Women on Boards of Directors

This research aims to measure the current gender representation in membership of boards of directors,and to study the factors affecting the presence of women on boards.The results of the study will support the decision makers and policy makers at all levels by providing knowledge that contributes to bridging the current gap in participation of women boards.The methodology used in this research is the descriptive analytical approach,which relies on quantitative methods in the process of collecting and analyzing data.This study represents the boards of directors in the three sectors(public,private,and non-profit)in the Kingdom of Saudi Arabia,The study sample contained 350 targets,where a random sample of 150 people in the public sector,100 people in the private sector,and 100 people in the non-profit sector were selected.The research result found that the majority of the responses believe that the lack of experience and training,and social factors,are the most impact areas of explaining the reasons for the existence of a gap in women’s membership in boards of directors in the three sectors.And the most important reasons for the existence of a gender gap in board membership are:there is no statutory minimum percentage for women’s representation on boards of directors,and scarcity of female competencies in general,and the lack of women occupying leadership positions.

Effects of Pilot Programs for China's Central SOE Board of Directors

Since June 2004, the State-Owned Assets Supervision & Administration Commission(SASAC) has launched pilot programs for a board of directors(BoD) for central SOEs to establish and improve their governance structure and standardize their exercise of shareholder rights over state-owned listed companies. Based on this quasinatural experiment, this paper examines the BoD's effects on the agency cost of state-owned listed companies and their economic consequences. Using data of central SOE-controlled companies listed at Shanghai and Shenzhen stock exchanges during 2002-2015, this paper finds that the pilot programs significantly reduced the two types of agency costs for the companies, and such effects primarily existed for listed companies with smaller central SOE shareholding ratios. Further test uncovers that, compared with central SOEs that did not carry out the pilot programs, those that did reported higher economic value-added and stock returns. Our conclusions offer a new interpretation of the BoD's governance effects from a controlling shareholder's perspective, and provide empirical evidence for the positive effects of the pilot programs for central SOE boards of directors. These findings have important policy implications for deepening SOE governance reforms.

A study on directors＇ remuneration and board committee in Malaysia

Researches on company directors＇ remuneration and its links with firms＇ performance and corporate governance have drawn wide attention as stakeholders are interested to find out whether directors received the right package of remuneration and whether it is always in line with the firm＇s performance and corporate governance policy. However, there is a lack of study examining the impact of specific board committee on directors＇ remuneration, particularly in emerging capital and financial market. This study, involving 120 Malaysian public listed companies, aims to examine this association. The study employs descriptive analysis, Pearson＇s correlation test and multivariate stepwise statistical technique. The result of the study indicates that there is a positive relationship between directors＇ remuneration with board executive committee, remuneration committee, nomination committee and corporate governance committee. The result also indicates negative relationship between directors＇ remuneration with employees share option scheme committee. However, all these associations are not significant, except ownership structure that is used as a control variable. This result prompts a need to reexamine the effectiveness of corporate governance practice through establishment of board committee in determining directors＇ remuneration.

The Effect of the Board of Directors and Audit Quality on Disclosure of Internal Control Practices: Evidence from European Companies

The purpose of this paper is to examine the effect of the board of directors,namely board size,board independence,and CEO duality,as well as audit quality on the disclosure of internal control information.The sample consists of 164 European companies listed in the STOXX Europe 600.Based on positive agency theory,the authors posit that board of directors and audit quality influence corporate internal control disclosure practice.The content analysis and the design of the evaluation criterion were used to calculate the disclosure index of internal control.Thus,multiple regression analysis is utilized to analyze the results of this paper.The average internal control information disclosure index was 0.285,indicating that most of the companies in our sample do not disclose enough information about the internal control.This low level of forward-looking information disclosure makes it very difficult for corporate stakeholders to determine the future performance of the company.Multivariate results indicate that internal control disclosure is positively and significantly associated with board independence,CEO duality,and audit quality.This study contributes to the literature on the various governance characteristics and disclosure by showing that the disclosure of internal control information in European countries is positively and significantly associated with board independence,separation of duties,and audit quality.Our study was based on a sample of European companies including countries regulating IC disclosure as well as unregulated settings.As noted by Bedard and Graham(2014),regulatory differences in countries can contribute insights on the costs and benefits of disclosure.Findings also have policy implications for investors,managers,and regulators.

Directors＇ Board Characteristics and Audit Quality： Evidence From Belgium

This study investigates the relationship between board characteristics and external audit quality on a sample of 97 Belgian listed companies during the period 2003-2007. Board characteristics proxies are the composition of the board, its independence, its structure in terms of duality or independence and its diligence. Our results are consistent with board independence and size being complements with external audit, rather than substitutes

Board of Directors, Independent Directors and Audit Fees： Based on the Empirical Data of the GEM of China

As one of the alternative variables of audit quality, audit fees have been researched widely in the Mainboard of China stock market, but empirical research based on the GEM （Growth Enterprise Market） of China is very few. From the perspective of GEM of China, this article observes and studies the impact of corporate governance structure represented by board of directors and independent directors on audit fees. This article selects the data of 348 listed companies in the GEM of China in 2012, proves that there is a positive correlation between the number of meetings, independent directors＇ salaries and audit fees through the use of multiple linear regression model, and accordingly proposed suggestions that improve the corporate governance structure of the GEM of China.

An Empirical Research on the Relationship between Board of Directors Governance and Corporate Performance of Chinese Public Companies

Board of directors is an important component part of corporate governance. As a governance mechanism, we empirically study relationship among the scale of the board of directors, the structure of the board of directors and the duality leadership structure with corporate performance in Chinese public companies. The result shows that the smaller scale of the board of the directors is, the better performance is. With the ownership structure changing better, the structure of the board of directors will change better and promote the performance. The duality leadership structure doesn＇t affect the corporate performance. The fundamental method for the governance effectiveness of the board is to set up the reasonable ownership structure and the marketing mechanism for occurrences in human .

Analysis of Boards of Directors of Listed Companies --Empirical Evidence from China Stock Market

Since stock markets came forth in China only about 15 years ago, there are many different characteristics of Chinese listed companies compared with those of western. According to the regulation on Chinese security markets, an effective internal governance system is composed of systems of general meeting of shareholders, board of directors, board of supervisors and managers. The general meeting of shareholders, as the highest agency of power, makes decisions on important affairs of the company and one of its most important rights is to select qualified members for the board of directors. Board of directors exercises the resolution made by general meeting of shareholders and fulfil the responsibilities authorized by general meeting of shareholder during adjournment. Among the system arrangements above-mentioned, board of directors is the most important. However, the efficiency of internal governing system of the whole company depends on board of directors. Combined with ownership structure analysis, this paper analyses the status quo of boards of directors in China and demonstrates every attribute of Chinese listed companies＇ board of directors.

A Study of the Role of the Board of Directors in Corporate Governance Based on UK Listed Companies

Companies are directed and controlled by corporate governance.It acts on the company internally and externally.The board of directors is responsible for the governance of the company;that is to say,the board of directors is the brain of the company,while corporate governance is the blood distributed throughout the company,which not only supplies blood to the whole,but also reflects the situation.Therefore,with regard to the role of the board of directors in corporate governance,this paper objectively analyzes the importance of the board of directors in corporate governance from theory to practice and from the internal composition of the board of directors to the impact of the board’s actions on the enterprise as a whole based on United Kingdom(UK)listed companies.

Lecture by the President of the Vancouver Port Authority at Business Community Held by the Vancouver Board of Trade

Ladys and gentlemen,good afternoon. As always, it’s a pleasure to be invited by the Vancouver Board of Trade to address the business community as well as many of my colleagues in the transportation sectors. I want to tell you about an experience that has caused me to re-think the message I want to leave you with this afternoon. Rather than focusing on the Port of Vancouver today, and the things we do

Impact of Multiple Directorships on Performance for Companies Listed on the Johannesburg Stock Exchange （JSE）

The study investigates the plausible link between multiple directorships and company performance for Johannesburg Stock Exchange （JSE） listed companies in South Africa. This study also interrogates whether companies with busy boards perform better or worse than non over-boarded companies. The incidence of multiple directorship on JSE is low, therefore the hypothesis is rejected at 5%. Over-boarded company directors attend significantly less board meetings. The Pearson correlation between connectedness and log-transformed financial ratios is not significant between all the six financial ratios. The study finds no difference in performance between over-boarded and non over-boarded companies, and no association between multiple directorships and company performance.

董事会国际化对企业数字化转型的影响--基于A股上市公司的经验证据

数字化转型作为企业重要的战略之一,对经济高质量发展意义重大。本文立足于董事会组成结构,基于2011-2021年沪深A股上市公司数据,探究了董事会国际化对企业数字化转型的影响及内在机制。研究结果表明,董事会国际化对企业数字化转型具有显著的促进作用,该结论在经过一系列稳健性及内生性检验后依然成立。机制检验结果表明,董事会国际化可通过缓解融资约束,提高企业风险承担能力和内部控制水平,共同推动企业数字化转型。进一步研究发现,企业面临的市场竞争强度以及外部不确定性越大,其董事会国际化对企业数字化的促进作用便越明显,且董事会国际化可通过促进数字化转型提升企业创新绩效。因此,政府和相关机构应鼓励和引导企业董事会的国际化发展,完善相关法律法规并合理使用相关政策工具,为企业提供更为便利的融资条件,为企业提供数字化转型的资金需求,助力企业在全球数字化变革中实现高质量转型发展。

新《公司法》中的股东出资义务

新《公司法》以强化股东出资义务为导向,对公司出资制度进行了修改,新增了董事会核查和催缴、股东失权制度以及加速到期制度。这些新增制度在实践中如何适用,需进一步研究和探索。股东违反出资义务需要承担补足和赔偿责任,其他股东和董事也可能承担相应责任。

国有企业何以治理:权力配置与责任承担

国企治理是我国《公司法》的重点关注领域。在国企治理结构中,履行出资人职权的机构、党委会、董事会等治理机构的权力交叠,有可能产生责任承担不合理等问题,亟须厘清国企治理的权责配置。本文认为,鉴于完成国企“产权清晰、权责明确、政企分开、管理科学”制度目标、调解多重利益冲突以及保障政府民事责任豁免等需求,应将董事会作为国企经营决策中心。为此,需要完善并强化董事会,确保其在出资机构和党委会的领导下,以国企可持续发展为宗旨,行使经营决策权以及对经理层的监督权,实现国企的经济目标和政策目标。

董事会非正式层级、机会响应与企业创新效率

董事会非正式层级是影响企业治理能力与创新效率的关键因素。采用“结构—响应—效率”研究范式与中介效应检验方法,以2007—2020年中国A股上市公司为样本,实证研究董事会非正式层级对企业创新效率的影响及作用机制。结果表明,董事会非正式层级与企业创新效率呈显著正相关关系;董事会非正式层级与企业创新机会响应呈显著正相关关系;董事会非正式层级通过激励企业创新机会响应促进创新效率提升。在国家创新驱动发展战略背景下,结论有助于打开董事会内部互动过程的“黑箱”,深化董事会非正式层级影响机制研究,为优化董事会治理结构、提升企业创新效率提供实践启示。

科技期刊学术共同体的发展与维护——以《环境卫生工程》期刊为例

学术共同体是科技期刊重要的思想源泉,一个优秀的学术共同体能够引导和支撑期刊稳定持续发展。信息时代,回归学术共同体的学术价值、建立良性循环的学术共同体是推动科技期刊发展的必经之路。从学术共同体的构建、发展、维护及编辑在学术共同体中的角色定位等方面,探讨了科技期刊与学术共同体相互促进的良性发展机制,以期为行业其他科技期刊构建学术共同体提供思路。

世界一流企业董事会组织模式研究——以国家能源集团为例

加快建设世界一流企业是党中央对国有企业改革发展作出的重大部署,面对治理体系和治理能力现代化的紧迫需求,国资央企亟待构建适应新发展阶段的战略型董事会组织模式。以国家能源集团为例,文章阐述了在董事会规范建设和有效运行方面的实践,形成可供借鉴、推广的董事会组织治理经验,构建了助力企业成为世界一流企业的模型。世界一流战略型董事会应实现创新、绿色、价值三大发展方向,提升前瞻战略、科学决策、风险防控、创新推动和绿色治理五大核心竞争力,形成嵌入聚焦董事会核心战略治理职能为基石的组织架构。

环境之痛,企业之伤:高管早期环境污染经历对企业盈余管理影响研究

借鉴环境心理学的研究成果,运用高阶理论和烙印理论,本文手工搜集整理了2003—2021年中国沪深A股上市公司CEO环境污染经历独特数据集,研究了CEO的环境污染经历与企业盈余管理行为之间的关系,以及两者关系如何受到董事会的规模、成员任期和平均年龄三种结构特征的影响。研究结果表明,CEO的环境污染经历会塑造CEO一系列的隐性心理特质,导致企业的盈余管理行为的发生,而董事会成员的平均年龄越大,越能抑制有环境污染经历的CEO所在企业的盈余管理行为;董事会规模越大、成员的任期越长,CEO的环境污染经历对企业盈余管理行为的影响会越加剧。研究结论为盈余管理行为研究提供了新的视角,同时,对提高上市公司会计信息质量、完善公司治理机制和促进资本市场健康发展具有一定的启示意义。