bluuebunny/crossref_metadata_2025_split huggingface dataset:
The ethics of corporate governance
Authors: Reddy Y.R.K. 
Published: January 2010

PurposeArising from an engrossing and incisive panel discussion at the IV Congress of ISBEE, this paper aims to add the Asian perspective to the debate on ethics of corporate governance.Design/methodology/approachPersonal insights and experience in the course of promoting corporate governance are juxtaposed with the theoretical assumptions behind the accepted international framework and standards. The paper highlights the key developments relating to corporate governance in Asia; identifies key structural factors and cultural influences; and derives conclusions from these.FindingsThe paper notes the discernable tilt towards the stakeholders’ perspective in large segments of the Asian economy, primarily on account of block‐shareholding with control over managements; dominance of State ownership; and the aspiration of the newly internationalising companies to meet the competitive demands of input and output markets relating to stakeholders. The paper argues that the cultural influences such as relation‐based priorities and social expectations of “duties” imply a different approach from the Anglo‐Saxon contractual constructs. The paper concludes that there is dualism of the culturally determined practices co‐existing well with the international standards.Research limitations/implicationsThis paper could inspire empirical research on the actual impact of economic structures and culture in determining the balance between shareholders and stakeholders in different regions.Practical implicationsThe paper's unique propositions are likely to sensitize corporations in recognising the dualism in practice and debating merits of convergence.Originality/valueThe distinctive value of the paper arises from the arguments and conclusions relating to “synergetic dualism” and “expansive” approach observed in the Asian region.
The ethics of corporate governance
Authors: Young Stephen B. 
Published: January 2010

PurposeThe paper presents an overview of perspectives on corporate governance grounded in the Common Law legal traditions of the UK and the USA. It further discusses whether that perspective is suitable for global application.Design/methodology/approachThe paper presents personal observations on the operational dynamics of rules and practices of corporate governance as necessary functional supports for large scale financial capitalization of enterprise under conditions of modern industrialization.FindingsThe paper concludes that the US perspective on corporate governance is rationally related to objective requirements of financing enterprise and that, as capital markets become larger and more liquid around the world, the corporate governance regimes will, in the main, come to resemble the US model. Though cultural variations on the US pattern are compatible with the purposes of corporate governance to constrain abuse of power in private corporations.Practical implicationsThe implication of this paper is for the implementation of corporate governance regimes in emerging market countries, i.e. that flexibility is permissible but a focus on transparency and accountability under all circumstances is required.Originality/valueThe contribution of the paper is to provide a framework for balancing the rules and practices of US corporate governance with the cultural styles and patterns of different national regulatory settings.
US “say‐on‐pay” legislation
Authors: Hemphill Thomas A. , Lillevik Waheeda 
Published: January 2010

PurposeThe purpose of this paper is to discuss the issues surrounding “say‐on‐pay” legislation in the USA; evaluate the corporate governance alternatives to “say‐on‐pay” legislation; recommend a policy encouraging enhanced executive accountability; and suggest research questions pertaining to “say‐on‐pay” proposals and executive compensation for scholars to pursue.Design/methodology/approachThe paper takes an exploratory approach to discussing and analyzing the issues surrounding “say‐on‐pay” legislation in the USA and offering an alternative corporate governance approach to enhancing executive performance.FindingsThe paper finds that whether an annual non‐binding “say‐on‐pay” policy is instituted or not within a company is not the crux of the executive compensation issue. What is important is whether concerned shareholders have the ability to have proxy access and successfully pass such a resolution, thereby exercising shareholder pressure on the board of directors to implement a corporate policy of equating appropriate executive compensation with managerial performance. Moreover, this improvement in board‐shareowner engagement, along with expanded disclosure of executive compensation packages, will assist in obviating the need for the exercise of a draconian shareholder resolution to remove directors.Originality/valueThis paper offers an in‐depth review of the “say‐on‐pay” legislative and corporate governance controversy; places the issue in the context of effective corporate governance; recommends a reasoned approach to executive compensation accountability; and offers a list of research questions for corporate governance and human resource management scholars to pursue.
Inefficient American corporate governance under the financial crisis and China's reflections
Authors: Dujuan Yuan 
Published: January 2010

PurposeChina has hitherto followed the US model of corporate governance, but recent crises suggest that that might not be the model to follow. This paper aims to consider that proposition.Design/methodology/approachThis is a comparative study of US and Chinese systems of corporate governance.FindingsCorporate governance is an alien concept for China. The establishment of the China company law system came later than western nations' corporate law system. Since 1992, China has made substantial progress in several areas of corporate governance. It is well known that for nearly a hundred years the American‐style corporate governance mechanism has been the model of the countries in the world. And China also follows the example of American corporate governance. Against the background of the global financial crisis, it is time to reflect upon the model of corporate governance in China.Originality/valueThe paper invites reflection on existing paths towards good corporate governance in China.
Governance of Shanghai state‐owned enterprises
Authors: Lu Xuefeng 
Published: January 2010

PurposeThis paper aims to comment upon the governance systems of state‐owned enterprises in Shanghai and to consider the adequacy or otherwise of those governance structures.Design/methodology/approachThe paper presents a study of existing governance arrangements and structures and considers areas for possible reform.FindingsA sound corporate governance system is of great significance not only to the healthy development of enterprises but also for the enterprises to survive when they face the economic crisis. With the continuous spread of the world economic crisis, how to improve the corporate governance of state‐owned enterprises in Shanghai so that they can pass the financial crisis period safely has become one urgent and critical issue.Originality/valueThe study presents detail and reform areas for further reflection.
Foreign‐invested companies: more risky facing up to China's anti‐monopoly law?
Authors: Junfeng Li 
Published: January 2010

PurposeThe anti‐monopoly law (AML) of the People's Republic of China (PRC), which had undergone ten years of debate among the whole spectrum of China's society, was finally issued on August 30, 2007 and took effect on August 1, 2008. This paper seeks to assess the impact of these new laws.Design/methodology/approachThrough an examination of the latest anti‐monopoly cases since the AML came into force, this paper seeks to study the goals and regulations of the AML, and attempts to foresee features of those foreign‐invested enterprises (FIEs) who are most risky under the new Law.FindingsThe new AML, called by some scholars a “landmark of China's economic reform” and “a great achievement of international cooperation” has given birth to mass legal subjects and far‐reaching influence to business circle both explicitly and potentially(Wang, 2008). The new Law attracts concerns from many foreign companies, especially those MNCs and tycoons having business interests in China. Many foreign commentators take the Law as a positive sign for their future investment in China, whereas complaints about the uncertainties of some outstanding issues doubtless persist.Originality/valueThe study provides an insight into antitrust changes in China and signals areas of concern for potential competitors
Probing on the institutional arrangements of supervisory functions in the governance of listed companies in China
Authors: Lixin Li 
Published: January 2010

PurposeThis paper aims to explore the extent of adequacy and confidence that can be enjoyed by minority shareholders in the supervisory controls on Boards in listed companies in China.Design/methodology/approachThis study draws upon the legislative controls and case‐studies in China.FindingsBeing the cornerstone of the development of capital markets, listed companies are in complementary relationship with the latter, which in turn serves as the financing tool for the former. Recently, the financial markets all over the world have been thrown into deep crisis and the financing functions of the domestic capital markets have almost been paralyzed. In this context, it is high time for us to exert more efforts to improve the institutional arrangements of the supervisory functions in the governance of listed companies in China, to strengthen corporate governance, to restrain the actions and behaviors of major shareholders, directors and the executives, to strengthen their concerned responsibilities, to put greater attention and more protection on the promotion of minor shareholders' confidence on capital markets, and to maintain the steady and sustainable development of capital markets in the long run.Originality/valueThis study and findings should be of interest to those seeking to assess the adequacy of minority protection in China.
Minority shareholders and corporate governance
Authors: Kirkbride James , Letza Steve , Smallman Clive 
Published: January 2010

PurposeThe purpose of this paper is to compare the response in the UK, the USA and China to the need to provide effective protection in law to disgruntled minority shareholders.Design/methodology/approachThe study draws upon official comment and case law across the three jurisdictions in order to assess the scope and availability of minority actions.FindingsThe importance of shareholder rights through alternative actions is an important aspect of controlling the behaviour and actions of the Board of Directors and an important part of corporate governance. This paper seeks to compare the development and scope of derivative rights in the UK, the USA and in China and provides an assessment and insight into the differences in approach and in the political and legal structures with the consequent likely impact on the role and contribution of derivative claims in the control and governance of Boards in the different jurisdictions.Originality/valueThe study should prove of interest to scholars of comparative corporate law.
The characteristics and enlightenment of legislation on financial privacy protection in the USA
Authors: Jianping Chen , Zhongwei Yang 
Published: January 2010

PurposeThe purpose of this paper is to examine the extent to which financial privacy is present and necessary in dealings between banks and clients in China.Design/methodology/approachThis paper provides a comparative study drawing, in particular, on developments in the USA.FindingsIt is a trend in legislation in the western developed countries that the right to privacy is taken seriously and private information in the financial activities is protected by law. The legislation in the USA is typically systematic and complete. The fact that financial privacy protection is sparsely stipulated in finance or administrative laws but the protection of privacy has yet not been systematically written into law in China so far, which is inconsistent with the current situations of the financial industry. China should deal with the relationship between banks and clients, administrative power and personal rights, judicial interpretation and legislation from the aspect of financial practice, so as to set up the legal system to protect financial privacy by learning from the legislation in the USA based on the national conditions.Originality/valueThe paper provides a systematic view of the value of financial privacy in the modern world, with recommendations for reform in China.
A comparative study on capital system across the Taiwan straits
Authors: Cailong Ni , Wenzhu Ni 
Published: January 2010

PurposeThe purpose of this paper is to compare the capital system and governance of Mainland Chain with that of Taiwan.Design/methodology/approachThis a comparative study drawing upon the main principles of the legal systems of China and Taiwan.FindingsDue to historical, institutional social factors, the capital system of the Mainland China differs greatly from that of Taiwan. There is room for both sides across the Taiwan Straits to learn from each other by taking into consideration the respective features and deficiencies of their regulations.Originality/valueThe comparison and contrast study of the two capital systems helps them to improve respectively and boost economic development as well as legal construction.
The research on the problems of CEOs’ legal status and legal liability
Authors: Zhi Li 
Published: January 2010

PurposeThe importance of CEOs (chief executive officers) is not to be underestimated and this paper seeks to identify the problems in law of definition and thus liability of CEOs.Design/methodology/approachThis paper draws upon the legislative and judicial experiences of China and compares them to those of the USA.FindingsSince an owner and a manager become “the principal‐agent relationship” in the enterprise, the manager's “moral venture question” is inevitable. With the development of corporate governance structure, CEOs appear, thus people begin to take care of CEOs’ legal status and legal liability. A CEO has not only a manager's authority of office, but also some part of authorities of board of directors and president, so a CEO's legal position is higher than that of a manager. Because the questions caused by CEOs are increasing, it is necessary for us to draw lessons from American Corporate Law Reform, to revise our Corporate Law, to make definite CEOs’ legal status and to strengthen CEOs’ legal liability.Originality/valueThe findings will hopefully influence reform and development in this area in China.
A brief analysis of the defects and countermeasures of the independent director system in China
Authors: Yuan Niu 
Published: January 2010

PurposeChina adopted an independent director system in 1997 in order to perfect company management structure in the country. The purpose of this paper is to assess the effectiveness of that system.Design/methodology/approachThis paper starts from the current status of the independent director system in the country and gives comments on the independent nature and designation procedure of the independent directors, rationalization of the incentive system and completion of responsibility mechanism.FindingsThe unique function of the independent director system plays a decisive role in preventing control by people within a public company, minimizing power abuse by shareholders and best maintaining the interests of medium and small shareholders. But there still exists certain shortcomings in independent director system in China such as unclear of the independence nature, irrationality of designation method, incomplete incentive system and short of relative responsibility mechanism which restrict independent director system to be brought into full play.Originality/valueManagement of a company is always a hot topic in the company law and an independent director system is a very important aspect. On the basis of learning from advanced experience from the western world, China imported the independent director system to improve the management system of its companies. This paper analyses defects of the current independent director system in China and puts forward improvement measures.
Recent changes in the evidential requirements in indirect sex and race discrimination cases
Authors: Middlemiss Sam , Downie Margaret 
Published: January 2010

PurposeThe purpose of this paper is to critically analyse the impact of recent case law on the various evidential requirements in the area of indirect sex and indirect race discrimination in employment. It is intended to distil from the case law a comprehensive summary of the evidential requirements which an applicant in such a case must meet in order to succeed.Design/methodology/approachThe evidential issues and the requirements to be fulfilled by an applicant in such cases will be identified and analysed by means of a review of the case law in this area.FindingsDespite attempts of the courts to clarify the evidential requirements in this type of case, the law in this area remains complicated and confusing. Close analysis of the case law results in the identification and clarification of particular evidential “hurdles” which an applicant must clear in order to succeed.Originality/valueThe effect of these requirements results in a burden on an applicant in a case of indirect discrimination which is difficult to meet and the identification and clarification of the main issues will allow an applicant to focus on these requirements and increase the chances of a successful outcome. In this way the protection afforded by the law on indirect discrimination will become more effective. The findings are also useful in explaining to managers the nature and impact of the case law in this area.
Protecting whistleblowers in Norway and the UK: a case of mix and match?
Authors: Lewis David , Trygstad Sissel 
Published: January 2010

PurposeThis paper aims to compare and contrast the approaches taken by the UK and Norway in providing employment protection for whistleblowers.Design/methodology/approachThe paper examines the legislative provisions contained in the Employment Rights Act 1996 (UK) and the Work Environment Act 2005 (Norway) together with relevant case law and preparatory papers.FindingsUnlike the UK, Norway affords employees a statutory right to notify wrongdoing and requires employers to develop internal reporting procedures. The authors believe that the approaches taken to protecting whistleblowers reflect the different systems of industrial relations in these two countries.Practical implicationsIn the light of this research it is suggested that a right to disclose wrongdoing should be introduced in the UK together with a duty on employers to show that it has not been infringed. It is also recommended that what can be reported should be more precisely defined in Norway either by law or collective bargaining.Originality/valueThe paper makes proposals for the reform of legislation in both countries.
Fisherian analysis, the Sarbanes‐Oxley Act of 2002, and the new Rule 702 of the Federal Rules of Evidence of 2000
Authors: Paulo S. 
Published: January 2010

PurposeThe purpose of this paper is to contend that Fisherian analysis that is used to resolve ranking conflicts of mutually exclusive projects is misspecified, invalid, and cannot do what it purports to do. Misspecified and invalid models cannot realistically be operationalised, and are likely to result in incorrect valuations and misallocations of capital. An implication of these deficiencies is that it cannot satisfy the criteria prescribed by Rule 702 of the Federal Rules of Evidence of the USA, and as a consequence significantly impacts upon the admissibility of its use as part of expert witness testimony and the role played by the trial court in the USA. These deficiencies also place Fisherian analysis at risk of conflict with the Sarbanes‐Oxley Act of 2002, in particular Section 807 §1348 that deals with the use of invalid and unreliable valuation criteria.Design/methodology/approachA secondary survey of Fisherian analysis, recent USA legislation and the literature of corporate financial management was undertaken. Fisherian analysis is part of the capital controversy debate, and the Cambridge‐UK school devoted much time and effort in discussing issues germane to the controversy. The approach of corporate and managerial finance as evidenced by the literature, has been to unquestioningly recommend and implement a valuation criterion that is wrong and with little exception is based on numerical examples of such extreme disproportions as to qualify as inelegant examples of sophistry.FindingsThis paper contends that Fisherian analysis does not do what it purports to do, namely provide valid and reliable valuations for allocating capital. It is misspecified and invalid, is unlikely to be acceptable as expert witness testimony in terms of Rule 703 of the Federal Rules of Evidence, and if used for valuations and allocations of capital by listed corporations, can result in a conflict with the fundamental purpose and specific provisions of the Sarbanes‐Oxley Act of 2002. Application of Fisherian analysis effectively prostrates the definition and function of the cost of capital for it imposes the stricture of a constant cost of capital across all mutually exclusive projects with ranking conflicts irrespective of the differences in the characteristics of these projects.Practical implicationsManagement of listed corporations that use invalid and unreliable valuation criteria not only endanger the financial wellbeing of the corporation by misallocating capital, but also expose themselves unnecessarily to the risk of not complying with legal requirements. The judiciary does not condone less than complete practice by those possessed of expert knowledge and skills, education, or seniority in corporate hierarchies, especially when the issues are clear cut.Originality/valueThe paper provides useful information on Fisherian analysis.
Quality, service‐dominant logic and many‐to‐many marketing
Authors: Gummesson Evert 
Published: January 2010

PurposeThe purpose of this paper is to show that there are many sources to quality, not just the supplier; that quality is a complex concept which must be balanced against productivity and profits; that quality has to be considered within a network of relationships and contributions; and that the service‐dominant logic and many‐to‐many marketing are useful concepts in approaching quality.Design/methodology/approachThe methodology is a composite of case study research, action management research and network theory.FindingsThe case shows that to create value or service, the conventional goods/services divide cannot be upheld as they always appear in symbiosis; that even a simple case of buying and selling quickly enters into a network where the many‐to‐many eyeglasses are necessary to capture the complexity of the situation; and that quality cannot be properly treated without simultaneously addressing productivity and the financial outcome.Research limitations/implicationsResearchers should not shun the complexity of quality situations but attack them with creative methodology. A large series of cases using network theory and management action research will provide us with the multifarious variations that are possible before we make generalizations about the emergence of quality.Practical implicationsIf companies better understand the customer's value chain and lean consumption process, they can improve their value propositions with positive effects on quality, productivity and profits.Originality/valueThe paper shows how companies can better integrate quality management with new approaches to the customer's role in the quality process, and it illustrates the importance of co‐creation of value.