Corporate governance,globalization and firm productivity

We examine the relationship between globalization, corporate governance and firm productivity. The results, using longitudinal data from Korea, indicate that the positive effect of liberalising equity ownership on firms’ total factor productivity (TFP) was reinforced by indirect managerial effects when a firm improved its corporate governance. Our findings also confirm that the interaction of the managerial effect with increased foreign equity ownership is more significant than interaction with exports, suggesting that liberalising foreign investment in the host market is more effective in capitalising on the potential benefits of corporate governance reform than increasing exports to overseas markets, reflected in learning by exporting.     

Corporate governance reform: character‐building structures

This paper argues that corporate governance reformers in Anglo‐American jurisdictions should consider a different approach in their quest for better corporate governance. Traditionally, corporate governance reform has taken a structural approach, tightening the rules around the number of independent directors required on boards and committees and fine‐tuning the definition of independence. However, such an approach has failed to achieve effective corporate governance. Moreover, this approach is informed by the arguably discredited assumption that individuals are rational self‐interest utility maximizers. This conceptual paper questions why corporate governance scholars and regulators remain uncritical of this assumption and suggests an approach to reform inspired by a different view of human nature. Indeed, incorporating an actor‐based approach to reform into existing structures may better achieve effective corporate governance while addressing an unjustified adherence to this flawed assumption.     

Corporate governance and family business performance

Family business continuity plans commonly establish a governance structure for the family and for the family business. The purpose of those structures is to improve strategy and control mechanisms of the family business and, to organize the communication and relationship between family owners and business executives. This research focuses on assessing the impact of those structures on family business performance. Specifically, the study assesses the impact a professional board of directors has on a company's performance. The research team selected a set of 22 family businesses. Some of these families have undergone a process of developing a family protocol over the last seven years. The authors captured the relevant information for this research by sending out a survey to each family member and to each non-family director or executive.     

Corporate environmental responsibility and bank loans

Drawing on both qualitative analyses of banks' sustainability reports and quantitative analyses of 11,538 bank loans from 1993 to 2018, we explore interactions between corporate environmental responsibility (CER) and bank loan contracting. We find CER dominates how corporate social responsibility (CSR) affects bank loans. We propose a two-way relationship between CER and bank loans. Firms with strong CER performance receive cheaper bank loans due to banks' environmental risk management efforts. These banks provide services to corporate borrowers that have a positive influence on borrowers' ongoing environmental performance.     

Corporate governance,female directors and quality of financial information

The aim of this study is to examine whether gender diversity on audit committees (hereinafter, ACs) influences financial reporting quality by using panel data of Spanish listed firms. The financial reporting quality of firms is measured by the type of opinion received in the audit report. We estimate various panel data models of audit opinions and control for factors that are traditionally found to impact audit opinions. This study provides evidence to support the hypotheses that the percentage of females on ACs reduces the probability of qualifications due to errors, non‐compliance or the omission of information. Furthermore, the results also find that the percentage of female directors on ACs, the percentage of independent female directors on ACs and ACs chaired by females increase the likelihood of further transparency by disclosing audit reports with uncertainties and scope limitation qualifications.     

Corporate governance and insider trading regulation efficiency

This paper aims to measure insider trading probability and the corresponding regulation efficiency in China. Based on an identification of influencing factors of corporate governance, the author explores the relationship among insider trading, corporate governance, and corporate value. The author also uses, based on high-frequency financial data, the probability of insider trading to measure the degree of insider trading in China’s security market. Results reveal that China’s security market has failed to punish and prohibit illegal insider trading effectively. However, the security market does exert certain constraints on insider-trading-ridden listed companies. The conclusion of this article is that by improving corporate governance, we can enhance the efficiency of insider trading regulation. Practical implications are also discussed.     

Corporate governance reforms and our regulatory future

It is undeniable that the global financial crisis (GFC) has been a catalyst for regulatory change. Whether these policies and regulatory changes are good or bad, whether they will help or hinder growth, and whether they can effect proper balance between growth and effective risk management, the reality is that significant regulatory changes have been proposed and many have already been adopted and implemented. Business leaders may argue that the proposed policy and regulatory choices are both bad policy and bad economics, but the conclusions reached from the GFC is that the status quo was unworkable, and is certainly now politically unpalatable. Corporate governance reforms have arisen as a result of the global financial crisis. This article examines a slew of trends and changes in the wake of the GFC.     

Corporate governance, takeovers and the role of the non-executive director

The takeover mechanism may have some effect on disciplining managers - but it also allows them to spend shareholders money on self promotion. The authors of this paper argue that if we had a better system of corporate governance with a revitalised role for independent directors fewer takeovers would occur, and calls for reform of the acquisition market would diminish.     

Corporate governance in mutual insurance companies

The key corporate governance issues facing mutual insurance company managements are examined. Results of a comprehensive survey of the state of corporate governance in mutual property-liability insurance companies are presented. Recommendations for changes in governance practices by mutual companies are presented and their implications are discussed.     

国有商业银行公司治理的问题分析

建立产权明晰、权责明确、政企分开、管理科学的现代企业制度是我国国有商业银行改革的方向，而良好的公司治理的建立是决定国有商业银行改革成败的核心问题。本文探讨和分析我国国有商业银行公司治理的现状和存在的问题，进而提出完善我国国有商业银行公司治理的建议。     

Corporate governance effectiveness during institutional transition

Is corporate governance effective during the early stages of transition from central planning to market? If so, is the effectiveness due to the newly instituted reforms, or the remnants of the previous institutional regime? This study addresses these questions by drawing on agency theory and neo-institutional theory to examine the effectiveness of corporate governance during transition in the largest of the transition economies, the People's Republic of China. We choose a period of institutional upheaval—1998–2003—and test competing hypotheses with a sample of 416 publicly listed firms. We find strong evidence that poor-performing CEOs are more likely to leave or be dismissed which suggests that China's corporate governance was effective during this time period. However, the results also suggest that the effectiveness was likely due more to the remnants of the previous institutional regime than to the newly implemented Anglo-American style governance structures.     

Corporate governance,ownership and firm value: Drivers of ownership as a good corporate governance mechanism

This study analyses the role of ownership as a good corporate governance mechanism. We study cross-national differences between companies with different level of investor protection. In addition, we account for the type of owner (young family vs. non-young family businesses) and the owner’s relationship with a second significant shareholder (monitoring vs. collusion). When the main owner has effective control over the firm (i.e., absolute control or less than absolute control but without the control of a second significant shareholder), the relation between ownership concentration and firm value is U-shaped. Our findings also suggest that the conflicts between majority and minority shareholders are weaker for companies with higher investor protection and young family-owned businesses.     

“诚信社会建设”国际研讨会聚焦企业信用——公司信用治理需道德和制度并驾齐驱

CEO不仅应该解读为首席执行官（Chief Executive Officer）,还应该看作首席道德官（Chief Ethical Officer）。这是2009年10月31日“诚信社会建设”国际研讨会上对外经贸大学国际商学院教授叶陈刚的主题论调。此次学术会议由对外经济贸易大学国际经济伦理研究中心（CIBE）与北京大学中国信用研究中心、对外经济贸易大学中国开放经济研究所共同举办。     

Corporate governance and accounting conservatism in Islamic banks

We examine whether Islamic banks are more likely to be conservative in their financial reporting than conventional banks, as well as how Islamic banks' unique corporate governance system affects accounting conservatism behaviors. Using a large sample of Islamic banks and their matched non‐Islamic banks; based on total assets and geographic location, in 15 countries, we find Islamic banks are more likely to deploy accounting conservatism as measured by loss avoidance, abnormal loan loss provisions, and C‐score, respectively. Islamic banks are about 95% more likely to be more conservative in accounting practices than their counterparts, depending on different model specifications. In addition, we report several board characteristics, such as size, independence, reputation, tenure, and diversity, are important determinants of accounting conservatism in Islamic banks. This relationship indicates certain board traits lead to greater monitoring roles, consequently reducing unethical behavior and increasing the degree of conservatism in accounting practices.