Corporate governance, CEO turnover and say on pay votes

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ayishat Omar ◽  
Alex P. Tang ◽  
Yu Cong
Keyword(s):  
Corporate Governance ◽  
Chief Executive ◽  
Ceo Turnover ◽  
Content Type ◽  
Compensation Committee ◽  
Say On Pay ◽  
The Usa ◽  
The Impact ◽  
Female Member

Purpose The purpose of this study is to investigate how compensation committee structure or characteristic impacts say on pay (SOP) voting dissent and the impact of SOP dissent on chief executive officer (CEO) turnover. Design/methodology/approach The authors use corporate governance and SOP data to test the relationships amongst variables. Additional analysis is performed using one-to-one propensity-score matched samples. Findings The authors find that firm-years with at least a female member present on the compensation committee are associated with lower SOP dissent. The authors find mixed results of the impact of SOP dissent on CEO turnover. Practical implications This paper suggests that diversity on the compensation committee, particularly the presence of at least a female member on the committee, serves as an important determinant of SOP voting outcome in the USA. The paper provides policymakers and practitioners with insights into factors influencing SOP voting outcomes and implications of SOP dissent for firms. Originality/value The findings of this paper contribute to the corporate governance literature by enhancing the understanding of the role of the compensation committee as it relates to SOP dissent and effect of SOP dissent on CEO turnover.

Cross-cultural differences in the adoption of social media

2019 ◽  
Vol 13 (1) ◽  
pp. 119-140 ◽  
Author(s):  
Dhoha A. Alsaleh ◽  
Michael T. Elliott ◽  
Frank Q. Fu ◽  
Ramendra Thakur
Keyword(s):  
Social Media ◽  
Cultural Influences ◽  
Cultural Characteristics ◽  
Modified Model ◽  
Content Type ◽  
The Usa ◽  
Different Cultures ◽  
The Impact ◽  
Cross National

PurposeAs social media have become very popular and an integral part of the world economy in recent years, identifying factors that influence consumers’ attitudes toward social media sites has become a major goal of many researchers in academia and industry. This paper aims to identify factors that predict consumers’ attitudes and intentions toward usage of Instagram, a relatively new social media tool. In addition, it examines the role of an important dimension of culture – individualism vs collectivism –to determine cultural influences on the adoption of social media in the USA (i.e. an individualistic culture) and Kuwait (i.e. a collectivist culture).Design/methodology/approachData were collected from a convenience sample of undergraduate business and MBA students from Kuwait and the USA. To validate the measures for the constructs depicted in the conceptual model, the authors conducted an exploratory factor analysis using all items. They then conducted a confirmatory factor analysis to further evaluate the adequacy and validity of the measurement model. They also tested the hypotheses using structural equation modeling (SEM).FindingsOut of the nine hypotheses that were tested for significance, the SEM results indicated that seven hypotheses were significant. The results indicated a non-significant result between perceived critical mass is not a predictor of perceived usefulness and social influence to attitude.Research limitations/implicationsThe current study has some limitations that need to be recognized and can be used as guidelines for future research. First, college students represent only a portion of online users and may impact the external validity of our study. Hence, a more diverse sample with a broader range of ages, incomes, education levels, cultures and national origins would be advisable. Second, this study featured a dynamically continuous innovation (Instagram) rather than a discontinuous innovation. Third, other factors can be carried out to see other variables other than those described in this study to predict consumer’s attitude and intention to use the social media.Practical implicationsCultural characteristics such as individualism/collectivism would seem to be potentially useful when segmenting countries. The results of the current study indicate that the modified model is applicable to a cross-national group of social media users. This study demonstrates the impact of cultural characteristics on various technology adoption. Hence, managers must be aware that countries can be grouped according to the type of cultural effect within each. Each social media category, clusters can be formed consisting of countries that are expected to have similar usage patterns based on technological capability and social norms. By understanding the factors that influence each cluster of countries, firms can design customized social media programs.Social implicationsThis research provides valuable information to better understand the consumers’ attitudes and intentions toward the emerging social media landscape. Indeed, the popularity of social media has greatly changed the way in which people communicate in today’s world. In particular, Instagram has gradually become a major communication media for both social and business purposes. This research shed light into the factors that influence intentions to adopt social media across different cultures. It empirically examines the role of culture – individualism vs collectivism – by using two samples (i.e. Kuwait and the USA) to determine cultural influences on the adoption of social media in different cultures.Originality/valueUsing data drawn from Kuwait and US samples, this current study draws upon the theory of reasoned action (Fishbein and Ajzen, 1975) and the technology acceptance model (Davis, 1989). The results of the analysis indicate that the modified model is applicable to a cross-national group of social media users. Moreover, this study demonstrates the impact of cultural characteristics on various technology adoption constructs in the model.

American attitude towards Iran and its reflection on Iran policy towards the Arab region

2020 ◽  
Author(s):  
Athbi Zaid Khalaf
Keyword(s):  
Foreign Policy ◽  
American Foreign Policy ◽  
National Interest ◽  
Arab Region ◽  
Content Type ◽  
Regional Role ◽  
American Interest ◽  
The Usa ◽  
The Impact

Purpose The purpose of this study is to cover the change that happened in the American foreign policy toward Iran by changing the American leadership from Obama to Trump. In addition to its coverage for the Iranian foreign policy toward the Arab region during the presidency period of Obama in the USA and also during the presidency period of Trump, to discover whether a change has happened in the Iranian foreign policy toward the Arab region is a result of the change in the American foreign policy or not. This can be discovered by concentrating on Yemen, Syria and Iraq, taking into consideration the Iranian and American national interests in the Arab region, as well as the regional role of Iran and its intervention in the Arab region. Design/methodology/approach This study was based on the analytical method of the foreign policy that is based on analyzing facts and events, as well as analyzing the roles and interests within the framework of the states’ foreign policy. This method was used in the study for the purpose of analyzing the impact of the change in the American leadership from Obama to Trump on the US foreign policy toward Iran in the light of the American interest; in addition to the Iranian foreign policy toward the Arab region (Yemen, Syria and Iraq) in the presidency period of both Obama and Trump in light of the regional role of Iran and its passion to achieve its national interest. Findings The study concluded that the change in the American foreign policy toward Iran is a result of the change of the American leadership from Obama to Trump by the American interest requirements in accordance to the respective of both of them. The change in the American policy led to a change in the trends of the Iranian foreign policy toward the Arab region in the term of the regional Iranian role. Under the American and Iranian convergence in the period of Obama, the Iranian role in the Arab region was limited to what could achieve its national interest and what did not threaten the American interest, especially after Iran had guaranteed that the USA is by its side. In the framework of the American and Iranian confrontation under Trump’s current presidency, the Iranian role has expanded in the Arab region, where Iran has intensified its intervention in Yemen, Syria and Iraq politically and militarily. Iran became more threatening to the American interest, as it became a means of pressure to the USA under Trump’s ruling in the purpose of changing its position toward it. Originality/value The importance of the study stems from the fact that it is seeking to analyze the change of the American foreign policy toward Iran within the period of two different presidential years of Obama and Trump, whereas, their trends were different in dealing with Iran between rapprochement and hostility toward it, on the basis of the American interest. In addition to testing whether this change in the American foreign policy toward Iran has been accompanied by a change in the Iranian foreign policy toward the Arab region.

Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure

2014 ◽  
Vol 10 (4) ◽  
pp. 569-590 ◽  
Author(s):  
Grigoris Giannarakis
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Chief Executive ◽  
Financial Leverage ◽  
Content Type ◽  
The Usa ◽  
Financial Characteristics ◽  
Csr Disclosure ◽  
Corporate Social

Purpose – This study aims to investigate the relationship between corporate governance and financial characteristics and the extent of corporate social responsibility (CSR) disclosure in the USA. These corporate governance and financial characteristics are the board meetings, average age of board members, presence of women on the board, the board’s size, chief executive officer duality, financial leverage, profitability, company’s size, board composition and board’s commitment to CSR. Design/methodology/approach – The sample consists of 100 companies from the Fortune 500 list for 2011. The environmental, social and governance disclosure score calculated by Bloomberg is used as a proxy for the extent of CSR disclosure. A multiple linear regression was incorporated to investigate the association of corporate characteristics with CSR disclosure. Findings – Results indicate that the company’s size, the board commitment to CSR and profitability were found to be positively associated with the extent of CSR disclosure, while financial leverage is related negatively with the extent of CSR disclosure. Research limitations/implications – The research is based only on the presence or absence of CSR items in CSR disclosure, and it ignores the quality dimension which can lead to misinterpretation. The results should not be generalized as the sample was based on US companies for 2011. Originality/value – The study assists stakeholders to identify US companies through the extent of CSR disclosures which contributes to the understanding of determinants of CSR disclosure to improve the implementation of disclosure guidelines.

The physician of Packingtown: the life and impact of Dr Caroline Hedger

2014 ◽  
Vol 20 (1) ◽  
pp. 62-80 ◽  
Author(s):  
Benjamin D. McLarty ◽  
Peter A. Rosen
Keyword(s):  
Journal Articles ◽  
Content Type ◽  
Single Person ◽  
The Usa ◽  
The Subject ◽  
American Society ◽  
Working And Living Conditions ◽  
The Impact ◽  
The City

Purpose – The aim of this paper is to illustrate the instrumental role of physician Caroline Hedger during the first half of the twentieth century, with her emphasis on worker health, which influenced American society and helped to improve working and living conditions of people across the USA. Design/methodology/approach – Drawing on archival newspaper clippings, original journal articles and books written by the subject, historical manuscripts and other labor history resources, this manuscript pulls together information on this topic in a unique way to give a broad view of the impact of Hedger and her important role not only for the city of Chicago, but the nation as a whole. Findings – This research concludes that Hedger was an instrumental force and tireless advocate for the improvement of public health and social change. She was a constant driver for the creation of better living and working conditions of poor laborers, especially immigrants and women, desired the enhancement of child welfare, and was also helpful in supporting the labor movement and educating those involved in the process. Originality/value – This is the first manuscript to explore the role played by Caroline Hedger in relation to her impact on the importance of the health of workers and their families. Her story is a testament to the powerful effect of a single person in a dynamic world, and demonstrates how understanding a worker's health contributes to greater insights about management history.

scholarly journals Downside systematic risk in Pakistani stock market: role of corporate governance, financial liberalization and investor sentiment

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shahzad Hussain ◽  
Muhammad Akbar ◽  
Qaisar Ali Malik ◽  
Tanveer Ahmad ◽  
Nasir Abbas
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Financial Liberalization ◽  
Investor Sentiment ◽  
Systematic Risk ◽  
Downside Risk ◽  
Market Volatility ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to examine the impact of corporate governance, investor sentiment and financial liberalization on downside systematic risk and the interplay of socio-political turbulence on this relationship through static and dynamic panel estimation models. Design/methodology/approach The evidence is based on a sample of 230 publicly listed non-financial firms from Pakistan Stock Exchange (PSX) over the period 2008–2018. Furthermore, this study analyzes the data through Blundell and Bond (1998) technique in the full sample as well sub-samples (big and small firms). Findings The authors document that corporate governance mechanism reduces the downside risk, whereas investor sentiment and financial liberalization increase the investors’ exposure toward downside risk. Particularly, the results provide some new insights that the socio-political turbulence as a moderator weakens the impact of corporate governance and strengthens the effect of investor sentiment and financial liberalization on downside risk. Consistent with prior studies, the analysis of sub-samples reveals some statistical variations in large and small-size sampled firms. Theoretically, the findings mainly support agency theory, noise trader theory and the Keynesians hypothesis. Originality/value Stock market volatility has become a prime area of concern for investors, policymakers and regulators in emerging economies. Primarily, the existence of market volatility is attributed to weak governance, irrational behavior of market participants, the liberation of financial policies and sociopolitical turbulence. Therefore, the present study provides simultaneous empirical evidence to determine whether corporate governance, investor sentiment and financial liberalization hinder or spur downside risk in an emerging economy. Furthermore, the work relates to a small number of studies that examine the role of socio-political turbulence as a moderator on the relationship of corporate governance, investor sentiment and financial liberalization with downside systematic risk.

scholarly journals The role of corporate governance on CSR disclosure and firm performance in a voluntary environment

2019 ◽  
Vol 20 (2) ◽  
pp. 294-306 ◽  
Author(s):  
Aruoriwo Marian Chijoke-Mgbame ◽  
Chijoke Oscar Mgbame ◽  
Simisola Akintoye ◽  
Paschal Ohalehi
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Developed Countries ◽  
Economic Benefits ◽  
Data Set ◽  
Content Type ◽  
Csr Disclosure ◽  
The Impact ◽  
Moderating Role

Purpose This study aims to investigate the impact of corporate social responsibility disclosure (CSRD) on firm performance and the moderating role of corporate governance on the CSRD–firm performance relationship of listed companies in Nigeria. Design/methodology/approach The paper uses a panel data set comprising 841 firm-year observations for the period covering 2007-2016. Fixed effect regression analysis was used to examine the relationship between CSRD and firm performance, and the moderating role of corporate governance in the CSRD–firm performance relationship. Findings The results of the study show that there are positive performance implications for firms that engage in CSRD. Although this study finds no effect of board size on the CSRD–firm performance relationship, it provides a strong evidence of a positive effect of board independence on the CSR–firm performance relationship. Practical implications The study contributes to the understanding of CSRD–firm performance relationship by providing evidence of the moderating role of corporate governance. It is, therefore, recommended that a stronger regulation be put in place for CSR engagement and the disclosure of same in Nigeria as well as robust measures for the enforcement of corporate governance mechanisms because there are economic benefits to be derived. Originality/value The findings contribute to the literature by providing up-to-date and original insights on the CSRD–firm performance relationship within a developing country context. It also uses an uncommon method of measuring CSRD, taking into account the institutional biases that may arise from other methods used in studies on developed countries.

Impact of corporate governance, financial and regulatory factors on firms’ acquisition ability

2020 ◽  
Vol 20 (3) ◽  
pp. 461-484
Author(s):  
Tahira Awan ◽  
Syed Zulfiqar Ali Shah ◽  
Muhammad Yar Khan ◽  
Anam Javeed
Keyword(s):  
Corporate Governance ◽  
Stock Exchange ◽  
Corporate Control ◽  
Chief Executive ◽  
Cross Sectional ◽  
Content Type ◽  
Factors Affecting ◽  
Regulatory Influence ◽  
Financial Strength

Purpose The capital markets witness phenomenal shifts of corporate control. With the shift of world economy into a global one, there has been a rapid increase in the volume of acquisitions. The previous studies shed light on the motives behind acquisition and impact of acquisition on both bidding and target firms. The purpose of this study is to bridge a gap in literature by exploring the factors affecting the acquisition ability (AA) of the firms. The study has analyzed the role of financial strength, corporate governance and regulatory influence on AA of acquiring firm. Design/methodology/approach Cross-sectional data has been analyzed with respect to Pakistan stock exchange for a period of 2004-2017 by using logit regression. Findings Analysis indicates that firm-specific variables are important determinants in firm’s decision to acquire. Chief Executive Officer duality and presence of institutional shareholders on the board contribute to this important phenomenon in the life of the acquiring firms. Bidding firm’s financial strength is also another important consideration while going for corporate control transfer transactions. The empirical results indicate the better AA for firms characterized by minimum capacity usage, lower level of intangible assets, lower debt levels and lower advertising expenses. However, the regulatory factor has no significant role in firms’ AA. The findings of the study are helpful for managers, regulators and policymakers. Originality/value Analyzing the role of financial strength, corporate governance and regulatory influence on AA of acquiring firm is a rare study, especially in an emerging country such as Pakistan.

Mapping the determinants of carbon-related CEO compensation: a multilevel approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Julija Winschel
Keyword(s):  
Climate Change ◽  
Corporate Governance ◽  
Ceo Compensation ◽  
Behavioral Science ◽  
Theoretical Perspective ◽  
Chief Executive ◽  
Content Type ◽  
Change Impact ◽  
Research Propositions

Purpose In view of the current climate change emergency and the growing importance of the climate-related accountability of companies, this paper aims to advance a comprehensive understanding of the determinants of carbon-related chief executive officer (CEO) compensation. Design/methodology/approach Building on the agency-theoretical perspective on executive compensation and existing work in the fields of management, corporate governance, cultural studies, and behavioral science, this paper derives a multilevel framework of the determinants of carbon-related CEO compensation. Findings This paper maps the determinants of carbon-related CEO compensation at the societal, organizational, group, and individual levels of analysis. It also provides research propositions on the determinants that can support and challenge the implementation of this instrument of environmental corporate governance. Originality/value In the past literature, the determinants of carbon-related CEO compensation have remained largely unexplored. This paper contributes to the academic discussion on environmental corporate governance by showcasing the role of interlinkages among the determinants of carbon-related CEO compensation and the possible countervailing impacts. In view of the complex interdisciplinary nature of climate change impact, this paper encourages businesses practitioners and regulators to intensify their climate change mitigation efforts and delineates the levers at their disposal.

The effects of ownership structure on likelihood of financial distress: an empirical evidence

2017 ◽  
Vol 17 (4) ◽  
pp. 589-612 ◽  
Author(s):  
Shahab Udin ◽  
Muhammad Arshad Khan ◽  
Attiya Yasmin Javid
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Financial Distress ◽  
Generalized Method Of Moments ◽  
The Body ◽  
Content Type ◽  
The Government ◽  
The Impact

Purpose The purpose of this paper is to explore the role of corporate governance proxies by ownership structure on the likelihood of firms’ financial distress for a sample of 146 Pakistani public-limited companies listed at the Karachi Stock Exchange over the period of 2003-2012. Design/methodology/approach The dynamic generalized method of moments (GMM) estimator and panel logistic regression (PLR) are used to determine the impact of corporate governance on the financial distress. The ownership structure is used as a determinant of corporate governance, while the Altman Z-score is utilized as an indicator of financial distress, as it measures financial distress inversely. The smaller the values of the Z-score, the higher will be the risk of financial distress. Findings The authors find insignificant impact of ownership structure on firms’ likelihood of financial distress based on the dynamic GMM method. However, the PLR results indicate that foreign shareholdings have a significant negative association with firms’ likelihood of financial distress, in the case of Pakistan. An evidence of a negative and insignificant relationship between institutional ownership and financial distress was observed, which indicates the passive role of institutional investors in Pakistan. The results also reveal a positive and significant relationship between insider’s ownership and likelihood of financial distress. This finding is consistent with the entrenchment hypothesis which predicts that insiders are more aligned with their self-interest than outside shareholders’ interest when their shareholding increases in the business. Furthermore, the results also reveal insignificant association between government shareholdings and the probability of financial distress. The reason could be the social welfare objective of the government entities rather than profit maximization. Practical implications The findings of this study provide more insight to corporate managers and investors about the association between the quality of corporate governance and the degree of financial distress, with respect to Pakistani firms. Furthermore, this study contributes to the existing literature by adding new evidence from developing countries like Pakistan which are helpful for regulatory bodies and policymakers in the formulation of long-term corporate governance strategies to manage the financial distress. It is well established that strengthening the quality of corporate governance practices enhances the efficiency of capital markets and reduces the probability of financial distress. Originality/value The study extends the body of existing literature on corporate governance and the likelihood of financial distress with reference to Pakistan. The results suggest that policymakers may pay special attention to the quality of corporate governance, specifically ownership structure, while predicting corporate financial distress.

CEO transformational and transactional leadership and organizational innovation

2016 ◽  
Vol 54 (7) ◽  
pp. 1542-1568 ◽  
Author(s):  
Bhaskar Prasad ◽  
Paulina Junni
Keyword(s):  
Transactional Leadership ◽  
Organizational Innovation ◽  
Leadership Behavior ◽  
Chief Executive ◽  
Environmental Dynamism ◽  
Content Type ◽  
Ceo Leadership ◽  
The Usa ◽  
Transformational And Transactional Leadership

Purpose – Organizational innovation is critical for firm competitive advantage. Yet, we do not know enough about the relationship between leadership and organizational innovation. The purpose of this paper is to examine the influence of chief executive officer (CEO) transformational and transactional leadership on organizational innovation. The authors examine the moderating role of environmental dynamism. Design/methodology/approach – The authors collected survey-based data from top management team members in 163 companies in services, construction, manufacturing and other industries in the USA. The authors used multiple regression analyses to test the study hypotheses. Findings – The empirical findings indicate that CEO transformational and transactional leadership behaviors positively influence organizational innovation. However, organizations benefit more from transformational leadership in dynamic environments. Originality/value – This study highlights the role of CEO leadership behavior in the pursuit of organizational innovation. Significantly, the study shows that both transformational and transactional leadership can enhance organizational innovation. However, their effectiveness is contingent on environmental dynamism. This contributes to the firm innovation literature by clarifying how specific types of CEO leadership influence organizational innovation in different environmental conditions.

Sign in / Sign up

Export Citation Format

Share Document