This short-paper aims to look through the Satyam Scam from the taint of corporate governance principles based on facts that prima facie appear undisputed. The paper analyses the governance principles that were violated and attempts to deduce whether such violations were sine qua non the disaster that ensued. Thus, the short-paper's core issue is whether adherence to the governance principles could have saved Satyam. The paper is focussed on the principles pertaining to independence at the board level.
{"title":"The Satyam Scam: A Corporate Governance Perspective","authors":"N. Grover","doi":"10.2139/SSRN.2470971","DOIUrl":"https://doi.org/10.2139/SSRN.2470971","url":null,"abstract":"This short-paper aims to look through the Satyam Scam from the taint of corporate governance principles based on facts that prima facie appear undisputed. The paper analyses the governance principles that were violated and attempts to deduce whether such violations were sine qua non the disaster that ensued. Thus, the short-paper's core issue is whether adherence to the governance principles could have saved Satyam. The paper is focussed on the principles pertaining to independence at the board level.","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115366215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigated firstly whether the family business succession process differs from non-family business succession, secondly the nature of knowledge transfer and specifically about the nature of tacit and explicit knowledge transfer between the founder and successors and thirdly the impact of the degree and nature of trust between the founder and successor is considered along with the issue of whether the level of perceived trust differs depending on the length of the relationship between the firm founder and successor. Finally the impact of the successor’s gender on the tacit knowledge transfer process is noted. The contribution of this research to the founders of family business, their successors and their advisors are highlighted, the study’s limitations and directions for future research are noted.
{"title":"Insights from Canadian Case Studies on Succession and Knowledge Transfer in Family Firms","authors":"Michael Henry, R. Erwee, Eric Kong","doi":"10.2139/ssrn.2327884","DOIUrl":"https://doi.org/10.2139/ssrn.2327884","url":null,"abstract":"This study investigated firstly whether the family business succession process differs from non-family business succession, secondly the nature of knowledge transfer and specifically about the nature of tacit and explicit knowledge transfer between the founder and successors and thirdly the impact of the degree and nature of trust between the founder and successor is considered along with the issue of whether the level of perceived trust differs depending on the length of the relationship between the firm founder and successor. Finally the impact of the successor’s gender on the tacit knowledge transfer process is noted. The contribution of this research to the founders of family business, their successors and their advisors are highlighted, the study’s limitations and directions for future research are noted.","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130650236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents the experience of the Work Integration Social Enterprise (WISE) named Manipulados y Servicios Picarral SL. (MAPISER). This social enterprise is focused on employment and social integration for people with physical, sensory, intellectual, and mental illnesses. MAPISER has been seeking employment niches in several areas (industrial handling, cleaning graffiti and painting facades, wooden packing, logistics and distribution, information and data services, etc.), becoming a social holding company whose enterprises complement each other in maintaining a balance between social objectives and the need to be economically viable.MAPISER demonstrates the benefits of maintaining a willingness to pursue business opportunities in the real market. These market opportunities suppose employment niches for the target population of the WISEs if these organizations are able to adapt the opportunities for satisfying the needs of these groups. Furthermore, collaboration and business cooperation are keys for creating and strengthening the networks serving these groups and gaining long-term viability.
{"title":"MAPISER, the Development of a Social Holding Company Seeking (and Finding) Social Business Opportunities","authors":"Millán Díaz-Foncea, Carmen Marcuello","doi":"10.2139/ssrn.2309306","DOIUrl":"https://doi.org/10.2139/ssrn.2309306","url":null,"abstract":"This paper presents the experience of the Work Integration Social Enterprise (WISE) named Manipulados y Servicios Picarral SL. (MAPISER). This social enterprise is focused on employment and social integration for people with physical, sensory, intellectual, and mental illnesses. MAPISER has been seeking employment niches in several areas (industrial handling, cleaning graffiti and painting facades, wooden packing, logistics and distribution, information and data services, etc.), becoming a social holding company whose enterprises complement each other in maintaining a balance between social objectives and the need to be economically viable.MAPISER demonstrates the benefits of maintaining a willingness to pursue business opportunities in the real market. These market opportunities suppose employment niches for the target population of the WISEs if these organizations are able to adapt the opportunities for satisfying the needs of these groups. Furthermore, collaboration and business cooperation are keys for creating and strengthening the networks serving these groups and gaining long-term viability.","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127652249","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
After taking into account biases induced by infrequent trading and selection, it is unlikely that illiquid asset classes have higher risk-adjusted returns than traditional liquid stock and bond markets. On the other hand, there are significant illiquidity premiums within asset classes. Portfolio choice models incorporating illiquidity risk recommend only modest holdings of illiquid assets. Investors should demand high risk premiums for investing in illiquid assets.
{"title":"Illiquid Asset Investing","authors":"Andrew Ang","doi":"10.2139/SSRN.2200161","DOIUrl":"https://doi.org/10.2139/SSRN.2200161","url":null,"abstract":"After taking into account biases induced by infrequent trading and selection, it is unlikely that illiquid asset classes have higher risk-adjusted returns than traditional liquid stock and bond markets. On the other hand, there are significant illiquidity premiums within asset classes. Portfolio choice models incorporating illiquidity risk recommend only modest holdings of illiquid assets. Investors should demand high risk premiums for investing in illiquid assets.","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129972082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Trust and control can have enforcing as well as deteriorating effects on managing relational and performance risk. This case study explores their interaction during alliance negotiations in the financial services industry in a Scandinavian setting. In particular, we investigate the interaction of trust in goodwill and competence, as well as the controls of output, behavior, and social nature.
{"title":"The interaction of trust and control","authors":"R. Lueg, L. Pedersen","doi":"10.2139/ssrn.2463844","DOIUrl":"https://doi.org/10.2139/ssrn.2463844","url":null,"abstract":"Trust and control can have enforcing as well as deteriorating effects on managing relational and performance risk. This case study explores their interaction during alliance negotiations in the financial services industry in a Scandinavian setting. In particular, we investigate the interaction of trust in goodwill and competence, as well as the controls of output, behavior, and social nature.","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131115863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Italian State-Owned Companies often present a public-style accountability, nonetheless, in most cases, they just have to comply with private sector reporting requirements. This significantly impairs the effectiveness of their reporting system and limits the control ability of the relevant public authorities. The study, also observing the reporting requirements of Australian and New Zealand SOE’s, beseechs a radical change in Italian SOE reporting model and highlights a first set of minor possible amendments to the current reporting model
{"title":"La contabilità economica delle società partecipate dalle amministrazioni pubbliche italiane: il contrasto tra accountability pubblica e rendicontazione privata (State-Owned Enterprises: Public Accountability and Private Reporting) - in Italian","authors":"F. Capalbo","doi":"10.2139/SSRN.2079783","DOIUrl":"https://doi.org/10.2139/SSRN.2079783","url":null,"abstract":"Italian State-Owned Companies often present a public-style accountability, nonetheless, in most cases, they just have to comply with private sector reporting requirements. This significantly impairs the effectiveness of their reporting system and limits the control ability of the relevant public authorities. The study, also observing the reporting requirements of Australian and New Zealand SOE’s, beseechs a radical change in Italian SOE reporting model and highlights a first set of minor possible amendments to the current reporting model","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2012-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134029184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The World Bank has published a series of reports on corporate governance as part of its project on the Reports on the Observance of Standards and Codes (ROSC). The corporate governance principles in its ROSC Reports are benchmarked against the OECD’s Principles of Corporate Governance (OECD 2004). The main categories of principles are discussed below. This study focuses on the main corporate governance attributes of Armenia. The paper concludes with an extensive bibliography.
{"title":"Corporate Governance in Transition and Developing Economies: A Case Study of Armenia","authors":"Robert W. McGee","doi":"10.2139/ssrn.1662945","DOIUrl":"https://doi.org/10.2139/ssrn.1662945","url":null,"abstract":"The World Bank has published a series of reports on corporate governance as part of its project on the Reports on the Observance of Standards and Codes (ROSC). The corporate governance principles in its ROSC Reports are benchmarked against the OECD’s Principles of Corporate Governance (OECD 2004). The main categories of principles are discussed below. This study focuses on the main corporate governance attributes of Armenia. The paper concludes with an extensive bibliography.","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2010-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126479147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Corporate governance (CG) in banking industry of Thailand has evolved significantly after the 1997 Asia Crisis. The international standard such as OECD and BIS guidelines has been closely followed. Bank of Thailand (BoT) has continuously updated its regulation and best practice advice to reflect the changing financial environment. The new Financial Institutions Business Act was enacted and became effective on Aug 3, 08. The Act that standardizes the different regulations governing commercial banks gives BoT an exclusive supervisory power over all types of financial institutions. In the wake of the 2008 Global Credit Crisis, some foods for thought are given and discussed for further improvement. Ownership structure does matter. Thai banking characteristics and local environment should be officially recognized. Its practical implication is a need to apply Western CG standards onto local context with a clear strategic direction. Next a trade-off between micro and macro prudence is examined with one example cited. Finally, credit extension cycle and a need for more counter cyclical measures are discussed to improve stability and safety.
{"title":"The Evolution of Corporate Governance in Banking Industry of Thailand from the 1997 Asian Crisis to the 2008 Global Credit Crisis","authors":"Pongsak Hoontrakul, Chatsurang Cathy Karnchanasai","doi":"10.2139/SSRN.1555423","DOIUrl":"https://doi.org/10.2139/SSRN.1555423","url":null,"abstract":"Corporate governance (CG) in banking industry of Thailand has evolved significantly after the 1997 Asia Crisis. The international standard such as OECD and BIS guidelines has been closely followed. Bank of Thailand (BoT) has continuously updated its regulation and best practice advice to reflect the changing financial environment. The new Financial Institutions Business Act was enacted and became effective on Aug 3, 08. The Act that standardizes the different regulations governing commercial banks gives BoT an exclusive supervisory power over all types of financial institutions. In the wake of the 2008 Global Credit Crisis, some foods for thought are given and discussed for further improvement. Ownership structure does matter. Thai banking characteristics and local environment should be officially recognized. Its practical implication is a need to apply Western CG standards onto local context with a clear strategic direction. Next a trade-off between micro and macro prudence is examined with one example cited. Finally, credit extension cycle and a need for more counter cyclical measures are discussed to improve stability and safety.","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2010-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133566020","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The objectives of this case are: (a) to alert students to the importance of non-financial information in the audit process; (b) to develop students' ability to search for relevant financial and non-financial information in the audit planning process; and (c) to emphasize the importance of maintaining professional skepticism and to resist the natural tendency to over-rely on financial information when conducting the financial statement audit. Students are asked to consider both financial and non-financial information when evaluating the client's account balances. The client is in the waste business where there are a number of market, regulatory, and political factors that may affect the valuation of different accounts. Students are also directed to consider the importance of non-financial information in the integrated audit mandated by PCAOB Standard 2 and in fraud detection. The case can help students learn to explicitly consider non-financial information and understand the significance of integrating such information with financial data. The case is suitable for use in undergraduate or graduate auditing and assurance courses.
{"title":"Waste is Our Business, Inc.: The Importance of Non-Financial Information in the Audit Planning Process","authors":"Jeffrey R. Cohen, G. Krishnamoorthy, A. Wright","doi":"10.2139/SSRN.1088444","DOIUrl":"https://doi.org/10.2139/SSRN.1088444","url":null,"abstract":"The objectives of this case are: (a) to alert students to the importance of non-financial information in the audit process; (b) to develop students' ability to search for relevant financial and non-financial information in the audit planning process; and (c) to emphasize the importance of maintaining professional skepticism and to resist the natural tendency to over-rely on financial information when conducting the financial statement audit. Students are asked to consider both financial and non-financial information when evaluating the client's account balances. The client is in the waste business where there are a number of market, regulatory, and political factors that may affect the valuation of different accounts. Students are also directed to consider the importance of non-financial information in the integrated audit mandated by PCAOB Standard 2 and in fraud detection. The case can help students learn to explicitly consider non-financial information and understand the significance of integrating such information with financial data. The case is suitable for use in undergraduate or graduate auditing and assurance courses.","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115522865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2007-10-03DOI: 10.1504/IJRAM.2007.015295
Margaret Woods
Definitions and perceptions of the role and styles of risk management, and performance management/strategic control systems have evolved over time, but it can be argued that risk management is primarily concerned with ensuring the achievement of strategic objectives. This paper shows the extent of overlap between a broad-based view of risk management, namely Enterprise Risk Management (ERM), and the balanced scorecard, which is a widely used strategic control system. A case study of one of the UK's largest retailers, Tesco plc, is used to show how ERM can be introduced as part of an existing strategic control system. The case demonstrates that, despite some differences in lines of communications, the strategic controls and risk controls can be used to achieve a common objective. Adoption of such an integrated approach, however, has implications for the profile of risk and the overall risk culture within an organisation.
{"title":"Linking Risk Management to Strategic Controls: A Case Study of Tesco Plc","authors":"Margaret Woods","doi":"10.1504/IJRAM.2007.015295","DOIUrl":"https://doi.org/10.1504/IJRAM.2007.015295","url":null,"abstract":"Definitions and perceptions of the role and styles of risk management, and performance management/strategic control systems have evolved over time, but it can be argued that risk management is primarily concerned with ensuring the achievement of strategic objectives. This paper shows the extent of overlap between a broad-based view of risk management, namely Enterprise Risk Management (ERM), and the balanced scorecard, which is a widely used strategic control system. A case study of one of the UK's largest retailers, Tesco plc, is used to show how ERM can be introduced as part of an existing strategic control system. The case demonstrates that, despite some differences in lines of communications, the strategic controls and risk controls can be used to achieve a common objective. Adoption of such an integrated approach, however, has implications for the profile of risk and the overall risk culture within an organisation.","PeriodicalId":309554,"journal":{"name":"CGN: Case Studies (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2007-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127976922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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