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  • Articles  (62,914)
  • Articles: DFG German National Licenses  (62,914)
  • Political Science  (62,914)
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  • Articles  (62,914)
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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: There are good reasons for national differences in corporate governance, differences in the distributional outcomes desired and differences in motivational resources; material sticks and carrots are not the only ways of keeping top managers efficient, honest and dynamic. Yet, too often discussions of corporate governance assume the Anglo-Saxon model to be normal and others “deviant”– a notion to be challenged, but nevertheless the dominant assumption among the “reformers” of corporate governance in Japan and Germany. Most of the reforms in those two countries over the past decade have purported to be about making top managers more honest and efficient. In fact their purport has more often been to change distributional outcomes, favouring shareholders at the expense of employees.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Corporate governance 6 (1998), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: We examine the relation between Australian CEO pay and accounting and share price performance indicators, as well as firm size, from 1987 to 1992 inclusive. Our results show no evidence of a linkage between CEO pay and performance. This finding is robust to the use of single year or pooled tests, as well as the specific identification of CEO changes. “Long window” analysis of the pay-performance relation yields similar results. Possible explanations include incomplete disclosure of CEO compensation, the influence of other claimholders (e.g., debtholders), the existence of alternative monitoring mechanisms and the extent to which CEO compensation is effectively deferred. However, subject to these possibilities, our results can be interpreted as consistent with allegations that Australian CEOs have had, by international standards, a relatively small proportion of total compensation “at risk”.
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Corporate governance 6 (1998), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Corporate governance 5 (1997), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Corporate governance 5 (1997), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: The publication in the UK of the Cadbury Report and its associated Code of Best Practice focused attention on the conduct and structure of boards in large companies. The Code suggested that greater financial accountability would be facilitated by increasing the number of non-executive directors, creating new sub-committees and ensuring that the power of the chair is limited. Surveys amongst FT100 companies show that their compliance with the Cadbury Code has been rapid and virtually complete (Bostock [1995], Cadbury [1995]); less attention has been paid to the compliance of small and medium-sized companies. The approach that is taken in this survey is to investigate the board structures chosen by these enterprises as they prepare for stock market listing. Companies are prepared for market with the advice of professional advisors who it is assumed have a reputational interest in the success of the issue; therefore, they advance corporate governance structures that satisfy potential investors’ expectations. Such companies are making their boards anew and should represent best-practice. This paper examines whether current practice in small and medium-sized companies conforms to the prescribed model for UK boards. It is concluded that the Cadbury Code is not the only model for emergent small to medium sized companies and that the market does not value its adoption in all cases.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Corporate governance 5 (1997), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Corporate governance 5 (1997), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: In 1993 the Executive Board of the Mass Transit Railway Corporation (MTRC) in Hong Kong approved the implementation of a corporate wide manpower and succession planning process. Succession at executive director level was identified as a priority. It was recognised that it would be necessary to identify and assess skills appropriate to company ‘direction’ as distinct from ‘management’ in order to proceed with succession planning at director level and to identify director training and development needs.Two crucial questions emerged: was it possible to identify the core competencies that are required by executive directors? If so, could those competencies be measured and assessed objectively? The experiences of the MTRC in identifying director competencies and in designing, validating and implementing the assessment process during 1994 and 1995 suggests that they can. Their experience forms the basis of this paper.The relatively sparse literature on the identification of director-level competencies is discussed. The competencies identified by the MTRC are outlined. The development of assessment centres, which are widely used to assess core competencies in managerial and professional roles, is then explained. Finally, the experience of the MTRC in extending the use of assessment centres to appraise board-level governance rather than managerial competencies is described and conclusions drawn.
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Type of Medium: Electronic Resource
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  • 9
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: We analyse the relationship between firm value, as measured by Tobin's q, and newly released indices of effective corporate governance for a sample of 263 Canadian firms. The results indicate that corporate governance does matter in Canada. However, not all elements of measured governance are important, and the effects of governance do differ by ownership category. For the entire sample of firms we find no evidence that a total governance index affects firm performance. This is mainly because we find no evidence that board independence, the most heavily-weighted sub-index, has any positive effect on firm performance. Indeed, for family-owned firms we find that the effect is negative. In general, sub-indices measuring effective compensation, disclosure and shareholder rights practices enhance performance and this is true for most ownership types. We also find no evidence that governance practices are endogenous.
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Agency theorists have put forth a number of internal control mechanisms that can reduce agency problems. These different mechanisms are substitutive and thus it is thought that both the board of directors and large external shareholders can influence CEO compensation. Stewardship theory challenges the presumption of self-interest of agency theory, holding that managers view themselves as stewards of their organisation. The first objective of this paper is to study the influence of the control of the board of directors and large external shareholders on CEO compensation. The second objective is to utilise both stewardship and agency theory to analyse the relationship between control mechanisms and compensation, and to see which theory is more applicable. This paper uses the LISREL model to study the influence that the control of the board of directors and external large shareholders has upon CEO compensation, with data drawn from samples of listed manufacturing companies between the years 1997 and 1999 in Taiwan. The following conclusions are reached: (1) the paper supports the viewpoint of stewardship theory whereby the CEO acts as a steward of his/her company when he/she also holds the position of chairman of the company. (2) The findings show that CEO compensation will be high when the board's control is relatively ineffective. (3) The shareholdings of the board of directors can reinforce the degree of control from the board.
    Type of Medium: Electronic Resource
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