Search

A challenge to the analysis of corporate governance lies in a large number of variables that define and shape it, and hence, identification of the key parameters improves the effectiveness of overall governance. This paper aims at the identification of key governance parameters of scheduled Urban Cooperative Banks (UCBs) in India through an empirical analysis. The quest for key governance parameters in this paper culminates in eight parameters, encompassing three core features, namely, members' participation, technically qualified and trained directors, and a system of accountability. Identification of these core governance features is the main finding of this paper. These core features, through their subtle influence, take care of the remaining aspects of the governance structure of scheduled UCBs and are useful not only for timely red-flagging in the supervisory processes but also for strengthening the governance of cooperative banks in India. [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]

Corporate governance ensures adoption of fair accounting practices and transparency in financial reporting system. It defines the accountability of managers and acts as a deterrent to earnings management. The present paper examines the relationship of corporate governance characteristics (board, audit committee and ownership structure) with earnings management in India. The study examines earnings management practices of BSE 500 index companies for five financial years from 2012-13 to 2016-17. Discretionary accruals are used as a proxy for earnings management, calculated with the help of cross-sectional modified Jones model by Dechow et al. (1995). The results of panel data regression suggest that attendance of board meetings by independent directors and presence of women directors on board significantly reduce earnings management. Concentrated promoters' shareholding positively and significantly influences earnings management. The paper further strives to investigate the influence of independence of audit committee on earnings management with firm's profitability as a moderating variable. The results reveal that audit committee independence is more effective in constraining earnings management in firms with high profitability than their less profitable counterparts. The findings of the study give useful insight for regulators, policymakers and company boards in taking appropriate measures to increase the quality of financial reports. [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]

The paper reviews the literature on accounting conservatism and its different dimensions. In literature, accounting conservatism is classified into two classes, namely, conditional accounting conservatism and unconditional accounting conservatism. Accounting conservatism plays an important role in shaping the corporate governance of any firm. It also interacts with other dimensions like board structure and ownership structure to decide the firm level of corporate governance. Board structure and accounting conservatism act as a substitute to each other. Accounting conservatism literature mainly focuses on advanced or developed nations, while research on emerging nations needs more attention. As there are institutional differences between advanced and emerging nations, the results generated from advanced nations cannot be generalized for the emerging nations. There are many unattended research gaps in the context of emerging nations like India, where ownership structure is concentrated and business group affiliation is a rule rather than exception. [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 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]

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]

Research indicates that any e-governance project has 70% chances of failure. This is equally applicable to India, and proof of this could be seen in the limited success of e-Procurement (a Government-to-Business type e-government project) implementations in India. In fact, while National e-Governance Plan (NeGP) was launched in 2006 to promote e-government, the country has not made much progress since then. Various Government Orders on compulsory changeover to e-procurement w.e.f. 2007 (for purchases above a specified threshold) are yet to be implemented. Since procurement efficiency has a profound impact on the optimal utilization of public funds in a transparent manner, the e-procurement has been the subject of constant interest to researchers. Therefore, e-procurement system and Critical Success Factors (CSFs) associated with its success is a well-researched area. However, a detailed literature review by the authors reveals that studies on the subject do not provide a synthesized framework for identification and testing of CSFs in a particular cultural/ environmental context. In this paper, we aim to suggest a unified framework for identification of CSFs of any e-gov project, their empirical evaluation in various e-gov project stages, and subsequent classification into various project dimensions. [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]

Audit committees act as an important link in corporate governance mechanisms. As such, SOX Act, 2002, Blue Ribbon Committee's report and Narayana Murthy Committee's report have placed greater emphasis on their role in order to strengthen the functioning of these committees. The rationale behind this is that greater independence of audit committees is necessary for effective functioning and for alleviating weaknesses in corporate governance which, in turn, reduces the agency costs. Research evidence reaffirms this aspect. The objective of this paper is to examine the relationship between the independence of the audit committee, board independence and firm performance of listed firms segmented1 between BSE 100 and BSE 200 indices, for the years 2007 and 2008. The results are in consonance with other research studies indicating that performance of firms which have independent audit committees and greater board independence is higher resulting in premium valuations as measured by Tobin's Q, a proxy for firm performance. [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]

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]

Indian industrial boat has been on high-seas for the last six decades and the new millennium prompted to mechanize the boat. Native industrial knowledge realized the need for bracing with the modern enthusiasm and expectations, and the Indian governance and law assurance conceded liberty to revolutionize the industrial development for the welfare of the people, a majority being the morbid mass. Corporate misgovernance is sought to be eliminated and the new industrial law, chiefly the Indian Companies Act of 2013 provided for more stringent measures to check and prevent economic frauds, and also a new dimension to inculcate a sense of public spirit in industrial entrepreneurship through Corporate Social Responsibility (CSR). Pursuant to this goal, we have to define and redefine the concept of 'Corporate Social Responsibility' vis-à-vis sustainable industrial prosperity. To start with, not all companies are roped in this responsible concept but only companies having a net worth of ...500 cr or more, or a turnover of ...1,000 cr or more, or a net profit of ...5 cr or more should mandatorily spend 2% of their net profits per fiscal year on CSR activities. It is hoped that in future the base of industrial and corporate sector will be expanded to include the mandate of CSR, of course, consistent with good corporate governance. This paper intends to present a picturesque view of comparative scenario of CSR focusing good corporate governance. [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]

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]

In the present scenario, the Indian economy has undergone a number of reforms resulting in market-oriented economy. The Indian government has witnessed the reform when it has taken steps towards liberalization and globalization of the economy. The expectations of various stakeholders can be achieved only by good corporate governance. This paper analyzes the difference in the Indian capital market law and the international standards of corporate governance. Corporate governance refers to the set of systems, principles and processes by which a company is governed. They provide guidelines as to how the company can be directed or controlled to fulfill its goals and objectives of the company. The paper discusses various committee reports and their recommendations on corporate governance and analyzes the reasons for the failure of governance in the US by highlighting the present position in India. It concludes with comparing the recent trends in corporate governance in India, the US and the UK. [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]

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]

Competition laws are generally designed to combat anti-competitive behavior and unfair business practices. In this paper, the author advocates for a competition policy for banking sector in India. It is argued that in a totally deregulated and globalized banking scenario, there is an imperative need for a regulatory framework to ensure corporate governance and adoption of fair practices. [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]

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]

Cross-listing involves a situation where a firm that is already trading on its home country stock exchange decides to also list on an international exchange. Hence, cross-listed firms face two conflicting pressures in global business environment. They face two institutional environments, viz., the internal environment of home country where stock is originally listed and the external environment of the host country where stock is subsequently cross-listed. However, for domestic listed firms, there is limited pressure to adapt to the local environment only arising from legal and regulatory environment of home country. Hence, it is possible that cross-listed firms, i.e., multiple listed firms, internalize some aspects of foreign regulation of their host country and exhibit higher level of corporate governance and disclosure. This study supports this reasoning and finds that cross-listed firms disclose more information than those with listing only in home country. This research confirms that there is statistically significant difference between corporate governance and disclosure scores of Indian domestic firms and cross-listed firms. This research provides insight regarding the question of how a country's legal environment may influence the effectiveness of firm-level corporate governance mechanisms. [ABSTRACT FROM AUTHOR]

Corporate governance stands for responsible business management geared towards long-term value creation. Good corporate governance is a key driver of sustainable corporate growth and long-term competitive advantage. It focuses on a company's structure and processes to ensure fair, responsible, transparent and accountable corporate behavior. This study attempts to examine the impact of the nature of sector or industry on corporate governance and disclosure practices of firms by identifying and testing the empirical evidence for such relationship for firms listed on the Bombay Stock Exchange (BSE) in the form of S&P BSE sector indices. The sample firms represent different sectors, like auto, metal, oil and gas, consumer durables, capital goods, FMCG, healthcare, IT, and power. The findings reveal that no significant correlation exists between the industry type and the level of disclosure in the Indian context. [ABSTRACT FROM AUTHOR]

There is a large variation in the quality of corporate governance practices adopted by firms even when they are subject to the same contractual environment. Therefore, it is possible that firms within the same country have widely divergent standards of overall corporate governance. This leads to the fact that different Indian firms could have varying standards of corporate governance disclosure. The present study aims to provide an understanding of corporate governance disclosure levels of Indian companies in the private and public sector. It provides useful insights into comparing and contrasting corporate governance practices of public and private sector companies in India by developing a Corporate Governance Disclosure Score (CGDS). Research in the field of corporate governance disclosure during recent years has mainly focused on the disclosure practices in the annual reports of firms. In conducting this research also, annual reports for the year 2008-2009 of 77 listed Indian companies have been used as a main source of information. While 48 of these companies belong to the private sector, 29 belong to the public sector. The sample is drawn from across eight industries. The study uses the univariate parametric t-test and non-parametric Mann Whitney test for comparing means, and the results indicate that there is a significant difference between the CGDSs of public and private sector companies in India. [ABSTRACT FROM AUTHOR]

Corporate governance reforms assume critical significance for developing economies like India, which is moving towards a more transparent and accountable system of economic governance. Though India has initiated serious efforts towards overhauling the corporate governance mechanisms through comprehensive corporate governance laws and regulations, their enforcement remains inadequate. Earlier studies indicate that disclosure practices of Indian companies do not go beyond the mandatory requirements, thus creating an urgent need for corporate governance reforms. The main objective of this study is to evaluate the impact of corporate governance reforms brought out by Securities and Exchange Board of India (SEBI), Clause 49 of the Listing Agreement (2006), on the level of financial disclosures of the Indian firms. The current research has been carried out with 30 Indian listed companies which form part of Bombay Stock Exchange (BSE) index for the pre-reform period (2001-02 to 2004-05) and post-reform period (2005-06 to 2008-09). A Corporate Governance Transparency and Disclosure Score (CGS) has been constructed for the sample companies based on the attributes drawn from the Standard and Poor's (S&P) Transparency and Disclosure Survey (2008). The study indicates that despite impressive corporate governance reforms, there is only a moderate level of financial disclosures by the Indian firms. It emphasizes a need for improved enforcement of legal and regulatory structures to enhance financial reporting quality. [ABSTRACT FROM AUTHOR]

The concept of Corporate Governance (CG) is, now, more than a decade old in India. However, the inadequacy and inefficacy of the governance framework in the country has been espoused by the massive corporate disaster-Satyam. The fiasco has brought into limelight the inherent shortcomings in the present corporate regulatory system that has been benchmarked on the CG structure of the United States (US) and United Kingdom (UK). In this backdrop, this article makes an effort to look at events that precipitated the Satyam fiasco and the loopholes in the system that enabled the fraud to occur. The present study also proposes to provide insights into the legislature in formulating provisions for curbing such corporate mishaps that obliterate investor confidence, particularly so when our country is desperate to draw on foreign capital to propel its economic growth. [ABSTRACT FROM AUTHOR]