Search results for: comparative corporate governance

Authors: Eva Wagner, Lucely Vargas

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Corporate Social Responsibility (CSR) plays an important role in (large-scale) enterprises’ business strategy in developed and emerging countries. This article approaches CSR in international comparison by examining the CSR reporting of 116 leading companies in Austria, Germany, Colombia and Chile from 2006 to 2010. We have used an independently developed scoring model which analyzes reported CSR-activities using seven dimensions to efficiently assess CSR. The study reveals that there are significant differences in CSR-commitment among countries and regions: German companies, as expected, lead most of the investigated CSR dimensions revealing stronger commitment to CSR than their Austrian, Colombian and Chilean counterparts. Even if Latin American companies lag behind their European counterparts, they exhibit high CSR-performance in the social dimension: corporate giving and philanthropic activities are firmly anchored in the tradition of Latin American companies. This indicates that particular CSR-emphases reflect the political and social circumstances of each individual country.

Keywords: corporate social responsibility, corporate social performance, international comparison

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Authors: Torkan Jabbariraad

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This study explores the role of private regulation as a mode of governance that engages non-state actors in establishing and implementing rules or standards for public goods or services. It examines the various forms, functions, and effects of private regulation on the rule of law and human rights and considers the role and duties of public authorities in monitoring and supporting private regulation. It contends that private regulation should be regarded as a beneficial supplement to public regulation rather than a substitute or rival and that public authorities should find a balance between acknowledging the independence and variety of private actors and securing their accountability and legitimacy. It also recommends that applying the principles and values of good governance to private regulation can improve its quality and efficiency. The study relies on various sources and viewpoints from the literature on governance theory, public law, and human rights and suggests further research and discussion on the topic of private regulation and its consequences for society.

Keywords: private regulation, public authority, governance theory, rule of law, human rights

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Authors: Nariman O. Kandil, Ehab K. Abou-Elkheir, Amr M. Kotb

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Effective IT governance guarantees the strategic alignment of IT and business goals, risk mitigation control, and better IT and business performance. This study seeks to examine empirically the extent of IT governance implementation within the firms listed on the Egyptian stock exchange (EGX30) and its determinants. Accordingly, 18 semi-structured interviews face to face, phone, and video-conferencing interviews using various tools (e.g., WebEx, Zoom, and Microsoft Teams) were undertaken at the interviewees’ offices in Egypt between the end of November 2019 and the end of August 2020. Results suggest that there are variances in the extent of IT Governance (ITG) implementation within the firms listed on the Egyptian stock exchange (EGX30), mainly caused by the industry type and internal and external triggers. The results also suggest that the organization size, the type of auditor, the criticality of the industry, the effective processes & KPIs, and the information intensity expertise of the CIO have a significant impact on IT governance implementation within the firms.

Keywords: effective IT governance, Egyptian market, information security, risk controls

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Authors: Tareq N. Issa

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The main pressuring challenges of global competition and high returns have forced businesses to shift their strategic competitive advantage from physical distribution management to integrated logistics management, finally moving into supply chain management. Conventionally, corporate profitability is a function of cost, capital employed, revenue and customer service. This article gives an insight into the effect of supply chain management on each of the above variables. It investigates the impact of the changing levels/ effects of these variables on corporate profitability and the means of measuring supply chain financial effectiveness. Information technology tools form the basis for supply chain optimal performance through alignment of supply chain systems in this ever increasing complexity in business decisions.

Keywords: corporate profitability, sypply chain systems, business decisions, competitive advanage

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Authors: Luan Vardari, Dena Arapi-Vardari

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Financial stability is a critical component of economic growth and development, and it has been recognized as a key policy objective in many countries around the world. In the Western Balkans, financial stability has been a key issue in recent years, with a number of challenges facing the region, including high levels of public debt, weak banking systems, and economic volatility. Corporate finance, which refers to the financial management practices of firms, is an important factor that can impact financial stability. This paper aims to investigate corporate finance's impact on financial stability in Western Balkan countries. This study will use a mixed-methods approach to investigate the impact of corporate finance on financial stability in the Western Balkans. The study will begin with a comprehensive review of the existing literature on corporate finance and financial stability, focusing on the Western Balkan region. This will be followed by an empirical analysis of regional corporate finance practices using data from various industries and firms. The analysis will explore the relationship between corporate finance practices and financial stability, taking into account factors such as regulatory frameworks, economic conditions, and firm size. The results of the study are expected to provide insights into the impact of corporate finance on financial stability in the Western Balkans. Specifically, the study will identify the key corporate finance practices that contribute to financial stability in the region, as well as the challenges and obstacles that firms face in implementing effective corporate finance strategies. The study will also provide recommendations for policymakers and firms looking to enhance financial stability and resilience in the region.

Keywords: financial regulation, debt management, investment decisions, dividend policies, economic volatility, banking systems, public debt, prudent financial management, firm size, policy recommendations

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Authors: Vincent Chumbu

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This study examines the impact of decentralization on development and government in Malawi. Decentralization has been a key element in Malawi's attempts to alter its political system since the early 1990s. This study uses both qualitative and quantitative methods to look into how well devolution promotes local development, improves service delivery, and supports effective governance. The findings suggest that while devolution has resulted in particular improvements in local government or service provision, significant challenges persist. Limited financial decentralization, inadequate local competency, and governmental meddling in local decision-making processes are some of these difficulties. The paper concludes with recommendations for strengthening Malawi's decentralization initiatives to better promote good governance and sustainable development.

Keywords: governance, development, malawi, local government

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Authors: Naritphol Boonjyakiat

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This research attempts to investigate the effects of corporate social responsibility and knowledge management factors on students’ job performance of the Silpakorn University’s internship program within various organizations. The goal of this study is to fill the literature gap by gaining an understanding of corporate social responsibility and the knowledge management factors that fundamentally relate to students’ job performance within the organizations. Thus, this study will focus on the outcomes that were derived from a set of secondary data that were obtained using a Silpakorn university’s data base of 200 students and selected employer assessment and evaluation forms from the companies. The results represent the perceptions of students towards the corporate social responsibility aspects and knowledge management factors within the university and their job performance evaluation from the employers in various organizations. The findings indicate that corporate social responsibility and knowledge management have significant effects on students’ job performance. This study may assist us in gaining a better understanding of the integrated aspects of university and workplace environments to discover how to optimally allocate university’s resources and management approaches to gain benefits from corporate social responsibility and knowledge management practices toward students’ job performance within an organizational experience settings. Therefore, there is a sufficient reason to believe that the findings can contribute to research in the area of CSR, KM, and job performance as essential aspect of involved stakeholder.

Keywords: corporate social responsibility, knowledge management, job performance, internship program

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Authors: Monika Kulikowska-Pawlak, Katarzyna Bratnicka-Myśliwiec, Tomasz Ingram

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This study seeks to contribute to the literature on firm competitiveness by advancing the perspective of organizational politics that views this process as a driver which creates identifiable differences in firm performance. The hypothesized relationships were tested on the basis of data from 355 Polish medium and large-sized enterprises. Data were analyzed using correlation analysis, EFA and robustness tests. The main result of the conducted analyses proved the coexistence, previously examined in the literature, of corporate entrepreneurship and firm performance. The obtained research findings made it possible to add organizational politics to a wide range of elements determining corporate entrepreneurship, followed by competitive advantage, in addition to antecedents such as strategic leadership, corporate culture, opportunity-oriented resource-based management, etc. Also, the empirical results suggest that four dimensions of organizational politics (dominant coalition, influence exertion, making organizational changes, and information openness) are positively related to firm competitiveness. In addition, these findings seem to underline a supposition that corporate entrepreneurship is an important mediator which strengthens the competitive effects of organizational politics.

Keywords: corporate entrepreneurship, firm competitiveness, organizational politics, sensemaking

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Authors: Murat Can Pehlivanoglu

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Historically, gender equality has been mainly defended in the legal arenas of constitutional law and employment law. However, social and economic progress has required corporate law to provide gender equality on corporate boards. Recently, following the trend in Europe, the State of California (United States) enacted a law requiring that every publicly traded corporation based in California should have women on its board of directors. Still, the legal, social and economic implications of this law are yet to be discovered. The contractarian view of corporate law is predominant in the U.S. jurisprudence. However, gender quota law may not be justified through contractarian theory grounds. Therefore, the conformity of gender quota law with the general principles of U.S. corporate law remains questionable, and the immunity of close corporations from the scope of gender quota legislation provides support for the discrepancy. The methodology employed in this paper in the discussion of the rule’s conformity with corporate law is doctrinal, and American case law and legal scholarship are the basis for this discussion. This paper uses the aforementioned California law as sample legislation to evaluate the gender quota laws’ conformity with the contractarian theory of corporate law. It chooses California law as the sample due to its newness and the presence of pending shareholder lawsuits against it. Also, since California is home to global companies, the effect of such law is expected to be wider. As alternative theories laid down by corporate law may already be activated to provide gender equality on boards of publicly traded corporations, enacting a specific gender quota law would not be justified by an allegedly present statutory deficiency based on contractarian theory. However, this theoretical reality would not enable shareholders to succeed in their lawsuits against such law on corporate law grounds, and investors will have limited options against its results. This will eventually harm the integrity of the marketplace. Through the analysis of the contractarian theory of corporate law and California gender quota law, the major finding of this paper is that the contractarian theory of corporate law does not permit mandating board room equality through corporate law. In conclusion, it expresses that the issue should be dealt with through separate legislation with a different remedial structure, to preserve the traditional rationale of corporate law in U.S. law.

Keywords: board of directors, gender equality, gender quota, publicly traded corporations

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Authors: Saleh Alagla, Murya Habbash

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The paper investigates whether the board of directors plays a monitoring role or not in CEO compensation for the UK firms during the eve of the recent financial crisis, 2004-2008. The use of heteroscedastic and autocorrelated error consistent estimation of the panel data shows, surprisingly, that four board characteristics variables are found to play a significant role in increasing the level of CEO compensation. This insightful result would suggest evidence of the managerial power theory in general and the cronyism hypothesis in particular. Moreover, the interesting evidence supporting managerial power perspective is that CEO-Chair duality reduces long-term compensation while increasing short-term compensation, thus suggesting that CEOs are risk averse who prefer short-term compensation to long-term compensation. Finally, consistent with the agency perspective board size is found to increase all compensation variables as expected.

Keywords: corporate governance, CEO compensation, board of directors, internal governance mechanisms, agency theory, managerial power theory, cronyism hypothesis

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Authors: Jakub Stelina, Janina Ciechanowicz-McLean

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Fifty years of existence and development of international environmental law brought a deep disappointment with efficiency and effectiveness of traditional command and control mechanisms of environmental regulation. Agenda 21 agreed during the first Earth Summit in Rio de Janeiro 1992 was one of the first international documents, which explicitly underlined the importance of public participation in environmental protection. This participation includes also the initiatives undertaken by business corporations in the form of private environmental standards setting. Twenty years later during the Rio 20+ Earth Summit the private sector obligations undertaken during the negotiations have proven to be at least as important as the ones undertaken by the governments. The private sector has taken the leading role in environmental standard setting. Among the research methods used in the article two are crucial in the analysis. The comparative analysis of law is the instrument used in the article to analyse the practice of states and private business companies in the field of sustainable development. The article uses economic analysis of law to estimate the costs and benefits of Corporate Social Responsibility Projects in the field of environmental protection. The study is based on the four premises. First is the role of social dialogue, which is crucial for both Corporate Social Responsibility and modern environmental protection regulation. The Aarhus Convention creates a procedural environmental human right to participate in administrative procedures of law setting and environmental decisions making. The public participation in environmental impact assessment is nowadays a universal standard. Second argument is about the role of precaution as a principle of modern environmental regulation. This principle can be observed both in governmental regulatory undertakings and also private initiatives within the Corporate Social Responsibility environmental projects. Even in the jurisdictions which are relatively reluctant to use the principle of preventive action in environmental regulation, the companies often use this standard in their own private business standard setting initiatives. This is often due to the fact that soft law standards are used as the basis for private Corporate Social Responsibility regulatory initiatives. Third premise is about the role of ecological education in environmental protection. Many soft law instruments underline the importance of environmental education. Governments use environmental education only to the limited extent due to the costs of such projects and problems with effects assessment. Corporate Social Responsibility uses various means of ecological education as the basis of their actions in the field of environmental protection. Last but not least Sustainable development is a goal of both legal protection of the environment, and economic instruments of companies development. Modern environmental protection law uses to the increasing extent the Corporate Social Responsibility. This may be the consequence of the limits of hard law regulation. Corporate Social Responsibility is nowadays not only adapting to soft law regulation of environmental protection but also creates such standards by itself, showing new direction for development of international environmental law. Corporate Social Responsibility in environmental protection can be good investment in future development of the company.

Keywords: corporate social responsibility, environmental CSR, environmental justice, stakeholders dialogue

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Authors: Anne Kariuki, Kellen Kiambati

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The broad objective of this study was to establish the mediating effect of media visibility on the relationship between corporate Social Responsibility (CSR) and the corporate performance of firms listed on the Nairobi Securities Exchange. The review of the literature provided conceptual and empirical gaps that formed the basis of the conceptual hypotheses. A survey questionnaire was distributed to the 50 heads of human resource departments in the different firms. A survey was conducted on fifty (50) companies listed on the Nairobi Securities Exchange. The study findings reported a significant relationship between CSR and non-financial performance and the mediating role of media visibility on the relationship between CSR and performance. The findings of the study support the signaling theory and stakeholder’s theory. Conclusively, CSR activities have an effect on media visibility, which in turn affects performance.

Keywords: corporate social responsibility, media visibility, corporate performance, non-financial performance

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Authors: Seyedmohammad Mousavian, Hanlu Fan, Quingliang Tang

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Climate change is emerging as a severe threat to our society, so businesses are expected to take actions to mitigate carbon emissions. However, the actions to be taken depend on managers’ perceptions of climate change risks. Yet, there is scant research on this issue, and understanding of the determinants of corporate perceptions of climate change is extremely limited. The purpose of this study is to close this gap by examining the relationship between perceptions of climate risk and firm-level and country-level factors. In this study, climate change risk captures physical, regulatory, and other risks, and we use data from European companies that participated in CDP from 2010 to 2017. This study reveals those perceptions of climate change risk are significantly positively associated with the environmental, social, and governance score, firm size, and membership in a carbon-intensive sector. In addition, we find that managers in firms operating in a geographic area that is sensitive to the consequences of global warming are more likely to perceive and formally recognize carbon-related risks in their CDP reports.

Keywords: carbon actions, CDP, climate change risk, risk perception

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Authors: Salisu Adamu Abdullahi, Yusuf Abdullahi Manu

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Nigeria returned to a democratically elected government on May 29, 1999. This signaled the beginning of the journey into the Fourth Republic. The return has received popular endorsement by the electorates as the level of enthusiasm was high due to the yearnings and expectations by the electorate that democracy will bring about the much-desired change required by the general mass. As democracy would allow for popular participation through periodic elections and so on. The paper examines democracy, leadership, and challenges of good governance in Nigerias Fourth Republic. It utilizes secondary source of data and content analysis as a methodology. It argues that Nigerias practice of democracy over the years is marred by flagrant abuse of the principles of good governance by the ruling elite. This has posed threats to the survival of democracy due to non-adherence to one of the cardinal principles of democracy which is good governance. The paper recommends among others that the anti-corruption law is amended in such a way that death penalties be issued to those found wanting by the law.

Keywords: democracy, democratic consolidation, challenges, good governance

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Authors: Eko Budi Santoso, Kazia Laturette, Stanislaus Adnanto Mastan

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This study aims to examine the association between disclosure of social responsibility and tax aggressiveness in developing countries, namely Thailand. This is due to the increasing trend of disclosure of social responsibility in developing countries, even though this disclosure of information is still voluntary. On the other hand, developing countries have low taxation rate and investor protection infrastructures that allow the disclosure of social responsibility to be used opportunistically as a tool to fool the attainment of interests. This study also examines the role of assurance on the association between corporate social responsibility disclosure and tax aggressiveness. The assurance aims to provide confidence that the disclosure of social responsibility by the company is valid. This research builds an index to measure the disclosure of social responsibility based on the rules issued by the innovative Global Reporting. The results of the study are based on a sample of publicly traded companies in Thailand, which showed a positive association between disclosure of corporate social responsibility and tax aggressiveness, but it was further discovered that these results were mitigated by the existence of assurance against disclosure of corporate social responsibility. The results of this study indicate that the disclosure of corporate social responsibility can show that the company cares about the issue of social responsibility but does not automatically make the company as one that holds ethical values ​​in its business practices.

Keywords: corporate social responsibility disclosure, tax aggressiveness, sustainability assurance, business ethics

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Authors: Somayeh Bahrami, Seyed Jalal Dehghani Firoozabadi

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Environmental governance is an interdisciplinary concept in political ecology and environmental policy focusing on the necessity of embedding the environmental issues in all levels of decision-making and act of states. Similar to sustainable development the concept of environmental governance believes that economic and political life of societies and countries need to be considered as a subset of the environment. This concept has been accepted by North Countries, those that have done the most irreparable environmental damage since the Industrial Revolution. Although North Countries are more responsible for damage to the environment, considering the global fluidity logic of environmental challenges, such an impression doesn’t cause developing countries to disavow responsibility for regional and international cooperation to protect the environment. Establishing an environmental governance at all levels of local, national, regional and global is one of the most significant ways to improve sustainable development. Given to the various political and economic difficulties developing countries including the Middle East face, building environmental governance in these countries is difficult but feasible, as these difficulties have not impeded their mutual partnership for confronting joint environmental issues. However, the environmental issues wouldn’t be solved only by mutual partnership but by establishing environmental governance, establishing regional environmental institutions (an introduction to building Regional Environmental Governance) and delegation of some environmental authorities to the mentioned institutions. The research is aimed at examining necessities, opportunities, and barriers to establishing Regional Environmental Governance in the Middle East. Therefore, this research seeks to answer the question of whether establishing Regional Environmental Governance is possible in the Middle East and if so then why. This study used descriptive-analytical methods and the inferential methodology has been used to reach the goals. Data has been collected by using library and internet sources as well as news sources on the basis of objective-historical data.

Keywords: environmental democracy (ED), environmental governance (EG), middle east (ME), regional environmental governance (REG)

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Authors: Tomasz L. Nawrocki, Danuta Szwajca

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The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: corporate reputation, fuzzy logic, fuzzy model, stock market investors

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Authors: Ifedapo Francis Awolowo

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The unrelenting series of embarrassing audit failures should stimulate a paradigm shift in accounting. And in this age of information revolution, there is need for a constant improvement on the products or services one offers to the market in order to be relevant. This study explores the perceptions of external auditors, forensic accountants and accounting academics on whether a paradigm shift to forensic accounting can reduce financial statement frauds. Through Neo-empiricism/inductive analytical approach, findings reveal that a paradigm shift to forensic accounting might be the right step in the right direction in order to increase the chances of fraud prevention and detection in the financial statement. This research has implication on accounting education on the need to incorporate forensic accounting into present day accounting curriculum. Accounting professional bodies, accounting standard setters and accounting firms all have roles to play in incorporating forensic accounting education into accounting curriculum. Particularly, there is need to alter the ISA 240 to make the prevention and detection of frauds the responsibilities of bot those charged with the management and governance of companies and statutory auditors.

Keywords: financial statement fraud, forensic accounting, fraud prevention and detection, auditing, audit expectation gap, corporate governance

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Authors: M. V. Shivaani, P. K. Jain, Surendra S. Yadav

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Worldwide regulators, practitioners and researchers view risk-disclosure as one of the most important steps that will promote corporate accountability and transparency. Recognizing this growing significance of risk disclosures, the paper first develops a risk disclosure index. Covering 69 risk items/themes, this index is developed by employing thematic content analysis and encompasses three attributes of disclosure: namely, nature (qualitative or quantitative), time horizon (backward-looking or forward-looking) and tone (no impact, positive impact or negative impact). As the focus of study is on substantive rather than symbolic disclosure, content analysis has been carried out manually. The study is based on non-financial companies of Nifty500 index and covers a ten year period from April 1, 2005 to March 31, 2015, thus yielding 3,872 annual reports for analysis. The analysis reveals that (on an average) only about 14% of risk items (i.e. about 10 out 69 risk items studied) are being disclosed by Indian companies. Risk items that are frequently disclosed are mostly macroeconomic in nature and their disclosures tend to be qualitative, forward-looking and conveying both positive and negative aspects of the concerned risk. The second objective of the paper is to gauge the factors that affect the level of disclosures in annual reports. Given the panel nature of data, and possible endogeneity amongst variables, Diff-GMM regression has been applied. The results indicate that age and size of firms have a significant positive impact on disclosure quality, whereas growth rate does not have a significant impact. Further, post-recession period (2009-2015) has witnessed significant improvement in quality of disclosures. In terms of corporate governance variables, board size, board independence, CEO duality, presence of CRO and constitution of risk management committee appear to be significant factors in determining the quality of risk disclosures. It is noteworthy that the study contributes to literature by putting forth a variant to existing disclosure indices that not only captures the quantity but also the quality of disclosures (in terms of semantic attributes). Also, the study is a first of its kind attempt in a prominent emerging market i.e. India. Therefore, this study is expected to facilitate regulators in mandating and regulating risk disclosures and companies in their endeavor to reduce information asymmetry.

Keywords: risk disclosure, voluntary disclosures, corporate governance, Diff-GMM

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Authors: Sonny Nyeko, Moses Niwe

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Purpose: This research paper examined the mediation effect of organization culture in the relationship between information technology (IT) competence and IT governance effectiveness in Ugandan public universities. The purpose of the research paper is to examine the role of organizational culture in the relationship between IT competence and IT governance effectiveness. Design/methodology/approach: The paper adopted the MedGraph program, Sobel tests and Kenny and Baron Approach for testing the mediation effects. Findings: It is impeccable that IT competence and organization culture are true drivers of IT governance effectiveness in Ugandan public universities. However, organizational culture reveals partial mediation in the IT competence and IT governance effectiveness relationship. Research limitations/implications: The empirical investigation in this research depends profoundly on public universities. Future research in Ugandan private universities could be undertaken to compare results. Practical implications: To effectively achieve IT governance effectiveness, it means senior management requires IT knowledge which is a vital ingredient of IT competence. Moreover, organizations today ought to adopt cultures that are intended to have them competitive in their businesses, with IT operations not in isolation. Originality/value: Spending thousands of dollars on IT resources in advanced institutes of learning necessitates IT control. Preliminary studies in Ugandan public universities have revealed the ineffective utilization of IT resources. Besides, IT governance issues with IT competence and organization culture remain outstanding. Thus, it’s a new study testing the mediating outcome of organization culture in the association between IT competence and IT governance effectiveness in the Ugandan universities.

Keywords: organization culture, IT competence, IT governance, effectiveness, mediating effect, universities, Uganda

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Authors: Giovana Nunes Inocêncio

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The professional and technological education (EPT) plays a pivotal role in equipping students for specialized careers, and it is imperative to establish a framework for efficient data exchange among educational institutions. The primary focus of this article is to address the pressing need for document interoperability within the context of EPT. The challenges, motivations, and benefits of implementing interoperability standards for digital educational documents are thoroughly explored. These documents include EPT completion certificates, academic records, and curricula. In conjunction with the prior abstract, it is evident that the intersection of IT governance and interoperability standards holds the key to transforming the landscape of technical education in Brazil. IT governance provides the strategic framework for effective data management, aligning with educational objectives, ensuring compliance, and managing risks. By adopting interoperability standards, the technical education sector in Brazil can facilitate data exchange, enhance data security, and promote international recognition of qualifications. The utilization of the XML (Extensible Markup Language) standard further strengthens the foundation for structured data exchange, fostering efficient communication, standardization of curricula, and enhancing educational materials. The IT governance, interoperability standards, and data management critical role in driving the quality, efficiency, and security of technical education. The adoption of these standards fosters transparency, stakeholder coordination, and regulatory compliance, ultimately empowering the technical education sector to meet the dynamic demands of the 21st century.

Keywords: interoperability, education, standards, governance

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Authors: A. O. Talabi, F. M. Taib, D. J. Jalaludin

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The influence of sustainability reporting on Deposit Money Banks (DMBs)' financial performance both before and after mandated environmental, social, and governance (ESG) disclosure is examined in this article. Using a sample size of the top six strategically important listed banks in Nigeria, the study employed the paired sample t-test to assess the pre-mandatory ESG period (2009-2015) and the post-mandatory ESG period (2016-2022). According to the findings, there was no discernible difference between the performance of DMBs in Nigeria before and after the requirement for ESG disclosure. In the pre-mandatory requirement time, sustainability reporting is a major predictor of financial metrics, but in the post-mandatory requirement period, there was no discernible change in financial performance. Market authorities ought to have unrestricted authority to impose severe fines for noncompliance and bring legal action against corporations that fail to disclose ESG. This work contributes to the literature on ESG disclosure and financial performance by considering two different periods.

Keywords: financial, performance, sustainability, reporting

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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: Dimitrios Dimitriou, Maria Sartzetaki

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In the early days of the of civil aviation, airports are totally state-owned companies under the control of national authorities or regional governmental bodies. From that time the picture has totally changed and airports privatisation and airport business commercialisation are key success factors to stimulate air transport demand, generate revenues and attract investors, linked to reliable and resilience of air transport system. Nowadays, airport's corporate strategy deals with policies and actions, affecting essential the business plans, the financial targets and the economic footprint in a regional economy they serving. Therefore, exploring airport corporate strategy is essential to support the decision in business planning, management efficiency, sustainable development and investment attractiveness on one hand; and define policies towards traffic development, revenues generation, capacity expansion, cost efficiency and corporate social responsibility. This paper explores key outputs in airport corporate strategy for different ownership schemes. The airport corporations are grouped in three major schemes: (a) Public, in which the public airport operator acts as part of the government administration or as a corporised public operator; (b) Mixed scheme, in which the majority of the shares and the corporate strategy is driven by the private or the public sector; and (c) Private, in which the airport strategy is driven by the key aspects of globalisation and liberalisation of the aviation sector. By a systemic approach, the key drivers in corporate strategy for modern airport business structures are defined. Key objectives are to define the key strategic opportunities and challenges and assess the corporate goals and risks towards sustainable business development for each scheme. The analysis based on an extensive cross-sectional dataset for a sample of busy European airports providing results on corporate strategy key priorities, risks and business models. The conventional wisdom is to highlight key messages to authorities, institutes and professionals on airport corporate strategy trends and directions.

Keywords: airport corporate strategy, airport ownership, airports business models, corporate risks

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Authors: Haruna Maama

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Environmental, social and governance (ESG) reporting is gaining considerable attention despite being voluntary. Meanwhile, it consumes resources to provide ESG reporting, raising a question of its value relevance. The study examined the impact of ESG reporting on the market value of listed firms in SSA. The annual and integrated reports of 276 listed sub-Sahara Africa (SSA) firms. The integrated reporting scores of the firm were analysed using a content analysis method. A multiple regression estimation technique using a GMM approach was employed for the analysis. The results revealed that ESG has a positive relationship with firms’ market value, suggesting that investors are interested in the ESG information disclosure of firms in SSA. This suggests that extensive ESG disclosures are attempts by firms to obtain the approval of powerful social, political and environmental stakeholders, especially institutional investors. Furthermore, the market value analysis evidence is consistent with signalling theory, which postulates that firms provide integrated reports as a signal to influence the behaviour of stakeholders. This finding reflects the value placed on investors' social, environmental and governance disclosures, which affirms the views that conventional investors would care about the social, environmental and governance issues of their potential or existing investee firms. Overall, the evidence is consistent with the prediction of signalling theory. In the context of this theory, integrated reporting is seen as part of firms' overall competitive strategy to influence investors' behaviour. The findings of this study make unique contributions to knowledge and practice in corporate reporting.

Keywords: environmental accounting, ESG accounting, signalling theory, sustainability reporting, sub-saharan Africa

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Authors: Nikita Koradia

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Hyundai Motor Company, which started off as a small fish in a big sea, paved its way out successfully and established itself as an independent group from the conglomerate. Hyundai, with its officious power across the globe and particularly in South Korea in the automobile industry, has one the most complex yet fascinating governance structure. Being the second largest contributor to the Gross Domestic Product of South Korea after Samsung and having a market share of 51.3% domestically in automobile industry, Hyundai has faced its part of criticism owing to its anti-labor union approach and owing to its internalization of supply chain management. The censure has been coming from across jurisdictions like China, India, Canada, the EU, etc. The paper focuses on the growth of Hyundai and its inward and outward investment structure. The paper questions the ability of Hyundai to become a mini-state in itself by focusing on its governance structure. The paper further elaborates on its compliance and disclosure regime in the field of Corporate social responsibility and explores how far the business structure adopted by Hyundai works in its favor to become one of the leading automobile contenders in the market.

Keywords: compliance regime, disclosure regime, Hyundai motor company, supply-chain management

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Authors: Bahram Soltani, Louai Ghazieh

Abstract:

The responsibility has a big importance further to the financial crisis and the various pressures, which companies face their duties. The main objective of this study is to explain the variation of mechanisms of the responsibility of the manager in the company among the advanced capitalist economies. Then we study the impact of these mechanisms on the performance and the value creation in European companies. To reach our goal, we established a final sample composed on average of 284 French, British and German companies quoted in stock exchanges with 2272 annual reports examined during the period from 2005 to 2012. We examined at first the link of causalities between the determining-mechanisms bound to the company such as the characteristics of the board of directors, the composition of the shareholding and the ethics of the company on one side and the profitability of the company on the other side. The results show that the smooth running of the board of directors and its specialist committees are very important determinants of the responsibility of the managers who impact positively the performance and the value creation in the company. Furthermore, our results confirm that the presence of a solid ethical environment within the company will be effective to increase the probability that the managers realize ethical choices in the organizational decision-making. At the second time, we studied the impact of the determining mechanisms bound to the function and to the profile of manager to know its relational links, his remuneration, his training, his age and his experiences about the performance and the value creation in the company. Our results highlight the existence of a negative relation between the relational links of the manager, his very high remuneration and the general profitability of the company. This study is a contribution to the literature on the determining mechanisms of company director's responsibility (Accountability). It establishes an empirical and comparative analysis between three influential countries of Europe, to know France, the United Kingdom and Germany.

Keywords: leaders, company’s performance, accountability mechanisms, corporate governance, value creation of firm, financial crisis

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Authors: Kari M. Solomon

Abstract:

Companies with a culture accepting of change management and performance excellence are better suited to determine their sustainability performance and impacts. A mature corporate culture supportive of performance excellence is better positioned to integrate sustainability management tools into their standard business strategy. Companies use various sustainability management tools and reporting standards to communicate levels of sustainability performance to their stakeholders, more often focusing on shareholders and investors. A research gap remains in understanding how companies adapt business excellence models to define corporate sustainability performance. A content analysis of medium-sized enterprises using corporate sustainability reports and business excellence models reveals the challenges and opportunities of reporting sustainability performance in the context of organizational excellence. The outcomes of this content analysis contribute knowledge on the resources needed for companies to build sustainability performance management systems integral to existing management systems. The findings of this research inform academic research areas of corporate sustainability performance, the business community contributing to sustainable development initiatives, and integrating sustainable development issues into business excellence models. There are potential research links between sustainability performance management and the alignment of the United Nations Sustainable Development Goals (UN SDGs) when organizations promote a culture of performance or business excellence.

Keywords: business excellence, corporate sustainability, performance excellence, sustainability performance

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Authors: Anocha Rojanapanich

Abstract:

The objective of this research is to investigate the effects of earnings management on corporate transparency of the company in Dusit area workplace via financial reporting reliability and stakeholder acceptance as independent variable. And the company in Dusit are are taken as the population and sample. The questionnaire is used to collect data. Exploratory Factor Analysis is implemented to ensure construct validity, and correlation statistic is selected to test the relationship among all variable and the ordinary least squares regression is used to explore the hypothesized. The results show that earnings management has a significant and negative impact on financial reporting reliability, stakeholder acceptance, and corporate transparency. Both financial reporting reliability and stakeholder acceptance have an important and positive effect on corporate transparency, and they are then mediators of the earnings management-corporate transparency relationships.

Keywords: dusit area workplace, earnings management, financial report, business and marketing management

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Authors: Anand Choudhary

Abstract:

Following the global economic crisis in 2008, businesses and more especially the big multinational conglomerates were increasingly viewed by the people world over as one of the major causes of the economic problems faced by millions globally, in terms of job loss and lifetime savings being wiped out as banks and pension funds went bankrupt and people stared at an insecure financial future. This caused a lot of resentment in the public against big businesses and fueled several protest movements by the people such as “Occupy Wall Street” in different parts of the world. This forced the big businesses to respond to the challenge by adopting more people-centric policies and initiatives for local communities in societies where they operate as part of their corporate social responsibility (CSR), in order to regain their social acceptance among the people whilst earning their ‘social license to operate’. The current paper studies many of such large MNCs across the United States of America, India and South Africa, which changed the way they did business earlier, following the global economic crisis in 2008, by incorporating capacity building initiatives for local communities as part of their CSR strategy and explores whether it has contributed to improving their financial performance. It is a conceptual research paper using secondary source data. The findings reveal that there is a positive correlation between the companies’ corporate social performance and corporate financial performance. In addition, the findings also bring to light that the MNCs examined as part of the current paper have improved their image in the eyes of their stakeholders following the change in their CSR strategy and initiatives.

Keywords: corporate social responsibility (CSR), Corporate Social Performance (CSP), Corporate Financial Performance (CFP), local communities

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