The Malaysian government launched the Government Linked Companies Transformation （GLCT） Programme in May 2004, with the aim, amongst others, of ensuring continuous improvement of these firms amidst global trade comp...The Malaysian government launched the Government Linked Companies Transformation （GLCT） Programme in May 2004, with the aim, amongst others, of ensuring continuous improvement of these firms amidst global trade competitiveness and economic challenges. This paper examines technical efficiency of government linked companies （GLCs） and benchmarks the result with top foreign owned firms listed in Bursa Malaysia. The study employs an unbalanced panel dataset of 31 existing GLCs over a period of nine years （2000-2008） using the stochastic frontier model. The results provide estimates of mean technical efficiency of these firms for the first time, and highlight the variation between the GLCs and foreign owned firms which represent international standard. The findings show mean technical efficiency of GLCs is moving towards the frontier but it still relatively low compared to the foreign firms. The trend declined drastically at the later period showing a wider gap against the benchmark firms. The findings hope to contribute to the growing literature on firms＇ efficiency focusing on privatized firms in developing countries.展开更多
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 mar...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.展开更多
The choice of the environmental risk management instrument to be used within the scope of corporate governance in companies is of paramount importance to avoid or mitigate the triple environmental responsibility to wh...The choice of the environmental risk management instrument to be used within the scope of corporate governance in companies is of paramount importance to avoid or mitigate the triple environmental responsibility to which they are exposed.In this sense,the following research problem arises:The Environmental Impact Assessment(EIA),an instrument of the National Environment Policy and a model of environmental risk management adopted by some companies,proves to be efficient,effective and effective for the fulfillment of the duty to protect the environmental balance and,therefore,for sustainable development?The present study aims to elucidate this research problem.To this end,analyzes were carried out on risk and environmental damage,from a perspective of the socio-environmental function of companies today;the need for a new posture by companies in view of the reflexes of environmental risks in business activity;and the question of the adequacy or inadequacy of the EIA as an instrument of the National Environment Policy and as a model for managing environmental risks and damages,in the pursuit of sustainable development.The method of approach used was the deductive one,and the research was carried out using the method of bibliographic procedure,through which research was carried out on books,scientific articles and legislation.The result points out the inefficiency and ineffectiveness of the EIA for the management of environmental risks and,thus,for the fulfillment of the duty to protect the environmental balance by companies.展开更多
文摘The Malaysian government launched the Government Linked Companies Transformation （GLCT） Programme in May 2004, with the aim, amongst others, of ensuring continuous improvement of these firms amidst global trade competitiveness and economic challenges. This paper examines technical efficiency of government linked companies （GLCs） and benchmarks the result with top foreign owned firms listed in Bursa Malaysia. The study employs an unbalanced panel dataset of 31 existing GLCs over a period of nine years （2000-2008） using the stochastic frontier model. The results provide estimates of mean technical efficiency of these firms for the first time, and highlight the variation between the GLCs and foreign owned firms which represent international standard. The findings show mean technical efficiency of GLCs is moving towards the frontier but it still relatively low compared to the foreign firms. The trend declined drastically at the later period showing a wider gap against the benchmark firms. The findings hope to contribute to the growing literature on firms＇ efficiency focusing on privatized firms in developing countries.
文摘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.
文摘The choice of the environmental risk management instrument to be used within the scope of corporate governance in companies is of paramount importance to avoid or mitigate the triple environmental responsibility to which they are exposed.In this sense,the following research problem arises:The Environmental Impact Assessment(EIA),an instrument of the National Environment Policy and a model of environmental risk management adopted by some companies,proves to be efficient,effective and effective for the fulfillment of the duty to protect the environmental balance and,therefore,for sustainable development?The present study aims to elucidate this research problem.To this end,analyzes were carried out on risk and environmental damage,from a perspective of the socio-environmental function of companies today;the need for a new posture by companies in view of the reflexes of environmental risks in business activity;and the question of the adequacy or inadequacy of the EIA as an instrument of the National Environment Policy and as a model for managing environmental risks and damages,in the pursuit of sustainable development.The method of approach used was the deductive one,and the research was carried out using the method of bibliographic procedure,through which research was carried out on books,scientific articles and legislation.The result points out the inefficiency and ineffectiveness of the EIA for the management of environmental risks and,thus,for the fulfillment of the duty to protect the environmental balance by companies.
