Search results

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 paper examines the relationship between board effectiveness and audit fees for state-owned enterprises (SOEs). Furthermore, given the unique nature of SOEs, the paper assesses country-level influences, such as economic freedom, political democracy and protection of minority shareholders, which can impact board effectiveness and audit fees.

A combination of two-stage and ordinary least squares regression is used to examine the board characteristics-audit fee relationship for SOEs in a multinational setting during the period from 2016 to 2018.

The results indicate that board characteristics that represent a high level of effectiveness are associated with higher audit fees in SOEs. Furthermore, the findings suggest SOE's operating in countries evidencing medium levels of democracy and economic freedom and medium to high levels of protection of minority shareholders may be motivated to reduce agency conflicts by promoting accountability and transparency, thereby demanding increasing levels of corporate governance, monitoring and audit quality, thereby increasing audit fees.

The results provide further support for the OECD (2015) guidelines promoting the use of high-quality external audits in SOEs.

As a result of the scarceness of research in this area, the current study extends the literature by examining the role of corporate governance and audit fees in SOEs, while examining the influence of economic freedom, political democracy and protection of minority shareholders.

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.

After the precipitated decline of the Soviet Empire and its satellite states, a system change seemed to be called for, and many countries embarked on social and political reforms focussing on property structures in the economy. This raised the issue of governance in the institutions that would constitute the structures in which production would have to take place. In particular, some Central European countries opted for mass privatisations of the means of production, on the face of it so as to have the people participate in the wealth of the nation. In fact, the wealth of the nation depends on the structures in which it is constituted. Dissipation of property rights will reduce the value of the nation's productive capital, whereas an intelligent structure that creates good governance structures at the same time, increases the value of the producing capital. This relatively simple insight lies at the heart of our understanding of how to analyse different processes of mass privatisation. This essay develops a theoretical framework by which different governance structures can be analysed. The framework consists of a blend of the economic theory of property rights, new institutional economics and Austrian economic theory.

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.

This review paper aims to compare the various dimensions in the finance literature pertaining to the Anglo-Saxon Model (Stockholder Model) prevalent in the USA and the UK with the German Model (Stakeholder Model) of corporate governance prevalent in Germany and continental Europe. The present study identifies different strands of research on the various dimensions of these models, along with aspects of governance in emerging economies and the phenomenon of the convergence of these governance mechanisms.

The literature review on corporate governance models has been carried out on the themes of internal and external governance mechanisms. The review considers agency theory along with principal–principal (PP) conflicts as the fundamental blocks explaining the need for governance structures.

The traditional models of governance, along with the incorporation of PP conflicts, will result in a hybrid model inculcating the best of both the traditional models. However, convergence in the true sense may not be possible owing to fundamental differences pertaining to cultural, economic, legal and socio-economic aspects of the firm.

This paper proposes a framework incorporating the interplay of managerial talent and controlling shareholders to understand the governance system that may be applicable for firms in emerging economies.

Sustainability is essential to the ongoing operations of banks, though it is much less clear how Islamic corporate governance (ICG) promotes economic sustainability (ES) and thereby prevents bankruptcy. To explore the unexplored, this study aims to examine the efficacy of ICG in preventing bankruptcy and enhancing the ES of Islamic banks operating in Pakistan.

The current study measures ES through Altman's Z-score to analyze the level of the industry's stability and consequently examines the effect of ICG on the ES of Islamic banks in Pakistan for the post-financial-crises period. Using the country-level data, this study utilized a fixed-effect model and two-stage least squares (2SLS) techniques on balanced panel data spanning from 2009 to 2020 to provide empirical evidence.

The empirical results unveiled that board size and meetings have a significant positive influence on the ES while managerial ownership demonstrated an unfavorable effect on ES. Interestingly, the insignificant effect of women directors became significant with the inclusion of controlled variables. Overall, the findings indicate that ICG is an efficient tool for promoting ES in Islamic banks and preventing them from the negative effects of emerging crises.

The findings provide concrete insights for policymakers, regulators and other concerned stakeholders to execute a sturdy corporate governance system that not only oversees the economic, social and ethical aspects but also provides measures to alleviate the impacts of potential risks like the COVID-19 pandemic.

Examining the role of ICG in alleviating bankruptcy risk is an informative and useful endeavor for all social actors.

To the best of the authors’ knowledge, this study is one of the first efforts to provide evidence-based insights on the role of ICG in preventing bankruptcy and offers a potential research direction for ES.

Since the late 1990s, developing countries have been encouraged by international financial organisations to adopt a shareholder primacy corporate governance model. It was anticipated that in an increasingly globalised financial market, countries which introduced corporate governance practices that favour investors would gain a comparative advantage and attract more capital leading to financial market growth. This paper aims to empirically test this hypothesis.

The present research paper quantitatively investigates whether adopting shareholder primacy corporate governance norms has had any impact on the growth of the financial market, focusing on nineteen developing countries between 1995 and 2014. Time series indices are prepared for corporate governance regulations, financial market development along with three control indices. Then a lagged multilevel regression between these indices is used to investigate the strength of causality between the adoption of pro-shareholder corporate governance and the growth of the financial market.

The research paper finds that shifting towards a shareholder primacy model in corporate governance has a very small effect on growth of financial market in developing countries. Overall the financial, economic and technological controls have much more impact on the growth of financial markets.

This paper conclusively ends the discussion as to whether change in corporate governance has any impact on financial market growth of a country. The papers uses Bayesian econometric model. The paper thus signals the end of LLSV led question as to whether law can affect finance.

This paper is an attempt to present legal issues of Islamic corporate governance (ICG) in the presence of global financial crises. It presents ICG model and discusses its viability in today’s corporate structure. The model is based on institution of Hisbah which demands book keeping, disclosure, transparency based on Shariah principles of Islamic Finance Ethics.