Corporate governance

About: Corporate governance is a research topic. Over the lifetime, 118591 publications have been published within this topic receiving 2793582 citations.

Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences

Abstract: This paper examines the economic consequences of mandatory International Financial Reporting Standards (IFRS) reporting around the world. We analyze the effects on market liquidity, cost of capital, and Tobin's q in 26 countries using a large sample of firms that are mandated to adopt IFRS. We find that, on average, market liquidity increases around the time of the introduction of IFRS. We also document a decrease in firms' cost of capital and an increase in equity valuations, but only if we account for the possibility that the effects occur prior to the official adoption date. Partitioning our sample, we find that the capital-market benefits occur only in countries where firms have incentives to be transparent and where legal enforcement is strong, underscoring the central importance of firms' reporting incentives and countries' enforcement regimes for the quality of financial reporting. Comparing mandatory and voluntary adopters, we find that the capital market effects are most pronounced for firms that voluntarily switch to IFRS, both in the year when they switch and again later, when IFRS become mandatory. While the former result is likely due to self-selection, the latter result cautions us to attribute the capital-market effects for mandatory adopters solely or even primarily to the IFRS mandate. Many adopting countries make concurrent efforts to improve enforcement and governance regimes, which likely play into our findings. Consistent with this interpretation, the estimated liquidity improvements are smaller in magnitude when we analyze them on a monthly basis, which is more likely to isolate IFRS reporting effects.

Concepts and definitions of CSR and corporate sustainability: Between agency and communion

Abstract: This paper provides an overview of the contemporary debate on the concepts and definitions of Corporate Social Responsibility (CSR) and Corporate Sustainability (CS). The conclusions, based on historical perspectives, philosophical analyses, impact of changing contexts and situations and practical considerations, show that "one solution fits all"-definition for CS(R) should be abandoned, accepting various and more specific definitions matching the development, awareness and ambition levels of organizations.

Governance, Politics and the State

Abstract: Introduction: What is Governance? PART 1: PERSPECTIVES ON GOVERNANCE Different Ways to Think About Governance Conceptual and Theoretical Perspectives on Governance Why the Concern with Governance Now? PART II: MODELS OF GOVERNANCE Governance at Three Levels Scenario 1: Reasserting Control Scenario 2: Letting Other Regimes Rule Communitarianism, Deliberation, Direct Democracy and Governance PART III: GOVERNANCE AND THE STATE States in Transition Conclusions: Rethinking States and Governance

Cognition and corporate governance: Understanding boards of directors as strategic decision making groups

Abstract: Recent research developments underscore the need for research on the processes that link board demography with firm performance. In this article we develop a model of board processes by integrating the literature on boards of directors with the literature on group dynamics and workgroup effectiveness. The resulting model illuminates the complexity of board dynamics and paves the way for future empirical research that expands and refines our understanding of what makes boards effective.