scholarly journals Shareholders rights and remedies (comparative law perspective)

2016 ◽  
Vol 12 (3) ◽  
pp. 6-13 ◽  
Author(s):  
Yuliya Lapina ◽  
Alexander Kostyuk ◽  
Udo Braendle ◽  
Yaroslav Mozghovyi
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Legal System ◽  
Civil Law ◽  
Comparative Law ◽  
Equal Treatment ◽  
Rights Protection ◽  
Shareholder Protection ◽  
Efficient Mechanisms

The main aim is to discuss shareholder rights protection in Ukraine and Germany, which have the same Civil law legal system. Our contribution outlines, systemizes and accesses approaches how critical and weak issues in the area of shareholder protection are resolved in both countries using the mechanisms of corporate governance. Using Germany as a benchmark, the paper identifies that the most important and efficient mechanisms of shareholders rights protection, which can be implemented in Ukrainian companies are the following: principle of equal treatment and duty of loyalty which should be fixed in the legislation; enhancing the role of the National Securities and Stock Market Commission; introduction of the derivative suit system.

scholarly journals Perspectives and obstacles of the shareholder activism implementation: A comparative analysis of civil and common law systems

2015 ◽  
Vol 13 (1) ◽  
pp. 520-533 ◽  
Author(s):  
Khurram Parvez Raja ◽  
Alex Kostyuk
Keyword(s):  
Corporate Governance ◽  
Comparative Analysis ◽  
Stock Market ◽  
Legal System ◽  
Common Law ◽  
Civil Law ◽  
Shareholder Activism ◽  
Legal Systems ◽  
The Usa ◽  
The Uk

The paper outlines shareholder activism development in common law and civil law countries and identifies features of these legal systems that create preconditions and obstacles for shareholder activism. Our findings show that tendencies of shareholder activism depend on the type of the legal system, but also vary within the countries that share the same legal system. Thus, we conclude that the type of legal system is not the chief determinant of shareholder activism. A comparative analysis of shareholder activism in Germany and Ukraine (civil law countries) and the USA and the UK (common law countries) shows that the system of domestic corporate regulation, development of the stock market, companies’ capitalization and corporate governance influence the development of shareholder activism in equal measure.

Stock market valuation of R&D expenditures—The role of corporate governance

2015 ◽  
Vol 31 ◽  
pp. 78-93 ◽  
Author(s):  
Konan Chan ◽  
Hung-Kun Chen ◽  
Li-Hong Hong ◽  
Yanzhi Wang
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Market Valuation ◽  
Stock Market Valuation

scholarly journals Effect of the legal system country of European commercial banks on the financial distress

2016 ◽  
Vol 4 (2) ◽  
pp. 168
Author(s):  
Nizar Baklouti ◽  
Frédéric Gautier ◽  
François Aubert
Keyword(s):  
European Union ◽  
Corporate Governance ◽  
Legal System ◽  
Financial Distress ◽  
Commercial Banks ◽  
Common Law ◽  
Civil Law ◽  
The European Union ◽  
Financial Health ◽  
The Relationship

This study examines the effect of the legal system on the governance of banks and hence on financial distress. We compare corporate governance to the legal system in 18 countries of the European Union to explain the relationship between financial distress and bank governance. Using a sample of 147 commercial banks, we find that the effect of the legal system really counts. The results also suggest that banks operating in common law and civil law countries tend the concentration of ownership and board size to the effect of increasing the likelihood of financial distress. This study contributes to research in the governance of enterprise to provide empirical evidence that the legal system has the power to influence the financial health of banks.

scholarly journals Dividends and institutional investors activism: Pressure resistant or pressure sensitive?

2008 ◽  
Vol 6 (1) ◽  
pp. 38-43 ◽  
Author(s):  
José María Diez-Esteban ◽  
Óscar López-de-Foronda
Keyword(s):  
Corporate Governance ◽  
Legal System ◽  
Institutional Investors ◽  
Dividend Policy ◽  
Civil Law ◽  
Insurance Companies ◽  
Agency Conflicts ◽  
Anglo Saxon ◽  
Investment Funds ◽  
Different Characteristics

This paper provides new international evidence on the relationship between dividend policy and institutional ownership by analysing a sample of US and UK and Irish firms characterised by an Anglo-Saxon tradition and a matching sample of other EU companies from Civil Law legal systems. We hypothesize that, due to the different characteristics of both the legal system and the nature of agency conflicts in firms from those countries, the type of institutional investors and their role in corporate governance is different and so the use of dividend policy to solve the conflict of corporate governance problem differs in each legal system. We find that while in firms from Anglo-Saxon tradition the relation between dividends and institutional investors, pension and investment funds, is possitive, in Civil Law countries the relation is negative where investors are banks or insurance companies with other private interest inside the firm. These results are consistent with our hypotheses and breed new insights into the role of dividend policy as a disciplining mechanism in firms from different legal system with an important presence of institutional investors

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 Labor regulation and corporate governance: A comparative overview

2014 ◽  
Vol 3 (1) ◽  
pp. 69-83
Author(s):  
Mirella Damiani
Keyword(s):  
Corporate Governance ◽  
Human Capital ◽  
Balance Of Power ◽  
Labor Regulation ◽  
Shareholder Protection ◽  
Cross Country ◽  
Critical Overview ◽  
Labour Regulation

The literature aimed at exploring labor regulation and cross-country comparisons has left partly unexplored two major points: the first concerns potential complementarities or substitutions between patterns of shareholder protection and labour regulation. The second point concerns the role of a comprehensive set of labour rules which contemplates not only employment-unemployment provisions and payoff rights, but also rules and institutional devices which influence employee investments in human capital and have the effect of tying the fortunes of the employee together with those of the firm. The paper offers a critical overview of some selected studies that have started at considering labour institutions for their influence on the ‘balance’ of power inside the firm, between owners, management, and employees.

The Challenges of Teaching Comparative Law and Socio-Legal Studies at Indonesia's Law Schools

2019 ◽  
Vol 14 (S1) ◽  
pp. S229-S244
Author(s):  
Herlambang P WIRATRAMAN
Keyword(s):  
Social Change ◽  
Research Methods ◽  
Legal System ◽  
Comparative Law ◽  
Law Schools ◽  
Legal Research ◽  
Legal Studies ◽  
Interdisciplinary Approaches ◽  
Source Materials

AbstractThis article addresses the role of legal research methodologies in the development of legal science and the creation of social change in Indonesia. Based on fieldwork conducted at Indonesian law schools between 2014 and 2016, this article reveals that legal research methods taught in Indonesia are starkly divided into normative-juridical and empirical-juridical approaches. Misunderstandings between adherents of these different schools of thought pose significant obstacles to the development of interdisciplinary approaches to law that span or go beyond the divide. Methodological conflicts resulting in the absence of socio-legal approaches in Indonesian law schools, coupled with outdated and limited source materials, limit the study of comparative law in Indonesia to the mere comparison of statutes and rules shorn of socio-political context. They also fail to instill awareness of the importance of considering social – on top of legal – impact in the context of Indonesia's complex and pluralist legal system.

FLEXIBLE FORMS OF EMPLOYMENT. A PANORAMIC VIEW OF THE ISSUES FROM PERSPECTIVE OF LABOUR LAW

2021 ◽  
Vol specjalny (XXI) ◽  
pp. 147-157
Author(s):  
Jerzy Wratny
Keyword(s):  
Legal System ◽  
Civil Law ◽  
Working Time ◽  
Social Aspects ◽  
Labour Law ◽  
Panoramic View ◽  
Negative Results ◽  
Role Of The State

The notion and the classification of the flexible forms of employment including working time solutions and work carried out under civil law contracts have been presented in the study. The premises of the growing flexibility of employment in technological, economic and social aspects have been discussed as well. According to the opinion of the author flexibility of employment is an ambiguous fenomenon having at the same time chances and threats both. Although the role of the state and legal system is to protect workers from negative results of some solutions.

An investigation of the post-privatization firms’ financial performance in Nigeria: the role of corporate governance practices

2019 ◽  
Vol 19 (3) ◽  
pp. 404-418 ◽  
Author(s):  
Ojonugwa Usman ◽  
Umoru Adejo Yakubu
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Financial Performance ◽  
Stock Exchange ◽  
Market Development ◽  
Board Composition ◽  
Content Type ◽  
Stock Market Development ◽  
Governance Practices

Purpose The purpose of this study is to investigate the role of corporate governance practices on the post-privatization financial performance of the firms listed on the Nigerian Stock Exchange (NSE) over the period 2005-2014. Design/methodology/approach The study uses a two-step dynamic system Generalized Method of Moments (GMM) estimation technique for 27 privatized firms by considering a wide range of controlled variables such as managerial shareholdings, board composition, debt financing and stock market development. Findings The empirical result suggests that the improvement in the firms’ financial performance is attributed to good corporate governance practices through effective board composition, debt financing (leverage) and stock market development. The result further shows no substantial evidence to support that managerial shareholding improves firms’ financial performance. Research limitations/implications Therefore, based on the empirical findings of this study, the authors recommend that the firms need to maintain the optimum board composition and the ratio of debt to share capital as well as developing the stock market to function effectively. Originality/value This study contributes to the existing literature in several ways: (1) the first time that the role of corporate governance is considered in explaining the post-privatization financial performance of firms listed on the Nigerian Stock Exchange; (2) the paper applies a two-step dynamic system GMM estimation technique, proposed by Arellano and Bover (1995) and Blundell and Bond (1998) to control for the serial correlation and heterogeneity, which remain the major weaknesses of the panel data modeling in the literature.

Sign in / Sign up

Export Citation Format

Share Document