scholarly journals A New Framework of Corporate Governance for Waqf: A Preliminary Proposal

ICR Journal ◽  
2015 ◽  
Vol 6 (3) ◽  
pp. 353-370
Author(s):  
Mohammad Abdullah
Keyword(s):  
Corporate Governance ◽  
Substantial Proportion ◽  
Islamic Finance ◽  
Finance Industry ◽  
Exact Data ◽  
Governance Model ◽  
Regulatory Guidelines ◽  
The World ◽  
Corporate Governance Model ◽  
New Framework

The global cumulative waqf assets have been estimated to be worth $105 billion. Though, this estimation is not based on exact data, it reflects only a glimpse of what the institution of waqf may entail in the process of and struggle for socio-economic upliftment of the ummah. However, despite possessing the potential of improving society, a substantial proportion of total awqaf is still lying dormant across the world. In modern day economy, waqf has taken a new trajectory, both as a product and as an institution/legal entity, especially in the Islamic finance industry. Consequently, this scenario automatically demands that the institution be fairly regulated and closely monitored. However, not much has been written in the corporate governance area of waqf. This article has three aims: firstly, to briefly examine the salient features of waqf from the perspective of fiqh al-awqaf, secondly, to explore the evolution of the fiqh al-awqaf in the light of waqf being metamorphosed into a corporation-like entity, and finally, to propose the possibilities of how a corporate governance model can be developed for the institution based on the existing waqf rulings and modern regulatory guidelines.

scholarly journals Takeovers in China: The Case against Uniformity in Corporate Governance

2005 ◽  
Vol 34 (2) ◽  
pp. 169-194 ◽  
Author(s):  
Guanghua Yu
Keyword(s):  
Functional Analysis ◽  
Corporate Governance ◽  
Careful Analysis ◽  
Economic Conditions ◽  
Governance Model ◽  
Foreign Law ◽  
The World ◽  
Political Background ◽  
Corporate Governance Model ◽  
Comparative Corporate Governance

Corporate governance has attracted enormous attention both in the area of law and in the area of financial economics. In comparative corporate governance studies, many people have devoted their energy to finding a best corporate governance model. I argue that a functional analysis does not support the view that there is a single best model in the world. I further use the transplantation of an English-style takeover law into China to explain that the importation of foreign law is not always based on careful analysis of whether the imported foreign law is the best in the world. Furthermore, I discuss the subsequent adjustment of the transplanted English takeover law to the takeover market in China to show that the transplantation of foreign law is subject to local political and economic conditions. If there is no best corporate governance model and the transplantation of foreign law into other countries with different social and political background does not achieve similar objectives, the search for a best corporate governance model is misguided.

scholarly journals Worldwide Diffusion of Corporate Governance (CG) Regulations and Practices: A Literature Review

2015 ◽  
Vol 1 (1) ◽  
pp. 55-68
Author(s):  
Zubair Ahmad ◽  
Zeeshan Mahmood
Keyword(s):  
Corporate Governance ◽  
Institutional Research ◽  
Institutional Dynamics ◽  
Institutional Processes ◽  
Governance Model ◽  
The World ◽  
The One ◽  
Corporate Governance Model ◽  
Corporate Governance Reforms ◽  
Governance Reforms

Research objectives: The main objective of this paper was to understand the diffusion of CG codes around the world. More specifically this paper examined what types of CG codes have emerged around the world? What causes the diffusion of shareholder centric model of CG around the world? What areas are still unexplained to better understand the diffusion of CG? Findings: This paper presented that pure economics and legitimacy reasons alone or together are not sufficient to explain the dynamics of how corporate governance reforms emerged and developed in different contexts. This study assumes that it is important to move the debate beyond the efficiency/legitimacy and convergence/divergence dichotomy and pay more attention to the process of emergence and development of corporate governance reforms. Implications: Prior institutional research ignores countries' internal dynamics that can play an important role in shaping corporate governance reforms. The corporate governance model cannot exist in isolation; each country has its own unique institutional arrangements and can influence the process of diffusion. There is some consensus amidst corporate governance scholars that "the-one-size-fits-all" rule is flawed, and thus a wide diversity of approaches of corporate governance should be expected due to vast differences in national contexts where firms are embedded (Cuervo, 2002, Reaz and Hossain, 2007). Policy makers and researchers should consider broader institutional dynamics related to macro and micro institutional processes while developing and understanding CG diffusion around the world.

scholarly journals A Study of Institutional Change: Corporate Governance Reform in Britain

2002 ◽  
Vol 16 (2) ◽  
pp. 33-47
Author(s):  
Tae-Soo Ha
Keyword(s):  
Corporate Governance ◽  
Self Regulation ◽  
Governance Reform ◽  
Anglo Saxon ◽  
Finance Industry ◽  
Governance Model ◽  
Institutional Structures ◽  
Corporate Governance Reform ◽  
Industry Relationship ◽  
Corporate Governance Model

This article analyzes corporate governance reform in Britain from the viewpoint of historical institutionalism. There have been three stages of reforms since the early-1970s: pure self-regulation, semi-statutory self-regulation and statutory regualtion. Despite these changes, however, there appeared institutional persistence, the maintenance of the Anglo-Saxon Corporate Governance Model. Although there had been several movements that had intended to introduce the Germany-originated Rhine Model to Britain, they all failed. This phenomenon resulted from three institutional structures: the Outside Initiative Policy Agenda-Setting Model, finance-dominating finance-industry relationship and the relatively strong and autonomous status of the British economy within the world economy.

Examination of the Institutional and Regulatory Framework for Corporate Human Rights Accountability in South Africa

2017 ◽  
Vol 25 (2) ◽  
pp. 158-175
Author(s):  
Abiodun Jacob Osuntogun
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Human Rights ◽  
Regulatory Framework ◽  
Institutional Framework ◽  
Bill Of Rights ◽  
Corporate Accountability ◽  
Governance Model ◽  
Wide Gap ◽  
Corporate Governance Model

This article examines the existing statutory and institutional framework for corporate human rights accountability in South Africa. It considers the questions whether corporations are duty bearers and whether they have responsibilities or obligations to respect human rights and the mode of corporate governance model adopted to regulate them. It argues that although the Bill of Rights adequately provides for the culture and entrenchment of corporate accountability for human rights, the possibility of achieving its objective is not certain because there is a wide gap between the fulfilment of the vision of the Constitution and the mechanism adopted for its realisation.

The Merit of the DATA Act to Enhance the Governmental Reporting Process: A Corporate Governance Perspective

2018 ◽  
Vol 15 (1) ◽  
pp. 107-120 ◽  
Author(s):  
Jacob Errichetti ◽  
Saeed J. Roohani
Keyword(s):  
Corporate Governance ◽  
Data Transfer ◽  
Information Flows ◽  
Corporate Context ◽  
Governance Model ◽  
Reporting Process ◽  
Regulatory Bodies ◽  
Common Goals ◽  
Corporate Governance Model ◽  
Conceptual Link

ABSTRACT This paper utilizes corporate governance concepts to assess the merit of the Digital Accountability and Transparency Act of 2014 (DATA Act). The paper first compares the information flows seen in a corporate context to those seen in a governmental reporting context. The paper then utilizes agency theory to establish a conceptual link between the two reporting processes. This conceptual link is used to identify common goals between the participants in the information flows. Following this, a corporate governance model is used to outline factors that contribute to effective corporate governance. This governance model is then used as a basis for assessing the merit of the DATA Act. After this, differences between the participants in the information flows are discussed and limitations of the paper are acknowledged. The paper suggests that the DATA Act has merit due to its potential to improve transparency and monitoring in the governmental reporting process. Increased data timeliness and usability will enhance transparency, while improvements in automation, data transfer, and data analytics will improve monitoring. The conclusions of this paper have implications for the participants in the governmental reporting process including government agencies, legislators, regulatory bodies, contractors, non-voting taxpayers, and members of the voting public.

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