Recent developments in BRIC’s corporate governance with a focus on Russia – Innovation or imitation?

The practice of joint-stock companies in Russia and other BRIC countries suggests that the development of the corporate sector and the stock market requires a corporate governance level of the companies that corresponds to international standards. The Russian Code of Corporate Conduct was implemented in 2002 and has not been revised for many years. The same is true for Codes of other BRIC countries. 2013 the situation has changed. Russia published a Draft Code of Corporate Governance that should reflect the changes in Russian Corporate Governance over the last 10 years. The paper critically analyses this draft code and gives implications about the future of corporate governance in Russia. We are doing so in comparing Russian Corporate Governance Initiatives with those of other BRIC countries.

Download Full-text

The Analysis of Limited South Asian Corporate Governance Standards after Financial Crisis-Cases in India and Malaysia

Journal of Humanities & Social Sciences ◽

10.33140/jhss.03.01.03 ◽

2020 ◽

Vol 3 (1) ◽

Keyword(s):

Corporate Governance ◽

South Asian ◽

International Standards ◽

Corporate Structure ◽

Governance System ◽

Corporate Scandals ◽

Audit System ◽

Corporate Governance System ◽

Code Of Corporate Governance ◽

Governance Risk

After the recent global crisis, corporate scandals and bankruptcy in US and Europe, there is some certain evidence on weak corporate governance, risk management and audit system. The 2009 India Code of Corporate Governance also revealed that during the crisis time, there are certain weaknesses although corporate structure is fairly durable. Hence, this paper chooses a different analytical approach and among its aims is to give some systematic opinions. First, it classifies limited South Asian representative corporate governance (CG) standards into each group: India and Malaysia latest CG principles covered, so-called relative good CG group, while it uses ACCA and OECD and ICGN principles as reference. Second, it , through analysis, identifies differences and advantages between above set of standards which are and have been used as reference principles for many relevant organizations. Third, it establishes a selected comparative set of standards for South Asian representative corporate governance system in accordance to international standards. Last but not least, this paper covers some ideas and policy suggestions.

Download Full-text

Evaluation of the Impact of Corporate Governance on the Italian Stock Market: Analysis and Perspective for the Future

SSRN Electronic Journal ◽

10.2139/ssrn.1094947 ◽

2008 ◽

Author(s):

Pier Paolo Veroni

Keyword(s):

Corporate Governance ◽

Stock Market ◽

Market Analysis ◽

The Future ◽

The Impact

Download Full-text

Securities and Exchange Commission of Nigeria's Draft Revised Code of Corporate Governance: An Appraisal

Journal of African Law ◽

10.1017/s0021855311000143 ◽

2011 ◽

Vol 55 (2) ◽

pp. 280-299 ◽

Cited By ~ 1

Author(s):

Nat Ofo

Keyword(s):

Corporate Governance ◽

Securities And Exchange Commission ◽

Final Version ◽

Draft Code ◽

Corporate Governance Code ◽

Good Corporate Governance ◽

Governance Practice ◽

Corporate Governance Practice ◽

Code Of Corporate Governance

AbstractIn furtherance of its role to entrench good corporate governance practice in Nigeria, the Securities and Exchange Commission of Nigeria published a draft revised Code of Corporate Governance. It is intended that this revised code will replace the country's current corporate governance code which came into force in 2003. This article sets out a thorough examination of the draft code with a view to appraising whether the final version of the code will be well-suited to meet its desired goals. Consequently, some of its provisions have been critically reviewed while others have been acclaimed. Furthermore, the article draws attention to the increased responsibility of the Securities and Exchange Commission in establishing good corporate governance practice and makes extensive suggestions in this regard.

Download Full-text

An Overview of Corporate Governance Practice in Companies Listed on the Libyan Stock Market

Athens Journal of Business & Economics ◽

10.30958/ajbe.7-3-5 ◽

2021 ◽

Vol 7 (3) ◽

pp. 287-304

Author(s):

Salem Amara

Keyword(s):

Developing Countries ◽

Corporate Governance ◽

Stock Market ◽

Stock Exchange ◽

International Standards ◽

Emerging Stock Markets ◽

Oecd Principles ◽

Governance Practices ◽

Governance Practice ◽

Corporate Governance Practice

The corporate governance concept has recently become a major issue in the corporate practices of both developed and developing countries alike. Corporate governance is considered to be a tremendously important topic in many countries around the world; specifically within the emerging stock markets in order to protect the minority of shareholders. The aim of this research is to investigate corporate governance practices in companies listed on the Libyan stock exchange. In particular, to investigate whether corporate governance practices in these companies meet international standards of corporate governance and to identify the main obstacles to implementing them. The concept of corporate governance, corporate governance practices in developing countries, the Libyan stock market and OECD principles of corporate governance were discussed. A close-ended questionnaire was the main method for data collection. 100 questionnaires were distributed to the participants of the study, and only 76 questionnaires usable for analysis were received. Several issues related to corporate governance, depending on OCED principles, were investigated. The results revealed that corporate governance practice in the companies under investigation fit with OCED principles of corporate governance in some aspects and do not fit in others. Furthermore, the most important obstacles were perceived impeding corporate governance practice in companies listed in the Libyan stock market are "lack of compliance with the laws governing the work of companies" and "high cost of applying corporate governance rules". (JEL G30) Keywords: Corporate governance, the Libyan stock exchange, developing countries, OCED principles of corporate governance

Download Full-text

The Arrival of Shareholder Value in the European Auto Industry a Case Study Comparison of Four Car Makers

Competition & Change ◽

10.1080/10245290212673 ◽

2002 ◽

Vol 6 (1) ◽

pp. 61-80 ◽

Cited By ~ 9

Author(s):

Ulrich Jürgens ◽

Yannick Lung ◽

Giuseppe Volpato ◽

Vincent Frigant

Keyword(s):

Corporate Governance ◽

Stock Market ◽

Capital Markets ◽

Shareholder Value ◽

State Ownership ◽

Car Industry ◽

Governance Systems ◽

Recent Developments ◽

Operational Activities ◽

Market Pressures

The paper deals with changes in the corporate governance systems of major European flagship companies in the car industry – Fiat, PSA, Renault and Volkswagen. While all four companies are protected from immediate capital market pressures either by family or state ownership, they have clearly opened up to shareholder value principles in recent years. The central questions of the paper are: to what extent traditional characteristics of corporate governance have converged under the pressure of capital markets; the different approaches companies take to governance and how this affects their performance. To answer these questions, the paper discusses the recent developments of a shareholder value policy and the corresponding changes of targets and controls, as well as of incentive systems, in these companies. The paper also assesses what these companies use the capital markets for: do companies need the stock market to finance their operations? Or does the importance of the stock market rather lie in its function as a market for corporate control? What comes out clearly from the analysis is that none of the companies used the stock market for their operational activities, including major investments. The most important influence of the stock markets lies in the potential for hostile takeover. Even though all four companies investigated are to some degree protected by family or state ownership, they feel the need to raise a defence against this potential danger. As to performance indicators, the analysis shows that a shareholder value policy does not necessarily lead to better economic performance. On the contrary, the analysis shows that the more engaged companies are towards shareholder value policy, the less well they performed in terms of profit margins and returns on capital.

Download Full-text

Relationship between Code of Corporate Governance and Corporate Financial Performance (An Empirical Study of Food Companies Listed on KSE)

GIS Business ◽

10.26643/gis.v12i4.3349 ◽

2017 ◽

Vol 12 (4) ◽

pp. 01-09

Author(s):

Asma Rafique Chughtai ◽

Afifa Naseer ◽

Asma Hassan

Keyword(s):

Corporate Governance ◽

Stock Exchange ◽

Securities And Exchange Commission ◽

Executive Directors ◽

Agency Conflicts ◽

Cross Sectional ◽

Return On Equity ◽

Governance Practices ◽

Code Of Corporate Governance ◽

The Impact

The crucial role that implementation of Code of Corporate Governance plays on protecting the rights of minorities, shareholders, local as well as foreign investors cannot be denied. Companies all over the world are required to implement their respective Code of Corporate Governance for avoiding agency conflicts between companies management and stakeholders and for assuring transparency in accountability. This paper aims at exploring the impact of implementation of corporate governance practices (designed by Securities and Exchange Commission of Pakistan) have on the financial position of companies. For explanatory variables of the study, composition of the board as per the Code of Corporate Governance that comprises of presence of independent, executive and non-executive directors has been taken into consideration. Return on equity has been taken as an indicator of firms profitability i.e. the dependent variable. For this study, companies listed on food producing sector of Karachi Stock Exchange have been screened for excogitation of the relationship. It is an empirical research based on nine years data from 2007–2015. Using Hausman Test for selecting the data analysis technique between Fixed or Random, Fixed Cross Sectional Panel Analysis has been used for analysis of the data collected. Findings indicate that presence of independent, executive and non-executive directors as per the code requirements levies a significant impact on the profitability of companies indicated by return on equity. It is, thus concluded that companies should ensure compliance with code of governance practices to reduce not only the agency issues but also to increase their profitability.

Download Full-text