Search results for: environmental governance (EG)

Authors: Pichamon Chansuchai

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This qualitative research paper aimed to study the best practice regulation of the Government Pension Fund of Thailand or GPF to explore the importance of good corporate governance and to identify and compare impacts towards the organizational operation and image before and after adopting the corporate good governance practice. The study employed the six principles of good corporate governance and best practice including accountability, responsibility, equitable treatment, transparency, value creation and ethics. The study pointed out that the GPF was a good example of the organization that regained public trust and receiving a positive image and credibility after implementing corporate good governance in all aspects of its organizational management.

Keywords: corporate governance, government, pension funds, organizational operation

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Authors: Yolanda Ramirez, Angel Tejada, Agustin Baidez

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There is currently a growing interest in the improvement of university governance and the disclosure of information on corporate governance processes as an essential part of the transparency and accountability of universities. This paper aims to know the importance given by Spanish university stakeholders to the disclosure of information about structure and mechanism of corporate governance. So as to meet this objective we propose a model for disclosing information on the main aspects of university governance in Spanish universities. This model will be validated using a questionnaire sent to members of the Social Councils of public universities in Spain. Our results show that Spanish university stakeholders attach great importance to the disclosure of specific information on aspects of corporate governance, which would result in improved transparency and accountability. According to the results of this study it may be concluded that the university stakeholders feel that it is relevant to publish information on corporate governance in the university accounting information model.

Keywords: corporate governance, transparency, accountability, universities, Spain

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Authors: Chouabbia Khedidja, Lazri Youcef, Mouhoubi Nedjima

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In optics and in ambition to break into the ranks of international metropolis cities, Constantine, a regional metropolis of eastern Algeria, is facing multiple challenges shared between the response to the urban crisis plaguing the city and the creation of territorial attractiveness in the metropolisation process. This ambition cannot be achieve in conditions of poor governance and lack of cooperation especially between the actors involved in major development projects, these last qualified by change and hope carriers to make the city more attractive and pleasant. Thus, governance or good governance has become not only a necessity but also a challenge for the city of Constantine. Through this example of Constantine. We will analyze the challenges facing a metropolis amongst other urban governance and the constraints that affect the smooth running of major development projects when governance is missing or inoperative.

Keywords: urban governance, metropolis, big development project, actors, constantine

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Authors: Tomotaka Yanagida

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The Corporate Governance Code, revised in 2015, requires firms listed within the first and second sections of Japan’s Tokyo stock exchange to select two or more independent outside directors (the Corporate Governance Code4-8). Therefore, Japanese listed firms must do this or explain the reason why they are not able to do so. This study investigates how the Corporate Governance Code affects Japanese listed firms. We find that the Corporate Governance Code increases the ratio of outside directors by nearly 8.8% for a sample of Japanese firms comprising nearly 4,200 firm-year observations from 2014 to 2015 using a difference-in-differences approach. This implies that they felt it would have been difficult to explain why it was not appropriate to have an outside director at the annual shareholders' meeting. Moreover, this suggests that they appoint outside directors as defined by the Corporate Governance Code, but maintain board size. This situation shows that compliance in Japan may simply be 'window dressing,' that is, more form than substance.

Keywords: board structure, comply or explain, corporate governance code, soft law

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Authors: Obazee Osariere

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Corporate governance has been an emerging subject of worldwide interest in the 21st century following the failure of going concerns that were hitherto thought to be financially stable before their collapse. Nigeria has had its fair share of corporate collapse, which has made it embrace and develop its corporate governance regime. This paper seeks to undertake an overview of corporate governance and accountability: Nigeria's perspective. This paper examines the various ways the concept has been viewed, its various dimensions, and its basic principles as a major instrument of ensuring corporate governance and accountability and confidence in the operations of organisations. The paper, which adopts a qualitative research method, however, provides an essential theoretical framework within which better practice of corporate governance and accountability can be evolved for appreciable corporate results in the Nigerian business environment. Thus, a historical perspective is adopted to understudy the evolution of corporate governance and accountability from its little beginning to the present time. The adoption of these strategies, it is argued, will engender participation by various principles, engender mutual understanding, build social support and ensure accountability and openness. Such strategies would also help in attitude and behavioural change required to instill in the operators of corporate organisations the best practice enshrined in corporate governance and accountability.

Keywords: corporate governance, accountability, organisations, Nigeria, perspective

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Authors: Sylwia Frydrych, Jörg Prokop, Michał Buszko

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This study investigates the complex relationship between corporate ESG (Environmental, Social, Governance) performance and stock price risk within the European market context. By analyzing a dataset of 435 companies across 19 European countries, the research assesses the impact of both combined ESG performance and its individual components on various risk measures, including volatility, idiosyncratic risk, systematic risk, and downside risk. The findings reveal that while overall ESG scores do not significantly influence stock price risk, disaggregating the ESG components uncovers significant relationships. Governance practices are shown to consistently reduce market risk, positioning them as critical in risk management. However, environmental engagement tends to increase risk, particularly in times of regulatory shifts like those introduced in the EU post-2018. This research provides valuable insights for investors and corporate managers on the nuanced roles of ESG factors in financial risk, emphasizing the need for careful consideration of each ESG pillar in decision-making processes.

Keywords: ESG performance, ESG factors, ESG pillars, ESG scores

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Authors: Bita Mashayekhi, Farzaneh Jalali, Alemeh Yazdanian

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This study contributes to identifying the corporate governance indices in previous researches by using content analysis on relevant papers published in 20 top accounting journals according to Google Scholar ranking, dated from 1990 to 2016. For this purpose, 65 papers are scrutinized deeply, and the concepts of corporate governance are coded and categorized. Then extracted indices are clustered into 10 and 51 categories and subcategories, respectively; and their frequencies are determined. Results show that the board of directors’ characteristics is employed more frequently in reviewed papers, and the board of directors’ independency is the most frequent index within the 97 percent of our sample. Duality, board size, and ownership structure have more frequencies in comparison with other extracted corporate governance indices.

Keywords: corporate governance, content analysis, corporate governance index, top accounting journals

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Authors: Ummu Salma Al Azizah, Herri Mulyono, Anisa Mauliata Suryana

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The significance of corporate governance regarding to the agency problem have been transparent. This study examine the impact of corporate governance on the performance of Islamic banking in Indonesia. By using fixed effect model and added some control variable, the current study try to explore the correlation between the theoretical framework on corporate governance, such as agency theory and risk management theory. The bank performance (Return on Asset and Return on Equity) which are operational performance and financial performance. And Corporate governance based on Board size, CEO duality, Audit committee and Shariah supervisory board. The limitation of this study only focus on the Islamic banks performance from year 2015 to 2020. The study fill the gap in the literature by addressing the issue of corporate governance on Islamic banks performance in Indonesia.

Keywords: corporate governance, financial performance, islamic banks, listed companies, Indonesia

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Authors: G. C. Surya Bahadur, Ranjana Kothari

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The paper attempts to analyze linkages between corporate governance and firm performance in India. The study employs a panel data of 50 Nifty companies from 2008 to 2012. Using LSDV panel data model and 2SLS model the study reveals that that good corporate governance practices adopted by companies is positively related with financial performance. Board independence, number of board committees and executive compensation are found to have positive relationship while ownership by promoters and financial leverage have negative relationship with performance. There is existence of bi-directional relationship between corporate governance and financial performance. Companies with sound financial performance are more likely to conform to corporate governance norms and standards and implement sound corporate governance system. The findings indicate that companies can enhance business performance and sustainability by embracing sound corporate governance practices.

Keywords: board structure, corporate governance, executive compensation, ownership structure

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Authors: Mohammed Nishat, Ahmad Ghazali

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This study empirically inspects the corporate governance and firm performance, and attempts to analyze the corporate governance and control related variables which are hypothesized to have effect on firm’s performance. Current study attempts to assess the mechanism and efficiency of corporate governance to achieve high level performance for the listed firms on the Karachi Stock Exchange (KSE) for the period 2005 to 2008. To evaluate the firm performance level this study investigate the firm performance using three measures; Return on assets (ROA), Return on Equity (ROE) and Tobin’s Q. To check the link between firm performances with the corporate governance three categories of corporate governance variables are tested which includes governance, ownership and control related variables. Fixed effect regression model is used to examine the relation among governance and corporate performance for 267 KSE listed Pakistani firms. The result shows that governance related variables like block shareholding by individuals have positive impact on firm performance. When chief executive officer is also the board chairperson then it is observed that performance of firm is adversely affected. Also negative relationship is found between share held by insiders and performance of firm. Leverage has negative influence on the firm performance and size of firm is positively related with performance of the firm.

Keywords: corporate governance, agency cost, KSE, ROA, Tobin’s Q

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Authors: Aminah Abdullah, Iqbal Khadaroo

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This paper investigates to what ends, how and by whom museums and art galleries in the UK are governed, and to whom they provide accounts to justify their behavior and activities. A theoretical framework is developed by drawing from the governance and accountability literature and is fleshed out by using empirical data from secondary sources. The findings show that the governance model used, informed by the new public management (NPM) philosophy, and has created tensions between the managerial and social forms of accountability. Museums and art galleries have adopted a managerial culture of getting done what gets measured.

Keywords: governance, accountability, UK museums and art galleries, public sector

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Authors: Inalegwu Stephany Akipu

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Before the advent of Colonialists on the shores of Nigeria between the 16th and 17th Centuries, there existed the traditional systems of governance which was successful with Women as active participants. However, the current state of politics in Nigeria reveals an obvious absence of women in the Country’s governance. Being that the economy rests on the quality of leaders and their constructive contribution to the plight of the masses, it becomes pertinent to exhaust all the avenues that may be open to good governance-women inclusive. It is against this backdrop that this paper attempts to compare the machinery that were in place in pre-colonial Nigerian governance that aided the womenfolk to successfully reign or assist in leadership with the seeming lack of interest by women in present times. Factors that militate against the women will also be highlighted. Furthermore, suggestions are made on how to revive these successful traditional systems of governance. The paper concludes by emphasising the role of women as the needed catalysts for this aforementioned rehabilitation of traditional systems and the impact of media in achieving this feat.

Keywords: catalysts, governance, media, rehabilitation

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Authors: Jagna Mucha, Anna Kańciak

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The concept of good governance constitutes a wide perspective for academic discussion, because it provides a substantial theoretical background for settling many practical problems faced contemporarily by the EU. The basic assumptions of good governance have basically remained unchanged since the 90’s, when the concept was introduced by the World Bank, although the scholarly discussions reveal new facets of the said concept, when related to specific domains. The paper discusses the application of the specific elements of the concept of good governance in the field of the international investment law. Specifically, it seeks to demonstrate that the concept of good governance regulates the issue of international investments in that, among others, it requires the application of the alternative dispute resolution in order to make the investment law enforceable in the best possible way.

Keywords: dispute resolution, european union, investments, good governance

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Authors: Yawen Xia, Rubi Yang, Jing Zhao

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We examine the environmental, social, and governance (ESG) decision-making of companies during turbulent times like COVID-19. We find that firms’ ESG reputation risk comove with their industry and local peers, suggesting that managers may follow their industry and local counterparts in engaging in irresponsible activities. Moreover, the comovement in reputation risk is attenuated during the COVID-19 pandemic. Further analyses suggest that the reduction in comovement varies by state-level partisanship and death rate during the pandemic. Comovement in reputation risk declines more significantly in the Democratic states with stringent social distancing policies and in states with higher infection severity. Our findings suggest that social distancing provisions during COVID-19 may lead to a reduction in social activities and information sharing among enterprise managers.

Keywords: ESG, Covid, peer pressure, local comovement, orporate governance

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Authors: E. Prema Shyam

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The role of international organizations has contributed in various ways for the good governance in the world at large. Since the beginning of the 1990s international organizations, particularly those active in the areas of human rights, trade and economic etc., have embraced a 'good governance'. It is also pertinent to mention that the application of the concept of good governance to international organizations themselves and not exclusively to national or regional polities is a more recent phenomenon. Especially since the second half of the 1990s, a number of international organizations have carried out major governance reforms, assuming that their calls for governments to heed higher standards of good governance will be all the more credible provided that they develop a good governance standard for themselves. In addition to this number of organizations such as the United Nations (UN), Organisation for Economic Co-operation and Development (OECD), European Union (EU), International Committee of the Red Cross and World Trade Organization (WTO). OECD has been specifically mobilized to fight corruption. The World Bank was the first international organization to address the issue of good governance when it attributed the African development crisis to a crisis of governance in a 1989 report. International organizations are often denounced for their lack of transparency and democracy. However, in the last few years, a number of them have pushed through impressive reforms aimed at enhancing good governance standards within their own organizations, especially in the light of their long-standing secrecy. This is a remnant of the traditional conception of international organizations, which renders them merely answerable to their Members. International organizations have already gone quite some way in the areas of good management and opening up to the public. However, as far as participatory governance is concerned, lot to be done for the larger interest of society. In this paper, an attempt has been made to focus the issues on international organisations with regard to good governance.

Keywords: good governance, World Trade Organisation, international organisation, governance reforms

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Authors: Mohammed Nishat, Ahmad Ghazali

Abstract:

This study empirically examines the corporate governance and firm performance, and tries to evaluate the governance, ownership and control related variables which are hypothesized to affect on firms performance. This study tries to evaluate the effectiveness of corporate governance mechanism to achieve high level performance among companies listed on the Karachi Stock Exchange (KSE) over the period from 2005 to 2008. To measure the firm performance level this research uses three measures of performance; Return on assets (ROA), Return on Equity (ROE) and Tobin’s Q. To link the performance of firms with the corporate governance three categories of corporate governance variables are tested which includes governance, ownership and control related variables. Fixed effect regression model is used to test the link between corporate governance and firm performance for 267 KSE listed Pakistani firms. The result shows that corporate governance variables such as percentage block holding by individuals have positive impact on firm performance. When CEO is also the chairperson of board then it is found that firm performance is adversely affected. Also negative relationship is found between share held by insiders and performance of firm. Leverage has negative impact on the performance of the firm and firm size is positively related with the firms performance.

Keywords: corporate governance, performance, agency cost, Karachi stock market

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Authors: Robert Grzeszczak

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The article deals with one of the most significant issues concerning the functioning of the public sector in the European Union. The objectives of good governance were formulated by the EU itself and also the Scholars in reaction to the discussion that started a decade ago and concerned the role of the government in 21st century, the future of integration processes and globalization challenges in Europe. Currently, the concept of good governance is mainly associated with the improvement of management of public policies in the European Union, concerning both domestic and EU policies. However, it goes beyond the issues of state capacity and effectiveness of management. Good governance relates also to societal participation in the public administration and verification of decisions made in public authorities’ (including public administration). Indirectly, the concept and practice of good governance are connected to societal legitimisation of public bodies in the European Union.

Keywords: good governance, government, European law, European Union

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Authors: Ronaldo Seroa Da Motta, Gabriela Santiago

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The main contribution of this study is the identification of the factors influencing the environmental licensing process of infrastructure projects in Brazil. These factors will be those that reflect the technical characteristics of the project, the corporate governance of the entrepreneur, and the institutional and regulatory governance of the environmental agency, including the number of interventions by non-licensing agencies. The model conditions these variables to the licensing processing time of 34 infrastructure projects. Our results indicated that the conditions would be more sensitive to the type of enterprise, complexity as in gas pipelines and hydroelectric plants in the most vulnerable biome with a greater value of the enterprise or the entrepreneur's assets, together with the number of employees of the licensing agency. The number of external interventions by other non-licensing institutions does not affect the licensing time. Such results challenge the current criticism that environmental licensing has been often pointed out as a barrier to speed up investments in infrastructure projects in Brazil due to the participation of civil society and other non-licensing institutions.

Keywords: environmental licensing, condionants, Brazil, timing process

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Authors: Simisola I. Akintoye, Sunday K. Iyaniwura

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Recent global corporate failures have called for increase in the need to regulate corporate governance across the world. In Nigeria, the impact of corporate governance regulation in the banking sector has reached epidemic levels contributing to the country’s economic depression. This study critically evaluates Nigeria’s corporate governance regime and explores how weak regulation has impacted on the banking sector. By adopting a socio legal methodology, the study analyses both theoretical and empirical works from a socio-scientific point of view to examine the role of Nigeria’s legal, cultural and social arrangements in corporate governance regulation. The study reveals that Nigeria’s institutional arrangement has contributed to its weak system of corporate governance regulation with adverse effects on the banking sector. The research mainly impacts on current global corporate governance literature in sub-Saharan Africa by contributing to knowledge of the peculiarities of corporate governance regulation in different institutional jurisdictions. The particular focus on emerging economies such as Nigeria expands on the need for countries to develop a bespoke system of corporate governance regulation that takes into consideration the peculiarities of individual countries devoid of external influence.

Keywords: banks, corporate governance, emerging economies, Nigeria

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Authors: Lien T. H. Tran, David A. Holloway

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Corporate governance practices have changed significantly across the world in the past three decades. Spectacular corporate failures during this period have acted as a catalyst for the development of codes and guidelines that have resulted in the global acceptance of a ‘best practice’ model. This study assesses the relevance of such a ‘one size fits all model’ for the developing nation state of Vietnam. The findings of this analytical paper is that there are three key elements (government, international institutions and the nature of business) that are pertinent and central to corporate governance developments in the country. We also find that the quality of corporate governance in Vietnam is at a medium level when compared to international practices. Vietnam still has a long way to go to construct and embed effective corporate governance policies and practices and promote ethical business behaviours and sound decision making at board level.

Keywords: corporate governance, government, international institutions, public companies, Vietnam

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Authors: Frederick M. Dumisani Xaba, Nokuthula G. Khanyile

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There is a growing demand for greater accountability, transparency and ethical conduct based on sound governance principles in the developing world. Funders, donors and sponsors are increasingly demanding more transparency, better value for money and adherence to good governance standards. The drive towards improved governance measures is largely influenced by the need to ‘plug the leaks’, deal with malfeasance, engender greater levels of accountability and good governance and to ultimately attract further funding or investment. This is the case with the Non-Profit Organizations (NPOs) in South Africa in general, and in the province of KwaZulu-Natal in particular. The paper draws from the good governance theory, stakeholder theory and systems thinking to critically examine the requirements for good governance for the NPO sector from a theoretical and legislative point and to systematically looks at the contours of governance currently among the NPOs. The paper did this through the rigorous examination of the vignettes of cases of governance among selected NPOs based in KwaZulu-Natal. The study used qualitative and quantitative research methodologies through document analysis, literature review, semi-structured interviews, focus groups and statistical analysis from the various primary and secondary sources. It found some good cases of good governance but also found frightening levels of poor governance. There was an exponential growth of NPOs registered during the period under review, equally so there was an increase in cases of non-compliance to good governance practices. NPOs operate in an increasingly complex environment. There is contestation for influence and access to resources. Stakeholder management is poorly conceptualized and executed. Recognizing that the NPO sector operates in an environment characterized by complexity, constant changes, unpredictability, contestation, diversity and divergent views of different stakeholders, there is a need to apply legislative and systems thinking approaches to strengthen governance to withstand this turbulence through a capacity development model that recognizes these contextual and environmental challenges.

Keywords: good governance, non-profit organizations, stakeholder theory, systems theory

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Authors: Aribisala Oluwadamilare Olufolarin

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The objective of this research was to examine how corporate governance and ethical business values impact both the performance of the organization and its employees, as it is essential for any organization to uphold good ethics and corporate governance. The study was conducted at Unilag Holdings Limited (UniHOLDs) to demonstrate that organizations may experience losses if they do not have proper corporate governance and business ethical values in place. The employees' perception of corporate governance and ethics is crucial for the organization. The research indicated a connection between corporate governance and business ethics values, and therefore, correlation analysis was utilized, making it statistically reliable. The results of the test show a strong positive correlation (r=.812, N=94, P<.01) between corporate governance and business ethical values. A questionnaire was distributed to employees at Unilag Holdings Limited (UniHOLDs), with 94 out of 130 completed and returned. The findings indicate that ethical values contribute to employee productivity, and productive employees have a beneficial impact on the organization's performance. Additionally, the study revealed that employees tend to adhere to rules regardless of their ethical nature. To address this, the organization should ensure that top-level managers do not assign unethical tasks to their subordinates. The study recommends that the organization should consistently practice corporate governance and business ethics. The company needs to make sure that its stakeholders continue to support its way of doing things.

Keywords: business ethics, business ethical values, corporate governance and organization, corporate governance

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Authors: Faribaebrahimi, Mehdi Ghorbani, Mohsen Mohsenisaravi

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Ecosystem management is complex because of natural and human issues. To cope with this complexity water governance is recommended since it involves all stakeholders including people, governmental and non-governmental organization who related to environmental systems. Water governance emphasizes on water co-management through consideration of all the stakeholders in the form of social and organizational network. In this research, to illustrate indicators of water governance in Dorood watershed, in Shemiranat region of Iran, social network analysis had been applied. The results revealed that social cohesion among pastoralists in Dorood is medium because of trust links, while link sustainability is weak to medium. According to the results, some pastoralists have high social power and therefore are key actors in the utilization network, regarding to centrality index and trust links. The results also demonstrated that Agricultural Development Office and (Shemshak-Darbandsar Islamic) Council are key actors in rangeland co-management, based on centrality index in rangeland institutional network at regional scale in Shemiranat district.

Keywords: social network analysis, water governance, organizational network, water co-management

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Authors: H. S. Kumara

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The rapid process of urbanization and the growing number of the metropolitan cities and its region call for better governance in India. This article attempts to argue that spatial planning really matters for measuring the governance at metropolitan scale. These study explore to metropolitan governance and spatial planning and its interrelationship issues, concepts and evolution of spatial planning in India and critically examines the multi actors’ scenario for measuring metropolitan governance by means of spatial planning in context with reviewing various master plans, concept of multi-actors viewpoint on role of spatial planning related to zoning regulations, master plan implementations and effective service delivery issues. This paper argues and concludes that the spatial planning of Bangalore directly impact on measuring metropolitan governance.

Keywords: metropolitan governance, spatial planning, service delivery, multi-actors’, opinion survey, master plan

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Authors: Fiona Lord

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This paper presents research on strengthening urban governance and planning practices for sustainable and regenerative city transformations looking at urban governance in Cambodia as a case study. Transformations to urban sustainability and regeneration require systemic and long-term transformation processes, across multiple levels of society and inclusive of multiple urban actors. This paper presents the emerging findings of a qualitative case study comparing the urban governance and planning practices in two of Cambodia's secondary cities - Battambang and Sihanoukville. The lessons learned have broader implications for how governance and planning can be strengthened to initiate and sustain urban sustainability transformations in other developing country cities of Cambodia and the Southeast Asia region.

Keywords: Cambodia, planning practices, urban governance, urban sustainability transformations

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Authors: Vishwa Nath Maurya, Rama Shanker Sharma, Saad Talib Hasson Aljebori, Avadhesh Kumar Maurya, Diwinder Kaur Arora

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Present paper deals with problems of determining the relationship between the variables of corporate governance and financial performance of Islamic banks. Here, we dealt with the corporate governance in the banking sector, where increasing the importance of corporate governance, due to their special nature, as the bankruptcy of banks affects not only the relevant parties from customers, depositors and lenders, but also affect financial stability and then the economy as a whole. Through this paper we dealt to the specificity of governance in Islamic banks, which face double governance: Anglo-Saxon governance system and Islamic governance system. In addition, we focused our attention to measure the impact of corporate governance variables on financial performance through an empirical study on a sample of Islamic banks during the period 2005-2012 in the GCC region. Our present study implies that there is a very strong relationship between the variables of governance and financial performance of Islamic banks, where there is a positive relationship between return on assets and the composition of the Board of Directors, the size of the Board of Directors, the number of committees in the Council, as well as the number of members of the Sharia Supervisory Board, while it is clear that there is a negative relationship between return on assets and concentration ownership.

Keywords: correlation analysis, parametric estimation, corporate governance, financial performance, financial stability, conventional banks, bankruptcy, Islamic governance system

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Authors: Agustin Baidez, Yolanda Ramirez

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There is currently a growing interest in the improvement of university governance and the disclosure of information on governance processes as an essential part of the transparency and accountability of universities. This paper aims to examine the extent and quality of voluntary corporate governance disclosure by public Spanish universities on their websites in relation to information need of stakeholders. The results of this study show that Spanish university stakeholders attach great importance to the disclosure of specific information on aspects of corporate governance. However, the quality of disclosed information on university governance in public Spanish universities websites is in the middle level. In order to satisfy the information needs of university stakeholders, Spanish universities can be recommended to focus on reporting higher quality information on university autonomy in financing, autonomy in management, autonomy regarding student selection and assessment, degree of consanguinity of executive directors, report on assigned public funding based on results, and management reports.

Keywords: university, governance, transparency, stakeholders

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Authors: Chiung-Ju Huang

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This study utilizes a frequency domain approach over the period of 1996 to 2013 to examine the causal relationship between governance and economic growth in ten Asian countries, which have different levels of democracy; classified as “Free”, “Partly Free”, and “Not Free” countries. The empirical results show that there is no Granger causality running from governance to economic growth in “Not Free” countries and “Partly Free” countries with the exception of Singapore. As for “Free” countries such as South Korea and Taiwan, there is a one-way causality running from governance to economic growth. The findings of this study indicate that policy makers in South Korea, Taiwan, and Singapore could use governance index to improve their predictions of the future economic growth.

Keywords: economic growth, frequency domain, governance, granger causality

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Authors: Christoph Koester

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Supplier selection is one of the key issues in supply chain management with a growing emphasis on sustainability driven by increasing stakeholder expectations and proactivity. In addition, new regulations, such as the German Supply Chain Act, fostered the inclusion of sustainable incl. governance selection criteria in the selection process. In order to provide a systematic approach to select the most suitable sustainable suppliers, this study quantifies the importance and prioritizes the relevant selection criteria across 17 German industries using the Fuzzy Analytical Hierarchy Process. Results show that economic criteria are still the most important in the selection decision averaging a global weight of 51%. However, environmental, social, and governance (ESG) criteria are combined, on average, almost equally important, with global weights of 22%, 16%, and 11%, respectively. While the type of industry influences criteria weights, other factors, such as type of purchasing or demographic factors, appear to have little impact.

Keywords: ESG, fuzzy analytical hierarchy process, sustainable supplier selection, sustainability

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Authors: Raif Parlakkaya, Ahmet Diken, Erkan Kara

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This paper examines the relationship between corporate governance rating and stock prices of 26 Turkish firms listed in Turkish stock exchange (Borsa Istanbul) by using panel data analysis over five-year period. The paper also investigates the stock performance of firms with governance rating with regards to the market portfolio (i.e. BIST 100 Index) both prior and after governance scoring began. The empirical results show that there is no relation between corporate governance rating and stock prices when using panel data for annual variation in both rating score and stock prices. Further analysis indicates surprising results that while the selected firms outperform the market significantly prior to rating, the same performance does not continue afterwards.

Keywords: corporate governance, stock price, performance, panel data analysis

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