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Corporate Governance and Sustainability Review
Number of Followers: 0  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2519-8971 - ISSN (Online) 2519-898X
Published by Virtus Interpress Homepage  [6 journals]
  • CORPORATE GOVERNANCE AND AGENCY THEORY: MEGACABLE CASE
    • Abstract

      The objective of this research is to determine the importance of the implementation of a corporate governance system in the Mexican company Megacable in its development, from the review of the theoretical and empirical literature. Therefore, a descriptive and explanatory study was carried out that describes the concepts related to the aforementioned elements. and financial reports of two periods are analyzed, as well as the main attributes that explain the success of the company. Among the main results obtained are that the Megacable group is the cable operator; Mexico's largest internet and telephony in terms of subscribers, its structure as a controlling company that is managed through a series of subsidiaries and controlling companies and smaller operating companies in the same sector. It can be concluded that implementing efficient corporate governance among small and medium enterprises will have a clearer way of how to implement and execute the plans and best practices that will allow them to be leaders in their sector.

      Keywords: Ethics, Corporate Governance, Better Practices, Business, Megacable

      JEL Classification: M10, M21, O31, M15

      Received: 17.07.2017

      Accepted: 21.01.2018

      Published: 22.02.2018

      How to cite this paper: Vargas-Hernández, J. G., & Teodoro Cruz, M. E. (2018). Corporate governance and agency theory: Megacable case. Corporate Governance and Sustainability Review, 1(2), 59-69.
      http://doi.org/10.22495/cgsrv2i1p5

      2018-02-22T13:39:39Z
       
  • MANAGING NATURAL RESOURCES – ARE FAMILY FIRMS DIFFERENT FROM OTHER
           FIRMS
    • Abstract

      The main objective of this paper is to show differences in natural resource management between family-firms and other firms. Existing literature states that many family firms feature a strong rooting in the industrial sector and rely heavily on existing natural resources as basis of their success. As natural resources are limited, it must be suspected that family firms' economic success has a limited timespan if resources are not managed from a perspective of sustainability. This study shows that family firms view their natural resources both as more important and subjectively scarcer than non-family firms. This, however, is not reflected in resource management activities, as family firms show less such activities than other companies.

      Keywords: Family Firms, Agency Theory, Contingency Theory, Sustainability, Triple Bottom Line, Corporate Governance

      JEL Classification: M14, Q01

      Received: 05.10.2017

      Accepted: 15.12.2017

      Published: 22.02.2018

      How to cite this paper: Ulrich, P. (2018). Managing natural resources – are family firms different from other firms. Corporate Governance and Sustainability Review, 1(2), 43-58. http://doi.org/10.22495/cgsrv2i1p4

      2018-02-22T13:36:55Z
       
  • SHORT-RUN PRICE PERFORMANCE OF IPOS AND CORPORATE GOVERNANCE PRACTICES:
           EVIDENCE FROM A FRONTIER MARKET
    • Abstract

      The short-run price performance of Initial Public Offerings (IPOs) indicates that the prices are often underpriced which is widely documented as a universal phenomenon. Corporate governance refers to the set of systems, principles and processes by which a company is governed. Establishing good corporate governance system in an IPO company makes good decisions which attract more outside investors. Therefore, this study examines whether there is any impact of corporate governance practices on short-run price performance of Sri Lankan IPOs. Study examined 44 fixed price IPOs which were listed on the Colombo Stock Exchange (CSE) during the period of 2003 – January to 2015- December. The study found that Sri Lankan IPOs underprice by 30% on AR, which is statistically significant at 5% level. Further, it found that block holder ownership (ownership concentration), CEO duality and existence of the non-executive directors in the board are positively related to the short-run underpricing, which are statistically significant at 5%. But, the board size has a significant negative impact on underpricing. These relationships are in line with the international literature which confirms that the corporate governance practices have significant impact on short-run price performance of IPOs in Sri Lanka. These findings also support the agency and signaling theories.

      Keywords: Underpricing, Sri Lankan IPOs, Corporate Governance

      JEL Classification: G12, G14, G32

      Received: 11.07.2017

      Accepted: 07.02.2018

      Published: 22.02.2018

      How to cite this paper: Samarakoon, SMRK, & Perera, KLW (2018). Short-run price performance of IPOs and corporate governance practices: Evidence from a frontier market. Corporate Governance and Sustainability Review, 2(1), 34-42. http://doi.org/10.22495/cgsrv2i1p3

      2018-02-22T13:34:03Z
       
  • DOES WORKING CAPITAL DETERMINE FIRM PERFORMANCE' AN EMPIRICAL RESEARCH
           OF THE EMERGING ECONOMY
    • Abstract

      The primary objective of this study is to examine the impact of working capital management efficiency on the financial health/well-being of a company measured in terms of firm value in the context of a rapidly emerging economy. This study applies a multivariate ordinary least square regression analysis on industry adjusted performance variable of 1532 Indian firms listed on the National Stock Exchange (NSE) for a period of 18 years (from 1999-2017). Not all of the 1532 firms selected for this study were listed during the whole period of study. Only 610 firms were listed at the beginning and gradually more and more companies started to get listed until eventually 922 more companies got listed to the initial tally of 610 listed firms making the total number of listed companies to be 1532 by the end of the study period. A total of 19862 firm year observations correspond to listed firms and 9246 firm year observations for unlisted firms making it a total of 29108 firm year observations. The findings of this study indicate that an efficient working capital management (proxied by Cash conversion cycle and components thereof) leads to better firm performance when adjusted for industry differences. It also shows that the relationship follows a curvilinear trajectory instead of a linear one as a change in sign in the coefficient of working capital management proxy (Cash Conversion Cycle) occurs and its square term and both are manifesting itself as significant in the listed companies. This is a co-relational study investigating the association between working capital management efficiency and firm performance. The findings of this study is based in an economy that is unique in its own right. Indian corporate landscape is replete with business groups and they dominate the market in terms of asset holding and market capitalization coupled with the existence of institutional gaps and weak legal enforcement mechanisms. All of which makes the Indian corporate landscape totally different from its more developed counterparts thus rendering the results not generalizable. The relationship between these variables should be verified in other economies taking their unique characteristics into account. This study to the best of the author's knowledge is the first one to investigate the relationship between working capital management and firm performance on such a comprehensive dataset having 62 different industries in an emerging economy. The findings of the study are intended to be of use to financial managers, investors, financial management consultants, and other stakeholders.

      Keywords: Working Capital Management, Board Size, Board Independence, Industry Adjusted Firm Performance, India

      JEL Classification: M21, M5, M100

      Received: 12.09.2017

      Accepted: 22.01.2018

      Published: 22.02.2018

      How to cite this paper: Ahamed, N. (2018). Does working capital determine firm performance? An empirical research of the emerging economy. Corporate Governance and Sustainability Review, 2(1), 14-33. http://doi.org/10.22495/cgsrv2i1p2

      2018-02-22T12:09:21Z
       
  • THE INFLUENCE OF THE BOARD OF DIRECTORS' CHARACTERISTICS ON FIRM
           PERFORMANCE: EVIDENCE FROM MALAYSIAN PUBLIC LISTED COMPANIES
    • Abstract

      This paper aims to investigate the influence of board characteristics on firm performance. The four boards of directors' characteristics that are of interest in this paper are: CEO duality, independent directors (ID), board size (BS) and board meeting (BM). Return on Assets (ROA) and Earnings per Share (EPS) are used as measurements for firm performance. Data were collected from secondary sources based on a purposively selected sample of 341 Malaysian Public Listed Companies throughout the period ranging from 2003 to 2013. The data were analyzed using the panel data regression model. Results of testing the influences between board characteristics and firm performance are found to be mixed. For example, board meetings showed weak and negative influences on firm performance while independent directors had weak and positive influences only on ROA. Based on the findings of this study, it has been observed that the present listing requirements, which aligned with the assumptions of agency theory, by the Malaysian Code on Corporate Governance (MCCG) and by the Bursa Malaysia requirements, might not be effective as expected in enhancing future firm performance.

      Keywords: Corporate Governance, Board Characteristics, Firm Performance, Agency Theory, Malaysia Listed Companies

      JEL Classification: C12, D22, F11, G34, H11, N65

      Received: 10.11.2017

      Accepted: 19.01.2018

      Published: 22.02.2018

      How to cite this paper: Abdulsamad, A. O., Yusoff, W.F.W., & Lasyoud, A.A. (2018). The influence of the board of directors' characteristics on firm performance: Evidence from Malaysian public listed companies. Corporate Governance and Sustainability Review, 2(1), 6-13. http://doi.org/10.22495/cgsrv2i1p1

      2018-02-22T12:04:05Z
       
  • Editorial Note / Date of the issue publication: February 27, 2018
    • This issue of the Journal Corporate Governance and Sustainability Review was published on February 27, 2018.

      2018-02-22T10:59:15Z
       
 
 
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