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Governance Role (governance + role)

Distribution by Scientific Domains
Business, Economics, Finance and Accounting83%

Selected Abstracts

DO MULTIPLE LARGE SHAREHOLDERS PLAY A CORPORATE GOVERNANCE ROLE?

THE JOURNAL OF FINANCIAL RESEARCH, Issue 4 2009
EVIDENCE FROM EAST ASIA
Abstract We examine the governance role of multiple large shareholder structures (MLSS) to determine their valuation effects in a sample of 1,252 publicly traded firms from nine East Asian economies. We find that the presence, number, and size of multiple large shareholders are associated with a significant valuation premium. Our results also show that the identity of MLSS influences corporate value and that the valuation effects of MLSS are more pronounced in firms with greater agency costs. Our results imply that MLSS play a valuable monitoring role in curbing the diversion of corporate resources. [source]

Do External Auditors Perform a Corporate Governance Role in Emerging Markets?

JOURNAL OF ACCOUNTING RESEARCH, Issue 1 2005
Evidence from East Asia
ABSTRACT In emerging markets, the agency conflicts between controlling owners and the minority shareholders are difficult to mitigate through conventional corporate control mechanisms such as boards of directors and takeovers. We examine whether external independent auditors are employed as monitors or as bonding mechanisms, or both, to alleviate the agency problems. Using a broad sample from eight East Asian economies, we document that firms with agency problems embedded in the ownership structures are more likely to employ Big 5 auditors. This relation is evident among firms that raise equity capital frequently. Consistently, firms hiring Big 5 auditors receive smaller share price discounts associated with the agency conflicts. Also, we find that Big 5 auditors take into consideration their clients' agency problems when making audit fee and audit report decisions. Taken together, these results suggest that Big 5 auditors do have a corporate governance role in emerging markets. [source]

Agricultural Biotechnology and Regime Formation: A Constructivist Assessment of the Prospects

INTERNATIONAL STUDIES QUARTERLY, Issue 4 2002
William D. Coleman
Controversies surrounding the appropriate use and diffusion of agricultural biotechnologies are giving rise to questions about governance at the international level. This article investigates the likelihood that a single, international regime or multiple regimes governing this technology will form by way of negotiation. We show that four normative,institutional arrangements, organized around distinct general principles, have a potential governance role: world food security and safety, liberalized trade, protection of intellectual property, and conservation and sustainable use of biodiversity. We argue that an adequate amount of compatibility between the principles and norms of these arrangements is required to support the type of communicative action or truth,seeking needed to develop the intersubjective understanding for a regime. Using a framework for assessing normative compatibility, we find not one, but two nascent understandings rooted in the trade and biodiversity areas competing to form the foundation for governance. Further analysis of levels of institutional density between the two developing regimes reveals they are presently too low to support a negotiated resolution of normative conflict. Finally, we demonstrate that recent framing attempts at the international level to decrease areas of tension and incompatibility in principles/norms between the regimes have neglected to create the crucial normative background conditions needed to avert a scenario of increased political conflict in the near future. [source]

Do External Auditors Perform a Corporate Governance Role in Emerging Markets?

JOURNAL OF ACCOUNTING RESEARCH, Issue 1 2005
Evidence from East Asia
ABSTRACT In emerging markets, the agency conflicts between controlling owners and the minority shareholders are difficult to mitigate through conventional corporate control mechanisms such as boards of directors and takeovers. We examine whether external independent auditors are employed as monitors or as bonding mechanisms, or both, to alleviate the agency problems. Using a broad sample from eight East Asian economies, we document that firms with agency problems embedded in the ownership structures are more likely to employ Big 5 auditors. This relation is evident among firms that raise equity capital frequently. Consistently, firms hiring Big 5 auditors receive smaller share price discounts associated with the agency conflicts. Also, we find that Big 5 auditors take into consideration their clients' agency problems when making audit fee and audit report decisions. Taken together, these results suggest that Big 5 auditors do have a corporate governance role in emerging markets. [source]

DO MULTIPLE LARGE SHAREHOLDERS PLAY A CORPORATE GOVERNANCE ROLE?

THE JOURNAL OF FINANCIAL RESEARCH, Issue 4 2009
EVIDENCE FROM EAST ASIA
Abstract We examine the governance role of multiple large shareholder structures (MLSS) to determine their valuation effects in a sample of 1,252 publicly traded firms from nine East Asian economies. We find that the presence, number, and size of multiple large shareholders are associated with a significant valuation premium. Our results also show that the identity of MLSS influences corporate value and that the valuation effects of MLSS are more pronounced in firms with greater agency costs. Our results imply that MLSS play a valuable monitoring role in curbing the diversion of corporate resources. [source]

The Effects of United Way Membership on Employee Pay in Nonprofit Organizations

NONPROFIT MANAGEMENT & LEADERSHIP, Issue 1 2000
Steve Werner
This research investigates the relationship between United Way membership and the compensation level of employees in nonprofit organizations. This study is based on questionnaires completed by 1,811 employees from sixty-nine nonprofit agencies in a large metropolitan area. Managerial capitalism, agency theory, and United Way funding and governance roles were used to develop the hypotheses. We found that employees of organizations belonging to the United Way receive pay premiums, suggesting that the United Way member agencies are higher-quality agencies that pay their employees higher wages. [source]