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Article
Publication date: 1 May 2006

Elizabeth Webb

As corporations continue to face substantial information asymmetries between managers and shareholders, they must decide how to mitigate this agency problem using various

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Abstract

Purpose

As corporations continue to face substantial information asymmetries between managers and shareholders, they must decide how to mitigate this agency problem using various mechanisms of corporate governance. Two of these mechanisms include the board of directors and takeover defenses. The purpose of this paper is to show that rather than having an additive effect, the marginal benefit of using one of these mechanisms declines as the use of the other increases.

Design/methodology/approach

Using a governance index that measures the firm's takeover defenses and a unique board of directors index, the study employs both univariate analyses and multivariate simultaneous equation modeling in order to test the hypotheses.

Findings

The results of these tests show that these two measures of corporate governance should be viewed as a set rather than as individual components. In other words, a strong board is inversely related to strong shareholder protection in the form of takeover defenses. The study further analyzes the extent to which growth opportunities influence this relationship using a logistic regression approach. It appears that a firm's opportunity for growth is related to the strength of its board of directors, yet not to its governance provisions.

Originality/value

By analyzing a specific combination of current corporate governance practices, these results can assist firms at a practical level by providing information on optimal solutions to the agency problem.

Details

Corporate Governance: The international journal of business in society, vol. 6 no. 3
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 22 February 2008

Elizabeth Webb

The purpose of this paper is to empirically examine the corporate governance and financial characteristics of firms under the new Sarbanes‐Oxley (SOX) accounting regime.

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Abstract

Purpose

The purpose of this paper is to empirically examine the corporate governance and financial characteristics of firms under the new Sarbanes‐Oxley (SOX) accounting regime.

Design/methodology/approach

The paper first compares a comprehensive set of characteristics across firms in two states of SOX Section 404 status–Compliance and Violation. It then tests for determinants of SOX compliance in a logistic regression setting.

Findings

Several differences between compliance groups in terms of equity ownership, board structure, and executive compensation schemes are reported. However, it appears that firms found to be in violation of SOX are not systematically worse when it comes to common measures of corporate governance. The financial structure and soundness of the groups of firms are very similar. The strongest determinant of Section 404 compliance is firm size.

Originality/value

This result supported anecdotal evidence that compliance with SOX is achieved primarily by firms that can afford it. Further, the paper highlights an important policy issue: Is SOX really differentiating firms in terms of corporate governance or in terms of size?

Details

Review of Accounting and Finance, vol. 7 no. 1
Type: Research Article
ISSN: 1475-7702

Keywords

Article
Publication date: 31 July 2007

Elizabeth Webb

The purpose of this paper is to apply theoretical concepts of corporate and bank boards to the Boards of Directors at Federal Reserve Banks and at US Basel II A‐IRB…

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Abstract

Purpose

The purpose of this paper is to apply theoretical concepts of corporate and bank boards to the Boards of Directors at Federal Reserve Banks and at US Basel II A‐IRB adopters. The Basel II Accord set to take effect in the USA in 2009 provides direction as to board oversight in Pillar 2. Since the Federal Reserve is one agency responsible for this document, the paper proposes to investigate the governance structure at US banks, presumably adopting (or opting in) the Basel II A‐IRB framework.

Design/methodology/approach

The board structure at Federal Reserve District Banks as of 2006 is examined. Also analyzed are the board structure, executive compensation, and ownership structure at the 22 banks identified as Basel II A‐IRB adopters. These results are then compared with current views and standards of “good governance” in the literature.

Findings

It was found that there is a fairly diverse representation on the board (in terms of female directors), a large proportion of directors are CEOs (generally of other banks), and that boards comprised a majority of outside directors. Several governance characteristics are contrary to “good governance” characteristics described in the literature. Further, banks adopting A‐IRB procedures in Basel II may need to improve governance structures to be in compliance with Pillar 2 of Basel II.

Practical implications

The Federal Reserve System, in an effort to increase board oversight as part of a risk management framework, should also consider its own board structure in light of current research on private‐sector boards. Both Federal Reserve District Boards and Basel II Boards should work towards exemplary corporate governance in light of their place in the US banking system.

Originality/value

The paper investigates the governance structures of banks.

Details

Journal of Financial Regulation and Compliance, vol. 15 no. 3
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 9 January 2007

Hatice Uzun and Elizabeth Webb

This paper aims to offer a comprehensive comparison of the characteristics between banks that securitize and banks that do not and to provide evidence of the capital…

6178

Abstract

Purpose

This paper aims to offer a comprehensive comparison of the characteristics between banks that securitize and banks that do not and to provide evidence of the capital arbitrage theory of securitization.

Design/methodology/approach

First, the fundamental financial similarities and differences between banks that securitize assets and banks that do not participate in the securitization market are tested. Second, variables that help predict whether a bank securitizes assets are analyzed. Third, the determinants of securitization extent in banks that securitize assets are investigated – for general securitization extent and for specific type of asset securitized. Using a sample of 112 banks that securitize different assets, a matched sample of banks that do not securitize based on entity type and size is created. A quarterly panel data set of these banks dating back to 2001 is used.

Findings

The results indicate that bank size is a significant determinant of whether a bank securitizes. Further, overall securitization extent is negatively related to the bank's capital ratio (in support of capital arbitrage theory), but this result is primarily driven by credit card securitization.

Originality/value

Utilizing a unique data set of quarterly data from bank Call Reports; the panel data set is large relative to past studies. A matched sample approach was used to test fundamental financial similarities and differences between securitizing and non‐securitizing banks. In addition to aggregated securitization, an examination was made of how different classes of assets affect the banks' risk‐based capital ratios and test the capital arbitrage theory of securitization.

Details

The Journal of Risk Finance, vol. 8 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 9 October 2007

Elizabeth Webb

The purpose of this paper is to examine the relationship between estimated default frequencies (EDFs) and a government index that proxies for takeover defense provisions…

706

Abstract

Purpose

The purpose of this paper is to examine the relationship between estimated default frequencies (EDFs) and a government index that proxies for takeover defense provisions for publicly‐traded financial institutions from 2002 to 2004.

Design/methodology/approach

Using a sample of publicly‐traded financial institutions, the effect of anti‐takeover provisions on EDFs was analyzed.

Findings

It was found that financial institutions with multiple takeover defenses tend to have lower EDFs compared with those with fewer takeover defenses. This result is robust to a variety of specifications and is supportive of the wealth distribution hypothesis. Further, it appears that the result is primarily driven by non‐depository institutions. This may imply that regulation of depository institutions mitigates takeover defense effects on managerial behavior.

Originality/value

This paper adds to the corporate finance literature, which reports mixed findings on the relationships between takeover defenses and firm value.

Details

Studies in Economics and Finance, vol. 24 no. 4
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 27 June 2008

Elizabeth Webb

The purpose of this paper is to examine the relationship between the extent of stock repurchase and measures of corporate governance.

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Abstract

Purpose

The purpose of this paper is to examine the relationship between the extent of stock repurchase and measures of corporate governance.

Design/methodology/approach

Using a sample of stock repurchase announcements by banks after the 2002 tax reform, the paper uses an event study methodology to confirm the positive market response to stock repurchase announcements. A regression analysis is then used to study the determinants of the abnormal response to the bank stock repurchases. Regression analysis is also used to analyze whether corporate governance variables are significant determinants of bank extent of stock repurchases and size.

Findings

Corporate governance techniques have little impact on market response to bank stock announcements, but are related to some extent to manager decisions regarding the stock repurchase. Board structure and executive/director stock ownership do not influence the market's response to repurchases. However, in some cases board structure is positively related to management's decision regarding the extent and size of the repurchase offer. Proportion of insider equity holdings has less influence on stock repurchase characteristics.

Practical implications

Board structure may have a more important role to play in the banking industry in regards to managerial decision‐making than equity ownership. Equity ownership in banks tends to be driven by bank size and therefore may have less of an impact on reducing agency problems within the banking industry.

Originality/value

The sample is taken after the 2002 tax reform, which provides an analysis of repurchases without tax effect implications. This is the first paper to study the contribution of board structure and equity ownership to stock repurchases in publicly‐traded banks.

Details

International Journal of Managerial Finance, vol. 4 no. 3
Type: Research Article
ISSN: 1743-9132

Keywords

Abstract

Details

‘Purpose-built’ Art in Hospitals: Art with Intent
Type: Book
ISBN: 978-1-83909-681-5

Book part
Publication date: 5 July 2005

Larry Patriquin

The system of government-run poor relief in England, dating from the sixteenth century, was not replicated in Europe until the mid- to late 1800s. In order to understand…

Abstract

The system of government-run poor relief in England, dating from the sixteenth century, was not replicated in Europe until the mid- to late 1800s. In order to understand why, poor relief must be placed within the socio-economic framework of capitalism, a system of surplus appropriation which originated in the novel class relations of English agriculture. The English way of dealing with poverty was distinctive and this distinctiveness was rooted in the unparalleled expansion of capitalism in that country in the early modern era. Assistance to the poor in England emerged alongside a qualitative social change, wherein an economy rooted in custom was transformed into one based on the competitive social relations of capitalism. The main conclusion of this article is that the welfare state was not a product of industrialization but of the class structure of agrarian capitalism.

Details

The Capitalist State and Its Economy: Democracy in Socialism
Type: Book
ISBN: 978-0-76231-176-7

Article
Publication date: 10 November 2020

Elizabeth A. Sterner

The purpose of this paper is to examine the literature to determine how academic librarians are measuring their libraries' institutional level impact on student success as…

Abstract

Purpose

The purpose of this paper is to examine the literature to determine how academic librarians are measuring their libraries' institutional level impact on student success as measured by grade point average, a metric commonly used in American education. This paper highlights a range of methods, outcomes and challenges in an initial scoping study.

Design/methodology/approach

The methodology centered on a literature review of measuring the impact of academic libraries on student success as quantified by grade point average (GPA) from 2010 to present. Searches in ProQuest, EBSCO and Google Scholar were used to identify the relevant literature. Keywords searched in databases included various combinations of academic impact, student success, learning outcomes, library and higher education.

Findings

The analysis of 15 papers shows that academic librarians have demonstrated a small, nonnegligible positive correlation of library usage on GPA. The results of studies have highlighted that correlation does not prove the cause. Concerns and limitations of studies included using the GPA as a measurement of student success, differences between GPAs in subject areas, timeframes used, sample size collected, student privacy and the meanings of the results.

Research limitations/implications

This study is limited to articles published in English measuring student success as quantified by GPA and focuses heavily on American sources.

Originality/value

The research can guide librarians through known challenges and highlight successful designs and study methods used by other academic librarians to measure the impact of the library on student success.

Details

Performance Measurement and Metrics, vol. 22 no. 1
Type: Research Article
ISSN: 1467-8047

Keywords

Book part
Publication date: 12 September 2017

Jane Wilkinson and Annemaree Lloyd-Zantiotis

Recent figures show that half the world’s refugees are children, with young people now representing more than 50 percent of victims of global armed conflict and displaced…

Abstract

Recent figures show that half the world’s refugees are children, with young people now representing more than 50 percent of victims of global armed conflict and displaced persons. Increasing numbers of refugee youth are entering their host nations’ compulsory and postcompulsory educational systems having experienced frequent resettlements and disrupted education, which in turn, pose major barriers for educational and future employment. The consequences of these experiences raise pressing equity implications for educators and educational systems. However, the picture is not uniformly bleak. Employing Bourdieu’s thinking tools of habitus, field and capital, Yosso’s concepts of community cultural wealth and photovoice methods, this chapter draws on studies of refugee youth of both genders from diverse ethnic and faith backgrounds, conducted in regional Australia. It examines how everyday spaces for learning, for example, church, faith-based and sporting groups and family can play a crucial role in enabling young people to build powerful forms of social and cultural capital necessary to successfully access and negotiate formal education and training settings. Its findings suggest first that everyday spaces can act as rich sites of informal learning, which young refugee people draw upon to advance their life chances, employability, and social inclusion. Second, they suggest that how one’s gender and “race” intersect may have important implications for how refugee youth access social and cultural capital in these everyday spaces as they navigate between informal learning and formal educational settings.

Details

The Power of Resistance
Type: Book
ISBN: 978-1-78350-462-6

Keywords

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