Suchergebnisse

The regulation of corporate behavior has persisted in spite of peaks of neo-liberalism in many developed jurisdictions of the world, including the U.K. This paradox is described as "regulatory capitalism" by a number of scholars. Of particular note is the proliferation of corporate regulation to govern "socially responsible" behavior in recent legislative reforms in the EU and U.K. In seeking to answer the broader question of whether corporate regulation indeed effectively governs and moderates corporate behavior, this paper focuses on the nature of corporate regulation. Although different pieces of corporate regulation purport to achieve different objectives and impose different types of obligations, this paper offers an institutional account of corporate regulation, specifically in relation to the U.K.'s regulatory capitalism, as the U.K. is typically held up as having a liberal market economy (which is broadly similar to the U.S.). In this article, I argue that the nature and effectiveness of corporate regulation crucially depends on the nature of regulatory capitalism in the type of economic order under discussion. Hence the study of the U.K.'s economic order and its efforts in introducing corporate regulation to change corporate behavior holds lessons more generally for corporate regulation in economies that share similar features. The examination in this article provides an overarching framework for distilling the achievements and limitations of corporate regulation in such economic contexts. First, the paper clarifies that regulatory capitalism in the U.K. is characterized by three key tenets that reflect the spirit of the liberal market economy embraced here. Over time, gaps have been revealed in the achievements of these tenets of regulatory capitalism, particularly in relation to social expectations of the regulation of corporate behavior. These gaps have become the subject of debates in the realm of "corporate social responsibility" (CSR), where business, civil society, and the state frame the ...

Listingrules have always played a significant role in corporate regulation by controlling the manner in which companies raise capital through the issue of securities and the subsequent trading of those securities between investors. The regulatory role of listing rules can be characterised as the top-tier in a system of regulation for listed companies in which the lower tiers are represented by securities law and general corporate law. Company law represents the bottom tier of regulation as it applies to all companies, albeit with some distinctions made between public and private companies. While company law does contain a substantial body of rules which are subject to change by share-holders ('default rules'), it also contains a core of mandatory rules (not subject to change by shareholders) which are regulatory in their nature.

On July 6, 2013, Montreal, Maine, and Atlantic railcar 5017 hauling 72 tanker cars of Bakken crude oil derailed over the town of Lac‐Mégantic, Quebec. The town erupted in a fiery inferno as 5,560,000 liters of highly flammable Bakken crude oil exploded over the town, killing 47 people and contaminating 558,000 tons of soil and local waterways. While Montreal, Maine, and Atlantic Rail Chairman Edward Burkhardt initially blamed the derailment on the lone engineer and local firefighters, this study shows how Transport Canada and the rail industry undermined regulatory and safety measures for several years before the derailment. This study uses a Foucauldian theoretical perspective to conceptualize and explain a new political mentality that transfers existing state regulatory authority to the corporate sector. This new mentality, neoliberal sovereignty, is composed of sovereign and neoliberal logics that monopolize "correct" trajectories of human economic development. This absolute market mentality merges with state sovereignty and eliminates existing safety and regulation frameworks to pursue unregulated corporate profits.Le 6 juillet 2013, un train de 72 wagons‐citernes transportant du pétrole brute Bakken a déraillé de la ligne de chemin de fer de la Montréal, Maine et Atlantique, dans la ville de Lac‐Mégantic au Québec. La ville c'est transformé en véritable enfer, alors que 5 560 000 litre de pétrole brute Bakken très inflammable ont fait explosé la ville, tuant quarante‐sept personnes et contaminant 558 000 tonnes d'eaux et du sol de Lac‐Mégantic et ses environs. Alors que le président de la MMA, Edward Burkhart, a d'abord blâmé l'ingénieur et le service d'incendie local, les études montrent que Transport Canada et l'industrie ferroviaire ont amoindrit les mesures de réglementation et de sécurité plusieurs années avant le déraillement. Cette étude utilise une perspective théorique foucauldienne pour conceptualiser et expliquer une nouvelle mentalité politique qui transfère l'autorité de régulations gouvernementales existantes au secteur des entreprises. Cette nouvelle mentalité, souveraines et néo‐libérale, est composé de logique souveraines et néo‐libérales qui monopolise les trajectoires « respectables » de développement économique humain. Cette mentalité de marché absolu fusionne avec la souveraineté de l'État et élimine les cadres de sécurité et les réglementations existantes pour les bénéfices des entreprises non réglementaires.

The aim of this study is to investigate the similarities between political parties and corporations as legal entities, and to determine whether political parties are recognized as subjects of criminal law. The study uses the normative research method, specifically a statutory approach, to examine relevant laws and regulations. The findings suggest that political parties and corporations share similar characteristics, such as being associations of people and organized wealth associations that can be legal or non-legal entities. Therefore, political parties can be considered corporations. In terms of criminal law, both political parties and corporations are recognized as subjects of criminal law according to Article 1 Paragraph (1) of Law Number 20 of 2001, which amends Law Number 31 of 1999 concerning the eradication of criminal acts of corruption.

"This book provides an in-depth comparative exploration of gender diversity in corporate leadership roles in China and India. Set in the context of changing corporate governance norms, it utilizes both quantitative and qualitative research methods to understand the key determinants of gender disparity. It identifies global, national and enterprise level factors shaping gender diversity in the corporate board room; and measures their economic, political, and sociocultural impacts on two of the world's largest economies. The book draws upon narratives of women leaders to bridge the gap between theory and data, examining possible solutions to achieve gender parity in organisational hierarchies. Topical and detailed, this book will be an essential read for scholars, practitioners and researchers of gender studies, corporate governance, business studies, human resource management, public policy, social anthropology, and Asian studies"--

"This book provides an in-depth comparative exploration of gender diversity in corporate leadership roles in China and India. Set in the context of changing corporate governance norms, it utilizes both quantitative and qualitative research methods to understand the key determinants of gender disparity. It identifies global, national and enterprise level factors shaping gender diversity in the corporate board room; and measures their economic, political, and sociocultural impacts on two of the world's largest economies. The book draws upon narratives of women leaders to bridge the gap between theory and data, examining possible solutions to achieve gender parity in organisational hierarchies. Topical and detailed, this book will be an essential read for scholars, practitioners and researchers of gender studies, corporate governance, business studies, human resource management, public policy, social anthropology, and Asian studies"--

Purpose
This paper aims to investigate the impact of the revised Code of Corporate Governance 2017 (CCG-2017) clauses pertaining to board independence, mandatory inclusion of female directors, audit committee (AC) chair independence and directors' expertise on earnings manipulation.


Design/methodology/approach
Using an unbalanced panel of 323 listed companies from 2015 to 2019, this study uses panel data regression models with a robust methodology called difference-in-differences to tackle the potential endogeneity.


Findings
This study's findings show that, as compared to the pre-CCG-2017 period, board- and AC-related variables increased significantly in the post-CCG-2017 period. Furthermore, financial experts on the board and board independence have a negative effect on discretionary accruals (DAs), whereas female directors and DAs are positively related, as is real activity manipulation. The AC-related variables, such as AC independence, expertise in AC, and AC chair independence, are significantly different from the preperiod to the postperiod, whereas their relationship is not according to the hypotheses of the study. Moreover, these results are robust to additional analysis of the alternative proxies for female directorship and the endogeneity problem.


Practical implications
The findings of this study have implications for regulators and practitioners who are concerned with the functions of the board of directors (BOD). The findings of this research study show that earnings management (EM) may be reduced by independent and expert directors. However, board gender diversity is not reducing the EM. Therefore, the decision to appoint female directors to the board should be based on their business and professional attributes rather than simply filling quotas or blindly adhering to regulations. Moreover, the findings of this research may assist the regulator in encouraging listed firms to enhance board governance via independence, diversity and competency, which are useful for effective monitoring.


Originality/value
This study fills a gap in the literature by providing the first evidence of country-specific regulation (CCG-2017), concerning the BOD and AC-related clauses on EM in Pakistan, which is missing in the relevant literature general and in Pakistan in particular.