Wyniki wyszukiwania - BazTech

1

ESG – równowaga czy równia pochyła?

Masłowska-Bandosz Małgorzata

Energia i Recykling : gospodarka obiegu zamkniętego

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2023

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nr 5

PL

Przedsiębiorcy muszą prowadzić działalność w taki sposób, by w jak najmniejszym stopniu oddziaływała na środowisko. Czasy, kiedy można było jedynie deklarować swoje działania na rzecz zrównoważonego rozwoju, powoli dobiegają końca. Coraz szybciej nadchodzi wymóg obowiązkowego raportowania i… ponoszenia kosztów z tym związanych.

2

The concept of compulsory governance structure

Matusik Rafał

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2022

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z. 160

409--428

EN

Purpose: identification of the original concept of compulsory governance structure. Design/methodology/approach: institutions that legally compel owners to entrust the governance of the firm to an independent outsider were sought. Their features were subjected to a cluster analysis in a form of Czekanowski's diagram. Based on Coase theorem, a definition is proposed. Findings: the compulsory governance structure is a regulatory mechanism aimed at neutralizing the social cost for stakeholders caused by ineffective firm. It introduces an external manager to the firm, who under special powers aims to remove the causes of inefficiency. During compulsory governance structure collateral transaction costs are internalized by the firm and transformed into additional coordination costs. The second finding is an observation that firm’s ineffectiveness might be measured by the level of stakeholders transaction costs. Research limitations/implications: relying solely on manifestations of compulsory governance structure in Poland. Originality/value: identification of a new research unit called compulsory governance structure and noting the relationship between firm ineffectiveness and stakeholders transaction costs.

3

Corporate governance as a tool supporting management during a crisis

Kwiecień Anna, Wójcik-Jurkiewicz Magdalena

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2022

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z. 158

337--353

EN

Purpose: The purpose of this paper is to show that the code of good practice and the recommendations concerning CG - corporate governance in listed companies, through increased transparency, can be a tool supporting management in the period of crisis. Design/methodology/approach: The article is based on a critical analysis of the literature, mainly in the field of corporate governance, current press publications, as well as an analysis of secondary data of listed companies in the period June-September 2021. Findings: The considerations presented in this paper show that CG can be perceived as a tool supporting management, especially in times of crisis which will enable the company to have better transparency. The principles contained in the code of good practice will serve as recommendations for companies in the CG area. Research limitations/implications: The pilot study performed among all listed companies showed high compliance with companies with regard to the completion of the declaration on the use of CG in the light of the amended guidelines in 2021. Practical implications: The presented considerations are partly theoretical but are supplemented with the results of the analysis of the actual activities of entities in the area of governance during the crisis. They can be useful in practice for managers of various enterprises because they present the tools of CG that can be effectively used to improve the functioning of a company in a crisis. Social implications: Presenting governance in this light may raise greater interest in the concept. Its application in practice may have multifaceted beneficial social, economic, and even environmental consequences. Originality/value: The study shows a specific approach to the issues of CG. It is not only a well-perceived code of good practice but above all a tool supporting management and recommending solutions to companies in a specific time of crisis. The paper fills the cognitive gap in the studied area.

4

The determinants of supervisory board’s effectiveness in energy sector

Lisiecka Krystyna, Bąk Bartłomiej

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2021

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z. 154

149--170

EN

Purpose: the aim of the paper is identification and presentation of determinants of supervisory board’s effectiveness in modern organization. Design/methodology/approach: own survey studies and expert opinion interviews conducted by the author. Findings: key necessary competences of supervisory board members in energy sector were identified, results of survey studies were confirmed by expert interviews. Research limitations/implications: formal legal and corporate limitations of access and use of internal information affect the scope of gathered materials. Practical implications: conducted study allows one to conclude that supervisory boards in current shape often do not guard long-term success of the company and are ill-equipped for the task at hand. Originality/value paper identifies factors which negatively influence and limit effectiveness of supervisory board, paper highlights and specifies key competences of individual board members.

5

The Impacts of Corporate Governance on Information Quality on Financial Statements

Thu Huyen Pham, Hong Nga Nguyen Thi, Thi Nhung Dao, Xuan Hong Nguyen Thi, Thi Nga Nguyen

Annals of Computer Science and Information Systems

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2021

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Vol. 28

289--294

EN

The core aim of this paper is studying corporate governance and information quality on financial statements, then summarize the results of last papers about the factors on the impacts of corporate governance on information quality on financial statements. Based on the content of these previous papers about this topic, this paper has identified the impact trend of each factor such as the characteristics of the board of directors (BOD), the audit committee (AC) on the quality of information on the financial statements. In addition, this paper also proposes further research involved in each factor. The content of this research expands the literature of the relevant research, and it is a useful reference for regulators and researchers.

6

The impact of CG on the earnings quality of enterprises listed on the stock market in Vietnam

Van Vu Thi Thuy, Hung Dang Ngoc, Thuy Do Thi Thu

Annals of Computer Science and Information Systems

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2021

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Vol. 28

327--331

EN

The paper examines the influence of corporate governance (CG) on the earnings quality (EQ) of listed companies in Vietnam. We consider the issue of CG integrated from each component of the board and the supervisory board using the GLS regression. The data are collected at energy enterprises listed on the Vietnam stock market in 2010 - 2018, with 2162 observations. The research results have found that the board positively impacts the EQ, while the supervisory board does not affect the earnings quality. Besides the audit quality, the ratio of liabilities positively affects the EQ; in contrast to the percentage of state ownership, the company's size has an opposite effect. In addition, foreign ownership ratio, profitability do not affect the EQ. The empirical research results are a valuable basis to help companies improve the EQ, thereby helping companies consider the elements of the board and supervisory more effectively for each company.

7

Process management and trends in company management

Wąchol Jerzy

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2020

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z. 145

585--595

EN

Purpose: The aim of the study is to present selected elements of management, vital for the future development (change trends) of enterprises, with respect to the global environment, process management and ecology. Design/methodology/approach: Statistical data analysed, surveys and research literature. Findings: There are some change trends in the management of enterprises of the future, modern technologies and good management of innovations that will be of importance here, as well as the growing significance of ecology and sustainable development, together with waste recycling and searching for alternative and new energy sources. Process management, in contrast, may be on a similar level of assessment in the future as it is at present. Research limitations/implications: Survey small research, unrepresentative of the SME sector in the Lesser Poland Voivodeship. Pilot case studies. Practical implications: For the good development of enterprises of the future, innovations in a new perspective are of great significance. The development of networks of all kinds will also have a large impact on management in the global future with the use of digital platforms, but already global according to the fourth industrial revolution. Nevertheless, when selecting technologies, forms, concepts, methods and management techniques, all their advantages and disadvantages must be considered. Social implications: Although the ecological approach is not the most crucial for the management and employees of companies, it is nonetheless growing according to evaluations. Ecology and innovation in governance must be taken into account for the benefit of societies. Originality/value: Own small survey research, pilot studies and own analysed references. On the basis of the analysed economic and social statistics, own observation and research, there are selected aspects of the development enterprise, modern methods of management and in the global environment, having regard to the ecology and risk. Herein are conclusions on the development of changes in organisations and the development of the management process.

8

Corporate governance as a factor linking the ethical and economic dimensions of contemporary management

Kwiecień Anna

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2020

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z. 147

187--196

EN

Purpose: Identification of corporate governance as a concept combining the ethical and economic dimension of contemporary organizations, taking into account the category of enterprise value. Design/methodology/approach: The paper is based on critical analysis of the literature, mainly in the field of corporate governance, as well as in the area of corporate value and ethics in management. Findings: The considerations presented in this study show that corporate governance can be approached as a management tool that would enable an enterprise to achieve various goals, both in the area of economic efficiency and business ethics. This means that corporate governance can be perceived as a factor that links the ethical and economic dimensions of contemporary management. Practical implications: Although the presented considerations are theoretical, they can be useful in practice in the work of managers of various enterprises. That is because they show the effects that can be achieved through introducing elements of corporate governance in the company. They show governance as a tool enabling the achievement of various goals. Social implications: Presenting governance in this way may result in greater interest in this concept. Its application in practice may cause multi-faceted beneficial socioeconomic consequences because governance provides such possibilities. Originality/value: This study shows a specific approach to the issues of corporate governance. This is not only a well-perceived code of good practices, but – above all – a tool for achieving various goals that are important for the functioning of modern enterprises.

9

Clean and Green – The Volkswagen Emissions Scandal: Failure of Corporate Governance?

Poier Stefan

Problemy Ekorozwoju

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2020

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Vol. 15, nr 2

33--39

EN

In 2014, a scandal involving fraud and power shook the Volkswagen Group with far-reaching consequences that are yet to be fully revealed. This article examines the Volkswagen emissions scandal in terms of corporate governance failure. After a chronological review of the events that led to this extraordinarily damaging revelation, the main differences between the American and the German board system are described. Although Germany’s two-tier board is often considered superior to the American board system, weaknesses in the area of corporate ethics and culture that led to the crisis in the Volkswagen case are identified. The particular constellation within the Volkswagen group and its ownership structure reveals failures in management ethics that led to a certain kind of behaviour among employees that was not explicitly mandated by the management but was, nevertheless, in its interest in regard to achieving company goals.

PL

W 2014 r. skandal wstrząsnął Grupą Volkswagen, przynosząc daleko idące konsekwencje, z którymi firma boryka się do dzisiaj. W tym artykule przeanalizowano skandal związany z fałszowaniem danych o emisji zanieczyszczeń w Grupie Volkswagen, pod kątem niepowodzenia ładu korporacyjnego. Omówiono w porządku chronologicznym wydarzenia, które doprowadziły do ujawnienia fałszerstw i jego poważne konsekwencje, wskazując na główne różnice między funkcjonowaniem zarówno amerykańskiego, jak i niemieckiego systemu zarządzania. Chociaż niemiecka dwupoziomowa rada zarządu jest często uważana za lepszą od amerykańskiej, zidentyfikowano słabości w obszarze etyki i kultury korporacyjnej, które doprowadziły do kryzysu. Szczególny układ w grupie Volkswagena i jej struktura własności ujawnia błędy w etyce zarządzania, które doprowadziły do pewnego rodzaju zachowań wśród pracowników, które choć nie były wyraźnie nakazane przez kierownictwo, to leżały jednak w jego interesie i służyły osiąganiu celów firmy.

10

The influence of corporate governance on sustainability report management : the moderating role of audit committee

Hamidah, Arisukma Adina

Polish Journal of Management Studies

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2020

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Vol. 21, No. 1

146--157

EN

This study aims to examine the relationship of the three characteristics of the board of directors (board size, board independence, and CEO duality) as part of good corporate governance mechanism and its effects on the level of sustainability report disclosure with moderating effect of audit committee. This study underpins Signalling Theory to analyze and explain the role of corporate governance and their association with the management level of disclosure of sustainability report. In this study, 106 samples were taken from 35 companies listed at Indonesia Stock Exchange which disclose sustainability report using GRI G4 during 2013-2017 periods. Board size and board independence was found to have significant negative relationship with the level of sustainability report disclosure. Furthermore, the findings show that the audit committee strengthen the moderating effect of the relationship between board size, CEO duality, and the level of sustainability report disclosure, but weaken the moderating effect of the relationship between board independence and the level of sustainability report disclosure.

PL

Niniejsze badanie ma na celu zbadanie związku trzech cech rady dyrektorów (wielkość zarządu, niezależność zarządu i dualność dyrektora generalnego) w ramach mechanizmu dobrego ładu korporacyjnego i jego wpływ na poziom ujawnienia raportu zrównoważonego rozwoju z moderującym efektem komitet audytu. Niniejsze badanie stanowi podstawę teorii sygnalizacji do analizy i wyjaśnienia roli ładu korporacyjnego i ich związku z poziomem zarządzania ujawnianiem raportu zrównoważonego rozwoju. W tym badaniu pobrano 106 próbek od 35 spółek notowanych na giełdzie w Indonezji, które ujawniają raport zrównoważonego rozwoju za pomocą GRI G4 w okresach 2013-2017. Stwierdzono, że wielkość i niezależność zarządu mają znaczący negatywny związek z poziomem ujawnienia raportu na temat zrównoważonego rozwoju. Ponadto ustalenia wskazują, że komitet audytu wzmacnia efekt moderujący związku między wielkością zarządu, dualnością dyrektora generalnego i poziomem ujawnienia raportu zrównoważonego rozwoju, ale osłabia efekt moderujący związku między niezależnością zarządu a poziomem ujawnienia raportu zrównoważonego rozwoju.

11

Corporate governance in the SMEs of Lebanon : quantitative study of the Anglo-American Model

Daw Dory

Polish Journal of Management Studies

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2020

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Vol. 22, No. 2

82--95

EN

There are various models for the Corporate Governance presented in the UK and USA. However, utilization of the same model in Middle East countries like Lebanon is very unique one. An attempt will be made in the present paper for exhibiting the identified uniqueness in the countries like Lebanon and comprehend the socio-economic conditions. As a result, one may question the relevance of the model also with special reference to the SMEs in Lebanon. The research methodology is based purely on the quantitative study focusing on the descriptive statistics and logistic regression. The study will be based on the testing of the new model of corporate governance for SMEs in Lebanon with the attention on the legal, socio-cultural, political and economic conditions and to identify 'good' governance model which improves or disturbs the performance and sustainability of the SMEs in Lebanon. In the end, it is concluded that there are positive impacts on the performance and sustainability and the findings are consistent with the previous literature for selected and identified corporate governance models for the SMEs of Lebanon.

PL

W Wielkiej Brytanii i USA istnieją różne modele ładu korporacyjnego. Jednak wykorzystanie tego samego modelu w krajach Bliskiego Wschodu, takich jak Liban, jest bardzo wyjątkowe. W niniejszym artykule zostanie podjęta próba ukazania zidentyfikowanej wyjątkowości w krajach takich jak Liban oraz zrozumienia warunków społeczno-ekonomicznych. W rezultacie można kwestionować przydatność modelu, również ze szczególnym uwzględnieniem MŚP w Libanie. Metodologia badań opiera się wyłącznie na badaniu ilościowym, skupiającym się na statystyce opisowej i regresji logistycznej. Badanie będzie oparte na testowaniu nowego modelu ładu korporacyjnego dla MŚP w Libanie, ze zwróceniem uwagi na warunki prawne, społeczno-kulturowe, polityczne i gospodarcze oraz w celu zidentyfikowania „dobrego” modelu zarządzania, który poprawia lub zakłóca wyniki i zrównoważony rozwój MŚP w Libanie. Ostatecznie stwierdza się, że istnieją pozytywne skutki dla wyników i trwałości, a ustalenia są zgodne z poprzednią literaturą dotyczącą wybranych i zidentyfikowanych modeli ładu korporacyjnego dla MŚP w Libanie.

12

Causes and effects of enterprise risk management implementation

Przetacznik Sylwia

Organizacja i Zarządzanie : kwartalnik naukowy

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2020

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nr 3

75--87

EN

Introduction/background: This paper presents a detailed review of causes and effects of the Enterprise risk management (ERM) implementation, including results of the author’s own survey research. Aim of the paper: The purpose of the paper is to analyse the benefits of ERM implementation while taking into account the importance of the incentives that motivate the decision to implement ERM within enterprises. Materials and methods: On the basis of a detailed literature review and taking the results of author’s own survey research into account, an analysis of the causes and effects of ERM implementation is presented. Particular attention is paid to cases where enterprises implement ERM mainly due to stakeholder expectations. Results and conclusions: The described benefits related to the use of ERM are an important reason for the implementation of these systems in enterprises; the benefits exceed the financial costs related to the implementation and use of a risk management system. However, in many cases, the decision to implement ERM is also influenced by external factors. The influence of the organisation's environment on the decision to implement ERM is a positive phenomenon, but the willingness to meet stakeholder requirements should not be the only motivation for implementing ERM. In order to implement an effective risk management system, enterprises should implement such systems deliberately with the primary aim of achieving actual benefits, not just meeting the expectations of those within its environment.

13

A set of international OECD and ICGN Corporate Governance Standards after financial crisis, Corporate scandals and manipulation - applications for Nigeria and implications for developing countries

Ngoc Huy Dinh Tran, Thi Thuy Nguyen, Phuong Le Thi My, Dat Pham Minh, Dung Vu Trung, Manh Phan Tien

Management

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2020

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Vol. 24, no. 1

56--80

EN

A statement by ACCA in May 2009 that any corporate governance system should consider factors such as transparency, accountability, fairness and responsibility, raises issues in this field over past few years. There are also a few researches which have been done in the field of international corporate governance standards. This paper chooses a different analytical approach and among its aims is to give some certain systematic conclusions. First, it separates international standards into groups: ICGN and OECD latest principles covered in group 1 while it uses ACCA principles as reference. Second, it identified differences between these above set of standards which are and have been used as reference principles for many countries and organizations. Third, it aims to build a selected comparative set of standards for corporate governance system in accordance to international standards. Last but not least, this paper illustrates some ideas and policy suggestions.

14

Shared service centres in the public sector - building corporate governance or implementing barely-altered organisational changes?

Modrzyński Paweł

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2019

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z. 139

363--378

EN

Criticism of the New Public Management (NPM), based primarily on the economic indicators of job evaluation and management efficiency has led to the evolution of this approach and emphasising the role of cooperation as a key element of an efficient public management model - Public Management Governance (PMG) or Collaborative Public Management (CPM). This article presents the role of Shared Service Centres (SSCs) in public management based on a cooperation model both at the level of employees and organisational units. The article also attempts to answer the question whether the process of establishing SSCs can be viewed as the beginning of building corporate governance in public administration, or whether local governments are limited to introducing the necessary organisational changes by implementing a shared service only.

15

Modern management methods and process organization in a global enterprise

Wąchol Jerzy

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2019

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z. 136

643--651

EN

The study presents the evolution of process organization and process management, as well as the process approach, along with classic, contemporary and modern management concepts that build the value of a global enterprise. The present paper introduces to the reader aspects of contemporary global economy, modern technologies and information technologies in particular, and customer demands, which in the 21st century necessitate changes in management. Based on the collected statistical data, observations and literature, we formulated conclusions concerning the application of process management to the creation of value in global enterprise, including its sustainability. The advantages and disadvantages of this organizational form are also outlined. The aim of the present study is to introduce to the reader, the importance of various methods and forms of management, and process management in particular, for building the value of a global enterprise.

16

Implementation of corporate governance principles compliant with OECD standards in public companies in Poland and Hungary

Katarzyna Żak

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2019

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z. 136

693--705

EN

The main issues discussed in this paper concern application of recommendations of corporate governance compliant with OECD standards in companies listed on the Stock Exchange in Warsaw and Budapest. While undergoing political transformation, Poland and Hungary have put in place various regulations concerning the functioning of the capital market. The objective of the paper is to determine if, and to what extent, the standards of corporate governance recommended by OECD are applied in public companies operating in Poland and Hungary. The research methods applied to achieve the goal formulated in this way include analysis of the content of Polish and foreign literature, and analyses of desk research and benchmarking type. Comparative analysis applies information included in the EBOR Report entitled Corporate Governance in Transition Economies – Countries Report and OECD Corporate Governance Factbook 2019.

17

Is tax aggressiveness an indicator of earnings management?

Susanto Yulius Kurnia, Pirzada Kashan, Adrianne Sheryl

Polish Journal of Management Studies

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2019

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Vol. 20, No. 2

516--527

EN

The objective of the study was to get the evidence empirical about the influence of tax aggressiveness, director size, director independent, audit quality, managerial ownership, institutional ownership, firm size, and leverage on earnings management. The population is non-financial firms listed in Indonesia Stock Exchange during (IDX) 2013-2017. Samples were gotten by the method of purposive sampling, which there are 132 non-financial firms listed in IDX meet the requirements in the criteria and resulting 660 data that are available to be taken as sample. The data analysis method uses multiple regression testing. The results showed that tax aggressiveness, institutional ownership and leverage have an effect on earnings management. While director size, director independent, audit quality, managerial ownership, and firm size statistically do not influence on earnings management. The tax aggressiveness and leverage have a positive and significant effect on earnings management. Tax aggressiveness indicates that companies with low tax rates have an indication of high tax aggressiveness and this is possible because of the earnings management. Meanwhile, the leverage shows that companies with debt funding sources that are larger than assets, are more likely to practice earnings management. The institutional ownership has negative and significant effect on earnings management. The higher the institutional ownership the more stringent the supervision of the management in making earnings management.

PL

Celem publikacji było zaprezentowanie w artykule dowodów empirycznych na temat wpływu agresywności podatkowej, kontroli jakości, własności kierowniczej, własności instytucjonalnej, wielkości firmy i dźwigni finansowej na zarządzanie zyskami. Badana populacja to firmy niefinansowe notowane na giełdzie w Indonezji podczas (IDX) 2013-2017. Próbki zostały pobrane metodą celowego pobierania próbek, w której 132 firmy niefinansowe wymienione w IDX spełniają wymogi określone w tych kryteriach, a otrzymane 660 danych można pobrać jako próbkę. Metoda analizy danych wykorzystuje testy wielokrotnej regresji. Wyniki pokazały, że agresywność podatkowa, własność instytucjonalna i dźwignia mają wpływ na zarządzanie zyskami. Podczas gdy wielkość dyrektora, niezależność dyrektora, jakość audytu, własność kierownicza i wielkość firmy statystycznie nie wpływają na zarządzanie zarobkami. Agresywność podatkowa i dźwignia mają pozytywny i znaczący wpływ na zarządzanie zyskami. Agresywność podatkowa wskazuje, że firmy o niskich stawkach podatkowych wykazują wysoką agresywność podatkową, co jest możliwe dzięki zarządzaniu zyskami. Tymczasem dźwignia pokazuje, że firmy ze źródłami finansowania dłużnego większymi niż aktywa częściej stosują zarządzanie zyskami. Własność instytucjonalna ma negatywny i znaczący wpływ na zarządzanie zarobkami. Im wyższa własność instytucjonalna, tym bardziej rygorystyczny jest nadzór kierownictwa w zakresie zarządzania dochodami.

18

Capital structure and corporate governance : evidence from Eastern European listed companies

Berķe-Berga Anželika, Dovladbekova Inna

Polish Journal of Management Studies

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2019

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Vol. 20, No. 2

161--173

EN

The goal of this paper is to investigate the relationship between corporate governance quality and capital structure of a firm. Survey sample consists of 799 listed companies in 9 Eastern European countries. OLS regression is done with book and market leverage as dependent variables and a corporate governance index constructed by the authors serves as the main explanatory variable. Other control variables, mostly positions and ratios from financial statements, are also used. The regression models with market leverage as dependent variable have larger explanatory power than models with book leverage. The results of the survey reveal negative relation between corporate governance index and market leverage, which means the higher level of corporate governance, the lower level of debt. Other existing empirical findings from other countries show various conclusions - some similar, some - contrary to this survey, and some have inconclusive results.

PL

Celem tego artykułu jest zbadanie związku między jakością ładu korporacyjnego a strukturą kapitałową firmy. Próbka ankietowa składa się z 799 spółek giełdowych w 9 krajach Europy Wschodniej. Regresja OLS odbywa się przy użyciu dźwigni księgowej i rynkowej jako zmiennych zależnych, a wskaźnik ładu korporacyjnego opracowany przez autorów służy jako główna zmienna objaśniająca. Wykorzystywane są również inne zmienne kontrolne, głównie pozycje i wskaźniki ze sprawozdań finansowych. Modele regresji z dźwignią rynkową jako zmienną zależną mają większą moc wyjaśniającą niż modele z dźwignią księgową. Wyniki badania wskazują na negatywny związek między wskaźnikiem ładu korporacyjnego a dźwignią rynkową, co oznacza wyższy poziom ładu korporacyjnego, niższy poziom zadłużenia. Inne istniejące ustalenia empiryczne z innych krajów pokazują różne wnioski - niektóre podobne, niektóre - w przeciwieństwie do tego badania, a niektóre nie przynoszą jednoznacznych wyników.

19

Debt maturity and family related directors : evidence from a developing market

Hussain H. I., Abidin I. S. Z., Ali A., Kamarudin F.

Polish Journal of Management Studies

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2018

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Vol. 18, No. 2

118--134

EN

This paper examines the debt maturity structures of Malaysian firms based on the presence of family-related directors (FRDs) on boards. The motivation is derived from the board composition literature, which highlights reforms taken place over the years in order to ensure proper governance mechanisms. Conversantly, debt maturities are also linked to reductions in agency costs whereby firms with short-term borrowings will be subject to greater levels of monitoring by markets. Furthermore, this reduces information asymmetry. Thus, the paper evaluates the effectiveness of FRDs in alleviating the agency problem by studying the trade-off of such presence on debt maturity structures. The study finds that firms with the presence of FRDs tend to opt for longer maturity structures. These points towards a substitution effect where firms with FRDs will not rely on short-term borrowing as a mechanism for reducing agency problems. The findings of the study are further validated given that the presence of FRDs is not motivated by firms matching strategy of assets versus liabilities. However, these firms also opt for long-term borrowing in order to mitigate potential liquidity problems. The study further documents that these firms face lower bankruptcy costs. Interestingly, the authors also document that FRD opt to lengthen maturity structures during periods of increase in share prices indicating that control by family members tend to take into consideration shareholders’ wealth maximization. The finding is valid given that most firms with FRD also tend to have significant ownership by families.

PL

W niniejszym artykule przeanalizowano strukturę zapadalności długu malezyjskich firm w oparciu o obecność dyrektorów rodzinnych (FRD) w zarządach. Motywacja pochodzi z literatury poświęconej składom zarządów, która podkreśla reformy, które miały miejsce od lat w celu zapewnienia odpowiednich mechanizmów zarządzania. Konsekwentnie, zapadalność długu jest również powiązana z obniżeniem kosztów pośrednictwa, w wyniku czego firmy o pożyczkach krótkoterminowych będą podlegać większemu monitorowaniu na rynkach. Ponadto zmniejsza to asymetrię informacji. W związku z tym, w artykule dokonano oceny skuteczności FRD w łagodzeniu problemu agencji poprzez zbadanie zysku takiej obecności w strukturach dojrzałości długu. Badanie wykazało, że firmy z obecnością FRD wybierają dłuższe struktury dojrzałości. Wskazuje to na efekt substytucyjny, w którym firmy z FRD nie będą polegać na pożyczkach krótkoterminowych jako mechanizmie zmniejszającym problemy agencji. Wyniki badania są dalej potwierdzane, ponieważ obecność FRD nie jest uzasadniona przez firmy, które dopasowują strategię aktywów do zobowiązań. Firmy te również wybierają długoterminowe pożyczki, aby złagodzić potencjalne problemy z płynnością. Badanie to dokumentuje również, że firmy te ponoszą niższe koszty bankructwa. Co ciekawe, autorzy dokumentują również, że FRD opowiadają się za przedłużeniem struktur zapadalności w okresach wzrostu cen akcji, wskazując, że kontrola członków rodziny ma tendencję do uwzględniania maksymalizacji zamożności akcjonariuszy. Stwierdzenie jest słuszne, biorąc pod uwagę, że większość firm z FRD ma również znaczny udział rodzinny w strukturze własności.

20

Corporate governance and performance of the financial firms in Bahrain

Aktan B., Turen S., Tvaronavičienė M., Celik S., Alsadeh H. A.

Polish Journal of Management Studies

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2018

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Vol. 17, No. 1

39--58

EN

The aim of this paper is to explore the relationship between corporate governance and performance of the financial firms in the Kingdom of Bahrain. The study uses annual data of all listed financial firms on the Bahrain Bourse over the period of 2011-2016. The results show that board size, ownership concentration and auditor’s reputation have a positive and significant impact on firms’ return on assets (ROA), whereas the percentage of independent directors and the annual number of board meetings have negative and significant impact on firms’ return on equity (ROE). CEO duality is found to not be an important determinant factor of firms’ performance, as the results suggest that it shows insignificant effect on ROA, ROE and stock returns (SPR). Furthermore, firm’s size and leverage are found to have negative and insignificant relationship with firms’ performance.

PL

Celem artykułu jest zbadanie związku między ładem korporacyjnym a wynikami firm finansowych w Królestwie Bahrajnu. W badaniu wykorzystano roczne dane wszystkich notowanych firm finansowych w Bahrajnie w okresie 2011-2016. Wyniki pokazują, że wielkość zarządu, koncentracja własności i reputacja audytora mają pozytywny i znaczący wpływ na rentowność aktywów przedsiębiorstw (ROA), podczas gdy odsetek niezależnych dyrektorów i roczna liczba posiedzeń zarządu mają negatywny i znaczący wpływ na przedsiębiorstwa z kapitałem własnym (ROE). Dualizm dyrektorów generalnych nie jest istotnym czynnikiem determinującym wydajność firm, ponieważ wyniki sugerują, że ma on niewielki wpływ na ROA, ROE i stopy zwrotu (SPR). Ponadto stwierdzono, że wielkość firmy i jej wpływ mają negatywny i nieistotny związek z jej wydajnością.