The relationship between environmental information disclosure and firm valuation: the role of corporate governance

Hopwood argued that accounting has become associated with environmental concerns, and that environmental concerns will be further integrated into accounting practices in the near future. The McKinsey Company discovered that environmental information affects a firm’s value, and that investors in firms with good corporate governance in Asian countries are willing to pay a price premium of 20 % or greater. The increasing need for environmental protection and responsibility to the community on the part of firms have led to environmental protection becoming a critical focal concern of governments, public welfare associations, and the public. Effective implementation of corporate governance has been reported to enhance operating performance and increase firm value. This study applies the Ohlson valuation model to examine the value relevance of environmental information disclosure and corporate governance, and investigate their on firms in Taiwan. The results indicate relationships between total disclosure of environmental information, mandatory disclosure of environmental information, and voluntary disclosure of environmental information and firm value. Corporate governance is positively correlated with the valuation of total disclosure of environmental information and mandatory disclosure of environmental information.     

HR's role in corporate governance: Present and prospective

Corporate wrongdoing is damaging investor confidence and tarnishing the credibility of the U.S. business community, guilty and innocent alike. Some misdeeds are clearly criminal, others simply unethical or damaging to reputations. They range from “massaging” numbers (“managed earnings”), which tests the limits of financial prudence, to outright fraud. Caught in the limelight are U.S. corporate giants representing some of the world's best‐known brands and most famous CEOs, many only yesterday lionized in the business press. We have explored this issue from the perspective of the HR function through a survey of the senior HR professionals who attended the Human Resources Forum. The survey was augmented with focus groups. Our purpose was to understand current practices, attitudes, and behaviors with respect to legal standards and professional and ethical codes. We also explored the roles of the CEO, HR leadership, and the HR function in minimizing ethical breaches that have diminished investor and public trust. We hope to shed light on the responsibilities, actions, and risks of the HR function and its leadership now and in the future. © 2004 Wiley Periodicals, Inc.     

Factors affecting corporate environmental disclosure in emerging markets: The role of corporate governance structures

This study seeks to examine whether internal corporate governance (CG) mechanisms affect corporate environmental disclosure (CED) in emerging economies. Using a sample of 500 firm-year observations, this study distinctively applies a linear panel quantile regression (PQR) model to examine the CG–CED nexus in Jordan. This technique is supplemented with conducting a two-step dynamic generalised method of moment (GMM) model to overcome any potential occurrence of endogeneity problems. This study reports an increasing trend in CED practice among the sampled companies over the period of analysis, yet it is still at an early stage as compared with their developed counterparts. Furthermore, this study suggests that board size, board independence, CEO duality and foreign ownership have positive associations with CED. In contrast, managerial ownership, institutional ownership and ownership concentration are negatively associated with the disclosed amount of environmental information in the Jordanian context. Theoretically, board structures appeared to be more efficient than ownership structures in reducing agency conflicts by addressing the asymmetric gap of information and promoting the disclosure of environmental information. These findings add to the debate about whether ownership structures detrimental to CED in developing economies. Specifically, when it comes to spending money on CED, owners seemed to be more concerned about any reductions in their share of the pie and may, therefore, be less motivated to disclose their companies' environmental information. This paper provides managers, owners and policymakers with a set of context-specific recommendations related to the crucial need for a more concerted effort to integrate governance and environmental regulations in order to ensure sustainability in emerging markets.     

Shark repellents and the role of institutional investors in corporate governance

This paper examines the role of institutional shareholders in monitoring managers when they propose antitakeover charter amendments (shark repellents). These proposals provide a rare opportunity to examine this issue since they can be adopted only by shareholder approval. We document a positive relationship between the ownership of institutional shareholders and the stock market reaction to the announcement of antitakeover amendments. This finding is consistent with the Demsetz (1983) and Shleifer and Vishny (1986) proposition that large blockholders reduce the free-rider problem associated with monitoring managers.     

Clarifying the effect of organization learning on service innovation: the mediating role of intellectual capital

Abstract

The study of intellectual capital has gained interest in today’s highly competitive landscape. Using intellectual capital as a mediator, this paper developed an integrated model to examine whether organization learning affects and increases the capacity for new service development (NSD). The results from the study of 598 hotel managers support this model across multi-dimensions of intellectual capital and show that intellectual capital plays a mediating role between organizational learning and NSD. This paper also finds exploitative organization learning enhances the positive effect of organization capital because it fosters a positive link between relational capital and human capital. The study also discusses how this intriguing pattern of mediation could be explained by using theory and research with a regulatory focus.     

An analysis on corporate governance

Corporate governance has become one of the major international issues that have succeeded in attracting a good deal of public interest in recent years, especially since the recent spate of ＂world famous＂ scandalous corporate failures. Today, it is considered that corporate governance plays an important role in the economic health of corporations and society in general. Improving corporate governance is a systematic project, it is necessary to the internal governance and external governance of the ways multi-pronged.     

The role of intellectual capital in the success of new ventures

Identifying the factors that contribute to the success of new ventures is a difficult and challenging task. In that respect, this paper proposes an analysis of the intellectual capital within new business ventures. Based on the study of a sample of 130 new companies, for the purpose of this work we have analysed the influence of the proposed intangible assets on the success of newly-created organizations, acknowledging the key role of the human and relational capital in the first few years of the life of the business.     

The role of corporate governance in forecasting bankruptcy: Pre- and post-SOX enactment

This paper contributes to the literature by documenting the improved performance of bankruptcy prediction models after including corporate governance variables. The empirical results demonstrate better predictive power for financial bankruptcy than previous bankruptcy prediction models, particularly in the post-SOX period. Our theoretical argument emphasizes the urgent need for such improvements to the bankruptcy prediction model following the introduction of the SOX Act, with the empirical results providing intuitive economic meaning for all relevant market participants. Policymakers may consider enacting laws to include designs for corporate governance monitoring mechanisms, entrepreneurs may use this model to improve their own governance structures and compensation mechanisms to avoid financial bankruptcy, and investors may refer to it to ensure that ‘losers’ are excluded from their investment portfolios.     

国有企业法人治理结构初探

文章认为,国有企业改革是中国经济体制改革的重点、热点和难点,其中关于国有企业法人治理结构问题无论在理论还是在实践上更引人关注,国有企业法人治理结构是国有企业现代化企业制度得以建立的核心,是国有企业组织机构现代化、法治化的关键,而目前我国国有企业法人治理结构存在诸多缺陷,如股权过度集中、董事会运作失范、监事会监督机制弱化、对企业经营者激励不足、约束不力等等,建立科学合理的法人治理结构已经迫在眉睫了。     

公司治理导向审计模式探讨

随着审计理论与实践的发展,审计模式也在不断变革。本文立足于全面实现公司治理的要求,以契约理论和受托经济责任观为指导,分析了现有审计模式无法满足公司治理要求的客观现状,探讨了治理导向审计模式一一以“治理”作为审计的目标导向,审计工作为了实现全面治理而展开,如何以治理的思想采指导现代审计工作的全面开展：笔者封治理导向审计模式的内涵和特点作了深入探讨.     

Institutional investors,corporate governance and the performance of the corporate sector

Proportions of equity held by institutional investors—pension funds, insurance companies and mutual funds—are rising across all OECD countries. Meanwhile institutions are becoming more influential in corporate governance, even in bank-dominated countries, inter alia due to international investment, pension reform and EMU. We provide two forms of evidence on the effects of institutional corporate governance on corporate performance. First we offer a literature survey on micro evidence, the outcome of which is mixed, but on balance suggesting a positive effect on equity returns. We contend that these micro studies face a difficulty that they cannot capture effects of governance initiatives whose effects go wider than “target firms”. Accordingly, we present results for the reduced form empirical relationship between institutional share holding and corporate sector performance at an economy-wide level. These are consistent with significant effects which differ between “Anglo-Saxon” and “relationship banking” countries. For example, institutions appear to accompany lower investment and higher dividends in the former.     

The analysis of corporate governance policy and corporate financial performance

The main purpose of this study is to investigate the relationship between the quality of corporate governance policy and the firm financial performance and. Data were collected from Corporate Library. A sample of 3,068 firms from the database of 2010 Corporate Library was analyzed. Logistic regression models were employed and SPSS statistical package was utilized to perform the analysis. Our results show that when firms have better corporate governance policies, they are more likely to perform better. Specifically, when firms have a better board rating, compensation policy, takeover defense strategy, accounting practice, and a formal governance policy, they are more likely to perform better than their counterparts without such quality corporate governance policies.     

浅探公司治理模式的趋同

本文分析了公司治理模式趋同的动因,并在此基础上指出利益相关者参与公司治理是公司治理模式的发展方向,从而得出了一些启示.     

基于公司治理的会计控制问题探讨

有效的会计控制对于公司治理结构的优化及推行均有重要作用;反过来,公司治理结构直接影响会计控制的有效性。公司治理与会计控制具有“共生互动”的关系,因而会计控制须纳入公司治理的整体架构当中,做到两个同步：一是在搭建公司治理结构的过程中,同步设计会计组织架构及运行机制;二是在公司治理配套制度体系建设过程中,同步建立会计监督和资金监控机制。     

公司治理与内部审计的关系探讨

公司治理和内部审计是当前两大理论和实务热点问题,文章从两者理论基础的内在一致性出发,探讨了在一个特定的微观主体中二者之间的双向关系,认为公司治理结构应阐明和确定内部审计职能在公司治理中的地位和作用,并指出内部审计是公司治理结构中不可或缺的检查、监督与评价的技术性机制,内部审计是公司治理结构中的信息反馈系统。     

对中国上市公司治理模式的思考

20世纪90年代以来,公司治理研究推崇英美模式,而由美国引发的经济危机使中国企业开始反思英美模式的不足,并寻求适合自身特点的治理模式。本文首先回顾了公司治理研究的进程,然后比较说明不同治理模式的优劣,最后指出在当前经济危机形势下中国公司治理面临的问题,并提出改进建议。     

论法律制度对公司治理的影响

文章认为良好的公司治理是现代市场经济和金融市场健康运作的微观基础,研究治理具有重要意义,由于公司治理是公司自治和法律规制的统一,法律有介入公司治理的必要,鉴于公司治理的法律环境包括外部和内部法律环境,文章针对我国目前公司治理法律环境的现状提出了完善对策。     

基于公司治理的环境会计理论框架的构建

本文从公司治理的角度,以相关者利益最大化为企业的目标来构建环境会计理论的框架,将环境会计纳入财务会计的范畴,对是否沿用财务会计的基本理论体系、环境会计成本和收益的确认、金额的计量以及如何在报表中披露等问题进行了分析。     

智力资本报表编制初探

本文分析了编制智力资本报表的意义,结合案例对智力资本报表的结构加以研究,并将智力资本报表和传统财务报表进行对比,探讨了智力资本报表的研究方向.