Download or read book The Relative Value Relevance of Shareholder Versus Stakeholder Corporate Governance Disclosure Policy Reforms in South Africa written by Collins G. Ntim and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Manuscript Type: Empirical.Research Question/Issue: South Africa (SA) has pursued a distinctive corporate governance (CG) disclosure policy reforms in the form of the King Reports, which require firms to comprehensively disclose a set of recommended good CG practices on both shareholders and stakeholders. This paper investigates the effect of the new shareholder and stakeholder CG disclosure rules on firm value, as well as the relative value relevance of comprehensively disclosing good CG practices on shareholders versus stakeholders.Research Findings/Insights: Using a sample of 169 SA listed firms from 2002 to 2007, we find that comprehensive disclosure of good CG practices on both shareholders and stakeholders impact positively on firm value, with the latter evidence providing new explicit support for the resource dependence theory. However, we provide additional new evidence, which suggests that disclosure of shareholder CG practices contributes significantly more to firm value than stakeholder ones. Our results are robust to controlling for different types of endogeneities.Theoretical/Academic Implications: The paper generally contributes to the literature on the association between comprehensive disclosure of CG practices and firm value by specifically modelling the relationship within a unique institutional and CG environment. Specifically, we make two new contributions to the extant literature. First, we show how comprehensive stakeholder CG disclosures impact on firm value. Second, we provide evidence on the relative value relevance of comprehensively disclosing shareholder and stakeholder CG practices.Practical/Policy Implications: Our results have important policy and regulatory implications, especially for authorities in other developing countries facing socio-economic problems that are currently contemplating or pursuing CG disclosure policy reforms. Since our evidence indicates that additional value can be created for firms that provide more transparent information on stakeholder CG practices, it provides authorities in other emerging countries currently planning or pursing CG reforms with a strong motivation to formally extend CG disclosure rules to cover both shareholder and stakeholder provisions.
Download or read book Corporate Governance in South Africa written by Warren Maroun and published by Walter de Gruyter GmbH & Co KG. This book was released on 2024-07-22 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance continues to evolve, especially in a South African context where companies must deal with the combined effects of environmental challenges, socio-political uncertainty and impediments to economic growth. The second edition of Corporate Governance in South Africa contains essential details on the principles and practices of good governance outlined in the first edition. It builds on these concepts by covering the latest developments in the sustainability reporting space, incorporating recent research findings on integrated thinking and clarifying the core features of outcomes-based governance. This book demonstrates to governing bodies, users of corporate reports, practitioners and academics how corporate governance is not just a compliance exercise but something central to the generation of superior financial returns and long-term sustainable development.
Download or read book Understanding Corporate Risk written by M. V. Shivaani and published by Springer. This book was released on 2019-06-06 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book proposes three normative frameworks pertaining to risk-measurement, disclosure and governance using expert opinion and data from the top 429 non-financial companies (of the NIFTY 500 index) over a 10-year period. The book offers a novel contribution to the global literature on disclosure quality by presenting a composite measure of the quality as well as quantity of risk disclosures. Focusing on the quality of risk disclosures and risk governance structures, and using sophisticated methodology to tackle the issue of endogeneity, the book explores the important yet uncharted confluence of accounting information, risk and corporate governance. It addresses the interplay between three facets of risk, and is corroborated by practitioners’ perspectives as well as case studies. It is an excellent resource for practitioners, professionals and policy-makers, in addition to researchers working on the topic.
Download or read book Corporate Governance Regulation written by Alice Klettner and published by Routledge. This book was released on 2016-12-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance regulation has been through numerous cycles of reform, and yet we still see instances of companies collapsing suddenly. Codes of corporate governance have been implemented in most developed countries, recommending detailed governance frameworks for publicly listed companies and their boards, but our understanding of how these codes influence behaviour is still limited. In this book, Alice Klettner draws on the domains of law and business to explore the effectiveness of corporate governance codes. Using interview evidence from company directors and officers, as well as published evidence of companies’ corporate governance systems, she discusses the theory and practice of corporate governance and its regulation – with a focus on how corporate governance codes can affect board behaviour and company performance. This interdisciplinary book will be valuable reading for advanced students and researchers of corporate governance, and will also be directly relevant to governance practitioners and policymakers.
Download or read book Corporate Governance written by Chris A. Mallin and published by Oxford University Press. This book was released on 2016 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most accessible and user-friendly introduction to corporate governance, providing broad coverage of international issues and clear examples of theory in a business context.
Download or read book ICMLG2016 4th International Conference on Management Leadership and Governance written by Dmitry Vasilenko and Natalia Khazieva and published by Academic Conferences and publishing limited. This book was released on with total page 543 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook of Research on New Challenges and Global Outlooks in Financial Risk Management written by Madaleno, Mara and published by IGI Global. This book was released on 2022-01-14 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk affects many different companies, industries, and institutions, and the COVID-19 pandemic has caused more challenges than before to arise. In the wake of these new challenges, new risk management strategies must arise. Risk affects many companies differently, though in the aftermath of a global pandemic, similar management strategies may be adapted to maintain a flourishing business. Financial risk management has become increasingly important in the last years, and a profound understanding of this subject is vital. The Handbook of Research on New Challenges and Global Outlooks in Financial Risk Management discusses the financial instruments firms use to manage the difference kinds of financial risks and risk management practices in a variety of different countries. This book offers an international focus of risk management, comparing different practices from all over the world. Covering topics such as bank stability, environmental assets, and perceived risk theory, this book is a valuable research source for regulatory authorities, accountants, managers, academicians, students, researchers, graduate students, researchers, faculty, and practitioners.
Download or read book Corporate Behavior and Sustainability written by Güler Aras and published by Routledge. This book was released on 2016-10-04 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Companies can no longer expect to engage in dubious or unethical corporate behaviour without risking their reputation and damaging, perhaps irrevocably, their market position. Irresponsible corporate behavior not only deprives shareholders of long-term returns but also ultimately imposes a cost on society as a whole. Sustainable business is about ensuring that entities contribute toward positive social, environmental, and economic outcomes. Bad business behaviour is costly for stakeholders, for markets, for society, and the economy alike. To ensure that a company behaves well, the buy-in of the leadership team is crucial. The full commitment of the board of directors, in conjunction with the senior managers of the organization, is required if an organization is to be socially responsible. In this sense, leadership does not reside with an individual (the CEO) within the organization but with all of those at the apex of corporate power and control. Effective change management requires enlightened and capable leadership to instigate and drive the process of embedding a sustainable and socially responsible corporate philosophy and culture that supports good business decision-making. A profound understanding of the requirements of such a leadership process will help corporate managers become highly effective change agents. Governance will be the main driver of this change. For the economy and financial markets to become sustainable and resilient, radical changes in corporate leadership need to take place. Integrated reporting, government regulation, and international standards will all be important factors in bringing about this change. As well as understanding the effects of corporate behavior on financial markets, such an understanding is also now imperative in relation to the social and environmental contexts.
Download or read book Ownership and Governance of Companies written by Jonathan Michie and published by Routledge. This book was released on 2021-06-29 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Apartheid South Africa was often thought to run in the interests of the business elite. Yet 27 years after apartheid, those business interests remain largely entrenched. Why? Did the South African business community play a role in engineering this outcome – perhaps recognising the apartheid era was over, and jumping ship in time? Conversely, the mission of the ANC was widely perceived to be to shift wealth and power into the hands of the whole community. Yet despite ‘black empowerment’ measures, corporate ownership remains largely in white hands – and certainly in the hands of an elite few, even though no longer restricted to whites. This picture is replicated across the global south, where corporate ownership tends to be concentrated in the hands of an elite, rather than being more democratically spread. Why have alternative corporate forms not been pursued more vigorously, with ownership in the hands of customers, employees, and local communities? In the case of South Africa, where the majority of customers and employees are black, this could have delivered on the ANC’s mission to replace the apartheid era with a democratic one – in terms of wealth, incomes and power, as well as in terms of voting and civic rights. This edited volume explores all these questions and looks at ways to align corporate forms with economic and social goals. The chapters in this book were originally published as special issues of International Review of Applied Economics.
Download or read book Integrated Reporting written by Samuel O. Idowu and published by Springer. This book was released on 2019-01-04 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book critically examines the implementation and adoption of integrated reporting (IR) in organizations and corporations. A relatively new area of policy and practice, IR has rapidly gained considerable prominence since the formation of the International Integrated Reporting Committee in 2010. The book analyzes the outcomes and benefits as well as the shortfalls of integrated reporting. It offers an introduction to the foundations of IR and a comprehensive overview of its use through a number of detailed case studies. Lastly, it discusses the outlook for further developments in sustainability accounting and reporting.
Download or read book Research Handbook on Boards of Directors written by Jonas Gabrielsson and published by Edward Elgar Publishing. This book was released on 2019 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: Boards of directors are complex systems, and it is imperative to understand what the contextual forces are that shape the direction and make-up of boards. This Research Handbook provides inspiration for researchers and practitioners interested in the manifold dimensions and facets of context surrounding boards of directors.
Download or read book Encyclopedia of Sustainable Management written by Samuel Idowu and published by Springer Nature. This book was released on 2023-11-21 with total page 4043 pages. Available in PDF, EPUB and Kindle. Book excerpt: This encyclopedia is the most comprehensive and up-to-date source of reference for sustainability in business and management. It covers both traditional and emerging concepts and terms and is fully international in its scope. More than 700 contributions of internationally renowned experts provide a definitive access to the knowledge in the area of sustainable and responsible management. All actors in the field will find reliable and up to date definitions and explanations of the key terms and concepts of management in this reference work. The Encyclopedia of Sustainable Management represents all aspects of management and business conduct. It takes sustainability as a management concept that gives due credit to the complexity and diverging constraints in which businesses and corporations act today, and it emphasizes and focuses approaches that help ensure that today's management decisions and actions will be the basis for tomorrow's prosperity.
Download or read book How Shareholder Reforms Can Pay Foreign Policy Dividends written by James Shinn and published by Council on Foreign Relations (. This book was released on 2002 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not only can good governance practices facilitate free trade by taking many disputes off the trade agenda, they can also stabilize the financial system by avoiding expensive and unpopular bailouts. This paper argues that U.S. foreign policymakers must accelerate the pace of corporate governance reform.
Download or read book Value Relevance of Environmental Social and Governance Disclosure written by Zuraida Zuraida and published by . This book was released on 2017 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the impact of Environmental, Social, and Governance (ESG) disclosure by companies around the world on market value. Using a large sample of non-financial companies listed in 38 countries during the period 2008-2012, we test for value relevance by employing the modified version of the Ohlson (1995) model developed by Collins, Maydew, and Weiss (1997). We find support for the value relevance of disclosure of ESG both in aggregate form and for its individual components. These findings support the expectation of disclosure theory that disclosure of relevant information (such as ESG) has a positive impact on value. The results are robust to several alternative specifications. Consistent with the finance literature on the impact of legal origin (La Porta, Lopez de Silanes, & Shleifer, 2006; La Porta, Lopez de Silanes, Shleifer, & Vishny, 1998, 2000, 2002), the results for ESG disclosure are stronger in common-law countries. Our results provide new evidence for researchers, investors, and policy makers of the value relevance of ESG disclosure in a broad international setting. The evidence shows that globally investors benefit from the disclosure of both aggregate ESG and the individual factors and this supports regulators in pushing companies to provide additional ESG information.
Download or read book Modern Company Law for a Competitive South African Economy written by and published by Juta and Company Ltd. This book was released on 2010 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Governance Value Creation and Growth The Bridge between Finance and Enterprise written by OECD and published by OECD Publishing. This book was released on 2012-08-20 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication examines the role of corporate governance arrangements in providing right incentives to contribute the value creation process within the private enterprises and the implications of the differences in ownership structures on corporate governance practices and frameworks.
Download or read book Issuing International Sovereign Bonds written by Mr.Mauro Mecagni and published by International Monetary Fund. This book was released on 2014-06-04 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This African Department Paper examines the rise in international sovereign bonds issued by African frontier economies and recommends policies for potential first-time issuers.
