeness, efficiency and corporate governance practices of target firms. Originality/value To the best of the authors’ knowledge, this is the first paper to use the SLR technique to review the literature on SWFs. It considers the impact of SWFs on all stakeholders and covers both qualitative and quantitative literature published over a long period of 2005‐2019. It also systematizes all available evidence on this theme and identifies important research gaps, which may be helpful for academicians, practitioners and policymakers.
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Kusio, Tomasz, et Mariantonietta Fiore. « Which Stakeholders’ Sector Matters in Rural Development ? That Is the Problem ». Energies 15, no 2 (10 janvier 2022) : 454. http://dx.doi.org/10.3390/en15020454.
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In the age of COVID, the regaining of economies appears mostly imperative, and rural areas could play a crucial role in this framework. The question of inhabitants’ dispersion and low density, and the exodus of rural people to bigger urban centers have determined an adverse effect on rural development. Rural isolation rises to be a higher order good, delivering a higher degree of security in the pandemic context for those seeking refuge from gatherings of cities. Rural areas provide food, natural environments, and resources that help occupations, development, and wealth trends and preserve cultural heritage. Consequently, rural spaces are vital for several motives and thus it is essential to focus on issue of rural development, especially since lacking rural development does not allow dialoging about development in a regional and/or national perspective. This paper investigates the stakeholders’ impact on rural development, by considering the increasing role of stakeholders as well as the specificity of the diverse objectives pursued by these groups. As there are several stakeholder groups, attention was sweeping, defining them in a sectoral way to corporate, sciences, public administrations, and society. Where there was a need to distinguish among these sectors groups of stakeholders in a more detailed way, such identification took place, for example, in relation to social leaders. The analysis of the results of the questionnaire survey performed in 2020 aimed to accomplish the identified purposes of the paper. The online survey using the CAWI method was conducted in southeastern Poland among people representing all stakeholder groups. The outcomes of the investigation indicate the great prominence of business in the development of rural areas being able to generate added value and influence the increase of entity potential.
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Mohammadi, Pegah, Saeed Fathi et Ali Kazemi. « Differentiation and financial performance : a meta-analysis ». Competitiveness Review : An International Business Journal 29, no 5 (21 octobre 2019) : 573–91. http://dx.doi.org/10.1108/cr-10-2018-0067.
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Purpose The purpose of this study is to meta-analytically compare the effect of differentiation strategy formulation on financial and non-financial performance to explore the agency problem. Design/methodology/approach This study was conducted using a meta-analysis approach and CMA2 software. Hypotheses has been tested using cumulative effect sizes. Then, the cumulative effect sizes if some subsamples are also tested for robustness check by manipulation of circumstances. Findings Based on the findings, differentiation affects performance dimensions. However, spite of shareholders’ wealth maximization, differentiation has a smaller effect on financial performance (as the proxy of shareholders’ wealth) compared with operational performance. Meanwhile, the robustness test showed that the results in all subcategories has also confirmed, and this supports the results. Research limitations/implications The results catch attentions of shareholders to review the elements of management evaluation in the corporate governance system in a way that they focus more on stakeholders’ interests in developing differentiation strategy. Limitations of this study is firstly based on limitations of meta-analysis approach, which provide general results of relevant studies so that the local conditions of each firm should be considered in deploying implications. Originality/value Exploring the overall schema of firms (from past to present and in different research conditions) regarding the impact of differentiation strategy on performance has been the originality of this research because of potentials of meta-analysis against past field studies. This originality led to the discovery of the general confusion of firms in the development of differentiation strategy so that it emphasizes operational performance more than financial performance.
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Bochenek, Magdalena. « Analysis of the integrated reporting use in EU countries ». Problems and Perspectives in Management 18, no 3 (21 août 2020) : 106–17. http://dx.doi.org/10.21511/ppm.18(3).2020.09.
Texte intégralRésumé :
Integrated reporting (IR) is an important element in the development of corporate reporting in the European Union (EU). It turns out that stakeholders need not only financial but also non-financial information about the company. Due to changes in the environment, the role of CSR is growing. Enterprises undertake more and more pro-social and pro-environmental activities. European countries and organizations introduce regulations and recommendations that are to improve and standardize IR. The article aims to present IR within the EU and analyze the relationship between the number of reports prepared and the welfare of individual countries. Research methods used in the article are study by action, statistical technique, and critical analysis of literature. The development of IR in the EU is briefly described. It was also analyzed whether there is a correlation between the popularity of IR in a country and its wealth. A high correlation was found between the wealth of a given country and the number of integrated reports prepared. The wealthier the country, the more integrated reports are made there. There is a big difference in the popularity of IR between the EU countries which joined the EU before 2004 and those in the EU from 2004 or later. More than 200 integrated reports are prepared in the countries that joined the EU before 2004 than in the countries that joined the EU in 2004 or later. Although the popularity of IR is growing steadily, there are still a few EU countries where integrated reports are hardly ever present.
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Brown, Douglas. « It is good to be green ». Strategic Outsourcing : An International Journal 1, no 1 (22 février 2008) : 87–95. http://dx.doi.org/10.1108/17538290810857501.
Texte intégralRésumé :
PurposeThis paper aims to discuss how the influence of consumer and investor opinions for green corporate accountability and the creation of new government regulations in favor of protecting the environment have pushed green issues onto the boardroom agenda and onto outsourcing vendors' growing plate of priorities.Design/methodology/approachThe data presented and the opinions discussed in this paper are based on the on‐going research behind The Black Book of Outsourcing, by Douglas Brown and Scott Wilson.FindingsThe paper presents a wealth of data that clearly highlight how environmental issues and the ability to display an environmental‐friendly culture are becoming vital to all outsourcing stakeholders. Also, using the data analysis, it delivers a 13 steps process to develop a green outsourcing initiative.Originality/valueThis paper discusses one of the latest trends in outsourcing, and it does so by providing numerous relevant data. As such, it contributes to setting a relevant research agenda. At the same time, it provides an in‐depth analysis of various industry first‐movers, and based on that it delivers a process that can be used by practitioners to develop green outsourcing offerings.
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Chakraborty, S. K., Verghese Kurien, Jittu Singh, Mrityunjay Athreya, Arun Maira, Anu Aga, Anil K. Gupta et Pradip N. Khandwalla. « Management Paradigms Beyond Profit Maximization ». Vikalpa : The Journal for Decision Makers 29, no 3 (juillet 2004) : 97–118. http://dx.doi.org/10.1177/0256090920040308.
Texte intégralRésumé :
The dominant paradigm today, both in corporate management and in business educa- tion, is profit maximization and maximization of the wealth of the owners. But, the obsession with ‘profit at any cost,’ when carried to an extreme, can lead to Enrons, WorldComs, and Parmalats and the shortening of hundreds of thousands of lives in sweat shops. Fortunately, alternatives have appeared that successfully blend concern for profits with humane concerns. Today, virtually, every Fortune 500 company has adopted a code of conduct and put in place the needed management structures and processes to ensure compliance. Similarly, corporate social responsibility has gathered momentum. Spirituality in management, the democratization of the workplace including internal justice systems and ‘good citizenship’ behaviour in the organization, and catering to the needs of all the stakeholders-not just shareholders-are some of the other offshoots of humane corporate management. In a developing country context, in which there are so many battles to be won against poverty and deprivation and in which a society needs to be modernized without losing track of its ethical and spiritual moorings, humane business management is a necessity. In this colloquium, our panel members addressed the following issues: What humane alternatives there are to mindless commercialism and how to manage each alternative without loss of profitability. How to enrich business practices and what we teach in business schools with these new paradigms of management. The salient features of the responses are as follows: The globalization strategy of a few powerful nations has robbed country after country of its right to choose its own path-not only economic but cultural as well-with the new milieu verging on the inhumane. An immense effort is necessary to nourish humane values as the cause and ethical conduct as a consequence. Cooperative enterprises or new workers' enterprises can provide the organiza- tional means whereby a significant proportion of humanity takes on the tasks of creating productive employment and overcoming poverty, thus achieving social integration without placing undue importance on the interests of capital providers. Enduring companies have demonstrated that by simultaneously attending to a variety of stakeholders and focusing on composite goals, rather than profit maximization alone, it is possible to acquire and maintain industry leadership. Firms need to move from a feudal relationship with their business partners to a ‘strategic partnership’ and invest more in hygiene factors and HRD for long-term employee satisfaction, performance, and development. The need is to evolve through dialogue among businessmen, government, and civic society a consensus on what the social responsibility of business is and what are legitimate and illegitimate actions. A larger social conscience can emerge if corporate leaders recognize that they cannot ensure long-term growth without generating sufficient ‘social capital.’ ‘Social capital’ involves the creation of trust, reciprocity, and tolerance of third party actions. There is a bonus from corporate social responsibility, ethicality, and spirituality in terms of stronger staff bonding with the organization and stronger motivation. This can be converted into higher productivity, better product quality, better and faster implementation of the needed changes and innovations.
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Leaver, Adam, et Keir Martin. « ‘Dams and flows’ : boundary formation and dislocation in the financialised firm ». Review of Evolutionary Political Economy 2, no 3 (2 novembre 2021) : 403–29. http://dx.doi.org/10.1007/s43253-021-00057-0.
Texte intégralRésumé :
Abstract Mainstream economic theories of the firm argue that the boundary between firm and market is determined by efficiency-enhancing logics which optimise coordination or bargaining outcomes. Drawing on social anthropological work, this paper critiques these accounts, arguing instead that firms are socially embedded and that firm boundary formation should therefore be understood as an attempt to fix the limits of certain relational rights and obligations that are moral in their conception. Consequently, boundaries are often contested and subject to renegotiation. We employ the parsimonious concepts of ‘dams and flows’ to examine how attempts to curtail the claims of some stakeholders and extend the claims of others at any one historical moment produce boundaries of different kinds. To illustrate this, we first trace the moral arguments used to advance limited liability rights to shareholders during the Companies Act in the mid-nineteenth century, which cut or ‘dammed’ obligations at a particular point and moment, directing new flows of obligation and wealth. We then explore the different moral reasoning of agency theory—the foundation of the financialised firm—which foregrounds the property rights of shareholder principles and obligations of managerial agents to them. We argue that this moral reasoning led to new dams and flows that have changed corporate governance and accounting practice, producing—counterintuitively—a reinvigorated form of managerialism, leaving the firm financially and morally unstable; its boundaries increasingly unable to contain its relational tensions.
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Bhutto, Sarfaraz Ahmed, Ikhtiar Ali Ghumro, Zulfiqar Ali Rajper et Saifullah Shaikh. « conceptual review of capital structure under risk-based capital regime, risk profile of insurer’s and performance ». Sukkur IBA Journal of Management and Business 8, no 1 (8 avril 2021) : 15–27. http://dx.doi.org/10.30537/sijmb.v8i1.462.
Texte intégralRésumé :
This paper evaluates capital structure under risk-based capital regime from the perspective of insurance firms and its performance. It also evaluates the moderating effect of insurer’s risk profile on capital-performance relationship. The authors aim to reveal ambiguities, gaps and omissions in the literature and to sketch avenues for future research. A conceptual framework for capital structure under risk-based capital era and its application is suggested focusing on equity, technical provision and required risk propensity for maximizing profit and wealth for all stakeholders. The research reviews that capital structure of insurers differs from non-insurance firms as such risk-based capital regulation must not only focus on the various types of risk but also recognized these differences. It is shown that insurers’ capital structure contains equity and technical provisions which comprises accruals and creditors, payable claims and insurance funds as an alternative of equity and financial debt as it is with conventional non insurance firms. This study thus stressed that for capital structure to best explain performance of insurers, it must be measured by equity ratio and technical provision ratio in place of debt ratio and corporate risk profile (quantitative and qualitative) must enter its sequence of performance relational analysis and effectiveness equations. We stressed further that only with the proposed conceptual framework would a holistic understanding of insurer’s capital structure be achieved while the observed contradictory and inconclusive empirical findings on capital structure and firm performance could be resolved.
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Lokhande, Madhavi, Ernest R. Cadotte et Bindu Agrawal. « Molding Conscious Leaders ». South Asian Journal of Business and Management Cases 8, no 3 (9 août 2019) : 262–75. http://dx.doi.org/10.1177/2277977919860282.
Texte intégralRésumé :
Innovation in education is important for developing the next generation of business leaders who also have to be innovators, creative thinkers and managers who will be more responsible towards society. The role of a company is to serve other stakeholders such as staff, clients, suppliers and society besides increasing the wealth of shareholders. In an era of continuous erosion of natural resources due to the progress of mankind, doing business following the path of conscious capitalism may create a competitive edge. The challenge is to orient the mindset of management students to mold them as conscious leaders. In 2009, Dr. Raj Sisodia and Conscious Capitalism Inc. asked Dr. Ernie Cadotte to create a new simulation to illustrate and reinforce the key tenets of the Conscious Capitalism movement. Business managers have a broad variety of conflicting issues to deal with, including product sustainability and reliability, environmental concerns, employee morale and corporate responsibility. The challenge for Cadotte and Sisodia was to develop a new pedagogy for learning to manage a full-enterprise business while addressing the conscious opportunities, situations and problems. In 2011, Cadotte created a game ( Conscious Capitalism in the Marketplace) that simulates the challenges a business manager has to face in today’s world. It is a ‘unique pedagogy’ and an innovative teaching practice that works on the ‘learning-by-doing’ method. This article will be an evidence-based case study of that simulation and its use with the next-generation managers.
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Patel, I. G., Samuel Paul, Pradip N. Khandwalla, Amitava Bose, K. R. S. Murthy, N. Vittal, Rishikesha T. Krishnan, Arun Kumar Jain et Anil K. Gupta. « Social Context of Management Education : Institution Building Experiences at IIMs ». Vikalpa : The Journal for Decision Makers 29, no 2 (avril 2004) : 85–110. http://dx.doi.org/10.1177/0256090920040208.
Texte intégralRésumé :
IIMs have played a significant role in realizing the societal aspirations of India becoming a creative, compassionate, and developed nation. This needs attention of all stakeholders. Very few people know that IIMs contribute as much, if not more, to public action and management as to the private sector management. The purpose of this Colloquium is to proactively ask questions which will help IIMs to explicitly state their contributions to the society and be ready for challenges ahead. Some of the key issues discussed in this Colloquium are: The processes through which IIMs have defined their goals and directions over the years. Adequacy of initiatives taken by IIMs to generate greater social, ethical, and professional accountability among students and executives trained at IIMs. IIMs' institution building role and its impact on the quality of management education and practice in India. Factors contributing to the elitist character of IIMs and its social context and significance. The potential for IIMs playing a catalytic role in facilitating, empowering or serving the small-scale, unorganized/under-managed sectors and other civil society organizations. The role that IIMs see for themselves in building India into a developed nation. The following points emerged from the discussion: IIMs have made a tremendous contribution to the Indian economy by providing corporate leadership. The skills developed and honed in IIMs should be extended to other sectors and institutions. IIMs form the backbone of our country's economic success by helping professionalize management for all sectors of the economy and providing the entrepreneurial, technical, and skilled personnel for superior wealth generation. IIMs offer a model for management education with open and merit-based admissions, good and relevant curriculum, campus placement, and a general motivation to be relevant to the social needs. The participative, decentralized, and transparent governance system can make IIMs the role model for excellence-seeking institutions. If global reputation for distinctive contribution and institutional excellence has to be sustained, IIMs would need to coordinate their approaches to addressing opportunities in globalization. To gain social legitimacy and respect of various stakeholders, IIMs need to take proactive steps to bring students from less privileged social backgrounds. Higher management education institutions such as IIMs should develop a coherent and compelling vision of how they would want to contribute to the new, liberalized India. Visioning must be participative and must involve all the stakeholders.
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Cortese, Corinne, et Jane Andrew. « Extracting transparency : the process of regulating disclosures for the resources industry ». Accounting, Auditing & ; Accountability Journal 33, no 2 (26 février 2020) : 472–95. http://dx.doi.org/10.1108/aaaj-11-2017-3226.
Texte intégralRésumé :
PurposeMultinational resource companies (MRCs) are under pressure to become responsible corporate citizens. In particular, stakeholders are demanding more information about the deals these companies negotiate with the host governments of resource-rich nations, and there is general agreement about the need for industry commitment to transparency and the benefits that a mandatory disclosure regime would bring. This paper examines the production of one attempt to regulate disclosures related to payments between MRCs and the governments of nations with resource wealth: Section 1504 of the Dodd–Frank Act.Design/methodology/approachDrawing on Boltanski and Thévenot's (2006) Sociology of Worth, the authors examine the comment letters of participants in this process with a view to revealing how stakeholder groups produce justifications to promote their positions vis-à-vis transparency to regulators.FindingsThe authors show how justifications were mobilised by various constituents in an effort to shape the definition of transparency and the regulatory architecture that governs disclosure practices. In this case, the collective recognition of desirability of transparency enabled the SEC to suture together the views of constituents to create a shared understanding of the role of the common good as it relates to transparency.Originality/valueThis paper explores an alternative approach to the consideration of comment letters advanced during the process of disclosure-related rule-making. The authors show how a sophisticated regulator may be able to draw together elements stemming from different constituents in a way that appeals to a shared sense of the “common good” in order to produce Final Rules.
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Jayakumar, Tulsi. « MNC CSR in Emerging Economy Conflict Zones– A Case Study of HUL's North-East Operations in India ». Vikalpa : The Journal for Decision Makers 38, no 4 (octobre 2013) : 69–82. http://dx.doi.org/10.1177/0256090920130405.
Texte intégralRésumé :
For multinational corporations (MNCs) operating in emerging markets, the fast-growing wealth represents a tremendous opportunity. At the same time, these emerging markets also present a huge challenge to the MNCs due to underdeveloped institutional environment, weak public governance, widespread bribery and corruption, and lack of regulatory legislations and rules, public transparency, and respect for human rights. MNCs are likely to view foreign direct investment (FDI) in emerging economies as a major component of their cost minimization policies. As such, corporate social responsibility (CSR) initiatives, which are used by MNCs as a key source to gain sustainable competitive advantage in developed countries may get diluted in emerging economies. Such a myopic view may enhance short-term profits, but would not ensure long-term sustainability. Most of the research on CSR has focused on the strategies of companies in the developed world. The literature on MNCs in developing economies and CSR is still embryonic. As CSR becomes increasingly important to MNCs, it is crucial to understand how MNCs' subsidiaries approach CSR in emerging markets so as to realize the challenges MNCs' subsidiaries face in aligning their CSR approach with local practices. The questions of how MNCs' subsidiaries approach CSR in emerging markets and how they adapt to local CSR practices remain largely under-explored. Another area of recent research pertains to MNC CSR in ‘conflict zones’ and their potential. Can the otherwise mutually conflicting objectives of Corporate Social Responsibility and Corporate Financial Performance be seen going hand in hand in such ‘conflict zones’ Can a cause-effect relationship be posited, especially in such conflict zones, with the success of the latter riding on a satisfactory performance of the former? This paper analyses the CSR practices followed by HUL in its unit in DoomDooma, Assam in the period 2001–2004, a period which was one of the most tumultuous periods in the history of HUL operation in India. The largest personal care products factory set up in DoomDooma to take advantage of the government's concessions to encourage the region's development, witnessed serious challenges in the form of local bandhs (closures), followed by an attack by the militant group, ULFA. Yet, the productivity contribution of the Assam factory was one of the highest and in fact was responsible for the company's top line growth. It is suggested that the financial performance was due in no small measure, to the corporate responsibility measures undertaken internally and externally by the company. The former consisted of the measures undertaken vis-a-vis the key stakeholders, viz. employees, consumers, ecosystem, and business partners while the external CR measures were with respect to the specific CSR initiatives undertaken keeping in mind the needs and expectations of the local community. Thus, the company's CR initiatives helped in sustainable growth.