Index
International Corporate Governance and Regulation
ISBN: 978-1-78756-536-4, eISBN: 978-1-78756-535-7
ISSN: 1569-3732
Publication date: 1 November 2018
This content is currently only available as a PDF
Citation
(2018), "Index", International Corporate Governance and Regulation (Advances in Financial Economics, Vol. 20), Emerald Publishing Limited, Leeds, pp. 213-219. https://doi.org/10.1108/S1569-373220180000020009
Publisher
:Emerald Publishing Limited
Copyright © 2019 Emerald Publishing Limited
INDEX
Accuracy of analyst forecasts (ACCU)
, 149, 150, 156
ACFE
, 165
ACINDP
, 164, 165
Actual earnings
, 147–148
ADRI. See “Anti-director rights index” (ADRI)
Agency theory
, 58
approach
, 25
Canadian mutual funds
, 107
external mechanisms
, 110
financial analysts
, 133
mutual fund governance
, 109–110
Alternative executive compensation schemes
, 110
Analyst earnings forecasts
, 147–148
Analyst following (FOLL)
, 148, 150, 158
Annual financial accounting data
, 62
Annual Information Form (AIF)
, 109
“Anti-director rights index” (ADRI)
, 63, 77
Anti-self-dealing index (ASDI)
, 63, 71, 72, 74
Arellano-Bond dynamic panel estimations
, 27, 28, 39
“Arthur Anderson”
, 144
ASDI. See Anti-self-dealing index (ASDI)
ASEAN-Stars Thai
, 177–178
Audit committee
, 149, 190
advising and monitoring
, 200
affiliated directors
, 194
characteristics, on negative events
, 201
dimensions
, 191
financial expertise
, 145–146
fraction of members, with financial expertise
, 192, 193
independence
, 143–145, 193–194
independent members
, 193
Israeli market
, 192
mean of independent
, 152
mean percentage of independent
, 197
meeting frequency
, 146–147
promulgation of SEC 2008 guidance
, 161
responsibilities
, 195
size
, 142–143, 191
summary statistics
, 196–198
theoretical and empirical studies
, 142
variables
, 204
Audit committee in fiscal year (ACMEETING)
, 159, 161
BGD. See Board gender diversity (BGD)
BINDP. See Board independence (BINDP)
Blau’s index of diversity (BWOCB)
, 44
Blockholder ownership (BLOCK)
, 152, 154
Blue Ribbon Committee (BRC)
, 142, 145, 190
Blundell-Bond dynamic panel estimations
, 28, 40
Board diversity
, 113–114
Board dummy
, 120
Board gender diversity (BGD)
baseline estimation
, 36–38
bivariate relationships
, 31, 34–35
“business case for diversity”
, 16
control variables
, 24–26
corporate control variables
, 18
correlation matrix
, 31, 32
data and sample procedure
, 20, 23
dependent variable
, 23
descriptive statistics
, 29–31
dynamic models
, 38–40
empirical evidence of
, 20–22
empirical model
, 26–27
firm performance
, 16, 17, 18
fixed effects of
, 36
independent variable
, 23–24
limitations and future research directions
, 50–51
literature review
, 18–20
longitudinal approach
, 17
methodology
, 27–28
practical implications
, 50
profitable company
, 16–17
quantile regression
, 28–29, 40–48
relationship
, 16
theoretical implications
, 49–50
trends in
, 31, 33
Board independence (BINDP)
, 113, 126, 139–141, 157–158
Board membership
, 188
Board of directors
, 149, 175, 193
board size
, 138–139
CEO duality
, 141–142
independence
, 139–141
Board size (BSIZE)
, 112–113, 116, 138–139, 161, 164
Board structure, on fees and performance
board diversity
, 113–114
board independence
, 113
board size
, 112–113
CEO duality
, 113
Brokerage firm
, 175
BSIZE. See Board size (BSIZE)
Burden sharing, climate policies with
, 1–11
Business-as-usual (BAU) model
, 5
“Business case for diversity”
, 16
Canadian Foundation for Advancement of Investor Rights (FAIR Canada)
, 106
Canadian market
, 106
Canadian media
, 106
Canadian mutual funds
agency theory vs. stewardship theory
, 107
board diversity
, 107
corporate class funds
, 107
empirical analysis
, 106
governance model
, 106
industry
, 107
investors
, 108
trust funds
, 107
See also Mutual fund governance
Carbon tax
, 3, 7–8
CEO duality (DUAL)
, 161, 165
board of directors
, 141–142
board size and presence of
, 123, 124
definition
, 113
regression analyses
, 157
Chief executive officer (CEO)
, 25
Climate bonds
, 5–7
Climate change
governmental expenditure
, 3
innovative abatement financialization strategy
, 10
intergenerational burden sharing
, 2
macro- and microeconomic modeling
, 4
Climate finance economics
, 1–11
Climate justice
, 2, 3–4
Climate policy
with burden sharing
, 1–11
funding
, 4–8
CO2 emission mitigation
, 3
Company’s earning quality
, 175
“Compliance Week”
, 145
Compustat Global Fundamentals Annual database
, 62
Control variables
, 24–26
corporate funds
, 119
correlation matrix
, 152–154
internal governance mechanisms
, 150
Corporate class funds
, 109
board characteristics, on fees and performance
, 122–126
board structure, on fees and performance
, 112–114
families offer
, 120
fees
, 124–126
governance structure of
, 110
performance
, 122, 123, 126
vs. trust funds
, 111–112
TSC regression
, 125
See also Canadian mutual funds
Corporate control variables
, 18
Corporate disclosure
, 176
Corporate fund performance
, 126
Corporate governance
, 91, 190
Corporate governance fundamentals
, 174
board qualification
, 175
corporate disclosure
, 176
earning quality
, 176–177
management competency
, 176
research method
, 181–182
sample companies and investors
, 177–181
Corporate governance mechanism
, 58, 59
Correlation matrix
, 31, 32
Cronbach’s α
, 176, 177, 182
Daily stock prices
, 147
Debt-to-assets ratio (DEBT/AT)
, 63, 64
“Decision making” committees
, 193
Dependent variable
, 23, 197
accuracy of analyst forecasts
, 149
analyst following
, 148
correlation matrix
, 152–154
optimism bias in financial analysts’ earnings forecasts
, 149
Descriptive statistics
, 29–31, 151–152
DICE Model
, 4
Director on board (DWOCB)
, 23, 44
Disclosure policy
, 135
Disposable wage income
, 3
Dividend payout
and competition
, 58
and industry competition
, 81
measurement variable
, 62
outcome model
, 58–59
robustness tests
, 75–81
substitution model
, 59, 60
Dividends
, 58
multivariate analysis of competition
, 68–69
outcome model
, 58
payments
, 60
shareholder rights, on relationship between competition
, 69–74
SOX adoption
, 74–75
univariate analysis of competition
, 66–68
See also Product market competition
Dominant shareholders
, 134, 155
DWOCB. See Director on board (DWOCB)
Dynamic panel model
, 38–40
Earning quality
, 174
definition
, 176–177
Economic activity, of greenhouse gas emissions
, 5
Economic freedom
captures
, 86
data and sample construction
, 91–92
on economic policies
, 87
EFW
, 86, 91
emerging markets
, 86, 87
financial markets
, 88–89
firm performance
, 93–99
hypothesis development
, 89–91
indicator of
, 87
investment decisions
, 87
macroeconomics
, 86, 87–88
methodology
, 92–93
quality of government
, 86
strengthens
, 86–87
Economic Freedom of World (EFW) index
, 86, 91
in emerging markets
, 98
on firm valuation
, 96
Pearson correlation coefficients
, 91–92
regression analysis
, 93–94
for young firms
, 99
Economic growth
, 87–89
Economics, of climate financing
, 1–11
Economic theory
, 89
Economies of scale
, 106
EFW index. See Economic Freedom of World (EFW) index
eMagin Corporation
, 144
Emerging markets
EFW index
, 98
in entrepreneurship
, 87
Empirical model
, 26–27
External mechanisms, agency theory
, 110
Fees and performance, board structure on
board diversity
, 113–114
board independence
, 113
board size
, 112–113
CEO duality
, 113
Female directors
, 19
Finance professionals
, 132
Financial analysis
, 132
Financial analysts
analysis of determinants
, 132
audit committee
, 142–147
board of directors
, 138–142
correlation matrix
, 152–154
descriptive statistics
, 151–152
governance mechanisms
, 133
models specification
, 150
ownership structure
, 133–138
quality outputs
, 132
regression analyses
, 154–166
sample selection and data
, 147–148
variables measurement
, 148–150
Financial markets
, 88–89
Financial statements committee
, 190
Financing climate change mitigation
, 3
Firm performance
board size
, 25
dependent variable
, 23
in emerging markets
, 96–98
measurement
, 93
multivariate tests
, 95–96
univariate tests
, 93–95
for younger firms
, 98–99
See also Board gender diversity (BGD); Economic freedom
Firm profitability
effect of EFW
, 97
regression analysis of
, 94
Firm size (FIRMSIZE)
, 150
Fixed effects (FE) method
, 37
with robust standard errors
, 36
Flaherty, James M.
, 106
Fluidity
, 59
FOLL. See Analyst following (FOLL)
Forecast error
, 150
Foreign direct investment (FDI)
, 88
F–statistics
, 154
Fundamental financial statements
, 145
Gauss Pseudospectral Optimization Software
, 9–10
Gender discrimination
, 19
Generalized method of moments (GMM)
, 27
Governance, for trust funds
, 109
Greenhouse gases emissions
, 5–7
“Grey directors”
, 157, 158
Gwartney, J. D.
, 89
Hastings, Reed
, 162
Hausman test
, 150
Herfindahl-Hirschman Index (HHI)
, 59, 63
Heterogeneous board
, 19
Hypothesis test
, 184
Independent directors
, 191
Independent variable
, 23–24
corporate governance, of non-financial institutions
, 149
correlation matrix
, 152–154
Industry dummies
, 37
Infinite time horizon simulations
, 9
Institutional investors (INSTUT)
, 135–136, 156
Institutional ownership (INSTIT)
, 135–136, 151, 154
Instrumental variable quantile regression (IVQR) method
, 29
Integrated assessment model
, 4
Intergenerational burden sharing
, 2–3
Internal mechanisms, agency theory
, 110
International dividend policy analysis
, 81–82
Intertemporal climate change burden sharing
, 5
Investment intention
, 174–175
Investment opportunity
, 63
Investors
attitudes
, 181, 182
five-point scale
, 178, 180–181
Israeli economy, confounding factor in
, 194
Israeli market
, 192
Israeli-type audit committee
, 193
Israel Securities Authority (ISA)
, 194, 196
Leverage (LEVERAGE)
, 150
Levitt, A.
, 146, 147
Linear panel regression models
, 150
Majority shareholders
, 154, 156
Management competency
, 174
Management Expense Ratio (MER)
, 114
Managerial ownership (MANAGERIAL)
, 136–138, 154, 161, 164
Marketing, of financial products
, 185
See also Product market competition
Market value (MV)
, 63
Market value of equity (MVE)
, 64
MATLAB
, 8
Maya
, 196
Median average asset weighted expense ratio (MAAWER)
, 106
Middle-aged investors
, 175
Minority shareholders
, 134–135
“Monitoring committee”
, 193
Morgan Stanley Capital International (MSCI) market classification
, 97
Multivariate tests
, 95–96
Mutual fund
in Canada
, 107–109
company
, 109
fees
, 120–122
performance
, 122
trusts
, 108
in US
, 120
Mutual fund governance
, 110–111
agency theory
, 109–110
mechanisms on fees and performance
, 116–122
methodology
, 115–116
returns and fees
, 117, 118
sample selection
, 114
stewardship theory
, 110
Neoclassical theory
, 90
Net Asset Value (NAV)
, 108, 118
Netflix
, 162
Nonlinear model predictive control (NMPC) method
, 8, 9
Number of WOCB (NWOCB)
, 44
“Omitted variable bias”
, 27
Optimism bias in financial analysts’ earnings forecasts (OPTIM)
, 149, 150, 164
Ordinary least squares (OLS)
, 154
Ownership concentration (TOP1)
, 134–135, 151, 154
Ownership structure
, 133, 149
institutional investors
, 135–136
managerial ownership
, 136–138
ownership concentration
, 134–135
regression analyses
, 154
Panel data models
, 115–116
Pareto optimality
, 2–3
Pearson correlation coefficients
, 152–154
Per-capita capital over time
, 5
Percentage of WOCB (PWOCB)
, 44
2-period model
, 3
Principal component analysis (PCA)
, 182, 183
Product market competition
, 58
data sources
, 62
dividend payments
, 60
dividend policy
, 59
multivariate analysis
, 68–69
outcome model
, 58–59
outcome versus substitution effects
, 61–62
sales-based HHI
, 59
sample construction
, 62
shareholder rights
, 69–74
SOX adoption
, 74–75
substitution model
, 59
summary statistics
, 63–66
univariate analysis
, 66–68
variable construction
, 62–63
Public company
, 176
Quantile regression (QR)
bootstrap method
, 29
empirical investigation
, 40
estimates
, 28
fixed effects
, 40–43
method
, 18
model
, 28
observational study
, 29
specification
, 18
Regression analyses
analyst following
, 158
analyst forecast accuracy
, 156
BINDP variable
, 157
board independence
, 157–158
BSIZE variable
, 157
CEO duality
, 157
dominant shareholders
, 155
financial disclosures, SEC governance of
, 159–166
F–statistics
, 154
“grey directors”
, 157, 158
institutional investors
, 156
majority shareholders
, 154, 156
ownership structure
, 154
panel data results
, 154, 155
Regression model
, 197–198
Regulation Fair Disclosure (Reg FD)
, 158, 159, 162
Reliability test
, 182, 183
Repayment of bonds
, 7
Research method
, 181–182
Research model
, 177, 182, 184
Resource dependency theory
, 19
Retirement Savings Plan (RSP)
, 117
Return on assets (ROA)
, 64, 69, 199
Return on equity (ROE)
, 204
Robinson, G.
, 18
Sachs, J. D.
, 2, 3
Sarbanes-Oxley Act (SOX)
, 58, 60, 74–75, 190
Scaling payouts
, 75
Securities and Exchange Commission (SEC)
, 190
See also Regression analyses
“Service-and-client ” atmosphere
, 10
Shareholder protection
, 77
Shareholder rights
, 69–74
Shiller, R. J.
, 59
Social discounting reveals
, 3
Social media, growing influence of
, 162
SOX. See Sarbanes-Oxley Act (SOX)
S&P 100 Index
, 20, 23
Stata©
, 29
Stewardship theory
Canadian mutual funds
, 107
mutual fund governance
, 110
Structure equations model (SEM)
, 184
Summary statistics
audit committee
, 196–198
for governance data
, 124
product market competition
, 63–66
of variables
, 92
Super-Analyst
, 196
Sustainability
, 8–9
Taiwanese companies
, 174–175
Tax-and-transfer mitigation policy
, 4
Technology index
, 6
Tel Aviv Stock Exchange (TASE)
, 191, 196
Three phase model
, 5–7
Tobin’s Q
BGD measures
, 31, 34–35
board size
, 189
definition
, 23
firm performance measurement
, 93
mean average
, 29–30
TOP1. See Ownership concentration (TOP1)
Total Shareholder Cost (TSC) regression
, 116, 120, 125
Trust funds
, 107
governance for
, 109
performance regression for
, 122, 123
See also Corporate class funds
Univariate tests
, 93–95
“Unobserved heterogeneity”
, 27
US financial market
, 132
Variables
correlation matrix
, 31, 32
definition
, 26, 196, 197
descriptive statistics
, 29–31, 151–152
measurement
, 148–150
Venture capital firms
, 90–91
Voluntary information disclosure
company websites
, 159–162
on social media
, 162–166
Wages
, 3–4
Women on corporate boards (WOCBs)
, 24
- Prelims
- Climate Policies with Burden Sharing: The Economics of Climate Financing
- Board Gender Diversity and Firm Financial Performance: A Quantile Regression Analysis
- Are Dividends an Outcome of or a Substitute for External Corporate Governance? International Evidence Based on Product Market Competition
- International Evidence on Economic Freedom, Governance, and Firm Performance
- Should We Trust Fund Managers? A Close Look at the Canadian Mutual Fund Governance
- The Influence of Corporate Governance Mechanisms on the Behavior of Financial Analysts of US Firms: An Empirical Analysis
- Corporate Governance That Influences an Investment Intention in the ASEAN-Stars Thai Listed Companies: A Marketing Application for Brokerage Firms
- Reconsidering the Mandate of the Audit Committee: Evidence from Corporate Governance in Israel
- About the Editors
- Index