Pub Date : 2023-12-01DOI: 10.1177/09746862231205652
Ankita Nandi, Nidhi Agarwala, T. N. Sahu
This study explores how the characteristics of a company’s board and audit committee, as well as their implementation of environmental and social policies, affect their corporate social responsibility (CSR) performance. The sample for this analysis comprises Nifty 500 listed non-financial companies in India. The study draws secondary data from the Bloomberg database and annual reports of the sample firms and utilises panel data analysis to determine the impact of these factors on CSR performance. The results show that board size and implementation of environmental and social policies have a positive impact on CSR, whereas audit committee size and independence have a negative effect. Interestingly, board independence and gender diversity did not have a significant association with CSR performance.
{"title":"Towards a Sustainable Future: The Interaction of Corporate Governance and Sustainable Policies with Corporate Social Responsibility","authors":"Ankita Nandi, Nidhi Agarwala, T. N. Sahu","doi":"10.1177/09746862231205652","DOIUrl":"https://doi.org/10.1177/09746862231205652","url":null,"abstract":"This study explores how the characteristics of a company’s board and audit committee, as well as their implementation of environmental and social policies, affect their corporate social responsibility (CSR) performance. The sample for this analysis comprises Nifty 500 listed non-financial companies in India. The study draws secondary data from the Bloomberg database and annual reports of the sample firms and utilises panel data analysis to determine the impact of these factors on CSR performance. The results show that board size and implementation of environmental and social policies have a positive impact on CSR, whereas audit committee size and independence have a negative effect. Interestingly, board independence and gender diversity did not have a significant association with CSR performance.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":" 1","pages":"149 - 176"},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138616152","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 : 2023-12-01DOI: 10.1177/09746862231205649
T. Dao, Quoc Trung Tran, Thi Bich Nga Vuong, Son Dai Le
Prior studies show that the effect of female directors on corporate investment efficiency is mixed. This article investigates this relationship in a weak corporate governance setting. With a data of 4,653 firm-years from 582 firms listed in Vietnam during the period 2009–2020, we find that female directors decrease corporate investment efficiency through increasing underinvestment and they have no significant effect on overinvestment. Moreover, the negative relationship between female directors and investment efficiency is stronger in state-owned firms.
{"title":"Female Directors and Investment Efficiency: New Evidence from an Emerging Market","authors":"T. Dao, Quoc Trung Tran, Thi Bich Nga Vuong, Son Dai Le","doi":"10.1177/09746862231205649","DOIUrl":"https://doi.org/10.1177/09746862231205649","url":null,"abstract":"Prior studies show that the effect of female directors on corporate investment efficiency is mixed. This article investigates this relationship in a weak corporate governance setting. With a data of 4,653 firm-years from 582 firms listed in Vietnam during the period 2009–2020, we find that female directors decrease corporate investment efficiency through increasing underinvestment and they have no significant effect on overinvestment. Moreover, the negative relationship between female directors and investment efficiency is stronger in state-owned firms.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"2 9","pages":"200 - 217"},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138623906","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 : 2023-12-01DOI: 10.1177/09746862231213422
Ahmad A. Toumeh
This research investigates how the characteristics of a risk management committee (RMC), as a recently emerging sub-committee within the board of directors, impact firm performance indicators. The investigation employs a dataset encompassing service and manufacturing firms that are listed on the Amman Stock Exchange (ASE) over the period 2019–2022, comprising a total of 236 firm-year observations. The primary statistical technique utilised in the study is fixed-effect regression with Huber–White standard errors. The findings demonstrate that RMC attributes such as size, independence and meeting frequency exert a significant and positive effect on return on assets, return on equity and Tobin’s Q. These insights hold practical implications for stakeholders, regulators and policymakers in assessing the influence of RMC characteristics on firm performance within the context of the ASE. Understanding these dynamics can inform decision-making and regulatory frameworks, promoting effective risk management practices in publicly traded corporations. The current study represents the initial empirical exploration within the corporate governance literature concerning the nexus between RMC qualities and firm performance in Jordan.
{"title":"The Effect of Risk Management Committee Characteristics on Firm Performance: An Empirical Investigation","authors":"Ahmad A. Toumeh","doi":"10.1177/09746862231213422","DOIUrl":"https://doi.org/10.1177/09746862231213422","url":null,"abstract":"This research investigates how the characteristics of a risk management committee (RMC), as a recently emerging sub-committee within the board of directors, impact firm performance indicators. The investigation employs a dataset encompassing service and manufacturing firms that are listed on the Amman Stock Exchange (ASE) over the period 2019–2022, comprising a total of 236 firm-year observations. The primary statistical technique utilised in the study is fixed-effect regression with Huber–White standard errors. The findings demonstrate that RMC attributes such as size, independence and meeting frequency exert a significant and positive effect on return on assets, return on equity and Tobin’s Q. These insights hold practical implications for stakeholders, regulators and policymakers in assessing the influence of RMC characteristics on firm performance within the context of the ASE. Understanding these dynamics can inform decision-making and regulatory frameworks, promoting effective risk management practices in publicly traded corporations. The current study represents the initial empirical exploration within the corporate governance literature concerning the nexus between RMC qualities and firm performance in Jordan.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"121 15","pages":"323 - 342"},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138608299","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 : 2023-06-01DOI: 10.1177/09746862231178959
Ooi Kok Loang
This study examines the mediating effect of investors’ sentiment on the relationship between corporate governance (CG) and herding and risk-averse behaviour in the Shariah-compliant stocks in Malaysia and Gulf Cooperation Council (GCC) countries. Panel data and quantile regressions are adopted, and the research timeframe is 2017 to 2021. The result shows that remuneration. Audit Committee, risk management and internal control and engagement with stakeholders significantly and positively correlate to Malaysia, Kuwait, Oman, Qatar, Saudi and the UAE stock returns. Board responsibility is the only variable significant in Malaysia, Saudi and the UAE. The result implies a full mediation as the CG has caused the changes in investors’ sentiment and subsequently triggered the investors to herd and become risk-averse. The impact of CG is more pronounced in the upper and lower quantiles of the returns of Malaysia, Saudi and the UAE, as well as the median quantile of Bahrain, Kuwait, Oman and Qatar. The result of this study contributes to policymakers, regulators and practitioners in identifying the best CG practices that assist the Shariah-compliant stocks in Malaysia and GCC countries to gain a better stock return, investors’ sentiment and behaviour. The results assist the governments in the impact and benefits of adopting CG in different Islamic countries.
{"title":"Corporate Governance and Islamic Behavioural Finance: A Review from Malaysia and GCC Countries","authors":"Ooi Kok Loang","doi":"10.1177/09746862231178959","DOIUrl":"https://doi.org/10.1177/09746862231178959","url":null,"abstract":"This study examines the mediating effect of investors’ sentiment on the relationship between corporate governance (CG) and herding and risk-averse behaviour in the Shariah-compliant stocks in Malaysia and Gulf Cooperation Council (GCC) countries. Panel data and quantile regressions are adopted, and the research timeframe is 2017 to 2021. The result shows that remuneration. Audit Committee, risk management and internal control and engagement with stakeholders significantly and positively correlate to Malaysia, Kuwait, Oman, Qatar, Saudi and the UAE stock returns. Board responsibility is the only variable significant in Malaysia, Saudi and the UAE. The result implies a full mediation as the CG has caused the changes in investors’ sentiment and subsequently triggered the investors to herd and become risk-averse. The impact of CG is more pronounced in the upper and lower quantiles of the returns of Malaysia, Saudi and the UAE, as well as the median quantile of Bahrain, Kuwait, Oman and Qatar. The result of this study contributes to policymakers, regulators and practitioners in identifying the best CG practices that assist the Shariah-compliant stocks in Malaysia and GCC countries to gain a better stock return, investors’ sentiment and behaviour. The results assist the governments in the impact and benefits of adopting CG in different Islamic countries.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"16 1","pages":"28 - 51"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48595762","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 : 2023-06-01DOI: 10.1177/09746862231170428
R. Gupta, Jacqueline Symss
This study aims at identifying the determinants of corporate governance that impact corporate risk disclosure in India’s top non-financial listed companies based on market capitalisation. The analysis of the study is based on risk disclosure practices of the leading non-financial listed companies using annual reports as well as risk disclosure practices in the presence of various regulations. The risk exposure is measured using manual content analysis while the impact is analysed using multiple regression. The empirical findings reveal that the corporate risk disclosure level has improved significantly. The major corporate governance variables namely board size and ownership are insignificant to risk disclosure whereas audit committee meetings and role duality are somewhat significant. Firms having bigger size plays a major role in risk disclosure practices of companies, on the other hand, liquidity and growth of the firm do not influence risk disclosure practice. Due to the constant fallouts of companies, this paper tries to analyse the role of corporate governance practices in minimising companies’ risk exposure. The results of the study help analyse the failures in corporate governance practices that lead to companies’ poor disclosure policies.
{"title":"Does Corporate Governance Impact Risk Disclosure? An Empirical Analysis in the Indian Context","authors":"R. Gupta, Jacqueline Symss","doi":"10.1177/09746862231170428","DOIUrl":"https://doi.org/10.1177/09746862231170428","url":null,"abstract":"This study aims at identifying the determinants of corporate governance that impact corporate risk disclosure in India’s top non-financial listed companies based on market capitalisation. The analysis of the study is based on risk disclosure practices of the leading non-financial listed companies using annual reports as well as risk disclosure practices in the presence of various regulations. The risk exposure is measured using manual content analysis while the impact is analysed using multiple regression. The empirical findings reveal that the corporate risk disclosure level has improved significantly. The major corporate governance variables namely board size and ownership are insignificant to risk disclosure whereas audit committee meetings and role duality are somewhat significant. Firms having bigger size plays a major role in risk disclosure practices of companies, on the other hand, liquidity and growth of the firm do not influence risk disclosure practice. Due to the constant fallouts of companies, this paper tries to analyse the role of corporate governance practices in minimising companies’ risk exposure. The results of the study help analyse the failures in corporate governance practices that lead to companies’ poor disclosure policies.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"16 1","pages":"9 - 27"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47975636","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 : 2023-06-01DOI: 10.1177/09746862231170425
Azhaguraja N, Malabika Deo, S. Thiyagarajan
This paper investigates the effect of governance practice on firm value. The extent of corporate governance practice being influenced by the firm value of the company is assessed. Adopting a descriptive research design, primary data were collected from 650 governance professionals. To identify the factors of corporate governance, the exploratory factor analysis technique is used, and to assess the effect of governance practice on firm value, structural equation modelling is applied. The results of the study conclude that there exist significant effects of governance attributes on firm value.
{"title":"Effect of Governance Practice on Firm Value: Governance Professionals’ Perception Study","authors":"Azhaguraja N, Malabika Deo, S. Thiyagarajan","doi":"10.1177/09746862231170425","DOIUrl":"https://doi.org/10.1177/09746862231170425","url":null,"abstract":"This paper investigates the effect of governance practice on firm value. The extent of corporate governance practice being influenced by the firm value of the company is assessed. Adopting a descriptive research design, primary data were collected from 650 governance professionals. To identify the factors of corporate governance, the exploratory factor analysis technique is used, and to assess the effect of governance practice on firm value, structural equation modelling is applied. The results of the study conclude that there exist significant effects of governance attributes on firm value.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"16 1","pages":"79 - 93"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43782064","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 : 2023-06-01DOI: 10.1177/09746862231170422
Juhendra Debbarma, C. Roy
This paper investigates the effects of corporate governance on creative accounting practice in Indian NSE-listed public companies. To get insights and analysis of how mitigating effects of governance issues can impact creative accounting practices, a specific set of factors is identified and the multistage technique design is employed to collect samples of 51 companies with 255 firm-year observations for the years 2017–2021. The value of discretionary accrual as estimated using the modified Jones model. The panel data are used for analysis and testing the hypothesis with the help of Stata 15 version statistical software. The results of this study demonstrated that only audit independence has a considerable negative influence on creative accounting practice, indicating that increasing the number of audit independence could reduce unethical accounting manipulation in financial reporting practice. The paper digs further and provides additional details that the board size, return on asset and firm growth significantly appears under a flag of positive creative accounting practices. In contrast, the board’s independence, audit committee, firm size and leverage have no such influence on creative accounting practice. The study also recommends that companies should have an independent audit committee, so as to minimise the accounting irregularities in financial reports.
{"title":"Effects of Corporate Governance on Creative Accounting Practices: Evidence from NSE-listed Companies in India","authors":"Juhendra Debbarma, C. Roy","doi":"10.1177/09746862231170422","DOIUrl":"https://doi.org/10.1177/09746862231170422","url":null,"abstract":"This paper investigates the effects of corporate governance on creative accounting practice in Indian NSE-listed public companies. To get insights and analysis of how mitigating effects of governance issues can impact creative accounting practices, a specific set of factors is identified and the multistage technique design is employed to collect samples of 51 companies with 255 firm-year observations for the years 2017–2021. The value of discretionary accrual as estimated using the modified Jones model. The panel data are used for analysis and testing the hypothesis with the help of Stata 15 version statistical software. The results of this study demonstrated that only audit independence has a considerable negative influence on creative accounting practice, indicating that increasing the number of audit independence could reduce unethical accounting manipulation in financial reporting practice. The paper digs further and provides additional details that the board size, return on asset and firm growth significantly appears under a flag of positive creative accounting practices. In contrast, the board’s independence, audit committee, firm size and leverage have no such influence on creative accounting practice. The study also recommends that companies should have an independent audit committee, so as to minimise the accounting irregularities in financial reports.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"16 1","pages":"52 - 78"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43873379","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 : 2023-06-01DOI: 10.1177/09746862231172000
R. Raut, Amruta Deshpande, K. Gupta, Natashaa Kaul, Nivedita Ekbote
We investigated the status of women in corporate governance in Indian private sector enterprises. A quantitative empirical study was conducted on a convenient sample of 22 women who are members of the supervisory board or the board of directors of BSE 100 companies in India. An in-depth interview was used as a research tool. A 5-point Likert scale questionnaire was prepared to address a few objectives. The study documents that, despite the numerous misconceptions encountered in their job, women generally believe they are appreciated equally by their male co-workers. Achieving work–life balance is a significant problem because of the complex nature of women’s roles in their home and professional lives. The study also documents that women’s development in corporate governance bodies is based on the assistance they get from the more extensive system and society. Research identifies the antecedents of corporate governance and work environment. This research contributes to the study of corporate governance in the workplace. It offers insights into how women handle social bias and work–life balance to succeed professionally. The study’s outcome is helpful for all the stakeholders to understand the various factors which significantly influence women’s position in the work environment to make corporate governance more effective.
{"title":"Status of Women in Corporate Governance in the Private Sector Companies in India","authors":"R. Raut, Amruta Deshpande, K. Gupta, Natashaa Kaul, Nivedita Ekbote","doi":"10.1177/09746862231172000","DOIUrl":"https://doi.org/10.1177/09746862231172000","url":null,"abstract":"We investigated the status of women in corporate governance in Indian private sector enterprises. A quantitative empirical study was conducted on a convenient sample of 22 women who are members of the supervisory board or the board of directors of BSE 100 companies in India. An in-depth interview was used as a research tool. A 5-point Likert scale questionnaire was prepared to address a few objectives. The study documents that, despite the numerous misconceptions encountered in their job, women generally believe they are appreciated equally by their male co-workers. Achieving work–life balance is a significant problem because of the complex nature of women’s roles in their home and professional lives. The study also documents that women’s development in corporate governance bodies is based on the assistance they get from the more extensive system and society. Research identifies the antecedents of corporate governance and work environment. This research contributes to the study of corporate governance in the workplace. It offers insights into how women handle social bias and work–life balance to succeed professionally. The study’s outcome is helpful for all the stakeholders to understand the various factors which significantly influence women’s position in the work environment to make corporate governance more effective.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"16 1","pages":"94 - 107"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46914423","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 : 2023-06-01DOI: 10.1177/09746862231170429
Shuchi Pahuja, A. Agrawal
The relationship between board attributes and corporate social responsibility (CSR) has gained considerable attention from academicians and researchers in the past few decades. This systematic literature review paper aims to analyse empirical evidence on the impact of board characteristics on CSR. A content analysis of 159 articles extracted systematically from the Scopus and WOS databases revealed a significant upsurge in the area in the last decade mainly in the past three years. It was found that a large majority of the existing works were single-country studies mainly from the developed nations; though cross-country works and research from developing countries have gained momentum in recent years. The study highlighted important trends in publication in the area, the most researched as well as less analysed board attributes, various measures of CSR variables, the type of sample organisations considered, and commonly used research techniques. The study makes a useful contribution to the extant literature by providing insight into the existing works and indicating knowledge gaps and future research perspectives. The findings of the study would also be useful for the policy makers and regulators in further strengthening the corporate governance codes and regulations, so as to help organisations in improving their social performance.
{"title":"Board Attributes and Corporate Social Responsibility: A Systematic Literature Review and Future Research Perspectives","authors":"Shuchi Pahuja, A. Agrawal","doi":"10.1177/09746862231170429","DOIUrl":"https://doi.org/10.1177/09746862231170429","url":null,"abstract":"The relationship between board attributes and corporate social responsibility (CSR) has gained considerable attention from academicians and researchers in the past few decades. This systematic literature review paper aims to analyse empirical evidence on the impact of board characteristics on CSR. A content analysis of 159 articles extracted systematically from the Scopus and WOS databases revealed a significant upsurge in the area in the last decade mainly in the past three years. It was found that a large majority of the existing works were single-country studies mainly from the developed nations; though cross-country works and research from developing countries have gained momentum in recent years. The study highlighted important trends in publication in the area, the most researched as well as less analysed board attributes, various measures of CSR variables, the type of sample organisations considered, and commonly used research techniques. The study makes a useful contribution to the extant literature by providing insight into the existing works and indicating knowledge gaps and future research perspectives. The findings of the study would also be useful for the policy makers and regulators in further strengthening the corporate governance codes and regulations, so as to help organisations in improving their social performance.","PeriodicalId":37340,"journal":{"name":"Indian Journal of Corporate Governance","volume":"16 1","pages":"108 - 138"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48127947","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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