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Publisher: Emerald   (Total: 342 journals)

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Showing 1 - 200 of 342 Journals sorted alphabetically
A Life in the Day     Hybrid Journal   (Followers: 12)
Academia Revista Latinoamericana de Administración     Open Access   (Followers: 2, SJR: 0.178, CiteScore: 1)
Accounting Auditing & Accountability J.     Hybrid Journal   (Followers: 31, SJR: 1.71, CiteScore: 3)
Accounting Research J.     Hybrid Journal   (Followers: 25, SJR: 0.144, CiteScore: 0)
Accounting, Auditing and Accountability J.     Hybrid Journal   (Followers: 22, SJR: 2.187, CiteScore: 4)
Advances in Accounting Education     Hybrid Journal   (Followers: 16, SJR: 0.279, CiteScore: 0)
Advances in Appreciative Inquiry     Hybrid Journal   (Followers: 1, SJR: 0.451, CiteScore: 1)
Advances in Autism     Hybrid Journal   (Followers: 21, SJR: 0.222, CiteScore: 1)
Advances in Dual Diagnosis     Hybrid Journal   (Followers: 47, SJR: 0.21, CiteScore: 1)
Advances in Gender Research     Full-text available via subscription   (Followers: 4, SJR: 0.16, CiteScore: 0)
Advances in Intl. Marketing     Full-text available via subscription   (Followers: 6)
Advances in Mental Health and Intellectual Disabilities     Hybrid Journal   (Followers: 72, SJR: 0.296, CiteScore: 0)
Advances in Mental Health and Learning Disabilities     Hybrid Journal   (Followers: 30)
African J. of Economic and Management Studies     Hybrid Journal   (Followers: 10, SJR: 0.216, CiteScore: 1)
Agricultural Finance Review     Hybrid Journal   (SJR: 0.406, CiteScore: 1)
Aircraft Engineering and Aerospace Technology     Hybrid Journal   (Followers: 200, SJR: 0.354, CiteScore: 1)
American J. of Business     Hybrid Journal   (Followers: 17)
Annals in Social Responsibility     Full-text available via subscription  
Anti-Corrosion Methods and Materials     Hybrid Journal   (Followers: 11, SJR: 0.235, CiteScore: 1)
Arts and the Market     Hybrid Journal   (Followers: 9)
Asia Pacific J. of Innovation and Entrepreneurship     Open Access  
Asia Pacific J. of Marketing and Logistics     Hybrid Journal   (Followers: 8, SJR: 0.425, CiteScore: 1)
Asia-Pacific J. of Business Administration     Hybrid Journal   (Followers: 5, SJR: 0.234, CiteScore: 1)
Asian Association of Open Universities J.     Open Access   (Followers: 1)
Asian Education and Development Studies     Hybrid Journal   (Followers: 5, SJR: 0.233, CiteScore: 1)
Asian J. on Quality     Hybrid Journal   (Followers: 3)
Asian Review of Accounting     Hybrid Journal   (Followers: 2, SJR: 0.222, CiteScore: 1)
Aslib J. of Information Management     Hybrid Journal   (Followers: 26, SJR: 0.725, CiteScore: 2)
Aslib Proceedings     Hybrid Journal   (Followers: 302)
Assembly Automation     Hybrid Journal   (Followers: 2, SJR: 0.603, CiteScore: 2)
Baltic J. of Management     Hybrid Journal   (Followers: 3, SJR: 0.309, CiteScore: 1)
Benchmarking : An Intl. J.     Hybrid Journal   (Followers: 10, SJR: 0.559, CiteScore: 2)
British Food J.     Hybrid Journal   (Followers: 16, SJR: 0.5, CiteScore: 2)
Built Environment Project and Asset Management     Hybrid Journal   (Followers: 14, SJR: 0.46, CiteScore: 1)
Business Process Re-engineering & Management J.     Hybrid Journal   (Followers: 8)
Business Strategy Series     Hybrid Journal   (Followers: 6)
Career Development Intl.     Hybrid Journal   (Followers: 17, SJR: 0.527, CiteScore: 2)
China Agricultural Economic Review     Hybrid Journal   (Followers: 2, SJR: 0.31, CiteScore: 1)
China Finance Review Intl.     Hybrid Journal   (Followers: 5, SJR: 0.245, CiteScore: 0)
Chinese Management Studies     Hybrid Journal   (Followers: 4, SJR: 0.278, CiteScore: 1)
Circuit World     Hybrid Journal   (Followers: 16, SJR: 0.246, CiteScore: 1)
Collection Building     Hybrid Journal   (Followers: 11, SJR: 0.296, CiteScore: 1)
COMPEL: The Intl. J. for Computation and Mathematics in Electrical and Electronic Engineering     Hybrid Journal   (Followers: 3, SJR: 0.22, CiteScore: 1)
Competitiveness Review : An Intl. Business J. incorporating J. of Global Competitiveness     Hybrid Journal   (Followers: 5, SJR: 0.274, CiteScore: 1)
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 14, SJR: 0.731, CiteScore: 2)
Corporate Communications An Intl. J.     Hybrid Journal   (Followers: 7, SJR: 0.453, CiteScore: 1)
Corporate Governance Intl. J. of Business in Society     Hybrid Journal   (Followers: 7, SJR: 0.336, CiteScore: 1)
Critical Perspectives on Intl. Business     Hybrid Journal   (SJR: 0.378, CiteScore: 1)
Cross Cultural & Strategic Management     Hybrid Journal   (Followers: 8, SJR: 0.504, CiteScore: 2)
Development and Learning in Organizations     Hybrid Journal   (Followers: 7, SJR: 0.138, CiteScore: 0)
Digital Library Perspectives     Hybrid Journal   (Followers: 25, SJR: 0.341, CiteScore: 1)
Direct Marketing An Intl. J.     Hybrid Journal   (Followers: 6)
Disaster Prevention and Management     Hybrid Journal   (Followers: 21, SJR: 0.47, CiteScore: 1)
Drugs and Alcohol Today     Hybrid Journal   (Followers: 137, SJR: 0.245, CiteScore: 1)
Education + Training     Hybrid Journal   (Followers: 23)
Education, Business and Society : Contemporary Middle Eastern Issues     Hybrid Journal   (Followers: 1, SJR: 1.707, CiteScore: 3)
Emerald Emerging Markets Case Studies     Hybrid Journal   (Followers: 1)
Employee Relations     Hybrid Journal   (Followers: 8, SJR: 0.551, CiteScore: 2)
Engineering Computations     Hybrid Journal   (Followers: 3, SJR: 0.444, CiteScore: 1)
Engineering, Construction and Architectural Management     Hybrid Journal   (Followers: 10, SJR: 0.653, CiteScore: 2)
English Teaching: Practice & Critique     Hybrid Journal   (SJR: 0.417, CiteScore: 1)
Equal Opportunities Intl.     Hybrid Journal   (Followers: 3)
Equality, Diversity and Inclusion : An Intl. J.     Hybrid Journal   (Followers: 14, SJR: 0.5, CiteScore: 1)
EuroMed J. of Business     Hybrid Journal   (Followers: 1, SJR: 0.26, CiteScore: 1)
European Business Review     Hybrid Journal   (Followers: 8, SJR: 0.585, CiteScore: 3)
European J. of Innovation Management     Hybrid Journal   (Followers: 23, SJR: 0.454, CiteScore: 2)
European J. of Management and Business Economics     Open Access   (Followers: 1, SJR: 0.239, CiteScore: 1)
European J. of Marketing     Hybrid Journal   (Followers: 20, SJR: 0.971, CiteScore: 2)
European J. of Training and Development     Hybrid Journal   (Followers: 12, SJR: 0.477, CiteScore: 1)
Evidence-based HRM     Hybrid Journal   (Followers: 5, SJR: 0.537, CiteScore: 1)
Facilities     Hybrid Journal   (Followers: 3, SJR: 0.503, CiteScore: 2)
Foresight     Hybrid Journal   (Followers: 7, SJR: 0.34, CiteScore: 1)
Gender in Management : An Intl. J.     Hybrid Journal   (Followers: 18, SJR: 0.412, CiteScore: 1)
Grey Systems : Theory and Application     Hybrid Journal   (Followers: 1)
Health Education     Hybrid Journal   (Followers: 2, SJR: 0.421, CiteScore: 1)
Higher Education, Skills and Work-based Learning     Hybrid Journal   (Followers: 47, SJR: 0.426, CiteScore: 1)
History of Education Review     Hybrid Journal   (Followers: 12, SJR: 0.26, CiteScore: 0)
Housing, Care and Support     Hybrid Journal   (Followers: 8, SJR: 0.171, CiteScore: 0)
Human Resource Management Intl. Digest     Hybrid Journal   (Followers: 17, SJR: 0.129, CiteScore: 0)
Humanomics     Hybrid Journal   (Followers: 2, SJR: 0.333, CiteScore: 1)
IMP J.     Hybrid Journal  
Indian Growth and Development Review     Hybrid Journal   (SJR: 0.174, CiteScore: 0)
Industrial and Commercial Training     Hybrid Journal   (Followers: 5, SJR: 0.301, CiteScore: 1)
Industrial Lubrication and Tribology     Hybrid Journal   (Followers: 5, SJR: 0.334, CiteScore: 1)
Industrial Management & Data Systems     Hybrid Journal   (Followers: 7, SJR: 0.904, CiteScore: 3)
Industrial Robot An Intl. J.     Hybrid Journal   (Followers: 2, SJR: 0.318, CiteScore: 1)
Info     Hybrid Journal   (Followers: 1)
Information and Computer Security     Hybrid Journal   (Followers: 22, SJR: 0.307, CiteScore: 1)
Information Technology & People     Hybrid Journal   (Followers: 45, SJR: 0.671, CiteScore: 2)
Interactive Technology and Smart Education     Hybrid Journal   (Followers: 11, SJR: 0.191, CiteScore: 1)
Interlending & Document Supply     Hybrid Journal   (Followers: 60)
Internet Research     Hybrid Journal   (Followers: 37, SJR: 1.645, CiteScore: 5)
Intl. J. for Lesson and Learning Studies     Hybrid Journal   (Followers: 4, SJR: 0.324, CiteScore: 1)
Intl. J. for Researcher Development     Hybrid Journal   (Followers: 10)
Intl. J. of Accounting and Information Management     Hybrid Journal   (Followers: 9, SJR: 0.275, CiteScore: 1)
Intl. J. of Bank Marketing     Hybrid Journal   (Followers: 8, SJR: 0.654, CiteScore: 3)
Intl. J. of Climate Change Strategies and Management     Hybrid Journal   (Followers: 17, SJR: 0.353, CiteScore: 1)
Intl. J. of Clothing Science and Technology     Hybrid Journal   (Followers: 7, SJR: 0.318, CiteScore: 1)
Intl. J. of Commerce and Management     Hybrid Journal   (Followers: 1)
Intl. J. of Conflict Management     Hybrid Journal   (Followers: 15, SJR: 0.362, CiteScore: 1)
Intl. J. of Contemporary Hospitality Management     Hybrid Journal   (Followers: 13, SJR: 1.452, CiteScore: 4)
Intl. J. of Culture Tourism and Hospitality Research     Hybrid Journal   (Followers: 19, SJR: 0.339, CiteScore: 1)
Intl. J. of Development Issues     Hybrid Journal   (Followers: 9, SJR: 0.139, CiteScore: 0)
Intl. J. of Disaster Resilience in the Built Environment     Hybrid Journal   (Followers: 6, SJR: 0.387, CiteScore: 1)
Intl. J. of Educational Management     Hybrid Journal   (Followers: 5, SJR: 0.559, CiteScore: 1)
Intl. J. of Emergency Services     Hybrid Journal   (Followers: 8, SJR: 0.201, CiteScore: 1)
Intl. J. of Emerging Markets     Hybrid Journal   (Followers: 3, SJR: 0.474, CiteScore: 2)
Intl. J. of Energy Sector Management     Hybrid Journal   (Followers: 2, SJR: 0.349, CiteScore: 1)
Intl. J. of Entrepreneurial Behaviour & Research     Hybrid Journal   (Followers: 4, SJR: 0.629, CiteScore: 2)
Intl. J. of Event and Festival Management     Hybrid Journal   (Followers: 6, SJR: 0.388, CiteScore: 1)
Intl. J. of Gender and Entrepreneurship     Hybrid Journal   (Followers: 6, SJR: 0.445, CiteScore: 1)
Intl. J. of Health Care Quality Assurance     Hybrid Journal   (Followers: 12, SJR: 0.358, CiteScore: 1)
Intl. J. of Health Governance     Hybrid Journal   (Followers: 26, SJR: 0.247, CiteScore: 1)
Intl. J. of Housing Markets and Analysis     Hybrid Journal   (Followers: 9, SJR: 0.211, CiteScore: 1)
Intl. J. of Human Rights in Healthcare     Hybrid Journal   (Followers: 7, SJR: 0.205, CiteScore: 0)
Intl. J. of Information and Learning Technology     Hybrid Journal   (Followers: 8, SJR: 0.226, CiteScore: 1)
Intl. J. of Innovation Science     Hybrid Journal   (Followers: 11, SJR: 0.197, CiteScore: 1)
Intl. J. of Intelligent Computing and Cybernetics     Hybrid Journal   (Followers: 3, SJR: 0.214, CiteScore: 1)
Intl. J. of Intelligent Unmanned Systems     Hybrid Journal   (Followers: 4)
Intl. J. of Islamic and Middle Eastern Finance and Management     Hybrid Journal   (Followers: 9, SJR: 0.375, CiteScore: 1)
Intl. J. of Law and Management     Hybrid Journal   (Followers: 2, SJR: 0.217, CiteScore: 1)
Intl. J. of Law in the Built Environment     Hybrid Journal   (Followers: 3, SJR: 0.227, CiteScore: 0)
Intl. J. of Leadership in Public Services     Hybrid Journal   (Followers: 24)
Intl. J. of Lean Six Sigma     Hybrid Journal   (Followers: 6, SJR: 0.802, CiteScore: 3)
Intl. J. of Logistics Management     Hybrid Journal   (Followers: 10, SJR: 0.71, CiteScore: 2)
Intl. J. of Managerial Finance     Hybrid Journal   (Followers: 5, SJR: 0.203, CiteScore: 1)
Intl. J. of Managing Projects in Business     Hybrid Journal   (Followers: 2, SJR: 0.36, CiteScore: 2)
Intl. J. of Manpower     Hybrid Journal   (Followers: 2, SJR: 0.365, CiteScore: 1)
Intl. J. of Mentoring and Coaching in Education     Hybrid Journal   (Followers: 24, SJR: 0.426, CiteScore: 1)
Intl. J. of Migration, Health and Social Care     Hybrid Journal   (Followers: 12, SJR: 0.307, CiteScore: 1)
Intl. J. of Numerical Methods for Heat & Fluid Flow     Hybrid Journal   (Followers: 11, SJR: 0.697, CiteScore: 3)
Intl. J. of Operations & Production Management     Hybrid Journal   (Followers: 18, SJR: 2.052, CiteScore: 4)
Intl. J. of Organizational Analysis     Hybrid Journal   (Followers: 3, SJR: 0.268, CiteScore: 1)
Intl. J. of Pervasive Computing and Communications     Hybrid Journal   (Followers: 3, SJR: 0.138, CiteScore: 1)
Intl. J. of Pharmaceutical and Healthcare Marketing     Hybrid Journal   (Followers: 4, SJR: 0.25, CiteScore: 1)
Intl. J. of Physical Distribution & Logistics Management     Hybrid Journal   (Followers: 11, SJR: 1.821, CiteScore: 4)
Intl. J. of Prisoner Health     Hybrid Journal   (Followers: 8, SJR: 0.303, CiteScore: 1)
Intl. J. of Productivity and Performance Management     Hybrid Journal   (Followers: 7, SJR: 0.578, CiteScore: 2)
Intl. J. of Public Sector Management     Hybrid Journal   (Followers: 28, SJR: 0.438, CiteScore: 1)
Intl. J. of Quality & Reliability Management     Hybrid Journal   (Followers: 7, SJR: 0.492, CiteScore: 2)
Intl. J. of Quality and Service Sciences     Hybrid Journal   (Followers: 2, SJR: 0.309, CiteScore: 1)
Intl. J. of Retail & Distribution Management     Hybrid Journal   (Followers: 6, SJR: 0.742, CiteScore: 3)
Intl. J. of Service Industry Management     Hybrid Journal   (Followers: 2)
Intl. J. of Social Economics     Hybrid Journal   (Followers: 5, SJR: 0.225, CiteScore: 1)
Intl. J. of Sociology and Social Policy     Hybrid Journal   (Followers: 49, SJR: 0.3, CiteScore: 1)
Intl. J. of Sports Marketing and Sponsorship     Hybrid Journal   (Followers: 1, SJR: 0.269, CiteScore: 1)
Intl. J. of Structural Integrity     Hybrid Journal   (Followers: 2, SJR: 0.228, CiteScore: 0)
Intl. J. of Sustainability in Higher Education     Hybrid Journal   (Followers: 14, SJR: 0.502, CiteScore: 2)
Intl. J. of Tourism Cities     Hybrid Journal   (Followers: 2, SJR: 0.502, CiteScore: 0)
Intl. J. of Web Information Systems     Hybrid Journal   (Followers: 4, SJR: 0.186, CiteScore: 1)
Intl. J. of Wine Business Research     Hybrid Journal   (Followers: 8, SJR: 0.562, CiteScore: 2)
Intl. J. of Workplace Health Management     Hybrid Journal   (Followers: 11, SJR: 0.303, CiteScore: 1)
Intl. Marketing Review     Hybrid Journal   (Followers: 15, SJR: 0.895, CiteScore: 3)
Irish J. of Occupational Therapy     Open Access   (Followers: 3)
ISRA Intl. J. of Islamic Finance     Open Access  
J. for Multicultural Education     Hybrid Journal   (Followers: 1, SJR: 0.237, CiteScore: 1)
J. of Accounting & Organizational Change     Hybrid Journal   (Followers: 5, SJR: 0.301, CiteScore: 1)
J. of Accounting in Emerging Economies     Hybrid Journal   (Followers: 9)
J. of Adult Protection, The     Hybrid Journal   (Followers: 15, SJR: 0.314, CiteScore: 1)
J. of Advances in Management Research     Hybrid Journal   (Followers: 2)
J. of Aggression, Conflict and Peace Research     Hybrid Journal   (Followers: 44, SJR: 0.222, CiteScore: 1)
J. of Agribusiness in Developing and Emerging Economies     Hybrid Journal   (SJR: 0.108, CiteScore: 0)
J. of Applied Accounting Research     Hybrid Journal   (Followers: 16, SJR: 0.227, CiteScore: 1)
J. of Applied Research in Higher Education     Hybrid Journal   (Followers: 49, SJR: 0.2, CiteScore: 0)
J. of Asia Business Studies     Hybrid Journal   (Followers: 2, SJR: 0.245, CiteScore: 1)
J. of Assistive Technologies     Hybrid Journal   (Followers: 20)
J. of Business & Industrial Marketing     Hybrid Journal   (Followers: 8, SJR: 0.652, CiteScore: 2)
J. of Business Strategy     Hybrid Journal   (Followers: 11, SJR: 0.333, CiteScore: 1)
J. of Centrum Cathedra     Open Access  
J. of Children's Services     Hybrid Journal   (Followers: 5, SJR: 0.243, CiteScore: 1)
J. of Chinese Economic and Foreign Trade Studies     Hybrid Journal   (Followers: 1, SJR: 0.2, CiteScore: 0)
J. of Chinese Entrepreneurship     Hybrid Journal   (Followers: 4)
J. of Chinese Human Resource Management     Hybrid Journal   (Followers: 6, SJR: 0.173, CiteScore: 1)
J. of Communication Management     Hybrid Journal   (Followers: 6, SJR: 0.625, CiteScore: 1)
J. of Consumer Marketing     Hybrid Journal   (Followers: 18, SJR: 0.664, CiteScore: 2)
J. of Corporate Real Estate     Hybrid Journal   (Followers: 3, SJR: 0.368, CiteScore: 1)
J. of Criminal Psychology     Hybrid Journal   (Followers: 129, SJR: 0.268, CiteScore: 1)
J. of Criminological Research, Policy and Practice     Hybrid Journal   (Followers: 44, SJR: 0.254, CiteScore: 1)
J. of Cultural Heritage Management and Sustainable Development     Hybrid Journal   (Followers: 10, SJR: 0.257, CiteScore: 1)
J. of Documentation     Hybrid Journal   (Followers: 179, SJR: 0.613, CiteScore: 1)
J. of Economic and Administrative Sciences     Hybrid Journal   (Followers: 2)
J. of Economic Studies     Hybrid Journal   (Followers: 5, SJR: 0.733, CiteScore: 1)
J. of Economics, Finance and Administrative Science     Open Access   (Followers: 1, SJR: 0.217, CiteScore: 1)
J. of Educational Administration     Hybrid Journal   (Followers: 6, SJR: 1.252, CiteScore: 2)
J. of Enabling Technologies     Hybrid Journal   (Followers: 8, SJR: 0.369, CiteScore: 1)
J. of Engineering, Design and Technology     Hybrid Journal   (Followers: 16, SJR: 0.212, CiteScore: 1)
J. of Enterprise Information Management     Hybrid Journal   (Followers: 4, SJR: 0.827, CiteScore: 4)
J. of Enterprising Communities People and Places in the Global Economy     Hybrid Journal   (Followers: 1, SJR: 0.281, CiteScore: 1)
J. of Entrepreneurship and Public Policy     Hybrid Journal   (Followers: 8, SJR: 0.262, CiteScore: 1)
J. of European Industrial Training     Hybrid Journal   (Followers: 2)
J. of European Real Estate Research     Hybrid Journal   (Followers: 3, SJR: 0.268, CiteScore: 1)
J. of Facilities Management     Hybrid Journal   (Followers: 5, SJR: 0.33, CiteScore: 1)
J. of Family Business Management     Hybrid Journal   (Followers: 7)
J. of Fashion Marketing and Management     Hybrid Journal   (Followers: 12, SJR: 0.608, CiteScore: 2)
J. of Financial Crime     Hybrid Journal   (Followers: 371, SJR: 0.228, CiteScore: 0)
J. of Financial Economic Policy     Hybrid Journal   (Followers: 1, SJR: 0.186, CiteScore: 0)
J. of Financial Management of Property and Construction     Hybrid Journal   (Followers: 8, SJR: 0.309, CiteScore: 1)
J. of Financial Regulation and Compliance     Hybrid Journal   (Followers: 8, SJR: 0.159, CiteScore: 0)
J. of Financial Reporting and Accounting     Hybrid Journal   (Followers: 13)
J. of Forensic Practice     Hybrid Journal   (Followers: 57, SJR: 0.205, CiteScore: 1)

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Journal Cover
Corporate Governance International Journal of Business in Society
Journal Prestige (SJR): 0.336
Citation Impact (citeScore): 1
Number of Followers: 7  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1472-0701
Published by Emerald Homepage  [342 journals]
  • When do investors value board gender diversity'
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to use the passage of the Italian Gender Diversity Law to help isolate the effects of board gender diversity on firm value by investigating conditions under which such diversity provides greater role-enhancing resources to the board. Design/methodology/approach This paper used a one-day event study to measure when gender diversity matters to investors. Abnormal returns from Italian firms were used to study investors’ anticipated outcomes of the effect of gender diversity on firm value. Findings Board gender diversity is financially beneficial especially for firms with a male dual CEO and board chair and with few or no women on board committees and firms that operate in industries with greater levels of competition. Addition of these moderators more than doubles the variance explained. Moreover, the effect of gender is isolated in this study, which examined investor reaction to the expectation of increases in the number of female board members, rather than to specific female appointees. Social implications Determining the conditions when a gender diverse matters to firm value is important for shareholders, policymakers and advocates for gender equality. The findings illustrate precise conditions for stakeholders to make the case for board gender diversity as achieving financial reward, in addition to societal benefit. Originality/value The value of a gender diverse board is contingent on the company’s need for diverse resources (e.g. more competition, lack of gender diversity on committees or CEO duality). This paper provides insight as to why prior research linking board gender diversity to firm value finds seemingly contradictory results. Thus, this paper provides useful insights for researchers, boards and legislative bodies.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-09-17T12:48:28Z
      DOI: 10.1108/CG-01-2018-0012
       
  • Ownership, regulation and bank risk-taking: evidence from the Middle East
           and North Africa (MENA) region
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This study aims to investigate how ownership structure and bank regulations individually and interactively influence risk-taking behaviour of a bank. Design/methodology/approach This empirical framework is based on dynamic two-step system generalised method of moments estimation technique to analyse an unbalanced panel data set covering 144 conventional banks from 12 Middle East and North Africa (MENA) countries. Findings The estimation results suggest that foreign shareholding has an inverse relationship with bank risk-taking. In addition, official supervisory power is found to have a positive association with bank risk, and this relationship is reinforced for banks with higher ownership concentration. In addition, capital stringency increases bank risk, whereas market discipline has an opposite effect, only in countries with higher activity restrictions. Finally, the interaction between ownership concentration and activity restriction has an inverse association with bank risk-taking. Research limitations/implications Overall, the evidence suggests that the Basel II framework and the regulatory reform initiatives in the post-global financial crisis period do not seem to have reduced bank risk-taking in MENA countries. Originality/value This study contributes to the literature on the effectiveness of regulatory reform based on the three pillars of the Basel II guidance (capital regulations, market-oriented disclosures and official supervisory power), and offers evidence in support of “political/regulatory capture hypothesis” of bank regulation. The results also provide support for “global advantage hypothesis” of bank ownership.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-09-17T12:47:08Z
      DOI: 10.1108/CG-07-2017-0135
       
  • Shareholder activism impact on efficiency in Brazil
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to investigate the long-term impact of shareholder activism on Brazilian listed companies. Design/methodology/approach This study uses a sample of 194 companies in 2010, 2012 and 2014 and a two-stage data envelopment analysis to generate an efficiency score based on corporate governance, ownership structure and financial characteristics of companies. In the second stage, the study applies a bootstrap truncated regression to identify whether there is a relationship between the efficiency scores and a company-level activism index. Findings The results show a negative correlation between the efficiency scores and the activism index, suggesting that activist shareholders tend to target less efficient companies. A time analysis over the period 2010-2014 does not offer evidence of impacts of activism on changes of the efficiency scores. Practical implications Activist shareholders target less efficient companies. Shareholder activism increased after regulation that facilitated shareholder voting and required greater company transparency was introduced. Originality/value The two-stage nature of the procedure used in the analysis ascertains that this result is not spurious, assuring data separability between productive resources and contextual variables. This study contributes to the scarce literature on activism in emerging markets.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-09-13T02:53:06Z
      DOI: 10.1108/CG-01-2018-0010
       
  • A behavioral perspective on corporate dividend policy: evidence from
           France
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper empirically examines the catering theory of Baker and Wurgler (2004) in the particular context of France. Considering the characteristics of French market – known for its high concentration of capital – it attempts to highlight the role family control plays in the managerial tendencies to satisfy non-informative dividend demands. Design/methodology/approach The paper focuses on a large data set of French firms included in the SBF-250 index over a period of 1992-2010. It uses a variety of dividend policy measures, including dividend premium, percentage of dividend-paying firms and probability of paying dividends. It adopts appropriate empirical specifications (time-series and probit models) to substantiate the research hypotheses. Findings The empirical findings show that the percentage of payers rises with the dividend premium, and that the dividend premium and the confidence index of French households are negatively correlated. This reflects the sensitivity of dividend demand to investor sentiment. Moreover, results of multivariate panel regression show a positive and statistically significant effect of the dividend premium on the firm’s tendency to pay, after controlling for firm characteristics. Finally, it finds that the dividend premium effect disappears in the case of family-controlled firms. This result is in line with the long-term orientation of family firms. Research limitations/implications The study focuses on the dividend payment behavior of French firms. Although dividends are deeply engrained in France, authors believe that it will be interesting to look at the whole payout policy and particularly the role played by share repurchases. Practical implications Addressing short-term catering and managerial opportunism, the results of this study may be of interest for shareholders, potential investors and regulators. Originality/value To the best of the authors’ knowledge, this is the first study that provides empirical evidence on Baker and Wurgler (2004) catering theory by considering the particularity of French market where, unlike the US, percentage of dividend-paying firms is high and the corporate ownership structures are different.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-09-13T02:46:46Z
      DOI: 10.1108/CG-02-2018-0077
       
  • The impact of external and internal corporate governance mechanisms on
           agency costs
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose The purpose of this paper is to investigate the impact of external and internal corporate governance mechanisms on agency costs. Design/methodology/approach The author uses data from German firms that were listed in the regulated market of the Frankfurt Stock exchange during 2006-2011. Agency costs were measured using stochastic frontier analysis, a relatively new approach to estimate agency costs. The regression analysis is applied to test the model. Findings The results indicate that an industry specialized audit firm, the presence of a large audit firm, abnormal audit fees, management ownership and variable management compensation are significantly negatively associated with the level of a firms’ agency costs. In contrast, this seems not to be true for the existence of an audit committee for which the results of the paper document a non-significant association. Originality/value The paper contributes to the existing literature in several ways. First, the research design is to the best of the authors’ knowledge the first that investigates the influence of different corporate governance mechanisms on the level of agency costs. Second, previous studies are mainly focused on the US audit market. This focus on the US audit market leaves uncertainties regarding the direction and magnitude of the empirical relationship in the European and German environmental context. Finally, the paper provides initial empirical evidence for a sample of German IFRS listed companies (IFRS – International Financial Reporting Standards).
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-09-05T08:51:15Z
      DOI: 10.1108/CG-02-2018-0053
       
  • Can credit rating agencies play a greater role in corporate governance
           disclosure'
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose The European Commission (EC) is currently examining methods to increase the effectiveness of corporate governance disclosures. This paper aims to examine whether the credit rating agencies (CRAs), both on account of their influence within the marketplace and also their methodological approach to rating Governance, may have a greater role to play in the EC achieving those particular objectives. Design/methodology/approach This paper is based upon a normative methodology, upon which the issue is contextualised and a proposal is put forward regarding a methodological alteration that can be instituted by the CRAs. Findings The paper finds that the CRAs may have a much greater role to play in meeting the objectives of the EC. Whilst the EC is focusing upon regulatory monitoring, the paper finds that there is a potential for a more efficient model within which the CRAs adapt their methodologies to include corporate governance disclosure into their rating processes. Originality/value In presenting the idea that the comply or explain principles put forward by the EC are proving to be somewhat ineffective, the paper contributes to the field by suggesting there are private endeavours which may add a sense of impact to disclosure proceedings, rather than the purely public regime being envisioned.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-08-23T08:41:26Z
      DOI: 10.1108/CG-04-2018-0150
       
  • Corruption and supply chain management toward the sustainable development
           goals era
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to identify academic literature studies on corruption in the supply chain management (SCM) from 2005 to 2016 to propose a research agenda. The review links this possible new course of research within the sustainable development goals (SDGs) framework, proposed by the United Nations from 2015 to 2030. Design/methodology/approach A literature review method was used in the academic research to identify which approaches are used for corruption in SCM. The analysis of the context of SDGs required an integrated approach once the goals are interconnected. Findings Despite the increase in research studies in 2015, there is still little research focusing specifically on corruption in SCM. There is a broad opportunity to connect the research on corruption in SCM with the context of the practice to achieve the SDGs. Originality/value Considering the economic, social and environmental risks of corruption practices in SCM and the scarce academic literature on these themes together, a research agenda with interdisciplinary groups is suggested to deepen the subjects. There are some questions related to corruption in SCM and its connections with practice to achieve the SDGs.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-08-14T09:11:06Z
      DOI: 10.1108/CG-01-2018-0031
       
  • The impact of board characteristics and ownership identity on agency costs
           and firm performance: UK evidence
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to provide a twofold empirical comparison: first, a comparison between the impact of corporate governance mechanisms on agency costs proxies and firm performance measures, and second, this comparison was used before and after the 2008 financial crisis, capturing two different economic states. Design/methodology/approach Panel regression methods were applied to two data sets of non-financial firms incorporated in the FTSE ALL-Share index over the period 2005-2011. Findings The results provide evidence that not all mechanisms lead to lower agency conflicts and/or higher firm performance. Ownership identity has a significant impact and the role of the governance mechanisms changes with the changes in the economic conditions surrounding the firm. Research limitations/implications The results lend support to the notion that forcing a certain code of practice on firms to follow could compel them to move away from conflict reduction governance structures. Originality/value To the best of the authors’ knowledge, this is the first paper to provide a comparison of empirical evidence for the impact of board characteristics and ownership identity on agency costs and firm performance by using a comprehensive set of corporate governance mechanisms. This comparison challenges the prior studies that use performance as an indirect proxy for lower agency costs. Additionally, it compares the impact of the governance mechanisms during two different economic conditions.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-07-27T07:44:48Z
      DOI: 10.1108/CG-09-2016-0184
       
  • Related party transactions, corporate governance and earnings management
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose Following the contingency perspective, this paper aims to examine if a good corporate governance structure is able to reduce earnings management made through related party transactions. The authors expect that a high-quality corporate governance influences private benefit acquisition and reduces the positive association between related party transactions and earnings management. Design/methodology/approach A two-stage least squares instrumental variable approach is used to further address endogeneity concerns in this study. The model is organized into three parts: the construction of the corporate governance indicator, the first stage regression to compute the predicted corporate governance indicator and the second stage regression (ordinary least squares multivariate regressions) to analyze the relationship between related party transactions and earnings management. The analysis focuses on a sample of Italian listed companies over the period 2007-2012. Findings The study finds that the interaction between sales-related party transactions and corporate governance is negatively associated with abnormal accruals, signaling that corporate governance quality reduces the positive association between sales-related party transactions and earnings management, consistently with the contingency perspective. Originality/value The research contributes to literature by empirically testing the assumption of contingency perspective. In particular, the results provide new insights to the academic community, underlying that good corporate governance mechanism helps to reduce earnings management behavior through related party transactions.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-07-13T12:03:44Z
      DOI: 10.1108/CG-11-2017-0271
       
  • Corporate governance and firm value: a comparative analysis of state and
           non-state owned companies in the context of Pakistan
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose The purpose of this paper is to examine how corporate governance instruments impact firm value in the context of Pakistan. This paper considers state- and non-state-owned enterprises and examines whether the influence of corporate governance on firm value varies across firms having different nature of ownership. Design/methodology/approach This study opts for an unbalanced sample of state- and non-state-owned enterprises for the period 2010-2014. Panel data regression is adopted for estimation of main results. The suitable model, i.e. fixed and random effect model, is selected using Hausman specification test. Findings The notable findings show that board independence has a significant and positive relationship with firm value only for state-owned companies. Furthermore, the results show that market capitalization and return on assets have a significant and positive association with firm value for both state- and non-state-owned enterprises. All other variables are found insignificant for both state- and non-state-owned companies, but the results are consistent with those reported in previous studies. Practical implication The findings of the study suggest that fair induction of independent directors, appropriate board size and cost-benefit analysis to conduct frequent meetings can help corporations to improve their performance. Originality/value This study is adding to the current literature by providing new insights and shows that the impact of corporate governance on firm value varies across firms of different types of ownership, i.e. state- and non-state-owned enterprises.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-07-13T12:01:23Z
      DOI: 10.1108/CG-09-2017-0208
       
  • The impact of corporate governance mechanisms on EU banks’ income
           smoothing behavior
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to investigate the impact that governance mechanisms have on European Union ‘banks income smoothing behavior. Design methodology/approach The authors examine the impact that corporate governance mechanisms included in European Commissions’ proposals regarding the improvement of corporate governance mechanisms (Green Paper) have upon European Union banks’ accounting policy decisions regarding the level of loan loss provisions (LLPs). In addition, the authors examine whether banks’ capital structure operates as an effective internal corporate governance practice. The authors investigate the association between certain corporate governance characteristics and the level of LLPs for a sample of 98 banks from 23 European Union countries for the period of 2010-2013, in the aftermath of the 2008 financial crisis. To test the hypotheses, a multivariate regression model is run. Similar to previous research, the authors use ordinary least squares analysis to test the results. Findings Empirical findings provide evidence that there is a positive association between LLPs and accounting income, implying the existence of an income-smoothing pattern of provisions. In addition, the results suggest that banks managers’ decision to smooth income may differ with regard to the board structure, the level of leverage and the provision of disclosure for remuneration for chief executive officer. Originality/value The findings of this study contribute to the existing literature concerning banks’ income smoothing behavior. These findings can be useful to regulators, as the authors provide some evidence regarding the effectiveness of the European Union corporate governance framework.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-07-10T07:58:30Z
      DOI: 10.1108/CG-09-2017-0234
       
  • Corporate social responsibility in the mining industry: an exploration of
           host-communities’ perceptions and expectations in a developing-country
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose The purpose of this paper is to explore how and what drives corporate social responsibility (CSR) in host communities of mining companies in developing countries. Design/methodology/approach To address this knowledge gap, this paper used Ghana as a test case and conducted 24 in-depth interviews with participants drawn from mining host communities. Findings The paper discovered that while CSR is broadly understood and encompasses six thematic categories in the mining host communities, there are emphases on philanthropic and environmental responsibilities. Contrary to the evidence found in other studies, this paper discovered that CSR rhetoric plays a more positive/significant role than so far explored in CSR research, as it incentivizes the host communities to push for the fulfilment of their CSR expectations and/or CSR initiatives proposed by mining companies. Research limitations/implications Quantitative studies are needed to strengthen the findings from the present paper. Practical implications Because developing countries share similar socio-economic and geo-political realities, the findings of this paper may be applicable not only for CSR advocates, but also for policy-makers in developing countries. Originality/value The paper provides new inputs from a developing country perspective to the current debate about the CSR performance of the extractive industry.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-07-04T10:47:41Z
      DOI: 10.1108/CG-01-2018-0006
       
  • Role of public policies in promoting CSR: empirical evidence from business
           and civil society of UAE
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to explore the intermediary roles that public policies play in stimulating government agencies, businesses and civil society to engage in a corporate social responsibility (CSR) agenda. Design/methodology/approach Issues related to decision-making of public policies are increasingly complex. Therefore, analytical hierarchy process has been used to prioritize public policy practices for CSR in the UAE. Data were collected from experts working in businesses and civil society organizations. Findings Findings suggest that businesses and the civil society confirm the importance of standardization and law enforcement public policy practices in issues related to CSR in developing countries. The endorsing style of public policies was the least important approach to encouraging CSR implementation in the UAE. Research limitations/implications Results are derived from a limited amount of empirical data only in one country; therefore, these cannot be generalized. Future research from other countries is needed. Practical implications Outcomes from this study will help the government enhance its role as mediator among all agents and help with designing public policies that encourage adoption of CSR by business firms while maintaining competitiveness in the economy. Originality/value A framework consisting of five public policy categories – mandating, facilitating, partnering, endorsing and empowering roles – and 29 sub-policy practices is introduced. This study provides an important technique for analyzing the importance of public policies in promoting CSR. It offers insights into a population that shapes a CSR agenda.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-06-08T02:23:10Z
      DOI: 10.1108/CG-08-2017-0175
       
  • The “invisible” hand: views from UK institutional investors
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose Investors are called to be good stewards/trustees of their investments, often on behalf of third parties. In light of this fiduciary responsibility, and the conundrum of public criticism potentially impacting on share price, this paper aims to use the basis of the UK governance code to explore what important dialogue investors really have with their holdings to support good governance. Design/methodology/approach Semi-structured telephone interviews with eight institutional investors explore governance issues and investor company dialogue, giving insights into the aspects of the importance of their part in the UK corporate governance code. Findings Rather than being sleeping lions, investors positively engage with companies, with regular communication being high on their agenda and not always via the annual general meeting. There is a preference to engage directly with the company rather than in public view or via share dumptin. Thus, we often do not see their actions around their fiduciary duties as often they avoid public criticism or any visibility that could do reputational harm and decrease company value. Research limitations/implications This dialogue was just before the point of the exposure of the financial crisis; however, it shows the importance that investors give to taking their responsibilities seriously. Importantly, it provides a springboard for further debate following the financial crises and the updates of the financial environment. Practical implications Even though policy seeks engagement, the nuances of the investor dialogue are under explored compared to visible quantitative metrics. This dialogue assures that investors are active, even if their engagement is not public and can be deemed as hidden. Originality/value Complementing quantitative studies, this paper explores a qualitative approach, uniquely sharing insights into a hidden and little explored world of fiduciary dialogue.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-05-17T12:54:32Z
      DOI: 10.1108/CG-11-2017-0264
       
  • The “comply or explain” principle in the Republic of Slovenia
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to provide an overview of the quality of corporate governance (CG) disclosures in the framework of CGS and the “comply or explain” code principle in Slovenia. It aims to observe the differences among companies of the prime, standard and entry markets in terms of the differences in governance standards and regulatory frameworks. Design/methodology/approach This paper analyzes the historical development, legal approach and methods used in the regulation of the “comply or explain” principle in Slovenia. In the 2014 SEECGAN research – Slovenia, we measured the quality of CG by applying the newly created SEECGAN index methodology covering seven segments of CG and assessing 98 attributes. This paper upgrades the results of this research with additional case study research. Findings The analysis from 2011 to 2014 on the “comply or explain” principle showed a gradual improvement of transparency in Slovenian public companies. The 2014 SEECGAN research – Slovenia revealed that the number of specific and high-quality explanations of deviations has increased. The study in this paper showed that the governance practice in some cases is still not in line with code recommendations and does not disclose the deviations from the code. Originality/value Disclosures of the Slovenian public companies are presented for the period 2004-2018. This paper points out the improvements to be realized to change unsatisfactory practices. The measurement of the quality of CG by the 2014 SEECGAN research – Slovenia introduced a methodology, which could be recognized and improved by the EU and/or its member states.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-05-15T10:10:59Z
      DOI: 10.1108/CG-09-2017-0230
       
  • The relationship between corporate governance mechanisms and internet
           financial reporting in Iran
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose The purpose of this study is to investigate the influence of the ownership of institutional shareholders, the proportion of non-executive members, the percentage of ownership of major shareholders, the duality of the tasks of chief executive officer and chairman of the board of director, financial leverage, the amount of the remuneration of the board of director, the company’s life and the amount of export on internet financial reporting. Design/methodology/approach For this purpose, the authors surveyed the 301 listed companies on Tehran Stock Exchange in 2015. The statistical method used to test the hypothesis of the study was cross-sectional data. Findings The results indicate the negative impact of ratio of non-executive members and the positive impact of financial leverage, size, liquidity and the life of the company in stock, over internet financial reporting. Originality/value The current study is almost the first study which is conducted in a developing country, and the results may helpful to the other developing nations.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-05-02T02:37:39Z
      DOI: 10.1108/CG-06-2017-0126
       
  • The impact of board characteristics on the financial performance of
           Tanzanian firms
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to investigate the impact of board characteristics on the financial performance of listed firms in Tanzania. Board characteristics, including outside directors, board size, CEO/Chair duality, gender diversity, board skill and foreign directors are addressed in the Tanzanian context by applying two corporate governance theories, namely, agency theory and resource dependence theory. Design/methodology/approach The paper uses balanced panel data regression analysis on 80 firm-years observations (2006-2013) from annual reports, and semi-structured interviews were conducted with 12 key stakeholders. The study uses also a mixed methods approach and applies a convergent parallel design (Creswell and Plano Clark, 2011) to integrate quantitative and qualitative data. Findings It was found that in terms of agency theory, while the findings support the separation of CEO/Chairperson roles, they do not support outside directors-financial performance linkage. With regard to resource dependence theory, the findings suggest that gender diversity has a positive impact on financial performance. Furthermore, the findings do not support an association between financial performance and board size, PhD qualification and foreign directors. Practical implications The study contributes to the understanding of board-performance link and provides academic evidence to policy makers in Tanzania for current and future governance reforms. Originality/value The findings contribute to the literature by providing new and original insights that, within a developing setting, extend current understanding of the association between corporate governance and financial performance. This is predicated, also, on the use of uncommon mixed methods approach.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-30T02:52:05Z
      DOI: 10.1108/CG-09-2016-0174
       
  • Does the “capstone” of the “comply or explain” system work in
           practice' Evidence from Athens Stock Exchange
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose In recent years, the principle of the “comply or explain” approach has become the trend in corporate governance statements that are not fully compliant with national codes. This is because managers of companies deviating from corporate governance codes try to be lawful, providing reasonable explanations; thus, they reach an impasse, copying explanations from other companies, in a mimetic behavior. The purpose of this study is to investigate whether companies listed in Greek Stock exchange tend to imitate one each other thus to be legitimate in terms of the “comply or explain: approach”. Design/methodology/approach This study focuses on the “comply or explain” approach in Greek listed companies, analyzing statements by 162 companies (80.2 per cent) listed on the Athens Stock Exchange (ASE), showing a total of 1,211 deviations from the national code. Therefore, the explanations were classified for analysis, grouping them into three main categories and investigating the degree of imitation. Findings In total, 96 companies deviating from the Code (56.3 per cent) provided explanations as to their legitimacy practices. Thus, the managers of these companies tried to explain their deviations from the national code in such a way that it could be considered that they tend to imitate each other, striving to be lawful. Research limitations/implications Owing to Greece’s ongoing economic crisis, many companies listed on the ASE in previous years have suspended the trading of their shares. An examination of previous years may have led to biased results, owing to the different samples of companies. Another limitation concerns the number of companies in the sample; although it covers almost 80 per cent of listed companies, the actual number of companies is not big enough. Practical implications This study tries to investigate whether Greek listed companies comply with or deviate from the National Corporate Governance Code. For that purpose, context analysis was performed on 80.2 per cent of these companies (162 out of 202 companies) for the calendar year 2017. Most companies tried to explain their deviations from the Code in such a way that it could be considered that they tend to imitate each other. Social implications Companies that deviate from the corporate governance code tend to imitate each other. This phenomenon occurs mainly in small companies, which, while striving to be lawful, even copy other companies’ phrases verbatim. This study reveals that managers of such companies care to provide an explanation for only deviations from the Code as a logical justification and not to capture the existing situation of their companies. Originality/value This study is the first to examine the mimetic behavior on corporate governance statements in Greece. Although the trend of imitation is a fact in developed economies, similar studies never took place on emerge economies. This study contributes to the literature by examining whether the trend of mimetic behavior exists in emerging economies as well.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-26T08:48:03Z
      DOI: 10.1108/CG-10-2017-0239
       
  • Board involvement in corporate sustainability reporting: evidence from Sri
           Lanka
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose The purpose of this paper is to explore the role played by the board of directors in corporate sustainability (CS) disclosure within the Asian context in which sustainability reporting (SR) is an emerging phenomenon. Design/methodology/approach Data are collected from a sample of 100 listed Sri Lankan companies over a period of four years (2012-2016), representing practically all the business sectors. This study draws on both agency and resource dependence theories, while binary logistic regression is performed for the data analysis. Findings The results point out that firms that follow a sustainability disclosure policy have larger boards, a higher proportion of independent directors and more female directors. Contrary to certain common assumptions, firms that practice sustainability disclosure are not influenced by dual leadership, board ethnicity and board ownership. This study helps firms to understand whether their boards can influence the sustainability disclosure choice or not and further, to validate the appropriateness of the agency theory and the resource dependence theory for examining issues of this nature. Originality/value This study contributes significantly to the extant literature on this subject by broadening the geographical coverage, which has generally been limited to the West in corporate disclosure studies.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-19T09:06:52Z
      DOI: 10.1108/CG-10-2017-0252
       
  • The role of the board in voluntary disclosure
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose Since 2012, the Brazilian Stock Exchange has recommended that listed companies inform them if they have conducted voluntary disclosure. The purpose of this study is to describe the voluntary disclosure by companies listed in the B3 in Brazil and to analyze which characteristics of the board of directors influence this disclosure. Design/methodology/approach The study involves quantitative research using a sample of 285 companies and 575 reports from 2011 to 2014. A fixed-effects regression model with panel data was used for the analysis. Findings The results were statistically significant for gender and duality variables, which confirms the theory that the presence of women as members of the board positively influences voluntary disclosure and that chief executive officer and chairman of the board positions have a negative effect. The age and independence of the board variables did not present statistical significance. Research limitations/implications As a theoretical contribution, the authors aim to complement sustainability, finance and strategy research by using agency theory and measuring the variable of voluntary disclosure and the board, which is rarely studied in this context. Practical implications As social and empirical contributions, a better understanding of this theme in the context of emerging countries, which is the peculiarities of Brazil with little information transparency and well-known corruption scandals, is likely to aid investors. Increased access to company information can help investors better select their investment portfolios and assist in the choice of their board representatives in companies in which they have participation and voting rights. Originality/value The fact that Brazil is an emerging country, where the lack of transparency of information and corruption in these environments stand out the importance of studying the subject of voluntary disclosure in this context. All data were collected manually specifically for this research.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-18T02:58:02Z
      DOI: 10.1108/CG-09-2017-0205
       
  • Role of media and independent directors in corporate transparency and
           disclosure: evidence from an emerging economy
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose The purpose of this paper is to examine the impact of corporate governance, with particular reference to the role of independent directors on boards and audit committees, and media coverage on corporate transparency and disclosure. In addition, the paper also investigates the role of the media on independent directors’ behaviours towards corporate transparency and disclosure. Design/methodology/approach The paper uses the well-developed two-step system generalised method of moments approach on a sample of 99 Pakistan stock exchange (PSX) listed financial firms over the period 2007-2012. Findings The empirical analysis shows that media and independent directors on audit committees play a significant positive role in line with agenda setting and agency theories in promoting corporate transparency and disclosure. On the contrary, the boards’ independent directors are risk-averse and hold the information to protect their reputation. Nevertheless, the study does not find any significant influence of media coverage on independent directors’ behaviours in promoting corporate transparency and disclosure. Practical implications The findings provide some useful insight into cost benefits analysis of media coverage towards an understanding of independent directors’ behaviours for promoting transparency and disclosure in financial sector. Moreover, the study findings can be useful for both shareholders and stakeholders in taking decisions about firm activities. Originality/value To the best of the authors’ knowledge, this is the first study that proposed and tested a multi-level framework for corporate transparency and disclosure practices. In addition, this study is also among the very few studies that use financial sectors as a sample, in particular, and media coverage, specifically, thus adding some value to the limited literature.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-16T10:34:07Z
      DOI: 10.1108/CG-01-2018-0042
       
  • Foreign board members and firm innovativeness: an exploratory analysis for
           setting a research agenda
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to assess the often repeated, but empirically unconfirmed, supposition that there is a positive connection between foreign board members (FBMs) and firm innovativeness and to set a research agenda for future studies on the topic. Design/methodology/approach The analyses are based on a large sample of firms within the European Union, utilizing patent and trademark data together with information on the national diversity of the boards. Findings The analyses confirm that there is a positive association between FBMs and firm innovativeness. Contrary to expectations, FBMs from less innovative countries than the countries of their host companies are more associated with innovative firms than are FBMs from more innovative countries. Research limitations/implications This study provides empirical support for propositions, drawn from resource dependency theory and group effectiveness/diversity theories, that diverse boards of directors can lead to greater firm-level creativity and innovativeness. It also outlines a detailed research agenda for future studies to build on the tentative findings presented in this paper. Practical implications The findings suggest that greater national diversity in the board of directors can enhance innovation. Originality/value Earlier studies on board diversity have not analyzed empirically the issue of national diversity. The originality of this paper lies in its attempt to address this gap in the corporate governance literature.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-12T07:58:39Z
      DOI: 10.1108/CG-12-2017-0301
       
  • The myth of the “good governance code”: an analysis of the
           relationship between ownership structure and the comply-or-explain
           disclosure
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose The purpose of this paper is twofold: first, to assess the degree of disclosure about compliance with corporate governance code and the explanations provided by Italian firms and second, to analyze the relationships between this disclosure and different variables of ownership structure. Design/methodology/approach The sample was composed of 75 non-financial companies listed in Italy in 2016. Content analysis of the corporate governance statement and ordinary least squares (OLS) multiple regression models were used to test the hypotheses. Findings Companies tended to comply with the corporate governance code and to disclose this information, but when they decided to not comply, they did not provide adequate explanations. Findings revealed a negative relation between ownership concentration and the disclosure analyzed. Results also highlight that a more equal distribution of shares among larger shareholders is beneficial for disclosure. Moreover, the presence of a dominant financial shareholder at a high level of ownership concentration creates inefficiency of the degree of adherence to the comply-or-explain principle. Originality/value This study examines in depth the underexplored issue of “explanation” and exceeds the issue of ownership concentration, which has already been examined extensively, raising the issues of counterweight power and shareholders’ identities, which remain underexplored. In this way, results presented contribute to explaining some causes of the diverse findings that research has found about the relationship between ownership concentration and voluntary disclosure, demonstrating the importance of counterweight power and largest shareholder’s identity. Consequently, when self-regulating initiatives are designed and implemented, legislators, regulators and managers should not ignore the characteristics of the firms’ ownership structure.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-03-13T09:43:15Z
      DOI: 10.1108/CG-08-2017-0197
       
  • Corporate governance and tax disclosure phenomenon in the Malaysian listed
           companies
    • Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to examine the impact of corporate governance internal mechanisms on tax disclosure in non-financial firms in Malaysia. Managerial ownership and incentive compensation are used as proxies to reflect corporate governance conduct. Design/methodology/approach This study uses panel data set to analyse 286 non-financial listed companies on Bursa Malaysia for the years 2010-2012. Tax disclosure was gathered from the financial statements, particularly in the consolidated of tax expenses. Tax disclosure was measured using modified effective tax rate reconciling items. Multivariate statistical analyses were run on the sample data. Findings This study finds that managerial ownership and incentive compensation do not significantly influence tax disclosure. On the other hand, it is found that there are significant positive associations between each of firm size and industry dummy, and tax disclosure. This means that company-specific characteristics are important factors affecting corporate tax disclosure. Research limitations/implications This study extends the work of previous studies by suggesting that the signalling theory and the agency theory are the main theories concerned with tax disclosure and corporate governance. The authors add an additional appreciation of the contribution of corporate governance from the interested parties’ tax disclosure evaluation in the Malaysian environment. Practical implications The evidence found by this study has important policy and practical knowledge implications for the authorities, researchers, decisionmakers and firm managers. The findings provide them with some relevant insights on the importance of corporate governance practices from the companies’ perspectives and contribute to the discussion of who verifies and deduces from tax disclosure directed by companies. Originality/value To the best of the authors’ knowledge, this study is the first attempt to examine the influence of the corporate governance internal mechanisms on tax disclosure in a developing nation like Malaysia. Although this paper focuses on a single country, it contributes significantly to the debate about tax disclosure in relation to “comply or explain”, as suggested in the Code of Corporate Governance. This study shows that companies are trying to avoid as far as possible disclosing tax-related information.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-02-09T02:55:43Z
      DOI: 10.1108/CG-08-2017-0202
       
  • A framework for incorporating implementation indicators of corporate
           governance for municipalities in South Africa
    • First page: 581
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to develop a framework for incorporating implementation indicators of corporate governance for municipalities in South Africa. In South Africa, there is a corporate governance framework (King III report) that is regarded as a seminal work applicable to both the public and private sectors. Despite its existence, municipalities still struggle to provide services to the citizens due to poor implementation. The poor corporate governance implementation in municipalities led to several issues such as loss of credibility for local government, little interests from investors to invest in municipalities, service delivery protests from communities, maladministration and unexpected change of leadership in municipalities without succession planning in South Africa. Design/methodology/approach The study conducted literature review to demonstrate the need for a framework to implement corporate governance in South Africa. Findings It is evident from the study that the municipal sector could improve its performance and practices of corporate governance, if the underpinning framework is adopted and implemented as a sector framework. The integration of governance elements during the development of the municipal sector integrated development plan (IDP) will facilitate a coherent base for good governance implementation practices. Research limitations/implications This research would go a long way in bringing out the anomalies that paralyse municipalities, the root causes of inefficiency and possible ways to rectify them. Practical implications This study offers a framework that can help the local government sector to improve on service delivery. Implementation of the framework can also assist municipalities in obtaining clean audits from the supreme audit institutions in their respective countries. Social implications The study has a huge social impact as it would help municipal officials take notice of the issues raised and act accordingly thus improving the life of citizenry. Originality/value This study adds value to the existing theoretical and conceptual issues that form the ongoing discourse on the implementation of corporate governance in local government, especially in South Africa, as the country is characteristic by corruption and maladministration.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-02-26T09:46:48Z
      DOI: 10.1108/CG-11-2016-0216
       
  • Impacts for implementing SDGs: sustainable collaborative communities after
           disasters. The city of Macerata at the aftermath of the earthquake
    • First page: 594
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose The aim of this paper is to understand how resilience builds to achieve a management model for sustainable resilience, as advocated by sustainable development goals (SDGs), in distressed communities. The topic is addressed with the case of Macerata, an Italian city located at the epicentre of the devastating earthquake in 1997 and later, in a short time interval between August 2016 and January 2017. Necessary knowledge on modes and places of engagement and collaboration is delivered in the attempt to demonstrate that social and cultural factors have stronger impacts on devastated communities as they contribute to resilience for future incidents. Design/methodology/approach The paper uses a quantitative econometric approach. It unfolds in two steps. The first uses the estimation method through factor analysis of an index of resilience, a latent variable, and reveals that it comes from social, cultural, political and economic latent factors. The second uses a reduced equation model that elaborates and integrates two models: the one estimating the relationship between the level of development and the impacts due to natural disasters and the other containing the index of resilience, but only its most relevant ones. A rotated component matrix, which is the elaboration of the model, will be created. Findings Although measuring resilience, in practice, is hampered by both conceptual and methodological challenges, including finding reliable and meaningful data, the attempt to measure resilience in this research has helped in testifying two important research hypotheses. According to H1, resilience is a fundamental variable to ensure faster economic recovery and has a negative impact on the dependent variable (deaths); hence, it is considered statistically significant. According to H2, social resilience develops and increases at the event’s recurrence and leverages on the adaptive, self-organising community capacities in recovering from traumatic circumstances and episodes of distress. Research limitations/implications The limitation of this paper is that the comparison between the two earthquakes is biased by the interviewees’ misleading responses on the provided questionnaires due to lack of memory about the 1997 shock and a more higher perception of the latest quakes that occurred recently in 2016 and 2017. There is a strong awareness of the fact that future research will improve the analysis suggested in this paper by attempting a quantification of the perception about the difference between the two occurred earthquakes by replacing the dummy variable (β6 improvement) with a cluster analysis. Practical implications The paper fills the gap in the empirical literature on risk management and organisational resilience. This research represents a guide to support and accelerate building resilience by people engagement and empowerment, enthusiasm and commitment in a way that conventional politics is failing to do. In particular, it aims to support public organisations and policymakers at the front by providing them with reliable information on the factors and concerns that need to be considered to increase community’s level of resilience, coherently with their endogenous characteristics, to ensure a steady, stable and sustainable recovery from the crisis. Social implications This research teaches that resilience depends on the existence of minimum preconditions for building resilience – political and economic opportunities, as well as cultural and social factors – as the measurement of tangible factors such as assets and financial capital may not capture everything that influences resilience. However, although it is common sense that disaster recovery processes are significantly hard to bear, it is important to acknowledge that they can offer a series of unique and valuable opportunities to improve on the status quo. Capitalizing on these opportunities means to well-equip communities to advance long-term health, resilience and sustainability and prepare them for future challenges. Originality/value This paper contributes to the discussion over the development of sustainable cities and communities by providing a resilience measurement framework in terms of indicators and dimensions of resilience. It emphasises on the endogenous adaptation capacity of territories partially analysed in the empirical literature with regard to resilience. The originality relates to the suggested model being a tool for social and territorial analysis, useful for ensuring a summary and comprehensive assessment of socioeconomic resilience; comparing different timelines (the first earthquake occurred in 1997 and the other two, occurring in a short time interval from one another, in August 2016 and January 2017).
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-20T09:50:30Z
      DOI: 10.1108/CG-01-2018-0027
       
  • Governance implications of the UN higher education sustainability
           initiative
    • First page: 624
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to review the progress of a sample of (n = 307) signatories in the Higher Education Sustainability Initiative which commits higher education institutions (HEIs) to make smart commitments to achieve one or more of the UN sustainable development goals (SDGs). Design/methodology/approach A preliminary survey of n = 307 HEIs via online questionnaire and database search was conducted. Findings Findings reveal a difference between HEI governance, that is “instrumental”, and governance, that is “holistic”, in relation to sustainability. Research limitations/implications Implications identified for achieving SDGs in general and for academic–business partnerships, in particular. Practical implications Practical implications for enterprise (developing a tool to measure sustainability mindset) and for enterprise education (sharing of best practices from other HEIs). Social implications Improved understanding of the sustainability mindset will inform decisions about approaches to governing and operationalising sustainability in organisations. Originality/value The survey is not original but the emphasis on sustainability mindset (compassion, empathy and connectedness to SDGs) is.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-18T02:59:03Z
      DOI: 10.1108/CG-01-2018-0020
       
  • Corporate risk-taking and performance in Malaysia: the effect of board
           composition, political connections and sustainability practices
    • First page: 635
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to examine how board composition, political connections and sustainability practices affect risk-taking and performance of firms. Design/methodology/approach This paper used secondary data and regression technique to analyse the relationship. A sample consisting of 290 firm-year observations was applied in the analysis. Findings The findings show that a larger board size contributes to greater financial risk; however, this risk can be reduced with more independent directors in the boardroom. An optimal board size with appropriate number of independent directors is desired, as a large board size can be harmful to firm performance. Politically connected firms also generate lower risk-taking and performance, and the double-edged sword effect of political connections needs to be considered. In terms of sustainability practices, firms have to engage in sustainable development to maximise the firms’ value, not ignoring the vital role of women in strategising business performance. However, the effect of sustainability practices on firms’ risk-taking is still not noticeable. Research limitations/implications Even though the sample size is not large because of the limited availability of data, the findings, to a certain extent, could be generalised to emerging markets, as most emerging markets do have similar financial and economic developments. Practical implications The findings from this paper can be used to support the implementation of sustainability practices, especially in those countries where sustainability initiatives are yet to be widely accepted. Originality/value This is one of the first few studies that examined the effect of non-financial information on risk-taking and performance of firms. This study concludes the positive effect of sustainability practices on firm performance.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-03-15T02:35:58Z
      DOI: 10.1108/CG-05-2017-0095
       
  • Ownership structure, board gender diversity and charitable donation
    • First page: 655
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to examine the effect of ownership structure and board gender diversity on charitable donations for a group of listed electronics companies in Taiwan. Design/methodology/approach Using linear regression analysis, this paper analyses the ownership structure, board gender diversity and charitable donations of 380 Taiwanese electronics companies (2011-2013). Findings While domestic institutional investors, such as domestic mutual funds and corporate investors, take more of agency logic view, it negatively impacts on charitable donations. However, the empirical findings of this paper indicate that board gender diversity with the critical number of female directors was positively related to charitable donation. Thus, it is clear that female directors reaching critical numbers were taking more of a stakeholder view of institutional logic, emphasizing the balance of interests of internal and external stakeholders. Research limitations/implications This paper is limited to selected Taiwanese electronics companies over a two-year time frame, and charitable donations are the only proxy of corporate social responsibility (CSR) activity. The paper suggests that, as predicted by stakeholder theory and critical mass theory, companies with boards composed of at least three female directors make higher charitable donations. Practical implications This paper indicates that female directors on the board should have more voices on the board regarding the necessity and importance of CSR. Originality/value The paper contributes to existing literature by looking into the effects of ownership structure and board gender diversity on charitable donations.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-05T07:07:08Z
      DOI: 10.1108/CG-12-2016-0229
       
  • Governance structures, cash holdings and firm value on the Ghana stock
           exchange
    • First page: 671
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose There is an existing relationship among shareholders, boards of directors and management of companies. Corporate governance practices of companies are expected to ensure that this relationship maximises the wealth of shareholders. Differences exist among corporate governance of companies listed on the Ghana Stock Exchange. Companies, for purposes of liquidity, hold cash, but cash holdings also add to the cost of financing, according to working capital theories. The study, thus, sought to examine the relationship between corporate governance practices, ownership structure, cash holdings and firm value. Design/methodology/approach The study deployed the seemingly unrelated regression to reduce the problem of multicollinearity resulting from the strong relationship between cash reserves and some control variables. Findings The study found no significant relationship between board size and firm value. Similar findings were also made on the relationship between proportion of non-executive directors on the board and firm value. However, firms audited by the big four audit firms are valued higher by the capital market. Cash holdings of firms negatively affect performance, and this is statistically significant. A positive relationship arises between a firm’s cash holdings and its value as a result of debt financing, even though this is not significant. Originality/value The study is the first of its kind that deploys Tobin’s Q as a measure of firms’ value to reflect investors’ valuation of firms in Ghana. The study is also the first of its kind to test the interactive effect of debt financing and cash holdings on firm value in Ghana.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-05T07:12:07Z
      DOI: 10.1108/CG-07-2017-0148
       
  • CEO inside debt and firm debt
    • First page: 686
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to examine jointly the CEO inside debt and firm debt to further investigate the compensation incentives on risky decision-making and the resulting financial policy decisions concerning the debt structure of the firm. Design/methodology/approach Using S&P 1500 data from CRSP, Compustat, Execucomp and Capital IQ between 2006 and 2011, statistical analysis and regression models are used to determine potential correlations between the variable of interest, inside debt and debt control variables, including specialization. Findings Firms with high inside debt specialize in commercial loans and drawn credit lines. Larger firms diversify their debt holdings among commercial instruments and senior bonds. As firm size increases with inside debt, the effects are counteracted. Larger firms with high CEO inside debt have lower interest rates on these debt instruments and shorter maturities, suggesting a more conservative financing policy with regards to debt. Research limitations/implications Debt diversification is partially affected by compensation in the form of inside debt. Future studies of debt diversification should include CEO compensation controls. Practical implications For struggling companies or for those that want to return to a conservative financial policy, they can influence the CEO to make this decision by deferring his compensation to retirement. Originality/value This paper considers debt policy through the lens of a key decision maker, the CEO, and uses compensation as an incentive to determine what choices are made concerning debt.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-11T03:29:08Z
      DOI: 10.1108/CG-06-2017-0125
       
  • Sustainability in the Pakistani hotel industry: an empirical study
    • First page: 714
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to look at the sustainability practices adopted by the Pakistani hotel industry. Sustainability is a relatively under-researched notion from the perspective of the developing world, and in particular, the research lacks evidence from the Pakistani hotel industry. Design/methodology/approach The authors follow an exploratory multiple case study design to study the sustainability practices adopted by the Pakistani hotel industry. Semi-structured interviews are conducted with the senior hotel managers. Findings The results suggest that sustainability is only partially integrated into the business strategy for most of the sample hotels, and a systematic approach to sustainability is currently lacking. Overall, the central focus of the hotels is on developing commercial performance, whereas some fragmented social and environmental sustainability initiatives are implemented on an ad hoc basis. Practical implications This study identifies some practical issues and challenges in relation to sustainability implementation in the Pakistani context. It is suggested that the government, community organizations and the private sector firms need to actively collaborate to promote the sustainability agenda. Originality/value This paper extends the extant literature by exploring sustainability implementation in the Pakistani hotel industry. While there is limited sustainability research in the context of the developing world, this study contributes by bridging this gap in the present literature.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-03-28T10:38:02Z
      DOI: 10.1108/CG-12-2017-0292
       
  • The role of institutional investors in enacting stewardship by corporate
           boards
    • First page: 728
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to clarify the relationship between the voting and engagement behaviour of institutional investors, i.e. institutional investor stewardship behaviour, and the enactment of stewardship by corporate boards. In doing so, this paper contributes to the evaluation of contemporary corporate governance systems and provides recommendations for the redesign of these systems. Design/methodology/approach This paper is based on a qualitative exploratory descriptive research study into assumed, prescribed and the actual behaviour of institutional investors. Their behaviour is explored through a survey and in-depth interviews with global institutional investors. Findings The prescription of institutional investor stewardship behaviour and the exploration of actual behaviour from an investors’ perspective led to the conclusion that assumed institutional investor stewardship exists variously as either “in form” (i.e. measured by compliance to the relevant corporate governance code) or “in substance” (i.e. the actual behaviour from the investors and investee companies’ perspective). The results suggest that that institutional investors’ actual stewardship behaviour as global investors requires a nuanced conclusion about the existence of institutional investor stewardship. Research limitations/implications Although the number of semi-structured interviews with institutional investors was limited to just 14, these interviewees represent the majority share in terms of market capitalisation of Dutch listed companies. Additional research could clarify the perspective of other investors, such as pension funds and private investors. Practical implications The outcome of this research can serve as input for corporate governance reforms in the preambles of governance codes and the prescribed principles and best practice provisions of corporate governance and stewardship codes. This research identifies opportunities for further academic research to enrich the understanding of the role of institutional investors in enacting corporate stewardship. Social implications This paper contributes to furthering the understanding of the mechanisms by which institutional investors, through their behaviour, contribute to enacting stewardship through their corporate boards. This is an important part of the corporate social responsibility of institutional investors. It also triggers a dialogue about the social and environmental impacts of stock listed companies. Originality/value This paper fulfils an identified need to develop knowledge about new paradigms and offers a more integrated approach to corporate governance reforms in terms of the role of institutional shareholders in the promotion of good corporate governance.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-05-10T12:58:49Z
      DOI: 10.1108/CG-09-2017-0210
       
  • The mediating effect of dividend payout on the relationship between
           internal governance and free cash flow
    • First page: 748
      Abstract: Corporate Governance: The international journal of business in society, Ahead of Print.
      Purpose This paper aims to examine the mediating effect of dividend payout on the relationship between internal governance mechanisms (board of directors and ownership structure) and the free cash flow level. Design/methodology/approach Linear regression models are used to investigate such relationships applying data from a sample of 207 non-financial firms listed on the Gulf Cooperation Council countries’ stock markets between 2009 and 2016. To test the significance of mediating effect, the author uses the Sobel test. Findings The author finds a partial mediation effect of dividend on the relationship between both board independence and managerial ownership and the level of free cash flow. The results confirm the major role of outside directors in corporate governance. This governance mechanism contributes to the protection of shareholders’ interests through a generous dividend policy. However, the author finds that large managerial shareholdings increase the level of free cash flow through lower dividend payouts. This result suggests that powerful managers follow their preference of retaining excess cash to their own interests. Practical implications This paper offers insights to policy-makers of emerging economies interested in the development of the corporate governance. This study provides guidance for firms in the construction and implementation of their own corporate governance policies. Originality/value The main contribution of the present paper is to examine the dividend payout as a potential mediating variable between internal governance mechanisms and free cash flow. Moreover, it highlights the issue of efficient management of substantial funds in Sharia-compliant and non-Sharia-compliant firms.
      Citation: Corporate Governance: The international journal of business in society
      PubDate: 2018-04-16T08:03:40Z
      DOI: 10.1108/CG-01-2018-0011
       
 
 
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