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Corporate group

About: Corporate group is a research topic. Over the lifetime, 1747 publications have been published within this topic receiving 46868 citations.


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Journal ArticleDOI
TL;DR: In this article, the authors examined the corporate social responsibility (CSR) and earnings response coefficient (ERC) relation in the code-law tradition and the early stage of CSR practice to fill the research gap in the literature on CSR-ERC relation.
Abstract: The purpose of the paper is to examine the corporate social responsibility (CSR) – earnings response coefficient (ERC) relation in the code-law tradition and the early stage of CSR practice to fill the research gap in the literature on CSR–ERC relation.,The authors use an association framework for the study. They use the firms listed on Korea Stock Exchange because Korea is classified as a code-law country and most of firms in Korea are in the early stages of CSR development, and Korean samples are considered credible and stable because of the effective financial reforms initiated by Korean government in the late 1990s. The authors collected data from the two data sources: KisValue and Korea Corporate Governance Service.,The authors find the following. First, CSR is negatively associated with ERC, which indicates that the ability of earnings to capture CSR implication is lower under the circumstances of the code-law and the early stage of CSR development. Second, political sensitivity (business group effect) is positively (negatively) associated with CSR–ERC relation, which means that the politically noticeable CSR concerns strengthen the CSR–ERC relation, and the inclusion of a firm in a business group weakens the CSR–ERC relation.,The paper derives theoretical implications on the quality of earnings reflecting CSR activities, provides practical implications to the investors who target international capital markets and is expected to help broaden the understanding of CSR–ERC relations in international capital markets.,The paper provides practical implications to the investors who target international capital markets. Regarding the interpretation of accounting earnings that contain information on CSR activities, the legal origin and the CSR development stages are considered as key factors. Specifically, in the code-law and the early CSR environment, the potential benefits of CSR activities tend to be evaluated optimistically and reflected aggressively in reported earnings. Thus, if investors are in a similar international investment environment, they may need to recalibrate estimates in their decision model with additional CSR information from non-financial sources (e.g. sustainability reports).,The paper is based on the international institutional theory and the discussion of CSR development stages. The international institutional theory states that the legal origin is one of the factors that can help explain the differential aggressiveness of reported earnings by country. In addition, the discussion of CSR stages argues that the CSR practices can be differentially implemented by CSR stages. The authors try to fill the gap in the existing literature by conducting an empirical study based on data from Korea Stock Exchange.

17 citations

Journal ArticleDOI
TL;DR: In this article, a model of treaty-based veil piercing for civil liability claims by victims of human rights harm inflicted by businesses is proposed, where the primary inspiration for this model comes from investment treaty provisions dealing with corporate investors.
Abstract: This article proposes a model of treaty-based veil piercing for civil liability claims by victims of human rights harm inflicted by businesses. The primary inspiration for this model comes from investment treaty provisions dealing with corporate investors. Our examination of investment law for this purpose exposes the double standard in the treatment of the corporate veil between these two remedy regimes, and offers a way to address this. The test we propose for lifting the veil in order to allow victims to claim against the parent company in a corporate group is one of ‘legal control’. It aims to capture cases where the parent did not necessarily take an active role in the subsidiary's business, but it is still treated as being in control of the subsidiary by virtue of its direct or indirect ownership or ability to appoint management.

17 citations

Book
06 Sep 2018
TL;DR: In this article, the impact of mergers on the operating performance of acquiring corporates in different periods in India, after the announcement of industrial reforms, by examining some pre- and post-merger financial ratios, with chosen sample firms, and all mergers involving public limited and traded companies of the nation between 1991 and 2003.
Abstract: In today's global economy, Mergers and Acquisitions (M&A) are being increasingly used world over as a strategy for achieving larger size and faster growth in market share and reach, and to become more competitive through economies of scale. This research study aims to study the impact of mergers on the operating performance of acquiring corporates in different periods in India, after the announcement of industrial reforms, by examining some pre- and post-merger financial ratios, with chosen sample firms, and all mergers involving public limited and traded companies of the nation between 1991 and 2003. The results suggest that there are minor variations in terms of impact on operating performance following mergers in different intervals of time in India. The results also indicate that for mergers between the same group of companies in India, there has been a deterioration in performance and return on investment, suggesting that such mergers were only motivated by a potential for increasing the asset base through consolidation of different businesses, rather than driving efficiency improvements.

17 citations

Journal ArticleDOI
TL;DR: In this article, the authors argue that the Sarbanes-oxley-based reporting up requirement fails to address the incentives that motivate corporate attorneys, directors, and managers, and suggest that the requirement is unlikely to achieve its objective of providing key corporate decisionmakers with early information about potential misconduct.
Abstract: Following the collapse of Enron Corporation, the ethical obligations of corporate attorneys have received increased scrutiny. The Sarbanes-Oxley Act of 2002, enacted in response to calls for corporate reform, specifically requires the Securities and Exchange Commission to address the lawyer's role by requiring covered attorneys to report up evidence of corporate wrongdoing to key corporate officers, and, in some circumstances, to the board of directors. Failure to report up subjects a lawyer to liability under federal law. This article argues that the reporting up requirement reflects a second-best approach to corporate governance reform. Rather than focusing on the actors that traditionally control a corporation's activities, the statute attempts to solve governance problems indirectly by assigning to the lawyer the role of corporate gatekeeper and information intermediary. We demonstrate that the reporting up requirement fails to address the incentives that motivate corporate attorneys, directors, and managers. At the same time, the provision threatens to undermine the flow of information between lawyers and corporate actors. As a consequence, we suggest that the requirement is unlikely to achieve its objective of providing key corporate decisionmakers with early information about potential misconduct. Moreover, attorney and manager responses to the reporting up requirement are likely to reduce the quality of legal services provided to the corporation. Based on this cost-benefit analysis, we conclude that the Sarbanes-Oxley approach to corporate governance reform is flawed. Instead, we argue that a demand side approach is most likely to realign corporate attorney incentives and to reinvigorate the business lawyer's important role in promoting good corporate governance. Toward that end, we identify specific reforms tailored to increasing the incentives for corporate officers and directors to demand and obtain better legal advice.

17 citations

Journal ArticleDOI
01 Jun 2009-Focaal
TL;DR: In this paper, the authors discuss the events at Nandigram in West Bengal where in 2006-7, a Left Front government collaborated with an Indonesian corporate group to forcibly acquire land from local peasants and construct a Special Economic Zone.
Abstract: T his article discusses the events at Nandigram in West Bengal where in 2006-7, a Left Front government collaborated with an Indonesian corporate group to forcibly acquire land from local peasants and construct a Special Economic Zone. The events are placed against the broad processes of accumulation by dis- possession through which peasants are losing their land and corporate profits are given priority over food production. The article looks at the working and impli- cations of the policies and the way in which a Communist Party-led government had become complicit with such processes over the last decade. It critically exam- ines the logic that the government offered for the policies: that of the unavoidable necessity of industrialization, demonstrating that industrialization could have been done without fresh and massive land loss and that industries of the new sort do not generate employment or offset the consequences of large scale displacements of peasants. The article's central focus is on the peasant resistance in the face of the brutalities of the party cadres and the police. We explore the meaning of the vic- tory of the peasants at Nandigram against the combined forces of state and cor- porate power, especially in the context of the present neo-liberal conjuncture.

17 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202321
202249
202165
202078
201967
201874