Gender and corporate governance: equity represented on the board of directors

The current study aimed to reveal the impact of the characteristics of the board of directors, which were (the number of non-executive directors – the number of board members – the number of board meetings) on the financial performance in Egyptian joint-stock companies in the industrial sector by measuring (return on assets – return on equity – return on sales – earnings per share). The study adopted the descriptive analytical approach based on analyzing data obtained from (5) companies listed on the Egyptian Stock Exchange in official databases during the period from (2018-2022), and the study used a linear regression model to analyze financial data as a statistical method. This study concluded many results as follows: There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors in light of the rules of the Egyptian Guide to Corporate Governance on the financial performance of Egyptian joint-stock companies in the industrial sector. There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors on the return on assets considering the rules of the Egyptian Guide to Corporate Governance. There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors on return on equity considering the rules of the Egyptian Guide to Corporate Governance. There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors on return on sales considering the rules of the Egyptian Guide to Corporate Governance. There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors on earnings per share considering the rules of the Egyptian Guide to Corporate Governance. The study recommended several recommendations, the most important of which are issuing a more stringent application of corporate governance legislation and activating the board of directors’ supervisory responsibility over management’s performance and behavior in managing the company’s financial operations by government and regulatory agencies. Keywords: BOD Characteristics – Corporate Governance Guide – Financial Performance

The current study aimed to reveal the impact of the characteristics of the board of directors, which were (the number of non-executive directors – the number of board members – the number of board meetings) on the financial performance in Egyptian joint-stock companies in the industrial sector by measuring (return on assets – return on equity – return on sales – earnings per share). The study adopted the descriptive analytical approach based on analyzing data obtained from (5) companies listed on the Egyptian Stock Exchange in official databases during the period from (2018-2022), and the study used a linear regression model to analyze financial data as a statistical method. This study concluded many results as follows: There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors in light of the rules of the Egyptian Guide to Corporate Governance on the financial performance of Egyptian joint-stock companies in the industrial sector. There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors on the return on assets considering the rules of the Egyptian Guide to Corporate Governance. There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors on return on equity considering the rules of the Egyptian Guide to Corporate Governance. There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors on return on sales considering the rules of the Egyptian Guide to Corporate Governance. There is no statistically significant impact at the significance level (0.05) of the characteristics of the board of directors on earnings per share considering the rules of the Egyptian Guide to Corporate Governance. The study recommended several recommendations, the most important of which are issuing a more stringent application of corporate governance legislation and activating the board of directors’ supervisory responsibility over management’s performance and behavior in managing the company’s financial operations by government and regulatory agencies. Keywords: BOD Characteristics – Corporate Governance Guide – Financial Performance

Social and economic activities, like religion, entertainment, education, research, and the production of other goods and services, are carried on by different types of organizations, for example, corporations, proprietorships, partnerships, mutuals and nonprofits. There is competition among organizational forms for survival. The form of organization that survives in an activity is the one that delivers the product demanded by customers at the lowest price while covering costs. The characteristics of residual claims are important both in distinguishing organizations from one another and in explaining the survival of organizational forms in specific activities. This paper develops a set of propositions that explaim the special features of the residual claims of different organizational forms as efficient approaches to controlling agency problems. © M. C. Jensen and E. F. Fama, 1983 Michael C. Jensen, Foundations of Organizational Strategy Chapter 6, Harvard University Press, 1998. Journal of Law & Economics, Vol XXVI (June 1983) This document is available on the Social Science Research Network (SSRN) Electronic Library at: http://papers.ssrn.com/sol3/paper.taf?ABSTRACT_ID=94032 AGENCY PROBLEMS AND RESIDUAL CLAIMS

The issue of corporate governance has been increasingly popular in recent years. Corporate governance is considered to be one of the most critical factors influenc- ing firm performance and in banking sector it is particularly important as banks play a specific role in the economic system through the way it facilitates capital allocation and help minimize risk for businesses. This paper is aimed at filling the gap by presenting the issue of bank corporate governance in terms of both theoretical framework and empirical study. In the the- oretical framework, the research provides readers with the fundamental aspects of corporate governance in general and bank corporate governance in particular with two popular frameworks. The empirical study presents a selection of banks for the sample and uses econometric models to test the effect of several corporate gover- nance variables on bank performance. From the result of the reseach, it has been found out that the number of members in Board of Director and the ratio of Capital Adequacy have great influence on the performance of the Vietnamese commercial banks.

EUGENE FAMA and Michael Jensen's treatment of the "Separation of Ownership and Control" is both insightful and informative. It deepens our understanding of corporate control, and the analysis of residual claimants usefully extends the economics of internal organization to include partnerships, mutuals, nonprofits, and the like. The basic argument is this: specialized governance structures arise in response to the efficiency needs of each type of organization. This is an important argument and one with which I broadly concur. They couple this, however, with a strong suggestion that these structures have reached a high degree of refinement-on which account there is not now, if indeed there ever has been, an organization control problem with which scholars and others are legitimately concerned. On this point I have grave doubts. My discussion of the paper addresses three issues: What is the relation, if any, of the hierarchical organization of the firm to economic performance? What relation, if any, does residual claimant status have to the composition and character of the board of directors? And is there now or has there ever been a corporate control problem? I deal with each of these issues in order.

In this study we analyse two Environmental Disclosure Indices (EDI), one obtained from the mandatory reporting (annual report) and the other from the voluntary reporting (sustainability report). More specifically, we construct these indices and compare their evolution. In addition, we examine if they are affected by industry, environmental certification, firm's operating performance and corporate governance attributes, namely the number and independence of board members. The legitamicy, signalling and voluntary disclosure theories are used to underpin the theoretical relationship between company's characteristics, corporate governance and environmental disclosure. Based on portuguese listed companies from 2015 to 2017, the results show an increase of 14.6% in the EDI obtained from the annual reports and 25.8% in EDI obtained from the sustainability reporting. In addition, the industry, environmental certification, lucratively, number of members of the board of directors and the ratio of independent members tend to affect the annual report EDI. Regarding the sustainability reporting EDI, the results are identical except for industry and number of board members. While this study brings some insights to such topical issue in Accounting, there is a scarcity of studies for Portuguese firms.

VN30 Index: Corporate Governance and Performance Analysis

Contents: Acknowledgements Introduction Igor Filatotchev PART I CORPORATE GOVERNANCE LIFE-CYCLE PARADIGM: EMERGING RESEARCH AGENDA 1. Ruth V. Aguilera, Igor Filatotchev, Howard Gospel and Gregory Jackson (2008), 'An Organizational Approach to Comparative Corporate Governance: Costs, Contingencies, and Complementarities' 2. Igor Filatotchev, Steve Toms and Mike Wright (2006), 'The Firm's Strategic Dynamics and Corporate Governance Life-cycle' 3. Matthew D. Lynall, Brian R. Golden and Amy J. Hillman (2003), 'Board Composition from Adolescence to Maturity: A Multitheoretic View' 4. Julian Franks, Colin Mayer and Stefano Rossi (2009), 'Ownership: Evolution and Regulation' 5. Lucian Arye Bebchuk and Mark J. Roe (1999), 'A Theory of Path Dependence in Corporate Ownership and Governance' PART II CORPORATE GOVERNANCE IN ENTREPRENEURIAL FIRMS AND IPOs 6. Eric Gedajlovic, Michael H. Lubatkin and William S. Schulze (2004), 'Crossing the Threshold from Founder Management to Professional Management: A Governance Perspective' 7. Shaker A. Zahra, Donald O. Neubaum and Morten Huse (2000), 'Entrepreneurship in Medium-Size Companies: Exploring the Effects of Ownership and Governance Systems' 8. W.M. Gerard Sanders and Steven Boivie (2004), 'Sorting Things Out: Valuation of New Firms in Uncertain Markets' 9. Igor Filatotchev and Kate Bishop (2002), 'Board Composition, Share Ownership, and 'Underpricing' of UK IPO Firms' PART III CORPORATE GOVERNANCE IN MATURE ORGANIZATIONS 10. Helen Short, Kevin Keasey, Mike Wright and Alison Hull (1999), 'Corporate Governance: From Accountability to Enterprise' 11. Shaker A. Zahra (1996), 'Governance, Ownership, and Corporate Entrepreneurship: The Moderating Impact of Industry Technological Opportunities' 12. Michael A. Hitt, Robert E. Hoskisson, Richard A. Johnson and Douglas D. Moesel (1996), 'The Market for Corporate Control and Firm Innovation' 13. Kenneth J. Rediker and Anju Seth (1995), 'Board of Directors and Substitution Effects of Alternative Governance Mechanisms' PART IV ORGANIZATIONAL DECLINE AND BUY-OUTS 14. Donald C. Hambrick, Marta A. Geletkanycz and James W. Fredrickson (1993), 'Top Executive Commitment to the Status Quo: Some Tests of its Determinants' 15. Catherine M. Daily and Dan R. Dalton (1994), 'Bankruptcy and Corporate Governance: The Impact of Board Composition and Structure' 16. Igor Filatotchev and Steve Toms (2006), 'Corporate Governance and Financial Constraints on Strategic Turnarounds' 17. Charlie Weir, David Laing and Mike Wright (2005), 'Incentive Effects, Monitoring Mechanisms and the Market for Corporate Control: An Analysis of the Factors Affecting Public to Private Transactions in the UK' Name Index

This research paper focuses on the growing importance of corporate social responsibility (CSR) in the business world, particularly in the Gulf Cooperation Council (GCC) region. The main aim is to bridge the gap by assessing the impact of CSR and corporate governance on financial performance. Ultimately, this paper emphasizes the strategic importance of CSR for improving financial performance and promoting trustworthiness and public image. This paper applied the ordinary least squares (OLS) and panel regressions (fixed and random) to investigate the impact of CSR, board size, independent directors, company size, and leverage as independent variables on the financial performance as the dependent variable (return on assets — ROA). The data were collected from Refinitiv Eikon platform for 210 listed nonfinancial companies for the last ten years (2013–2022). The results suggested that the higher the company’s involvement in CSR, the more the number of board members and the more independent directors the higher the performance. In addition, the higher the leverage in the GCC the less is the profitability of firms. Finally, the larger the company the better is the performance. Such results imply that more board of directors should be hired and increase compliance with the CSR principles to achieve better performance.

Corporate Governance and Firm Performance in Kuwait

This paper examines the effect of internal corporate governance mechanisms on intellectual capital disclosure. Using data of 27 non-financial listed Tunisian firms, the current study provides evidence in support of the nonlinear relationship between corporate governance and Intellectual capital disclosure. The empirical results show that the structure and the way the board of directors' functions are systematically significant factors determining intangible capital disclosure. The empirical tests indicate that managers, majority shareholders as well as institutional shareholders have a significant effect on the informative transparency of intangible capital. These results seem to corroborate the view that an increase in corporate governance mechanisms has a positive effect on voluntary disclosure. Furthermore, tests of the nonlinear hypothesis show that an increase in the number of board members up to nine, and an increase in the number of majority shareholders up to 67% have a beneficial effect on intangible disclosure. However, as these variables increase beyond a turning point, the effect inverts and cuts off the improvement of voluntary disclosure of intangibles.

The purpose of this study is to investigate the relationship between companies’ corporate governance practices and the selection of independent auditors in the sample of Turkey. For this purpose, between 2018 and 2020, 475 firm-year data of companies traded in the Borsa Istanbul manufacturing sector are analyzed via the logistic regression model. In the study, whether the audit firm is Big Four (Big4) or not is used as a proxy for independent auditor choice. In addition, the relationship between the corporate governance practices of the companies and the selection of independent auditors are also examined in terms of the number of audit services provided by the audit firm to public interest organizations and the income obtained from independent audit services. The findings of the study indicate that there is a statistically significant relationship between the independent audit firm being Big Four and the variables of foreign investors and the number of board members. It has also been determined that there is a statistically significant relationship between the number of audit services provided by the audit firm to the institutions that concern the public interest and the variables of corporate investor, foreign investor and female member rate on the board of directors. Finally; the findings indicate that there is a statistically significant relationship between the income from independent audit services and the variables of foreign investors, the number of members of the board of directors and the female member rate on the board of directors. Keywords: Corporate Governance, Auditing, Auditor, Audit Firm, Auditor Selection.

This study examines the impact of ownership structure and corporate governance on capital structure of Nepalese listed companies. It shows that board composition and CEO duality have a positive relationship with the capital structure of Nepalese companies indicating that higher the board composition and CEO duality, higher would be the leverage and long term debts to total assets. Likewise, women directors and number of board members have positive relationship with capital structure variables which reveals that higher the number of women directors and number of board members, higher would be the leverage and long term debts to total assets. The result also shows that institutional shareholding and managerial shareholding have positive relationship with capital structure variables. Similarly, size, age and return on assets also have positive relationship with capital structure variables. This indicates that higher the size, age and return on assets, higher would be the leverage and long term debts to total assets. However, board size has negative relationship with capital structure variables. This reveals that higher the board size, lower would be the leverage and long term debts. The regression result reveals that beta coefficients for board composition and women directors have positive and significant impact on capital structure of Nepalese listed companies. The result also shows the positive and significant impact of board meeting and managerial shareholding on capital structure. Likewise, firm size, age of the firm and return on assets also have positive and significant impact on capital structure of Nepalese listed companies.

The Dialogue between the Chairman of the Board and Investors: The Practice in the UK, the Netherlands and Germany and the Future of the German Corporate Governance Code Under the New Chairman

Chinese Characteristics Compared: A Legal and Policy Perspective of Corporate Finance and Governance in Taiwan and China