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This study investigates how to reduce future barriers to succession and other problems related to family governance by constructing a succession roadblock map. The study explores succession roadblocks in family businesses and provides a succession planning tool that is based on empirical data from 42 director members of the Taiwan Institute of Directors. An analytical hierarchy of family business succession and succession roadblocks are divided into three categories: family roadblocks, institutional roadblocks, and market roadblocks. Next, this study calculates the weights and rankings of the severity of such roadblocks and the likelihood of their occurrence. Specifically, this study constructs a succession roadblock matrix that categorizes succession roadblocks into four categories: the ownership dilution model, sell or withdraw model, ownership management model, and dispersive ownership model. This study also establishes a roadblock strategy matrix for successor positioning and proposes suggestions for practical strategic planning to overcome the challenges of succession roadblocks. 相似文献
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Yu Wen Kami Rwegasira Jan Bilderbeek 《Corporate Governance: An International Review》2002,10(2):75-83
This paper studies the relationship between some characteristics of the corporate board and the firm’s capital structure in Chinese listed firms. The findings provide some preliminary empirical evidence and seem to suggest that managers tend to pursue lower financial leverage when they face stronger corporate governance from the board. However, the empirical results of the relationships are statistically significant only in the case of the board composition and the CEO tenure. The results are statistically insignificant in the case of the board size and fixed CEO compensation. This may in general suggest that, up to the time period of our investigation, the corporate board structures and processes in Chinese listed firms might not as yet be fully working in the manner, or as well, as might have been so far assumed on the basis of Western theoretical finance literature. 相似文献
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Peter Klein Daniel Shapiro Jeffrey Young 《Corporate Governance: An International Review》2005,13(6):769-784
We analyse the relationship between firm value, as measured by Tobin's q, and newly released indices of effective corporate governance for a sample of 263 Canadian firms. The results indicate that corporate governance does matter in Canada. However, not all elements of measured governance are important, and the effects of governance do differ by ownership category. For the entire sample of firms we find no evidence that a total governance index affects firm performance. This is mainly because we find no evidence that board independence, the most heavily‐weighted sub‐index, has any positive effect on firm performance. Indeed, for family‐owned firms we find that the effect is negative. In general, sub‐indices measuring effective compensation, disclosure and shareholder rights practices enhance performance and this is true for most ownership types. We also find no evidence that governance practices are endogenous. 相似文献
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《Economic Systems》2023,47(2):101072
Blockholdings in closely held corporations have been examined in the literature to understand the importance of the size and structure of minimal coalitions in a volatile macroeconomic environment. We show, theoretically and empirically, that three-member minimal controlling coalitions provide the best performance results because the portfolio of potential strategies of such coalitions can increase strategic choices in the boom-bust-recovery cycle, but coordination costs are not that high. We also show that “competition” between potential minimal controlling coalitions (of the same firm) with two or more members improves the firm’s performance. With respect to the characteristics of the institutional owners of one-member controlling coalitions, we found that firms controlled by foreigners and/or other non-financial firms and financial holdings performed better than the average firm. Our study indicates that the change of ownership structures in emerging countries is determined by the extant economic systems and through administrative interventions. 相似文献
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对商业银行公司治理进行评价,有利于商业银行评估与有效防范风险。公司治理质量的高低是商业银行改制的关键,构建商业银行公司治理评价体系具有重要的现实意义。本文在分析商业银行公司治理的特殊性和商业银行公司治理存在问题的基础上,试图构建我国商业银行公司治理评价体系,以完善我国商业银行的公司治理。 相似文献
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Using data that spans three decades, we assess the diverse roles of institutional investors in impacting survival and performance of chronically underperforming firms and contrast the results for consistently overperforming firms. We find material differences in investor roles and investment returns between these samples. Differentiating among institutional types, controlling for prior performance and attrition bias provides insights unattainable by examining aggregated holdings. For underperformers, results are negative for activist pension funds and long-term institutions, positive for activist hedge funds and short-term institutions, and mixed for institutional blockholders. 相似文献
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本文以股权结构—董事会—经营者为逻辑,采用主成分分析法对上市公司的内部治理机制进行综合评价,取得内部治理质量好坏两个样本组。检验了公司内部治理质量对公司绩效与审计费用的影响。结果显示:较好的样本组中内部治理质量与公司绩效正相关,与审计费用负相关,验证了有效的公司治理机制可以提高企业经营效益,降低经营风险,进而降低审计费用。而公司治理质量较差的样本组不存在这种关系。 相似文献
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《Scandinavian Journal of Management》2020,36(3):101119
We explore the process and consequences of family firm owners applying informal rules to decision-making in the context of later-generation family firms attempting strategic renewal. Based on the case studies of two firms in a Nordic country where the owners serve as non-executive board members, and following institutional action theory, we propose that informal rules – based on historical precedents and cumulative experience – applied to a family firm’s decision-making play many roles. They sustain family traditions over time, transfer experience over generations and depersonalise family members’ use of power. In addition, the rules on governance structure, governance processes and the content of the strategies form a hierarchy and can both facilitate and hinder the renewal. 相似文献
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本文从公司治理概念为出发点,推导出公司治理费用的识别原则。在对这些原则深入分析后,给出公司治理费用的定义即:公司治理费用是指公司(企业)因经营权与所有权分离所派生的治理活动产生的费用,以及为协调外部利益相关者而发生的费用。其边界与会计中合并报表的边界相一致。同时,还简要提出了公司治理费用的分析方法及其披露的相关建议。 相似文献
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Buying into buying groups: is it good for the family firm? 总被引：2，自引：0，他引：2
Reginald A. Litz Kent Walker 《The International Entrepreneurship and Management Journal》2007,3(4):419-436
The study considers three questions: (1) Are family businesses inherently disadvantaged? (2) Do buying groups enhance their members’ performance? (3) Do buying groups enhance the performance of family businesses in particular? Over 300 small retail hardware stores were surveyed, the majority of which were both family firms and buying group members. Results show no clear advantage to joining a buying group. Surprisingly, we find higher profit margins for businesses not part of buying groups as opposed to those who are members. Overall, the results tend to suggest that family firms realize no significant benefit through buying group membership. 相似文献
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The rapidly increasing worldwide focus on corporate governance has resulted in a proliferation of rating systems that proxy for governance quality. This study develops a governance rating for Greek listed companies by benchmarking their governance structures against three levels: (a) the minimum requirements under Greek regulation (lower level); (b) the incremental recommendations of the Greek code (middle level); and (c) the additional international best practices, prescribed by the UK Combined Code (higher level). Using available data on 274 out of 340 Greek listed companies in 2003 and based on information collected primarily from annual reports, we find that the average governance rating at the lower level is 65.5 per cent; this scoring reduces significantly as we move to the middle and higher level. The average governance rating is 44 per cent. Second, governance scores increase with firm size. Although there may be good reasons explaining these patterns, we find that Greek companies do not provide explanations, i.e. do not practice the “comply or explain” recommendation. Third, our middle level aggregate governance rating is much lower than that reported by prior research that uses a different data gathering and weighting approach. This divergence has important methodological implications. Finally, we document a relatively high lack of transparency in relation to Greek governance practices. This is a sign of “bad governance”. 相似文献
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民营企业会计信息失真的问卷调查分析 总被引：1，自引：0，他引：1
针对会计信息失真问题,我们对民营企业进行了实地调研和问卷统计分析。我们发现民营企业的会计人员在做假的博弈中处于两难选择。民营企业应进一步优化内部治理结构,完善内部控制体系。民营企业的外部监督体系在监督民营企业信息的问题上没有发挥应有的作用。产权不清可能会影响会计信息的质量,但不应视为 相似文献
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Izabela Koladkiewicz 《Corporate Governance: An International Review》2001,9(3):228-237
The process of building a corporate governance system in Poland is an ongoing one. It may be assumed, however, that the past ten years have seen the foundation created for the system. The institution of the supervisory board occupies an essential position within the infrastructure. For its part, the developing capital market, with such important institutions as the Securities and Exchange Commission as well as the Stock Market, fills a significant – though not yet broad – supporting function. It must be remembered, however, that the Polish system of corporate governance is still very young and is subject to continuous transformations. To a great extent, the direction of these transformations is marked by the quest for ever more effective solutions in the realm of supervision whilst the pool of experience already accumulated makes possible the implementation of the selected orientation. 相似文献
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Peter Montagnon 《Corporate Governance: An International Review》2004,12(2):180-183
This paper examines how and why corporate governance has come to be of particular interest to investors, locating the discussion in an international context, yet focusing also on the issues raised for the UK, particularly in the light of the Higgs report. It argues that observation and monitoring of corporate governance, with a concern to see well‐governed companies, could prove a wise strategy for investors. 相似文献
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上市公司会计造假的动机是基于其停市、复市的需要,上市公司成功造假的桥梁是控股股东通过关联交易、资产转让重组等方式的慷慨相助,控股股东之所以热情相助的动机是上市公司已成为控股股东的提款机。本文认为,提高上市公司的会计信息质量应从两方面入手:一是加强公司内部治理即优化股权构成形成多元化的股权结构,完善独立董事制度.另一方面是加强公司外部治理,改变监管部门工作重点为规范上市公司提供可靠的会计信息、推广建账监管制度,加大执法惩罚力度等。 相似文献
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I find empirical evidence that financially distressed firms increase investment risk. I exploit a natural experiment where the treated firms must refinance long-term debt during the 2007–2008 credit crisis. When focusing on firms where the incentive to risk-shift is theoretically greater, such as financially vulnerable firms and those with better governance, I find the increase in investment risk is most prevalent among firms that are the most financially vulnerable and when executives benefit from increased risk. Contrary to previous empirical papers that did not find causal evidence of risk-shifting, these results suggest that the risk-shifting does occur when firms are financially distressed. 相似文献
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En‐Te Chen Stephen Gray John Nowland 《Corporate Governance: An International Review》2013,21(3):242-263