企業社會責任對於企業經營之重要性日益提高，本文研究標的為公司企業社會責任之提昇，將藉由併購事件，關注被併公司董事會成員的加入與主併公司併購前後企業社會責任績效差異之關聯。本文使用單變量分析法及最小平方法。實證結果主要有兩個發現，首先，不論併購前被併公司之企業社會責任績效較主併公司好或壞，被併公司董事會成員加入主併公司對於主併公司之企業社會責任績效有負向的影響。顯示被併公司董事會成員之加入整體而言降低了併購後公司的企業社會責任能力及資源運用。第二，當被併公司之企業社會責任績效好時，前述的負向效果顯著較被併公司之企業社會責任績效壞時小，顯示來自企業社會責任績效較好的董事會成員可以減低此負向效果。 本文貢獻主要有三，第一，過去少有同時結合併購、董事會成員變化、企業社會責任績效三項議題之文獻，透過這三項議題，能幫助我們從不同的角度來探討董事會成員與企業社會責任績效的關聯。第二，併購後被併公司董事會成員加入主併公司與企業社會責任之關聯過去少有文獻提及，本研究有利於後續關於董事會新成員之決策效率等方面之研究。第三，本文發現不同來源之被併公司董事會成員可以為帶來不同程度的效果，後續可研究董事會成員是否能帶給主併公司學習效果。 / This thesis examines the relevance of post-merger target board directorship on the acquirer’s corporate social responsibility (CSR). Our empirical results suggest that appointing board directors from target would impair the CSR performance of the acquirer, and that, acquiring a more socially responsible target would in fact alleviated such negative impact. Our findings add to the surprisingly scarce literature on the relationship between board directorship and CSR performance under the context of merge and acquisitions. Most important, we provide new insights on post-merger acquirer CSR performance in consequence of director appointments from social responsible/irresponsible targets.

The thesis deals with state-owned enterprises and their potential for corruption. In the first chapter is characterized corruption in the Czech Republic in the context of social, economic and political changes in the end of the twentieth century. This section also contains typology of corruption from Rasma Karklins, which is also the methodological basis of this work. The second part focuses on the characteristics of state-owned enterprises, and also on internal and external control mechanisms, which should reduce their potential for corruption. The third chapter presents in detail the processes and results of legislative changes in recent years, regarding the increase of external control mechanisms of state-owned enterprises.

Abstract  Background: Emerging economies, with all their positives and negatives, needs different actors to come together and play their part in order to achieve the economic growth. The concept of growth is inseparably linked to public and private sector, where a MC is formed with a distinctive fusion of private and political actors. However, the governance strategies for MCs in EE are quite different to governance mechanisms in developed economies, including the digital governance. Having said that, every digital implementation process, in the end, will be effected, not only by the political actors but also by the individual managers, CEO and boards, that are part of the governance mechanism. Purpose:      The purpose of this paper is to explore how governance mechanisms are shaped by different factors in a MC of EE, which eventually either impede of enable the process of implementation of digital strategies. Method: To get in-depth understanding of the research phenomenon, an exploratory design, qualitative study was carried out. Semi-structured interviews were conducted to gather empirical data, which included 3 directors and 3 board members from two different MCs of Pakistan. The respondents were chosen through non-probability sampling method. An abductive research approach facilitated in determining a deeper understanding between gathered empirical insights and  available literature on governance mechanisms of MC. Conclusion:  As a result, some internal and external factors were identified that shaped the governance mechanism of a MC. The internal factor included, political affiliations, accountability and digital awareness of individuals. While external factors included political interference, corruption, and digital readiness of public to adapt to digital strategies. More the disablers in the process, poorer the digital strategy implementation process which resulted in poorer and fewer digital services provided to the public of that MC.

This study investigates the relationship between female representation, women as chief executive officers, and corporate sustainability disclosures in Swedish listed companies. The used data was collected from the Swedish listed companies in Nasdaq Stockholm for the period 2017-2020. The specific research period is due to the new amendments of the Swedish Annual Accounts Act (Årsredovisningslagen) which came into force 2017. To investigate the effect female representation, and women as chief executive officers have on the legally issued corporate sustainability disclosures, this study applies content analysis and quantitative methods. By estimating multiple regression models, the results revealed a non-significant relationship of female representation on the board of directors and of women as chief executive officers, on the quality of corporate sustainability disclosures. For the critical mass of at least three women, a non-significant impact is detected. Lastly, an additional test for reversed causality has been conducted, however no significant relationship was documented.

Bakgrund: Kvinnors representation i styrelsen har varit en aktuell fråga som länge diskuterats i det svenska samhället och om det borde införas en kvoteringslag. Sverige är ett av de mest jämställda länder Europa, trots det finns markanta gap i kvinnors representation bland de ledande positionerna. Glass cliff-fenomenet antyder att kvinnor anlitas till ledarskapspositioner i osäkra förhållanden, vilket kan förklara den underrepresentation som existerar hos styrelsen. Vi frågar oss själva om glass cliff-fenomenet kan appliceras på kvinnliga ledamöter i den svenska kontexten. Syfte: Studiens syfte är att undersöka om ett glass cliff-fenomen existerar bland bolag noterade på OMX Stockholm inom small, mid och large-cap kategorin. Metod: Longitudinell studie med en deduktiv ansats där teorin testas mot studiens hypotesprövning. Urvalet består av 86 förlustföretag noterade på Stockholmsbörsen mellan år 2010 och 2018. Slutsats: Från resultatet fann vi att det inte existerade ett glass cliff-fenomen bland de svenska börsbolagen på small, mid och large-cap kategorin.

Studien syftar till att undersöka sambandet om huruvida bolag ökar eller minskar sin utdelning när olika styrelse och VD specifika variabler förändras. Undersökta variabler avser andel kvinnor i styrelsen, styrelsens storlek och styrelsemedlemmars interna aktieinnehav. Med tillämpning av en kvantitativ panelstudie baserad på en deduktiv ansats ämnar studien belysa hur sambanden ser ut för svenska börsnoterade bolag som inkluderas i OMXS30 under åren2009–2021. Genom ordinal probit regressioner kommer studiens empiriska resultat jämföras mot ett teoretiskt ramverk i syfte att förkasta eller bekräfta studiens hypoteser. Det teoretiska ramverket består av irrelevansteorin, agentteorin och Lintners utdelningspolicy.Resultatet finner skiftande stöd i studiens teoretiska ramverk. Andelen kvinnor uppvisar ett negativt samband, vilket står i kontrast till övervägande del av teorier och tidigare forskning. Styrelsens storlek uppvisar ett positivt samband gentemot utdelningsförändring, vilket går i linje med tidigare forskning. För internt innehav som förväntas vara negativt, återfinns ett svagt negativt samband för värdet på aktieinnehav för VD och styrelseordförande. Styrelseledamöternas aktieinnehav uppvisar i motsats ett positivt samband och styrka innehav visar ingen riktning i sitt samband. / The aim of this study is to explore the relationship between companies’ decision to increase or decrease their dividend and changes in board and CEO specific variables. The specificvariables refer to the proportion of women on the board, the size of the board and the internal shareholding of the board. Using a quantitative panel study with a deductive approach, the study explores this relationship by looking at companies included in the stock market indexOMXS30 during the years 2009–2021. The empirical results are compared against a theoretical framework to reject or confirm the study's hypotheses using ordinal probit regressions. The theoretical framework consists of the irrelevance theory, the agency theory and Lintner's dividend policy.The results show varied support in the theoretical framework. The proportion of women shows a negative relationship, which is inconsistent with most theories and previous research. The size of the board shows a positive relationship to dividend change, which is in line with previous research. For internal holdings, which are expected to be negative, a weak negative correlation is found for the value of shareholdings with the CEO and chairman of the board. In contrast, the board members' shareholdings show a positive relationship and strength holdings show no direction in their relationship.

This study aims to investigate how the proportion of female leaders on corporate boards affects firm financial performance during crises. The study investigates Swedish mid-cap and large- cap companies during COVID-19. The years observed are 2018-2021, where the two first years served as the pre-crisis periods, while the two latter as the crisis period. The sample includes 266 companies listed at Nasdaq Stockholm. Regression analysis is performed to investigate if there is a more positive relationship between the proportion of women on corporate boards and firm financial performance during a crisis. The firm financial performance measurements used are return on equity, return on assets, operating margin and Tobin’s Q. Moreover, in accordance with critical mass theory, the study examines if there is a significant relationship between a proportion of at least 40 % women on the board of directors, and financial performance during a crisis. The results of the study show no significant results for either a stronger relationship between the proportion of women and firm financial performance during a crisis or a threshold of 40 % proportion of women on the board. The study contributes to the current literature by expanding the research on gender and crisis management on a corporate level as well as explores the relationship between female board directors and firm financial performance in the Swedish market which has not been executed previously.

Nonprofit organizations rely heavily on their governing board of directors to provide leadership, strategic guidance, and financial oversight. The nonprofit community continues to grow, and the services provided by these organizations have become a critical part of our society, providing a wide variety of services targeting a diverse population. In this context, how the role of the board of directors impacts the financial position of the nonprofit organization is of great interest to both the academic community and the practitioner. This study examined three areas of interest: board effectiveness, funding source, and financial vulnerability. First, the association between board effectiveness and financial vulnerability was tested. Second, specific board behaviors associated with strategic planning and stakeholder management were tested to determine if they were greater predictors of financial vulnerability. Finally, the role of funding source (specifically privately funded organizations) as a moderating variable for board effectiveness and financial vulnerability was explored. The sample was composed of 112 participants, consisting of board member/executive director survey responses and financial information for the participating organizations. The sample was drawn from six counties in the Central Florida area. Data were collected from a series of mailings, and surveys were distributed at nonprofit lecture series. The Financial Vulnerability Index (FVI) was used as a measure of the financial condition of the nonprofit organization and represented the dependent variable in this study. The Board Self-Assessment Questionnaire (BSAQ) was used to assess board effectiveness and represented the independent variable in this study. Primary funding source was identified as a moderating variable, while board size, age of the organization, CEO tenure, service area, United Way affiliation, national affiliation were included as control variables. Board effectiveness as measured by the BSAQ was a significant predictor of financial vulnerability as measured by the FVI. The strategic and stakeholder behaviors associated with board effectiveness were not found to be significant predictors of financial vulnerability, beyond other behaviors associated with board effectiveness. Funding source was shown to moderate the observed relationship between board effectiveness and financial vulnerability, as the association between effectiveness and financial condition was significant in privately funded nonprofit organizations (no such significance was identified in government funded or commercially funded organizations).

The Board of directors of industrial enterprise is the most important body responsible for achieving a balance of interests between shareholders and managers. The management system of remuneration of the members of the Board of directors in an industrial company formed from an attraction of the Board of directors of highly qualified specialists. However, this aspect does not indicate getting great results and quality solution of the task facing him. Thus, in modern industrial production the problem of managing the system of remuneration of members of the Board of directors is quite acute. The aim of the research was the development improvement of the system of remuneration of the members of the Board of directors at the industrial enterprise. / Совет директоров промышленного предприятия – это важнейший орган, осуществляющий достижение равновесия интересов между акционерами и руководителями. Управление системой вознаграждения членов совета директоров на промышленном предприятии формируется из привлечения в совет директоров специалистов высочайшей квалификации. Однако данный аспект не свидетельствует о получении высокого результата и качественного решения стоящих перед ним задач. Таким образом, в условиях современного промышленного производства проблема управления системой вознаграждения членов совета директоров стоит достаточно остро. Целью исследования стала разработка усовершенствования системы вознаграждения членов совета директоров на промышленном предприятии.

The relevance of the study lies in the need to form a qualitatively effective composition of the Board of Directors to demonstrate high standards of corporate governance to potential investors and reduce the cost of capital raised. The foreign director in the Board serves as a positive marker for financial markets and is able to influence the cost of external sources of financing. Scientific novelty consists of 2 points: 1) for the first time, the relationship between foreign directors and the cost of capital raised is investigated (previously, the effect was only studied on the value of the company as a whole); 2) the author's index of the quality of work of the Board of Directors was created taking into account its composition and citizenship of members. The purpose of the study is to assess the impact of foreign members of the Board of Directors on the cost of raising capital by Russian companies. The sample consisted of 54 large traded companies, for three years from 2016 to 2018. Descriptive statistics showed that the share of foreign directors in the Boards of Directors of Russian companies increased over this period, as did the number of independent directors. The number of committees does not change (3-4 in the Board), nor does the percentage of women in the Board remain unchanged. To test research hypotheses, an econometric model with fixed effects was formed. Assessment showed that an increase in the value of the quality index of the board of directors by 0.1 points reduces the weighted average cost of capital by 1.47%. An increase in return on assets by 0.01% reduces the weighted average cost of capital by 0.02%. An increase in the MICEX Index growth rate of 0.01% reduces the weighted average cost of capital by 0.1%. Testing confirmed the positive influence of foreign members of the Board of Directors on the cost of external sources of financing for large traded Russian companies. / Актуальность исследования состоит в необходимости формирования качественно эффективного состава Совета Директоров для демонстрации высоких стандартов корпоративного управления потенциальным инвесторам и снижении стоимости привлеченного капитала. Иностранный директор в составе Совета служит позитивным маркером для финансовых рынков и способен влиять на стоимость внешних источников финансирования. Научная новизна заключается в 2-х пунктах: 1) впервые исследуется взаимосвязь иностранных директоров и стоимости привлеченного капитала (ранее исследовалось влияние только на стоимость компании в целом); 2) создан авторский индекс качества работы Совета Директоров с учетом его состава и гражданства членов. Цель исследования – оценка влияния иностранных членов Совета Директоров на стоимость привлечения капитала российскими компаниями. Выборку составили 54 крупные торгуемые компании, за три года с 2016 года по 2018 год. Описательная статистика показала, что доля иностранных директоров в Советах Директоров российских компаний за этот период увеличилась, как и число независимых директоров. Не изменяется число комитетов (3-4 в Совете), равно как и неизменной низкой остается доля женщин в совете. Для тестирования исследовательских гипотез была сформирована эконометрическая модель с фиксированными эффектами. Оценивание показало, что увеличение значения индекса качества совета директоров на 0,1 балла уменьшает средневзвешенную стоимость капитала на 1,47%. Увеличение рентабельности активов на 0,01% уменьшает средневзвешенную стоимость капитала на 0,02%. Увеличение темпа роста Индекса ММВБ на 0,01% уменьшает средневзвешенную стоимость капитала на 0,1%. Тестирование подтвердило наличие положительного влияния иностранных членов Совета Директоров на стоимость внешних источников финансирования для крупных торгуемых российских компаний.