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Corporate Governance and Organizational Behavior Review
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  This is an Open Access Journal Open Access journal
ISSN (Print) 2521-1870 - ISSN (Online) 2521-1889
Published by Virtus Interpress Homepage  [6 journals]
  • Editorial
  • Efficacy of corporate social responsibility in corporate governance
           structures of family owned business groups in India
    • Abstract

      The concept of ‘Corporate Social Responsibility' (CSR) has often relied on firms thinking beyond their economic interest despite the larger debate of shareholder versus stakeholder interest. India gave legal recognition to CSR in the Companies Act, 2013. CSR in India is believed to be different for two reasons: the dominance of family business and the history of practice of social responsibility as a form of philanthropy (mainly among the family business). This paper problematises the actual structure of business houses in India and the role of CSR in a context where the law identifies each company as a separate business entity while the economics of institutions emphasizes the ‘business group' consisting of a plethora of firms as the institutional organization of business where capital owned or controlled by the family group is spread across the firms through the interlocked holding structures. Within this framework, the largest family firms, which are part of family owned business groups, top the CSR expenditure list. The governance structure of family firms allows family owned business group to show mandatory compliance of CSR even when they actually spend much less than what is prescribed by law. This aspect of the family firms is not addressed by the CSR legislation in particular or corporate governance legislation in general in India. The paper illustrates this with an empirical study of one of the largest family owned business group in India Reliance Industries Limited (RIL), which is well acclaimed for its CSR activities. The paper demonstrates how the business group through these series of shareholding network reduces its legally mandated CSR liability. The paper thus indicates the inadequacy of CSR legislation in India because the unit of compliance is an individual firm and it assumes that each firm is independent and only connected to each other through market dealings. The law does not recognize the inter-connections of firms (through common ownership and control) in corporate governance structures of family owned business group and hence is inadequate in its design to effect the threshold level of CSR expenditure. This is the central argument of the paper.

      Keywords: Business Group, Corporate Governance, CSR, Family Firm

      JEL Classification: M14, G34, D19

      Received: 08.02.2018

      Accepted: 23.06.2018

      Published online: 18.07.2018

      How to cite this paper: Naz, R. (2018). Efficacy of corporate social responsibility in corporate governance structures of family owned business groups in India. Corporate Governance and Organizational Behavior Review, 2(1), 52-68. http://doi.org/10.22495/cgobr_v2_i1_p5

      2018-07-18T12:00:00Z
       
  • Critical assessment of the public-private partnership model as a solution
           to infrastructure delivery: The case of an emerging country
    • Abstract

      Public-private partnerships (PPP) are likely to emerge as a new model for improved infrastructure development in developing countries. Scrutinizing the possibility of adopting the PPP model in addressing infrastructure challenges is the main objective of this paper. The study identifies the critical success factors for PPP project implementation based on the case of an emerging country. Qualitative research was used in this study. The target population in this study is a group of experts who are currently involved in infrastructure planning, development and policy making. The research concludes that lack of political will and government's failure to develop policies to support PPPs are a major problem for this issue in developing countries. The research indicates the relevance and immediate necessity for governments of developing countries to develop a transparent and consistent policy and legal structure on PPPs to attract and promote private sector involvement in infrastructure projects.

      Keywords: Infrastructure Development, Public-Private Partnerships, Qualitative Research, Public Sector, Private Sector, Risk

      JEL Classification: M11, H12

      Received: 27.04.2018

      Accepted: 22.06.2018

      Published online: 18.07.2018

      How to cite this paper: Mrwebi, V., Chinomona, E., & Shumba, B. (2018). Critical assessment of the public-private partnership model as a solution to infrastructure delivery: The case of an emerging country. Corporate Governance and Organizational Behavior Review, 2(1), 69-78. http://doi.org/10.22495/cgobr_v2_i1_p6

      2018-07-18T12:00:00Z
       
  • A study of the nexus between economic development and deposit funded bank
           loans issued to private-public entities
    • Abstract

      We scrutinized bank deposits and loans issued to private-public sectors and its nexus with economic development in a developing country over the period 1970-2016. This study adopts per capita income as the proxy for economic development, while loans to private sectors, loans to government sectors, money supply, and lending interest rate were the financial deepening variables. We use the Ng-Perron and Augmented Dickey-Fuller Breakpoint Unit Root Tests to check the presence of unit root, and in determining the order of integration of the variables– I(d) in the presence of structural break for each variables respectively, while the T-Y augmented Granger non-causality test is used to reveal how causal effects flow in this study. Hence, taking into account the effect of structural breaks, we found that bank loans to government sectors and lending interest rates were stationary series as p < 0.01. We also found from the T-Y Granger non-causality results in its overall sense that the feedback hypothesis by contrast to prior studies holds in the developing country context. The feedback hypothesis establishes that bank loans and economic development Granger cause each other. In this paper, we recommended among other things that the monetary authorities should regulate the activities of bank deposits to ensure that they gear up the growth of loans to private sectors by examining factors, such as lending interest rate which can possibly undermine lending to these sectors; considering their role as key engine of economic growth in any developing economy.

      Keywords: Bank Credits, Economic Development, Toda-Yamamoto Augmented Granger non-Causality, Deposit Money Banks, Feedback Hypothesis, Nigeria

      JEL Classification: B26; G21; O1; O16

      Received: 06.04.2018

      Accepted: 16.06.2018

      Published online: 23.06.2018

      How to cite this paper: Kolapo, F. T., Oke, M. O., & Olaniyan, T. O. (2018). A study of the nexus between economic development and deposit funded bank loans issued to private-public entities. Corporate Governance and Organizational Behavior Review, 2(1), 40-51. http://doi.org/10.22495/cgobr_v2_i1_p4

      2018-06-23T13:40:47Z
       
  • Corporate social responsibility in Greek higher educational institutions
    • Abstract

      The purpose of the present paper is to explore how key stakeholders at the Higher Educational Institutions (HEIs) perceive Corporate Social Responsibility (CSR) and value its practical application. To analyse the dominant perceptions of stakeholders towards CSR in HEIs, a qualitative empirical research was conducted in the region of Northern Greece, via online structured questionnaires. The results demonstrated that there are differences in CSR perception and understanding among the surveyed stakeholders. It is worth noting that the majority of the participants were aware of the actual meaning and purpose of CSR, as well as of the potential benefits from its implementation. Most of the stakeholders considered CSR as a contemporary concept, related to environmental and social aspects, company profitability, legislative framework, voluntary work and charity as well as sustainable development. In addition, the research highlighted that it is vital that Greek HEIs incorporate CSR or business ethics in their curricula. Finally, the research also demonstrated the reasons for applying CSR in Higher Education and the methods of application, which would enable HEIs to build proper attitude towards CSR.

      Keywords: Corporate Social Responsibility (CSR), Sustainability, Higher Education Institutions (HEIs)

      JEL Classification: M14, A2, Q01

      Received: 24.02.2018

      Accepted: 22.05.2018

      Published online: 01.06.2018

      How to cite this paper: Pitoska, E., Katarachia, A., & Giannakis, K. (2018). Corporate social responsibility in Greek higher educational institutions. Corporate Governance and Organizational Behavior Review, 2(1), 31-39. http://doi.org/10.22495/cgobr_v2_i1_p3

      2018-06-01T09:29:11Z
       
  • Analysis of the determinants of dividend policy: evidence from
           manufacturing companies in Tanzania
    • Abstract

      This paper examines the determinants of dividend policy of manufacturing companies listed on the Dar es Salaam Stock Exchange in Tanzania. Two measures of dividend policy namely, dividend yield and dividend payout are examined over the 2008-2016 period. In addition, three proxies of profitability namely return on assets ratio, return on equity ratio, and the ratio of earnings per share are applied in separate specifications. Similarly, investment opportunities are measured using the ratio of retained earnings to total assets and market to book value ratio. Other explanatory variables are liquidity, business risk, firm size, firm growth and gearing ratio. For inferential analysis, 12 regression models are specified and estimated depending on the measurements of dividend policy, profitability, and collinearity between retained earnings to total assets and market to book value ratios. Empirical results show that the determinants of dividend policy vary across the proxies of dividend policy, profitability and investment opportunities. On one hand, return on equity, retained earnings to total assets ratio, market to book value ratio, business risk and size of the firms tend to have a significant effect on dividend yield. On the other hand, liquidity, business risk, and retained earnings to total assets ratio seem to affect dividend payout. Meanwhile, return on asset ratio tends to have an effect on both dividend yield and dividend payout when excluding liquidity in the regression models. Overall, dividend yield as a measure of dividend policy and return on equity as measure of profitability provide better results. The main implication of these results is that managers should consider the major determinants of dividend yield ratio while formulating the appropriate dividend policy for a firm.

      Keywords: Dividend Yield Ratio, Dividend Payout Ratio, Random Effect Model, Tanzania

      JEL Classification: D2, G3, L6

      Received: 31.12.2018

      Accepted: 13.05.2018

      Published online: 01.06.2018

      How to cite this paper: Epaphra, M., & Nyantori, S. (2018). Analysis of the determinants of dividend policy: evidence from manufacturing companies in Tanzania. Corporate Governance and Organizational Behavior Review, 2(1), 18-30.
      http://doi.org/10.22495/cgobr_v2_i1_p2

      2018-06-01T08:21:22Z
       
  • Intergenerational leadership: an extension of contemporary corporate
           social responsibility models
    • "Creative
      This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

      Abstract

      The following paper promotes the idea of intergenerational equity in the corporate world as Corporate Social Responsibility (CSR) means to coordinating the common goods and imbuing economic stability beyond a purely governmental approach. The outlined intergenerational equity constraints herald a call for intergenerational equity – the fairness to provide an at least as favorable standard of living as enjoyed today. As an implicit contract and transfer between living and future generations, intergenerational equity avoids discriminating against future generations and ensures future infrastructure, equal opportunities over time and constant access to social welfare for the youth. Intergenerational equity grants a favorable climate between generations and alleviates frictions arising from the negative impacts of intergenerational inequity. Outlining some of the causes of the current intergenerational imbalances regarding climate stability and overindebtedness prepares for recommendations on how to implement intergenerational transfers. The impact of intergenerational transfers on societal well-being is discussed. Future research avenues comprise of investigating situational factors influencing intergenerational leadership in the international arena in order to advance the idea of the private sector aiding on intergenerational imbalances and tackling the most pressing contemporary challenges of humankind.

      Keywords: Corporate Governance, Corporate Social Responsibility (CSR), Global Systemic Risk, Globalization, Intergenerational Equity, Intergenerational Leadership, Public-Private Partnerships

      JEL Classification: M14, G3, F6, G32

      Received: 17.10.2017

      Accepted: 11.05.2017

      Published online: 01.06.2018

      How to cite this paper: Puaschunder, J. M. (2018). Intergenerational leadership: an extension of contemporary corporate social responsibility models. Corporate Governance and Organizational Behavior Review, 2(1), 7-17. http://doi.org/10.22495/cgobr_v2_i1_p1

      2018-06-01T08:07:26Z
       
 
 
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