PurposeThis study aims to explore the relationship between board governance structure and firm risk. In particular, this study develops a “governance index” based on four aspects of the board: board composition, board leadership structure, board member characteristics and board processes, and it examines how the overall index relates to firm risk.Design/methodology/approachThe study is conducted using a sample of 268 UK firms from the FTSE 350 index over the period from 2005 to 2010. An index is constructed to capture the overall governance structure of the firm. Regressions of the index on three risk measures are examined.FindingsThis study finds that the governance index that aggregates the four sets of board attributes is significantly and negatively related to firm risk. Robustness tests confirm this result.Research limitations/implicationsA large number of studies have explored the relationship between the attributes of corporate boards and firm performance with mixed results. A much smaller number of studies have looked at board attributes and firm risk, but these have either focused on financial sector firms alone or have included only a single or a limited number of attributes. This study, using a broad agency framework, seeks to extend the work on firm risk and board attributes by both expanding industry sectors examined and using a comprehensive set of board attributes.Originality valueThe findings have policy and practical implications for investors, regulators and chairmen of boards of governors to the extent that they inform these constituencies about the set of board attributes that are associated with firm risk. This study is the first to use a comprehensive measure of governance and relate it to firm risk.
Проведен геометрический и топологический анализ металлооксида с минимальным известным содержанием кислорода CsO, образующегося из кислородсодержащего расплава металлического Cs. Для определения кластеров-прекурсоров кристаллических структур использованы специальные алгоритмы разложения структурных графов на кластерные субструктуры (пакет программ ToposPro). Определены участвующие в самосборке кристаллических структур кластеры-прекурсоры: трехоктаэдрические кластеры CsO, октаэдрические кластеры Cs, тетраэдрические кластеры Cs. Реконструированы симметрийный и топологический коды процессов самосборки кристаллических структур из кластеров-прекурсоров в виде: первичная цепь микрослой микрокаркас.
PurposeThis study aims to investigate the relationship between national culture and best practices as recommended in country-level corporate governance codes.Design/methodology/approachMeasures for four corporate governance variables – board independence, gender composition, board leadership and meeting frequency – were collected from corporate governance codes for 55 countries. Scores from Hofstede’s cultural dimensions – power distance, individualism vs collectivism, masculinity vs femininity and uncertainty avoidance – were gathered for these same countries. Average scores on the cultural dimensions were compared for groups of countries based on each of the corporate governance variables.FindingsData analyses reveal significant relationships between Hofstede’s cultural dimensions and the four characteristics of corporate governance examined in this study. Results highlight the importance of understanding cultural influences on board characteristics for companies considering international expansions or partnerships.Originality/valueWhile prior studies have focused on the influence of national culture at the company level, this study examines the relationship at the regulatory level through review of country-level corporate governance codes.
PurposeThis paper aims to investigate the possible trade-off between accountability and enterprise in the context of comply or explain governance. The issue was addressed through examining the effect of compliance with the corporate governance code (CGC) on corporate entrepreneurship (CE) and organisational performance.Design/methodology/approachBased on cross-sectional survey and content analysis of annual reports, the level of CE and compliance with the CGC were measured in the large and medium-listed companies in the UK during 2010. Partial least squares structural equation modelling (PLS-SEM) was used for data analysis.FindingsThe results suggest no conflict between compliance with the CGC and CE in the UK, which can be attributed to the flexibility of the “comply or explain” approach. This implies that no trade-off between accountability and enterprise in the context of comply or explain governance.Practical implicationsThe study provides evidence in support of the regulatory governance framework in the UK and the comply or explain approach at large. This evidence contributes to the debate on the rules-based or principles-based governance, which may affect future CG regulations. It can also guide the directors to achieve the balance between their conformance and performance roles.Originality/valueThe study bridges the gap between CG and CE disciplines through developing a theoretical model that integrate contingency and agency theories lenses. Adopting a holistic approach provides insights into the relationships between CG and CE, rather than investigating the effect of each of these practices separately on organisational performance.
Purpose This paper aims to examine the evolution of corporate governance in Nigeria and how the duplication of code of corporate best practices is impacting compliance with the key recommendations of these guidelines. The issues of corporate governance and reforms especially those related to the development and implementation of code of corporate best practices have been a subject of academic discuss over the years with more research emphasis placed on developed economies. This paper intends to add the sub-Sahara Africa and the emerging economic perspective to this vibrant stream of research. Design/methodology/approach This paper adopts an explanatory approach in the review of the four different codes of corporate governance that were issued in Nigeria in the past ten years. Findings The paper demonstrated that corporate governance has been a fundamental issue of concern in Nigerian public enterprises since the country gained independence in 1960. The paper equally established that the application of recent corporate governance reforms has been challenged, not on competency grounds but rather by the proliferation of codes which have created implementation and monitoring difficulties for both the affected firms and the regulatory agencies. Originality/value Unlike other previous studies, this paper offers comprehensive analysis of corporate governance evolution in Nigeria and found through documented literatures that shortage of experienced local personnel and the absence of effective external control mechanisms have been the bane against the development of corporate governance in Nigeria. The originality of this paper also lies in being the first paper to have linked developments in the public enterprises to the renewed focus on corporate governance. This is the most inclusive paper to have identified key implications of multiplicity of corporate governance codes and the direct application of governance system within the context of the country’s socio-cultural distinctiveness.
The Cs content of GaAs(Cs) and GaAs(Cs–O) photocathodes was determined by direct chemical analysis. The surface films were found to be of monolayer dimension. From this result, it is concluded that the effect of these films on electron emission is probably not associated with the bulk properties of cesium oxide.