A Comparative Analysis of Post-Sarbanes-Oxley Corporate Governance Developments in the US and European Union: The Impact of Tensions Created by Extraterritorial Application of Section 404

The objective of this study is to explore empirically the dimensions that generate high impact in the finance industry to better understand its contribution from a Corporate Social Responsibility (CSR) perspective. We analyze data concerning impacts of finance sector firms certified by B Corp in order to identify the combinations that are necessary and/or sufficient to obtain a recognition of their high impact generation. The methodology followed to identify the impact dimensions is fsQCA, (fuzzy set Qualitative Comparative Analysis), a qualitative comparative analysis method applied to a sample of finance firms (n-181). The results indicate that financial sector firms exhibited four combinations focusing on different impact dimensions. Specifically, the first route indicates that a high degree of focus on customers and communities is sufficient to obtain a high impact score. The second path signals that the combination of the impacts on customers and corporate governance could lead to the same result, while in the third pathway the focus would be on the employees. Finally, the fourth route indicates that some financial firms focus strongly on their communities, corporate governance and their employees, but very weakly on the environmental dimension. Consequently, diverse combinations of CSR dimensions characterize financial sector contributions to impact generation and sustainable development.

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Corporate Governance Factors and Auditor Going Concern Assessments

Review of Accounting and Finance ◽

10.1108/eb043428 ◽

2005 ◽

Vol 4 (3) ◽

pp. 5-29 ◽

Cited By ~ 9

Author(s):

Susan Parker ◽

Gary F. Peters ◽

Howard F. Turetsky

Keyword(s):

Corporate Governance ◽

Financial Reporting ◽

Financial Distress ◽

Audit Committee ◽

Future Research ◽

Going Concern ◽

Sarbanes Oxley ◽

Auditing Standards ◽

Distressed Firms ◽

The Impact

When making going concern assessments, Statement on Auditing Standards No. 59 (Auditing Standards Board 1988) directs auditors to consider the nature of management's plans and ability to mitigate periods of financial distress successfully. Corporate governance factors reflect attributes of control, oversight, and/or support of management's plans and actions intended to overcome financial distress. Correspondingly, this study investigates the impact of certain corporate governance factors on the likelihood of a going concern modification. Using survival analysis techniques, we examine a sample of 161 financially distressed firms for the time period 1988–1996. We find that auditors are twice as likely to issue a going concern modification when the CEO is replaced. We also find that going concern modifications are inversely associated with blockholder ownership. We also confirm Carcello and Neal's (2000) findings with respect to the association between an independent audit committee and an increased likelihood of modification. In a repeated events setting, we find that insider ownership and board independence are inversely associated with repeated going concern modifications. Our study concludes by proposing implications for the current financial reporting environment (including the Sarbanes‐Oxley Act of 2002) and future research avenues.

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Empirical Studies of Corporate Law and Governance

10.1093/oxfordhb/9780198743682.013.49 ◽

2017 ◽

Cited By ~ 1

Author(s):

Michael Klausner

Keyword(s):

Corporate Governance ◽

Empirical Studies ◽

The United States ◽

Corporate Law ◽

Empirical Literature ◽

Related Literature ◽

Takeover Defenses ◽

The Us ◽

Governance Quality ◽

The Impact

This chapter examines the empirical literature on corporate law and governance in the United States. Four areas of the US corporate governance literature are discussed: (i) state competition to produce corporate law, (ii) independent boards, (iii) takeover defenses, and (iv) the use of corporate governance indices. The chapter concludes that these areas of research reflect varying degrees of success. The literature on state competition has been a major success. We know much more in this area as a result of empirical analysis in this area than we did on the basis of theory alone. At the other extreme is the literature on takeover defenses and the related literature that uses governance indices as measures of governance quality. Those empirical literatures are plagued by misunderstandings of how takeovers and takeover defenses work, and many results are therefore not as informative as they appear to be. In between is the literature on the impact of an independent board. Here, empiricists faced perhaps insurmountable challenges in proving causation, but nonetheless exposed informative associations.

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The impact of external and internal corporate governance mechanisms on agency costs

Corporate Governance ◽

10.1108/cg-02-2018-0053 ◽

2019 ◽

Vol 19 (1) ◽

pp. 1-22 ◽

Cited By ~ 8

Author(s):

Jonas Schäuble

Keyword(s):

Corporate Governance ◽

Agency Costs ◽

Governance Mechanisms ◽

Content Type ◽

Frontier Analysis ◽

Audit Firm ◽

Audit Market ◽

Corporate Governance Mechanisms ◽

The Us ◽

The Impact

Purpose The purpose of this paper is to investigate the impact of external and internal corporate governance mechanisms on agency costs. Design/methodology/approach The author uses data from German firms that were listed in the regulated market of the Frankfurt Stock exchange during 2006-2011. Agency costs were measured using stochastic frontier analysis, a relatively new approach to estimate agency costs. The regression analysis is applied to test the model. Findings The results indicate that an industry specialized audit firm, the presence of a large audit firm, abnormal audit fees, management ownership and variable management compensation are significantly negatively associated with the level of a firms’ agency costs. In contrast, this seems not to be true for the existence of an audit committee for which the results of the paper document a non-significant association. Originality/value The paper contributes to the existing literature in several ways. First, the research design is to the best of the authors’ knowledge the first that investigates the influence of different corporate governance mechanisms on the level of agency costs. Second, previous studies are mainly focused on the US audit market. This focus on the US audit market leaves uncertainties regarding the direction and magnitude of the empirical relationship in the European and German environmental context. Finally, the paper provides initial empirical evidence for a sample of German IFRS listed companies (IFRS – International Financial Reporting Standards).

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Comparative Analysis of the Recent Financial Crisis' Impact on the Retail Electronic Commerce in the European Union in the USA and in Poland

Comparative Economic Research ◽

10.2478/v10103-011-0011-5 ◽

2011 ◽

Vol 14 (2) ◽

pp. 61-78

Author(s):

Tomasz Czajkowski

Keyword(s):

European Union ◽

Comparative Analysis ◽

Financial Crisis ◽

Electronic Commerce ◽

The European Union ◽

Economic Data ◽

The Usa ◽

Recent Financial Crisis ◽

The Impact ◽

International Companies

The aim of this article is to compare and assess the impact of the recent financial crisis on the retail electronic commerce in the economies of the European Union, the USA and Poland. Therefore the selected data from the biggest international companies connected with the retail electronic commerce from the years 2007 and 2008 in comparison to the previous year, and the selected economic data from the economies of the USA, the European Union and Poland till the year 2009, concerning the utilization and value of the electronic commerce trade and the number of people doing shopping online, and conclusions drawn from the analyses of those data are presented and discussed.

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Corporate Governance and Social Responsibility: a comparative analysis of the UK and the US*

Corporate Governance An International Review ◽

10.1111/j.1467-8683.2006.00495.x ◽

2006 ◽

Vol 14 (3) ◽

pp. 147-158 ◽

Cited By ~ 284

Author(s):

Ruth V. Aguilera ◽

Cynthia A. Williams ◽

John M. Conley ◽

Deborah E. Rupp

Keyword(s):

Corporate Governance ◽

Comparative Analysis ◽

Social Responsibility ◽

The Us ◽

The Uk

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The Influence of the Coalition Approach in US Policy on the Integration Processes in Europe in the Post-Bipolar Era

Cuestiones Políticas - Conflictividad política, pandemia de COVID-19 y nuevos paradigmasConflictividad política, pandemia de COVID-19 y nuevos paradigmas ◽

10.46398/cuestpol.3971.09 ◽

2021 ◽

Vol 39 (71) ◽

pp. 187-204

Author(s):

Olha Y. Kravchuk ◽

Volodymyr I. Zabolotnyuk ◽

Yuliia V. Kobets ◽

Oksana I. Lypchuk ◽

Ivanna I. Lomaka

Keyword(s):

European Union ◽

Security Policy ◽

The United States ◽

The Political ◽

European Union Law ◽

Political Situation ◽

The Us ◽

The World ◽

The Impact ◽

The Eu

The article examines the impact of the coalition approach in US policy on integration processes in Europe in the post-bipolar era. The aim of this article was to identify the peculiarities of the political situation in the world after a period of escalation of the nuclear conflict. It involved an analysis of sources in the field of coalition approach research in the United States, as well as a comparison of its impact on the political situation and European Union law. The author concluded that there is a lack of proper research in the field of the impact of the coalition approach in US policy in the post-bipolar era, and its impact on integration processes in Europe. Comparing the experience of the EU and the US, it was determined that the awareness of nuclear danger affected the development of a coalition approach in US policy. The study resulted in the identified specifics of the EU’s security policy under the influence of the US coalition approach, where the need to ensure stability and armed security is crucial. Prospects for further research include identifying US influence on Eastern countries.

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L’invalidità del Safe Harbor Agreement

Ricerche giuridiche ◽

10.30687/rg/2281-6100/2018/01/007 ◽

2018 ◽

Author(s):

Fabiana Accardo

Keyword(s):

European Union ◽

Data Protection ◽

Personal Data ◽

Safe Harbor ◽

The European Union ◽

Court Of Justice ◽

The Us ◽

Data Protection Law ◽

The Impact ◽

The Eu

The purpose of this article is that to explain the impact of the landmark decision Schrems c. Data Protection Commissioner [Ireland] - delivered on 7 October 2015 (Case C-362/2014 EU) by the Court of Justice - on the European scenario. Starting from a brief analysis of the major outcomes originated from the pronunciation of the Court of Justice, then it tries to study the level of criticality that the Safe Harbor Agreement and the subsequently adequacy Commission decision 2000/520/EC – that has been invalidated with Schrems judgment – have provoked before this pronunciation on the matter of safeguarding personal privacy of european citizens when their personal data are transferred outside the European Union, in particular the reference is at the US context. Moreover it focuses on the most important aspects of the new EU-US agreement called Privacy Shield: it can be really considered the safer solution for data sharing in the light of the closer implementation of the Regulation (EU) 2016/679, which will take the place of the Directive 95 /46/CE on the EU data protection law?

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