scholarly journals Financialisation and the coupon pool

2002 ◽  
Vol 26 (3) ◽  
pp. 119-151 ◽  
Author(s):  
Julie Froud ◽  
Sukhdev Johal ◽  
Karel Williams
Keyword(s):  
Corporate Governance ◽  
Empirical Evidence ◽  
Capital Markets ◽  
Shareholder Value ◽  
The Other ◽  
Critical Examination ◽  
Generic Term

This article aims to extend our understanding of the role of capital markets in present day capitalism. It starts from a critical examination of established terms, shareholder value, corporate governance and financialisation, before suggesting a new generic term, coupon pool capitalism. The second half aims to demonstrate that, unlike the other terms, the coupon pool concept distinctively emphasises the generation of contradictions and instabilities. Empirical evidence is used to support the concept and explore dynamics.

Shareholder-driven Corporate Governance

2019 ◽  
Author(s):  
Anita Indira Anand
Keyword(s):  
Decision Making ◽  
Corporate Governance ◽  
Moral Hazard ◽  
Capital Markets ◽  
Regulated Markets ◽  
The People ◽  
Important Trend ◽  
Technical Capacity ◽  
Regulatory Challenges

This is a book about the ways in which capital markets have come to be shaped by the ubiquity of sophisticated investors. In particular, many of today’s investors have the economic might and technical capacity to play a role in the decision-making of the corporations in which they invest. This phenomenon brings with it a host of benefits, such as mechanisms to ameliorate the moral hazard that can exist when the people who bear the risk of corporate activity are different from those who make decisions. A key element of this book is an examination of the ways in which thinking about corporations and capital markets must change to reflect the prevalence of sophisticated shareholders. The book develops a concept—shareholder-driven corporate governance—to explain the role of powerful shareholders and to propose a regulatory scheme that furthers their participation in corporate decision-making. In doing so, the book considers a number of regulatory challenges that confront securities regulators. Ultimately, the book identifies an important trend in capital markets, highlights reasons for fostering this trend, and discusses the path that regulation can and should take in order to protect investors and foster well-regulated markets.

scholarly journals Can compensation committees effectively mitigate the CEO horizon problem? The role of co-opted directors

2020 ◽  
Vol 34 (1) ◽  
pp. 1-21
Author(s):  
Ruonan Liu
Keyword(s):  
Corporate Governance ◽  
Research And Development ◽  
Empirical Evidence ◽  
Design Methodology ◽  
Ceo Compensation ◽  
Content Type ◽  
Horizon Problem ◽  
Accruals Management ◽  
Compensation Committees

Purpose This study aims to examine whether compensation committees dominated by co-opted directors are less effective in mitigating the CEO horizon problem. Design/methodology/approach The author uses a sample of 7,280 firm-year observations from 1998 to 2011. Findings In this study, the author finds evidence of opportunistic research and development (R&D) reduction and accruals management in firms with retiring CEOs and compensation committees dominated by co-opted directors. Moreover, it is found that R&D reduction and income-increasing accruals are less discouraged when determining the compensation for retiring CEOs by compensation committees that are dominated by co-opted directors. The results suggest that compensation committees dominated by co-opted directors are less effective in adjusting CEO compensation to mitigate the CEO horizon problem. Originality/value The study reveals that co-opted directors are weak monitors. Moreover, the study adds empirical evidence to the debate of organizations’ CEO horizon problem. Finally, the study adds to the literature on corporate governance, revealing that compensation committees play an important role in mitigating an organization’s CEO horizon problem by adjusting CEO compensation.

scholarly journals Editorial: An empirical contribution to corporate governance issues

2020 ◽  
Vol 17 (3) ◽  
pp. 4-6
Author(s):  
Áron Perényi ◽  
Simone Terzani
Keyword(s):  
Corporate Governance ◽  
Empirical Evidence ◽  
Financial Institutions ◽  
Business Management ◽  
Corporate Ownership ◽  
And Control ◽  
Empirical Contribution

The new issue of Corporate Ownership and Control journal is composed by 15 articles focussing on a variety of topics in the field. Five papers present empirical evidence from banks and financial institutions, three focus on firm finances, four on governance and responsibility and a further three on the role of technology in terms of contextualising various business management activities.

scholarly journals Cooperation Networks and Embeddedness—The Case of the Portuguese Footwear Sector

2020 ◽  
Vol 12 (22) ◽  
pp. 9612
Author(s):  
Rúben Rocha ◽  
Anderson Rei Galvão ◽  
Carla Susana Marques ◽  
Carla Mascarenhas ◽  
Vítor Braga
Keyword(s):  
Content Analysis ◽  
Empirical Evidence ◽  
Qualitative Methodology ◽  
The Other ◽  
Internationalization Process ◽  
Structured Interviews ◽  
Data Coding ◽  
Business Association ◽  
Practical Implications

The purpose of this paper is to explore the role of embeddedness and cooperation networks in the business internationalization process. To achieve the abovementioned purpose, a qualitative methodology was carefully chosen, through which semi-structured interviews were conducted with ten entrepreneurs of the footwear sector in Portugal, as well as with a head of the national footwear business association. In order to process the data obtained by conducting the interviews, content analysis and data coding through the NVivo software were performed. The results suggest that internationalization is essential for companies in the Portuguese footwear sector. In addition to internationalization helping companies to increase their turnover, it allows companies to grow in a more sustainable way. On the other hand, research also allows us to deduce that networks play an important role in the development of the organizations in question, as they facilitate access to various resources indispensable to this growth. Concerning embeddedness, this aspect presents itself as a facet to which special attention should be paid, considering the pre-eminence that respondents attribute to all variables that help to structure this dimension. The conclusions of this study have theoretical and practical implications, which provide empirical evidence of how the internationalization process can influence the activity of Portuguese companies in the footwear sector. In addition, the results contribute to the evolution of existing knowledge about how embeddedness and cooperation networks facilitate the internationalization process.

Democracy and the Transnational Dimensions of Low-Level Conflict and State Repression

2021 ◽  
Author(s):  
Martin Roessler ◽  
Patrick Zwerschke ◽  
Jonathan Old
Keyword(s):  
Simple Model ◽  
Panel Data ◽  
Empirical Evidence ◽  
The Other ◽  
State Repression ◽  
Low Level ◽  
Different Types ◽  
Opposing Effects ◽  
Conflict Intensity

Abstract This paper examines the transnational dimensions of low-level conflict and state repression. In this regard, special emphasis is placed on the role of political regimes. Drawing on a simple model, we argue that democracy has opposing effects on conflict intensity. On one hand, democracy satisfies demand for political participation and thus reduces conflict potential, while, on the other hand, we highlight that domestic democracy may spur dissatisfaction and conflict abroad, which, in turn, may induce conflict spillovers. As a result, the net effect of democracy on low-level conflict and state repression is ambiguous and depends on the level of democracy in the neighborhood: We predict that democracy is more pacifying in democratic environments and may spur conflict in autocratic environments. By the symmetry of the model, we also predict that democratic environments are more pacifying for democratic countries and may spur conflict in autocracies. Empirical evidence using panel data on different types of low-level conflict and state repression for 160 countries in the period from 1950 to 2011 supports these hypotheses. Additionally, two case studies illustrate the mechanisms of our model.

The evolving European system of corporate governance: implications for worker participation

2008 ◽  
Vol 14 (1) ◽  
pp. 27-43 ◽  
Author(s):  
Sigurt Vitols
Keyword(s):  
Corporate Governance ◽  
Policy Making ◽  
Private Equity ◽  
Shareholder Value ◽  
Critical Examination ◽  
European Policy ◽  
The Past ◽  
Worker Participation ◽  
European System ◽  
Value Model

This article contributes to the current battle over the character of the evolving European system of corporate governance. The claims of proponents of the shareholder value model, which has been hegemonic in European policy-making circles over the past decade, are subject to a critical examination. In particular, the claims of the governance superiority of private equity, one of the extreme expressions of the shareholder model, are shown not to hold empirically. The concept of the sustainable company is proposed as an alternative to the shareholder value model, both because of its explicit commitment to a multidimensional understanding of welfare, and because of its extension of worker participation beyond traditional trade union concerns.

scholarly journals Islamic Financing Instrument Under Indonesia Positive Law

2018 ◽  
Vol 2 (2) ◽  
pp. 187-203
Author(s):  
Supardan Mansyur ◽  
Usman Usman ◽  
Lalu Sabardi
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Banking Industry ◽  
Human Life ◽  
The Other ◽  
Islamic Banking ◽  
Role Of Government ◽  
Capacity Enhancement ◽  
Positive Law

Islam governs all aspects of human life. It is not regulate the human relation to Allah only but also between human each other, among other economy like financing comply with shari’ah. The issues are: (1) how is the regulation of financing comply with shari’ah regulated ini positive law in Indonesia; and (2) handicap   faced in its application in Indonesia. The purposes of this research are to know: (1) its regulation on positive law, and (2) its handicap in its application Indonesia. Its results are: (1) Islamic financing in Indonesia is regulated in various rules and regulation and their implementation strengthening its existing in positive law in Indonesia as   Act No.7/1992 on Banking (amended by  Act No. 10/1998), Act No. 23/ 1998 on Indonesia Bank  (amended by Act No. 3/2004), and Act  No. 21/ 2008 on Islamic banking, particular to Shari’ah Capital Market its regulation is regulated by OJK Decision and DSN-MUI Fatwas; (2) murabahah based financing) dominating all financing of Indonesian banking industry is considered  as the cause of Islamic Banking avoided to use Mudharabah and Musharakah is their higher risk. Related to these difficulties is recommended to be: (1) expected to Government and DPR to enact the statute on Islamic on Islamic Capital Market putting the Islamic Capital Market equal to the Conventional Capital Markets (2) The role of Government and the other institutions to cope handicap faced as highlight the capacity enhancement of Islamic financing institutions, regulations,  and development of infrastructures   supporting the Islamic financing application, are absolutely needed.

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