Search results

This paper makes the first attempt to provide a new analytical framework for research on the evolution of China's corporate governance models. The purpose of this paper is to investigate developmental corporate governance mechanisms in China the over past decades from a synthetic and dynamic analytical viewpoint.

This is a conceptual paper.

The evolution of corporate governance from an administrative to an economic model in China was not a smooth process and was confronted with various unavoidable institutional and ideological obstacles. Consequently, the transition of governance models has demonstrated the following four salient characteristics: gradualism, dualism, systematization and path dependency.

This paper makes the first attempt to provide a new analytical framework for research on the evolution of China's corporate governance models.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

The intensity of carbon emissions has led to the serious problem of global warming, and the consequences in terms of climatic disasters are gaining increasing attention worldwide. As the energy sector is responsible for most global emissions, developing clean energy is crucial to combat climate change. This study aims to examine the relationship between corporate governance and renewable energy (RE) consumption and explore the interaction between RE production and RE use.

The study adopts an econometric framework of a panel model, followed by the robustness check using alternative methods, including logit regressions. The bivariate probit model is used to analyze the interaction between the decision to use and the decision to produce RE. The analysis is based on a sample of 3,896 firms covering 45 countries worldwide.

The results reveal that appropriate governance mechanisms positively impact RE consumption. These include the existence of a sustainability committee; environmental, social and governance-based compensation policy; financial performance-based compensation; sustainability external audit; transparency; board gender diversity; and board independence. Firms with appropriate governance mechanisms are more likely to produce and use RE than others. Finally, while RE use positively impacts firm value and environmental performance, the authors find no significant effect on current profitability.

This study goes beyond previous research by exploring the impact of multiple governance mechanisms. To the best of the authors’ knowledge, this is also the first study examining the relationship between RE use and firm value. Overall, the findings suggest that RE transition requires, first of all, establishing appropriate governance mechanisms within companies.

This paper wades through the extant corporate governance literature and identifies the existence of four different governance models in practice. Though market‐centric and relationship‐based models have been widely discussed in corporate governance literature, a dearth of two other governance models viz., transition and emerging governance models have not been extensively covered. This paper tries to identify the existence of the transition governance model and also a new governance model that is emerging in some developing countries. An attempt has been made to narrate the way all the four governance models function in different economies, and assumes that understanding the governance quadrilateral would be a pre‐requisite for understanding global corporate governance.

In Central Eastern Europe (CEE) the transition to market democracy significantly influenced the emerging corporate governance practice. The region, however, demonstrates much more diversity in corporate governance than expected in generally similar transition economies and the variables and their impacts only partially overlap with the variables of corporate governance in other regions. This research aims to focus on how to help discover and explain these similarities and differences.

This paper is a review of the secondary literature. The review is carried out with the intention of providing an opportunity to map out new terrains or provide critiques of the direction of a research field. The majority of literature reviewed in the paper is published in refereed journals, but other resources like book chapters, conference papers, reports and in certain cases unpublished materials are added. The paper discusses the key topics and variables according to the requirements of a holistic approach to corporate governance.

The review of available literature indicates that much work has been done on a significant set of variables of corporate governance, both in the domestic (privatization and the legal environment primarily, institutions and market conditions secondarily) and the international (impact of foreign direct investment, European Union directives and expectations, globalization and global institutions like OECD and the WB) context, but this body of research has not been discussed comparatively, within the context of a holistic model. Existing literature in the first two decades after transition has devoted less attention to issues of hierarchy and institutions of corporate governance, although they have relevance to better understand the impact of the macro‐level factors on corporate governance practices and their differences in the region. The paper has indicated the importance of a systematic review of macro‐level factors, both internal and external from a national perspective, influencing corporate governance practices.

A systematic review of the variables of corporate governance in CEE has been missing to date and the theoretical framework adequate for pursuing such research is emerging only recently. The further elaboration and application of a holistic approach is necessary to analyze the numerous aspects that influence and shape corporate governance structures and practices in transition economies and to understand the differences that prevail even after two decades of transition to market democracy.

The paper provides a comprehensive review of the literature on corporate governance practices and the factors influencing the emergence and impact of those codes in CEE. It argues for a holistic approach not applied before in the research of corporate governance in transition economies; and discusses the role of external and domestic macro‐level factors in explaining the differences in the emerging national practices. It emphasizes the importance of the holistic analysis in future research.

Poland along with other members of the transition economies of Central and Eastern Europe (CEE) have adopted a hybrid corporate governance model, which draws inspirations from both the insider‐oriented system as exemplified in Germany and the outsider‐oriented system as exemplified in the UK. The paper aims to examine the effectiveness of the transplantation process in Poland.

The paper looks at common actual practices prevailing in the country itself and compares this with those in Germany and the UK. The research approach relies on a limited case analysis, drawing data primarily from the public domain.

Poland's hybrid corporate governance system appears to align with the country's socio‐economic‐legal framework and also takes into account the common positive features found in both the insider‐oriented system and the outsider‐oriented system; and in particular the emphasis on transparency and accountability, proper corporate asset management, and investors’ protection safeguards. However, it would appear that the process of corporate governance monitoring and enforcement in Poland may need to be improved. It is also observed that Poland is increasingly looking towards the Anglo‐Saxon model of corporate governance as it developed its own system, largely because of the relatively greater success of the latter, the influence of influential global institutional investors in Continental Europe, and the diminishing influence of the German model, which itself is now contemplating fundamental reforms.

The transition economies of CEE like Poland requires the practice of sound corporate governance to ensure more efficient mobilisation of their economic resources.

The paper shows that good corporate governance should help to attract more foreign investments into transition economies to help accelerate growth and enhance their balance of payments positions; and reduce gradually the extent of state involvement in the business sector.

Asian economy in transition is facing great deal of challenges, so its corporate governance. This paper investigates the dominant corporate governance models practiced under the liberal market capitalism, cooperative capitalism, collective capitalism and the state capitalism across the continents and proposes conscious governance approach for Asia and emerging economies.

The paper explores and compares Anglo-American and Continental European corporate governance models. The report further investigates the development of corporate governance across Asian publicly listed companies, state-owned enterprises, small and medium enterprises and other privately held large enterprises, and raises questions and concerns and derives conclusion.

The Asian experience of imposing Western corporate governance models is more of a simplification of tasks based on political, cultural and globalization needs rather than the regions’ economic, financial and social development reality.

The unique proposition of conscious corporate governance aligns corporate governance practice with Asian socio-economic transition vision and helps with further development and reforms.

The paper adds to the existing efforts and triggers a fresh view to the Asian and emerging economies corporate governance research and strategy.

The literature on corporate governance has experienced an explosive growth in the past decade and presented some new trends. One purpose of this paper is to make an exploratory survey of this. Since China is a typically emerging and transition economy, another purpose of this paper is to review some domestic studies with an intention to discover the evolution logic of corporate governance practices in China under a complicated and exclusive context, the third purpose is to provide future research directions.

This paper surveys recent literature in the field of corporate governance, intending to find out the development trends and extract the main line of literature on and practices of Chinese corporate governance.

In this paper, we find that recent literature on corporate governance provides some new insights into subtle characteristics of governance, governance effects of relational network, political connections, corporate governance evaluation and financial institutions governance. During the past decade, the literature on Chinese corporate governance has referred to some new areas during the transition process from administrative governance to economic governance. In addition to the above, we attempt to put forward an analytical framework and the proposition that Chinese corporate governance is in the transition process from administrative governance to economic governance.

The authors propose some research topics where future studies on corporate governance may prove valuable, especially putting forward an analytical framework which can be used for discussing and analyzing corporate governance in China.

This paper reviews some new trends of literature on corporate governance and makes a contribution to corporate governance studies by providing fruitful directions, extracting the main line and analytical framework for China's mode during the transition process from administrative governance to economic governance.

Modern day business is beset with changing operating paradigms. Economies with efficient economic policies and stable political systems are a big draw among the investors. Countries that have opened themselves to world markets and that have good legal systems in place, providing protection to investors have attracted more capital in the process of globalization. As the demand for capital is growing in both the developed and the developing economies, the need to establish good governance practices has gained momentum. Governance practices however, are not uniform across nations. This diversity may be particularly because of the different legal structures and cultural settings adopted by different nations. This paper tries to explore the arguments on convergence and divergence of corporate best practices, keeping in view the various governance models currently in practice. Explaining the rationale behind the emergence of corporate governance as a movement, this paper attempts at discussing the various prevalent systems of governance. In the end an attempt is made to address the challenges to corporate governance in the context of globalization of best practices. Given the cultural settings of different nations it is argued that it would never be possible for corporate laws to converge universally. New models of corporate governance are likely to emerge given the large‐scale experimentation done by transition economies.