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The Indian government made Corporate Social Responsibility (CSR) mandatory in 2013 by amending the Companies Act, complicating research studies on the topic. This paper is a bibliometric analysis of recent trends in research on CSR in India. VOSViewer is employed to visualize networks such as keyword co-occurrences and author collaborations. With the help of BibExcel, other aspects of bibliometric analysis are carried out. Based on an analysis of 685 papers/retrieved articles from Scopus, the study finds that a company's financial performance has become central to CSR orientation in recent years. Co-occurring keywords suggest that sustainability issue is becoming important and that CSR fosters a positive brand image of companies. [ABSTRACT FROM AUTHOR]

The paper investigates whether there is evidence to support the concept that variations in observed ownership structures across firms result in methodical variations in observed financial performance in the Indian market. The study assesses the impact of ownership structure on corporate performance measured by both the market-based measures (Tobin’s Q, MBVR and MVA) and accounting-based measures (ROA, ROCE and ROE) of 178 NSE CNX listed nonfinancial companies for a period of 8 years from 2011 to 2018. Two different aspects of ownership structure are considered, i.e., concentration and owner identity. The results of the study could help the Indian companies, regulators, policymakers, and practitioners to adopt and sustain good corporate governance practices for value creation and for making them ready to meet the future changes. [ABSTRACT FROM AUTHOR]

This paper is an attempt to find out the factors affecting the investment by foreign portfolio investors in India. Considering firm-level variables, the paper tries to find out the importance of corporate governance factors in foreign portfolio investment in India, based on the annual governance data (March 2008) and foreign portfolio investment data (March 2009) of BSE 500 companies. Estimating the multiple regression equation by using ordinary least squares technique, the paper reveals that the foreign portfolio investment is significantly affected by financial returns as well as corporate governance factors. [ABSTRACT FROM AUTHOR]

This paper examines the impact of Corporate Governance (CG) variables on firm performance, and studies if the relation is different for State-Owned Enterprises (SOEs) and private enterprises. The study examined 53 listed Indian firms, wherein 33 are private and the remaining are SOEs for the period 2011 to 2019, using multivariate regression analysis. The CG variables used in the study are independent director, non-executive directors, meetings, audit committee, and board size. Further, the study provides evidence that among all the CG variables, independent director and audit committee are found to be significant and this relation remains consistent in both types of firms: SOEs and private. The study concludes that the overall performance of SOEs is less than that of the private firms. [ABSTRACT FROM AUTHOR]

The paper attempts to discover the interrelationships between Corporate Governance and Corporate Social Responsibility (CG and CSR) through different aspects. The reason behind the attempt is to analyze how the companies have postulated CG and CSR in their philosophies. Is there any difference between the outlooks of companies toward CG and CSR? How did the companies in their philosophy statements address the issues and dimensions of CG and CSR? The paper tries to explore various propositions on the relationship between CG and CSR through content analysis. The data for content analysis is obtained from annual reports of Nifty 50 companies. The reports are scanned for CG and CSR philosophy statements of companies with respect to marking the presence of a word, a sentence, a statement, a phrase or an idiom complementing any of the dimensions of CG and CSR identified for coding. A huge overlap between CG and CSR is found that demonstrated a two-way relationship significantly impacting each other. The study urges to see both the aspects as complementary to each other in the best interests of the company, stakeholder, and nation as a whole. The study gives an overview of the philosophies of companies representing the economic barometer of the country in terms of governance and social responsibility that can be useful for assessing the strengths of CG and CSR interrelationship in Indian companies. It samples the philosophies of companies with respect to both the aspects of CG and CSR. [ABSTRACT FROM AUTHOR]

Financial distress refers to the inability of firms to fulfill their debt obligations. This paper studies the impact of certain corporate governance measures or board characteristics on the probability of financial distress in various corporate sectors (manufacturing and non-manufacturing) in India. The higher the institutional ownership, the lower is the financial distress for the majority of the sectors, except telecom where firms having higher institutional ownership are found to be more financially distressed. Higher managerial ownership leads to less financial distress in the consumer and transport equipment sector. Measures like board size, number of board meetings, and commissioner's proportion are found to have a different impact on the probability of financial distress in diverse sectors. It has been observed that they have a positive influence on some sectors and a negative influence on others. So overall, a sectoral difference was observed in the impact of various board characteristics on the financial distress of firms in India. [ABSTRACT FROM AUTHOR]

In the light of the growing importance of Corporate Governance (CG) in academic and industrial research, the present paper aims to answer the question: Does corporate governance impact Firm Performance and Firm Risk? Multivariate regression analysis was conducted on three models to answer the question, with firm performance and firm risk being the dependent variables. Different CG mechanisms (Board Composition, Board Size, Frequency of Meetings and Audit Committee) were considered as independent variables. The results of the regression analysis postulate that board composition, frequency of meetings and audit committee significantly impact the firm performance i.e., Return on Assets (ROA) and Profit Margin (PM). Board composition was also found to have a significant impact on firm risk where we used Beta as a proxy measure. Overall, the objective of the study was met, as all the three models showcase significant results. The present study provides important insights into fair CG practice, with scope for future research. [ABSTRACT FROM AUTHOR]

This study was conducted to know the extent of web reporting practices in the Indian corporate sector and inter-sector comparison of web reporting practices. A sample of 50 companies from different sectors was covered for this purpose. The analysis of results of the study shows that about 80% of the sample companies provided mandatory and voluntary information. The banking sector provided financial information to a greater extent compared to the other sectors. Balance sheet and profit and loss account have been provided in a majority of the cases, and only a few companies provided the director's report and auditor's report. Most of the companies provided information about the company profile, company history, company products and services, etc. and did not give any relevant information from the user's point of view. Results show that the Indian companies have started using the Internet as a medium for reporting. Though the percentage of companies giving information for investor's use is not very high, there are chances of an increasing trend in the Indian corporate sector. The percentage of Indian companies reporting via Internet is low compared to other advanced countries, but will gain importance in the future. The paper suggests that greater stress should be given to providing up-to-date financial information and to including full annual report while presenting information on websites. Awareness should be created among various users regarding corporate web reporting, and users' perception should be kept in mind while providing web disclosures. [ABSTRACT FROM AUTHOR]

The use of tax havens leads to a loss of tax income for non-tax haven countries. Capital stored in tax havens has the potential to erode the tax base permanently, which is called base erosion. A tax haven is a nation, location, or jurisdiction with an extremely low rate of taxation. This low rate of taxes even goes as low as zero per cent in some cases. Tax havens through their way of working help to make this tax evasion seem legal. India being a developing economy is affected by tax evasion. The paper covers the legal mechanism, rules and regulations, and the technology adopted by government to control this huge loss of tax revenue. [ABSTRACT FROM AUTHOR]

Section 135 of the Companies Act, 2013 mandates that a company having net worth of Rs 500 cr or more, or turnover of Rs 1,000 cr or more or a net profit of Rs 5 cr or more should spend 2% of its average net profit on Corporate Social Responsibility (CSR). This provision legislating social responsibility by companies in India started a debate regarding the logic behind such mandate because the meaning of the word CSR is itself not clear and different scholars and practitioners have defined the word in different ways. The meaning of the word CSR differs from time to time and place to place. Hence, it also becomes difficult to implement such a law as different stakeholders like companies, implementing agencies, beneficiaries, academicians and regulators interpret it in their own way. The present paper provides a critical analysis of the Companies Act, 2013, Companies (CSR) Rules, 2014, Schedule VII of the Companies Act, 2013 and various other notifications issued by the Ministry of Corporate Affairs. The paper also highlights the intent of the Government of India to incorporate provisions mandating CSR by companies in India. [ABSTRACT FROM AUTHOR]

This paper reviews the relevant literature on institutional investment and firm performance in India. It discusses the development of institutional investments in general under different segments like ownership and firm performance, role of large shareholders, and institutions as large shareholders in influencing corporate governance, reducing agency costs and affecting firm performance. It then discusses the monitoring role of institutional investors and the cost and benefits of monitoring. It also describes institutional investment in India and segments it into different groups of institutions and summarizes the extant studies in each category, i.e., mutual funds, banks and financial institutions, and foreign financial institutions. The paper shows that studies have reported divergent results in the context of developed economies. Although the history of institutional investment in India is short and the number of research in the Indian context is limited, they report evidence of monitoring. While the influence of mutual funds and banks is not clear, recent studies have argued that foreign institutional investors' shareholding has a positive influence on firm performance. [ABSTRACT FROM AUTHOR]

India is one of the countries where a large proportion of businesses are family-owned. These family firms are much respected as they immensely contribute to the economic and societal growth of the country. This paper provides a comprehensive investigation of the relationship between corporate governance structure and firm performance in Indian family firms. The hypotheses are empirically tested on a firm level panel data of 948 business groups in India which was collected from Prowess Database of Center for Monitoring of Indian Economy (CMIE), which contains data on all the Indian listed companies. This study will help to design special policy measures for companies which are managed by the family. The study indicates significant effects of different corporate governance characteristics on the firm performance and concludes that corporate governance is important for appropriate synchronization between the business and family and to become adaptive so as to take positive changes. The results provide a foundation on which we can build future research. [ABSTRACT FROM AUTHOR]

Corporate Social Responsibility (CSR) is the commitment by the enterprises to integrate social, environmental and ethical concerns into its business process to make contributions to the community and society. The New Companies Act 2013 has mandated CSR for the companies with effect from April 2014. This paper focuses on the CSR spend made by corporate India and its composition. The paper also aims to study the relation between CSR spend, ownership structure, market capitalization and industry classification. [ABSTRACT FROM AUTHOR]

Corporate governance has long been recognized as one of the prominent factors that leads to the financial distress of a firm. Corporate governance simply refers to the way a corporate is governed, controlled and managed in an effective and transparent manner. Most of the studies have examined the association between corporate governance attributes with firm's performance as well as survival. However, it has been observed that if corporate governance attributes influence the performance as well as survival of the firm, this surely would have some link with the survival of Initial Public Offering (IPO) in the aftermarket. Considering this viewpoint, a few researchers have started exploring the linkage between corporate governance attributes and IPO survival across the world. The studies have taken several measures of corporate governance such as board size, board independence, ownership concentration and dual leadership structure, and found significant results for the same with IPO survival. However, there still persists a huge gap in this area as far as Indian IPO market is concerned. No study has explored the concept of IPO survival in the context of corporate governance in India. Hence, this paper attempts to reconnoiter the role of corporate governance in determining IPO survival and intensively reviews the existing literature on corporate governance and IPO survival. [ABSTRACT FROM AUTHOR]

Gender diversity on board of directors of companies has been receiving critical attention all over the world. Many jurisdictions have introduced measures aimed at improving women representation in corporate high offices. The Indian government initiated its first step towards gender diversity on corporate boards by promulgating a provision in the new Companies Act, 2013, which enjoined upon companies to include at least one woman on their boards. The law was made applicable to all listed companies as also to non-listed public companies having paid up share capital of 100 cr (one billion) or a turnover of 300 cr (three billion). The legislative measure and its strict enforcement by regulators led to a virtual scramble to include women members on their boards. Indian banking sector, which is dominated by government-owned public sector banks and has significant presence by new private sector banks, responded to new norm regarding women directors in a manner that reflected mere tokenism. The Government of India which took a bold step to usher in an era of better gender ratio on company boards is expected to exhibit a role model act in its own banking entities but it has not done so. The paper analyzes women representation on bank boards in India. [ABSTRACT FROM AUTHOR]

This paper examines the effect of three corporate governance attributes (board size, board independence and CEO/chairman duality) on the practice of earnings management through discretionary accruals, for a sample of 12 Indian service sector firms from software and telecom service providing industries. The results provide evidence of a significant positive relationship between presence of earnings management practices and board size, a negative relationship with absence of CEO duality, and no relationship with board independence. The implication is that the board size should be limited to a considerable extent and there should be separation of CEO and chairman position, i.e., absence of CEO duality, to restrict earnings management practices. The results are consistent with those of the prior studies. [ABSTRACT FROM AUTHOR]

The paper examines the relationship between CSR rating and financial parameters (sales and profit before tax) and age of companies, in India. Using a quantitative methodology, the study found that profit is more correlated to CSR rating as compared to sales and age of the companies. [ABSTRACT FROM AUTHOR]

The paper examines whether board diversity improves corporate performance by considering different parameters of diversity such as gender, age, tenure, nationality, educational background and experience of the directors. No significant link between board heterogeneity and financial performance in Indian firms is found. The possible explanation for this may be that diversity in teams often leads to conflicts, adversely affecting performance unless properly managed. [ABSTRACT FROM AUTHOR]

In recent years, many publicly traded companies have started using Internet as a new channel to inform current and potential investors about their performance, which has resulted in firm benefits such as enhanced market exposure, increased analyst coverage and institutional following. This paper investigates the extent to which Indian listed companies use the Internet for Investor Relations (IR) purposes. To achieve this goal, a website investigation of the 50 Indian companies listed on the National Stock Exchange (NSE) and which constitute a part of S&P CNX Nifty is carried out. The objective of the paper is to identify the stage Indian listed companies are in as regards the Internet usage for disclosing information to their investors. To fulfill the same, the websites of select 50 companies have been extensively studied and analyzed on six broad premises, namely, website content, navigation, usage of multimedia devices, site interactivity, timeliness and regulatory entanglement issues. The results suggest that Indian companies have been able to take only partial advantage of Internet and have badly failed in fulfilling the parameters pertaining to usage of multimedia devices and interactivity. [ABSTRACT FROM AUTHOR]

Over the last few decades the magnitude of activities of organized business has increased in size. With this increase in the activities of business enterprises, the imprint on the environment is also becoming indelible. The effects of such intense business activity have created instances of strife between the society and industry. As a result, the organizations have tried to embrace Corporate Social Responsibility (CSR) activities in an attempt to reach out to the society, but in some cases it has not helped. In fact some people argue that the emergence of CSR has been a reaction of business to growing social resentment against them. This paper discusses a few prominent social movements that highlight how the social community has risen against industrial activity to register its protest and to protect its local ecosystem. The discussion in the paper reveals that a voluntary CSR code may not be enough to ensure that the rights of indigenous people on local resources are protected. The government will have to make strict laws to deal with issues related to land acquisition, protection of tribal rights and safeguard of the environment. [ABSTRACT FROM AUTHOR]

The turn of the century has witnessed a paradigm shift in business objectives. The economic objective of profit earning, though essential, is insufficient to satisfy the ever-growing and divergent needs of a myriad of stakeholders that modern corporations have to contend with. The corporation, being a legal entity, is viewed as any other citizen in the society, having its rights and duties. Hence, the concepts of corporate citizenship and Corporate Social Responsibility (CSR) have come into vogue. CSR initiatives, to really bear fruit, must result in a mutuality of benefits for the society/stakeholders as well as for the corporation itself. CSR initiatives should be so integrated and internalized by the corporations that they are placed at the very heart of the business and not merely as an appendage to it. Corporations that have understood this mantra of corporate success have internalized the benefits flowing from responsible corporate citizenship and can hope to reap rich dividends in terms of improved corporate reputation, gaining consumers' trust, employee motivation and retention and favorable market positioning, just to name a few. This paper seeks to study how some Indian companies at the forefront of corporate citizenship have integrated their CSR initiatives with their business strategy, rather than undertaking some unfocused CSR measures simply as a knee-jerk reaction to external societal pressures. Such a study may throw some light on the question as to why an organization contributes to social cause and what it expects to gain in the process. [ABSTRACT FROM AUTHOR]

In the words of the Birla Committee, 'Corporate Governance is the blood that fills the veins of transparent corporate disclosure and high quality accounting and the muscle that moves a viable and accessible financial reporting structure.' This paper highlights two important stakeholders who are the core of Governance of any corporate organization-shareholders and government. The shareholders provide funds for the actual functioning, expansion and diversification of the organization through the purchase of its shares, debentures or securities and in exchange for this investment, expect some tangible and monetary return either in the form of dividends or interest or sometimes if the company is extremely successful, through the issue of bonus shares. The government regulates the working of corporate organizations through formulation of regulations which organizations need to follow both in letter and spirit. In this paper, the authors have attempted to study the shareholder and government-related practices of Wipro Ltd.-a leading Indian IT company. The case study is based on triangulation of data based on personal interviews with top executives of the company, responses to an executive perception survey and supplementary information available in the public domain. It was observed through this case that though Wipro Ltd. is predominantly a family-owned organization, it has endeavored to maintain transparency and accountability in its governance mechanisms as is typical of a professional organization. [ABSTRACT FROM AUTHOR]

The paper provides an overview of the Indian corporate governance practices, based primarily on the responses to a survey conducted in 2008 among 50 Indian public limited listed companies. Constructing a broad Corporate Governance Quality Index (CGQI) and Board Effectiveness Index (BEI) for Indian public firms, the paper also documents a positive relationship between governance practices and board effectiveness. Apart from board effectiveness, corporate governance quality is largely influenced by the market valuation (measured in terms of Tobin's Q) and the size of the firm. [ABSTRACT FROM AUTHOR]

Clause 49 of the Listing Agreement of SEBI does not mandate CEO non-duality and solely independent audit committees. But governance advocates and regulators favor these aspects. To put it differently, investors accord premium valuations for adopting good governance practices. This paper examines the impact of board processes like the separation of the roles of the CEO and Chairman and solely independent audit committees on firm valuations in companies listed in BSE 200 index. The findings reaffirm the research evidences of positive relationship between audit committee independence and firm values and that CEO duality does matter. [ABSTRACT FROM AUTHOR]

In India, Global Compact (GC) is accepted with great appreciation and has achieved large participation that enabled it to create an advanced network structure. However, GC failed to involve all business houses into its network due to the partial acceptance of multi-stakeholder approach. Apart from this, non-communicating and non-reporting behavior of the participants was observed and analyzed in detail in the paper. Several reasons like lack of resources with firms, lack of understanding the need and importance of the initiative while implementing into the core business processes, and change in the upper-level management which may lead to the discontinuation of existing Corporate Social Responsibility (CSR) policies were identified for the non-responsive behavior of participating firms. Inconsistent records of local networks and non-responsive nature of Indian networks were also found to be the problem areas of GC that must be looked into by UN. The paper focuses on the firms' commitment and sincerity towards GC principles. It assesses and highlights the actual growth rate of Indian CSR agenda while associating with GC. [ABSTRACT FROM AUTHOR]

Corporate Social Responsibility (CSR) is well recognized across the world as various international bodies, government authorities and regulators are taking cognizance of the matter and framing guidelines to be adopted by the corporate. The social concern of corporate has taken the front seat in the forum of issues related with good governance practices to achieve sustainability. But still the type of industry for which CSR is relevant is under question. The present paper attempts to answer the question by determining the impact of CSR on the financial performance of the banks. It uses regression analysis to determine the impact of CSR expenditure on the financial performance of banks, measured using Profit After Tax (PAT), Return on Assets (ROA), Return on Equity (ROE) and market capitalization of the banks. As a result of the study, a validated model is developed, which shows a positive relationship between CSR expenditure and different measures of financial performance while firm size is controlled. [ABSTRACT FROM AUTHOR]

Ethics refers to moral demands regarding the business and is based on a theory of the relationship between business and society. Ethics is a good business investment that generates trust and confidence between the parties and in turn guarantees long-term performance. Corporate identity is formed in the way a company manages the stakeholder claims through its values and actions. This paper attempts to define different nonfinancial parameters of ethical identity based on corporate governance, corporate social responsibility and sustainability and measure the extent of ethical practices followed in selected companies based on these parameters. Using Kruskal Wallis analysis, it was found that there is a significant difference between different industries in following and reporting ethical practices in India. [ABSTRACT FROM AUTHOR]

Business enterprises consume the resources of the society for manufacturing of goods and services. Now in the process of creation of business utilities like form utility, time utility, ownership utility, etc., both the ecosystem and the society get severely affected due to Green House Gases (GHG) emission and other hazardous activities, thereby creating a social obligation on the corporate houses to take care of the society and uphold the tenet of 'People', 'Planet' and 'Profit'. In view of the growing importance and mandatory requirements under Companies Act, 2013, for the companies to undertake Corporate Social Responsibility (CSR) subject to certain requirements, it is of paramount research interest to reconnoiter the social and financial dimensions of select companies of eight core sectors of Indian economy, i.e., Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The basis for undertaking a study of the above-mentioned core sectors are that most of the core sector-based companies by nature of their activities emit GHG, utilize non-renewable resources, constitute 40.27% of the weight of items included in the Index of Industrial Production (IIP), contribute substantially to the Gross Domestic Product of India, etc. The social and relationship capital will be studied for both public and private sector companies and correlation analysis among CSR expenditure and Earnings Before Interest and Tax (EBIT) and CSR and Profits After Tax (PAT) will be done to understand the relationship between CSR activities and the mentioned financial variables. [ABSTRACT FROM AUTHOR]

Corporate governance stands for responsible business management geared towards long-term value creation. Prior research found significant relationship between asset composition (tangible versus intangible assets) and corporate governance disclosure practices of firms. However, there is very little research in the current Indian context. Hence, this paper explores such a relationship for firms listed on the Indian stock market by considering a sample that includes firms from nine different sectors, viz., metal, oil and gas, power, IT, FMCG, capital goods, auto, consumer durables and healthcare. It applies Corporate Governance and Disclosure (CGD) index as a proxy for firm-specific rating of governance quality and calculates CGD scores of sample firms listed on Bombay Stock Exchange (BSE). To identify intangible assets dominance in firms, the ratio of market value to book value and capital intensity of sample firms are calculated. Accordingly, firms are divided into tangible assets-dominated and intangible assets-dominated sectors. The findings reveal that there is no significant difference in the corporate governance and disclosure practices of firms across tangible asset- and intangible asset-dominated sectors. The research identifies several reasons why this proposition does not hold true for firms in the current economic environment of India. [ABSTRACT FROM AUTHOR]

Corporate governance mechanisms are being widely researched for their impact on different measures of corporate performance. Board structure being a dominant means of monitoring and governance for sustaining the competition and improving financial and overall performance, forms an integral part of these mechanisms. The present paper explores the size of the board as a governance method and its relationship with Initial Public Offering (IPO) performance, IPOs being a unique setting to establish the contribution of corporate governance in general and boards in specific. The study investigates specifically board size to explore its independence as a governance mechanism and contribution in explaining the initial returns of an IPO. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine the impact of corporate governance on firm's financial performance in the Indian context. The study is based on the 121 companies listed on the Bombay Stock Exchange (BSE), India, for the period 2010- 2011. It is based on a self-designed structured questionnaire. The study highlights the significance of transparency disclosure and good governance policies of the firm and the relative advantage thereof to the firm in the Indian context for the first time to the best of our knowledge. Distinct from previous empirical research, it develops its own index to measure the transparency and level of disclosure. Tamhane T2 post hoc test is also applied for the first time in the study related to corporate governance. The study finds a positive and significant relationship between the level of transparency and firm's financial performance. Similarly, corporate governance policies and practices of the firm are also found to be positively related to firm performance. The results also suggest that corporate governance policies and transparency and disclosure are positively and significantly correlated. [ABSTRACT FROM AUTHOR]

Corporate Social Responsibility (CSR) is a tool used by the corporate to live up to the people's demand that organizations be more responsible to the environment they operate in. This paper makes a humble attempt to examine the impact of CSR on Corporate Sustainability (CS), defined in terms of an organization's financial performance, in the Indian banking industry. It tries to draw a relationship between CSR rating and an organization's financial performance indicators like Profit After Tax (PAT) and Earnings Per Share (EPS) after controlling for the effect of other variables like size of the organization (defined in terms of assets) and age of the organization (defined in terms of difference between the year of establishment and year of survey). The study would find relevance as it tries to sensitize the managers in the banking sector or any other organization to probe further and deeper to understand the impact of CSR on their sustainability while taking decisions about investing in CSR areas. [ABSTRACT FROM AUTHOR]

After discussing the various changes that the concept of Corporate Social Responsibility (CSR) has undergone since its inception, this paper focuses on a relatively new proposal by the United Nations (UN) called 'Global Compact' (GC) and 'Millennium Development Goals' (MDGs) to reshape Corporate Social Responsibility (CSR) as a tool for national and international development and its applicability in the Indian context. This study also critically analyzes the CSR initiatives adopted by Tata Steel Ltd in the light of this approach to CSR as a developmental tool. The data analysis is based on auditor's annual report and the CSR reports of Tata Steel Ltd. Rural Development Society (TSRDS) from 1990 to 1998 (post liberalization in India). The analysis ends with the conclusion that Tata Steel Ltd's CSR activities implicitly follow the MDGs of the UN as a developmental tool for Jharkhand. These CSR activities (which are well-structured following the MDGs) act like tools for development and try to fill the developmental gaps of the Government. [ABSTRACT FROM AUTHOR]

In India, it is mandatory for all the listed companies to comply with the revised Clause 49 of listing agreement, which came into operation on January 1, 2006 to protect the interests of investors through enhanced governance practices. This study seeks to determine the extent to which Indian listed companies disclose their corporate governance practices by examining the annual reports of 50 listed companies. Also, the determinants of disclosures have been looked into. The paper concludes that there is a substantial scope for improvement in the corporate governance disclosure practices and the size of the company is a significant determinant of disclosures. [ABSTRACT FROM AUTHOR]

Executive compensation is one of the most serious corporate governance issues. The problem with executive compensation is the colossal level of compensation being paid to executives and the way the compensation is being determined. This paper examines whether the personal characteristics of the executive directors play any role in determining their compensation or not. Age, qualification, experience, tenure and compensation of 94 directors from 48 companies in India for the years 2003-04 to 2005-06 were examined to draw conclusions. Directors drawing salaries of more than Rs. 24 lakh per annum were studied, as Section 217 (2A) of the Companies Act 1956 makes it mandatory for companies to publish information regarding the personal characteristics of the directors who are earning more than Rs. 24 lakh per annum. Panel data analysis with random effects regression was applied to analyze the data. It has been found that there exists no relationship between the personal characteristics of the executive directors and their compensation. This may be due to the reason that a significant number of directors examined, i.e., 48 out of 94, were from promoter families. [ABSTRACT FROM AUTHOR]

Since the 1990s, corporate governance in India has gained significant attention from practitioners, academicians, and policymakers due to various economic reforms, specifically liberalization. However, the field is heterogeneous and fragmented. Therefore, the study intends to review the literature on corporate governance in India comprehensively through a systematic literature review and bibliometric analysis. A systematic literature review helps to broaden and improve the rigor of reviewing the literature. Simultaneously, the bibliometric analysis aims to study and analyze divergent views and examine the growth trajectory and productivity of the field. This study will provide an integrated and comprehensive picture of corporate governance practices in the Indian context. The study lists the most significant keywords, prominent authors, evolution, and citations of the articles. Further, it analyzes the literature with reference to theory, context, characteristics, and methodology. The study also lists future research directions in the area of Indian corporate governance. [ABSTRACT FROM AUTHOR]

Startups and corporate governance are highly discussed topics in India today. However, there is a shortage of literature on combining these two domains. In addition to having one of the most conducive environments for startups, India is considered a very lucrative market. As startups prefer to avoid the formal creation of corporate governance, this study recommends ways to implement corporate governance structures in Indian startups. Indian laws and regulatory bodies have greater concern for startups, in order to ensure effective functioning and strategic decision-making in the organizations. However, it also complicates the decisionmaking process due to the high involvement of the supervisory board. In this fastpaced competitive world, we suggest that startups customize corporate governance based on their social relationships. This study guides Indian startups to understand and overcome the challenges of configuring corporate governance. It develops four propositions regarding the board of directors, committees, periodic disclosures, and budgeting for corporate governance structures to suit the peculiarity of Indian startups. [ABSTRACT FROM AUTHOR]

Corporate Governance (CoGv) has gained significance with an increase in the number of enterprises and has evolved with several prescriptions from scholars and broader audiences (shareholders and stakeholders). Another reason for this growing significance can be attributed to the pressing social and environmental concerns that these enterprises share. This study focuses on Small and Medium Enterprises (SMEs) in India. It proposes a conceptual model and attempts to provide insight into the role of corporate governance in enhancing Firm Value (FV). Some studies have established a positive relationship between these two variables. However, this relationship can be further enhanced by variables such as Corporate Social Responsibility (CSR) and Organizational Identification (OI). The proposed conceptual model has been empirically tested to check whether these variables have contributed to enhancing FV. The study uses Partial Least Squares-Structural Equation Modeling (PLS-SEM) along with SmartPLS. It provides empirical evidence on the mediating influence of CSR and OI and the mediating effect between CoGv and FV. Based on the findings, theoretical and managerial implications are also proposed. [ABSTRACT FROM AUTHOR]

This study looks into the impact of corporate governance and firm attributes on Intellectual Capital (IC) disclosure in Indian publicly listed companies. The IC disclosure was measured using content analysis method. The study examined annual reports of top Indian corporations based on their market value from 2009-2010 to 2018-2019. The influence of corporate governance and firm attributes on IC disclosure was investigated using panel data analysis. The findings show that corporate governance and firm attributes impact the amount of IC information revealed in Indian listed companies' annual reports. The study focused solely on information reported in annual reports; other forms of corporate communication were not included. [ABSTRACT FROM AUTHOR]

The increase in the number of adventure tourists over the years has led to more academic research in the area. In India, adventure tourism is at a very nascent stage and is currently fragmented and informal. This study provides an insight into Corporate Governance (CG), adventure tourism in India and the legislations implemented in the industry. The tourism industry plays a very important role in the economic and sustainable development of a region. A thorough review of literature was conducted and the current state of CG in tourism sector and the challenges to its implementation are discussed. The study found that to adopt the best governance practices in the tourism industry, firms need to follow the principles of disclosure, fairness, accountability and corporate responsibility. The role of the government in the process has also been highlighted. [ABSTRACT FROM AUTHOR]

The importance of corporate governance of banks remains crucial, particularly in developing economies like India, in view of their contribution to economic growth. For the first time, an attempt has been made in this study to find differences in the corporate governance disclosures of public sector banks, new private sector banks and old private sector banks in India, that too for a 7-year period 2006-2012, including the period of last global financial crisis as well as of implementation of Basel II norms. The sample consists of 16 scheduled commercial banks. A disclosure index of 57 parameters is constructed according to Clause 49 of listing agreement of Securities and Exchange Board of India (SEBI) using content analysis. These are based on mandatory and recommendatory parameters given by SEBI. Further, 80 additional parameters have been identified by the authors based on the voluntary disclosures made by these 16 banks during the period under study, adding a new dimension to the study. The corporate governance disclosures of public sector banks, new private sector banks and old private sector banks are then analyzed and compared using 57 and 80 parameters separately by subjecting them to empirical testing to compare the groups for significant differences. The combined effect of these 57 plus 80 parameters (137) is also analyzed separately. To conclude, the new private sector banks are found to have higher level of disclosures in comparison to public sector banks and old private sector banks in India. [ABSTRACT FROM AUTHOR]

This study investigates the impact of corporate governance practices on Related Party Transactions (RPTs) for a sample of BSE 500 companies in India. The findings of this study advance the earlier understanding that good corporate governance practices inhibit RPTs. Further, the study suggests that the composition of board with active independent directors and compensation structure of Key Management Persons (KMPs) mainly contributes towards inhibiting RPTs. In addition, contrary to earlier studies, auditor compensation and frequency of board meetings were found not to significantly impact RPTs. Finally, deviation of board size from average industry level board size was found to promote RPTs. The implication for stakeholders is also discussed. [ABSTRACT FROM AUTHOR]

The present study aims at finding a relationship between audit committee characteristics and firm performance of companies listed on the Indian Stock Exchange. Fixed Effect Panel Data Regression was employed on the data of 178 companies for a period of eight years. The results found that the audit committee characteristics (size, independence, and number of meetings) are in significant positive relationship with Tobin's Q, a market-based performance measure. However, only the impact of audit committee size is found to have a positive and significant impact on Return on Equity (ROE). The number of board level committee meetings has a positive and significant impact on Tobin's Q and negative and significant impact on ROE. The results of the present study can be used by policymakers and regulators who are involved directly or indirectly in pondering corporate governance reforms. The results are also beneficial for the managers, investors, and minority shareholders as they are concerned with the performance of the firms. [ABSTRACT FROM AUTHOR]

Women constitute half of the potential talent throughout the world and therefore it is important that they should lead on the economic and social fronts. Many countries across the world have realized that sustainable development of the country is possible only if they make optimum utilization of this talent pool as well. Section 149 of the Companies Act, 2013 and Clause 49 of SEBI guidelines mandated all listed companies in India to appoint at least one woman director from April 1, 2015 in a bid to bring in gender diversity on the boards in India. The percentage of women attending colleges, postgraduating and obtaining doctorate degrees has increased in the last decade in India. However, still the Indian corporate boards find it tough to find and appoint qualified women directors. The old boys' club is still predominant in the Indian boardrooms and still resisting accepting women at leadership positions in the corporate world. Gender diversity in the boardroom is not only about fair treatment but also about tapping the potential talent which is essential for the sustainable development of the organization and the world at large. Several research studies across the world have found a positive impact of gender diversity at the board level on the financial performance of the company. In this regard, this study was conducted with 14 NSE- listed companies of mining and minerals sector of India. The study found that women were either not represented at board level or underrepresented before the quota system was introduced under the Companies Act, 2013. The study further examined the financial performance of companies before and after the mandatory requirement of appointment of at least one woman director on board, over the period of four consecutive financial years from 2013 to 2017, which revealed that the presence of women directors on boards did not significantly impact the financial performance of companies. [ABSTRACT FROM AUTHOR]

Corporate environmentalism is an aspect of good corporate citizenship that revolves around the concept of sustainability. This study examines the determinants of corporate environmental responsibility and the economic benefits attached to it. The study focuses on the disclosure aspect of corporate environmentalism and how corporate governance practices of companies from polluting as well as non-polluting industries in India influence the voluntary environmental disclosure quality. The findings reveal significant impact of ownership concentration and public shareholding on voluntary environmental disclosures, but independent directors are found to have no impact on voluntary environmental disclosures in both polluting and non-polluting industries. [ABSTRACT FROM AUTHOR]

Ownership concentration is a significant internal governance mechanism in which owners can control and influence the management of the firm to protect their interests. This research focuses on the relationship between ownership concentration and corporate governance and disclosure practices of firms. Accordingly, this study identifies and tests the empirical evidence for such relationship for sample firms listed in Bombay Stock Exchange (BSE) and selected from nine different sectors of the S&P BSE sectoral indices. Indian firms are predominantly of family origin and promoter controlled. This ownership effect provides promoters enough control over the management of the firm. The ownership concentration provides two offsetting effects: substitution effect and expropriation effect. From this perspective, the research explains the principal-agent agency theory as well as principal-principal theory. This research studies ownership concentration in terms of promoters' holding and finds that promoters' holding have a negative but insignificant correlation with corporate governance and disclosure practices of firms. As shareholding patterns in India show a high level of promoters' concentration, it is interesting to see whether external efforts at improving corporate governance would succeed as it happened in economies of dispersed ownership. [ABSTRACT FROM AUTHOR]

Governance depends on both country-level as well as firm-level mechanisms. The country-level governance mechanisms include a country's laws, its culture and norms, and the institutions that enforce the laws. Firm level or internal governance mechanisms are those that operate within the firm. Apart from firm-level governance mechanism, it is also important to study whether the institutional, legal and regulatory environments for shareholder protection rights and the corporate governance structure are complementary or substitute of each other. This research looks into the institutional, legal and regulatory environments of the US, UK, Luxembourg and India from the perspective of corporate governance and disclosure practices by studying a sample of 54 firms across various sectors listed on the Bombay Stock Exchange, India. The research seeks to empirically investigate whether they are significantly different for firms cross-listed in those countries. The research suggests that legal and regulatory environments for corporate governance and internal corporate governance are not substitutes. On the contrary, they are complementary because strong corporate governance at the country level reinforces the effectiveness of internal governance at the firm level, increasing the effect of internal corporate governance. [ABSTRACT FROM AUTHOR]

Corporate governance is an institutional arrangement that not only addresses the agency problem between shareholders and managers of the firm, but also provides the context for the decisions taken by the top management of the firm. In this context, the main question is whether ownership types influence corporate governance practices of firms. This research empirically studies corporate governance and disclosure practices of firms segregated according to types of ownership, i.e., foreign firms, private sector firms and public sector firms. Such firms are diverse entities with different management philosophy, responsibility and structure. This research focuses on firms across various sectors listed on Bombay Stock Exchange (BSE) and seeks to identify whether corporate governance and disclosure practices of foreign firms, private sector and public sector firms are significantly different. The research also emphasizes the salient features of firms according to ownership types. The findings shed light on the governance and disclosure practices of firms segregated according to ownership types in the legal and institutional environment of India. [ABSTRACT FROM AUTHOR]

Human capital has emerged as an important source of sustainable competitive advantage in the knowledge-based economy. However, due to the dominance of financial and accounting conventions, corporate public reporting is limited in capturing information on human capital. The objective of the present study is to investigate the human capital disclosure phenomenon in the case of Indian firms with specific reference to Nifty 50 companies. Based on the findings of the study, 11 distinct themes related to the human capital disclosure practices of Indian companies have emerged. Amongst those themes, 'employee compensation and benefit' is found to be the most reported content of human capital disclosure, followed by 'training and development', while 'work place safety initiative' is found to be the least reported content of human capital disclosure. The analysis of Human Capital Disclosure Index (HCDI) score of the Nifty companies revealed that computer and software industry has the highest average HCDI score, followed by banks and pharmaceutical industry. The study observed a wide discrepancy in human capital disclosure practices based on the industry-level data. The findings also reveal that 'employee expense as a proportion of its total operating expense' has a significant positive impact on HCDI. Also, there is no significant impact of human capital disclosure on the market value of the companies. The implications of the study for practitioners and policy makers are also discussed. [ABSTRACT FROM AUTHOR]

There are multiple reasons for state to own control of industry. Profit making may or may not be one of them. Researchers have conducted empirical studies on the performance of State-Owned Enterprises (SOEs) vis-à-vis private ones and to a large degree concur that SOEs underperform in comparison. The Indian government has realized that SOEs are a drag on the economy and hence have engaged in privatization and sell-out efforts. Still, the Indian state owns about 277 enterprises, of which 46 are listed on Bombay Stock Exchange (BSE). Theoretically, listed SOEs are subject to the same market scrutiny and discipline as are the private listed companies. This study at first explains the rationale behind the state's ownership of industry and how SOEs are organized in India, following which it compares the performance of the listed SOEs with their private competitors. For a better comparison, private firms that mimic SOEs in terms of ownership concentration are picked for the study. The findings show that the SOEs perform marginally better than their private counterparts. It is concluded that their better performance could be due to the oligopolistic conditions they operate in and as also possibly because of their business age. [ABSTRACT FROM AUTHOR]