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В разделе собрана информация о статьях по экономике, социологии и менеджменту. Во многих случаях приводятся полные тексты статей. (подробнее...)

Статьи

Всего статей в данном разделе : 430

Опубликовано на портале: 22-03-2007
Gerhard Cromme Corporate Governance: An International Review. 2005.  Vol. 13. No. 3. P. 362-367. 
The term "corporate governance", and all that it implies, is now in everyday use in Germany. This is due to the enormous changes Germany has experienced in recent years, in international business, international finance and in German industrial structures. This contribution deals with recent changes in the German system of corporate governance. After a short historical review, the major elements of the international context that form the background for changes in Germany are discussed. This is followed by an explanation of the German Corporate Governance Code and its role, concluding with a prospectus for further possible developments and a summary of key points.
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Опубликовано на портале: 22-03-2007
William Judge, Irina Naoumova Econometrica. 2004.  Vol. 12. No. 3.
Developing an effective corporate governance system is key to Russia's future. Russia is now at a crossroads as it decides to either continue pursuing the Anglo-American form of governance with its emphasis on external market controls, or turn to a more Western European model with its emphasis on internal controls, or some combination of the two. To make these challenges more tangible and bring them into sharper focus, we discuss some of the governance challenges facing four bellwether Russian firms – Gazprom, Sberbank, Wimm-Bill-Dann and Mobile TeleSystems. We conclude with a discussion of the key institutional forces that will heavily influence the path taken by Russia in the future, along with predictions for the future.
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Опубликовано на портале: 18-04-2007
C.B. Ingley, Nicholas T. van der Walt Corporate Governance: An International Review. 2004.  Vol. 12. No. 4. P. 534-551. 
The paper outlines the problems of conflicts of interest for fiduciary shareholders with respect to the stock of publicly owned companies in their portfolios and considers various approaches proposed to address these problems. The questions of whether fiduciary problems are the result of a vacuum of ownership and an imbalance of power, and the extent to which regulatory reform and shareholder activism can resolve these problems, are examined. From this analysis a framework is developed that describes the sources, outcomes and factors contributing to the effectiveness of conflict management in the context of the current investment environment. A series of recommendations for mediating conflicts of interest by changing board architectures are presented. These recommendations apply principles of participative corporate democracy to the overall governance system.
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Опубликовано на портале: 16-04-2007
C.B. Ingley, Nicholas T. van der Walt Corporate Governance. 2004.  Vol. 12. No. 4. P. 534-551. 
The paper outlines the problems of conflicts of interest for fiduciary shareholders with respect to the stock of publicly owned companies in their portfolios and considers various approaches proposed to address these problems. The questions of whether fiduciary problems are the result of a vacuum of ownership and an imbalance of power, and the extent to which regulatory reform and shareholder activism can resolve these problems, are examined. From this analysis a framework is developed that describes the sources, outcomes and factors contributing to the effectiveness of conflict management in the context of the current investment environment. A series of recommendations for mediating conflicts of interest by changing board architectures are presented. These recommendations apply principles of participative corporate democracy to the overall governance system.
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Опубликовано на портале: 16-04-2007
Leora F. Klapper, Inessa Love World Bank Policy Research Working Papers. 2004.  No. 2818.
We use recent data on firm-level corporate governance (CG) rankings across 14 emerging markets and find that there is wide variation in firm-level governance in our sample and that the average firmlevel governance is lower in countries with weaker legal systems.We explore the determinants of firmlevel governance and find that governance is correlated with the extent of the asymmetric information and contracting imperfections that firms face. We also find that better corporate governance is highly correlated with better operating performance and market valuation. Finally, we provide evidence that firm-level corporate governance provisions matter more in countries with weak legal environments.
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Опубликовано на портале: 16-04-2007
Christopher W. Anderson, Terry L. Campbell II Journal of Corporate Finance. 2004.  Vol. 10. No. 3. P. 327-354. 
We investigate external and internal corporate governance activity observed at Japanese banks over 1985–1996. External governance appears to be inactive, and even after the onset of the banking crisis of the 1990s there are few mergers, failures, and other changes in ownership and control. Prior to the banking crisis we do not find a relation between bank performance and executive turnover. In contrast, non-routine turnover of bank presidents is inversely related to both stock returns and profitability in the 1990s. Consequently, internal governance activity is observable following the onset of the Japanese banking crisis, a period otherwise characterized by inactive external governance and regulatory forbearance.
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Опубликовано на портале: 18-04-2007
Gary Gorton, Frank Schmid Journal of Corporate Finance. 1999.  Vol. 5. No. 2. P. 119-140. 
The ownership structures of firms are endogenous. This makes it difficult to produce w direct evidence on the Berle and Means Berle, A.A., Means, G.C., 1932. The Modern x Corporation and Private Property, New York. hypothesis that corporate governance becomes less efficient as the degree of separation of ownership and control increases. We address this issue by studying Austrian cooperative banking, an organizational form in which the ownership structure is exogenous. We show that firm performance declines as the number of cooperative members increases, corresponding to a greater separation of ownership and control. We also provide direct evidence on another theory that is difficult to test, namely, the efficiency wage hypothesis. We show that the decline in firm performance as the number of shareholders increases is due to an increase in efficiency wages.
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Опубликовано на портале: 18-04-2007
James H. Nelson Journal of Corporate Finance. 2005.  Vol. 11. No. 1-2. P. 197-228. 
This paper examines the link between firm performance, CEO characteristics and changes in corporate governance practices using an unbalanced panel of 1721 firms from 1980 to 1995. This paper provides the stylized facts about corporate governance practices and details how governance practices have evolved over time. By 1995, the majority of firms had implemented differing types of charter amendments, poison pills or other governance provisions that are potentially harmful to shareholders. Most firms have adopted multiple and even redundant governance provisions. Shareholders are more likely to approve an increase in the power of the boards of directors of better performing firms, while the boards of poorly performing firms are much more likely to initiate governance changes, such as poison pills, that circumvent shareholder approval. I find no relationship between CEO age, tenure or compensation and governance changes.
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Опубликовано на портале: 16-04-2007
Stuart L. Gillan, Laura T. Starks Journal of Financial Economics. 2000.  Vol. 57. No. 2. P. 275-305. 
We study shareholder proposals across a period of substantial activity and 2nd systematic differences both across sponsor identity and across time. To measure the success of shareholder activism, we examine voting outcomes and short-term market reactions conditioned on proposal type and sponsor identity. The voting analysis documents that sponsor identity, issue type, prior performance and time period are important influences on the voting outcome. Proposals sponsored by institutions or coordinated groups appear to act as substitutes gaining substantially more support than proposals sponsored by individuals. The nature of the stock market reaction, while typically small, varies according to the issue and the sponsor identity.
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Опубликовано на портале: 23-12-2007
Gianni De Nicolo, Luc Laeven, Kenichi Ueda IMF, Working Paper. 2006.  No. 06/293.
This paper constructs a composite index of corporate governance quality, documents its evolution from 1994 through 2003 in selected emerging and developed economies, and assesses its impact on aggregate and corporate growth and productivity. Our investigation yields three main findings. First, corporate governance quality in most countries has overall improved, although to varying degrees and with a few notable exceptions. Second, the data exhibit cross-country convergence in corporate governance quality with countries that score poorly initially catching up with countries with high corporate governance scores. Third, the impact of improvements in corporate governance quality on traditional measures of real economic activity—GDP growth, productivity growth, and the ratio of investment to GDP— is positive, significant, and quantitatively relevant, and the growth effect is particularly pronounced for industries that are most dependent on external finance.
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Опубликовано на портале: 18-04-2007
Sandra C. Vera-Munoz Journal of Business Ethics. 2005.  Vol. 62. No. 2. P. 115-127. 
Comprehensive regulatory changes brought on by recent corporate governance reforms have broadly redefined and re-emphasized the roles and responsibilities of all the participants in a public company’s financial reporting process. Most notably, these reforms have intensified scrutiny of corporate audit committees, whose role as protectors of investors’ interests now attracts substantially higher visibility and expectations. As a result, audit committees face the formidable challenge of effectively overseeing the company’s financial reporting process in a dramatically changed—and highly charged—corporate governance environment. This paper discusses the new expectations of audit committee responsibilities and effectiveness in the wake of corporate governance reforms, key challenges, “whistleblower” provisions and shortcomings, and provides some directions for future research.
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Опубликовано на портале: 17-04-2007
Christos Pitelis Corporate Governance: An International Review. 2004.  Vol. 12. No. 2. P. 210-223. 
We discuss the nature and role of (corporate) governance and (shareholder) value and their implications for (sustainable) economic performance. We critique and build on extant theory to develop a model of the determinants of value-wealth creation at the firm, national and global levels and explore current economic debates on governance and sustainable economic performance in its context. We conclude that (the need for) stakeholder value is derivative from (not opposed to) the concept of sustainable value, that national governance and the nationwide “governance-mix” impact on corporate governance and that national and global economic governance are essential for sustainable global value-wealth creation, and economic performance.
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Опубликовано на портале: 17-04-2007
Gerard Charreaux, Phillippe Desbrières Journal of Management and Governance. 2004.  Vol. 5. No. 2. P. 107-128. 
Unsatisfied with the dominating shareholders’ point of view, that appears to be too limited to build a relevant theory of corporate governance, we propose an enlarged definition of the value which may be called, the stakeholder value. This definition and its associated measure are more suitable for the stakeholder approach to the firm and more relevant to understand the value creation and sharing mechanisms.
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Опубликовано на портале: 22-03-2007
Roszaini Haniffa, Mohammad Hudaib Journal of Business Finance & Accounting. 2006.  Vol. 33. No. 7-8. P. 1034–1062. 
This study investigates the relationship between the corporate governance structure and performance of 347 companies listed on the Kuala Lumpur Stock Exchange (KLSE) between 1996 and 2000. We found board size and top five substantial shareholdings to be significantly associated with both market and accounting performance measures. In addition, we found a significant relationship between multiple directorships and market performance while role duality and managerial shareholdings are significantly associated with accounting performance. The result is robust with respect to controls for gearing, company size, industry membership and growth opportunities.
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Опубликовано на портале: 18-04-2007
Milton Harris, Artur Raviv Journal of Financial Economics. 1988.  No. 20. P. 203-235. 
In this paper, we derive conditions under which the simple majority voting rule for electing controlling management and one share-one vote constitute a socially optimal corporate governance rule. We also show that other majority rules and/or multiple classes of shares are not socially optimal. Finally we show that an entrepreneur would choose to "issue two securities, one with only cash flow claims and no votes and one with only votes and no cash flow claims, ff this were allowed. This scheme, regardless of the majority rule adopted, is not socially optimal.