Search results for " Corporate governance"

Analysis of good corporate governance at Indonesian telecom industry after privatization: case study at PT Telekom an PT Indosat

2006

Masteroppgave i økonomi og administrasjon, Høgskolen i Agder, Kristiansand The objective of this research is to examine whether there are differences of implementation of good corporate governance of company which privatized using different methods. This is relevant with the change of privatization pattern conducted by the government of Indonesia toward its state-owned companies, from Public Offering to Strategic Sale. One of important decisions taken by the government after the economic crisis is privatization of state-owned companies. It is done because the government finds difficulties to financing its national development programs and economic recovery. From company side, the change of …

Introduction, l'audit en tant que mécanisme de gouvernance

2011

International audience; Comme le souligne Philippe Danjou, la qualité de l'audit est un concept qui ne peut pas s'appréhender indépendamment de ce sur quoi il porte : la qualité des états financiers qui reflètent les phénomènes économiques sous-jacents. Aussi important que soit l'effort mené pour aboutir à un niveau de qualité optimal, l'audit reste toujours dépendant des normes comptables auxquels il se réfère. Mais l'audit est aussi un processus complexe qui rentre en interaction avec de multiples processus destinés globalement à améliorer la gouvernance des Organisations. Si l'audit externe revêt la forme du commissariat aux comptes en France, l'audit ne se limite pas à son aspect légal,…

L’actionnariat des salariés influencet-il la rémunération des dirigeants ?

2017

International audience; Cet article étudie la relation entre les composantes variables de la rémunération en actions de l’entreprise des dirigeants et des actionnaires salariés. En utilisant un échantillon de données issu du SBF 120 sur la période 2004-2009, nous étudions en particulier : (i) la relation entre le montant des stock-options attribuées aux dirigeants et l’actionnariat salarié ; (ii) la relation entre le rapport du montant des stock-options sur la rémunération totale des dirigeants et l’actionnariat salarié. La relation est significativement négative dans les deux cas montrant que l’actionnariat salarié tend à limiter la composante stok-options de la rémunération des dirigeants…

L’actionnariat des salariés influence-t-il la rémunération des dirigeants ?

2017

International audience; Cet article étudie la relation entre les composantes variables de la rémunération en actions de l’entreprise des dirigeants et des actionnaires salariés. En utilisant un échantillon de données issu du SBF 120 sur la période 2004-2009, nous étudions en particulier : (i) la relation entre le montant des stock-options attribuées aux dirigeants et l’actionnariat salarié ; (ii) la relation entre le rapport du montant des stock-options sur la rémunération totale des dirigeants et l’actionnariat salarié. La relation est significativement négative dans les deux cas montrant que l’actionnariat salarié tend à limiter la composante stok-options de la rémunération des dirigeants…

Risk committee complexity and liquidity risk in the European banking industry

2021

Abstract The present study aims to investigate how bank governance characteristics are related to liquidity risk by analysing board composition, gender, and the risk committee. A dynamic panel data model is employed on a sample of European banks during the period after the financial crisis (from 2011 to 2017). Furthermore, we collect information about the profiles of the directors on the boards of banks, thereby creating five categories of risk committee members. To address the endogeneity issue, a generalised method of moments two-step estimator is implemented. The findings highlight that the fundamental role of the risk committee adequately shields banks against general liquidity risks. M…

Le osservazioni sui Bilanci e sulle Relazioni di Corporate Governance

2012

Long-termism e short-termism nella ricerca di strategie di sostenibilità

2021

The focus of legislators, authorities and academics on the temporal dimension of sus-tainable actions has led to the progressive re-emerge of the contrast between long-termism and short-termism, that is frequent indeed in corporate law. The orientation to long-term decisions and attempts to stem the short-term ones have been a main point of recent legislative measures on this topic. This paper aims to critically re-evaluate the above contrast, highlighting some of the most relevant areas that most need regulatory interventions and suggesting abandon-ing the frequent short-term disfavor.

"Corporate governance": approcci manageriali ed etici a confronto

2009

La crisi di fiducia che colpì il sistema delle imprese statunitense nei primi anni '70 ha promosso l'elaborazione di due distinte concezioni della corporate governance. La prima ha come referente privilegiato azionisti ed investitori ed elegge il mercato (azionario) come lo strumento principale per il governo dell'impresa. L'obiettivo di tale concezione è quello di riportare il management aziendale sotto il controllo degli azionisti. La seconda cerca invece di identificare una prospettiva che tiene nella dovuta considerazione preferenze, bisogni e diritti di tutti gli stakeholders coinvolti nel processo produttivo. Riprendendo la distinzione proposta da Hirschman, possiamo dire che mentre l…

Internationalization of firms: revitalizing the board of directors after a cross-border acquisition

2017

Purpose This paper aims to show the importance of introducing an integration manager (i.e. an executive position used to channel the acquiring firm’s course of action and strengthen the success of a post-acquisition integration process) within the acquiring firm’s board of directors. Design/methodology/approach This is a theoretical paper that introduces the integration manager within the board of privately held firms going internationally via acquisitions and serving as an “out-insider” director able to balance the conflicting demands of the previously separated entities during their integration process. The authors present an explanatory case study that empirically contributes to the boa…

CORPORATE GOVERNANCE AND BEHAVIORAL FINANCE: FROM MANAGERIAL BIASES TO IRRATIONAL INVESTORS

2014

Corporate governance is concerned about the ways in which investors assure themselves of getting a return on their investment, on one hand, and is focus on motivating managers to increase the company profit, on the other hand (the agency theory). Corporate governance emerges from the interaction between managers and investors. Managers are often more likely to invest the extra cash-flow or profit than to return it to shareholders. But, both managers and investors are lees then fully rational. Sometimes their behavior is based on cognitive psychology. In this context, we are dealing with two problems: managerial biases and irrational investors. Managerial biases focus on the illusion of opti…