| 1. |
- Afzali, Aaron, et al.
(författare)
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On the role of internationalization of firm-level corporate governance : The case of audit committees
- 2023
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Ingår i: Corporate Governance: an international review. - : Wiley. - 0964-8410 .- 1467-8683. ; 31:5, s. 737-758
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Tidskriftsartikel (refereegranskat)abstract
- Research Question/Issue: Motivated by the agency theory and the findings of linguistic studies, we analyze the association between the internationalization of a firm's audit committee and its corporate governance. Research Findings/Insights: Based on data from 2159 publicly traded European firms from 15 countries for the period 2000–2018, we find that firms with foreign directors on their audit committees are associated with lower financial reporting quality. The association is mitigated by stronger country-level investor protection and a higher similarity among intra-committee languages. We further find that foreign directors on the audit committee are related to stock prices being less informative about future earnings. Theoretical/Academic Implication: In this study, we argue that language differences create communication difficulties that weaken social integration between foreign directors and the other parties involved in overseeing financial reporting, thus hampering their ability to monitor effectively. Practitioner/Policy Implications: The results indicate that foreign directors on a corporate board increase its independence. However, appointing foreign directors to the firm's audit committee may compromise the board's monitoring function.
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| 2. |
- Andrén, Niclas, et al.
(författare)
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Euron och europeisk konkurrens i ett finskt perspektiv
- 2002
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Ingår i: Journal of the Finnish Economic Society. ; 55, s. 5-19
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Tidskriftsartikel (refereegranskat)abstract
- In this article we analyze what has been achieved by the introduction of the euro in terms of macroeconomic convergence and leveling of competitive prerequisites among the EMU member countries. In particular, has the convergence in nominal exchange rates resulted in divergence in real exchange and interest rates? And how has Finland fared relative to the EMU members? The answer is that real exchange and interest rates have diverged in the EMU after the introduction of the euro. This divergence is remarkably large in a historical comparison. The Finnish government faces a challenge of forming a policy aimed at dampening the domestic roots of the divergence as well of influencing the policy-making at the EU-level to avoid making the divergence put the entire EMU at stake.
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| 3. |
- Andrén, Niclas, et al.
(författare)
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Euron och europeisk prisutveckling i ett svenskt perspektiv
- 2002
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Ingår i: Ekonomisk Debatt. - 0345-2646. ; :3, s. 219-229
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Tidskriftsartikel (populärvet., debatt m.m.)abstract
- A strategically minded CFO will realize that strategic corporate risk management is about finding the right balance between risk prevention and proactive value generation. Efficient risk and performance management requires adequate assessment of risk and risk exposures on the one hand and performance on the other. Properly designed, a risk measure should provide information on to what extend the firm's performance is at risk, what is causing that risk, the relative importance of non-value-adding and value-adding risk, and the possibilities to use risk management to reduce total risk. In this chapter, we present an approach - exposure-based cash-flow-at-risk - to calculating a firm's downside risk conditional on the firm's exposure to non-value-adding macroeconomic and market risk and to analyzing corporate performance adjusted for the impact of non-value-adding risk.
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| 4. |
- Andrén, Niclas, et al.
(författare)
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Exposure-Based Cash-Flow-at-Risk: An Alternative to VaR for Industrial Companies
- 2005
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Ingår i: Journal of Applied Corporate Finance. - : Wiley. - 1745-6622 .- 1078-1196. ; 17:3, s. 76-86
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Tidskriftsartikel (refereegranskat)abstract
- Abstract in UndeterminedCash-Flow-at-Risk (CFaR) is the cash flow equivalent of Value-at-Risk (VaR), a measure widely used as the basis for risk management in financial institutions. Whereas VaR-based systems specify the maximum amount of total value a firm is expected to lose under most foreseeable conditions (for example, with a 99% confidence level), CFaR-based systems determine the maximum shortfall of cash the firm is willing to tolerate. CFaR is gaining in popularity among industrial companies for much the same reasons VaR has succeeded with financial firms: it sums up all the company's risk exposures in a single number that can be used to guide corporate risk management decisions.The authors describe a six-step process for calculating a measure they call “exposure-based CFaR” and then demonstrate its application to Norsk Hydro, the Norwegian industrial conglomerate. Exposure-based CFaR involves the estimation of a set of exposure coefficients that provide information about how various macroeconomic and market variables are expected to affect the company's cash flow, while also accounting for interdependencies among such effects. The resulting model enables management to estimate the variability in corporate cash flow as a function of various risks, and to predict how a hedging contract or a change in financial structure will alter the company's risk profile.
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| 5. |
- Andrén, Niclas, et al.
(författare)
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The euro and European competition in a Finnish perspective
- 2002
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Ingår i: Ekonomiska Samfundets Tidskrift. - 0013-3183. ; 55:1, s. 5-5
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Tidskriftsartikel (refereegranskat)abstract
- In this article we analyze what has been achieved by the introduction of the euro in terms of macroeconomic convergence and leveling of competitive conditions among the EMU member countries. In particular, has the convergence in nominal exchange rates resulted in divergence in real exchange and interest rates? And how has Finland fared relative to the EMU members? The answer is that real exchange and interest rates have diverged in the EMU after the introduction of the euro. This divergence is remarkably large in a historical comparison. The Finnish government faces a challenge of forming a policy aimed at dampening the domestic roots of the divergence as well as of influencing the policy-making at the EU-Ievel to avoid making the divergence put the entire EMU at stake.
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| 6. |
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| 7. |
- Bakardjieva Engelbrekt, Antonina, et al.
(författare)
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EU kan fastna i negativ spiral
- 2012
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Ingår i: Svenska Dagbladet, Brännpunkt. - 1101-2412.
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Tidskriftsartikel (populärvet., debatt m.m.)
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| 8. |
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| 9. |
- Balling, Morten, et al.
(författare)
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Virksomhedens valutastyring
- 1982
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Ingår i: Civiløkonomen. - 0108-0636.
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Tidskriftsartikel (populärvet., debatt m.m.)
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| 10. |
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