Search results for "Governance"
showing 10 items of 959 documents
Family governance systems: the complementary role of constitutions and councils
2021
The understanding of family businesses from the family side is still in its infancy. This is especially true in relation to how family members manage their relationships with one another and with the firm. Family growth and evolution are usually accompanied by a reduction in shared family meaning and purpose and greater divergence in the form of factional interests and intentions that harm the family and the firm. To counterbalance this negative impact, scholars generally advocate a set of corporate governance practices. However, few papers have analysed how family regulatory frameworks and family governance institutions affect family firm performance. To the best of our knowledge, no paper…
Measuring well-being in Colombian departments. The role of geography and demography
2021
This paper provides a composite indicator of well-being for the 33 Colombian departments in the year 2016. The indicator is built by adapting the well-known OECD Better Life Index to the regional level, and includes the dimensions of income, health, education, safety, housing, environment, labour market, and civic engagement and governance. As to the methodology, Data Envelopment Analysis and Multi-Criteria Decision-Making techniques are employed, an approach which enables a comparison of well-being across departments and the construction of rankings. The results yield several take-away messages. First, there are substantial disparities in well-being across Colombian departments. Second, de…
Female Institutional Directors on Boards and Firm Value
2016
The aim of this research is to examine what impact female institutional directors on boards have on corporate performance. Previous research shows that institutional female directors cannot be considered as a homogeneous group since they represent investors who may or may not maintain business relations with the companies on whose corporate boards they sit. Thus, it is not only the effect of female institutional directors as a whole on firm value that has been analysed, but also the impact of pressure-resistant female directors, who represent institutional investors (investment, pension and mutual funds) that only invest in the company, and do not maintain a business relation with the firm.…
Does competition enhance the double-bottom-line performance of microfinance institutions?
2020
Abstract This paper investigates how competition affects the double-bottom-line performance of microfinance institutions (MFIs). While classical economic theory highlights that competition enhances efficiency and benefits both customers and firms, we argue that this is unlikely to apply to institutions operating in socially oriented industries, such as microfinance. Using a cross-country dataset of 4576 MFI-year observations (1139 unique MFIs) operating in 59 countries over a 10-year period (2005-2014), we find that competition has an adverse effect on MFIs’ economic sustainability and that competition undermines their breadth of outreach but enhances their depth of outreach. These results …
BOARD GOVERNANCE: DOES OWNERSHIP MATTER?
2019
Good governance is crucial to achieving an organization's mission. Nevertheless, little is known about how the structure of governance is influenced by the nonprofit (NPO) or for‐profit ownership (FPO) structure of an organization, partly because they tend to be active in different sectors. In this paper we overcome this challenge by using data from a global sample of 392 microfinance institutions. The results show that the average NPO has a larger board, more female directors, and a higher number of board meetings than the average FPO. Moreover, where there are larger boards and more frequent board meetings, this has a positive effect on the financial performance of NPOs. It is thus confir…
The Cost of Ownership in Microfinance Organizations
2009
Accepted version of article published in the journal: World Development Published version available on Science Direct: http://dx.doi.org/10.1016j.worlddev.2008.03.006 We compare the ownership-cost of shareholders firms (SHFs), non-profit organizations (NPOs), and cooperatives (COOPs) invoked in microfinance. A paradoxical situation motivates us: most providers, both historically and today, are NPOs or COOPS,while policy papers advocate SHFs, We lay out it theoretical framework to understand ownership-costs in microfinance organizations (MFOs) better. We propose that cost-variable related to market contracting favor NPOs and COOPS, whereas most cost-variables related to the practice of owner…
The association between microfinance rating scores and corporate governance: A global survey
2014
Abstract The global microfinance industry has experienced high growth rates over the past decades, and the World Bank foresees a future market with billions of customers. However, the industry's continued growth is contingent on its ability to create a governance structure that supports microfinance institutions' long-term performance. Because microfinance institutions' performance is multidimensional and difficult to measure, prior research has not been successful in establishing consistent associations between governance structures and microfinance institutions' performance. We apply microfinance rating scores – a unique innovation of the microfinance industry – as a summary performance m…
Motivations, adoption and impact of voluntary environmental certification in the Italian Forest based industry: The case of the FSC standard
2017
Abstract Over the past few years several private voluntary schemes have been developed worldwide to address the environmental issues in the forest based industry. Using survey data, this study analyse the main factors motivating companies operating in the Italian forest based industry to implement FSC (Forest Stewardship Council) standard, as a tool to promote responsible forest management and traceability of derived products, and the impact of this standard on the economic and organisational results. The findings provide evidences that signalling mechanisms drive the entrepreneurs towards the adoption of FSC certification, followed by moral and ethical reasons. In terms of impact, emerges …
Globalization of Monitoring Practices: The Case of American Influences on the Dismissal Risk of European CEOs
2013
Accepted version of an article from the Journal of Economics and Business This study examines globalization of monitoring practices by focusing on how American (U.S.) influences on European firms impact the dismissal risk for these firms' CEOs. Specifically, we argue that the stronger short term orientation of the American corporate governance system increase the dismissal performance sensitivity faced by European CEOs, indirectly and directly. The former materializes via European firms cross-listing on U.S. exchanges, the latter results from European firms hiring U.S. independent board members. Both influences are expected to result in increased dismissal performance sensitivity. Based on …