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Corporate Governance of Chinese Multinational Corporations: Case Studies
by Runhui Lin Jean Jinghan Chen Li XieThis book is the first to explore the issue of corporate governance in China's new corporations. With rapid development over the last two decades, China has seen compelling achievements in overseas investment. Specifically, an increasing number of Chinese companies have been “going out” to become multinational enterprises. From the practical view, corporate governance issues have been identified in the literature as one of the most important factors in determining whether these Chinese multinational enterprises succeed or not. However, existing literature provides little investigation and understanding about corporate governance of Chinese multinational enterprises. This book fills that gap and will be of value to corporate executives, scholars of China's economy, and journalists.
Corporate Governance of Real Estate Investment Trusts (Essays in Real Estate Research)
by Nicolai C. StrieweNicolai C. Striewe analyzes potential opportunistic behavior of REIT managers and provides empirical evidence on the effectiveness of institutional monitoring as a corporate governance mechanism. The author also suggests ways to promote sustainable management by means of institutional participation. The results of his study provide valuable insights to enhance corporate governance, transparency and efficiency in the REIT market. They encourage (a) academics to include a behavioral component into studies of the REIT market, (b) REIT managers to incorporate effective monitoring and control mechanisms, (c) investors to become more aware of agency conflicts in REITs and (d) policy makers to facilitate a legal framework conducive to a sustainable REIT market.
Corporate Governance öffentlicher Unternehmen: Einflussfaktoren der kommunalen Steuerung und Kontrolle (Marktorientierte Unternehmensführung und Internetmanagement)
by Peter DaiserPeter Daiser nimmt in dieser empirischen Untersuchung eine integrierte Betrachtung von Corporate-Governance-Einflussfaktoren und deren Wirkung auf den kommunalen Corporate-Governance-Erfolg vor. Die Ergebnisse lassen den Schluss zu, dass eine aktive, gestaltende Rolle der Kommune bei der Steuerung und Kontrolle öffentlicher Unternehmen zu einem höheren Corporate-Governance-Erfolg führt als eine passive Kontrollfunktion. Ferner sollten überwachende Tätigkeiten behutsam eingesetzt werden, da sich ein hohes Maß an Kontrolle negativ auf den Corporate-Governance-Erfolg auswirken kann. Aus den Ergebnissen werden Empfehlungen für Wissenschaft und Praxis abgeleitet.
Corporate Governance, Ownership Structure and Firm Performance: Mediation Models and Dynamic Approaches (Routledge Studies in Corporate Governance)
by Hoang N. Pham Sardar M. IslamThe relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
Corporate Governance, Ownership Structure and Firm Performance: Mediation Models and Dynamic Approaches (Routledge Studies in Corporate Governance)
by Hoang N. Pham Sardar M. IslamThe relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
Corporate Governance Post-Sarbanes-Oxley: Regulations, Requirements, and Integrated Processes
by Zabihollah RezaeeCorporate Governance Post Sarbanes-Oxley introduces a corporate governance structure consisting of seven interrelated mechanisms of oversight: managerial, compliance, audit, advisory, assurance, and monitoring. The book begins with a discussion of the new requirements for corporate governance and financial reporting brought about by Sarbanes-Oxley and then shows how a well-balanced functioning of the seven mechanisms produces a responsible corporate governance structure that ensures quality financial reporting and credible audit services. Each chapter includes checklists, real-world case studies, and best practice tips.
Corporate Governance Practices in India: A Synthesis of Theories, Practices, and Cases
by Priyanka Kaushik SharmaCorporate Governance Practices in India examines corporate governance practice in Indian industry. This book critically analyses the governance practice and evaluates the needs of corporate governance in the two major industries in India: Auto Industry and Heavy Engineering Industry.
Corporate Governance Regulation: The changing roles and responsibilities of boards of directors (Routledge Contemporary Corporate Governance)
by Alice KlettnerCorporate governance regulation has been through numerous cycles of reform, and yet we still see instances of companies collapsing suddenly. Codes of corporate governance have been implemented in most developed countries, recommending detailed governance frameworks for publicly listed companies and their boards, but our understanding of how these codes influence behaviour is still limited. In this book, Alice Klettner draws on the domains of law and business to explore the effectiveness of corporate governance codes. Using interview evidence from company directors and officers, as well as published evidence of companies’ corporate governance systems, she discusses the theory and practice of corporate governance and its regulation – with a focus on how corporate governance codes can affect board behaviour and company performance. This interdisciplinary book will be valuable reading for advanced students and researchers of corporate governance, and will also be directly relevant to governance practitioners and policymakers.
Corporate Governance Regulation: The changing roles and responsibilities of boards of directors (Routledge Contemporary Corporate Governance)
by Alice KlettnerCorporate governance regulation has been through numerous cycles of reform, and yet we still see instances of companies collapsing suddenly. Codes of corporate governance have been implemented in most developed countries, recommending detailed governance frameworks for publicly listed companies and their boards, but our understanding of how these codes influence behaviour is still limited. In this book, Alice Klettner draws on the domains of law and business to explore the effectiveness of corporate governance codes. Using interview evidence from company directors and officers, as well as published evidence of companies’ corporate governance systems, she discusses the theory and practice of corporate governance and its regulation – with a focus on how corporate governance codes can affect board behaviour and company performance. This interdisciplinary book will be valuable reading for advanced students and researchers of corporate governance, and will also be directly relevant to governance practitioners and policymakers.
Corporate Governance Regulation: How Poor Management Is Destroying the Global Economy (Wiley Finance #839)
by Nicholas V. Vakkur Zulma J. HerreraWhy U.S. corporate governance regulation has lost its way, and what must be done to improve it Modern history persuasively demonstrates the inexorable link that binds comprehensive regulation to the global economy. This important book, rather than simply recount a litany of corporate governance failures, persuasively explains why, despite policymakers' best intentions, regulation has failed in the modern era. An objective study intended for a diverse readership, Corporate Governance Regulation unveils the underlying, root causes of regulatory failure. The result: A compelling and original analysis, broadly suited for a global audience of all backgrounds. Written by published, subject-area experts, the authors carefully delineate how U.S. corporate governance regulation, beginning with Sarbanes Oxley, lacks an adequate rational basis, as may be attributed to a non-existent policy dialogue The witnessed result: A conspicuous lack of regulatory efficacy, enormous costs, coupled with paltry benefits The focus is upon reigniting a stalled, non-productive policy dialogue, by eschewing stale, overly-polemicized arguments, as needed to develop a common ground Drawing from an eclectic, analytic framework, governance experts Nicholas Vakkur and Zulma Herrera offer both the professional and global citizen alike a multi-dimensional understanding of issues critical to global economic health. Nuanced and persuasively argued, Corporate Governance Regulation represents a formidable catalyst in the elusive, ongoing quest for global economic stability.
Corporate Governance Regulation: How Poor Management Is Destroying the Global Economy (Wiley Finance)
by Nicholas V. Vakkur Zulma J. HerreraWhy U.S. corporate governance regulation has lost its way, and what must be done to improve it Modern history persuasively demonstrates the inexorable link that binds comprehensive regulation to the global economy. This important book, rather than simply recount a litany of corporate governance failures, persuasively explains why, despite policymakers' best intentions, regulation has failed in the modern era. An objective study intended for a diverse readership, Corporate Governance Regulation unveils the underlying, root causes of regulatory failure. The result: A compelling and original analysis, broadly suited for a global audience of all backgrounds. Written by published, subject-area experts, the authors carefully delineate how U.S. corporate governance regulation, beginning with Sarbanes Oxley, lacks an adequate rational basis, as may be attributed to a non-existent policy dialogue The witnessed result: A conspicuous lack of regulatory efficacy, enormous costs, coupled with paltry benefits The focus is upon reigniting a stalled, non-productive policy dialogue, by eschewing stale, overly-polemicized arguments, as needed to develop a common ground Drawing from an eclectic, analytic framework, governance experts Nicholas Vakkur and Zulma Herrera offer both the professional and global citizen alike a multi-dimensional understanding of issues critical to global economic health. Nuanced and persuasively argued, Corporate Governance Regulation represents a formidable catalyst in the elusive, ongoing quest for global economic stability.
Corporate Governance, Responsibility and Sustainability: Initiatives in Emerging Economies
by Ananda Das Gupta Arindam Banik Pradip K. BhaumikCorporate Governance, Responsibility and Sustainability investigates various dimensions of corporate governance issues in key emerging economies such as China, India, Brazil, South Africa and Russia. The book explores a number of issues in the areas of corporate governance framework, market discipline and building an efficient, competitive market.
Corporate Governance, Strategie und Unternehmenserfolg: Ein Beitrag zum Wettbewerb alternativer Corporate-Governance-Systeme
by Kai BrühlKai Brühl zeigt in einem Vergleich der US-amerikanischen, deutschen und japanischen Corporate-Governance-Systeme, dass der Unternehmenserfolg vor allem das Ergebnis der Konsistenz von Corporate-Governance-System, Unternehmensstrategie und Governance-Strukturen ist.
Corporate-Governance-Strukturen interner Märkte (Beiträge zur betriebswirtschaftlichen Forschung #108)
by Thomas PfeifferThomas Pfeiffer untersucht Grenzen und Möglichkeiten verschiedener in der Literatur diskutierter Corporate-Governance-Strukturen, die kostenbasierte bzw. verhandlungsorientierte Verrechnungspreisverfahren zur Lösung innerbetrieblicher Koordinations- und Anreizprobleme einsetzen. Im Vordergrund steht dabei die Lösung bzw. Milderung der Unterinvestitionsproblematik.
Corporate Governance, Sustainability, and Information Systems in the Aviation Sector, Volume I (Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application)
by Kasım Kiracı Kıymet Tunca ÇalıyurtThis book delves into corporate governance, sustainability, and information systems related to the aviation sector. Due to globalization and rise in cross-border business, the aviation sector has become an essential means of transport. However, the industry has tremendous impact on social, economic, and natural environments and carries significant risks. The book explores such issues plaguing the aviation sector under three key areas: CSR and sustainability, information systems and risk management, and corporate governance and accountability in the airline industry. The book concludes with an analysis of the impact of COVID-19 crisis on the industry and ways to respond and recover from the effects of the pandemic.
Corporate Governance-Systeme im Wettbewerb (neue betriebswirtschaftliche forschung (nbf) #309)
by Peter WittPeter Witt untersucht die Corporate Governance-Strukturen wichtiger Industrieländer, wie der internationale Wettbewerb dieser Systeme funktioniert und welche Ergebnisse er haben kann, und prognostiziert den zukünftigen Verlauf des Systemwettbewerbs.
Corporate-Governance-Systeme und ihr Einfluss auf die Innovationsfinanzierung: Analyse anhand der Venture-Capital-Märkte in Deutschland und USA
by Guido HoffmannGuido Hoffmann vergleicht institutionelle Strukturen des deutschen und des US-amerikanischen Corporate-Governance-Systems und stellt diejenigen Institutionen heraus, die die Entwicklung eines florierenden Innovationsfinanzierungssektors gefördert bzw. behindert haben.
Corporate Governance und Controlling
by Carl-Christian FreidankDie weltweiten Bestrebungen zur besseren Gestaltung von Regelungen für die Unternehmensführung und Unternehmensüberwachung üben einen bedeutenden Reformeinfluss auf das Gebiet des Controlling aus, das sich in den letzten Jahren auf allen Wissenschafts- und Praxisebenen der Betriebswirtschaftslehre als klar abgegrenztes Konzept etabliert hat. Wichtige Auswirkungen der aktuellen Corporate-Governance-Diskussion auf das Konzept des Controlling werden in diesem Buch aus unterschiedlichen Blickrichtungen der Betriebswirtschaftslehre untersucht. Es geht darum zu klären, wie sich vor diesem Hintergrund die Rolle des Controlling aus Sicht der betriebswirtschaftlichen Theorie und Praxis gegenwärtig darstellt und künftig weiterentwickeln wird.
Corporate Governance und die Performance von Mergers & Acquisitions
by Thomas M. Brunner-KirchmairThomas M. Brunner-Kirchmair analysiert, inwiefern Corporate Governance Einfluss auf die Performance von Mergers & Acquisitions hat. Neben einer theoretischen Aufarbeitung und einer intensiven Analyse der bestehenden Literatur führt der Autor eine umfangreiche empirische Studie zum kaum erforschten kontinentaleuropäischen M&A-Markt durch. Er präsentiert und diskutiert neue Erkenntnisse zum M&A-Erfolg, den Erfolgsdeterminanten, der Bedeutung der Corporate Governance und wesentlichen Interaktionseffekten. Konkrete Handlungsempfehlungen für die weitere Forschung als auch für die Praxis werden aufgezeigt.
Corporate Governance und Gehaltstransparenz: Eine spieltheoretische Analyse
by Silvia Passardi-AllmendingerAnhand eines spieltheoretischen Modells in Form einer Turnierentlohnung untersucht Silvia Passardi-Allmendinger mögliche Auswirkungen subjektiver Empfindungen wie Neid oder Triumph auf die Effizienz von Unternehmen. Sie zeigt, dass die Offenlegung von Managergehältern nicht nur Konsequenzen für das Gehaltsniveau selbst, sondern durch die ausgelösten Referenzgruppenprozesse auch Folgen für das Engagement des Managements sowie die Wahl riskanter Investitionsprojekte haben kann.
Corporate Governance und Managementberatung: Strategien und Lösungsansätze für den professionellen Beratereinsatz in der Praxis
by Christoph Treichler Eva Wiemann Martin MorawetzUnternehmen, die nach Problemlösungen zur Sicherstellung der Objektivität, Unabhängigkeit und Profitabilität des Einsatzes externer Berater im Rahmen einer sauberen Corporate Governance suchen, finden hier Anhaltspunkte für innovative Ansätze.
Corporate Governance und Stakeholder-Ansatz: Implikationen für die betriebliche Finanzwirtschaft (neue betriebswirtschaftliche forschung (nbf) #302)
by Paul WentgesPaul Wentges arbeitet die unternehmenstheoretischen Wurzeln des Shareholder-Value-Konzepts und des Stakeholder-Ansatzes im Hinblick auf die Corporate-Governance-Thematik heraus und leitet Handlungsempfehlungen für die Konzipierung von Corporate-Governance-Systemen ab.
Corporate Governing in Latin America: The Importance of Scandals to Institute Change
by Jonathan Callund Gonzalo Jiménez-Seminario Neil PyperGrounded in institutional theories, this volume offers a framework for understanding the evolution of corporate governance in the six leading Latin American countries, namely Argentina, Brazil, Chile, Colombia, Mexico, and Peru.Applying inductive qualitative methods, it postulates the notion of governing as a dynamic, emergent and contextual process and traces its evolution and adaption to the different configurations of institutional logics in each country and the region as a whole over several decades.Adopting corporate governance scandals as the lens through which to observe institutional change in each country, this book reveals the sources of societal transformations, identifying key lessons as well as meaningful setbacks along the way.This edited collection helps appreciate the role and interactions of corporate elites, stakeholders and watchdogs, including the visible hands of government and multinational corporations, presenting comparisons across the countries, the region and the broader evolution of governing practices around the globe.The result is a book combining scholarly rigor and practical relevance, looking to serve as an emerging markets benchmark guide for practitioners, researchers and thinktanks alike.
Corporate Group Legitimacy: Reconceptualising the Corporate Group (Routledge Research in Corporate Law)
by Peter UnderwoodThis book focuses on the legitimacy of corporate power wielded by corporate groups, integrating legal doctrine, economic analysis, and theoretical approaches. It reassesses how corporate groups can maintain legitimacy whilst exercising corporate power.Corporate groups are a prominent commercial feature of many jurisdictions and present unique challenges. The book argues that when analysed through the lens of corporate social responsibility, a legitimacy deficiency emerges. This arises from a lack of historical debate, diluted control mechanisms, and inflated growth, utilising unique features of the corporate group. It explores how the magnified power of the corporate group presents acute challenges for corporate legitimacy. Data is utilised alongside current examples of corporate groups which identify structural architectural patterns. It explores new technologies such as Artificial Intelligence and blockchain as ways of attaining legitimacy. It presents methods of attaining legitimacy for the continued wielding of power to be held within corporate groups.This book spans several research interests under the corporate law umbrella. It will be of interest to traditional black letter company lawyers. Additionally, it will be of interest to those who have an interest in business and those who are interested in the role of technology.
Corporate Group Legitimacy: Reconceptualising the Corporate Group (Routledge Research in Corporate Law)
by Peter UnderwoodThis book focuses on the legitimacy of corporate power wielded by corporate groups, integrating legal doctrine, economic analysis, and theoretical approaches. It reassesses how corporate groups can maintain legitimacy whilst exercising corporate power.Corporate groups are a prominent commercial feature of many jurisdictions and present unique challenges. The book argues that when analysed through the lens of corporate social responsibility, a legitimacy deficiency emerges. This arises from a lack of historical debate, diluted control mechanisms, and inflated growth, utilising unique features of the corporate group. It explores how the magnified power of the corporate group presents acute challenges for corporate legitimacy. Data is utilised alongside current examples of corporate groups which identify structural architectural patterns. It explores new technologies such as Artificial Intelligence and blockchain as ways of attaining legitimacy. It presents methods of attaining legitimacy for the continued wielding of power to be held within corporate groups.This book spans several research interests under the corporate law umbrella. It will be of interest to traditional black letter company lawyers. Additionally, it will be of interest to those who have an interest in business and those who are interested in the role of technology.