Search results

1 – 10 of 21
Click here to view access options
Article
Publication date: 18 September 2017

Maria Aluchna and Bogumil Kaminski

The purpose of this paper is to investigate the links between company ownership structure and financial performance in the context of the largest Central European stock…

Downloads
1531

Abstract

Purpose

The purpose of this paper is to investigate the links between company ownership structure and financial performance in the context of the largest Central European stock market. Using the framework of agency theory, the authors address the question of the expropriation effect by dominant owners and the effect of collusion between shareholders of different types on company performance.

Design/methodology/approach

The authors test hypotheses on the relations between ownership concentration and the involvement of different shareholders (state, CEO, industry and financial investors) vs return on assets (ROA). The authors adopt the panel model controlling for endogeneity and sector of operation and analyze the data from the unique sample of 495 Polish non-financial firms listed on the Warsaw Stock Exchange in years 2005-2014 with a total of 3,203 observations.

Findings

The authors identify a negative correlation between ownership concentration by the majority shareholder and ROA, which corresponds with the expropriation rationale of blockholders. The authors also observe negative effects due to ownership concentration by the second largest shareholder, supporting the notion of collusion. The results show that ownership by industry investors is associated with a higher ROA. Ownership by the CEO, state and financial investors proves to have no statistically significant effect on performance.

Originality/value

The paper further develops the nature of ownership-performance relations in the specific economic context of a post-transition, emerging European stock market, weak external corporate governance mechanisms, insufficient investor protection and significant concentration of share ownership. The results add to the understanding of monitoring vs expropriation effects by large owners and the collusion between different types of shareholders.

Details

Baltic Journal of Management, vol. 12 no. 4
Type: Research Article
ISSN: 1746-5265

Keywords

Click here to view access options
Article
Publication date: 13 July 2020

Maria Aluchna, Jyoti Devi Mahadeo and Bogumił Kamiński

The purpose of the paper is to advance the understanding of the links between the presence of independent directors (IDs) on boards and the company value in the specific…

Abstract

Purpose

The purpose of the paper is to advance the understanding of the links between the presence of independent directors (IDs) on boards and the company value in the specific context of concentrated ownership. The authors apply the framework of agency theory to identify the monitoring effect of IDs in two legal systems – common law and civil law.

Design/methodology/approach

The authors test formulated hypotheses using a unique sample of 50 Mauritian and Polish companies listed during the years 2007 to 2015, amounting to a total of 394 observations adopting the fixed effect panel model.

Findings

The results of the panel model show a negative relationship between independent directors on boards and company value. Specifically, the effect remains negative for companies operating in the civil law system, whereas the stronger protection offered by common law offsets the effect of concentrated ownership, resulting in a non-correlation between independent directors on board and firm value.

Originality/value

This study expands the understanding of the value added by independent directors, addressing their monitoring role in the unfavorable context of concentrated ownership. It also reveals that different legal frameworks of civil law and common law may impact the monitoring performed by independent directors.

Details

Corporate Governance: The International Journal of Business in Society, vol. 20 no. 6
Type: Research Article
ISSN: 1472-0701

Keywords

Content available
Article
Publication date: 6 March 2009

Maria Aluchna

Downloads
538

Abstract

Details

Social Responsibility Journal, vol. 5 no. 1
Type: Research Article
ISSN: 1747-1117

Click here to view access options
Article
Publication date: 6 March 2009

Maria Aluchna

The purpose of this paper is to present the best practice initiative in Poland, presenting codes formulated in 2002 and 2005 and focusing on the recent document known as…

Abstract

Purpose

The purpose of this paper is to present the best practice initiative in Poland, presenting codes formulated in 2002 and 2005 and focusing on the recent document known asBest Practice of WSE Listed Companies. Moreover, the paper aims to present practical aspects of implementation of new code between January and April 2008.

Design/methodology/approach

The paper identifies the guidelines recommended in three versions of the Warsaw Stock Exchange code of best practice. Additionally it discusses companies' doubts and questions addressed to the Warsaw Stock Exchange, analyzes technical challenges referring to new system of reporting on companies compliance as well as raises some concerns regarding the content of the new code.

Findings

The paper shows that the codes of best practice attempted to address the most problematic issues of transitional Polish corporate governance. The recommendations content was adopted during the last eight years as the response to the changes in market environment and governance challenges. However, the new code addresses mostly the strategic plans of the Warsaw Stock Exchange rather than the corporate needs and its implementation and communication with listed companies leaves a lot of room for improvement.

Practical implications

The analysis addresses the needs for coherence between the crucial moments of development of corporate governance and the code of best practice. Moreover, it points out potential shortcomings in the process of the code implementation.

Originality/value

The paper is based on the documents prepared by the Warsaw Stock Exchange, companies remarks as well as author's experience of working at the Stock Exchange during the first three months of 2008 code implementation.

Details

Social Responsibility Journal, vol. 5 no. 1
Type: Research Article
ISSN: 1747-1117

Keywords

Content available
Downloads
632

Abstract

Details

Social Responsibility Journal, vol. 4 no. 1/2
Type: Research Article
ISSN: 1747-1117

Click here to view access options
Article
Publication date: 1 January 2006

Maria Aluchna

The paper refers to the development process of corporate governance and shareholder activism in transition economies. It identifies the existing corporate governance…

Abstract

The paper refers to the development process of corporate governance and shareholder activism in transition economies. It identifies the existing corporate governance structure as well as main problems analysing conflicts in Polish corporations portraying the shareholders' fight for control over the corporations. The analysis of several selected shareholder conflicts, referring particularly to the fights of dominant and minority shareholders allows to point out main shortcomings of corporate governance in transition economies. The lack of standards for corporate behaviour, the poor legal system characterized by weak enforcement of investor protection rights (law in action), the practically non‐existent shareholder litigation as well as the development stage of the shareholder activism. Finally, the paper attempts to trace the development of shareholder protection and ethical behaviour presenting the process of setting high standards for the corporate activity with the reference to transparency, the treatment of minority shareholders and the managerial accountability as well as the monitoring role of authorities carried out by Polish Securities and Exchange Commission and non‐governmental associations or business initiatives (Polish Institutes of Directors, Polish Institute for Investor Relations).

Details

Social Responsibility Journal, vol. 2 no. 1
Type: Research Article
ISSN: 1747-1117

Click here to view access options
Article
Publication date: 23 January 2009

Maria Aluchna

The purpose of this paper is to investigate the relationship between compliance with corporate governance best practice and corporate performance within Poland.

Downloads
4137

Abstract

Purpose

The purpose of this paper is to investigate the relationship between compliance with corporate governance best practice and corporate performance within Poland.

Design/methodology/approach

The analysis is based on the regression of corporate governance compliance rating and corporate performance on a sample of Polish public listed companies for years 2004‐2006.

Findings

The research indicates that complying with corporate governance best practice in Poland is associated with lower return on investment (the whole sample). However, the tendency changes into negative but statistically insignificant for the second and third years, and positive but statistically insignificant when only rated companies are included in the research sample. The relationship between proxy of Tobin's q and corporate governance rating remains statistically insignificant and is negative for the whole sample and positive for first and third year as well as for rating companies.

Research limitations/ implications

The next step of research should include other performance variables (e.g. operating performance) methodological approaches into the analysis (e.g. event study) to test the relation.

Practical implications

Compliance with best practice of corporate governance, particularly in a transition country, may incur substantial costs, particularly during the first years of implementing new standards. Additionally, the main area for corporate performance improvement may be, for these countries, rooted in other aspects such as management or marketing, and not corporate governance.

Originality/value

The paper indicates that implementing corporate governance standards is a complex process in terms of costs, investor activism and companies awareness. Its importance increases along with the development of institutional regime as well as market participants’ skills and experience.

Details

Management Research News, vol. 32 no. 2
Type: Research Article
ISSN: 0140-9174

Keywords

Click here to view access options
Article
Publication date: 1 November 2007

Maria Aluchna

The paper seeks to focus on the results of Poland's transition from central planning to market economy and from communist regime to democracy. It attempts to answer the…

Abstract

Purpose

The paper seeks to focus on the results of Poland's transition from central planning to market economy and from communist regime to democracy. It attempts to answer the question of fulfilling the transition's aims and expectations, identifying main successes and failures observed in Poland today.

Design/methodology/approach

The paper is based on the literature review of the socialistic state's and transition process's main characteristics and a set of data and research provided by institutions and centres illustrating the current stage of economic and social development in Poland. The analysis uses statistical data comparing the pre‐transition period with the economic and social indices for 2006.

Findings

The evidence collected during 18 years of transition process and data on the current situation provide a unique opportunity to test whether the formulated goals were achieved. The analysis reveals substantial improvement in all economic indicators referring to macroeconomic stability, inflation and growth rates and private sector activity, while the social conditions related to unemployment and recent emigration to Western Europe, income distribution, homelessness and poverty ratios remain disappointing.

Research limitations/implications

The paper presents the current stage of Polish society and economy, not discussing the problems of other CEEC countries that underwent a transition process in 1989 (Czech Republic, Slovakia, Hungary). Moreover, the economic and social development remains highly dynamic, particularly due to substantial EU funds currently invested in Poland. Since the analysis is based on data 1989‐2006 one may expect changes in Poland's society and economy in the very near future.

Practical implications

The paper points up the difficulty of formulating the agenda of the transition process which would assure balancing of the economic as well as social goals. Moreover, it suggests that institutions and systems building seems to be easier, while transition sets significant challenges for society and its ability to adjust to new conditions.

Originality/value

The analysis sheds light on the discussion of the state's orientation towards social responsibility on a macro scale, since the impact and strategies of state formulate patterns and a regulatory framework for the corporate legal environment (e.g. working conditions), rules of behaviour and business practice.

Details

Social Responsibility Journal, vol. 3 no. 4
Type: Research Article
ISSN: 1747-1117

Keywords

Click here to view access options
Article
Publication date: 31 May 2013

Maria Aluchna and Olga Mikołajczyk

The purpose of this article is to discuss initial results of the research conducted on a group of 244 Warsaw School of Economics students. The research focuses on ethical…

Abstract

Purpose

The purpose of this article is to discuss initial results of the research conducted on a group of 244 Warsaw School of Economics students. The research focuses on ethical dilemmas of students graduating from business, finance and economics.

Design/methodology/approach

The research was based on the methodology proposed by Eweje and Brunon and focused on examining the existence of ethical dilemmas identified on the basis of 11 case scenarios and analyzed with reference to the selected characteristics of respondents. The characteristics included the participants' gender, age, study year, study program and faculty, the place of birth, professional experience, international experience and financial situation.

Findings

The research obtained on the sample of Polish students confirms the international results stressing the key importance of their gender, age, study faculty and professional experience for identifying ethical dilemmas.

Research limitations/implications

The analysis delivers some initial evidence and does not allow the formulation of strong conclusions. It requires replication and the use of a larger and better balanced sample.

Practical implications

The ethical dilemmas are crucial for soon to be managers since their decisions shape corporate activity and business development. Research results may also play an important role for shaping educational programs.

Originality/value

The paper analyzes the ethical dilemmas of students from one of the top business schools in Central and Eastern Europe, contributing to understanding the ethical issues of soon to be managers and opening a discussion on the role of university education for shaping the conduct of future managers.

Details

Social Responsibility Journal, vol. 9 no. 2
Type: Research Article
ISSN: 1747-1117

Keywords

Click here to view access options
Article
Publication date: 6 March 2009

Dammak Saida

This research aims to compare the environmental information that is disclosed in the annual reports of the American and European multinational companies. Eventually, it…

Downloads
822

Abstract

Purpose

This research aims to compare the environmental information that is disclosed in the annual reports of the American and European multinational companies. Eventually, it also aims to try to show the factors which explain the differences.

Design/methodology/approach

This paper analyzes the annual reports of 72 multinational companies, thanks to the index developed by Wiseman. The paper then uses regression analysis in order to explain the differences.

Findings

The study finds that European multinationals reveal more environmental information than those that are American. Equally, it finds that the nationality of multinational companies seems to have an effect on the level of environmental communication.

Research limitations/implications

The quantitative data are based on a small sample of multinational companies. However, findings will bring efficient contributions to the other studies dealing with the accounting harmonization.

Originality/value

The study aims at enriching the debates on this question, comparing the environmental information (obligatory and voluntary) showed by the annual reports of the American and European multinational companies.

Details

Social Responsibility Journal, vol. 5 no. 1
Type: Research Article
ISSN: 1747-1117

Keywords

1 – 10 of 21