This new approach to corporate governance is based on four guiding principles that together form the basis of an integrated approach that addresses all key aspects of corporate governance.
It provides a unique complex analysis and detailed description of how corporate governance has been perceived by both Russian regulators and the business community, and how it has been applied in Russian companies. This analysis covers the period of over 25 years: from early attempts at directing transfer and implanting the Western model of corporate governance to the nascent Russian big private business, up to the period of resurgence of the state as the dominant player both in Russian society and its economy at large.
It gives an understanding of what corporate governance is in Russia in the days of "sovereign democracy" and confrontation with the West.
It explains how cultural, political, economic and institutional factors have shaped corporate governance in Russia. The authors provide insights into such aspects of Russian corporate governance framework and practices as regulatory philosophy and enforcement, ownership structure, the role of the state, the impact of unfriendly domestic business climate, how the value of corporate governance is perceived in Russian context, etc.
Predominantly, the book paints an interesting picture of how the "sovereign corporate governance" model has been shaped in Russia. This book will be useful not just for experts in corporate governance and investors, but also for those who have an interest in modern Russia at large. Score: 3.
The global financial crisis has led to a whole host of changes in corporate governance requirements, which are analysed by Bob Tricker.
Corporate Governance Author : R. The third edition covers key developments since the financial crisis, including aggressive tax avoidance, executive pay, and whistle-blowing. The book is divided into three clear parts that firstly outline the models and principles of governance, before analyzing corporate policy, codes, and practice. International case studies provide real-world examples and a chapter dedicated to global corporate governance illustrates regulation in such diverse regions as Brazil, Russia, the Middle East, and North Africa.
This comparative perspective ensures students are able to evaluate the importance of culture in various attitudes to governance. In addition, self-test questions, with solutions provided at the end of the text, enable the reader to directly test their knowledge and assess their progress throughout. This complete approach ensures students have a fundamental understanding of all aspects of corporate governance and its essential role in real-world business practice. The textbook is accompanied by an Online Resource Centre, which includes: For students - Use the author blog to gain insight into current events in the world of business, economics and finance.
For registered lecturers - Additional case studies of varying lengths can be used in class to generate discussion and debate. This handbook shows you how due diligence is used to assess the risk of any transaction, customer or investor for all businesses regardless of size or location.
There are three main reasons for the rise in the profile and uses of due diligence:. Companies are now doing deals all over the world and must be increasingly vigilant about the individuals and companies they are dealing with.
Investors, consumers and the media are putting pressure on companies to avoid dealing with ethically, environmentally or socially irresponsible organisations.
Internal controls must address the increasing regulatory requirements introduced in response to corporate scandals and the terrorist threat Due diligence allows companies to profile the companies and individuals they are thinking of dealing with before any commitment is made, providing an effective safeguard against criminal activity, reputational damage, or breaches of legislation. With its diverse coverage and focus on the practical uses of due diligence, combined with explanations and illustrations of best practice by case studies, diagrams and checklists, this handbook is the essential guide for all those involved in corporate transactions and risk management.
The handbook:. Provides a broad introductory guide to due diligence. Examines due diligence in the context of risk management and corporate governance. Is straightforward, comprehensive and practical. Uses case studies to illustrate business users.
Includes checklists to monitor risk management. Provides insights into comparative corporate governance framework. Whereas Anglo-American authors have done excellent work on the relationship between corporate governance and firm valuation, there is little empirical evidence on this topic in Germany. But recent works suggest that a stricter legal environment leads to lower expected rates of return in an international cross-section of countries.
Andreas Schillhofer investigates whether differences in firm-specific corporate governance also help to explain expected returns in a cross-section of firms within a single jurisdiction. In addition, there is strong evidence that expected returns are negatively correlated with the CGR if dividend yields and price-earnings ratios are used as proxies for the cost of capital.
Suitable examples and case studies are given to enhance the understanding of the critical issues that require a delicate balance of what ought to be and what not. In the U. SMEs are company with less than employees. In European Union, the limit is employee.
Introduction With the advent of major corporate meltdowns like Enron, Siemens, WorldCom and Tyco in the late 20th century and early 21st century, corporate governance became a topic of heated debate in various countries. Thereafter, economies worldwide began the adoption of waves of regulations and measures that would prevent corporate scandals, hold firms accountable and enhance their performance, both ethically and financially.
In essence, corporate governance is there to ensure equitable, fair and just treatment for all stakeholders, particularly in the free-market and capitalistic climate of the 21st century. Agency theory The agency theory focuses on a checks-and-balances type of governance. The board of directors, which is comprised of mostly independent members, is tasked with monitoring management to avoid problems. Corporate governance in large businesses is associated with the agent-principal issue.
The principals hires agents to represent their interest and act on their behalf but they acts in their own interests instead. The agency problem occurs when agency do not appropriately represent the best interest of the principals. It is also increasingly seen as needing to take account of the interests of other stakeholders, such as employees and suppliers, and wider societal issues such as appropriate stewardship of environmental assets. Stewardship theory Under the stewardship theory, company executives protect the interests of the owners or shareholders and make decisions on their behalf.
This theory brought in a sense of trust that people can be trusted to act on others behalf fairly. Their sole objective is to create and maintain a successful organization so the shareholders prosper. This allows for intimate knowledge of organizational operation and a deep commitment to success. Where the owners are also the managers, management and ownership interests are aligned, but these interests are not necessarily those of other stakeholders. Generally for SMEs, corporate governance is mainly about improving business efficiency and performance, and less about monitoring the actions of management.
In general, a robust and effective corporate governance framework includes a number of features and characteristics. Some scholars argues that corporate governance is not relevant in the Small and Medium Enterprise context, due to the absence of a board of directors, and the unity of ownership and management.
Nevertheless, most SMEs have business partners and multiple stakeholders with extensive interest in sustainable growth and long-term success. Is it correct to say that in case of SMEs, good governance is not relevant because in essence of there is no separation of ownership and stewardship?
No I disagree, corporate governance does not discriminate against company size. As such adhering to corporate governance principles is as important for a large utility company Nampower as it is for the owner of a food restaurant or even a small shop in Ombili, Katutura. The main aim of every business is to grow and make more profit. Therefore, if these objectives are to be achieved, SMEs has to adopt good corporate governance to attract investors to the business.
The governance systems applied to SMEs are internal and since SMEs are not enlisted in the stock market, regulators tend to have little to no influence but that does not mean corporate government is not needed in SMEs. Why is corporate governance important in SMEs and family owned businesses? For a SME, corporate governance is concerned with the roles of shareholders who act as owners and managers, as well as laying out rule and procedures related to ensuring the integrity of financial results.
Assuming that the main objectives of every small business is to grow and be able to compete with larger and perhaps more established firms, numerous scholars agree that integrating corporate governance practices sets precedents for future growth and lays solid ground for potential investments and partnerships.
Unlike large companies, SMEs and family owned business do not run the agency risk, which is the owners of the business are different from the management of the business. For example, a person selling kapana at single quarters does not run agency risk like the owner of Spar Supermarket.
In small business usually the owners are the managers of the businesses. Secondly, not much importance is given to the impact that senior managers can have on a business. This is because they can provide valuable insights of what is actually going on within the business and the potential risks that the business is facing.
In addition to that they also provide monthly or annual reports. Thirdly, the boards of small companies lack diversity and Non-executive directors. As non- executive directors are considered to be a fresh pair of eyes to any business and provide their independent judgement relating to the business strategy and performance they can add significant value to the business. However, there can be a lack of formal policies and procedures as members might be familiar with one another.
This creates a higher risk of fraud and error due to the absence of a formalized contract and rigorous procedure in place.
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