1,721,079 research outputs found
The remuneration of independent directors in the UK and Italy: An empirical analysis based on agency theory
No full textThis study investigates independent non-executive directors’ remuneration from an agency theory perspective, taking into account both optimal contracting and managerial power perspectives. Using a sample of 1733 independent non-executive directors’ year observations in Italian and UK non-financial firms listed in the period 2007–2009, we find that in both countries independent non-executive directors’ remuneration is mainly based on the observable effort they exert and their responsibilities. Our findings also show that independent non-executive directors who do not fulfil formal independence criteria, as stated in the respective national corporate governance codes, seem to be paid more than those who do fulfil such criteria, particularly in the UK.
Our findings contribute to the existing literature by providing evidence on the determinants of independent non-executive directors’ remuneration in two major European economies and offer insights to policy-makers by questioning the effectiveness of adopting non-binding criteria when assessing non-executive directors’ independence
Shareholder rights, shareholder voting, and corporate performance
Get PDFThe areas of shareholder rights and shareholder voting are fundamental features of a sound corporate governance system. The Organisation for Economic Co-Operation and Development (OECD) Principles of Corporate Governance 2004) state that ‘the corporate governance framework should protect and facilitate the exercise of shareholders’ rights’ and amongst these shareholder rights are the right to relevant, timely and regular information about the company; the right to participate and vote in shareholder meetings; the right to elect and remove members of the board; and the right to share in the company’s profits. Shareholders are the providers of risk capital and as such they need to be able to protect their investment by insuring that a competent board is in place to manage the company and to ensure that effective strategies are in place for the company’s overall corporate performance and longterm sustainability
The role of CEO's personal incentives in driving corporate social responsibility
No full textAuthor's post-print version. The final publication is available at link.springer.comIn this study we explore the role of Chief Executive Officers’ (CEOs’) incentives, split between
monetary (based on both bonus compensation and changes in the value of the CEO’s portfolio of stocks
and options) and non-monetary (career concerns, incoming/departing CEOs, power and entrenchment)
in relation to corporate social responsibility (CSR). We base our analysis on a sample of 597 US firms
over the period 2005-2009. We find that both monetary and non-monetary incentives have an effect on
CSR decisions. Specifically, monetary incentives designed to align the CEO’s and shareholders’
interests have a negative effect on CSR and non-monetary incentives have a positive effect on CSR.
The study has important implications for the design of executive remuneration (compensation) plans, as
we show that there are many levers that can affect CEO’s decisions with regard to CSR. Our evidence
also confirms the prominent role of the CEO in relation to CSR decisions, whilst also recognizing the
complexity of factors affecting CSR. Finally, we propose a research design that takes into account
endogeneity issues arising when examining compensation variables
Board reputation attributes and corporate social performance: an empirical investigation of the US Best Corporate Citizens
No full textThe aim of the paper is to investigate the relationship between board reputation and corporate social performance. Specifically, we claim that corporate social performance may be a function of board attributes and we investigate the association between board reputation – in terms of board composition, competence, diversity, leadership, structure and links with the external environment – and the social performance of firms, after controlling for other company-specific characteristics. In order to explore such a relationship, we analyse the association between corporate social performance and board reputation of the Business Ethics 100 Best Corporate Citizens over the period 2005–2007. Data on corporate social responsibility are collected from the KLD's SOCRATES database, which is derived from multiple sources and is not dependent upon corporate self-reporting. Data on board reputation are hand-collected from corporate reports and proxy statements. Our empirical evidence shows that the proportions of independent, community influential and female directors are positively associated with corporate social performance, while the presence of a corporate social responsibility (CSR) committee is positively associated with community performance. In contrast, we find that CEO duality and community influential directors with multiple directorships have a negative effect on corporate social performance
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Monitoring intensity and stakeholders' orientation: How does governance affect social and environmental disclosure?
Get PDFThe aim of the paper is to investigate the effects of the corporate governance model on social and environmental disclosure (SED). We analyze the disclosures of the 100 U.S. Best Corporate Citizens in the period 2005–2007, and we posit a series of simultaneous relationships between different attributes of the governance system and a multidimensional construct of corporate social performance (CSP). We consider both the extent and the quality of SED, with the purpose of identifying increasing levels of corporate commitment to stakeholders and shedding some light on whether SED is used as a signal or rather as a legitimacy tool. Our empirical evidence shows that the stakeholders’ orientation of corporate governance is positively associated with CSP and SED. On the other hand, we do not find support for the monitoring intensity of corporate governance being negatively associated with social performance. We also find that CSP in the “product” dimension is positively associated with the extent and quality of SED whilst CSP in the “people” dimension is negatively associated with the extent and quality of SED. At a time when shareholders and stakeholders share more common aspects in their relationships with firms, this is a significant area to explore and this research fills an important lacuna in this respect
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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