| 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. |
- Campbell, Cynthia J., et al.
(författare)
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The impact of CEO long-term equity-based compensation incentives on economic growth in collectivist versus individualist countries
- 2016
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Ingår i: Asian Economic Papers. - 1535-3516. ; 15:2, s. 109-133
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Tidskriftsartikel (refereegranskat)abstract
- This study examines the impact of the prevalence of long-term equity-based chief executive officer (CEO) compensation incentives on GDP growth, and we address the moderating role of individualist versus collectivist cultures on this relationship. We argue that long-term incentives given to CEOs in some firms may convey to other CEOs that they too may be able to receive such incentives and rewards if they emulate the incentivized and rewarded CEOs. In a longitudinal study across 22 nations over a 5-year period, we find that the higher proportion of CEOs in a country are awarded long-term equity-based incentive compensation, the greater future real GDP growth, particularly in collectivist countries.
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| 3. |
- Campbell, Cynthia, et al.
(författare)
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Vicarious Agency
- 2011
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Konferensbidrag (refereegranskat)
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| 4. |
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| 5. |
- Engström, Pontus, et al.
(författare)
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An Academic Route to Transnational Entrepreneurship: A Scandinavian-Tanzanian Experience
- 2022
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Ingår i: Academic and Educational Entrepreneurship. - Cham : Springer International Publishing. - 2192-4333. - 303110952X - 9783031109522 - 3031109511 - 9783031109515 ; , s. 237-257
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Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- Business schools in the USA and Europe are enrolling an increasing number of foreign students. This is helping to internationalize classroom learning and extracurricular experiences and foreign students provide valuable income as they commonly pay full tuition, for example in the UK and Australia. In this chapter, we highlight how foreign students, PhD students in particular, need to prepare for the reality of a complex employment situation when they return to their country of origin. Most business scholars in low-income countries cannot rely solely on a university salary for their income. Furthermore, it is a common expectation in low-income countries’ universities that faculty members will be extensively involved in providing public services, such as serving on the board of a state-owned firm. With this chapter, we take this further by addressing business scholars’ involvement in entrepreneurship, and we discuss such involvement in light of the Holistic Conceptual Framework of Edupreneurship.
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| 6. |
- Goel, Sanjay, et al.
(författare)
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THE EFFECT OF DIFFUSION OF FOUNDING FAMILY INFLUENCE AND INSIDER HOLDING ON FIRM VALUE : THE MODERATING EFFECT OF PYRAMIDAL OWNERSHIP
- 2006
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Konferensbidrag (refereegranskat)abstract
- Insights from agency theory and the theory of altruism are used to empirically examine the relationship between founder descendant board membership and the market value of publicly traded firms in Norway, Sweden, and Spain. We argue that both economic incentives and positive altruism drive the board room behavior of persons associated with inherited wealth. Consequently, founder descendant board membership may reduce agency costs in public firms by ensuring the continuity of the founder’s strategic vision. We also hypothesize a non-linear relationship between insider holding and firm value in firms with a descendant board member, arguing that both market discipline and altruistic behavior can be key competitive advantage for family-influenced firms. We also hypothesize an efficiency based argument for a positive influence of pyramid ownership structures on the performance of firms with descendant board membership. This suggests that pyramids favor the creation of firm value in second and later generation family firms. Evidence from 254 firms in the three non-Anglo-American countries largely supports the presented hypotheses.
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| 10. |
- Hearn, Bruce, et al.
(författare)
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The impact of indigenous culture and business group affiliation on corporate governance of African firms
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Ingår i: Corporate Governance: an international review. - 0964-8410.
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Tidskriftsartikel (refereegranskat)abstract
- Research Question/Issue: This is a study of the relationship between business group ownership and constituent firms' adoption of Anglo-American shareholder value governance in African firms at the undertaking of an initial public offering (IPO). Research Findings/Insights: We find business group ownership to be associated with lower Anglo-American corporate governance adoption by constituent firms. However, this association is reversed in the institutional context of higher tribalism, while correspondingly being exacerbated in the context of lower tribalism. Theoretical/Academic Implications: We theorize that the influence of business group ownership on firms' adoption of Anglo-American corporate governance is better understood when considering the institutional context. We highlight how informal cultural institutions are heterogeneous and thus shape the indigenous political economy and impact business groups. Specifically, we argue institutional contexts with higher tribalism are associated with more in-group favoritism and nepotism. This association makes it critical for business group constituent firms to escape the constraints of the political economy of tribalism when attracting outside funding, leading to a higher inclination to adopt Anglo-American governance. Contrastingly, in lower tribalism contexts, there is more universal trust across societies and an increased availability of domestic funding. Practitioner/Policy Implications: Given the proliferation of business group ownership within economies worldwide, the study provides a useful framework with which to gauge the influence of business group ownership on a constituent firm's adoption of Anglo-American governance best practice. In particular, the study emphasizes that the interdependence of formal institutional architecture and tribalism—both fundamentally associated with the demographic shape and with the incentive structures embedded within the underlying national political economy—calls for careful considerations when making national corporate governance recommendations.
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