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Article
Publication date: 1 December 2001

Dennis L. Payette

Examines the use and misuse of the term fiduciary responsibility as it applies to trustees and officers of the corporation in universities and colleges. Through research…

Abstract

Examines the use and misuse of the term fiduciary responsibility as it applies to trustees and officers of the corporation in universities and colleges. Through research on published applications of the term, reveals that the term is rarely defined yet frequently used as a justification for action or inaction by trustees and officers. Antagonists of decisions sometimes use the term as a rationalization for suggesting action or decisions that should be made by trustees or officers in higher education. Concludes with a proposed definition of fiduciary responsibility that could be useful for trustees and officers and others interested in the concept of fiduciary responsibility.

Details

Corporate Governance: The international journal of business in society, vol. 1 no. 4
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 13 March 2009

Richard K. Matta

The purpose of this paper is to provide an overview of how the Employee Retirement Income Security Act (“ERISA”) of 1974, as amended , applies to securities professionals…

Abstract

Purpose

The purpose of this paper is to provide an overview of how the Employee Retirement Income Security Act (“ERISA”) of 1974, as amended , applies to securities professionals such as registered investment advisers, registered broker‐dealers and individual registered representatives and financial planners who advise, manage, or trade for investment portfolios of private employee benefit plans and individual retirement accounts.

Design/methodology/approach

The paper is designed as a primer to familiarize securities professionals with the terminology, scope and subject‐matter of ERISA as it applies to benefit plan investment transactions. When appropriate, the regulatory framework of ERISA is compared and contrasted with the more familiar securities law regulatory scheme.

Findings

The various Federal laws loosely known as “ERISA” significantly impact securities professionals in connection with the marketing of financial products and services to employee benefit plans, including IRAs, and it is critical that securities professionals have a general overview of how they do so.

Research limitations/implications

The research set out is only a broad summary, and covers an area of law that is rapidly developing. It should not be considered a definitive summary of the law but a starting‐point for further, in‐depth inquiry.

Practical implications

Any financial professional seeking to develop or market financial products and services to benefit plans can use the paper to become familiar with the framework and terminology of ERISA.

Originality/value

This is a reprint of a paper first published in 2004, with extensive revisions to reflect sweeping changes in the law and new developments in the financial marketplace, plus an overview of “hot topics”.

Details

Journal of Investment Compliance, vol. 10 no. 1
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 30 January 2009

Stephen B. Young

The paper presents an overview of perspectives on corporate governance grounded in the Common Law legal traditions of the UK and the USA. It further discusses whether that…

Abstract

Purpose

The paper presents an overview of perspectives on corporate governance grounded in the Common Law legal traditions of the UK and the USA. It further discusses whether that perspective is suitable for global application.

Design/methodology/approach

The paper presents personal observations on the operational dynamics of rules and practices of corporate governance as necessary functional supports for large scale financial capitalization of enterprise under conditions of modern industrialization.

Findings

The paper concludes that the US perspective on corporate governance is rationally related to objective requirements of financing enterprise and that, as capital markets become larger and more liquid around the world, the corporate governance regimes will, in the main, come to resemble the US model. Though cultural variations on the US pattern are compatible with the purposes of corporate governance to constrain abuse of power in private corporations.

Practical implications

The implication of this paper is for the implementation of corporate governance regimes in emerging market countries, i.e. that flexibility is permissible but a focus on transparency and accountability under all circumstances is required.

Originality/value

The contribution of the paper is to provide a framework for balancing the rules and practices of US corporate governance with the cultural styles and patterns of different national regulatory settings.

Details

International Journal of Law and Management, vol. 51 no. 1
Type: Research Article
ISSN: 1754-243X

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Book part
Publication date: 12 November 2018

Maurice C. Taylor

The purpose of the chapter is to develop a typology of bad behaviors characteristic of governing boards and to compare the bad behaviors identified in the typology to the…

Abstract

The purpose of the chapter is to develop a typology of bad behaviors characteristic of governing boards and to compare the bad behaviors identified in the typology to the governing boards’ expected roles and responsibilities. Several examples of bad governing board behaviors that have occurred at historically Black colleges and universities (HBCUs) are explored through the lens of the typology. The author argues that the bad behavior of governing boards responsible for the nations’ HBCUs inhibits strategic planning, undermines growth and development, and threatens the long-term viability of these institutions. Finally, recommendations intended to minimize the impact of bad board behaviors are proposed.

Details

Underserved Populations at Historically Black Colleges and Universities
Type: Book
ISBN: 978-1-78754-841-1

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Article
Publication date: 6 June 2020

Dhananjay Bapat

The study examines the antecedents of responsible financial management behavior among young adults in India and explores the role of financial risk tolerance as a…

Abstract

Purpose

The study examines the antecedents of responsible financial management behavior among young adults in India and explores the role of financial risk tolerance as a moderating variable.

Design/methodology/approach

The sample includes young adults in the age group of 18–35. The analysis uses a two-step approach via standard partial least squares structural modeling (PLS-SEM) and ordinary least square (OLS) regression.

Findings

Structural modeling results show that financial attitude fully mediates the relationship between financial knowledge and responsible financial management behavior, and locus of control influences responsible financial management behavior. Financial risk tolerance moderates the relationship. Among demographic factors, age and occupation influence responsible financial management behavior.

Research limitations/implications

The financial knowledge used in the survey are based on self-reported responses. The future study can include participants from both developed and emerging countries to assess similarities and differences.

Practical implications

Despite the growing focus on improving financial literacy, there are growing concerns regarding responsible financial behavior. Since financial services is related to fiduciary responsibility, managers and policymakers need to ensure that financial knowledge results in improving financial attitude, which further leads to responsible financial behavior.

Originality/value

The present study from an emerging country will add value to the literature.

Details

International Journal of Bank Marketing, vol. 38 no. 5
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 27 November 2020

Xiting Wu, Qun CAO, Xiaoping Tan and Liang Li

This paper aims to examine the relationship between the audit of outgoing leading officials' natural resource accountability and environmental governance, as well as the…

Abstract

Purpose

This paper aims to examine the relationship between the audit of outgoing leading officials' natural resource accountability and environmental governance, as well as the internal mechanism of audit of outgoing leading officials' natural resource accountability that plays a role in national environmental governance.

Design/methodology/approach

Based on city-level panel data from 2012 to 2015, this paper adopts a difference-in-difference model to examine the role of government audit in national governance from an environmental perspective. Furthermore, using a mediating effect model, the study sheds light on the internal mechanism of audit of outgoing leading officials’ natural resource accountability that plays a role in national environmental governance.

Findings

This paper finds that: the implementation of the audit of outgoing leading officials’ natural resource accountability has significantly improved the water quality of the pilot area, but its effects on waste gas and smoke are not obvious; environmental supervision partly plays a mediating role in the improvement of regional environmental governance by the audit of outgoing leading officials’ natural resource accountability; the audit of outgoing leading officials’ natural resource accountability can complement the incentive mechanism of promotion. The older the local officials are, the more obvious the effect of the audit of outgoing leading officials’ natural resource accountability on the environmental quality of the pilot areas is.

Originality/value

This paper reveals the role of government audit from the perspective of environmental governance. It provides empirical evidence for policy regarding the audit of outgoing leading officials' natural resource accountability.

Details

Managerial Auditing Journal, vol. 35 no. 9
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 1 April 1996

Uric Dufrene and Alan Wong

Corporate finance is under attack. Commentators mention that corporate managers have enriched themselves and shareholders, and in the process have failed to consider the…

Abstract

Corporate finance is under attack. Commentators mention that corporate managers have enriched themselves and shareholders, and in the process have failed to consider the interests of all stakeholders (Hennessy, 1989, Alkhafaji, 1989, Newton, 1989, Dunfee, 1989, Steidlmeier, 1989, Jones and Hunt, 1991). They cite the active corporate control market that produced hostile takeovers, leveraged buyouts, and corporate restructuring activity, all presumably causing a reduction in social welfare. This view is now beginning to permeate itself into the financial education debate. For example, Hawley (1991) suggests that financial educators are abdicating their responsibility of helping prepare corporate managers to recognize and deal with business ethics‐social responsibility effectively. Hawley proposes that the shareholder wealth maximization model for corporate management rationalizes the commission of unethical or socially irresponsible actions. Because of this ongoing criticism being levied against the practice of corporate finance, financial educators are now moving to incorporate ethics in the finance curricula. Although this move may be welcomed, we suggest that financial educators proceed with caution.

Details

Managerial Finance, vol. 22 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 July 2003

In light of a slew of recent ethical infractions in business, commercial organizations are increasingly expected to exhibit ethical behavior and moral management, and…

Abstract

In light of a slew of recent ethical infractions in business, commercial organizations are increasingly expected to exhibit ethical behavior and moral management, and rightly so. However, firms are now also being called to practice “corporate social responsibility” (CSR), not always rightly so. The problem is that the concept of CSR is fuzzy, with unclear boundaries and debatable legitimacy.

Details

Strategic Direction, vol. 19 no. 6
Type: Research Article
ISSN: 0258-0543

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Article
Publication date: 1 June 2002

Geoffrey P. Lantos

This commentary questions commonly held assumptions about corporate social responsibility (CSR). It discusses the morality of altruistic CSR – philanthropic CSR activities…

Abstract

This commentary questions commonly held assumptions about corporate social responsibility (CSR). It discusses the morality of altruistic CSR – philanthropic CSR activities that are not necessarily beneficial to the firm’s financial position. Evaluating altruistic CSR from all major ethical perspectives – utilitarianism, rights, justice and care – leads to the conclusion that, for publicly held corporations, such activity is immoral. This is because altruistic CSR violates shareholder property rights, unjustly seizing stockholder wealth, and it bestows benefits for the general welfare at the expense of those for whom the firm should care in close relationships. The paper also determines that what are often considered mandatory ethical and social corporate duties are actually optional activities that should only be undertaken when it appears that they can enhance the value of the firm, i.e. when they are used as strategic CSR. However, using ideas taken from secular and Judaeo‐Christian authors on the meaning of work, the article also concludes that altruistic activities are appropriate and commendable for private firms and individuals. It offers suggestions for practitioners of CSR and for future academic research.

Details

Journal of Consumer Marketing, vol. 19 no. 3
Type: Research Article
ISSN: 0736-3761

Keywords

Abstract

Details

Advances in Accounting Education Teaching and Curriculum Innovations
Type: Book
ISBN: 978-1-84950-867-4

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