The main finding of this article is that sustainability and the broader concept of social responsibility imply a change in the spirit of governance, which promotes the so-called 'de facto convergence' between the different corporate governance systems existing all over the world. Substantial corporate governance convergence suggests that different countries may have different companies' ownership structure, rules and institutions but the corporate boards may still be able to perform common goals, with attention to similar key performance indicators, such as ensuring fair disclosure or accountability. Companies that perform better with regard to the triple bottom line can increase shareholder value contributing, at the same time, to the sustainable development of the societies in which they operate.
{"title":"Corporate Governance, Ownership and Sustainability","authors":"Daniela M. Salvioni, F. Gennari","doi":"10.22495/COCV13I2C3P9","DOIUrl":"https://doi.org/10.22495/COCV13I2C3P9","url":null,"abstract":"The main finding of this article is that sustainability and the broader concept of social responsibility imply a change in the spirit of governance, which promotes the so-called 'de facto convergence' between the different corporate governance systems existing all over the world. Substantial corporate governance convergence suggests that different countries may have different companies' ownership structure, rules and institutions but the corporate boards may still be able to perform common goals, with attention to similar key performance indicators, such as ensuring fair disclosure or accountability. Companies that perform better with regard to the triple bottom line can increase shareholder value contributing, at the same time, to the sustainable development of the societies in which they operate.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"320 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123687118","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 contributes to the existing risk disclosure literature in emerging economies, in particular Saudi Arabia (SA), by examining the levels of risk disclosure in the annual reports of both Islamic and non-Islamic listed banks. This investigation uses a manual content analysis method to examine all Saudi listed banks from 2009 to 2013. This study also develops two holistic risk disclosure indices to measure the levels of risk disclosure in both Islamic and non-Islamic banks. The empirical analysis shows that Islamic banks report less risk information than non-Islamic banks. However, the analysis also reveals that both Islamic and non-Islamic banks report relatively the same amount of risk information regarding the banks’ universal items. Furthermore, the empirical analysis shows that Islamic banks report very low risk disclosure items. The study’s findings have practical implications. They inform the regulators about the current level of risk disclosure in all Saudi listed banks (Islamic and non-Islamic). For example, the findings show that Islamic banks report less risk information than their non-Islamic counterparts. The practical implications for managers from these findings are that in order to keep investors satisfied, banks with low levels of risk disclosure should enhance their reporting practices. This will help investors when making investment decisions. To the best of the researchers’ knowledge, no prior research has previously been conducted on the levels of risk disclosure in Saudi Arabian listed banks. Therefore, this is the first study to examine the levels of risk disclosure in the context of Saudi Arabia.
{"title":"The level of risk disclosure in listed banks: evidence from Saudi Arabia","authors":"Abdullah Al-Maghzom, K. Hussainey, Doaa A Aly","doi":"10.22495/COCV14I1C1P2","DOIUrl":"https://doi.org/10.22495/COCV14I1C1P2","url":null,"abstract":"This study contributes to the existing risk disclosure literature in emerging economies, in particular Saudi Arabia (SA), by examining the levels of risk disclosure in the annual reports of both Islamic and non-Islamic listed banks. This investigation uses a manual content analysis method to examine all Saudi listed banks from 2009 to 2013. This study also develops two holistic risk disclosure indices to measure the levels of risk disclosure in both Islamic and non-Islamic banks. The empirical analysis shows that Islamic banks report less risk information than non-Islamic banks. However, the analysis also reveals that both Islamic and non-Islamic banks report relatively the same amount of risk information regarding the banks’ universal items. Furthermore, the empirical analysis shows that Islamic banks report very low risk disclosure items. The study’s findings have practical implications. They inform the regulators about the current level of risk disclosure in all Saudi listed banks (Islamic and non-Islamic). For example, the findings show that Islamic banks report less risk information than their non-Islamic counterparts. The practical implications for managers from these findings are that in order to keep investors satisfied, banks with low levels of risk disclosure should enhance their reporting practices. This will help investors when making investment decisions. To the best of the researchers’ knowledge, no prior research has previously been conducted on the levels of risk disclosure in Saudi Arabian listed banks. Therefore, this is the first study to examine the levels of risk disclosure in the context of Saudi Arabia.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125508699","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}
We study the fixed term nature of the German supervisory board appointment hypothesizing that the timing of the upcoming election has an impact on the credibility of effort by activist investors. More credible approaches should consequently be associated with higher wealth effects. An average abnormal return that is up to 6.9 percent higher can be observed when potential activists consider the timing of the next supervisory board election. Capital markets apparently perceive an activist effort within one to two years prior to the election as being most credible. Quite contrary to intuition it seems that high cash positions on targets’ balance sheets have a negative impact on the post-announcement wealth effects.
{"title":"Activist Shareholders and the Duration of Supervisory Board Membership: Evidence for the German Aufsichtsrat","authors":"A. Bassen, D. Schiereck, C. Thamm","doi":"10.22495/COCV13I2C3P3","DOIUrl":"https://doi.org/10.22495/COCV13I2C3P3","url":null,"abstract":"We study the fixed term nature of the German supervisory board appointment hypothesizing that the timing of the upcoming election has an impact on the credibility of effort by activist investors. More credible approaches should consequently be associated with higher wealth effects. An average abnormal return that is up to 6.9 percent higher can be observed when potential activists consider the timing of the next supervisory board election. Capital markets apparently perceive an activist effort within one to two years prior to the election as being most credible. Quite contrary to intuition it seems that high cash positions on targets’ balance sheets have a negative impact on the post-announcement wealth effects.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"87 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125000355","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 analyses CDS and equity markets dynamics of acquiring companies, to explore whether those parties that are involved in M&A transactions are using their access to privileged bank information for private benefits. We find different effects on the CDS and equity markets, primarily because the range of participants on these markets and their regulatory frameworks differ. Our results suggest a stronger anticipation effect and therefore more trading on private information on the CDS market. We posit that this is attributable to its characteristics as an OTC market, and the lack of transparency. Moreover, the results of our multivariate analysis are consistent with the view that certain M&A transactions are especially vulnerable to information leakage in CDS markets.
{"title":"A Note on Credit Derivatives and M&A Transactions: Announcement and Anticipation Effects","authors":"Margit Hraschek, M. Mietzner, M. Tyrell","doi":"10.22495/COCV13I2C1P8","DOIUrl":"https://doi.org/10.22495/COCV13I2C1P8","url":null,"abstract":"This paper analyses CDS and equity markets dynamics of acquiring companies, to explore whether those parties that are involved in M&A transactions are using their access to privileged bank information for private benefits. We find different effects on the CDS and equity markets, primarily because the range of participants on these markets and their regulatory frameworks differ. Our results suggest a stronger anticipation effect and therefore more trading on private information on the CDS market. We posit that this is attributable to its characteristics as an OTC market, and the lack of transparency. Moreover, the results of our multivariate analysis are consistent with the view that certain M&A transactions are especially vulnerable to information leakage in CDS markets.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116359322","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}
C. Lemonakis, K. Vassakis, Alexandros Garefalakis, D. Michailidou
This study focuses on the role of business cooperation and firms’ exporting activity as the determinants of Greek manufacturing SMEs’ innovative extend use, contributing to the existing empirical literature. The empirical analysis based on unique both quantitative and qualitative data, derived from a survey covering more than 158 small and medium-sized Greek manufacturing firms, and examines factors affecting innovation activity, emphasizing on clustering activities. We find that inter-firm cooperation enhances innovation activity, which in turn empowers firms’ growth by improving domestic and overseas sales performance. This study opens the floor for a greater perspective in managerial and financial firms’ characteristics; Firms should take initiatives to promote collaborative networks for innovation and create trade associations that represent SMEs, in order to facilitate social interaction. Also, government should offer incentives to SMEs with high innovation potential (e.g. tax allowances) and invigorate linkages between universities, research centers and the private sector by creating effective institutional arrangements. Finally, we seek to provide policy implications to business owners, policy makers and academics, to optimize performance, in the shadow of economic turbulence that the country experiences.
{"title":"COOPERATION’S CHARACTERISTICS FOR POTENTIAL INNOVATIVE SMES IN CRISIS: THE GREEK PARADIGM","authors":"C. Lemonakis, K. Vassakis, Alexandros Garefalakis, D. Michailidou","doi":"10.22495/COCV14I1P3","DOIUrl":"https://doi.org/10.22495/COCV14I1P3","url":null,"abstract":"This study focuses on the role of business cooperation and firms’ exporting activity as the determinants of Greek manufacturing SMEs’ innovative extend use, contributing to the existing empirical literature. The empirical analysis based on unique both quantitative and qualitative data, derived from a survey covering more than 158 small and medium-sized Greek manufacturing firms, and examines factors affecting innovation activity, emphasizing on clustering activities. We find that inter-firm cooperation enhances innovation activity, which in turn empowers firms’ growth by improving domestic and overseas sales performance. This study opens the floor for a greater perspective in managerial and financial firms’ characteristics; Firms should take initiatives to promote collaborative networks for innovation and create trade associations that represent SMEs, in order to facilitate social interaction. Also, government should offer incentives to SMEs with high innovation potential (e.g. tax allowances) and invigorate linkages between universities, research centers and the private sector by creating effective institutional arrangements. Finally, we seek to provide policy implications to business owners, policy makers and academics, to optimize performance, in the shadow of economic turbulence that the country experiences.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131057901","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}
Malek Alsharairi, E. Black, C. Hofer, Radhi Al-Hamadeen
This paper empirically examines the post-merger performance of a sample of 1,320 European mergers and acquisitions deals. Specifically, we investigate the impact of pre-merger earnings management of acquirers on both the short-term and long-term post-merger performance, for M&A deals completed between 2003-2012, considering both the form of payment and the target firm’s listing status. The findings suggest that acquirers report higher abnormal accruals before those deals where they pay with their stock and the target firms are private. The reported evidence suggests that, as a consequence, investors correct for these efforts in the long-term post-merger period – usually within the first 12 months. Moreover, acquirers are likely to experience positive abnormal returns in case of bidding for private targets, whereas negative abnormal returns are documented in case of a publicly traded target, respectively.
{"title":"THE POST-MERGER PERFORMANCE OF THE EUROPEAN M&AS: DOES PRE-MERGER EARNINGS MANAGEMENT MATTER?","authors":"Malek Alsharairi, E. Black, C. Hofer, Radhi Al-Hamadeen","doi":"10.22495/COCV13I1C9P3","DOIUrl":"https://doi.org/10.22495/COCV13I1C9P3","url":null,"abstract":"This paper empirically examines the post-merger performance of a sample of 1,320 European mergers and acquisitions deals. Specifically, we investigate the impact of pre-merger earnings management of acquirers on both the short-term and long-term post-merger performance, for M&A deals completed between 2003-2012, considering both the form of payment and the target firm’s listing status. The findings suggest that acquirers report higher abnormal accruals before those deals where they pay with their stock and the target firms are private. The reported evidence suggests that, as a consequence, investors correct for these efforts in the long-term post-merger period – usually within the first 12 months. Moreover, acquirers are likely to experience positive abnormal returns in case of bidding for private targets, whereas negative abnormal returns are documented in case of a publicly traded target, respectively.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117213106","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 sets out to investigate the extent to which Yemeni auditors use analytical review procedures during the audit of client’s financial statements.It also examines the stage of auditing procedure in which Yemeni auditors implement analytical review procedures.Moreover, the study determines the relationships between the importance’s factors and the use of analytical review procedures.The findings of the study have indicated that the Analytical Procedures were utilized on high percentage by audits in larger and high experienced audit firms compared to small and low experienced audit firms where the results have shown low percentage.Nevertheless, the role of auditors’ perception towards Analytical Procedures has proved to have a significant effect of usage of Analytical Procedures.
{"title":"THE USE OF ANALYTICAL PROCEDURES BY YEMENI AUDITORS","authors":"S. Abidin, Mohammed Abobaker Baabbad","doi":"10.22495/COCV12I2P2","DOIUrl":"https://doi.org/10.22495/COCV12I2P2","url":null,"abstract":"This study sets out to investigate the extent to which Yemeni auditors use analytical review procedures during the audit of client’s financial statements.It also examines the stage of auditing procedure in which Yemeni auditors implement analytical review procedures.Moreover, the study determines the relationships between the importance’s factors and the use of analytical review procedures.The findings of the study have indicated that the Analytical Procedures were utilized on high percentage by audits in larger and high experienced audit firms compared to small and low experienced audit firms where the results have shown low percentage.Nevertheless, the role of auditors’ perception towards Analytical Procedures has proved to have a significant effect of usage of Analytical Procedures.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129888804","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}
University-industry-innovation networks (UIINs) are made up of entrepreneurial higher education institutions, industry and government. Universities such as Scotland’s Strathclyde University, which was the entrepreneurial university of 2013 in the UK, organise themselves as co-productive institutions by means of technology transfer offices (TTOs), innovation centres and a variation of offices for knowledge transfer and university-business-co-operation (UBC). Such a network is referred to as the triple helix approach/concept/model of co-operation between industry, universities and government, with the aim of building an enterprising state in which these partners co-innovate in order to solve global economic challenges. The global economy faces multiple challenges represented by indicators such as the World Health Organisation’s (WHO’s) spiralling health-care needs, unemployment, un-sustainable changes to the environment and rapidly emerging digital business models. Most universities promote academic engagement with industry for various reasons (e.g. to generate a third stream of income). The effective management of triple helix takes UBC to the next level in terms of a formal prominent mission for the university. This article broadly describes the triple helix concept and analyses several international cases. The three main objectives of this article are to: 1) explore triple helix and the related concepts such as UBC and TTO; 2) determine the leading stakeholders of the triple helix model; 3) conduct a content analysis of triple helix case studies (45) in four groups, namely (1) national innovation strategies, (2) entrepreneurial universities, (3) entrepreneurship education, and (4) new initiatives, frameworks and technologies.
{"title":"THE EXPLORATION OF THE TRIPLE HELIX CONCEPT IN TERMS OF ENTREPRENEURIAL UNIVERSITIES AND CORPORATE INNOVATION","authors":"E. Ferreira, R. Steenkamp","doi":"10.22495/COCV12I2C4P9","DOIUrl":"https://doi.org/10.22495/COCV12I2C4P9","url":null,"abstract":"University-industry-innovation networks (UIINs) are made up of entrepreneurial higher education institutions, industry and government. Universities such as Scotland’s Strathclyde University, which was the entrepreneurial university of 2013 in the UK, organise themselves as co-productive institutions by means of technology transfer offices (TTOs), innovation centres and a variation of offices for knowledge transfer and university-business-co-operation (UBC). Such a network is referred to as the triple helix approach/concept/model of co-operation between industry, universities and government, with the aim of building an enterprising state in which these partners co-innovate in order to solve global economic challenges. The global economy faces multiple challenges represented by indicators such as the World Health Organisation’s (WHO’s) spiralling health-care needs, unemployment, un-sustainable changes to the environment and rapidly emerging digital business models. Most universities promote academic engagement with industry for various reasons (e.g. to generate a third stream of income). The effective management of triple helix takes UBC to the next level in terms of a formal prominent mission for the university. This article broadly describes the triple helix concept and analyses several international cases. The three main objectives of this article are to: 1) explore triple helix and the related concepts such as UBC and TTO; 2) determine the leading stakeholders of the triple helix model; 3) conduct a content analysis of triple helix case studies (45) in four groups, namely (1) national innovation strategies, (2) entrepreneurial universities, (3) entrepreneurship education, and (4) new initiatives, frameworks and technologies.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"220 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133344099","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}
Nadia Cheikh Rouhou, Fatma Wyème Ben Mrad Douagi, K. Hussainey
This paper examines the effect of IFRS mandatory adoption by French companies on analysts’ earnings forecast accuracy. In addition, we consider the impact of corporate governance mechanisms, as IFRS enforcement factors, on earnings forecasts. Using a sample of 98 companies over the period from 2003 to 2007, our results show increased forecast accuracy after the mandatory adoption of IFRS. We also find that the independence, the international competency and the efficiency of the board members, the board size, and the quality of external audit are important factors for the implementation of IFRS and, these factors improve earnings forecast accuracy.
{"title":"THE EFFECT OF IFRS ENFORCEMENT FACTORS ON ANALYSTS’ EARNINGS FORECASTS ACCURACY","authors":"Nadia Cheikh Rouhou, Fatma Wyème Ben Mrad Douagi, K. Hussainey","doi":"10.22495/COCV13I1C2P5","DOIUrl":"https://doi.org/10.22495/COCV13I1C2P5","url":null,"abstract":"This paper examines the effect of IFRS mandatory adoption by French companies on analysts’ earnings forecast accuracy. In addition, we consider the impact of corporate governance mechanisms, as IFRS enforcement factors, on earnings forecasts. Using a sample of 98 companies over the period from 2003 to 2007, our results show increased forecast accuracy after the mandatory adoption of IFRS. We also find that the independence, the international competency and the efficiency of the board members, the board size, and the quality of external audit are important factors for the implementation of IFRS and, these factors improve earnings forecast accuracy.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125292728","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 study examined relationship between business support and business performance using 500 SMMEs in Gauteng province, South Africa. Questionnaire was used to collect data from 500 SMMEs owners. The findings from the survey were modelled through a categorical regression model with business performance as dependent variable. The level of significance of the four variables out of eight variables suggests that business support be classified as the strongest predictor of business performance.
{"title":"The effects of business support as a start-up factor on business performance","authors":"Simon Radipere","doi":"10.22495/COCV13I1C1P7","DOIUrl":"https://doi.org/10.22495/COCV13I1C1P7","url":null,"abstract":"The study examined relationship between business support and business performance using 500 SMMEs in Gauteng province, South Africa. Questionnaire was used to collect data from 500 SMMEs owners. The findings from the survey were modelled through a categorical regression model with business performance as dependent variable. The level of significance of the four variables out of eight variables suggests that business support be classified as the strongest predictor of business performance.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125230062","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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