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Corporate Governance Disclosure Content And Shareholder Value
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Book Synopsis Corporate Governance, Disclosure Content and Shareholder Value by : Mohammad Jizi
Download or read book Corporate Governance, Disclosure Content and Shareholder Value written by Mohammad Jizi and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent financial crisis was the largest shock to the financial system in decades. Its implications on banks' performance, corporate image and stakeholders' trust are of a high concern for all interested parties. Banks market capitalisation dropped significantly, risk levels increased and stakeholders' confidence was shaken. This raises the importance of researching this particular area of primary concern to seek potential approaches intended to help banks to recover through increased disclosures, helping to rebuild trust and manage risk levels. Acknowledging societal needs and having effective dialogue with shareholders and stakeholders regarding banks' social profile as well as risk management practices is likely to reduce the uncertainty gap, shape banks' image and manage trust. These are indeed valuable in the wake of the financial crisis for bank continuity and enhancing shareholder value. I argue that effective corporate governance is likely to encourage more corporate social responsibility (CSR) and risk management (RM) disclosure, which in turn is expected to improve stock prices and reduce return volatility. The study examines potential solutions that assist in the management of the increasing risk levels, shaken confidence and falling market values resulting from the recent financial crisis. It contributes toward better understanding to the influence of internal corporate governance mechanisms on CSR and RM disclosure content and their substantive consequences on shareholder value. Examining a sample of US national commercial banks in the wake of the financial crisis indicates that boards with larger size, higher independence and CEO duality are inclined toward reporting a wider range of CSR and RM disclosures in annual reports, aiming to benefit the bank's transparency and stakeholders' long-term mutual relationship. Contrary to CSR disclosures, the number of audit committee financial experts was found to encourage better RM disclosure content implying the difference in influence on voluntary and mandatory disclosures. Insights into the desirable consequences CSR and RM disclosures content have on shareholder value are also evidenced. The study finds evidence supporting the association between CSR disclosure content and stock return indicating investors' interest in, and consideration of, CSR information when valuing assets and building their trading decisions. The results also suggest that higher RM disclosure score reduces uncertainties of bank risk environment and provides investors with valuable information to assess financial assets and monitor management practices. This was reflected as an improvement to stock return and reduction to return volatility. Thus, effective corporate governance is more tending to enhance shareholder value through encouraging better CSR and RM disclosure content. Corporate governance should sponsor and introduce the perception of doing business responsibly and benefit from RM disclosure as a preventive tool assisting in the management of agency problems and bank risks. The economic consequences of CSR and RM disclosures imply that CSR engagement and reporting is an investment rather than an expense, and RM disclosure is a preventive tool rather than an exercise to comply with legislation requirement. Consequently, considering their content is important for better shareholder value.
Book Synopsis Public Company Deskbook by : Robert E. Buckholz, Jr.
Download or read book Public Company Deskbook written by Robert E. Buckholz, Jr. and published by . This book was released on 2015-02-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expanded and completely reorganized to meet the needs of today's increasingly prescriptive environment, Public Company Deskbook: Complying with Federal Governance and Disclosure Requirements is your one-stop center for expert counsel on how to deal effectively with the overlapping legislative, regulatory and private initiatives to reform public company governance and disclosure practices over the past decade. The enhanced Deskbook provides in-depth practical guidance centered around each of the following areas: Board Structure & Governance; Shareholder Meetings; Audit Committee, Auditor Policy & Auditor Disclosure; Compensation Committee, Compensation Policy & Compensation Disclosure; Public Company Reporting & Compliance; and Corporate Investigations & Whistleblowing. Included are numerous sample forms, checklists and documents, such as sample committee charters, director and officer questionnaires and annual meeting timelines for both NYSE- and Nasdaq-listed companies. Also addressed are current shareholder relations, including the prevalence, SEC-profile and outcome of common shareholder proposals, an analysis of proxy-advisor withhold recommendations and a comprehensive activist update. Written by three partners with Sullivan & Cromwell LLP, Public Company Deskbook: Complying with Federal Governance & Disclosure Requirements, Third Edition is an indispensable resource for securities practitioners, compliance officers, directors, officers, accountants, auditors, and research analysts, and an important reference for securities regulators.
Book Synopsis Corporate governance, shareholder value & finance by : Julian Mahari
Download or read book Corporate governance, shareholder value & finance written by Julian Mahari and published by . This book was released on 2002 with total page 774 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance, Shareholder Value & Finance by : Hans Siegwart
Download or read book Corporate Governance, Shareholder Value & Finance written by Hans Siegwart and published by . This book was released on 2002-01 with total page 774 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Regulation of Corporate Disclosure by : James Robert Brown
Download or read book The Regulation of Corporate Disclosure written by James Robert Brown and published by Wolters Kluwer. This book was released on 1999-01-01 with total page 1709 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Regulation of Corporate Disclosure, Third Edition is a complete and up-to-date handbook on the issue of corporate disclosure, covering the impact of the federal securities laws on both informal communications and the process of communicating with shareholders. The Third Edition expands topics previously covered, addressing the legal issues and practical concerns surrounding implementation of the Private Securities Litigation Reform Act of 1995, the Sarbanes-Oxley Act of 2002, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The book also has an in-depth treatment of managementand’s discussion and analysis (MDand&A), something that, although appearing in required SEC filings, involves many of the same difficult and complex issues raised by the informal disclosure process. Also addressed are: SEC reforms of the periodic reporting process; issues pertaining to stock research analysts and conflicts of interest; and various relevant corporate governance requirements and their disclosure implications. Critical areas analyzed include ;Disclosure requirements and anti-fraud provisions The duty to disclose Dissemination Issues involving materiality Disclosure of bad news Negotiations Dealing with analysts And much more!
Book Synopsis The Impact of Corporate Governance on Shareholder Value by : Asli Toksal
Download or read book The Impact of Corporate Governance on Shareholder Value written by Asli Toksal and published by . This book was released on 2004 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book State on Board! written by Nga Pham and published by Springer Nature. This book was released on 2021-09-01 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research in this book focuses on the strategic behaviour of the State as a shareholder in businesses, and the implications it has for the other shareholder(s) and business performance. It investigates the institutional characteristics of State-linked and State-owned firms (SIEs & SOEs), in emerging markets using Vietnam as a case study with comparative analysis on China and selected ASEAN countries. In doing so, the book adopts an evidence-based approach to explain the State’s role as a shareholder in the different aspects of corporate governance, including CEO appointment, board structure and impact of State ownership on business strategy and performance. It highlights the influence of the State as a shareholder by investigating institutional factors consistent with “path dependence” theory, which postulates that the initial and underlying structure of an economy influences its performance. In addition, the book presents empirical evidence of the dynamics of corporate governance arising from interactions between the State and other shareholders, which has not yet been addressed in the literature, and is distinctive in providing new insights from both qualitative and empirical research on how to successfully navigate the emerging market business environments from the perspective of the State as an “owner-participant”. Explaining the theoretical constructs in corporate governance in State-invested firms, empirical research methodologies, and results to draw and validate inferences, the book is comprehensive and provides a practical guide for practitioners as well as a reference for academics, undergraduate and postgraduate students. The new theoretical models proposed integrate traditional political-economic and agency theories, which also underpin tertiary business courses and academic research.
Book Synopsis The Relative Value Relevance of Shareholder Versus Stakeholder Corporate Governance Disclosure Policy Reforms in South Africa by : Collins G. Ntim
Download or read book The Relative Value Relevance of Shareholder Versus Stakeholder Corporate Governance Disclosure Policy Reforms in South Africa written by Collins G. Ntim and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Manuscript Type: Empirical.Research Question/Issue: South Africa (SA) has pursued a distinctive corporate governance (CG) disclosure policy reforms in the form of the King Reports, which require firms to comprehensively disclose a set of recommended good CG practices on both shareholders and stakeholders. This paper investigates the effect of the new shareholder and stakeholder CG disclosure rules on firm value, as well as the relative value relevance of comprehensively disclosing good CG practices on shareholders versus stakeholders.Research Findings/Insights: Using a sample of 169 SA listed firms from 2002 to 2007, we find that comprehensive disclosure of good CG practices on both shareholders and stakeholders impact positively on firm value, with the latter evidence providing new explicit support for the resource dependence theory. However, we provide additional new evidence, which suggests that disclosure of shareholder CG practices contributes significantly more to firm value than stakeholder ones. Our results are robust to controlling for different types of endogeneities.Theoretical/Academic Implications: The paper generally contributes to the literature on the association between comprehensive disclosure of CG practices and firm value by specifically modelling the relationship within a unique institutional and CG environment. Specifically, we make two new contributions to the extant literature. First, we show how comprehensive stakeholder CG disclosures impact on firm value. Second, we provide evidence on the relative value relevance of comprehensively disclosing shareholder and stakeholder CG practices.Practical/Policy Implications: Our results have important policy and regulatory implications, especially for authorities in other developing countries facing socio-economic problems that are currently contemplating or pursuing CG disclosure policy reforms. Since our evidence indicates that additional value can be created for firms that provide more transparent information on stakeholder CG practices, it provides authorities in other emerging countries currently planning or pursing CG reforms with a strong motivation to formally extend CG disclosure rules to cover both shareholder and stakeholder provisions.
Book Synopsis Determinants of Internet-Based Corporate Governance Disclosure by Spanish Listed Companies by : Juan L. Gandía
Download or read book Determinants of Internet-Based Corporate Governance Disclosure by Spanish Listed Companies written by Juan L. Gandía and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - The purpose of this paper is to analyse the corporate governance information disclosed by Spanish listed companies on the internet, with the objective of assessing the extent and the influence of several corporate characteristics on the level of information voluntarily disclosed.Design/methodology/approach - The study took as its reference the existing literature on the examination of the quality of web sites and the importance of content as a key variable in determining web site quality. To quantify the corporate governance information disclosed by Spanish listed companies, three transparency indexes were designed. To contrast which variables determine the information provided online, the investigation based itself on studies about voluntary disclosure in companies, and three lineal regressions models and an ANOVA analysis were performed.Findings - The empirical evidence obtained reveals that the firms that score highest for transparency are also those that are most likely to use the internet as a channel for the disclosure of corporate governance information. The results show that disclosure levels depend on the degree to which firms are followed by analysts, their listing age, their quot;visibilityquot; and the fact of belonging to the communications and information services industry.Practical implications - The need for this study was clear in view of the increasing interest shown by supervisory authorities for the oversight of the European and US capital markets in regulating not only the content but also the manner in which corporate governance information is disclosed over the internet. During the coming years, regulatory stock market agencies will have to strive to take advantage of the opportunities that the internet offers to increase both the relational and informational capacity of company web sites.Originality/value - Corporate governance research has focused mainly on the analysis of the information that firms ought to disclose and the effects of disclosure generally, without considering the media involved. This paper suggests a new approach that examines the relevance of technology, particularly the internet, and orients supervisory authorities in the direction to follow for improving corporate governance transparency in listed companies.
Book Synopsis Corporate Governance and Shareholder Value Analysis by : Rajeeva Sinha
Download or read book Corporate Governance and Shareholder Value Analysis written by Rajeeva Sinha and published by . This book was released on 1999 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate governance by : Michel Aglietta
Download or read book Corporate governance written by Michel Aglietta and published by . This book was released on 2005 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Comparative Corporate Governance by : Véronique Magnier
Download or read book Comparative Corporate Governance written by Véronique Magnier and published by Edward Elgar Publishing. This book was released on 2017-08-25 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comparative Corporate Governance considers the effects of globalization on corporate governance issues and highlights how, despite these widespread consequences, predictions of legal convergence have not come true. By adopting a comparative legal approach, this book explores the disparity between convergence attempts and the persistence of local models of governance in the US, Europe and Asia.
Author :United Nations Conference on Trade and Development Publisher :United Nations Publications ISBN 13 :9789211127041 Total Pages :42 pages Book Rating :4.1/5 (27 download)
Book Synopsis Guidance on Good Practices in Corporate Governance Disclosure by : United Nations Conference on Trade and Development
Download or read book Guidance on Good Practices in Corporate Governance Disclosure written by United Nations Conference on Trade and Development and published by United Nations Publications. This book was released on 2006 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication highlights good practice in corporate governance transparency and reporting, with a view to assisting developing countries and countries with economies in transition to identify and implement good corporate governance disclosure practices relevant to most business enterprises. It draws on recommendations made in guidelines produced by the OECD and the International Corporate Governance Network (ICGN), as well as past International Standards of Accounting and Reporting (ISAR) conclusions. This publication is an updated version of the UNCTAD 2002 report "Transparency and disclosure requirements for corporate governance" (TD/B/COM.2/ISAR/15).
Book Synopsis Relationship Between the Quality of Corporate Governance Practices and Shareholder Value Creation in Multinational Corporations by : Gema Galvan Moreno
Download or read book Relationship Between the Quality of Corporate Governance Practices and Shareholder Value Creation in Multinational Corporations written by Gema Galvan Moreno and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Blueprint for Corporate Governance by : Fred Kaen
Download or read book A Blueprint for Corporate Governance written by Fred Kaen and published by . This book was released on 2023-02-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Blueprint for Corporate Governance is unique in that it addresses shareholder value from a managerial perspective. This important book covers all essential corporate governance issues from this angle, providing detailed information and insights.
Book Synopsis Corporate Governance and Shareholder Value in Listed Firms by : Barbara Monda
Download or read book Corporate Governance and Shareholder Value in Listed Firms written by Barbara Monda and published by . This book was released on 2013 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we design a multi-dimensional index to measure the quality of Corporate Governance systems adopted by firms and use it to investigate the correlation between Corporate Governance quality and firm value.Unlike most studies that examine the relationship between only one dimension of Governance and firm value, we present a complex index (CGI) composed of 39 variables referable to four dimensions: Board, Remuneration, Shareholder Rights and Disclosure.By analysing a sample of 100 large companies listed on the main stock markets in five different countries over three years (2009-2011), we confirm the widespread hypothesis of the existence of a positive and statistically significant relationship between Corporate Governance, as measured by a subset of 12 variables, and firm value.
Book Synopsis Corporate Governance Matters by : David Larcker
Download or read book Corporate Governance Matters written by David Larcker and published by FT Press. This book was released on 2011-04-14 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance Matters gives corporate board members, officers, directors, and other stakeholders the full spectrum of knowledge they need to implement and sustain superior governance. Authored by two leading experts, this comprehensive reference thoroughly addresses every component of governance. The authors carefully synthesize current academic and professional research, summarizing what is known, what is unknown, and where the evidence remains inconclusive. Along the way, they illuminate many key topics overlooked in previous books on the subject. Coverage includes: International corporate governance. Compensation, equity ownership, incentives, and the labor market for CEOs. Optimal board structure, tradeoffs, and consequences. Governance, organizational strategy, business models, and risk management. Succession planning. Financial reporting and external audit. The market for corporate control. Roles of institutional and activist shareholders. Governance ratings. The authors offer models and frameworks demonstrating how the components of governance fit together, with concrete examples illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to “get the story straight,” and to provide useful tools for making better, more informed decisions.
