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Corporate governance
About: Corporate governance is a research topic. Over the lifetime, 118591 publications have been published within this topic receiving 2793582 citations.
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TL;DR: This article found that female directors have better attendance records than male directors, male directors have fewer attendance problems the more gender-diverse the board is, and women are more likely to join monitoring committees.
Abstract: We show that female directors have a significant impact on board inputs and firm outcomes. In a sample of US firms, we find that female directors have better attendance records than male directors, male directors have fewer attendance problems the more gender-diverse the board is, and women are more likely to join monitoring committees. These results suggest that gender-diverse boards allocate more effort to monitoring. Accordingly, we find that CEO turnover is more sensitive to stock performance and directors receive more equity-based compensation in firms with more gender-diverse boards. However, the average effect of gender diversity on firm performance is negative. This negative effect is driven by companies with fewer takeover defenses. Our results suggest that mandating gender quotas for directors can reduce firm value for well-governed firms.
1,574 citations
TL;DR: A review of the literature shows that there are a growing number of publications from various disciplines that propose a politicized concept of corporate social responsibility as mentioned in this paper, and that many business firms have started to assume social and political responsibilities that go beyond legal requirements and fill the regulatory vacuum in global governance.
Abstract: Scholars in management and economics widely share the assumption that business firms focus on profits only, while it is the task of the state system to provide public goods. In this view business firms are conceived of as economic actors, and governments and their state agencies are considered the only political actors. We suggest that, under the conditions of globalization, the strict division of labour between private business and nation-state governance does not hold any more. Many business firms have started to assume social and political responsibilities that go beyond legal requirements and fill the regulatory vacuum in global governance. Our review of the literature shows that there are a growing number of publications from various disciplines that propose a politicized concept of corporate social responsibility. We consider the implications of this new perspective for theorizing about the business firm, governance, and democracy.
1,570 citations
1,560 citations
TL;DR: In this article, the authors investigate how corporate governance impacts firm value by examining both the value and the use of cash holdings in poorly and well governed firms, and show that firms with poor corporate governance dissipate cash quickly and in ways that significantly reduce operating performance.
Abstract: In this paper, we investigate how corporate governance impacts firm value by examining both the value and the use of cash holdings in poorly and well governed firms. Cash represents a large and growing fraction of corporate assets and generally is at the discretion of management. We use several measures of corporate governance and show that governance has a substantial impact on firm value through its impact on cash: $1.00 of cash in a poorly governed firm is valued by the market at only $0.42 to $0.88, depending on the measure of governance. Good governance approximately doubles this value of cash. Furthermore, governance has a significant impact on how firms use cash. We show that firms with poor corporate governance dissipate cash quickly and in ways that significantly reduce operating performance. This negative impact of large cash holdings on future operating performance is cancelled out if the firm is well governed. All of our results hold after controlling for the level of acquisitions undertaken by cash rich firms, indicating that acquisitions are not solely responsible for the value destruction in poorly governed, cash rich firms. The findings presented in this paper provide direct evidence of how governance can improve or destroy firm value and insight into the importance of governance in determining corporate cash policy.
1,554 citations
Book•
01 Jan 1996TL;DR: The history of the international economy is described in detail in this article, where the authors discuss the contours of globalization and the history of international economy. But they focus on the internationalization of business activity.
Abstract: Preface Acknowledgements Chapter One Introduction: The Contours of Globalization Chapter Two Globalization and the History of the International Economy Chapter Three Multinational companies and the internationalization of business activity Chapter Four Globalization and International Competitiveness Chapter Five Emerging Markets and the Advanced Economies Chapter Six Supra-national Regionalization or Globalization Chapter Seven General Governance Issues Chapter Eight Globalization, Governance and the Nation State Notes for 3rd edition References
1,541 citations