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.

Female directors in the boardroom and intellectual capital performance:Does the“critical mass”matter?

This research aims to investigate the influence of female directors on Intellectual Capital Performance(ICP)using a sample of manufacturing-listed companies in China.Our study investigates the link between having two or more female directors and the Modified Value-Added Intellectual Coefficient(MVAIC)methodology,employing the critical mass theory from 2004–2017.We find that having a critical mass of female directors(three or more)shows a significant positive impact on MVAIC and its components,including human capital efficiency,structural capital efficiency,relational capital efficiency,and physical capital efficiency,with physical capital being the critical driver.Our study reveals that the critical mass participation of female directors substantially influences the IC efficiency of privately owned companies compared to state-owned companies.Moreover,the number of female directors also affects the IC performance of manufacturing companies in multiple regions.Our findings support the validity of group classification identified by Kanter and Critical Mass Theory.To the best of our knowledge,this is one of the few pieces of research that studies the role of female board directors in IC performance and Chinese manufacturing firms using MVAIC as an IC measure.

The Mediating Effect of Corporate Governance on the Relationship Between Accounting Information and Stock Market Return of Listed Entities in Ghana

The study examined the mediating effect of corporate governance on the relationship between accounting information and stock market returns of listed entities on the Ghana Stock Exchange.The population of the study was forty(40)listed entities from 2007-2019 with 520 firm-year observations.The study applied a panel regression model that takes unobserved individual heterogeneity and distributional heterogeneity into consideration.In addition,the study employed cross-section dependence test,Levin-Lin-Chu,ImPesaran,Pesaran,Kao,and Larsson cointegration test,fully modified ordinary least square(FMOLS),and dynamic ordinary least square(DOLS).The results of unit root test showed that all the variables are integrated at first difference.Moreover,the results of cointegration test revealed that accounting information variables were cointegrated in the long run.The result of FMOLS and DOLS further revealed that all the accounting information variables with the exception of OCFPS and NTA have a direct insignificant relationship with the stock market return.The study revealed that corporate governance which was proxied by board size also strengthens the relationship between TAT and stock market return and NTA and stock market return at 5%significant level under FMOLS and DOLS respectively.

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.

Approaching Corporate Governance Structure

Corporate governance structure system, or corporate organization system, which is a management model and system on the basis that the investment and control are separate, is the rules of setting up and operating the corporate organizations which is specified in Company laws among counties around the world. This article introduces the five parts of corporate governance structure system and discuses the function.

气候治理行动与企业环境责任履行——来自气候适应型城市建设的证据

气候治理行动对于应对日益严峻的气候危机及其灾害性影响至关重要。以2017年气候适应型城市建设为契机,基于2013—2020年中国A股上市企业的经验数据,使用双重差分法探究气候治理行动对企业环境责任履行的影响。结果表明:气候治理行动能显著促进企业履行环境责任,且随着时间推移,这种促进作用不断增强。机构投资者持股和多样化董事会作为重要的内外部治理机制,所产生的监督效应和治理效应可以有效加强气候治理行动对企业环境责任履行的积极影响。对作用机制的探索发现,气候治理行动促进环境责任履行的主要传导机制在于诱发企业绿色创新效应。异质性分析表明,气候治理行动对气象灾害严重、温室气体高排放地区的企业及高数字化转型、重污染企业的促进效应更明显。上述研究结论揭示了气候治理行动与企业环境责任承担之间的紧密联系,为实现气候变化应对和可持续发展提供了重要启示。

董事会断裂带、内部控制与审计质量——基于制造业上市公司的数据

断裂带的存在极容易使董事会形成不同的子群体,而子群体间的相互作用又会反向牵制和干扰董事会的监督能力,进而影响审计质量。以2013—2021年中国沪深A股制造业上市公司为样本,探究董事会断裂带对审计质量的影响。研究发现:首先,董事会断裂带与审计质量呈倒U形关系,断裂带异常会干扰公司董事会监督职能的正常发挥,从而影响审计质量;其次,董事会断裂带与审计质量的倒U形关系主要源于任务导向断裂带的作用,在企业成熟期更为显著;最后,内部控制能够削弱董事会断裂带对审计质量的影响,而良好的内部控制有助于缓解股东与管理层的代理成本,弥补董事会子群体间冲突带来的负面影响,在合理范围内有效地提升审计质量。