BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Aluchna Maria (Warsaw School of Economics, Poland), Tomczyk Emilia (Warsaw School of Economics, Poland)
Tytuł
Shareholder structure and compliance with the board best practice: econometric analysis
Źródło
Applied Econometrics Papers, 2015, nr 4, 25 s., tab., bibliogr. 55 poz.
Słowa kluczowe
Ład korporacyjny, Teoria agencji, Przekształcenia systemowe w gospodarce, Struktura własnościowa, Model logitowy
Corporate governance, Agency theory, Systemic transformations in the economy, Ownership structure, Logit model
Uwagi
summ.
Abstrakt
The article examines compliance with corporate governance best practice in the post-transition economy addressing the heterogeneity of interests of different shareholders. On the basis of agency theory we suggest that in the concentrated ownership environment the principal-principal conflict results in lower compliance with the corporate governance code. More specifically, since compliance with best practice requires introducing independent directors and in that sense shifts control from shareholders to the board, we hypothesize that companies characterized by concentrated ownership and the dominant position of the founder / individual investor are reluctant to comply with board best practice. To evaluate our hypothesis we explore compliance with board best practice with respect to the presence of independent directors, formation of audit committee and other specialized board committees (remuneration, risk, strategy). We test the link between the compliance with the code and the ownership structure. Our analysis supports the principal-principal conflict argument and shows that companies with concentrated ownership and founder control do not comply with the board best practice. (original abstract)
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Aguilera, R. & Cuervo-Cazurra, A. 2004. Codes of good governance worldwide: What is the trigger?, "Organization Studies", 25: 415-443.
  2. Agresti A. 2002. Categorical Data Analysis, Wiley-Interscience.
  3. Alexander, J., Fennell, M. & Halpern M. 1993. Leadership instability in hospitals: The influence of board-CEO relations and organizational growth and decline, "Administrative Science Quarterly", 38: 74-93.
  4. Aluchna, M. 2009. Implementation of best practice code. Practical implications from Warsaw Stock Exchange, "Social Responsibility Journal", 5, s.123-140.
  5. Aluchna, M. 2015. Własność a corporate governance [Ownership and Corporate Governance], Wydawnictwo Poltext.
  6. Anderson, R. & Reeb, D. 2003. Founding family ownership and firm performance: Evidence from the S&P 500, "Journal of Finance", 58: 1301-1329.
  7. Andres, Ch. & Theissen, E. 2008. Setting a fix to keep the geese - Does the comply-or-explain principle work?, "Journal of Corporate Finance", 14:289-301.
  8. Arcot, S., Bruno, V. & Faure-Grimaud, C. 2010. Corporate governance in the UK: Is the comply or explain approach working, "International Review of Law and Economics", 30: 193-201.
  9. Baker, K. & Anderson, R. 2010. Corporate governance. A synthesis of theory, research and practice, John Willey & Sons.
  10. Barontini R., Caprio, L. 2006. The effect of family control on firm value and performance. Evidence from continental Europe, "European Financial Management", 12: 689-723.
  11. Bennedsen, M. & Nielsen, K. 2010. Incentive and entrenchment effects in European ownership, "Journal of Banking and Finance", 34: 2212-2229.
  12. Berglöf, E. & Claessens, S. 2006. Enforcement and good corporate governance in developing countries and transition economies, "World Bank Research Observer", 21: 123-150.
  13. Berglöf, E. & Pajuste, A. 2005. Why do firms disclose and why. Enforcing corporate governance and transparency on Central and Eastern Europe, "Oxford Review of Economic Policy", 21: 178-197.
  14. Bertrand, M. & Schoar, A. 2006. The role of family in family firms, "Journal of Economic Perspectives", 20: 73-96.
  15. Bistrova, J. & Lace, N. 2012. Quality of corporate governance system and quality of reported earnings: evidence from CEE Companies, "Economics and Management", 17(1):55-61.
  16. Campbell, K., Jerzemowska, M. & Najman, K. 2009. Corporate governance challenges in Poland: Evidence from comply or explain disclosures, "Corporate Governance", 9: 623-634.
  17. Charfeddine, L. & ElMarzougui, A. 2010. Institutional Ownership and Firm Performance: Evidence from France, "IUP Journal of Behavioral Finance", Vol. 7:35-46.
  18. Chizema, A. 2008. Institutions and voluntary compliance: The disclosure of individual executive pat in Germany, "Corporate Governance", 16:359-374.
  19. Chu, W. 2009. The influence of family ownership on SME performance: Evidence from public firms in Taiwan, "Small Business Economics", 33: 353-373.
  20. Clarke, T. 2014. The impact of financialisation on international corporate governance: The role of agency theory and maximizing shareholder value, "Law and Financial Markets Review", 8: 39-51.
  21. Cromme, G., 2005. Corporate Governance in Germany and the German Corporate Governance Code, "Corporate Governance", 13, 3, 362-367.
  22. Cuervo, A. 2002. Corporate governance mechanisms: a plea for less code of good governance and more market control, "Corporate Governance", 10: 84-93.
  23. Davies, M. 2008. The impracticality of an international 'one size fits all' corporate governance code of best practice, "Managerial Auditing Journal", 23: 532-544.
  24. Demsetz, H., Villalonga, B. 2001. Ownership structure and corporate performance, "Journal of Corporate Finance", 7: 209-233.
  25. Faccio, M., Lang, L. 2002. The ultimate ownership in Western European corporations, "Journal of Financial Economics", 65: 365-395.
  26. Gedajlovic, E & Shapiro, D. 1998. Management and ownership effects: Evidence from five countries, "Strategic Management Journal", 19, 533-553.
  27. Goncharov, I., Werner, J. & Zimmermann, J. 2006. Does Compliance with the German Corporate Governance Code Have an Impact on Stock Valuation? An Empirical Analysis, "Corporate Governance", 14:432-445.
  28. Hermalin, B. & Weisbach, M. 1998. Endogeneously chosen boards of directors and their monitoring of the CEO, "American Economic Review", 88: 96-118.
  29. Hermes, N., Postma, T. & Zivkov, O. 2007. Corporate governance codes and their contents: An analysis of Eastern European codes, "Journal for East European Management Studies", 12: 53-74.
  30. La Porta, R., Lopez-de-Silanes, F. & Shleifer A. 2000. Agency problems and dividend policies around the world, "Journal of Finance", LV.
  31. La Porta, R., Lopez-de-Silanes, F. & Shleifer, A. 1999. Corporate ownership around the Word, "Journal of Finance", 54: 471-517.
  32. Larcker, D. & Tayan, B. 2011. Corporate governance matters, Pearson Education.
  33. Lipman, F. 2007. Summary of major corporate governance principles and best practices, "International Journal of Disclosure and Governance", 4: 309-319.
  34. MacNeil, I. &Li, X. 2006. Comply or explain: market discipline and non-compliance with the Combine Code, "Corporate Governance", 14: 486-496.
  35. Maddala G. S. 1994. Limited-dependent and Qualitative Variables in Econometrics, Cambridge University Press.
  36. Mallin, Ch. A. 2004. Corporate governance, Oxford University Press.
  37. Monks, R. & Minow, N. 2004. Corporate Governance, Blackwell Business.
  38. Morck, R. & Yeung, B. 2004. Family control and the rent-seeking society, "Entrepreneurship Theory and Practice", 28: 391-409.
  39. Morck, R. 2004. How to eliminate pyramidal business groups - the double taxation of inter-corporate dividends and other incisive uses of tax policy, "Tax Policy and the Economy", 19.
  40. Nenova, T. 2003.The value of corporate voting rights and control: A cross-country analysis, "Journal of Financial Economics", 68: 325-351.
  41. OECD 2004. Principles Of Corporate Governance, http://Www.Oecd.Org/Corporate/Ca/Corporategovernanceprinciples/31557724.pdf accessed January 9th, 2016.
  42. OECD 2015. G20/OECD Principles of Corporate Governance, http://www.oecd.org/daf/ca/Corporate-Governance-Principles-ENG.pdf accessed January 9th, 2016.
  43. Onofrei, M. (2009). Corporate Financial Governance, Publishing House Wolters Kluwer as quited in: Zapodeanu, D., Kolozsi, L., Durgheu, L. (2010). Applying the principles of corporate governance in Central and Eastern European countries, the national characteristics and particularities of corporate governing in the Romanian economy, "Annales Universitatis Apulensis Series Oeconomica", 12: 350.
  44. Renders, A., Gaeremynck, A. & Sercu, P. 2010. Corporate governance ratings and company performance: A cross-European study, "Corporate Governance. An International Review", 18: 87-106.
  45. Sheridan, A. 2001. A view from the top: women on the boards of public companies, "Corporate Governance", 1: 8-14.
  46. Shleifer, A. & Vishny, R.1997. A survey of corporate governance, "Journal of Finance", 52: 737-783.
  47. Soren, C., & Turnbull, 2012. What's wrong with corporate governance best practices? in: Baker, H. & Anderson. A. eds. Corporate governance. A synthesis of theory, research and practice, John Willey and Sons, New Jersey, 79-96.
  48. Sraer, D., Thesman, D. 2007. Performance and behavior of family firms: Evidence from the French stock market, "Journal of the European Economic Association", 5: 709-751.
  49. Su, Y., Xu, D. & Phan, P. 2008. Principal-principal conflict in the governance of the Chinese public corporation, "Management and Organization Review", 4: 17-38.
  50. Tricker, B. 2012. Corporate governance. Principles, policies and practices, Oxford University Press, Oxford.
  51. Villalonga, B. & Amit, R. 2006. How do family ownership, management and control affect firm value, "Journal of Financial Economics", 80: 385-417.
  52. Werder, A., Talaulicar, T. & Kolat, G. 2005. Compliance with the German Corporate Governance Code: an empirical analysis of the compliance statements by German listed companies, "Corporate Governance", 13: 178-187.
  53. Yoshikawa, T. & Rasheed, A. 2009. Convergence of Corporate Governance: Critical Review and Future Directions, "Corporate Governance: An International Review", 17:388-404.
  54. Young, M., Peng, M., Ahlstrohm, D., Bruton, G. & Jiang, Y. 2008. Corporate governance in emerging economies: A review of the principal-principal perspective, "Journal of Management Studies", 45:196-220.
  55. Zattoni, A. & Cuomo, F. 2008. Why adopt codes of good governance? A comparison of institutional and efficiency perspective, "Corporate Governance", 16, 1, 1-15.
Cytowane przez
Pokaż
ISSN
2084-4573
Język
eng
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu