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The Introduction was on the concept of Corporate Governance.
(1998)Corporate governance : a study of the corporate governance of quoted firms in the United Kingdom. PhD thesis, University of Warwick.
This course provides an introduction to empirical research in corporate finance, with an emphasis on the application of cross-sectional and panel data econometric techniques for causal inference. Topics include investment policy, entrepreneurship and innovation, financing decisions, firm ownership, corporate governance, managerial incentives, financial contracting, and the structure and internal organization of firms. The course assumes knowledge of econometrics at the level of .
FINANCE 335. Corporate Valuation, Governance and Behavior. 4 Units.
Governance is the process by which power and authority are exercised in a society by which government, the private sector, and citizens' groups articulate their interests, mediate their differences, and exercise their legal rights and obligations. Governance in public organisations is different from that in private organisations as they both possess different types of institutional stakeholders. Governments are directly answerable to the public. Therefore, it is essential for governments to be transparent in order to avoid any triggers in the accountability process that might adversely affect people's trust. The proper creation, capture, distribution and preservation of judicial evidence in the form of records can help avoid these problems. A trusted government is one that can demonstrate its accountability and transparency and is continually striving to improve value delivery and increase cost-effectiveness. The freedom of information demands governments to be more transparent and accountable for their actions and decisions. Whilst governments promote corporate governance to provide transparency and objectivity it can only give stakeholders better tools to do their job, it does not and cannot do it for them. The need for managing risk and audit culture is imperative to balance and satisfy the expectation of citizen and stakeholders. The accountability of a government can arguably only be achieved when it demonstrates considerable transparency, which in turn can only happen when trust is supported by authentic and reliable records. The records management community claims that records have to be preserved for accountability, but they rarely explore what 'accountability' is and what role records play in the accountability processes. In addition, the contribution of records management to good governance and accountability are often not recognised by other professions and management. In an age where corporate governance and transparency is a global agenda, it is imperative for the records management community to scrutinise their present role and approach in order to change the perception by other professions about their contribution towards achieving organisational goals in a highly regulated and compliant bound environment in the public and private sectors. The contention of this thesis is that record keeping is just a tool that ensures the availability of evidence for the accountability of governance, which in turn relies on the ethical standard of those involved.
The purpose of this thesis is to study corporate governance through a holistic approach by reviewing how the interests of shareholders, creditors and employees are protected and constrained throughout the life of a company. The thesis begins with the view that corporate governance is a control system with both an internal and an external governance scheme. By restructuring the parameters in both schemes, I set up a three-dimensional structure to study corporate governance. I first select shareholders, creditors, and employees as three factors of the axis of subjects. I then group social political issues, contracts, and laws and regulations as factors on the axis of constraints. After that, I define the third axis as the life cycle of corporate governance, parameters on which include corporate governance in the normal life, flotations, takeovers, and insolvency. By setting up this three-dimensional structure, I argue that corporate governance must be studied through a holistic approach integrating both the institutional perspective and the life cycle of corporate governance. The institutional perspective emphasizes the importance of social political issues in shaping the combination of constraints on the interests of stakeholders. The discussion in this thesis shows that different stakeholders have different combinations of constraints in safeguarding their own interests. On the whole, the current governance institution can provide due protection to stakeholders in different phases of the life cycle of corporate governance. One implication of this discussion is that company law is not the only relevant issue in corporate governance studies. In turn, shareholder primacy is a misleading conception in the institution of corporate governance even if it is a valid argument in the specific coverage of company law. The dynamic perspective on corporate governance points out that corporate governance also develops in a life cycle pattern. It is important to realize that, similar to the widely recognized path-dependence in corporate governance in comparative governance studies, the development of corporate governance practices in any company is also a continuous process in that existing governance practices and structures may make a difference to the occurrence of the later phases in the life cycle of corporate governance. Moreover, the dynamic perspective accentuates the importance of corporate governance around insolvency compared with that of other phases. Indeed, the solvency criteria which are legally prescribed merely in financial terms can not only exclude any serious consideration of non-financial interests but also reinforce the established finance oriented governance practices. This study also provides some thoughts on the current reform of corporate governance. In general, corporate governance is a multi-disciplinary issue and reform of corporate governance practices must be carried out with both an institutional and a dynamic approach. Accordingly, corporate governance reform can only be an ongoing and piecemeal process. Any abrupt change to the established system may only do a disservice and is thus inadvisable.
Corporate Governance Practices and Firm Performance of
The objective of this thesis is to investigate the corporate governance attributes of smaller listed Australian firms. This study is motivated by evidence that these firms are associated with more regulatory concerns, the introduction of ASX Corporate Governance Recommendations in 2004, and a paucity of research to guide regulators and stakeholders of smaller firms. While there is an extensive body of literature examining the effectiveness of corporate governance, the literature principally focuses on larger companies, resulting in a deficiency in the understanding of the nature and effectiveness of corporate governance in smaller firms.
The purpose of this study is to examine the corporate governance, of firms quoted on
the stock market. An important contribution of the thesis is the derivation of the
conceptual framework for analysing corporate governance which places conduct at the
centre of the understanding of corporate governance. I propose a conceptual
framework by extending the concept of incomplete contracts to include expost
observability/verifiability of the contracts between shareholders and managers.
Strategic co-operation between shareholders and managers is only feasible in the
procedural justice mode. Deliberation between the contracting parties is identified as
the centre piece of corporate governance. Managerial decision behaviour is shown to
be endogenous to the corporate governance framework.
A number of empirical issues emerge from the conceptual framework. We examine
two of these using panel data techniques and data on 218 manufacturing firms and the
complete list of 44 authorised financial institutions observed over a six year period,
1987-88 to 1994-95. I examine whether there is a case for deliberation in a corporate
governance framework given that the procedural justice mode is the only basis of
strategic co-operation. The second issue that was evaluated relates to the implications
of the adoption of a dominant strategy by shareholders given that the UK corporate
governance framework places a primary reliance on the market for corporate control.
My evidence shows that firm-specific factors are important in control changes as
measured by top management turnover. Thus the crucial recommendation of the
procedural justice based corporate governance framework, that deliberation will have
to be an integral component of the corporate governance framework, has been
validated by the empirical analysis. In the absence of strategic co-operation based on
procedural justice mode the conceptual framework proposed envisages the adoption of
dominant strategy by shareholders. The consequence of this will be an emphasis on
power relations in the top management team in a bid to minimise their human capital
risk. There will be ambiguity in the control changes as reflected by top management
turnover. I also find evidence that demonstrates the role of power in control changes.
Control changes as reflected by turnover of all directors and executive directors, in all
the estimates, are found to be consistently related to CEO changes. Financial
performance indicators are consistently inversely related to directors turnover in the
manufacturing sector but their impact on directors as reflected by elasticity measures
are very low. The effect of financial performance on the likelihood of CEO change is
not sgnificant for all the measures used in the study. Thus the evidence shows that
there is little accountability in the processes of corporate governance as reflected in
the top management turnover.
The conceptual framework proposed is not in conflict with the principal and agents
framework. The empirical results have also been used to evaluate the significance of
individual variables and compare and contrast with the findings of the existing
literature on top management turnover.
Analysis of the regulatory arrangement for authorised financial institutions has shown
that the central banks act as the centrepiece of the control structure in the financial
services sector. The role of the central banks in terms of corporate governance,
however, has been to replace the conventional governance goal of shareholder wealth
maximisation with concerns for depositors security and the stability of the financial
system. There are very few studies on the functioning of corporate governance
mechanisms in banks. Researchers are also increasingly interested in how corporate
governance mechanisms in general, vary in different legal and regulatory
environments. The study of the manufacturing and financial services sectors of the
same country provides valuable evidence for this comparison of corporate governance
under differing legal and regulatory arrangements.
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Thesis corporate governance pdf Buy ..
Based on a review of agency theory literature, a theoretical model is developed that posits that agency costs are mitigated by internal governance mechanisms and transparency. The model includes external governance factors but in many smaller firms these factors are potentially absent, increasing the reliance on the internal governance mechanisms of the firm. Based on the model, the observed greater regulatory intervention in smaller companies may be due to sub-optimal internal governance practices. Accordingly, this study addresses four broad research questions (RQs). First, what is the extent and nature of the ASX Recommendations that have been adopted by smaller firms (RQ1)? Second, what firm characteristics explain differences in the recommendations adopted by smaller listed firms (RQ2), and third, what firm characteristics explain changes in the governance of smaller firms over time (RQ3)? Fourth, how effective are the corporate governance attributes of smaller firms (RQ4)?
Phd Thesis On Corporate Governance And Performance
Six hypotheses are developed to address the RQs. The first two hypotheses explore the extent and nature of corporate governance, while the remaining hypotheses evaluate its effectiveness. A time-series, cross-sectional approach is used to evaluate the effectiveness of governance. Three models, based on individual governance attributes, an index of six items derived from the literature, and an index based on the full list of ASX Recommendations, are developed and tested using a sample of 298 smaller firms with annual observations over a five-year period (2002-2006) before and after the introduction of the ASX Recommendations in 2004.
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