Emergent Corporate Mind

Author(s):  
Lisa Siraganian

A lively debate over “corporate mind” materialized in legal, philosophical, and political scientific guises throughout the first decades of the twentieth century. Legal theorists such as Harold Laski, Jethro Brown, and Frederic Maitland sought to ascribe intentions to mindful corporations to understand why corporations acted as they did and to treat them accordingly; theorists like Morris Cohen, John Salmond, and Oliver Wendell Holmes, Jr. thought this tactic made no sense. This chapter examines their dispute to argue that Gertrude Stein’s conceptualizing of groups of artists proposed representational solutions both similar to and ultimately divergent from these conceptions of corporate minds. A radical reading of Stein’s revolutionary prose poem, G.M.P. (1912), is offered, supported by archival manuscript evidence. That text ponders the difference between a publicly traded corporation, with its repetitive daily “life” exposed to anyone with a ticker-tape machine, and the creations of a group of painters and poets. Abstracting the art collectivity and giving the movement a name (“G.M.P.”) more typical of publicly traded companies on a stock exchange, Stein registers its divergence from a crowd, a corporate collective, or an individual. Like business entities, aesthetic movements possess emergent properties that are more than the sum of their artist parts; yet art’s immortality differs from a corporation’s life in perpetuity. Offering context for the period’s corporate ideas from various disciplines—political science, jurisprudence, philosophy, psychology—this chapter catches writers thinking through how a corporate group imagines and creates.

2011 ◽  
Vol 27 (4) ◽  
pp. 53 ◽  
Author(s):  
Anastasia Maggina ◽  
Angelos A. Tsaklanganos

<p>The purpose of this study is to provide evidence drawn from publicly traded companies in Greece as far as the predictability of going-concern opinions, and other business situations (problem companies, tax contingent liabilities) based on a transition from a tax-driven accounting system which is characterized by a stakeholder (debtholder) orientation to shareholder oriented and independent of tax reporting considerations after the adoption of IFRS. This study examines companies listed in the Athens Stock Exchange to determine whether the findings with regard to the prediction of troubled companies, going-concern audit opinions and tax contingent liabilities are robust in a different accounting system than that in prior studies. We employ discriminant analysis and a logit specification to test our models. Results indicate that more noticeably going-concern audit opinions can be predicted with rates ranging from 96.7% to 98.7%.</p><p>Research findings are subject to limitations since they are drawn from publicly traded companies only. The selection of models that better fits to the Greek data provides additional evidence to the existing literature not only in so far as the statistical techniques but also in respect to the business environment (after the adoption of IFRS). These models can act as early warning systems in an effort to avoid further bankruptcies or liquidations or even to prevent window dressing phenomena.</p>


2007 ◽  
Vol 3 (1) ◽  
pp. 18-33
Author(s):  
Anthony R. Bowrin

This study describes the regulatory framework governing audit committees (AC) of publicly traded companies in the West Indies and examines the extent to which the provisions of these AC regulations are similar to the International Federation of Accountants guidelines for AC. Also, it examines the actual AC policies of publicly traded West Indian firms and determines whether they vary systematically with industry affiliation or firm size. The sample comprised companies traded on Barbados, Jamaica Stock Exchange, and Trinidad and Tobago Stock Exchanges in 2002. Larger companies and those in the financial industry provided better audit committee disclosures than their smaller counterparts and those in non-financial industries.


2019 ◽  
Vol 10 (1) ◽  
pp. 140-164 ◽  
Author(s):  
Nurlan Orazalin ◽  
Monowar Mahmood

Purpose The purpose of this paper is to investigate the extent and determinants of sustainability performance disclosures reported by publicly traded companies in Kazakhstan by using the Global Reporting Initiative (GRI) framework. Among the different possible determinants, stand-alone sustainability reporting (SR), reporting language, leverage, cash flow capacity, profitability, size, age and auditor type were selected to investigate their impacts on the quality and scope of sustainability information. Design/methodology/approach The study analyzes data from publicly traded companies at the Kazakhstani Stock Exchange for the years 2013–2015. To investigate the extent, nature and quality of sustainability reports, the study measures and analyzes economic, environmental and social performance parameters, as suggested in the GRI guidelines. Findings The results indicate that determinants such as stand-alone reporting, reporting language, firm profitability, firm size and auditor type substantially influence the extent, nature and quality of sustainability-reporting practices of Kazakhstani companies. Practical implications The findings of the study suggest that managers, practitioners, regulators and policy makers in emerging economies should adopt the GRI guidelines to report sustainability performance disclosures and focus on specific factors to improve the quality of sustainability disclosures. Originality/value This study is one of the first studies to investigate the extent, nature and possible determinants of corporate SR in central Asian-emerging economies.


2017 ◽  
pp. 89-108
Author(s):  
Abdonsius Sitanggang

This study wants to analyze the influence of fundamental factors on stock prices listed manufacturing in Indonesia Stock Exchange with the observation period Z004 to 2006. Fundamental analysis is used to assess the feasibility of investing in the stock because it can generate the variables that determine stock prices in the fitture. Valuation concept stocks with fitndamental analysis will yield information about whether a particular stock worth buying or not feasible, based on the opportunity to generate returns. To perform this analysis, it would require the company's financial data and other data related to the concept of stock valuation. One source of information that can be used is the company's financial statements. Pniecahan study focused on the issue of corporate fundamental factors jointly influence the stock price companies manufacturing in Indonesia Stock Exchange and what factors aflect the price of the most dominant share of manufacturing companies in Indonesia Stock Exchange. The study aimed to determine the influence of fundamental factors together (simultaneously) on stock prices of manufacturing companies in Indonesia Stock Exchange and to determine the factors that most influence the predominantly manufacturing company‘s stock price in the Indonesia Stock Exchange. The results showed that the six independent variables are return on equity (ROE), debt to equity ratio (DER), net book value (NVB), dividend payout ratio (DPR), dividend growth (GTH) and the expected rate of return (KS5) significantly influence the company's stock price is publicly traded on the Indonesia Stock Exchange with a coeflicient value of R-squared = 0.828758 and Adjusted R-squared = 0.821720 with 0.0000 significance. These results indicate that all six variables are taken into consideration appropriate to analyze the stock prices of publicly traded companies in Indonesia Stock Exchange. The most dominant factor affiecting the stock price of publicly traded companies in Indonesia Stock Exchange is the net book value (NBV) with kefisien value of 0.647716. The analysis of this study indicate that the parties - stakeholders should consider the variable return on equity (ROE), debt to equity ratio (DER), net book value (NVB), dividend payout ratio (DPR), dividend growth (GTH) and the expected benefits (KS5) in making decisions.


2019 ◽  
Vol 6 (345) ◽  
pp. 93-110
Author(s):  
Aleksandra Pieloch-Babiarz

The aim of this article is to identify and characterise the relationship between the ownership structure and dividend pay‑out of listed companies. The research hypothesis states that along with an increase in a degree of ownership concentration both the propensity to pay a dividend and its amount increase. The research has been conducted on a group of 354 non‑financial companies listed on the Warsaw Stock Exchange. The basic research method is the analysis of logistic and tobit regression. The research shows that along with an increase in the complexity of the ownership structure, the share of the State Treasury, institutional investors and board members, decisions on dividend pay‑out are made more often, and the amount of dividend is higher. Examining the degree of ownership concentration expressed by the Herfindahl‑Hirschman index, diversified results have been obtained. An estimation of some regression models shows that stronger ownership concentration favours the decision to pay a dividend (dividends are paid out more frequently), however, as a degree of ownership concentration increases, a decrease in the amount of dividend is observed. The research results presented in this article are a supplement to the existing analyses carried out on the global markets and an extension of the existing research conducted on the companies listed on the Warsaw Stock Exchange.


2021 ◽  
Vol 4 (2) ◽  
pp. 764-770
Author(s):  
Pauline Cielo ◽  
Gusganda Suria Manda

This study aims to determine and analyze the financial performance of the energy sub-sector using the Almant Z-Score method. This research is a quantitative descriptive study. The population in this study are energy sub-sector companies listed on the Indonesia Stock Exchange 2015-2019. The sample in this study amounted to 4 energy sub-sector companies, namely PT. Perusahaan Gas Negara, PT. Leyand International, PT. Rukun Raharja, and PT. Mitra Energi Persada. The sampling technique in this study was using purposive sampling technique. The results of the financial distress predictions for the energy sub-sector companies, amounting to 4 publicly traded companies during the 2015 to 2019 research period using the Altman Z-Score method. This results in three companies in financial distress and one company in a safe area. Keywords: Finansial Distress, Bankrupty, Energy Sub-sector


2018 ◽  
pp. 142-155 ◽  
Author(s):  
T. A. Garanina ◽  
A. A. Muravyev

This article studies the gender composition of corporate boards of Russian companies, including its relation to company performance. The analysis is based on a unique longitudinal dataset of virtually all Russian companies whose shares were traded on the stock market in 1998-2014. It shows a relatively small representation of women, just 12% of all the seats, while about 40% of the companies did not have any female director. At the same time, both the share of companies that appoint female directors and the share of female directors on boards show a clear upward trend. The econometric analysis suggests a positive link between the presence of female directors on boards and company performance, especially when firms appoint several, rather than one, female directors.


2018 ◽  
Vol 3 (2) ◽  
pp. 135-144
Author(s):  
Tyahya Whisnu Hendratni ◽  
Nana Nawasiah ◽  
Trisnani Indriati

The purpose of this study was to determine the effect of the ratio of Capital Adequacy Ratio (CAR), Loan to Deposite Ratio (LDR), Operational Income Operating Costs (BOPO) to Bank Profit Growth both partially and simultaneously at publicly traded bank companies in the Indonesia Stock Exchange (IDX ) period 2012 - 2016. The sample of this study is Commercial Banks in Indonesia which are listed on the Indonesia Stock Exchange (IDX) for the period of 2012 up to 2016 totaling 14 banks. This study uses quantitative data obtained from the Indonesia Stock Exchange with a method using multiple linear regression analysis. The results of the study show that simultaneously the CAR, BOPO, LDR variables affect earnings growth by 79% and the remaining 21% are influenced by other factors outside this research. Partially BOPO has a positive and significant effect on profit growth. While the CAR and LDR variables show that the results have no positive and insignificant effect on profit growth. Keywords: Profit Growth, CAR, BOPO, LDR


Author(s):  
Joseph K. Tanimura ◽  
Eric W. Wehrly

According to many business publications, firms that experience information security breaches suffer substantial reputational penalties. This paper examines incidents in which confidential information, for a firms customers or employees, is stolen from or lost by publicly traded companies. Firms that experience such breaches suffer statistically significant losses in the market value of their equity. On the whole, the data indicate that these losses are of similar magnitudes to the direct costs. Thus, direct costs, and not reputational penalties, are the primary deterrents to information security breaches. Contrary to many published assertions, on average, firms that lose customer information do not suffer reputational penalties. However, when firms lose employee information, we find significant reputational penalties.


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