A Study on Corporate Governance Models and Board of Directors of Listed Companies

2018 ◽  
Vol 8 (2) ◽  
pp. 153-180
Author(s):  
Jinhyo Lee
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Listed Companies ◽  
Governance Models

scholarly journals Corporate governance and board of directors in Greek listed companies

2017 ◽  
Vol 13 (2) ◽  
pp. 38-45 ◽  
Author(s):  
Chryssoula Tsene
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Listed Companies ◽  
Company Law ◽  
Board Members ◽  
Executive Directors ◽  
Shareholder Protection ◽  
Key Factor ◽  
Code Of Corporate Governance ◽  
Legal Mechanism

Corporate governance is widely acknowledged as a key factor of market’s efficiency and corporate performance. Greek company law, under the influence of the financial crisis, has responded actively by incorporating in national law EU directives on corporate governance of listed companies and by adopting recently self-regulatory provisions. This regulatory framework contributes essentially to enhance board accountability and transparency, empower shareholder protection and promote financial disclosure. In that regard, two pillars should be illustrated as regards board of directors in listed companies: Greek company law provides traditionally for the establishment of the general duties of loyalty and care of all board members in companies limited by shares, which are furthermore reinforced by the provisions of the Hellenic Code of Corporate Governance for listed companies. Secondly, hard law rules introduce the participation of non-executive and non-executive independent directors as a legal mechanism of confronting agency problems in listed companies. These provisions have been strongly argued as regards the exact content of the obligations of all board members of listed companies to promote the corporate interest and especially as regards the monitoring role of non-executive directors. These conceptions should be followed by empirical researches in order to address a completely legal and functional approach.

scholarly journals Implementing the board of directors’ mechanism – An empirical study of the listed firms in Libya

2018 ◽  
Vol 14 (1) ◽  
pp. 22-33 ◽  
Author(s):  
Jill Atkins ◽  
Mohamed Zakari ◽  
Ismail Elshahoubi
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Boards Of Directors ◽  
Listed Companies ◽  
Board Members ◽  
Corporate Boards ◽  
Listed Firms ◽  
Stakeholder Groups ◽  
The Board Of Directors ◽  
Executive Managers

This paper aims to investigate the extent to which board of directors’ mechanism is implemented in Libyan listed companies. This includes a consideration of composition, duties and responsibilities of the board directors. This study employed a questionnaire survey to collect required data from four key stakeholder groups: Boards of Directors (BD), Executive Managers (EM), Regulators and External Auditors (RE) and Other Stakeholders (OS). The results of this study provided evidence that Libyan listed companies generally comply with the Libyan Corporate Governance Code (LCGC) requirements regarding the board composition: the findings assert that most boards have between three and eleven members, the majority of whom are non-executives and at least two or one-third of whom (whichever is greater) are independent. Moreover, the results indicate that general assemblies in Libyan listed companies are practically committed to the LCGC’s requirements regarding the appointment of board members and their length of tenure. The findings provide evidence that boards in Libyan listed companies are carrying out their duties and responsibilities in accordance with internal regulations and laws, as well as the stipulations of the LCGC (2007). Furthermore, the stakeholder groups were broadly satisfied that board members are devoting sufficient time and effort to discharge these duties and responsibilities properly. This study helps to enrich our understanding and knowledge of the current practice of corporate boards as a significant mechanism of corporate governance (CG) by being the first to address the board of directors’ mechanism in Libyan listed companies.

scholarly journals Board of Directors, Audit Committee and the Financial Performance of Listed Companies in Malaysia

2018 ◽  
pp. 951-957
Author(s):  
Ali Thamer Nawafly ◽  
Ali Saleh Alarussi ◽  
Aidi Ahmi
Keyword(s):  
Corporate Governance ◽  
Regression Analysis ◽  
Financial Performance ◽  
Board Of Directors ◽  
Audit Committee ◽  
Listed Companies ◽  
Board Independence ◽  
Return On Equity ◽  
Independent Variables ◽  
Critical Components

The purpose of this study is to examine the relationships between selected components of corporate governance and financial performance of listed companies in Bursa Malaysia. In this study, the most critical components of corporate governance including board independence, board size, board expertise, audit committee size, audit committee independence, and audit committee expertise, have been examined as the independent variables that influence the financial performance of companies listed on Bursa Malaysia. This study used a sample of 150 non-financial listed companies in Malaysia. This study differs than previous studies that separately study the effect of either the board characteristics or the audit committee characteristics. This study concerns on the combined effect of both, board of directors and audit committee, about return on equity. The study is based on companies’ data for the year 2014. Regression analysis is conducted using Statistical Package for Social Science Version 22 (SPSS 22), and the outcomes of this study show significant and positive relationships between all the independent variables and financial performance of companies listed on Bursa Malaysia. The study ended up with positive suggestions based on the limitations that have been faced while conducting this study.

scholarly journals Ownership structure, board of directors and firm performance: evidence from Taiwan

2019 ◽  
Vol 19 (1) ◽  
pp. 189-216 ◽  
Author(s):  
Mao-Feng Kao ◽  
Lynn Hodgkinson ◽  
Aziz Jaafar
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Board Of Directors ◽  
Ownership Structure ◽  
Firm Value ◽  
Listed Companies ◽  
Independent Directors ◽  
Data Set ◽  
Content Type ◽  
Listed Firms

PurposeUsing a data set of listed firms domiciled in Taiwan, this paper aims to empirically assess the effects of ownership structure and board of directors on firm value.Design/methodology/approachUsing a sample of Taiwanese listed firms from 1997 to 2015, this study uses a panel estimation to exploit both the cross-section and time–series nature of the data. Furthermore, two stage least squares (2SLS) regression model is used as robustness test to mitigate the endogeneity issue.FindingsThe main results show that the higher the proportion of independent directors, the smaller the board size, together with a two-tier board system and no chief executive officer duality, the stronger the firm’s performance. With respect to ownership structure, block-holders’ ownership, institutional ownership, foreign ownership and family ownership are all positively related to firm value.Research limitations/implicationsAlthough the Taiwanese corporate governance reform concerning the independent director system which is mandatory only for newly-listed companies is successful, the regulatory authority should require all listed companies to appoint independent directors to further enhance the Taiwanese corporate governance.Originality/valueFirst, unlike most of the previous literature on Western developed countries, this study examines the effects of corporate governance mechanisms on firm performance in a newly industrialised country, Taiwan. Second, while a number of studies used a single indicator of firm performance, this study examines both accounting-based and market-based firm performance. Third, this study addresses the endogeneity issue between corporate governance factors and firm performance by using 2SLS estimation, and details the econometric tests for justifying the appropriateness of using 2SLS estimation.

scholarly journals A suggested measure for the quality of corporate governance in Egypt

2017 ◽  
Vol 15 (1) ◽  
pp. 52-64 ◽  
Author(s):  
Dina Hassouna ◽  
Hassan Ouda
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Ownership Structure ◽  
Listed Companies ◽  
Measurement Tool ◽  
Board Committees ◽  
Corporate Governance Mechanisms ◽  
Governance Practices ◽  
Transparency And Disclosure

This paper aims at constructing an objective measurement tool for the quality of corporate governance practices implemented by listed companies in Egypt. Consequently, several main criteria for the inclusion and the exclusion of a corporate governance guideline were followed. The resulting “objective index and questionnaire” includes a total of 66 indicators grouped under four main internal corporate governance mechanisms: Ownership structure; Board of directors; Transparency and disclosure and Board committees. Additionally, the scoring process that can be used in the rankings of Egyptian listed companies is suggested

Corporate Governance Characteristics and Audit Fees

2019 ◽  
pp. 26-50 ◽  
Author(s):  
Ana Silva ◽  
Helena Inácio ◽  
Elisabete Vieira
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Stock Exchange ◽  
Audit Fees ◽  
Listed Companies ◽  
The Other ◽  
Stock Exchanges ◽  
External Audit ◽  
Governance Practices ◽  
The Board Of Directors

The purpose of this chapter is to analyze the effect that corporate governance measures have in external audit fees in two countries where this matter is not much developed: Portugal and Spain. The analysis includes a sample of 39 listed companies on the Portuguese Stock Exchange and 104 listed companies on the Spanish Stock Exchanges for the years 2013 to 2015 using an OLS regression model. For the Spanish sample, the results show that the capital hold by the Board of Directors influence negatively external audit fees. The results are in accordance with the supplier perspective which states that better corporate governance practices decrease the control risk and, consequently, audit fees. On the other hand, the Board of Directors' diligence also affected external audit fees but positively, that is, the greater the number of meetings the greater the demand for an audit with quality which result in higher fees charged (demand perspective). For the Portuguese sample it can be observed that corporate governance characteristics do not affect external audit fees.

Do Board Educational Background, Occupational Background and Ownership Structure Matter for Directors' Remuneration Disclosure?

2016 ◽  
pp. 150-164
Author(s):  
Elinda Esa ◽  
Abdul Rahman Zahari
Keyword(s):  
Decision Making ◽  
Corporate Governance ◽  
Board Of Directors ◽  
Ownership Structure ◽  
Listed Companies ◽  
Educational Background ◽  
Factors Influencing ◽  
The Board Of Directors ◽  
Prior Literature ◽  
Occupational Background

Following the Asian economic tumult 1997, most of the researchers in Malaysian have been focusing on the issues of disclosure, transparency and boardroom failures. The crisis had led to statements about corporate governance in times of financial crisis and the lessons that can be learnt. A lot of prior literature examined the factors influencing the aspects of disclosure without giving reference to the educational and occupational background of the board of directors and the ownership structure, which influence the decision-making regarding director remuneration disclosure. Thus, the objective of this study is to investigate how the educational and occupational background of the board of directors and ownership structure affect director remuneration disclosure in Malaysian public listed companies. Very limited research has been explored in the issue of directors' remuneration disclosure. The director remuneration checklist is used to measure the director remuneration disclosure among Malaysian public listed companies. The findings of this study revealed that ownership structure is significantly associated with the extent of directors' remuneration disclosure, while the board's educational and occupational background are found to not be associated with the extent of directors' remuneration disclosure.

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