THE ANALYSIS MODELS OF CORPORATE GOVERNANCE IN FOREIGN COUNTRIES

Australia has always relied heavily upon foreign sources of investment and financing and has in the past tended to draw mainly upon British, American and Japanese investment. In recent decades, Chinese state-owned enterprises (SOEs) have played an increasingly important role in the Australian economy with a rising level of investment taking place. Chinese SOEs have been more heavily involved in investments into larger Australian investment projects, such as in mining and infrastructure. Australia has seen an increase in the number of Chinese state-owned companies acquiring substantial domestic assets; this may continue following the ratification of the China-Australia Free Trade Agreement in 2015. Although Chinese SOEs operating in foreign countries such as Australia are required to comply with local corporate governance laws and principles, they also retain their unique Chinese corporate governance values and culture which they have inherited through their parent companies and from China itself. In Australia, there has been an ongoing debate over Chinese investment, with the business community being particularly supportive of such investment. Driven largely by the business community, this debate has been relatively narrow and has not explored the likely impact of Chinese SOEs and their subsidiaries upon the shape of corporate governance in countries in which they invest. This article seeks to examine the legal contours of Chinese-controlled investment in Australia with a view to acquiring a more informed understanding of the impact of Chinese SOEs upon the Australian legal landscape.

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The extent of compliance with FRS 101 standard: Malaysian evidence

Journal of Applied Accounting Research ◽

10.1108/jaar-10-2013-0078 ◽

2017 ◽

Vol 18 (1) ◽

pp. 87-115 ◽

Cited By ~ 7

Author(s):

Azhar Abdul Rahman ◽

Mohd Diah Hamdan

Keyword(s):

Corporate Governance ◽

Financial Reporting ◽

Audit Committee ◽

Content Type ◽

Corporate Compliance ◽

Financial Reporting Standards ◽

Compliance Level ◽

Using Data ◽

Analysis Models ◽

The Impact

Purpose The purpose of this paper is to investigate Malaysian companies’ compliance with mandatory accounting standards. Specifically, this study examines the efficacy of agency-related mechanisms on the degree of compliance with Financial Reporting Standards (FRS) 101, Presentation of Financial Statements. It so proceeds by focussing on corporate governance parameters (board characteristics and ownership structure) and other firm characteristics. Design/methodology/approach Using data drawn from a sample of 105 Malaysian companies listed on the ACE market in 2009, the authors employ multiple regression analysis models to establish whether selected corporate governance and company-specific characteristics (proxying for agency-related mechanisms) are related to the degree of disclosure compliance. Findings The results indicate that the overall disclosure compliance is high (92.5 per cent). Furthermore, only firm size is positively associated with the degree of compliance. The other variables, those consisting of board independence, audit committee independence, CEO duality, the extent of outside blockholders’ ownership and leverage, do not show any significant relationship with the degree of compliance. Research limitations/implications This study focusses on only one accounting standard (FRS 101) that is mandatory in Malaysia. FRS 101 is both structured and rigid, leaving no room for companies to conceal any particular information. The sample of Malaysian companies selected is restricted to those listed only on the ACE market. As such, the results cannot be generalised to every company in Malaysia. Practical implications These results have important implications for policy makers because they suggest that whilst agency-related mechanisms may motivate compliance with mandatory standards, full compliance may be unattainable without regulations. Originality/value This is the only study in Malaysia to investigate the impact of regulatory requirements on corporate compliance level by companies listed on the new ACE market, which was introduced by the Bursa Malaysia in August 2009. This study contributes to the literature by examining the effects of both company-specific characteristics (such as company size, company age, liquidity, etc.) and corporate governance parameters on the degree of corporate compliance with mandatory disclosure, simultaneously, in contrast with prior studies which have examined them in isolation.

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CORPORATE GOVERNANCE, TRANSPARANCY AND STOCK RETURN SYNCHRONICITY

Journal of Entrepreneurship & Business ◽

10.24123/jeb.v2i1.3919 ◽

2021 ◽

Vol 2 (1) ◽

pp. 1-10

Author(s):

Werner Ria Murhadi ◽

Liliana Inggrit Wijaya

Keyword(s):

Corporate Governance ◽

Firm Size ◽

Stock Return ◽

Implied Volatility ◽

Stock Exchange ◽

Institutional Ownership ◽

Board Size ◽

Audit Market ◽

Business Entities ◽

Analysis Models

This study aims to analyze the effect of corporate governance on transparency as measured by stock return synchronicity. The variables used are board size (commissioner), big4 audit, institutional ownership, market to book, the volatility of firm fundamentals, leverage, and firm size. This study uses a quantitative approach with multiple linear analysis models. This study uses a sample of non-financial business entities listed on the Indonesia Stock Exchange (BEI). The number of samples used in this study was 198 observations. The results showed that the variable board size (commissioner), institutional ownership, and leverage had a positive effect on transparency, and the implied volatility of the firm hurt transparency. Other variables such as big4 audit, market to book ratio, and firm size do not affect transparency.

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Foreign and Russian Studies of Share Buyback Practices: A View from the Corporate Governance Perspective

Management Science ◽

10.26794/2404-022x-2020-10-4-37-51 ◽

2020 ◽

Vol 10 (4) ◽

pp. 37-51

Author(s):

I. N. Tkachenko ◽

B. S. Bataeva

Keyword(s):

Corporate Governance ◽

Negative Impact ◽

Point Of View ◽

Future Research ◽

The Public ◽

Foreign Countries ◽

Effectiveness And Efficiency ◽

Russian Stock Market ◽

Corporate Governance Quality ◽

The Impact

The paper discusses the mechanism of shares buyback and its implementation in foreign countries and in Russia. The publication purpose is to study the practice of buybacks in the aspect of corporate governance, satisfaction of stakeholders interests being in the new economic realities by the impact of sanctions and the COVID-19 pandemic. The authors use the method of content analysis of publications by Russian and foreign researchers based on Google Scholar since 1990 to 2020, considering buyback programs in relation to corporate governance and influence on stakeholders. Also, the authors analyze the state of the Russian stock market by capitalization, by the number of issuers of shares on the MICEX-RTS from 2013 to 2020. There are analyzed programs for repurchase of shares of Russian companies for the period 2018–2020. There have been put forward and tested three hypotheses related to the impact of sanctions and the coronavirus pandemic on the policy of implementing buyback deals by the companies. The “share buyback” is usually considered to a greater extent from the point of view of corporate finance in the Russian business field, outside the context of corporate governance and even more so outside of relations with stakeholders. There is a dominant approach to buybacks from the point of view of shareholders rather than from the point of view of stakeholders in Russian business practice. There is no discussion about the negative impact of buybacks on their interests in the public opinion and in the expert environment, due to the relative weakness of the positions of Russian stakeholders. The future research may focus on assessing the impact of share buyback programs on the risks system and benefits for financial and non-financial stakeholders. Also, there should be emphasized on studying the impact of share buybacks on the corporate governance quality and on studying their impact on top management remuneration, being assessed the effectiveness and efficiency of programs buybacks.

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Foreign Expatriates on Board and Financial Performance: A Study of Listed Deposit Money Banks in Nigeria

The Journal of Social Sciences Research ◽

10.32861/jssr.52.418.423 ◽

2019 ◽

pp. 418-423 ◽

Cited By ~ 3

Author(s):

Wisdom Okere ◽

Damilola Felix Eluyela ◽

Adedoyin Ishola Lawal ◽

Ibidunni Oyebisi ◽

Oluwasegun Eseyin ◽

...

Keyword(s):

Corporate Governance ◽

Financial Performance ◽

Descriptive Analysis ◽

Global Knowledge ◽

Hausman Test ◽

Foreign Countries ◽

Financial Scandals ◽

Foreign Directors ◽

The Relationship ◽

Gain Access

Due to the recent financial scandals, there has been a growing need and debate amongst researchers on variables to strengthen the corporate governance of a firm. This study examined the relationship between foreign expatriates on board and financial performance of deposit money banks in Nigeria. Applying panel methodology for the period of 2008 to 2016 as well as other econometric analysis such as descriptive analysis, correlation analysis and Hausman test, the findings revealed a positive but insignificant relationship exist between foreign expatriates on board and financial performance of sampled deposit money banks in Nigeria. The study recommends that banks should ensure that they have an appropriate number of foreign directors on their board who have diverse skills and wealth of experience in order to make their performance on the banks significant. Also, developing countries who don’t have access to foreign directors can train their local directors in foreign countries so as to gain access to the benefits of global knowledge and experience.

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STUDY OF PAST DECADE (2010 - 2020) SELECTED LITERATURE ON MINORITY SHAREHOLDER AND SHAREHOLDER ACTIVISM IN MALAYSIA

Advanced International Journal of Business, Entrepreneurship and SMEs ◽

10.35631/aijbes.37005 ◽

2021 ◽

Vol 3 (7) ◽

pp. 49-58

Author(s):

Thiam-Yong Kuek ◽

I-Chi Chen ◽

Yuen-Onn Choong ◽

Saw-Chin Khor ◽

Mei-Peng Low ◽

...

Keyword(s):

Corporate Governance ◽

Dominant Role ◽

Shareholder Activism ◽

The Political ◽

Minority Shareholders ◽

Foreign Countries ◽

The Stability ◽

Sound Management ◽

Political Turmoil ◽

General Opinion

Due to its vitality in preserving the stability, transparency, and sound management of businesses, corporate governance continues to play a dominant role in many Malaysian companies. This will give the country and foreign countries good opportunities to invest in Malaysia and provide an investment-friendly environment. It adds color to the existing soft stock market in Malaysia as a result of the economic instability, the political turmoil, and the pandemic effects of Covid-19. Two main elements of corporate governance in Malaysia, minority shareholders, and shareholder activities will be addressed in this article. Minority shareholders, in particular publicly-listed companies in Malaysia, are major players in companies. However, in other countries, the general opinion among minority shareholders is that executives, administrators, and main shareholders or control shareholders tend to take advantage of them for their own personal purposes. As a result, shareholder activism plays a key role in making shareholders aware of their rights and obligations in the ownership of the firm, in particular as minority shareholders, through this activism. However, Malaysia has not yet come to a firm conclusion on the effectiveness of shareholder interference. Five articles on minority shareholders and shareholder activism relevant to Malaysia, each from 2010 to 2020, were retrieved from Google Scholar and examined from Malaysia's corporate governance perspective to determine the extent of their growth.

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ON CERTAIN ISSUES OF DETERMINING THE LIMITS OF DISCLOSURE OBLIGATIONS IN CORPORATE LAW

Young Scientist ◽

10.32839/2304-5809/2020-11-87-59 ◽

2020 ◽

Vol 11 (87) ◽

Author(s):

Katerina Varava ◽

Keyword(s):

Corporate Governance ◽

Information Disclosure ◽

Governance System ◽

Modern Development ◽

Foreign Countries ◽

Corporate Governance System ◽

Nature Of Information ◽

Disclosure Obligations ◽

Corporate Information

The modern development of corporate governance is influenced by many factors caused by the process of globalization, the creation and implementation of unified rules for regulating corporate relations at the regional and international levels. The trend of development and implementation of social entrepreneurship as a reference point of the modern model of business formation, the transition from the system of companies, which is aimed at short-term goals of profit to long-term investments, caused changes in the corporate governance system. In particular, the policy of disclosure of corporate information as one of the most important institutions in the field of corporate relations. Corporate information and awareness of the subjects of corporate relations about the state of business plays a key role in decision-making in corporate governance. The current process of transformation of the sphere of corporate governance has significantly influenced the question of the limits of disclosure of corporate information to the executive bodies of companies. The article examines the theoretical aspects of the executive's duty to disclose information. Doctrinal approaches to the establishment of restrictions on the disclosure of certain corporate information is analyzed. The normative implementation of the obligation and its limits for the disclosure of corporate information in the legislation of foreign countries is systematized. The main tendencies of expanding the boundaries of corporate non-financial information disclosure are revealed. Ways to improve and harmonize national regulations for the disclosure of corporate information in accordance with foreign experience are proposed. It was found that providing such information not only helps to understand the company's impact on the overall economy, but also opens the company to more investors and targeted investment. The obligation to disclose corporate information is designed for the effective operation and development of the company, but it is necessary to take into account the nature of information and the possibility of its unfair use to the detriment of the company.

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ADAPTATION PROGRAMS AT THE STAGE OF TRAINING OF EMPLOYEES IN THE CORPORATE GOVERNANCE SYSTEM

Juvenis scientia ◽

10.32415/jscientia.2019.05.01 ◽

2019 ◽

pp. 4-7

Author(s):

D.S. Zakharova

Keyword(s):

Corporate Governance ◽

General Scheme ◽

Training And Development ◽

Development Model ◽

Methodological Study ◽

Governance System ◽

Foreign Countries ◽

Training Stage ◽

Corporate Governance System ◽

Building Adaptation

The article touches upon the problems of pithiness and development of adaptation programs used at the training stage among young specialists. An analysis of the interpretation of adaptation. The general approach, according to the ADDIE training and development model, is considered, as well as the author's approach, taking into account the typological features of adaptation, when building adaptation programs. The analysis of the problem in foreign countries was carried out, effective techniques and measures were noted that allow to increase the objective and subjective indicators in the main aspects. Measures are recommended, attention is focused on a thorough methodological study of the professional and socio-psychological aspects of adaptation programs. A general scheme is recommended when developing adaptation programs at the training stage with a breakdown into blocks.

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Legal Aspects of Corporate Management in the Context of International Law Rules

Journal of Advanced Research in Law and Economics ◽

10.14505/jarle.v11.4(50).38 ◽

2020 ◽

Vol 11 (4) ◽

pp. 1416

Author(s):

Yurii S. SHEMSHUCHENKO ◽

Anatoliy V. KOSTRUBA

Keyword(s):

Corporate Governance ◽

International Law ◽

Legal Aspects ◽

Point Of View ◽

Corporate Management ◽

Legal Norms ◽

Legal Standards ◽

Common Criteria ◽

Corporate Activity ◽

Foreign Countries

This study sets the task of studying the legal aspects of corporate governance in the context of existing international law. Consideration of issues related to the legal aspects of corporate governance is of great importance for the development of common criteria for evaluating their activities from the point of view of existing legal norms. The development of ever new forms of public organizations and the need to develop legislative norms to regulate their activities only emphasizes the importance of the issue under study. The relevance of this problem is of particular importance in light of the fact that to date, the laws of most countries have not yet developed clear criteria governing the corporate activity. This fact leads to difficulties in studying this issue and the high probability of misunderstanding in matters of corporate activity and corporate governance features, not to mention giving this activity a proper assessment from the standpoint of the norms of current legislation. This study sets the task of studying the fundamental legal rules regulating the corporate governance of Ukraine and foreign countries with the identification of the similarities and differences of existing legal standards. The method of comparative analysis of works of domestic and foreign researchers in the framework of the subject under consideration was selected. The applied value of this material is to identify the main criteria for the compliance of the current aspects of corporate governance with international law with a view to the subsequent application of the results in practice. The research prospects in this direction from a legal point of view consist in comparing the current legislative acts regulating international law with regard to corporate governance issues, which opens up great opportunities for analysis of all the provisions of corporate governance and bringing them into line with the norms of existing international law.

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О НЕКОТОРЫХ ПРОБЛЕМАХ ПРИМЕНЕНИЯ КОРПОРАТИВНОГО КОМПЛАЕНСА В РОССИИ И ЗА РУБЕЖОМ/ON SOME PROBLEMS OF CORPORATE COMPLIANCE APPLICATION IN RUSSIA AND ABROAD/ՌՈՒՍԱՍՏԱՆՈՒՄ ԵՎ ԱՐՏԵՐԿՐՈՒՄ ԿՈՐՊՈՐԱՏԻՎ ՔՈՄՓԼԱՅԵՆՍԻ ԿԻՐԱՌՄԱՆ ՈՐՈՇ ԽՆԴԻՐՆԵՐԻ ՎԵՐԱԲԵՐՅԱԼ

Bulletin of Eurasia International University ◽

10.53614/18294952-2020.2-32 ◽

2020 ◽

pp. 32-43

Author(s):

Ani Stepanyan

Keyword(s):

Corporate Governance ◽

Russian Translation ◽

Digital Technologies ◽

Correct Interpretation ◽

Complete Elimination ◽

Corporate Compliance ◽

Blockchain Technology ◽

Foreign Countries ◽

Legal Understanding ◽

The Relationship

The article is devoted to some aspects of the application of modern blockchain technology in the corporate compliance system in Russia and in foreign countries. One of the main problems is that corporate compliance does not cover all areas of activity and is not applied in all corporations, which generates many disputes. Modern trends in the development of science and technology dictate the practice of using new digital technologies in the activities of corporations, where they most often operate with foreign concepts. Given the fact that the Russian translation of some concepts can cause confusion, especially in the legal understanding of their content, some clarity should be made about the relationship and possible combination of the concepts of “corporate compliance” and “blockchain technology”. Disclosure of the true content of these concepts will lead to their correct interpretation and lead to minimization or complete elimination of corruption risks in corporations. The article emphasizes the need to improve corporate compliance and to successfully organize corporate governance using blockchain technology in corporations.

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