The Modem Business Reporting Dimension Including the Reports of the Supervisory Board

This paper is of conceptual nature. The considerations are based on literature studies and empirical research carried out in 2009 and 2011 among the members of supervisory board in Polish public companies. The purpose of this article is to present a new business reporting model extended by the supervisory board＇s reports. The part of this article, which is based on the literature research, clarifies the scope of modem business reporting, being a part of a company＇s information system. This article includes management commentary proposal prepared by the International Accounting Standards Board （IASB）. The authors proposed a supplement to the management commentary which is a global model of disclosures accompanying financial statements. According to the concept presented in this article, information prepared and disclosed by managers in financial statements and management commentaries are parts of a larger reporting system-corporate reporting supply chain. This paper mainly proposes an extension of a modem company＇s information system with a new channel of communication, such as supervisory board＇s reports. This article explains the role of a supervisory board associated with the conception. In the prepared conception, supervisory board becomes an active reviewer of management action. Moreover, it is also an active participant in the chain of corporate reports. Deliberations presented in this article are the voices in the debate on the shape of the modem business reporting.

Does Board Size Mediate the Relationship Between Accounting Information and Stock Market Return?Evidence From Listed Financial Firms in Ghana

The study examined the relationship between accounting information and stock market returns of listed financial entities on the Ghana Stock Exchange using board size as a mediating variable.The population of the study was 13 listed financial entities from 2007-2019 with 169 firm-year observations.This 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(LLC),ImPesaran,Pesaran,Kao,and Larsson cointegration test;Fully Modified Ordinary Least Square(FMOLS)and Dynamic Ordinary Least Square(DOLS).The results of the unit root test showed that all the variables were 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 revealed that all the accounting information variables with the exception of operating cash flow per share(OCFPS)and net tangible assets(NTA)have a direct insignificant relationship with the stock market return of listed financial entities.The study revealed that board size strengthens the relationship between OCFPS and NTA,and stock market return at 5%significant level under FMOLS and DOLS of listed financial entities.

The Empirical Study of Board Structure and Firm Performance-Innovative Small Enterprises in China

This study took small enterprises listed from 2010 to 2015 as the empirical object.The board size,CEO duality,and ratio of independent directors were independent variables.The return on total assets,return on shareholders’equity and earnings per share were taken as the dependent variables,and three hypotheses were tested with SPSS.It is found that the board size was positively correlated with firm performance,but was not significant.There was no significant correlation between the ratio of independent directors and CEO duality on firm performance.This study suggests that optimizing the leadership structure of the board of directors can help improve the firm performance of enterprises.

Influence of Board Mechanisms on Corporate Social Responsibility Disclosures in Nigeria: A Study of Oil and Gas Sector of the Economy

The study examined the influence of board mechanisms on corporate social responsibility disclosure among oil and gas quoted companies in Nigeria for ten(10)years period(2012-2021).Board mechanisms variables of board independence,board size as well as board gender diversity were analyzed to determine their influence on corporate social responsibility disclosures.Data obtained from the financial statement of various sampled companies were suitably analyzed with the help of descriptive statistics,correlation as well as regression analysis by making use of E-view(9.0)econometric packages.Regression result reveals that board independence has significant and negative influence on corporate social responsibility disclosures while board size and board gender diversity have insignificant and negative influence on corporate social responsibility disclosures of various companies.The study therefore arrived at a conclusion that board independence on the board brings about improvement on corporate social responsibility disclosure among quoted oil and gas companies in Nigeria.

Modeling of Micropores Drilling Force for Printed Circuit Board Micro-holes Based on Energy Method

The quality of printed circuit board(PCB)micro-hole processing directly determines the stability of the inner and outer circuit connections.Micro-hole drilling technology is a typical method for PCB micro-hole processing.The problem of optimal control of its drilling force is one of the main factors affecting the quality of micro-hole machining.To address this problem,the thrust forces and torques in PCB drilling were first modeled and analyzed,and the corresponding prediction models were established.The drilling force analysis was carried out through the micro-hole drilling experiment,the specific cutting energy under different feed rates was calculated,the influence of the size effect was clarified,and the accuracy of the prediction model was verified.The result shows that during the drilling of glass fiber cloth,changes in the material removal mechanism are induced as the feed per revolution is varied.When the feed per revolution is less than the tool edge radius,the glass fiber is not cut by the main cutting edge,but is crushed and broken.When the feed per revolution is greater than the radius of the tool edge,the glass fiber is cut by the main cutting edge.At the same time,the established analytical model can accurately reflect the influence of the size effect on the drilling torque in PCB micro-hole drilling,and the error is within 10%.This method has certain practical application value in controlling PCB micro hole processing quality.

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.

Decision-Making Process in Japanese Board Room. Audit ＆ Supervisory Board as a Source of Information to Outside Board Members： A Systematic Review

I the context of the Corporate Governance Code enactment in Japan, we examine how newly introduced outside directors in Japanese boards obtain information to take part in the decision-making process. We conducted a systematic review of the literature and found 18 peer-reviewed publications in a time span between 2000 and 2016 that described the asymmetry of information between the insider group of board directors （including the CEO） and the outside board members. Our fmdings show that for the course of more than a decade, despite all changes and reforms, the role of board directors, whether insiders or outsiders, is still supplementary. They are treated more as advisors than active part in the decision-making process. We reveal different insider sources of information as forming social ties with the CEO and/or inside board directors and collaboration with Audit ＆ Supervisory Board （Kansayaku）, which can help reduce this asymmetry and improve the decision-making process. We assume that it will be easier for the outsiders to establish contacts and form social ties with the Audit ＆ Supervisory Board members because of their unspoken lower status and thus to obtain more information about the company internal affairs and discussions that take place during the informal meetings, where only insiders （including the CEO） are present.

Effectiveness of Supervisory Boards in Coordination With Audit Committees in China

China＇s supervisory mechanism is peculiar in that it integrated the supervisory board （SB） of the German corporate governance （CG） model in 1993, and has simultaneously adopted the audit committee （AC） of the Anglo-American model since 2002. This paper aims to reveal the effectiveness of SBs in coordination with ACs in China. The regulations for Anglo-American and Chinese systems are compared and further evidence is provided through interviewing two governors of all listed companies in the SSE and of 79 investment corporations in Hangzhou. Both statements indicate that China still faces difficulties and problems in meeting the two indexes of independence and expertise of supervision to give effective supervisory functions. Both opinions differed in terms of the co-ordination of SBs and ACs in the future. The evidence presented forms a basis for proposals of how key characteristics of effectiveness and co-ordination can be improved to make supervisory functions in China more effective.

Corporate Governance and Earnings Quality： The Experience of Listed Companies in Iran

This study examines the relationship among independent boards of directors, board size, managerial share ownership （MSO）, and earnings quality. The study of these relationships is controlled by firm size based on a sample of 114 companies listed on the Tehran Stock Exchange （TSE） for the period from 2008 to 2010. The results demonstrate that there was an insignificant positive relationship among independent boards of directors, managerial ownership, and earnings quality. Subsequent analysis shows an insignificant negative relationship between board size and earnings quality. It also provides evidence of the negative relationship between firm size as a control variable and earnings quality. This can be attributed to the fact that large firms are claimed to be politically sensitive and thus have the incentive to lessen variances in changes in their reported earnings.

Perfection solutions of supervisory audit in Chinese listed companies

Operational mechanism of supervisory audit in Chinese listed companies is not ideal, the supervisory effect of the listed company rely on features of supervisors＇ board and member of the supervisors＇ board. Based on the comparison of supervisory audit in Britain, Germany, France and Japan, and the empirical research on 100 listed companies in a share market, the paper analyses supervisory audit in Chinese listed companies, and proposes some perfection solutions to strengthen supervisory audit.

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。

On-board measurement of particle numbers and their size distribution from a light-duty diesel vehicle:Influences of VSP and altitude

In this study,the particle size-resolved distribution from a China-3 certificated light-duty diesel vehicle was measured by using a portable emission measurement system（PEMS）.In order to examine the influences of vehicle specific power（VSP） and high-altitude operation,measurements were conducted at 8 constant speeds,which ranged from 10 to 80 km/hr at10 km/hr intervals,and two different high altitudes,namely 2200 and 3200 m.The results demonstrated that the numbers of particles in all size ranges decreased significantly as VSP increased when the test vehicle was running at lower speeds（〈 20 km/hr）,while at a moderate speed（between 30 and 60 km/hr）,the particle number was statistically insensitive to increase VSP.Under high-speed cruising conditions,the numbers of ultrafine particles and PM2.5were insensitive to changes in VSP,but the numbers of nanoparticles and PM10 surged considerably.An increase in the operational altitude of the test vehicle resulted in increased particle number emissions at low and high driving speeds;however,particle numbers obtained at moderate speeds decreased as altitude rose.When the test vehicle was running at moderate speeds,particle numbers measured at the two altitudes were very close,except for comparatively higher number concentrations of nanoparticles measured at 2200 m.

Effect of Acorn Burying Depth on Germination, Seedling Emergence and Development of Quercus aliena var. acuteserrata

Acorns of Quercus aliena var. acuteserrata Maxim. are often predated by small mammals and birds in natural forests. These animals not only eat the acorns during the acorn ripening season, but also cache and hoard most of the remaining acorns on the forest floor in the soil for their future use. These buried acorns form the main seed resource for regeneration. Burying depth is potentially important for germination and for seedling development. The effects of burying depth on germination and seedling development in relation to acorn size were studied in an experiment, in which acorns were planted at 6 cm-, 12 cm- and 18 cm-depth. The experimental results showed that fewer acorns germinated as burying depth increased. From the deeply buried acorns fewer seedlings emerged at later time than from those acorns buried less deeply. They appeared to have more difficulties to emerge above-ground than die seedlings from shallowly buried acorns. The deeply buried acorns and their seedlings also appeared to be more susceptible to rot. Acorn size did not significantly affect germination and emergence of the seedlings. As early emerged seedlings had longer developmental periods in their first growing season, and therefore grew better than die late emerged seedlings, seedlings from die shallowly buried acorns took the advantage.

表面施胶水性聚氨酯对箱纸板耐折性能的影响及作用机理

通过表面施胶不同特性(非离子型和阳离子型)的水性聚氨酯(WPU),研究了WPU施胶对箱纸板耐折性能的影响及作用机理。结果表明,WPU成膜性能、纸张结构和施胶工艺,对箱纸板耐折性能均有显著影响。非离子型的WPU-A膜强韧,拉伸强度达7.11 MPa;阳离子型的WPU-B膜中软易黏,拉伸强度很低。对于含水量低的纸张,在同等实验条件下,成膜柔韧、拉伸强度高的WPU施胶,有利于提高箱纸板的耐折性能。纸张结构越疏松,WPU施胶对其耐折度的提升幅度越大,且对于结构紧实的纸张,WPU膜强度与纸张强度显示出协同作用。对比4种不同施胶工艺所得箱纸板,干燥后双面施胶箱纸板的耐折性能提升效果最佳。

定组态砂带粒度对刨花板磨削的影响

【目的】为探究新型定组态砂带的微磨粒粒度对木质材料磨削性能的影响,为定组态砂带的设计和制备提供依据,开展了定组态砂带磨削试验。【方法】本研究制备150目、180目、220目3种不同粒度的定组态砂带(P-150/180/220),与220目的非定组态砂带(O-220)对照,以刨花板为磨削对象,分别开展20万次磨削试验。对比不同微磨粒粒度的定组态砂带在磨削过程中材料去除量、刨花板表面粗糙度、砂带质量的变化,以分析定组态砂带粒度对磨削性能和砂带磨损的影响。【结果】(1)定组态砂带的刨花板去除量小于非定组态砂带,但稳定性远优于非定组态砂带;定组态砂带去除量的平均值与微磨粒粒度负相关,而随着磨粒粒度增大,定组态砂带去除量更加稳定。(2)定组态砂带磨削刨花板的表面粗糙度呈先下降后稳定,小范围上下波动的变化趋势;随着磨粒粒度的增大,刨花板表面粗糙度减小且更加稳定。(3)定组态砂带质量在磨削过程呈波浪形周期性下降;P-150砂带质量损失最快,P-180砂带质量下降最稳定;定组态砂带等效磨粒与表面微磨粒间存在补偿作用和协同作用。【结论】在等效磨粒形状和尺寸相同的情况下,微磨粒粒度对定组态砂带磨削性能有显著影响,但这种差异在粒度小的微磨粒中表现更加明显。本研究为定组态砂带的设计和生产提供了科学依据和理论支撑,促进了木材加工技术和砂带制造技术向高效智能化方向发展。

Board Members Oversight System- A Polish Example

The goal of the study was the development of a system to monitor the members of supervisory and management boards. The system currently covers 8,454 joint stock companies registered in Poland. The main purpose of the system is to monitor every change in the composition of every board of every joint stock company, from March 2001 up to the present, and it is updated every month. This system, however, also enables us to confirm some of the theories from the field of corporate governance. A generation change has been identified in the boards of the joint stock companies which were examined. Women constitute a large, and continuously increasing, section of the board members. The number of family companies, and of family involvement in boards, is still increasing. Board members of financial institutions （and not just of banks） possess significantly more directorates than board members of non-financial institutions. The number of interlocking directorates is positively linked to the macroeconomic development indicator of the total investment as percentage of GDP for Poland.

德国监事会合格履职的组织法保障及对我国的启示

我国监事会合格履职的最大障碍是履职保障机制,尤其是组织法保障的严重缺失。德国公司法规范已从创设特殊的职责履行人(如监事会主席和各类专门委员会)和完善内部程序性规则两个层面为监事会履职的组织法保障做出细致规定,监事会组成及任职条件方面的立法经验同样极富启发意义。为了应对飞速变化的公司实践,德国立法者还为公司做出“补充性”和“相异性”规定预留了巨大的自治空间。监事会自主设置的各类专门委员会有助于其更高效地履职。监事会,包括各委员会及监事会主席均有权以公司名义实施合格履职所必需的法律行为。

Effect of Corporate Governance Compositions on Financial Reporting Timeliness in Nigerian Deposit Money Banks

This study ascertained the effect of corporate governance compositions on timeliness of financial reporting in deposit money banks in Nigeria.Ex Post Facto research design was employed for this study.Purposive sampling was used to select eight(8)deposit money banks in Nigeria with international authorization.Data were extracted from annual reports and accounts of the sampled banks and analyzed with regression analysis.The results show that board size has a positive and significant effect on financial reporting timeliness deposit money banks in Nigeria,while audit committee independence has a positive but insignificant effect on financial reporting timeliness of deposit money banks in Nigeria.Therefore,on the basis of the findings and conclusions of the study,the study recommends among other things that the number of banks board of directors should play a vital role in how well it can oversee daily operations of the institution and monitor management.

高管团队薪酬差距、投资效率与企业全要素生产率

基于社会比较理论与委托代理理论,从投资效率角度切入,研究高管团队水平薪酬差距对企业全要素生产率的影响及传导机制。研究发现:高管团队水平薪酬差距的拉大,会导致全要素生产率降低。作用机制表明,非效率投资在两者间发挥中介作用。进一步区分投资不足与投资过度后发现,高管团队水平薪酬差距主要通过投资过度路径对企业全要素生产率产生负面影响。企业异质性发现,在较大规模董事会的企业和非国有企业中,高管团队水平薪酬差距对全要素生产率的负面影响更为严重。研究结论为改善企业治理结构提供了相关经验证据。

数字金融对中小企业财务风险的影响及机制研究——基于新三板制造业企业数据

选取2011—2020年新三板制造业企业数据和对应城市的数字金融数据,实证分析了数字金融发展对中小企业财务风险的影响。结果表明:数字金融发展有助于中小企业降低财务风险;传导机制研究发现,数字金融发展通过企业利息负担和财务杠杆两种渠道降低了中小企业的财务风险;异质性分析显示,数字金融发展对民营、非劳动密集型、东部地区中小企业财务风险的影响更加显著,且“十三五”期间数字金融缓解中小企业财务风险的作用更大。因此提出利用数字技术继续推进数字金融建设、加快劳动密集型中小企业转型、东西部企业协同联动、实现共同发展的建议。