Hans Sicat and the Transformation at the Philippine Stock Exchange

2014 ◽  
Vol 18 (02) ◽  
pp. 429-454
Author(s):  
Manuel C. Dioquino
Keyword(s):  
Stock Exchange ◽  
Chief Executive ◽  
Business Community ◽  
Foreign Investors ◽  
Listed Firms ◽  
The Public ◽  
Investment Banker ◽  
The Board Of Directors ◽  
The Subject ◽  
Credibility Problem

The Philippine Stock Exchange, Inc. (PSE) was suffering a credibility problem in 2011. Just like the Philippine economy, the PSE was not performing well and the integrity of its leadership and decisions they made was being questioned by the public at large and the business community in particular. Hans Sicat, a retired investment banker, was invited to join the Board of Directors with a tacit agreement that he would be elected Chairman. Events thereafter led to Mr. Sicat's appointment as President and Chief Executive Officer of the bourse. Hans Sicat turns around the stock exchange successfully. How he makes it look seemingly simple is the subject of this case. Hans places all transformative efforts into two “bucket lists”. All of his efforts to increase the volume of trade in the exchange are classified under Liquidity, while all efforts to restore the integrity within the bourse and its listed firms, he refers to as Governance issues. The Philippine Stock Exchange, Inc. transformation does not go unnoticed by domestic and foreign investors, and other stakeholders as well. It breaks the 5,000 point barrier.

Ownership as a determinant of chairperson activity: a study of Nordic listed companies

2015 ◽  
Vol 7 (4) ◽  
pp. 412-428
Author(s):  
Tor Brunzell ◽  
Jarkko Peltomäki
Keyword(s):  
Working Hours ◽  
Chief Executive ◽  
Ownership Concentration ◽  
Content Type ◽  
Listed Firms ◽  
Concentrated Ownership ◽  
The Board Of Directors ◽  
The Impact ◽  
The Empirical Analysis ◽  
A Company

Purpose – The purpose of this study is to explicitly focus on the roles of ownership concentration, ownership by the board, the chief executive officer (CEO) and the chairperson in the involvement and capabilities of chairpersons and other governors in their work. Design/methodology/approach – In this study, the authors investigate the impact of the concentration of ownership, the ownership of the board, the CEO and the chairperson on the chairperson’s activity when the roles of the chairperson and the CEO are separated The empirical analysis of this study is based on a survey sent to Nordic listed firms. Findings – The results show that the ownership characteristics of a company are important in determining the chairperson’s working hours, the chairperson’s communication with the CEO and the performance of governance activity. In addition, the authors found that while the ownership of the chairperson and the board of directors and ownership concentration improve governance activity, CEO ownership may undermine governance activity. Research limitations/implications – The primary implication of the study is that both ownership by internal governors and ownership concentration play an important role in determining the involvement of internal corporate governors. Originality/value – The study provides unique evidence that ownership by the chairperson, concentrated ownership and ownership by the board can potentially mitigate the costs of separating the roles of the chairperson and the CEO.

scholarly journals O impacto da universidade pública no desenvolvimento regional sob a luz da literatura internacional / The Impact of the public university in regional development from the perspective of international literature

Redes ◽  
2016 ◽  
Vol 22 (1) ◽  
pp. 510
Author(s):  
Débora Nayar Hoff ◽  
Camila Amaral Pereira ◽  
Luis Gustavo Nascimento De Paula
Keyword(s):  
Regional Development ◽  
Analytical Model ◽  
Public University ◽  
Business Community ◽  
International Literature ◽  
The Public ◽  
The Subject ◽  
The University ◽  
The Impact ◽  
San Martín

Resumo O objetivo deste artigo é rever, a partir de seu confronto com a discussão internacional sobre o assunto, o modelo analítico proposto por Hoff, San Martin e Sopeña (2011) para a análise do impacto das universidades públicas no desenvolvimento regional. O modelo, originalmente, foi desenvolvido a partir de referências nacionais para o tema. Para tanto, utiliza-se a técnica de pesquisa bibliográfica e documental. O referencial teórico estudado demonstra que o modelo analítico estabelecido com referências nacionais mostra-se correspondente à discussão apresentada pela literatura internacional sobre o tema. Destaca-se, no entanto, que a literatura internacional apresenta enfoque direcionado às relações com o ambiente externo à universidade, principalmente com o meio empresarial, fato não tão presente na literatura nacional. Conclui-se que a literatura internacional ratifica o modelo proposto por Hoff, San Martin e Sopeña (2011). Abstract The purpose of this article is to review, from its confrontation with the international discussion, the analytical model proposed by Hoff, San Martin and Sopeña (2011) to analyze the impact of public universities in regional development. The model originally was developed from national reference to the subject. Therefore using the bibliographic and documentary research technique. The studied theoretical framework shows that the analytical model established with national references is shown corresponding to the discussion presented in the international literature on the subject. Noteworthy, however, that the present international literature focusing mainly on relations with the external environment to the university, especially with the business community, which was not so present in the national literature. We conclude that the international literature confirms the model proposed by Hoff, San Martin and Sopeña (2011).

Board and CEO practice in modem strategy-making: How is strategy developed, who is the boss and in what circumstances?

2010 ◽  
Vol 16 (2) ◽  
pp. 280-298
Author(s):  
Tim O'Shannassy
Keyword(s):  
Chief Executive ◽  
Strategic Thinking ◽  
Point Of View ◽  
Professional Managers ◽  
Track Record ◽  
Regular Cycle ◽  
The Board Of Directors ◽  
Specialist Knowledge ◽  
The Subject ◽  
Strategy Making

AbstractThe interplay of the board of directors (BOD) and the chief executive officer (CEO) in strategy-making has been the subject of some debate in the literature. Some experts argue the BOD should take a strong role in strategy-making while the alternative point of view is that the CEO is the key man or woman. In a qualitative study with 16 interviews of leading Australian industry figures, the CEO is found to be the key player in modern strategy-making. The findings identify how the BOD, individual directors and the CEO can combine to add value to the organization, in particular how these organization members can team up and interact to achieve a faster, more flexible strategy cycle. The modern organization focus needs to be on giving more emphasis to the empowerment, interaction and creativity of the CEO and top management team. The BOD should focus on questioning, criticizing, refining and enabling the strategy proposed by the professional managers. However, the study indicates these findings are subject to exception and variation in relation to factors including specialist knowledge, track record of performance, personality attributes, personal power, and political and influencing skills. The major focus of attention of the BOD and CEO is the strategic-thinking related activities in strategy-making. Strategic planning still has an important role in formalizing strategy content, usually in a regular cycle.

scholarly journals The Effect of Audit Quality on Accruals Earnings Management in Nigerian Listed Firms

2019 ◽  
Vol 8 (4) ◽  
pp. 4894-4897
Keyword(s):  
Earnings Management ◽  
Financial Reporting ◽  
Audit Quality ◽  
Stock Exchange ◽  
Audit Fees ◽  
Annual Reports ◽  
Management Level ◽  
Listed Firms ◽  
The Public ◽  
Creative Accounting

Earnings manipulation studies are of utmost importance to both the shareholders and stakeholders because of its effect in investment and management decisions. The practices are directly affecting the quality of financial reporting and increase information asymmetry between the management and shareholders. Thus, Audit Quality is one of the tool academicians use in measuring the level of earning practices in the organizations. However, this study investigated the possible effect of audit quality towards the change of earnings management level among the Nigerian listed firms. The study used all the public listed firms in the main flow of the Nigerian Stock Exchange (NSE) as a population from the year 2012 until 2017. Sixty-three selected companies were selected as a sample based on the filtration criteria of the study. The financial data was obtained from the Thompson Reuters DataStream, and the corporate governance data was from the annual reports and accounts of the companies. Audit quality and accrual model was used to test the relationship between the study variable. The study applied multiple regression to test the model. It was revealed from the regression that audit quality is negatively significant with accrual earnings management. This finding is indicating that any increases in the unit of audit fees will decrease the earnings management of the selected firms. Thus, the finding is supporting agency theory and is contrary to the assumption of creative accounting theory. The result of this study will assist the relevant authorities in decision making and policy setting towards the best practices of the Nigerian listed firms.

scholarly journals Foreign Monitoring and Audit Quality: Evidence from Korea

2018 ◽  
Vol 10 (9) ◽  
pp. 3151 ◽  
Author(s):  
Sang Lee ◽  
Mooweon Rhee ◽  
Jongchul Yoon
Keyword(s):  
Firm Value ◽  
Audit Quality ◽  
Stock Exchange ◽  
Audit Fees ◽  
Outside Directors ◽  
Governance System ◽  
Foreign Investors ◽  
Professional Management ◽  
The Board Of Directors ◽  
Financial Firm

This study investigates the effects of both foreign majority shareholders and foreign investors’ participation in the board of directors on audit quality, as reflected by auditor size and audit fees. In addition, the study examines the moderating effect of an agency problem on the relationship between foreign investors and the monitoring of audit quality. Using 1574 non-financial firm-year observations listed on the Korea Stock Exchange from 2000 to 2003, we find that the presence of foreign investors such as foreign block shareholders and foreign outside directors increases audit quality. At the same time, the monitoring role of foreign block shareholders is more powerful than that of foreign external directors. Moreover, the foreign block shareholders in professional management-controlled firms exert a more profound influence on audit quality than do those in owner-controlled ones. These test results imply that foreign investors with independence, expertise, and monitoring incentives could play an important role in improving the corporate governance system in Korea, which in turn would not only enhance firm value, but also strengthen the sustainability of Korean companies.

Material internal control weakness with intangible assets, capital structure and commercial risk

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mahdi Salehi ◽  
Fatemeh Ghasempour
Keyword(s):  
Capital Structure ◽  
Internal Control ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Statistical Population ◽  
Content Type ◽  
Listed Firms ◽  
Final Sample ◽  
The Subject ◽  
The Impact

Purpose This study aims to assess the influence of material internal control weaknesses (ICWs) on investment in intangible assets, capital structure and commercial risk of organizations. Also, it analyses the impact of investment in intangible assets on the presence of material ICWs. This paper expects that ICWs and investment in intangible assets are interactively incorporated. Design/methodology/approach The statistical population of this study includes listed firms on the Tehran Stock Exchange during 2012-2017, selected using the systematic elimination method. A total of 588 firms is selected as the final sample of the study. Four hypotheses are developed to meet the study’s objectives and data analysis is carried out using the panel data method in Stata Software. Findings Results show that material ICWs have a positive and significant impact on investment in intangible assets and financial leverage. Moreover, this study finds that investment in intangible assets deteriorates the ICWs’ degree. However, the findings show no significant relationship between ICWs and commercial risks of companies. Originality/value The current study fills the gap in the literature science; there is no evidence on the subject of the study.

scholarly journals Impact of Family Ownership on Market Value of a Firm: A Comparative Analysis of Family and Non-Family Companies Listed at Karachi Stock Exchange (Pakistan)

2015 ◽  
Vol 3 (12) ◽  
pp. 673-683
Author(s):  
Safdar Husain Tahir ◽  
Hazoor Muhammad Sabir
Keyword(s):  
Ownership Structure ◽  
Family Firms ◽  
Stock Exchange ◽  
Generalized Method Of Moments ◽  
Chief Executive ◽  
Family Ownership ◽  
Young Generation ◽  
Listed Firms ◽  
Inflection Points ◽  
The Impact

The current study attempts to investigate the impact of family ownership structure on value of firms listed at the Karachi Stock Exchange (KSE) of Pakistan. For the distinction of FOB from Non-FOB, two threshold points (25% & 50%) of ownership structure are used. A sample of 280 listed firms at KSE is collected ranging for the period 2002-13. Generalized Method of Moments (GMM) is applied on panel data to estimate the coefficients of variables. The empirical results indicate that the family firms outperform the non-family ones. The better performance of young generation of family firms over succeeding generation is also revealed but professional chief executive officer (CEO) over family member is preferred. Furthermore, this study discovers inflection points i.e. (62% & 57%) for family and non-family firms under quadratic specification respectively.

5. Raising capital: equity and its consequences

Company Law ◽  
2020 ◽  
pp. 63-85
Author(s):  
Alan Dignam ◽  
John Lowry
Keyword(s):  
Stock Exchange ◽  
Listed Companies ◽  
Private Companies ◽  
Public And Private ◽  
Public Companies ◽  
The Public ◽  
Insider Dealing ◽  
The Subject ◽  
The Uk

Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. This chapter focuses on raising equity from the general public and its consequences for the operation of the company. It begins by outlining the basics of raising equity before turning to the consequences of operating in a public market, with emphasis on areas such as takeovers and insider dealing. It then considers the distinction between public and private companies in terms of capital raising, how such companies are regulated, and how public companies differ from listed companies. It also discusses various methods of raising money from the public, the role of the Financial Conduct Authority and the London Stock Exchange in ensuring the proper functioning of the listed market in the UK, and the regulation of listed companies as well as takeovers and other public offers.

scholarly journals The Effects of the Structure of the Board of Directors on the Performance of Small to Medium Scale Enterprises

2015 ◽  
Vol 8 (12) ◽  
pp. 51 ◽  
Author(s):  
Cemal Zehir ◽  
Halit Keskin ◽  
Haluk Tanriverdi ◽  
Ayhan Yasan
Keyword(s):  
Board Of Directors ◽  
Field Research ◽  
Chief Executive ◽  
Simple Random Sampling ◽  
Management Processes ◽  
Education Levels ◽  
The Board Of Directors ◽  
Generating Capacity ◽  
The Subject ◽  
Positive Effect

<p>On the subject of the effects of the Board of Directors on the performance of the company, written articles have generally been limited to listed companies. The effects of the Board of Directors and their respective structure on the performance of the company consist of a subject matter that has been frequently researched in the literature by means of various different methods. In this particular study, the existence of the Board of Directors in SME’s and, if present, the effects of these in the performance of the company have been researched. In this context, a field research has been conducted with the search model by means of a simple random sampling. In addition, a poll has been performed on a one on one basis comprising a total of 703 voluntary companies that have a status of <strong>Small and Medium Sized Enterprises </strong>(SME) from several cities around Turkey, of which 204 operate in manufacturing, 347 in service and 152 both in manufacturing and service. The resulting data has been put together and analyzed. On the other hand, the poll that has been applied to the companies is composed of four sections, which consist of the complementary statistics, the decision making and resource generating capacity of the board of directors, the authority of the board of directors over the management processes and, lastly, the performance of the company.</p><p>As a result of the study, it has been observed that the companies with a board of directors in SME’s demonstrate a higher performance when compared to the companies without a board of directors. Furthermore, the education levels of the members that take part in a board of directors have a positive effect on the performance, whereas the companies with a board of directors that have elected their chief executive officer have a positive effect on the performance of the company which is significantly higher than that of the board of directors where the president is nominated in accordance with the amount of shares that a member holds. Moreover, it has been proven that the structure and characteristics of a board of directors affect the performance of the company in a positive manner.</p>

Voluntary decisions on audit committee composition and expertise and the influence of board of director characteristics: Further evidence from Singapore

2005 ◽  
Vol 1 (2) ◽  
pp. 49-65
Author(s):  
Mitchell Van der Zahn ◽  
Inderpal Singh
Keyword(s):  
Board Of Directors ◽  
Audit Committee ◽  
Stock Exchange ◽  
Chief Executive ◽  
Audit Committees ◽  
Independent Directors ◽  
Collective Knowledge ◽  
Board Of Director ◽  
The Board Of Directors ◽  
Director Characteristics

Our study empirically examines the association between four board of director characteristics and two audit committee dimensions. The audit committee dimensions are the level to which Singapore publicly listed firms voluntarily (1) include more independent directors on their audit committee beyond the mandatory minimum majority of independent directors and (2) improve the collective knowledge and experience of this standing committee by including suitably qualified independent directors. Our analysis is based on hand collected data from 430 domestically incorporated firms listed on the Singapore Stock Exchange (SGX) at the end of 2003. We find Singapore publicly traded firms are likely to voluntarily include more independent directors on their audit committees beyond the mandated minimum majority when (1) the size of the board of directors increases, (2) firms segregate the positions of Chief Executive Officer (CEO) and Chairperson of the board, and (3) the proportion of independent directors serving on the board of directors increases. The percentage of independent directors with directorate interlocks appears not to influence a firm’s decision to voluntarily include more independent directors on their audit committees. We also find a statistically significant association between (1) duality (negative) and (2) percentage of independent directors with directorate interlocks (positive) and propensity for Singapore firms to voluntarily increase the collective knowledge and experience of the audit committee’s independent directors. Contrary to expectations board size and the proportion of independent directors are not significant determinants.

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