Importance of Corporate Governance

Importance of Corporate Governance 1. INTRODUCTION This chapter provides a definition of corporate governance and examines importance of, and the principles underpinning corporate governance. It also reviews prior research examining corporate governance disclosures and in particular, those which have investigated corporate governance disclosure in ECMs. 2. DEFINITIONS OF CORPORATE GOVERNANCE Modern corporations have dispersed ownership structure (Jenkinson and Mayer, 1994). Due to this, these corporate entities are characterised by contractual relationships between (shareholders) owners and managers (agents). Management is hired by owners (i.e. investors) to run the business on their behalf (Sarpong, 1999). Within the agency theory framework, it is theorised that managers may seek to maximise their wealth to the detriment of shareholders and bondholders through the consumption of perquisites (Jensen and Meckling, 1976). Decisions of agents have the tendency of unfavourably transferring wealth from one principal to another i.e. from bondholders to shareholders (Watts and Zimmerman, 1978). John and Senbet, (1998 p. 372) define corporate governance â€Å"as a means by which stakeholders of a corporation exercise control over corporate insiders and management such that their interest will be well protected†. Similarly, it is proposed that â€Å"corporate governance i ssues arise in an organization whenever two conditions are present. First, there is an agency problem, or conflict of interest, involving members of the organization these might be owners, managers, workers or consumers. Second, transaction costs are such that this agency problem cannot be dealt with through a contract† (Hart, 1995, p. 678) To avert the agency problem, there is the need to ensure that adequate and effective corporate governance structures are put in place to prevent abuse of power by managers (Cadbury, 1992). Corporate disclosure through annual reports is one of the essential instruments for the monitoring of managerial behaviour (Watts, 1977; Watts and Zimmerman, 1978). This requires frequent evaluation of managerial activities and performances particularly, through independent non-executive directors (Roberts et al 2005). Berle and Means (2003) view corporate governance as a relatively new concept in both the public and academic domains, although the central issues the concept seeks to address have been in existence for a longer period. The most common definition of the concept has been provided by the Organization for Economic Cooperation and Development (OCED). It defines Corporate governance as: ‘ a system by which business corporations are directed and controlled. Corporate governance structures specify the distribution of rights and responsibilities among different participants in the corporation, such as, the board, managers, shareholders and other stakeholders and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the companys objectives are set and the means of attaining those objectives and monitoring performance (OECD, 1999 p. 11). The influential Cadbury report defines corporate governance fundamentals and somewhat simplistically as ‘ the systems by which companies are directed and controlled (Cadbury 1992). This will require putting in place appropriate mechanisms which will ensure that corporate resources are safeguarded. Johnson and Scholes (1998) explained that corporate governance is concerned with both the functioning of organizations and the distribution of powers between different stakeholders. They argue that corporate governance determines whom the organization is there to serve and how the purpose and priorities of the organization should be decided. Thus, among other things, corporate governance is concerned with structures and processes for decision making, ensures accountability and controls managerial behaviour. It therefore, seeks to address issues facing board of directors, such as the interaction with top management and relationship with owners and others interested in the affairs of a company. The definitions outlined, directly or indirectly, share common elements. They all acknowledge the existence of conflict of interest between managers and shareholders as a result of the existence of separation of ownership and control in corporate activities. They further recognize the need to put in place effective corporate governance mechanisms to ensure that shareholders and investors interest are well protected. 1. IMPORTANCE OF CORPORATE GOVERNANCE As a result of globalization and the increasing complexity of business there is a greater reliance on the private sector as the engine of growth in both developed and developing countries. Organizations do not exist in a vacuum; they rather interrelate with a number of interest groups, known as stakeholders (Freeman, 1984). These stakeholders include shareholders, governments, regulatory bodies, creditors and the general public (Pease and Macmillan, 1993). Stakeholders are impacted by the activities of companies. In this regard, and in the context of this study, adequate and effective corporate governance disclosure becomes relevant to investors and other stakeholders from a number of standpoints. Effective corporate governance disclosure promotes transparency in corporate structures and operations. It strengthens accountability and oversight among managers and board members to shareholders (Bosch, 2002). This oversight and accountability combined with the efficient use of resources, improved access to lower-cost capital and increased responsiveness to societal needs and expectations leads to improved corporate performance. Many studies exist linking good corporate governance with better Performance. Fianna and Grant (2005) explains that good corporate governance helps to bridge the gap between the interests of those that a company, by increasing investor confidence and lowering the cost of capital for the company. Furthermore, they also add that it also helps in ensuring company honours, its legal commitments and forms value-creating relations with stakeholders. Coles et al. (2001) and Durnev and Han (2002, also found that companies with better corporate governance enjoy high er valuation. These studies results, helps in confirming the idea of good corporate governance, result in better decisions at all levels of the organization, not at top-management and board levels, but also in the better performance of the organization Again adequate and effective corporate governance disclosure ensures that corporate activities are run in an open and transparent manner (Brain 2005). Last, corporate governance practices boost market confidence and ensure effective allocation of capital in the market (Greenspan, 2002). From the forgoing discussions, the realization of the importance of good corporate governance practices is largely dependent on a number of internal factors. As a way of achieving this, a number of principles have been established. 3. PRINCIPLES UNDERPINNING CORPORATE GOVERNANCE DISCLOSURE A number of principles underpin effective corporate governance. These principles are business probity, responsibility and fairness or equal opportunity. Corporate entities are expected to exhibit these qualities to ensure good governance. Embracing the outlined principles will improve relationships between companies, their shareholders and the overall welfare of every economy. These principles are briefly discussed. Business probity requires individuals in charge of companies to be open and honest in the discharge of their activities. According to Brain (2005) openness implies a willingness to provide information to individuals and groups about the activities of a company. In this regard, it is important to recognize that shareholders and investors need to know the position of a company in order to evaluate their performance. Timely delivery of information will enable them achieve this purpose. Good corporate governance disclosure requires handlers of companies to be honest in the discharge of their activities. Honesty requires managers to deliver factual information. A sign of honesty is that statements of companies are believed. However, Brain (2005 p. 26) contends that â€Å"honesty might seem an obvious quality for companies, but, in an age of spin, and the manipulation of facts, honest information is perhaps by no means as prevalent as it should be.† Corporate governance requires handlers of corporate entities to be responsible in the discharge of their duties. Investors require confidence that companys financial systems are secured and credible. Managers are therefore expected to work in this direction to meet investors expectation. Responsibility in the context of corporate governance includes other issues such as transparency and accountability. These principles are vital to the survival and welfare of every company. Thus, managers have a duty to explain their actions to shareholders as well as investors so as to enhance their understanding of the direction of the companys activities. The principle of fairness requires impartiality and a lack of bias in corporate activities. In the context of corporate governance, the quality of fairness is achieved when managers behave in reasonable and unbiased manner. In this sense, to ensure good governance shareholders are expected to receive equal consideration. This means minority shareholders should be treated the same way as majority shareholders. References Berle, A.A. and G.C. Means (2003). The Modern Corporation and private property, New York, Macmillan Company. Bosch, H. (2002), The changing face of corporate governance, UNSW Law Journal, Vol. 25 No.2, pp.270-93. Brain, C. (2005) Corporate Governance, ICSA text Cadbury A. (1992) Financial Aspect of corporate governance Coles JW, Mcwilliams VB, Sen N. An examination of the relationship of governance mechanisms to performance. Journal of Management 2001; 29 (1):23-50. Durnev A, Han KE. The interplay of firm-specific factors and legal regimes in corporate governance and firm valuation. In: Paper Presented at Dartmouths Center for Corporate Governance Conference: Contemporate Governance; 2002. p. 12-3. Fianna J, Grant K. The revised OECD principles of corporate governance and their relevance to non-OECD countries, vol. 13. Blackwell Publishing Ltd; 2005. p. 2. Freeman, R.E (1994). The Stakeholder Theory of Modern Corporations. Concepts, evidence and implications, Academy of Management Review Vol. 20, 65-91 Greenspan, A. (2002) Corporate Governance in Emerging Markets Hart, O. (1995), â€Å"Corporate Governance, Some Theory and Applications, The Economic Journal 105: 687-689 Jenkinson T. and Mayer C.P. (1994). Hostile takeovers defense attack and corporate performance. McGraw Hill. Jensen, M. C. and Meckling, W. H (1976). Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial economics 3(3): 305-60 John, K., and L. Senbet (1998), â€Å"Corporate Governance and Board Effectiveness†, Journal of Banking and Finance 22: 371-403. OECD (2005), Guidelines on Corporate Governance of State Owned Enterprises Roberts, J. T. McNulty, et al (2005). â€Å"Beyond agency conceptions of the work of the non-executive director: creating accountability in the boardroom†. Special Edition. British Journal of Management 16:S5-S26 Sarpong, K.K. (1999) Financial Reporting in Emerging Capital Markets: A Case Study of Ghana, PHD Thesis, The University of Warwick Watts, R. L. 1977. Corporate Financial Statements, a Product of the Market and Political Processes. Australian journal of Management: 53-75. Watts, R. L. and J. L. Zimmerman. 1978. Towards a Positive Theory of the determination of Accounting Standards. Accounting review: 112-34

Analyse the Strengths and Weaknesses of Spain by 1516 Essay

There were considerable differences between the Hispanic kingdoms within the Iberian peninsula. It was divided by language and religion, governed by different political institutions and ruled by monarchs with conflicting foreign interests. Both Aragon and Castile had very little in common. The economies varied in strength in different parts of Spain, for example Catalonia was in decline whilst Valencia was in the recovery stage. The marriage of Isabella and Ferdinand in 1469 dramatically changed the course of Spain. The Queen was a determined and quick-witted woman, with a ‘street-fighter’s instinct for survival’. She guaranteed privileges to nobles and town authorities, promised to restore law and order and was the only claimant with an undisputed right to the throne. Ferdinand played a role in leading Isabella’s troops against the Portuguese and French invasions and recaptured rebellious towns, all helping to stabilise the crown. His brother also aided Isabella by commanding the Hermandad meaning that although his father died, no Aragonese nobles contested the crown. Royal authority had declined during the weak rule of Henry IV and it needed to be asserted and there was also the problem of law and order (lots of disorder in Castile due to the 5 years civil war). There were still supporters of Joanna; a minority of the nobility had fought against Isabella e.g Marquis of Vienna. The Hermandad at least brought some justice to the countryside, which benefited Castilian towns as well as law-abiding landowners. Hermandades had never been controlled so extensively by the Crown, it significantly contributed to the improvements in local administration. Corregidores were also having an impact (administrators of cities and districts with both administrative and judicial powers). They were used by the Catholic Monarchs to strengthen royal authority rather than revive local responsibility Ferdinand and Isabella travelled extensively in Castile. They spent relatively little time in Aragon in his 37-year reign (7 years). This was a very important means of asserting royal authority by showing themselves to their subjects and establishing an effective working relationship with their nobility and to discipline any troublemakers. Ferdinand and Isabella visited every Castilian town at least once. Ferdinand tried to increase royal authority over Aragonese towns by trying to introduce new procedures for the election of municipal offices. His idea of sending royal governors to towns was rejected preventing royal authority encroaching. Isabella was able to have a greater effect on improving local administration than her husband. She tried to protect, by intervention, town people from impressive nobles and nominated jurados to sit on town councils. She persisted with the idea of Corregidores in towns, despite opposition, and the number of towns with them increased (Toledo for instance enjoyed a long period of peace largely due to Gomez Manrique, its Corregidore.). Their authority varied, some governed entire regions, and others had a limited impact. However, overtime they became more corrupt lowering the standards of local administration. The civil war left deep scars and required close supervision to work effectively. Both Isabella and Ferdinand dispersed justice personally. The Hermandad was unpopular and it demanded taxation on local people for its maintenance. It was officially dissolved in 1498 as nobles increasingly disliked it (didn’t want too much crown influence). The crowns political strength lay into relationship with the nobility. Ferdinand and Isabella however, due to incompatible promises in the 1470’s, were in a different situation as some families expected rewards for their role in the civil war. This often contradicted what Isabella had said about protecting the rights of the towns. Isabella decided to harness the power of the nobility and tried to regain land given out by Henry IV. Isabella and Ferdinand on a smaller scale in Aragon gave the nobles rights to collect sales tax and confirmed their exemption from direct tax. This guaranteed their social and economic position. Also nobles who had fought against Isabella in the civil war were given fair agreements such as the Marquis of Vienna in order to preserve social stability. Those on her side were awarded with for example dukedoms guaranteeing their continuing support. Although some nobles maintained control of regional politics, which was a big threat to the crown as they had no standing army, whereas most nobles kept retainers. An example of when the crown and nobility worked together to ensure the stability of the country was the Granada between 1482 and 1492. Some of the nobility actually served in the war and fought on behalf of the crown against the Muslims. The war helped to enhance royal prestige. However, outbreaks of civil disorder and violence in Castile in the early years of the sixteenth century suggest that royal administration was beginning to break down. Nobles became better educated and there was an emergence of letrados (lawyers). Most Castilian and Aragonese peasants enjoyed a period of relative prosperity, with wage rises, stable prices and plenty of employment in the countryside. Town life was changing rapidly, Castilian merchants experienced a dramatic increase in trade and commerce, which led to a growth in business and rising prosperity for those in work. However, due to an increase in population town authorities were faced with the problem of vagrancy where people wonder from place to place and don’t usually have a home. The Catholic Monarchs intended to enhance the welfare of their subjects. They maintained the Mesta’s monopoly and continued wool trade, which was high in demand in the Low Countries. Taxes on wool and sheep and the establishment of trade links with America (gold bullion), proved extremely beneficial. Maintaining the quality of Castile’s coinage and establishing a currency common to both kingdoms, monetary if not economic unity was achieved. Overseas trade was strengthened with Venice as a base, and the financial status and prosperity of Barcelona recovered from the effects of the civil war in the 1460s. However the Spanish economy had a number of weaknesses, poor communications (bad roads, mountainous), a network of internal customs duties and inland tolls and resistance to state intervention in effecting changes in agriculture, guilds and industry. Regionalism was a very powerful force and applied to the economy. There was no significant attempt to integrate the two economies, for example, trade with Americas was a Castilian monopoly (intensified hostility between two kingdoms, threat of inflation and decline in currency). The only measure that was taken was the standardisation of the currency in 1497. The Spanish Crown failed to protect and promote its native industries and focused too much on exportation of wool than developing its textile industry. Also, the persecution of the Conversos and Jews (many of them were skilled craftsmen) damaged wool trade, while the silk trade was damaged with war in Granada (mudejars were main producers of silk, many were killed while others emigrated). Spanish wealth and commercial gains from the New World could potentially fall through due to its lack of incorporation.

Essay on Videogames Dont Kill People, People Kill People

Videogames Don’t Kill People, People Kill People Every generation has pointed a finger at the recreational pastimes of young persons, accusing that these activities lead our nations youth astray and induce violent or antisocial behavior. Novels, music, TV, movies, and now the finger is pointing straight at one of the newest and quickest growing youth pastimes; videogames. This particular pastime differs from others in their reality and scope for direct participation, therefore allowing the crusty old curmudgeons to conclude that playing them leads all young people to commit acts of violence. nbsp;nbsp;nbsp;nbsp;nbsp;Numerous studies have been conducted to determine whether or not there is a direct link between violent tendencies and†¦show more content†¦According to an article from Current Events, Harris had a self-modified version of Doom, a â€Å"Mature† rated game. However, it has since been proven that Harris had a very traumatic home life and a not-so-nice social life (â€Å"The Games Kids Play†, 2). Such factors, Walling states, â€Å"... are more predictive of youth violence and delinquency†(1). According to Gamespot’s Shahed Ahmed, research conducted by several psychologists on the short-term effects of violent videogames on kids, recently told the â€Å"... American Psychological Association that inborn traits are more likely to induce aggressive behavior in children than the direct affect of violent games†(1). nbsp;nbsp;nbsp;nbsp;nbsp;Ahmed goes on to explain the experiment in detail. Twenty-five boys and ten girls were given questionnaires, so as to determine their gaming habits. The children were then allowed to play both violent and relatively non-violent games for a period of fifteen minutes. Afterwards, they were presented with hypothetical situations and were judged on their responses to said scenarios. The researchers were able to conclude that playing violent games does not induce aggressive behavior in the short term. However, they did note that children who were inherently aggressive chose to play the more violent games (1). nbsp;nbsp;nbsp;nbsp;nbsp;Many parents and teens argue that no normal kid would be transformed by a videogame’s violence. Teens are smartShow MoreRelatedThe Effects Of Video Games On Youth2604 Words   |  11 PagesYouth In modern video game stores, topics that would have previously been viewed as taboo are now widely displayed and accepted as normal, such as violence. Some people question as to whether or not it is beneficial for people, especially children, to see these behaviors on a regular basis. It has become clear that many of the people who have drawn attention to this issue use studies and research whose credibility should be and in many cases has been questioned. 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This speech, in conjunction with the Disney film Our Friend the Atom, provides a clear window to the ideas of the American people on the atom. Per example, in â€Å"Atoms for Peace†Read MoreEssay on Violent Video Games1848 Words   |  8 Pagesgames, and their parents bought 225 million of them last year to the tune of $6.4 billion.† (Sider 79).What’s here to argue is that violent video games do not cause violence among children, but the blame for violence should be on the individual and people who should have taught the individual better. If kids are not able to see the difference between reality and fantasy, then they really can’t be blamed for committing acts they see in a game and then imitating, not fully understanding the consequencesRead MoreStephen P. Robbins Timothy A. 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The Anxiety Of Bipolar Disorder - 1679 Words

Bipolar Disorder is an illness that affects channels of communication filling it with unnecessary noise. With competent communication using skills of listening, interpretation of nonverbal communication, and understanding the movement of self-concept within a Bipolar Disorder individual it becomes easier to interpret their messages and to send your own. Bipolar Disorder individuals disregard advice when they are manic, and start to loose quality of life within depression. Although they may range in a large spectrum of mood they are the only ones that can help themselves in an interpersonal relationship with their doctor to start to aide their unquiet minds. Bipolar disorder, commonly known as Manic-Depressive†¦show more content†¦They stated that people with bipolar disorder â€Å"Would reject advice when they feel more positive and follow advice when they feel more depressed.† (Mansell Lam 2006, p. 1798) In an elevated or manic state individuals start to reach areas in their of thinking and feeling that it understood by very few. Similar to how depression cannot be grasped by those that have never experienced it, the same stands for the elation of mania. The name mania can imply quite a lot about the experience. It is not that the individual starts to become a crazed cannibal, but rather begins a path to change in inhibition. These manic episodes can vary in length and time. Just as the episodes can vary, so can the severity of bipolar disorder. Bipolar I is classified as the full swing of the worst of depressions to mania that is pushed so far it ends in hospitalizations. Bipolar II experiences the same depths of depr ession along with mania that doesn’t usually end is hospitalizing, but still creating a strong negative influence on the individual. Bipolar disorder creates real moods that can last days, weeks, and sometimes years. There is a wide array how individuals will cycle through their moods and it seems to continue to be a life full of adjustments. With proper adjustment of medication and help from a physician normalcy can be established. There is no cure for this illness, only a life full of self-monitoring and medical aide. Even with a wholeShow MoreRelatedThe Anxiety Of Bipolar Disorder1467 Words   |  6 PagesBipolar disorder, also known as manic-depressive illness, is a brain disorder that causes unusual shifts in mood, energy, activity levels, and the ability to carry out day-to-day tasks (nimh.nih.gov). People that have this mental illness tend to easily lose their focus and gets triggered by anything that changes their mood. 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