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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
221

Assessment Of Corporate Governance Practices In Jordan: An Empirical Investigation

Hendawi, Raed Diab Moh’d January 2013 (has links)
Corporate Governance (CG) nowadays is on the agenda of most developed and developing countries, including Jordan, and is receiving considerable attention in the business world as well as in the area of academic research, which is an indication of its importance for business development and society as a whole. The knowledge base about CG in developing countries appears to be limited, but it is growing in size and importance. This study therefore aims to investigate current CG practices and barriers to the development of good CG practices in firms. In order to accomplish the research objectives, a mixed research methodology was adopted. The findings of the study contribute to knowledge by providing empirical data to test and extend the theory of CG. The results suggest that most big and old firms are applying best practice of good CG. Regarding factors inhibiting the practice of effective CG, the results indicate that weakness of the legal environment for firms and lack of knowledge of BODs about CG principles are the most important factors. The empirical results find that constitution, compliance and conscience will affect firm’s performance positively. Separation between the position of CEO and Chairman, the existence of independent NEDs, the use of board subcommittees and a strong disclosure regime also help firms to improve performance. On the basis of the empirical results, the study recommends that the government needs to reform the relevant legislation. These suggestions may strengthen the internal governance of firms, thereby increasing performance and maximise shareholders’ wealth.
222

Beyond the Beauty of the Game : Investigating Corporate Governance Diversity, with Media Influence, on Sports Club Success

Ammunet, Gustav, Malm, Markus January 2024 (has links)
Background: Prior literature on diversity within BODs and TMTs is predominantly situated within thecontext of conventional organizations. However, sports clubs differ somewhat fromconventional organizations due to the inclusion of an additional performance metric toconsider, sports performance, which stands as their foremost priority. As sports clubsoperate under a heightened-paced landscape with far more external pressure, the necessityto extend governance research into this rather new area of investigation is of interest. Purpose: The purpose of the thesis is to investigate the impact of BOD and TMT diversity on sportsclubs’ sports and financial performance and how media influence this relationship. Method: This thesis employs a deductive approach, utilizing a quantitative method, to investigatethe research objectives. The analysis is based on 144 observations from 24 distinct Swedishsports clubs. Depending on the performance metrics being measured, the data is examinedusing either multiple linear regression or ordinal regression. Conclusion: The study supports three of its eight hypotheses, namely that BOD diversity has a positiverelationship with sports performance and that media moderate the relationship betweenTMT diversity, partially BOD diversity and financial performance.
223

Diversity and Environmental CSR Reporting in Listed SMEs : The Moderating Effect of Family Firms

Jalvér, Lina, Zetterlund, Sanna January 2024 (has links)
Background: It has become increasingly important for all corporations to make environmentally friendly decisions and consider environmental CSR. Previous studies have shown that effective corporate governance and diversity of BoDs and TMTs can affect sustainability reporting positively. However, prior literature has been underrepresented regarding SMEs. It is currently voluntary for these types of firms to report on sustainability, but new requirements are underway. Additionally, family-owned firms differ in the context of environmental CSR reporting due to the interests of the family, and that these types of firms tend to not consider the diversity as much as non-family-owned firms.    Purpose: The purpose of this study is to investigate how the diversity of BoDs and TMTs in Swedish stock-listed SMEs impacts environmental CSR reporting. Additionally, how family firms moderate this relationship.     Methodology: This study adopts a positivistic view, follows the deductive approach, and uses a quantitative methodology. The collected data was gathered through databases, annual reports, and other sources to get information about the diversity aspects and sustainability reporting. This was analyzed by using the Spearman correlation matrix and multiple linear regressions.    Findings: The findings of this study only partially support the relationship between the diversity of BoDs and environmental CSR reporting. There was no support regarding the relationship between the diversity of TMTs and environmental CSR reporting. Family firms as a moderating factor to this, could also not be supported.
224

A relação da independência do conselho de administração com o desempenho operacional e de mercado das empresas de capital aberto no Brasil

Mesnik, Samy Sznajder 07 May 2018 (has links)
Submitted by Samy Sznajder Mesnik (samy.mesnik@gmail.com) on 2018-05-16T23:57:09Z No. of bitstreams: 1 Samy Sznajder Mesnik_Mestrado.pdf: 4205097 bytes, checksum: 382f5d3a94efeaf4a136f038f83d8fac (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-05-17T00:07:01Z (GMT) No. of bitstreams: 1 Samy Sznajder Mesnik_Mestrado.pdf: 4205097 bytes, checksum: 382f5d3a94efeaf4a136f038f83d8fac (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-05-17T15:45:38Z (GMT) No. of bitstreams: 1 Samy Sznajder Mesnik_Mestrado.pdf: 4205097 bytes, checksum: 382f5d3a94efeaf4a136f038f83d8fac (MD5) / Made available in DSpace on 2018-05-17T15:45:38Z (GMT). No. of bitstreams: 1 Samy Sznajder Mesnik_Mestrado.pdf: 4205097 bytes, checksum: 382f5d3a94efeaf4a136f038f83d8fac (MD5) Previous issue date: 2018-05-07 / A importância do cumprimento de regras de governança corporativa pelas empresas é um assunto recorrente em trabalhos acadêmicos em muitos países devido ao interesse do assunto por gestores, investidores, reguladores, entre outros agentes. Apesar do monitoramento sobre o cumprimento das normas e regulações impostas pelos níveis de governança corporativa, não encontram-se muitas métricas de eficiência ou controle a respeito do resultado destas ações. Entre algumas das práticas de governança corporativa no Brasil, está a presença obrigatória de pelo menos 20% de conselheiros independentes na composição do conselho de administração das empresas de capital aberto listadas no Nível II e Novo Mercado na bolsa de valores brasileira (B3). Muitos artigos abordam as contribuições ou implicações, em termos qualitativos, da presença destes agentes no conselho de administração. Por um lado, os conselheiros independentes podem exercer o papel de fiscalizar, discutir a visão de longo prazo ou representar acionistas minoritários. Por outro lado, a diversidade levada ao conselho de administração pode reduzir a concisão ou o consenso sobre as decisões deliberadas. Este trabalho propõe uma análise quantitativa a partir de modelos econométricos para constatar a relação da presença de conselheiros independentes e da quantidade de membros no conselho de administração com o desempenho financeiro das empresas no Brasil no período de 2010 a 2016. O trabalho contribui com a literatura para atualização do tema avaliado e apresenta uma conclusão convergente entre as análises univariadas e multivariadas. / The importance of corporate governance rules and its application is a recurrent subject in academic work in many countries due to its significance to managers, investors and regulators, among other agents. Beyond regulations to control whether companies are in agreement with the regulations imposed by the levels of corporate governance, there are not many published metrics regarding the efficiency of these norms. One of the corporate governance practices in Brazil is the mandatory presence of at least 20% of independent directors in the composition of the board of directors of public companies listed on Level II and Novo Mercado on the Brazilian stock exchange (B3). Many articles address the contributions or qualitative implications of the presence of these agents on the board. On the one hand, independent directors can play the role of overseeing, discussing the long-term vision or representing minority shareholders. On the other hand, diversity brought to the board of directors can reduce conciseness or consensus over deliberate decisions. This article proposes a quantitative analysis with econometric models to validate any relation between the presence of independent directors, the number of members in the board of directors and the financial performance of companies in Brazil between 2010 and 2016. This article contributes to the related literature with an update about the subject and presents a convergent conclusion amid the univariate and multivariate analyzes.
225

財務報表重編與董監獨立性/專業性之研究

吳祥福, Wu, Shang-Fu Unknown Date (has links)
財務報表重編雖不若財務報表詐欺舞弊,但對於財務報表使用者而言,仍代表財務報表資訊品質不佳。因此公司應建立有效的監督治理機制,以防止財務報表重編情形發生,提高財務報表資訊品質。 本研究針對35家財務報表重編公司及35家財務報表未重編公司之董事會、監察人之獨立性、專業性進行研究,獲得以下結論: 一、發生財務報表重編的公司董事會中外部董事比率低於未發生財務報表 重編公司董事會外部董事比率 二、發生財務報表重編的公司董事會中獨立董事比率低於未發生財務報表 重編公司董事會獨立董事比率。 三、發生財務報表重編的公司董事會中法人董事席次比率高於未發生財務 報表重編公司法人董事席次比率。 四、發生財務報表重編的公司法人監察人席次比率高於未發生財務報表重 編公司法人監察人席次比率。 五、發生財務報表重編的公司董事會中關聯性法人董事比率高於未發生財 務報表重編公司關聯性法人董事比率。 / The restatement of financial statements does not equal to a financial statement fraud. However, it can reflect inferior quality of information disclosed in financial statements. Consequently, companies should establish an effective mechanism for supervision and governance in order to prevent the occurrence of financial statements restatements and to improve the quality of information disclosed in financial statement. The Organization for Economic Co-operation and Development(OECD) proposed five principles of corporate governance including strengthening the responsibility of the board of directors. It also required that the board of directors should function effectively. Independent and professional outside directors should be engaged to protect the interest of all shareholders. The study was conducted to investigate the independence and professionalism of the board of directors and supervisors. The sample included 35 companies which restated their financial statements at the time. Another 35 companies of comparative sizes were selected as the comparison group. The following results were conducted. 1.Firms that restated financial statements had significantly lower percentages of outside directors on the board than those which did not restate their financial statements. 2.Firms that restated financial statements had significantly lower percentages of independent directors on the board than those which did not restate their financial statements. 3.Firms that restated financial statements had significantly higher percentages of institutional directors on the board than those which did not restate their financial statements. 4.Firms that restated financial statements had significantly higher percentages of institutional supervisors than those which did not restate their financial statements. 5.Firms that restated financial statements had significantly higher percentages of affiliated institutional directors on the board than those which did not restate their financial statements.
226

Ohlson-Juettner模型在台灣適用性之研究

葉珮穎 Unknown Date (has links)
本研究依據Ohlson and Juettner(2005)所提出新的衡量權益資金成本方式,異常盈餘成長評價模型(Abnormal Earnings Growth Valuation Model),探討其是否適合台灣企業作為有效衡量權益資金成本方式之一。並進一步研究已實現報酬與OJ模型估計之權益資金成本關聯性,OJ模型估計之權益資金成本可否作為投資人選擇投資標的時之參考資訊,所得之結論可作為企業管理者與投資人之重要參考依據。最後本研究將OJ模型估計之權益資金成本應用於公司治理之角度,探討權益資金成本與董事會特性關聯性。 實證發現,蒐集台灣企業資料,推算OJ模型估計之權益資金成本與過去研究認為影響權益資金成本的重要風險因子,皆有顯著相關性存在。因此認為OJ模型適用於台灣企業權益資金成本之估計,亦為有效的估計權益資金成本之方式一。另外,利用三因子模型進行複迴歸分析發現,已實現報酬與OJ模型估計之權益資金成本呈顯著正相關,顯示OJ模型估計之權益資金成本愈大的公司,其股票報酬愈高。且以迴歸之局部判定係數分析,於加入ROJ解釋變數後,模型的解釋力增加了,顯示OJ模型估計之權益資金成本對已實現報酬率具有增額之解釋能力,故OJ模型估計之權益資金成本具有解釋股票報酬波動之能力。最後,在權益資金成本與董事會特性之關聯性方面,實證發現權益資金成本與董監事股票質押比率、控制股東掌握之董監事席次比率和現金流量權比率的偏離程度呈顯著正相關。 / In this study, we use Ohlson-Juettner model to generate a market implied cost of capital. We then examine the correlation of cost of capital and risk factors, and the correlation of cost of capital and ex post returns. Additionally, we would like to discuss the relationship between the cost of capital and characteristics of the board of directors and supervisors. Our empirical results show that cost of capital has expected correlation with risk factors, so the cost of capital estimated through Ohlson-Juettner model can be a effective method to estimate cost of capital in Taiwan. The cost of capital also has expected an economically significant association with ex post returns. Additionally, we find that the percentage of shareholding pledged by board members and supervisors is significantly positively associated with cost of capital. The deviation between the percentage of directors and supervisors controlled by controlled stockholder and cash flow rights owned by controlled stockholder is also significantly positively associated with cost of capital.
227

O Estado como acionista controlador / The state as controlling shareholder

Pinto Junior, Mario Engler 23 June 2009 (has links)
O presente trabalho acadêmico procura construir um referencial teórico baseado no ordenamento jurídico brasileiro para definir o papel da empresa estatal no mundo contemporâneo. Trata-se do ponto de partida para compreender a atuação do Estado como acionista controlador e as regras de convivência com acionistas privados em posição minoritária e com outros grupos de interesse afetados pela atividade empresarial. A abordagem do tema apóia-se na idéia central de que toda empresa estatal está investida de uma missão pública, explícita ou implicitamente incorporada no objeto social, que varia conforme a natureza da atividade exercida e está sujeita a adaptações ao longo do tempo. A missão pública coexiste com a finalidade lucrativa inerente ao modelo de companhia e serve para condicionar a ação do Estado enquanto acionista controlador e dos administradores, dando conteúdo a seus deveres fiduciários. / This dissertation aims at establishing a theoretical framework according to Brazilian law to identify the role of state-owned enterprise in contemporary world. This is the first step to understand what the governments behavior should be as a controlling shareholder and the legal rules applied to its relationship with equity investors and others stakeholders. The approach is based on the assumption that every state-owned enterprise has a public mission implicitly or explicitly included in its bylaws objectives. The public mission varies according to the nature of the business and should be redefined from time to time to keep adherence to the external environment. The public mission coexists with the companys profit scope and guides the States actions, as well as those of directors and officers. For that reason the public mission is embedded in their fiduciary duties.
228

Verhaltenspflichten des Vorstands des Zielunternehmens während öffentlicher Übernahmeverfahren

Kraupa-Tuskany, Amadeo 24 January 2013 (has links)
Das übergeordnete Ziel der vorliegenden Arbeit ist es, ökonomische Gesichtspunkte konsequent in die Diskussion zu den Verhaltenspflichten des Vorstands während öffentlichen Übernahmeverfahren zu integrieren. Aus wohlfahrtstheoretischer Perspektive müssen hierbei die ökonomischen Funktionen des Markts für Unternehmenskontrolle umfassend Berücksichtigung finden. Das Instrumentarium der Ökonomischen Theorie des Rechts dient im Rahmen der Untersuchungen zum einen der positiven Analyse der diskutierten Ansätze zur Regelung der Verhaltenspflichten sowie der bestehenden Regelungen nach der EU-Übernahmerichtlinie (ÜRL) und dem WpÜG. Der normativen Variante der Ökonomischen Theorie des Rechts kommt insbesondere bei der Entwicklung von Regelungsalternativen zu den bestehenden Vorschriften bezüglich der Verhaltenspflichten nach dem WpÜG Bedeutung zu. Vor dem Hintergrund dieses übergeordneten Ziels verfolgt die Arbeit nach der umfassenden Darstellung der, mit der Regulierung des Verhaltens des Vorstands während des Übernahmeverfahrens verbundenen Regelungsprobleme aus juristischer und ökonomischer Perspektive zwei konkrete Ziele: die positive Wirkungsanalyse der bestehenden Regelungen nach der ÜRL und dem WpÜG sowie die Entwicklung einer Regelungsalternative auf nationaler Ebene. / The primary objective of the dissertation is to systematically integrate economic considerations into the discussion about the code of conduct for the board of directors during public takeovers. From a welfare theoretic perspective, the economic functions of the market for corporate control have to be taken into account in their entire scope. In this context the instruments of Law and Economics are used for a positive analysis of different approaches to regulate the code of conduct as well as the existing regulations of the EU Directive on Takeover Bids and the WpÜG. The normative approach of Law and Economics is particularly useful for developing regulatory alternatives to the existing code of conduct under the WpÜG. Based on a survey of the regulatory problems of public takeovers from an economic and legal perspective, the dissertation is perusing two objectives: a positive effect analysis of the impact of the existing rules of the EU Directive on Takeover Bids and the WpÜG as well as the formulation of an alternative concept for the code of conduct on the national level.
229

Gestão de risco de compliance – principais entraves para as empresas brasileiras atingirem maior maturidade

Martins, Adriano de Oliveira 28 June 2018 (has links)
Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-10-09T16:58:19Z No. of bitstreams: 1 Adriano de Oliveira Martins_.pdf: 580495 bytes, checksum: 56629584efa4a6ad597e26746b67a946 (MD5) / Made available in DSpace on 2018-10-09T16:58:19Z (GMT). No. of bitstreams: 1 Adriano de Oliveira Martins_.pdf: 580495 bytes, checksum: 56629584efa4a6ad597e26746b67a946 (MD5) Previous issue date: 2018-06-28 / Nenhuma / De acordo com uma pesquisa Maturidade do Compliance no Brasil, realizada pela KPMG em 2016, as empresas em geral possuem um baixo nível de maturidade em gestão de riscos de compliance. Apesar da importância do tema, segundo a pesquisa, apenas 58% das empresas afirmam possuir mecanismos para gestão de risco de compliance, enquanto outros 42% informam desconhecê-los. Dentre as estruturas classificadas pela pesquisa, que são dedicadas ao tema de compliance, 36% afirmam não possuir autonomia e independência para exercer suas funções, consideradas uma boa prática de governança. Ainda segundo a pesquisa, 52% não possuem recursos adequados. O Instituto Brasileiro de Governança Corporativa – IBGC, entende risco como possibilidade de ‘algo não dar certo’, mas seu conceito atual envolve a quantificação e qualificação da incerteza, no que diz respeito às ‘perdas’ como aos ‘ganhos’ e o rumo dos acontecimentos planejados. O objetivo deste estudo é identificar os principais entraves que fazem com que o grau de maturidade das empresas brasileiras no tema compliance, seja baixo. Para tanto, foram entrevistados em profundidade, alguns conselheiros de administração e fiscal e, com base na literatura disponível e pelos resultados das recentes pesquisas sobre maturidade de risco de compliance no Brasil, foi possível compreender alguns dos principais aspectos que fazem com que estas empresas, tenham este resultado. Os resultados apontam principalmente para: Crença de que os riscos, em especial de compliance, não irão se materializar; Exigências relacionadas com o tema compliance, não se aplicam em suas empresas; Posicionamento reativo quanto ao cumprimento das normas; Conflito de interesses pessoais; Crescente preocupação quanto à formação dos conselheiros em governança corporativa de forma reativa; Desconhecimento pleno das responsabilidades e impactos de ser um conselheiro; Aumento da exposição à riscos, renúncia do posicionamento em assembleias; Autoproteção, quebra de independência; Uso das estruturas internas de compliance, para a proteção e atendimento das necessidades do controlador e atendimento às conformidades apenas para manter as aparências. / According to a Compliance Maturity research in Brazil, conducted by KPMG in 2016, companies generally have a low level of maturity in compliance risk management. Despite the importance of the topic, only 58% of companies claim to have compliance risk management mechanisms, while another 42% report not knowing them. Among the structures dedicated to the subject, 36% affirm that they do not have autonomy and independence to perform their functions, considered a governance good practice. Still, according to research, 52% do not have adequate resources. The Brazilian Institute of Corporate Governance (IBGC) understands risk as a possibility of 'something going wrong', but the current concept involves the quantification and qualification of uncertainty as 'losses' and 'gains' and the direction of planned events. The objective of this study is to identify the main obstacles that make the degree of maturity of the Brazilian companies in the subject of compliance to be low. For which, were interviewed in depth, some administration and supervisory advisers and, based on the available literature and the results of the recent research on risk maturity of compliance in Brazil, was possible to understand some of the main aspects that cause these companies to have this result. The results point mainly to: Belief that risks, especially compliance, will not materialize; Requirements related to the subject of compliance, do not apply in their companies; Reactive positioning regarding compliance with standards; Conflict of personal interests; Growing concern as well as the formation of directors in corporate governance in a reactive way; Lack of full knowledge of the responsibilities and impacts of being an advisor board; Increasing exposure to risks, resignation of positions in assemblies; Self-protection, breach of independence; Use of internal compliance structures, self-protection to meeting the needs of the main controller and attendance to conformities just to keep up appearances.
230

Rémunération des dirigeants et gouvernance des entreprises / Executive compensation and Corporate Governance

Khenissi, Mohamed 30 May 2013 (has links)
L’objectif de ce travail a été de cerner les différents acteurs et mécanismes qui pourraient avoir la capacité de fixer la rémunération des dirigeants ainsi que la logique avec laquelle les décisions sont prises. Pour répondre à cette problématique, nous avons retenu une démarche en trois articles dans lesquels nous définissons une question de recherche pour chacun. Tout d’abord, nous nous intéressons au lien entre rémunération et performance dans le contexte français. Ensuite, nous mettons l’accent sur le rôle des mécanismes de gouvernance dans la détermination de la rémunération des dirigeants français. Enfin nous étudions les différents acteurs et mécanismes qui interviennent dans la fixation de la politique de rémunération des dirigeants. Pour chaque article, nous développons un cadre conceptuel sur la base de deux perspectives théoriques complémentaires. Les deux premiers articles se positionnent dans la perspective disciplinaire actionnariale, alors que le troisième article se place dans une perspective élargie de la gouvernance. Les cadres théoriques présentés ont été confrontés à l’épreuve de la réalité. Cette mise à l’épreuve a été réalisée par l’intermédiaire de méthodes quantitatives pour les articles 1 et 2 (méthodes statistiques de régression linéaire), et qualitatives pour l’article 3 (étude du cas Vinci). Nos résultats montrent tout d’abord, que la rémunération des dirigeants des sociétés cotées françaises est positivement liée à la richesse des actionnaires. En outre, et contrairement à l’hypothèse politique de Roe (2001), la rémunération globale des dirigeants français a un effet incitatif plus important que dans les entreprises américaines. Ensuite, aucun des mécanismes étudiés (conseil d’administration, comité des rémunérations et structure de propriété) n’a un impact significatif sur la sensibilité de la rémunération à la performance. Enfin, le processus décisionnel concernant la rémunération du dirigeant peut être fortement influencée par le dirigeant lui-même (en raison des réseaux relationnels ou bien des biais comportementaux) ainsi que d’autres mécanismes de gouvernance partenariale (médias et recours judiciaire). / The objective of this research was to identify the different processes and key actors involved in defining executive's income but also the logic with which decisions are made. To address this issue, a three-step approach was used in which a research question was raised in each one. First of all, the link between performance and income in the French context will be assessed. Then, the role of governance mechanisms on executives ‘salary will be established. Finally, the different actors and mechanisms in determining salary’s policy will be analyzed. For each article, a conceptual framework was developed based on two complementary theoretical perspectives. The first two items are positioned in the disciplinary perspective shareholder, while the third item is placed in wider governance. Theoretical frameworks presented were faced with the test of reality. This Analysis was conducted through quantitative method for items 1 and 2 (linear regression) and qualitative method in the third article (Vinci case study). The first results show that CEO’s incomes from listed French companies are positively related to shareholder wealth. In addition, and contrary to Roe’s hypothesis (2001), the total compensation of French leaders have an incentive base greater than in U.S. companies. Secondly, none of the mechanisms studied (board of directors, compensation committee and ownership structure) has a significant impact on the sensitivity of Salary - performance. Finally, the decision-making process concerning executive’s compensation may be strongly influenced by the leader himself (due to relational networks or behavioral biases) and other stakeholder governance mechanisms (media and judicial remedy).

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