governance index
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2022 ◽  
Author(s):  
Katarína Šipulová ◽  
Samuel Spáč ◽  
David Kosař ◽  
Tereza Papoušková ◽  
Viktor Derka
Keyword(s):  

2021 ◽  
Vol 8 (2) ◽  
pp. 16-39
Author(s):  
Dr. Nisar Ahmad Bazmi

The current study explains the relationship of dividend payout policy on the business performance of companies that exist in sugar of Pakistan. 100 companies are selected from sugar sector. Relationship of dividend payout policy and business performance was controlled with four variables based on relevant theories. These variables include size of company, growth of company, leverage (debt to equity ratio) and corporate governance index. Panel data is collected from 2012-2017 (six years) and then analyzed with unit root, descriptive statistics, correlation analysis, OLS regression, Lagrange multiplier, Huasman test, Fixed effect and Random effect models. Following key findings for each research objective were obtained by applying the adopted research method on the data through the adopted method of analyses: The results of the study show sugar companies showed no sign of a relationship between their dividend payout policy and profitability and so there is no controlling factor effective due to the absence of any relationship. Thus, the hypotheses were rejected in case of these two industries. Key Words: Company Performance, Dividend Policy, Tobin’s Q, Size, Growth, Leverage, Corporate Governance Index, Dividend Payout


2021 ◽  
Vol 10 (2) ◽  
pp. 294-315
Author(s):  
Kholiswa Malindini ◽  

The quality of institutions has increasingly become a key determinant of economic performance. This confirms a paradigm shift from the conventional macroeconomic determinants to governance as the crucial determining factor of economic performance, particularly in developing countries where economic growth is stagnant or moving at a meagre rate. With the aid of macroeconomic and governance data, this paper reports on an empirical analysis performed to quantify the impact of institutional quality on economic performance in Southern African economies over the period 2009-2019 by employing Generalized Method of Moments (GMM) technique with fixed effects. The empirical results indicate a negative and statistically significant coefficient for the governance index, inflation, and natural resources towards GDP growth. In contrast, trade openness, financial development, and domestic investment have positive and statistically significant coefficients. Based on the composite governance index, these results suggest that a weak institutional environment that aggravates corruption levels causes instability while also stimulating rent-seeking behaviour, which ultimately stifles economic performance in the region. Therefore, to attain inclusive and sustainable economic growth rates, the regional authorities should strengthen the law and enforce the rules.


2021 ◽  
Author(s):  
Ngoc Phuong Anh Nguyen ◽  
Thi Thanh Binh Dao

Abstract Our study investigates the interlink between liquidity, corporate governance and firm value with the adoption of meta-analysis. The final sample consists of 428 studies extracted from 55 papers, covering 632,196 firm-year observations in a worldwide scope. The diversity in data is believed to reduce possible homogeneity due to regional or time period concentration. Using random-effects model, it is reported that both illiquidity factors (Spread and Amihud illiquidity) can significantly worsen the performance of a firm, while the corporate governance – firm value connection is significantly positive via three out of four factors (Corporate governance index, Board size and Institutional ownership). Besides studying the overall relationship direction, the paper also looks into its heterogeneity. The existence of heterogeneity is confirmed in all liquidity – firm value and governance – firm value relationship. The running of meta-regression indicates that both illiquidity factors are significantly moderated by most of the examined paper characteristics, whilst only two out of four corporate governance indicators (Corporate governance index and Institutional ownership) are significantly altered.


2021 ◽  
Author(s):  
Takeshi Aida ◽  
Masahiro Shoji

Abstract BackgroundAs herd immunity by universal vaccination is essential to end the COVID-19 pandemic, the COVID-19 Vaccine Global Access (COVAX) facility has been established to provide developing countries with subsidized vaccines. However, a critical issue is that the developing countries also need to effectively deploy vaccines to citizens. Although this argument suggests positive effects of good national governance on vaccination coverage, to the best of our knowledge, there is no such evidence. The goal of this study was to examine the association between the national governance index and vaccination coverage, particularly among developing countries.MethodsUsing cross-country data, an ordinary least squares regression was conducted to examine the association between the national governance index and two outcome variables on vaccination—the number of days until the administration of the first dose in the country since December 2019 and the number of doses per 100 citizens as of the end of July 2021. The results were compared between the model including all countries and the model including only non-OECD countries. We also examined the influence of governance on the selection of vaccine manufacturers.ResultsA one standard deviation increase in the national governance index was associated with 9.1 days (95%CI: -15.76, -2.43) earlier administration of vaccines in the country, and a 12.1 dose increase (95%CI: 4.76, 19.34) per 100 citizens. Results also showed that these associations were larger in the non-OECD sample and indicated the role of governance in the type of vaccine that is predominantly administered in the country.ConclusionThe provision of subsidized vaccines alone is not sufficient to control the spread of infection in developing countries; logistical and administrative support should also be offered, especially in countries with low governance indices.Trial registrationNot applicable.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pitabas Mohanty ◽  
Supriti Mishra

Purpose This paper aims to study the corporate governance practices followed by the listed companies in India to find out if industry and business group affiliation of firms influence their corporate governance practices. Design/methodology/approach The authors have created a corporate governance index for India using 15 of the variables used in past research. Hierarchical regression has been used in the study to control for possible inter-firm correlation in governance scores. Findings Using principal component analysis, the authors derive five factors for the corporate governance index – board composition, shareholder responsibility, ownership, responsible board behavior and fair executive compensation. Using the random intercept mixed-effects model, the authors find that corporate governance behaviors of firms affiliated to business groups are more similar within business groups than within industries. Practical implications Regulatory authorities generally target individual firms to enforce good corporate governance practices. As companies affiliated with the same business group exhibit similar governance practices, regulators can also set norms for business groups in addition to individual firms. Originality/value Scant research has studied the corporate governance behavior of firms affiliated with business groups. By making business groups (and industries) the unit of analysis, the authors have studied the corporate governance behavior of firms as a cluster in the context of an emerging country, India.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Farooq ◽  
Amna Noor ◽  
Shoukat Ali

Purpose The purpose of this research is to look into the governance–performance relationship in the context of critical firm characteristics, such as firm size. Design/methodology/approach Based on total assets, sample firms were classified as small or large. The governance index, which is based on 29 governance provisions covering the audit committee, board committee, ownership and compensation structure of the respective firm, measures governance quality among sample firms. A higher governance index indicates a higher level of governance quality and vice versa. Accounting and market value measures are used to determine firm profitability. The authors used the two-stage least square (2SLS) method of estimation of the model to eliminate the simultaneous equation bias. Findings Corporate governance (CG) appears to have a positive impact on accounting return and market indices (Tobin’s Q), but it has little impact on return on equity. In terms of firm size, larger companies profited more from better governance implementation than smaller firms that lacked these principles, thus improving CG. The findings indicate that small businesses should improve their governance mechanisms to reap the benefits of CG in terms of increased profitability. Research limitations/implications There are certain drawbacks to this research. First, the authors omitted qualitative aspects of CG from the CG index, such as the board’s decision-making process, directors’ perceptions of the board’s position and directors’ age and qualifications. Such a qualitative component will improve the governance index in the future while building the governance index. Second, as the current study only looks at the nonfinancial sector, caution should be exercised before applying the findings to the entire population. Practical implications The findings show that companies that follow good governance standards have better accounting and market efficiency than those that do not. As a result, good governance practices can help firms in developing countries improve their performance. Academic researchers, regulators, investors, lenders and practitioners can find the findings useful in establishing a true relationship between firm performance and CG practices in Pakistan. Originality/value The relationship between governance and profitability in the context of firm size is examined in this research. Firms with varying resources and ability to implement CG codes have varying effects on profitability. To the authors’ knowledge, there was a gap in the literature that addressed this topic in the local context.


Author(s):  
Akmal Ihsan ◽  

This study seeks to explore and investigate the influence of foreign direct investment, remittances, and trade openness on economic growth in the Organization of Islamic Cooperation with governance index as a moderating variable in 2005-2019. Moderated Regression Analysis analysis is used to analyze governance index variables. The use of Generalized Least Square and Generalized Method of Moments is used to determine which method is best. Sargant level of significance and value showed GMM more precisely in this study. The results of statistical testing show that all independent variables have a significant positive influence on economic growth except foreign direct investment which has a significant negative influence. This negative influence is due to the instability of investment flows. In addition, governance index can moderate foreign direct investment, remittances, and trade openness in its influence on economic growth.Thus, it can be concluded that to increase economic growth, the need for good governance index so that economic growth in the Organization of Islamic Cooperation is increasing.


2021 ◽  
Vol 4 (3) ◽  
pp. 15-38
Author(s):  
Appah E. ◽  
Onowu J.U. ◽  
Adamu A.J.

This study investigated the effects of public sector audit, good governance and financial transparency on financial accountability of twenty – six (26) ministries in the Rivers State Civil Service. The study employed cross sectional survey research design. The population consisted of twenty – eight ministries and the Taro Yamene model was used for sample size determination while simple random sampling was employed. The study used primary and secondary sources of data collection. Questionnaire was the primary source of data collections after the application of content and face validity while Cronbach alpha was employed to test the reliability of the instrument. The dependent variable was financial accountability index while the independent variables consisted of financial audit index, performance audit index, compliance audit index, good governance index and financial transparency index. The responses obtained from the questionnaire were analysed with univariate, bivariate and multivariate analysis. The multiple regression analysis suggested that there is a positive and significant relationship between financial audit index, performance audit index, compliance audit index, good governance index and financial transparency index on accountability in public sectors in Rivers State. The study concluded that public sector audit, good governance and financial transparency promote financial accountability in the Nigerian public sector. Therefore, the following recommendations were provided amongst others that The Accounting Officers in government Ministries, Department and Agencies (MDA) should carry out government business in accordance with accountability, transparency, effectiveness and efficiency, responsiveness, forward vision and rule of law for the welfare of the citizens.


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