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Shariah screening discards the firms that belong to impermissible business sectors (or sin industries) and follow capital structure with high debt and current assets. This study tests whether the firms passing Shariah screening have better (or worse) governance quality as compared to firms not subjected to Islamic screening. The screened firms may have lesser governance quality as they cannot use debt to discipline managers or achieve optimal capital structure. On the contrary, they may be better governed as these firms get higher presence of institutional investors and better analyst coverage. This paper provides comparison of governance quality of Shariah compliant (SC) firms in United States by using proprietary dataset of Dow Jones US Indices. The screened firms offer ground for a natural experiment as they pass negative ethical screening and meet financial criteria for the inclusion in the index. The findings suggest that the SC firms have lesser governance quality than Shariah Non-Compliant firms. The lower level of governance can be attributed to lower Size, lower Profitability, higher Dividend Payout, higher Total Risk and lower Free Cash Flow. Various robustness tests are performed to validate the findings and the results remained robust. These findings provide useful insights about the governance mechanism of SC firms that are emerging as an important alternative investment class in the last two decades.

Following previous research on management efficiency of state-owned enterprises (SOEs) in Lithuania, this paper continues previous discussion via extension of the observed time period seeking to continuously analyze the impact of corporate governance principles to the management effectiveness of Lithuanian SOEs.For the purpose of this study, elements of corporate governance principles established in the initial reform of the SOEs in Lithuania are used as key dependent variables to measure and quantify the dynamics of corporate governance culture and its impact to the management efficiency of SOEs. Analysis performed is of a special importance as it covers the 10-year period (2010–2020) and could serve as a case study in analyzing practical implications of managerialism principles in public sector and SOEs specifically.New public management paradigm (Politt, 1993) combined with policy learning theory (Bennett, Howlett, 1992) are used as the theoretical background to explain the initiation and logical framework of SOE reform as well as the selection of variables used in this study. Additionally, principles of corporate governance established by OECD and other international organizations (OECD, 2015) are also used to enrich the analytical framework.The results of the analysis do not only prove that the implementation of corporate governance principles has a positive influence on the efficiency of management of SOEs, but also reveals additional factors that were not identified in the previous research – this impact is not static, but rather dynamic changing in accordance with the maturity of managerial practices within SOEs. The revealed dynamic nature of effects of the SOE policy should lead to the continuation of research seeking to expand it both geographically and vertically including other governmental organizations into the scope of future research.

The organizational design of subcontracting in the construction industry has received limited attention. This article integrates transaction cost economics and resource-based view to investigate how the governance capabilities of the general contractor impact the organizational arrangement of subcontracting and how the goal orientation of project moderates these relationships. Regression analyses were conducted on information collected by a questionnaire survey administered to a sample of 279 respondents who were employed by Chinese general contractors and who were privy to strategy information in construction projects. The results showes that the general contractor with strong governance capabilities tends to increase the extent of the work to be subcontracted and the dispersion of subcontractors used in projects. Moreover, these relationships change when the goal orientation in projects differs. In projects that display an exploitative goal orientation, the positive impact of governance capabilities on the extent of subcontracting will be weakened while the impact on subcontractor dispersion will be strengthened. In contrast, the relationship between governance capabilities and the extent of subcontracting will be stronger, and the relationship between governance capabilities and the subcontractor dispersion will be weaker in projects that exhibit an explorative goal orientation. The findings contribute to the subcontracting literature by distinguishing between the extent of subcontracting and subcontractor dispersion and by highlighting the importance of the general contractor's governance capabilities and project goal orientation when setting up a subcontracting arrangement.

The majority of projects—even ultimately successful ones—run into significant problems during their development. While organizations have a variety of mechanisms at their disposal to correct projects that are experiencing difficulties, one of the most radical is replacing the project manager. Replacing a project manager “mid-stream” involves a major change to an ongoing project with the potential benefits of onboarding an individual with a different perspective or set of managerial and/or technical skills. Using agency theory as our critical evaluative lens and a qualitative data collection methodology, we interviewed 19 key informants who had experience as part of project manager replacement efforts. This article reports of the dynamics of replacing project managers, identifying the critical decision criteria and mechanisms involved in such decisions. We found that three themes emerged with regard to project manager replacement decision making: 1) replacement is a common correction practice for troubled projects; 2) replacement is viewed by decision makers and team members alike as a message for change; and 3) in reestablishing processes and trust in governance, project size is an important moderator when deciding on a course of action. We finally propose a process model, based on our analysis, which identifies the critical antecedents, effects, and consequences of project manager replacement.

This paper studies the asset pricing implications of industrial pollution. A long-short portfolio constructed from firms with high versus low toxic emission intensity within a given industry generates an average return of 4.42% per annum, which remains significant after controlling for risk factors. This pollution premium cannot be explained by several explanations, including existing systematic risks, investors' preference, market sentiment, political connections, and corporate governance. We propose and model a new systematic risk related to environmental policy uncertainty. We use the growth of environmental litigation penalties to measure regime change risk, and find that it helps price the cross-section of emission portfolios' returns.

The success of online third-party business-to-business (B2B) platforms relies heavily on simultaneous governance of both sellers and buyers. This study examined and compared the effects of punishme...

Rural social enterprises are increasingly recognized as organisations that contribute to local development by providing goods and/or services to meet community needs and by fostering inclusive social and governance relations. The purpose of this paper is to explore how rural social enterprises engage in a plurality of socio-economic relations with different dimensions of their ‘place’ when contributing to the development of their localities. Based on three in-depth case studies of social enterprises operating in rural Ireland, our findings illustrate how rural social enterprises engage with locational, institutional, material and identity aspects of their ‘place’, which indicates their ‘placial embeddedness’. Moreover, our findings also demonstrate how these organisations engage in, and combine market, redistribution and reciprocity relations, which indicates their ‘substantive hybridity’. Based on the interrelated nature of these findings, we argue that it is through a process of placial substantive hybridity that rural social enterprises foster social innovation in order to contribute to an integrated development of their localities. They harness and (re)valorise (untapped) local resources while complementing these with other resources from extra-local sources and accommodate and/or respond to structural-exogenous forces based on the needs of their local population in line with neo-endogenous rural development.

The phenomenon of rural marginalisation has intensified across the European Union after the 2008 global economic crisis, since the traditional state forms have been proved unable to promote an all-inclusive governing. Beyond-the-state governance systems are socially innovative, horizontal, networked, and collaborative institutional arrangements that are committed to breaking through this rural marginalisation. Marginalised rural areas provide a favourable context for socially innovative governance, since they contain small cohesive communities, while at the same time poor governing penetrates them. Nevertheless, social innovation in rural governance remains largely unexplored. The novel contribution of this article consists in underlying this research gap and exploring the question of how socially innovative governance is fostered or impeded within marginalised rural regions. Comparative research was conducted in between the marginalised rural regions of Muhlviertel in Austria, Baixo Alentejo in Portugal, and Phthiotis in Greece. The comparative results revealed some of the parameters that foster socially innovative governance; a decentralized government structure, advanced interregional networking, a discourse dissemination among the stakeholders and the civil society, as well as an organizational stability of the involved institutions for social innovation to become embedded. This article points to socially innovative governance that has a more codified and systematized hypostasis by recommendation of unique governance qualities.

Supply chain disruptions recurrently challenge end-to-end operations owing to the ambiguous understanding of the role of governance in impacting supply network resilience. This paper scrutinises the relevant literature to understand the plethora of interpretations in the domain of supply chain governance and resilience while further provides a new perspective on the representation of the interplay between governance and resilience in supply chains. In this regard, the Systems Thinking lens is adopted to pull together the typologies and constructs of supply chain governance and resilience from the literature. Methodologically, System Dynamics modelling principles are leveraged to capture the underpinning structural interdependencies in a causal loop diagram (CLD). The study reveals that endogenous and exogenous supply chain governance processes and mechanisms support the intrinsic and extrinsic resilience in networks. Overall, this research contributes to the supply chain risk management domain by synthesising the interplay between governance and resilience, identifying pertinent typologies and through articulating research propositions that can inform decision-making at policy and managerial levels.

PurposeThis paper aims to examine the extent to which the cultural dimension of individualism/collectivism matters for international differences in climate change policy performance. This study postulates that individualistic societies, relative to their collectivistic counterparts, are more likely to address global climate change.Design/methodology/approachThe main hypothesis is tested using data for a world sample of up to 92 countries. To achieve causal inference, this study isolates exogenous sources of variation in individualistic cultures, based on blood distance to the UK and historical pathogen prevalence.FindingsThe core results suggest that individualistic countries are characterized by greater climate change policy performance. This study also finds evidence that individualism affects climate change policy adoption through enhancing governance and female political representation. Subnational analyses based on data from the World Values Survey indicate that survey participants with an orientation toward individualism tend to self-report positive attitudes to pro-environmental policies.Research limitations/implicationsThe main findings help improve the understanding of the deep origins of climate change policy performance, which is relevant for formulating policies that help mitigate the consequences of changing climate conditions.Originality/valueTo the best of the author’s knowledge, this paper is the first study to link cultural traits of individualism and climate change policy performance across countries.

This article addresses the challenge of combining ecosystem protection with economic development. The setting is societies living near a national park in a poor and peripheral part of Indonesia. Da...

The paper proposes to intend the firm as a “nexus of stakeholders”, each bearing return-to-risk expectations about the sharing of the corporate performance. All the stakeholders must achieve their own satisfaction through the bargaining of contracts that must be sustainable, i.e., keep both the firm and its stakeholders-network alive in the long term. Governance is intended as the mechanism that gives a solution to the above puzzle. When both market and contracts are complete, an optimal solution can be easily found. But when incompleteness emerges, governance solutions can misallocate the firm performance among the stakeholders. This is the case when incomplete governance emerges. In fact, in incomplete contests, the stakeholders will negotiate the visible-only arguments of their contracts, this way binding also the invisible ones, i.e., those impacting anyway on their ex-post performance. This being the case, a governance risk premium (GRP) emerges in the medium-long run, impacting equity investors’ return-to-risk performance, thus incentivizing a governance repackage. Such a GRP depends both on the actual grade of market completeness and the one of contracts as per the risk allocation made through time. The proposed methodology to detect GRP is then applied to the Italian case to test its strength. Results show that GRP inflates 39bp the cost of equity capital with the following break-down: 123bp as basic-GRP from operations which is increased +98bp for the GRP-informative component and reduced -191bp by GRP-managerial component; a GRP-behavioural component +90bp would lead GRP from operations up-to 120bp while sharing 81bp with debt capital leads the final figure down to 39bp (i.e., 123 + 98 – 191 + 90 – 81)

The main goal of this research to examine the relationship between Corporate Governance and Firm Performance During COVID-19. Quantitative method, this research used the source from 34 companies’ annual reports, were used secondary data for 2019 and 2020. The secondary data collected was verified utilizing Smart-Partial Least Squares 3.0. The findings found a positive relationship between corporate governance and financial performance in the financial sector for period 2019 and 2020. This indicates that the increase the governance tools will lead to enhancing and improving companies’ overall performance. This current work has added a new discussion to the knowledge body considering the corporate governance tools and their link with performance. Furthermore, conducting such study in the field of accounting provides new insight into the literature among both developed and emerging economies including Oman.

This article uses the agency theory perspective to analyze governance, composed of a set of dimensions and measured by governance factors that influence donations to Brazilian environmental Nonprofit Organizations (NPOs). Data were collected predominantly from the documents available on the Internet, and the random sample consisted of 108 observations. We identified governance dimensions through Multiple Correspondence Analysis. From these dimensions, we verified, through Partial Least Squares Structural Equation Modeling, if governance affected donations. It was observed that governance positively affected donations and that public certifications provided to NPOs in Brazil did not moderate the relationship between governance and donations. These results showing that governance helps NPOs to have easier access to the donations market and that public certifications provided to NPOs do not contribute to increasing donations. These findings are important for practitioners and also to enrich the debate about public policies for the third sector in environments of low regulation. Resumo Este artigo analisa a governança composta como um conjunto de dimensões medidas por fatores de governança que influenciam as doações com restrições de doadores recebidas por Organizações Sem Fins Lucrativos (ONG) ambientais no Brasil, sob a perspectiva da teoria da agência. Os dados foram coletados predominantemente em documentos disponíveis na internet, e a amostra aleatória foi composta por 108 observações. Identificamos as dimensões de governança por meio da Análise de Correspondência Múltipla. A partir dessas dimensões, verificou-se, por meio de Partial Least Squares Structural Equation Modeling, se a governança afetou as doações. Observou-se que a governança afetou positivamente as doações e que as certificações públicas fornecidas às ONGs no Brasil não moderaram a relação entre governança e doações. Esses resultados mostram que a governança ajuda a ONG a ter acesso mais fácil ao mercado de doações e que as certificações públicas fornecidas à ONG não contribuem para o aumento das doações. Esses achados são importantes para os profissionais e também para enriquecer o debate sobre políticas públicas para o terceiro setor em ambientes pouco regulamentados.

The interplay between contract and state corporate law in shaping corporate governance is not a novelty. In this article author questions the impact of private ordering through the shareholders’ agreement (further in text: SA) on corporate governance and possibly on the director’s duties and liabilities. The author argues that the SA might have far-reaching consequences for all the stakeholders and third persons as there are only a few limitations to its content, mainly referring to the mandatory rules of corporate law and general limitations of contract law. It means shareholders can impose additional rules for governance to directors, for transfer of shares, employment policy, and others. The author shall question whether SA can modify the articles of association. This article aims to reassess the balance between corporate and contract law instruments for the companies’ governance. The author argues that analyzing corporate governance without considering contractual tools, such as SA, becomes incomplete and seriously undermines rethinking fundamental principles of corporate governance, such as the issue of directors’ liability.

This study examined the relationship between corporate governance attributes, firm-specific characteristics, and financing decisions of listed firms in Ghana using panel data for a nine-year time frame spanning 2011 to 2019. The study adopted multivariate regression analysis using Prais-Winsten regression, correlated panels corrected standard errors (PCSEs). The findings show that corporate board structures in Ghana play a significant role in influencing the financing decisions of listed firms on the Ghana Stock Exchange. Specifically, corporate boards with bigger sizes and more female representation prefer more debt financing of their assets. Also, the findings provide support for the Pecking Order Theory and identifiable firm-specific determinants of financing decision of listed firms. The evidence provided by this study is robust to alternative estimators. The outcome of this study further provides strong policy support for enforcing proper corporate governance features and gender diversity dimensions for corporations in Ghana.

This Lecture was given by Michael J Beloff QC in 2014 and first published in NILQ 65(4) (2014) 429–448.

Platform owners face multiple challenges such as onboarding and orchestrating app developers as well as providing resources to enable the development of complementary apps. Information systems research considers digital platform governance as key to address these challenges. Thereby, the focus lies on the relationship of a platform owner and app developers. However, while there is evidence how app developers acquire skills through these interactions, there is limited knowledge of how platform owners benefit from interacting with app developers to improve their digital platforms. To address this gap, in this article, we study the emergence of a digital platform for automotive onboard apps within the BMW Group. Our results are grounded in 30 expert interviews that we conducted during a period of two years and are enriched by extensive secondary data. We identify transfer of perspective, transfer of knowledge, and transfer of artifacts as basic mechanisms that enable a platform owner to enhance its digital platform. The inherent improvements of the digital platform facilitate the app development. Our work extends the existing theory on platform emergence and provides insights into the learning process of an inexperienced platform owner. Our findings reveal valuable recommendations for organizations that are struggling to establish digital platforms.

As organizations increasingly view information as one of their most valuable assets, which supports the creation and distribution of their products and services, information security will be an integral part of the design and operation of organizational business processes. Yet, risks associated with cyber attacks are on the rise. Organizations that are subjected to attacks can suffer significant reputational damage as well as loss of information and knowledge. As a consequence, effective leadership is cited as a critical factor for ensuring corporate level attention for information security. However, there is a lack of empirical understanding as to the roles strategic leaders play in shaping and supporting the cyber security strategy. This study seeks to address this gap in the literature by focusing on how senior leaders support the cyber security strategy. The authors conducted a series of exploratory interviews with leaders in the positions of Chief Information Officer, Chief Security Information Officer, and Chief Technology Officer. The findings revealed that leaders are engaged in both transitional, where the focus is on improving governance and integration, and transformational support, which involves fostering a new cultural mindset for cyber resiliency and the development of an ecosystem approach to security thinking. Managerial relevance statement Our findings provide interesting insights for managers particularly those in the role of Chief Information Officers (CIOs), Chief Security Information Officers (CSIOs), and Chief Technology Officers (CTOs). We propose a Cyber Security Strategy Framework (CSSF) which can be used by these information/technology managers to design an effective organizational strategy to develop cyber resilience in their organization. Our framework suggests that managers should focus on transitional and transformational support. The transitional support focuses on improving governance and integration whereas transformational support focuses on the emphasis of fostering a new cultural mindset for cyber resiliency and the development of an ecosystem approach to security thinking. Our findings provide good evidence showing how leaders can support more effective cyber security initiatives.

Water is much more than the molecular common thread to life on Earth. The supply, storage, protection and use of water are expansive topics that universally engage every layer of the world’s social, economic and political spectrum. The built heritage associated with water is steeped in civil engineering achievements meeting critical social needs, examples of which can be found around the globe, from the karez irrigation systems of China’s Xinjiang Region to the aqueducts of ancient Rome, to the step wells of India and the Incan canals of Peru. Infrastructural heritage built to deliver reliable, safe and abundant supplies of water to homes and public baths, agricultural fields and distributing reservoirs continues to function in urban and rural communities across the globe. This paper focuses on some of the unique challenges associated with the stewardship of this water infrastructural heritage, at the intersection of water management and historic preservation.

How do global value chains (GVCs) affect a firm's innovation impact? Working as international communities, GVCs are rich in knowledge and resource interchange. The prior literature has focused on knowledge absorbing or internal knowledge transfer within firms for in-house innovation. However, scant research has focused on promoting innovation across interfirm networks in a GVC context. This article develops a new concept of interfirm transformative capacity as a firm's ability to transfer developed technology knowledge across time, space, and firm networks. In this article, we explore three mechanisms of interfirm transformative capacity in GVCs: 1) choosing knowledge intermediaries, 2) transmitting and maintaining knowledge over time and space, and 3) reactivating and synthesizing knowledge. We predict that engagement in a lead firm's GVC, structural holes, and network centrality will affect a focal firm's innovation impact as a result of interfirm transformative capacity. Integrator suppliers have higher innovation impacts than modular suppliers. To test these three mechanisms, we build a novel dataset from a five-year panel of Apple suppliers and their patent impacts. The results support our hypotheses related to the mechanisms of interfirm transformative capacity. Our theoretical elaboration and empirical findings have significant implications for innovation policy within, and governance of, GVCs.

The purpose of this study is to investigate the differences between developed countries in terms of corporate governance outcomes at aggregate and granular levels. The population of companies was collected from the database curated by Refinitiv. The sample was selected according to two criteria: the existence of governance scores for the financial year 2021 and the registration of a company in any of the G20 countries or the European Union. The results are presented by ranking the G20 countries based on four aggregate indicators and four granular indicators of corporate governance quality. While the differences regarding the aggregate indicators are not statistically strong, the intercountry differences on board independence, board gender diversity, board skills, and auditor tenure are especially relevant. The present article opens an avenue of research on international corporate governance linked to cultural dimensions, comparative legal systems, national approach to corporate social responsibility, and corporate governance principles.

Contracts are crucial for curbing opportunism, a common phenomenon in construction projects. This article differentiates among the contractual mechanisms of obligatoriness, monitoring, and coordination, and studies the relationships between the complexity of the above functions and different types of opportunistic behavior. Using data from 262 clients (i.e., the parties issuing contracts) in the Chinese construction industry, this article reveals that contractual obligatoriness has a negative effect on strong-form opportunistic behavior. At the same time, contractual monitoring and coordination have positive and negative effects, respectively, on weak-form opportunistic behavior. Furthermore, we find that goodwill trust mediates contractual coordination's effect on weak-form opportunistic behavior. This article contributes to both the contract management literature and the interorganizational relationship governance literature by providing more nuanced findings that speak to the debate surrounding the relationship between contractual governance and opportunistic behavior, elaborate the mediation mechanism, and provide insights into the contractual function view.

Professional Services Firms (PSFs) are an important form of knowledge-intensive organization with an educated and professionalised workforce and a partnership model of governance. This article repo...

In the post-Bitcoin era, many cryptocurrencies with a variety of goals and purposes have emerged in the digital arena. This article aims to map cryptocurrency protocols across three main defining dimensions, which are governance decentralization, security, and scalability. We theorize about the organizational and technological features that impact these three dimensions. Such features encompass roles permissiveness, validation network size, resource expenditure, and number of transactions per second. We map the different cryptocurrency constellations based on their consensus mechanisms, discussing the organizational and technological features of the various protocols applications and how they experience and play with the tradeoffs among governance decentralization, security, and scalability.

This paper examines the nonlinear connection between corporate governance (CG) and corporate leverage. Our study applied the dynamic panel threshold model (DPTM) to facilitate the capture of the nonlinear effect of CG on a firm's leverage for Japanese listed companies. Additionally, our study sought to demonstrate the linkage between CG and the speed of adjustment (SOA), particularly following the reforms in Japan's CG system, to reach a targeted level of leverage. The empirical findings confirm the presence of the threshold influence of managerial ownership and board size, thus confirming their nonlinear impact on capital structure. Moreover, at a low level of managerial ownership, the SOA for firms to achieve the optimal level of leverage is faster than it is for firms with a high level of MO, while firms with a larger board achieve their targeted level of leverage quicker than firms with a smaller board. Our findings indicate that recent reforms in Japan's CG system seem to have been inefficient, with no positive effect on corporate leverage. 2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. Scopus

The research is to know the increasing level of continuous capacity of Higher Education from every level of organization, system and individual level. Every organization and institution including Wijaya Kusuma University Surabaya is building capacity to achieve the vision that has been formulated in its Renstra document. The focus under study is which emphasizes the principles of good university governance that provide satisfaction guarantee to stakeholders. At the individual level, on improving the capacity and performance of lecturers in implementing “Tri Dharma Higher Education”. The method uses a qualitative approach, with the research object of UWKS in Surabaya. Data validity using triangulation model. The results; the average score of Organization Level is 5.42, shows that capacity building at the organizational level has adequate adequacy as expected, Increased the capacity of individual level in terms of standard of Educator and Education Personnel with an average score of 5.08. Overall average system-level score of 3.16., where the score at this level indicates that capacity-level increase capacity has an insufficient tendency. The conclusion is the need for minor improvements that will make the grain capacity of the system level sufficient so there must be an emphasis on quality improvement to improve the capacity.

Against the backdrop of a rising China and the Fourth Industrial Revolution, there hasbeen increasing interest in the governance models and strategies of ethnic Chinese businesses. Taking this growing literature a step further and seeking to transcend dominant paradigms of businesses and entrepreneurship derived mostly from the Western experiences, this article critically re-evaluates the role of ethnicity and culture in the governance models, behaviour, and networks of transnational Chinese businesses based in Singapore, with operations in Southeast Asia and China. We argue that while ethnicity and culture remain as a significant factor in shaping transnational Chinese business, Chinese companies in Southeast Asia have adopted new corporate governing models and strategies in their engagement with China markets at the time of the Fourth Industrial Revolution. This article adds nuance to the international business and management literature by arguing that the corporate governance, management, and strategies of Chinese companies should not be perceived via a binary perspective, either converging towards or diverging from Western models of businesses and relying solely on ethnicity and culture. Nanyang Technological University Published version Funding for this research is supported by a Nanyang Technological University Strategic Initiative Grant titled “Integration Through Mobility: Cross-border Migration and Transnational Networks between China, Japan and Singapore” (04INS000132C430) and a China National Social Sciences Foundation grant (21&ZD022).

Research has indicated limited effects of formal governance measures on securities fraud prevention in emerging markets due to the weak rule of law. We propose that hierarchical inconsistency, misaligned rank ordering in formal organizational and informal social hierarchies of the corporate elite, can provide a novel monitoring mechanism to reduce securities fraud. Leaders at the top of the two inconsistent hierarchies can feel distressed and motivated to engage in contestation and challenge each other’s authority, thus providing checks and balances and preventing groupthink. This monitoring effect is likely to be stronger when either of the two heads has dominant and unequivocal superiority in their respective hierarchy, making them particularly distressed by the hierarchical inconsistency and prone to contest. We test our argument in the context of publicly listed family-controlled firms in China, where business and family hierarchies may confer superiority to different individuals. Our study contributes to the corporate securities fraud literature by understanding how formal organizational structures and informal social relationships interact and jointly influence governance effectiveness in emerging markets. Funding: This work was supported by the Strategic Management Society [2015 SRF Dissertation Research Grant], Rudolf and Valeria Maag research funds, and INSEAD alumni funds.

Amaphela, meaning cockroach in isiXhosa, are a form of paratransit that provide township dwellers in Cape Town, South Africa with flexible, inexpensive and relatively comfortable transportation in combination with other formalised and semi-formalised services. While this shared mobility practice has received scant attention through the lens of paratransit and transportation geographies, amaphela have completely evaded analysis through the lens of mobility studies. The flexibility and informality of amaphela services can be understood through both utopian or dystopian lenses: It can be seen as a threat to order, formality, safety and reliability in the modern South African city; or it can be celebrated for the unique and creative ways that they negotiate township space while serving the public through flexible and affordable demand-driven service. This paper concludes that amaphela services in Cape Town thrive in an intermediate zone of adaptive infrastructure and governance to fulfil their mobility role.

This study investigated the effect of corporate governance information (CGI) disclosure on profitability of firms listed in the Dar es Salaam Stock Exchange (DSE). 21 listed companies were studied for a period ranging from 2006 to 2021 using a mixed research method with an explanatory sequential design. Return on equity (ROE) and Return on Assets (ROA) were employed as dependent variables in the panel data analysis. CGI disclosure was an independent variable. Geographical diversification, firm age, firm size, and sales growth were the control variables. Secondary data was obtained from DSE. Qualitative data was gathered via semi-structured interviews. Thematic analysis and a random effect model with two estimates (1 and 2) were utilized to analyze qualitative and quantitative data respectively. The findings suggested that there was a positive and significant effect of CGI disclosure on firm profitability. The findings adds to the body of knowledge by signifying stakeholder’s theory. The study concluded that Disclosure of CGI may undeniably result in increased profitability. We recommended that firm managers should pay a closer look at CGI disclosure, enhance their disclosure practices, and invest in disclosure strategies that will benefit stakeholders.

This study aims to determine the effect of profitability, firm age, and corporate governance on corporate social responsibility with firm size as a moderating variable. The independent variables in this study are profitability, firm age, and corporate governance, the dependent variable is corporate social responsibility, while the moderating variable is company size. The data used in this study is secondary data in the form of an annual report. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2015-to 2019. In this study, the sampling technique was determined using purposive sampling, namely selecting based on certain criteria as desired by the researcher. The number of samples used in this study was 82 companies with observations for 5 years so 323 objects of observation were selected. This study uses multiple linear regression analysis techniques and moderated regression analysis with the help of the Eviews10 program. This study indicates that profitability as proxied by return on assets, and corporate governance as proxied by the size of the board of directors have a significant effect on corporate social responsibility. While firm age and independent commissioners do not affect corporate social responsibility. Firm size can’t moderate the relationship between the influence of profitability, firm age, and corporate governance on corporate social responsibility as measured using the ln (log natural) of total asset. Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas, firm age, dan corporate governance terhadap corporate social responsibility dengan ukuran perusahaan sebagai veriabel moderasi. Variabel independen dalam penelitian ini adalah profitabilitas, firm age, dan corporate governance, variabel dependennya yaitu corporate social responsibility, sedangkan variabel moderasinya adalah ukuran perusahaan. Data yang digunakan dalam penelitian ini adalah data sekunder berupa laporan tahunan. Populasi dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2015-2019. Dalam penelitian ini ditetapkan teknik pengambilan sampel menggunakan purposive sampling, yaitu memilih berdasarkan kriteria-kriteria tertentu sesuai dengan yang dikehendaki oleh peneliti. Jumlah sampel yang digunakan dalam penelitian ini adalah 82 perusahaan dengan pengamatan selama 5 tahun sehingga terpilih sebanyak 323 obyek pengamatan. Penelitian ini menggunakan teknik analisis regresi linier berganda dan moderated regression analysis dengan bantuan program Eviews10. Hasil penelitian ini menunjukkan bahwa profitabilitas yang diproksikan dengan return on asset, dan corporate governance yang diproksikan dengan ukuran dewan direksi berpengaruh signifikan terhadap corporate social responsibility. Sedangkan firm age dan corporate governance yang diproksikan komisaris independen tidak berpengaruh terhadap corporate social responsibility. Ukuran perusahaan tidak mampu memoderasi hubungan antara pengaruh profitabilitas, firm age, dan corporate governance terhadap corporate social responsibility yang diukur menggunakan total aset.

This article examines the effect of board governance on investment efficiency. I use the staggered enactment of board reforms in 41 countries as a shock to board structure that exogenously improves the quality of board oversight of managers. I find that investment-Q sensitivity improves by roughly half post-reform. This effect is more pronounced for firms that are more exposed to the reforms or when external governance mechanisms are less likely to discipline managers. These findings suggest that increased board oversight strengthens managers’ incentives to make investment decisions that are more in line with their firms’ growth opportunities.

Purpose This study aims to investigate the possible implications of compliance with corporate governance (CG) provisions, including board composition and ownership structures, on the firm’s likelihood of falling into financial distress. Design/methodology/approach The study applies a random-effects logistic regression model as a baseline analysis using a sample of 110 FTSE 350 manufacturing companies from 2014 to 2019. This technique is supported by conducting a two-stage Heckman regression model to overcome the potential existence of endogeneity problems. Findings The empirical evidence suggests that board composition and ownership structure are heterogeneously associated with financial distress probabilities in that they might have either reduced or increased the financial distress of the sampled firms. Specifically, board independence, board gender diversity, audit committee independence and institutional ownership negatively influence the likelihood of financial distress. In contrast, and consistent with the expectations, ownership concentration is positively attributed to financial distress, while the board size, audit committee size and managerial ownership have insignificant impacts on financial distress. Originality/value The study extends the existing body of knowledge by examining the collective effect of board characteristics and ownership structures on firms’ financial distress likelihood among a sample of manufacturing firms within the FTSE 350 index post the 2008 global financial crisis and following the recent CG reforms in the UK during the study period from 2014 to 2019.

We integrate the governance and measurement branches in transaction cost economics to highlight how differences in performance measurement choices influence the governance of strategic assets, ther...

In recent years, a growing number of academic papers have examined the impact of corporate governance on financial performance. The aim of this literature review is to observe and compare the structural and conceptual changes that have occurred over time to examine the relationship between corporate governance and financial performance. In this study, international academic studies examining the relationship between corporate governance and financial performance between 2000 and 2019 were reviewed. According to the study findings, the most commonly used financial performance indicators are return on assets and Tobin's Q, and panel data analysis is the most preferred method. Current international studies focus mostly on the favorable effect of corporate governance on financial performance., Son yıllarda giderek artan sayıda akademik araştırma kurumsal yönetimin finansal performansa olan etkisini incelemektedir. Bu literatür taramasının amacı, kurumsal yönetim ile finansal performans arasındaki ilişkinin incelenmesine yönelik zaman içinde gerçekleşen yapısal ve kavramsal değişikliklerin gözlemlenebilmesi ve karşılaştırılabilmesidir. Bu çalışmada, 2000 ile 2019 yılları arasında kurumsal yönetim ile finansal performans arasındaki ilişkiyi inceleyen uluslararası akademik çalışmalar taranmıştır. Çalışma bulgularına göre en çok kullanılan finansal performans göstergeleri aktif karlılığı ve Tobin’s Q, en çok tercih edilen yöntem ise panel veri analizidir. Mevcut uluslararası çalışmalar ağırlıklı olarak kurumsal yönetimin finansal performans üzerindeki olumlu etkisini vurgulamaktadır.

Europeanization indicates not only the construction of the institutions of the European Union (EU), but also the changes in the politics and policies of the member states. Studies of Europeanization look at the impact of the European Union on the national systems of the member states, addressing processes of resistance, transformation, and adaptation to EU policies and norms in member states, shifting attention from the supranational level to multi-level governance. Linked to this is the notion that public policies are produced in a complex system where several norms and implementing agencies interact. Keywords: democracy; globalization; movements; Europe

A duty of loyalty prohibits fiduciaries from appropriating business opportunities from their companies. Starting in 2000, Delaware, followed by several other states, allowed boards to waive their duty. We show that public firms covered by waiver laws invest less in R&D, produce fewer and less valuable patents, and exhibit abnormally high inventor departures. Remaining innovation activities contribute less to firm value, a fact confirmed by the market reaction when firms reveal their curtailed internal growth opportunities by announcing acquisitions. Consistent with the laws’ intent to provide contracting flexibility to emerging firms, we find evidence of positive impacts for small firms. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Climate change and the pursuit of sustainability and sustainable business might be regarded as among the world’s “wicked problems”, especially as they are multi-dimensional problems. Achieving corporate accountability in this context is also difficult when corporate structures are complex as they operate globally and through supply chains. At the European level, under the Green Deal, the Sustainable Finance Initiative and the Sustainable Corporate Governance Initiative include new reporting requirements to amend and expand the scope and application of the 2014 Non-Financial Reporting Directive, alongside changes to directors’ duties to ensure they take account of stakeholders’ needs and environmental and human rights due diligence requirements. This paper will argue that these legislative and regulatory efforts are to be welcomed, but the complexity of the regulation threatens to undermine its potential impact. It may therefore be necessary to reduce some of the complexity of the regulatory arrangements. However, some complexity may increase resilience and adaptability for responding to the risks involved in the uncertainty and unpredictability of climate change and in dealing with complex corporate structures. The answer is to provide robust regulation that will prompt the corporate behaviours required to avoid the catastrophic trajectory we currently face.

Research Question/Issue: Short-termism is increasingly seen as a problem for developing sustainable and responsible business. We posit that a long-term ownership horizon is an enabling but not sufficient condition for sustainability and propose owner stewardship as an important contingency.Research Findings/Insights: We review 161 articles on the relationship between corporate ownership and sustainability/CSR, published during 2017–2021 and not covered by previous reviews. We find (1) in most cases, a positive effect of institutional ownership on sustainability, particularly for long-term institutional investors; (2) in most cases, a positive effect of state ownership, seen as long-term-oriented; and (3) mixed results regarding family ownership, also seen as long-term-oriented. We also observe considerable heterogeneity in how prior research defines and measures the key constructs of our review.Theoretical/Academic Implications: Long-term ownership appears to be an enabling but not sufficient condition for corporate sustainability, and stewardship at the ownership level may be an important missing link. Furthermore, the wide variety of terminology and measures in the literature poses a challenge for knowledge accumulation. Efforts towards convergence and standardization seem important.Practitioner/Policy Implications: An exclusive focus on short-termism may be misleading. Business leaders and policymakers ought to consider other parameters, such as steward ownership.

The authors examine the problem of integrating urban sensing into engaged planning. The authors ask whether enhanced urban data and analysis can enhance resident engagement in planning and design, rather than hinder it, even when current urban planning and design practices are dysfunctional. The authors assess the outcomes of a planning and design effort in Charlottesville, Virginia, USA. Community-Centered Urban Sensing is a participatory urban sensing initiative developed by urban planners and designers, architects, landscape architects, and technologists at the University of Virginia to address the need for actionable information on the urban environment through community-engaged urban data collection and analysis. These findings address how technological urbanism moves from data to action, as well as its potential for marginalization. Finally, the authors discuss a conceptualization of smart and engaged planning that accounts for urban dysfunction. The smart cities paradigm should encompass modes and methods that function even when local urban systems are dysfunctional.

Digital technologies are increasingly changing the nature of competition and generating externalities that impact society. On the one hand, digitalization allows organizations to create substantial economic value in shorter periods of time through improved economies of scale, scope, and learning, resulting is increasing returns on capital and competitive concentration. On the other hand, ensuing societal concerns with inequities, regulatory lapses, and lack of transparency and truthfulness represent significant challenges for effective corporate governance. This paper addresses the consequences to stakeholders that emerge from the digital economy, discussing how traditional governance mechanisms are ill-equipped to subvert negative externalities. We offer a stewardship-based model of corporate governance as a solution to the pressing problems plaguing consumers, employees, and other salient stakeholders of digital business excesses, with an emphasis on truthful disclosures, enhanced transparency, improvements in equitable allocation of organizational resources, and heightened trust relationships. The focus is on the positive role that organizational leaders can play as exemplars of virtuous stewardship in a highly networked society. The paper redefines a modern view of stewardship in a digital economy and applies its principles to the 4Ts of ‘virtuous stewardship,’ a practical corporate governance model that encompasses truthfulness, transparency, trust, and technological equity.

This paper applies panel data techniques to Austrian non-financial listed companies for investigating the managerial discretion hypothesis and asymmetric information. We ana- lyse full population of non-financial companies listed on the Vienna Stock Exchange from 2007- 2020. Equipment investment is susceptible to cash flows, providing evidence that over-investment leads to returns on investment lower than cost of capital. CFi,t-1/Ki,t-1 has a strongly positive effect in family-owned companies’ constraints. Cash constraints pre- vent firms from attaining optimal investment level. CFi,t-1/Ki,t-1 positively affects invest- ment providing strong evidence that state-owned companies’ managers exercise discre- tion while investing cash flows in sub-optimal projects. The effect of voting rights (VR) of ultimate shareholders on performance is an inverted U-curve with turning point at 49.8% VR concentration. Beyond this point downward slope provides strong evidence of en- trenchment hypothesis, with negative entrenchment effect dominating the incentive ef- fect. Ultimate shareholders’ expropriation is detrimental for minority shareholders. Large shareholders’ detrimental behaviour slows down growth of financial markets.

This study evaluated the effect of corporate governance attributes on financial reporting quality of listed manufacturing firms in Nigeria. The research design adopted for this study was the ex-post facto research design because the data used were already in existence and therefore the researcher had no control over the data set of the study. The source of the data was therefore secondary sources taken from audited annual reports and accounts of the related listed manufacturing firms as listed on the Nigerian Stock Exchange Fact Book (2021). Using the non-probability sampling filtering technique, the study used a sample of forty-two (42) manufacturing firms listed on the NSE fact Book 2021. These listed manufacturing firms included selections from: four (4) - agriculture; sixteen (16) - consumer goods; seven (7) - industrial goods; six – (6) - healthcare; four (4) - natural resources and five (5) - conglomerates. Data were extracted from the annual reports and accounts of these companies and were analyzed with the aid of Panel Regression using Stata version 14 and Microsoft Excel. From the Hierarchical Regression results, the variables of board size (Coef. = 6.2313; t = 2.88 and P-value = 0.004) and ownership concentration (Coef. = 70.2144; t = 2.22 and P-value = 0.027) have significant positive effects on timeliness of financial reporting of listed manufacturing firms in Nigeria from 2012 to 2021. These results are in line with prior expectations but are inconsistent with the stated null hypotheses, hence the null hypotheses which states that board size and ownership concentration have no significant effects on timeliness of financial reporting of listed manufacturing firms in Nigeria during the period under study are rejected. It implies that an increase in the number of board size and ownership concentration will improve the financial reporting timeliness of listed manufacturing firms in Nigeria during the period under study. The variables of board gender diversity (Coef. = .04463; t = 0.11 and P-value = 0.912) and board diligence (Coef. = -2.0632; t = -0.47 and P-value = 0.638) have no significant effects on timeliness of financial reporting of listed manufacturing firms in Nigeria from 2012 to 2021. These results are not in line with prior expectations but are consistent with the stated null hypotheses, hence the null hypotheses which states that board gender diversity and board diligence have no significant effects on timeliness of financial reporting of listed manufacturing firms in Nigeria during the period under study are retained. It also implies that an increase in the number of female members on the board and an increase in the number of board meetings will have no effect on the financial reporting timeliness of listed manufacturing firms in Nigeria during the period under study. The manufacturing sector is extremely crucial for a developing country such as Nigeria since they promote the enlargement and expansion of Nigeria’s economic growth. It is therefore recommended that the number of directors on the board should be between seven (7) or eight (8) board members in order to foster faster communication, coordination and ultimately timeliness of financial reporting among listed manufacturing firms in Nigerian.

In Agatha Christie’s Murder on the Orient Express, Poirot deduced that no single culprit was responsible for a murder on the eponymous train. In this article, we similarly reason that there is no single suspect responsible for the London Stock Exchange’s equity market decline. The article is intended to serve as an aide memoire to assess anticipated reforms.

Penelitian ini bertujuan untuk meneliti pengaruh beberapa faktor internal seperti firm size, solvabilitas, peringkat obligasi dan corporate governance terhadap yield obligasi korporasi. Populasi dalam penelitian ini adalah obligasi korporasi yang diperdagangkan selama periode pengamatan, yaitu 1 Januari 2020-31 September 2021. 170 data sampel dipilih setelah pemilihan sampel dengan metode purposive sampling. Jenis data dalam penelitian ini adalah unbalanced data panel. Teknik analisis dalam penelitian ini adalah regresi data panel dengan model regresi yang terpilih adalah fixed effect model. Hasil pengujian hipotesis menyatakan bahwa secara parsial firm size, kepemilikan manajerial, dan dewan komisaris independen berpengaruh terhadap yield obligasi, sedangkan solvabilitas, peringkat obligasi, dan komite audit secara parsial tidak berpengaruh terhadap yield obligasi. Secara simultan, firm size, solvabilitas, peringkat obligasi, dan corporate governance berpengaruh terhadap yield obligasi. Bagi investor, penelitian ini dapat dijadikan pertimbangan sebelum memutuskan berinvestasi pada suatu obligasi. Risk-averse investor sebaiknya berinvestasi pada obligasi yang diterbitkan perusahaan yang asetnya besar, kepemilikan saham oleh manajemen kunci yang rendah, dan mengangkat dewan komisaris indipenden minimal sesuai peraturan yang berlaku.

Objetivo - El objetivo de este estudio es resaltar la influencia del gobierno corporativo en la calidad de la información contable en las empresas familiares, especialmente los principales mecanismos de gobierno que influyen en las propiedades de la calidad de la información contable. Diseño / metodología / enfoque - Con base en datos de 333 artículos de investigación, adoptamos el método bibliométrico para mapear la literatura y también difundir el conocimiento científico. Resultados - Los resultados obtenidos, sustentados en la literatura, indican que los mecanismos de gobierno corporativo influyen positivamente en la calidad de la información contable en las empresas familiares. Originalidad / valor - La literatura selectiva y relevante proporcionó fuentes de información para que los autores del estudio discutieran la creciente importancia de las empresas familiares y el papel del gobierno corporativo y la calidad de la información contable en todo el mundo. El estudio incluye a los principales autores que contribuyeron al desarrollo de un importante tema relacionado con la complejidad de la empresa familiar, lo que constituye un desafío para investigadores y profesionales, reforzando la originalidad del presente estudio. Objetivo - O objetivo deste estudo é destacar a influência da governança corporativa na qualidade da informação contábil em empresas familiares, especialmente os principais mecanismos de governança que influenciam as propriedades da qualidade da informação contábil. Desenho / metodologia / abordagem - Com base em dados de 333 artigos de pesquisa, adotamos o método bibliométrico para mapear a literatura e também divulgar o conhecimento científico. Resultados - Os resultados obtidos, apoiados na literatura, indicam que os mecanismos de governança corporativa influenciam positivamente a qualidade da informação contábil nas empresas familiares. Originalidade / valor - A literatura seletiva e relevante forneceu fontes de informação para os autores do estudo discutirem a crescente importância das empresas familiares e o papel da governança corporativa e da qualidade da informação contábil em todo o mundo. O estudo inclui os principais autores que contribuíram para o desenvolvimento de um importante tema relacionado à complexidade da empresa familiar, o que constitui um desafio para pesquisadores e profissionais, reforçando a originalidade do presente estudo. Purpose - The aim of this study is to highlight the influence of corporate governance on the quality of accounting information in family businesses, specially the main governance mechanisms that influence the properties of the quality of accounting information. Design/methodology / approach - Based on data from 333 research articles, we adopted the bibliometric method in order to map the literature and also to disseminate scientific knowledge. Finding - The results obtained, supported by the literature, indicate that corporate governance mechanisms positively influence the quality of accounting information in family businesses. Originality / value - The selective and relevant literature provided sources of information for the study authors to discuss the growing importance of family businesses and the role of corporate governance and the quality of accounting information worldwide. The study includes the main authors who contributed to the development of an important topic related to the complexity of the family business, which constitutes a challenge for researchers and practitioners, reinforcing the originality of the present study.