Markus Stiglbauer

Contents and Determinants of Corporate Social Responsibility Website Reporting in Sub-Saharan Africa: A Seven-Country Study:

Corporate social responsibility (CSR) in developing countries has recently received increasing attention, and scholars have pointed to the strong contextuality of CSR in the respective regions. Regarding the latter, however, sub-Saharan Africa has been scrutinized only marginally by academia. Moreover, empirical research on the impact of the institutional context has been scant, despite its attributed importance for CSR. Our article seeks to fill a part of this research gap by investigating CSR website reporting of 211 companies in seven sub-Saharan countries. The study’s aim is twofold: First, we identify to what extent sub-Saharan companies report on CSR and which contents they disclose. Second, by building on institutional theory, we investigate how the socio-economic and political environments influence CSR reporting. For this purpose, we examine the impact of country-level and company-level determinants. We find that the sample African companies’ CSR efforts focus strongly on local philanthropy and therefore differ substantially from Western CSR approaches. Furthermore, we evidence that GDP and level of governance standard positively affect CSR reporting. Our study contributes to the literature by empirically evidencing the contextuality of CSR in Africa and by explaining how specific country- and company-level determinants contribute to or hamper the development of CSR in developing countries.

Impact of Soft Law Regulation by Corporate Governance Codes on Firm Valuation. The Case of Germany

Purpose – This paper aims to provide insight whether disclosed compliance with the German Corporate Governance Code (GCGC) leads to higher valuation on the German stock market.Design/methodology/approach – Based on agency theory, stakeholder theory and institutional theory the authors conduct a meta-analysis and evaluate the value relevance of the compliance with the GCGC.Findings – The research finds that compliance with the GCGC is mainly not a value-relevant factor for German companies listed at the Frankfurt Stock Exchange.Research limitations/applications – The research considered is not fully comparable with regard to observation date, fully integration of the GCGC rules and company selection/sample size. Future research is encouraged to research the valuation effects of compliance with the GCGC for a longer time horizon, the use of uniform performance measures and the integration of all GCGC rules.Practical implications – Compliance with the GCGC has not proven to be a value-driver for German listed companies. We recommend companies to search for opportunities to make their corporate governance more comprehensive by expanding their corporate governance reporting and thus providing deeper insights on how their processes of management and control work.Originality/value – The paper is the first investigation integrating the results of ten years of ‘code compliance – market valuation’ research in Germany. We detect reasons why the enforcement mechanism of soft law regulation by corporate governance codes did not function on the German stock market, yet and address behavioral aspects why investors do not give enough relevance to companies’ corporate governance states so far.

Revisiting the prescription of corporate governance standards: a panacea for big players and SMEs in the German financial industry alike?

Bad corporate governance has been criticised as one reason for the failure of financial companies in the current crisis. Nevertheless, this discussion almost exclusively referred to big players so far. Our paper investigates and compares both, big players as well as SMEs in the German financial sector. We find remarkable differences between the two sub-samples concerning compliance with German corporate governance standards. Furthermore, considering the impact of compliance with German corporate governance standards on performance, we surprisingly do not find differences between both groups with respect to total shareholder return, but big companies with high compliance rates demonstrating a significantly impact on return on equity which we cannot find for SMEs. This opens a discussion whether the existing standards of ‘good’ corporate governance in Germany are even able to help SMEs to lower their agency costs.

Risikomanagement im Internationalen Human Resource Management

In Zeiten der Globalisierung und der damit einhergehenden Internationalisierung der Geschaftstatigkeit zahlreicher Unternehmen sieht sich auch das Human Resource Management mit neuen Herausforderungen konfrontiert. Im Rahmen einer verantwortungsvollen Unternehmensfuhrung ist ein umfangreiches Risikomanagement im Sinne der Erkennung und Pravention potenzieller Risiken fur die Vermogens‐, Finanz‐ und Ertragslage eines Unternehmens unumganglich. Im Finanzbereich langst Standard, gewinnt das Risikomanagement aufgrund starkerer Internationalitat und Mobilitat von Personal auch im Human Resource Management an Bedeutung. Dabei kommt dem Human Resource Management sowohl die Rolle als potenzieller Risikoverursacher, als auch des Risikomanagers zu. Dieser Beitrag zeigt zunachst Unterschiede zwischen Human Resource und Internationalem Human Resource Management, anschliesend Risiken im Human Resource und Internationalen Human Resource Management und beschliest mit dem Management ausgewahlter, spezifischer Risiken im Internationalen Human Resource Management.

The German corporate governance code and its adoption by listed SMEs – just another ‘Procrustes bed’?

The discussion of companies’ compliance with corporate governance standards and codes has widely neglected the situation of small and medium-sized enterprises (SMEs). Accordingly, the authors examine a sample of 151 SMEs listed on the Frankfurt Stock Exchange in 2006 (before the financial crisis) and 2012 (after the financial crisis) and, thus, required to declare whether they comply with the recommendations of the German Corporate Governance Code or not. While code compliance seems to be quite homogenous comparing different branches, the authors found that company size has a positive impact on code compliance. With regard to a remarkably high number of recommendations a lot of companies do not comply to, company size might be a major problem, why the existing GCGC does not fit very well to the situation of SMEs. This is why, most remarkably, code compliance does not exert any significant influence on either market reaction or on operating performance of SMEs.

The Theory and Practice of Directors’ Remuneration: New Challenges and Opportunities

the theory and practice of directors remuneration new the theory and practice of directors remuneration new the theory and practice of directors remuneration new case ih 1202 swather manual ebook | ramonapropertymanagers psychiatric medicationsa guide for mental health miller levine biology 31 assessment answers firext summarylove warriora memoir by glennon doyle melton ebook the journey so farphilosophy through the ages ebook ukrainian academy of banking ofthe national bank of corporate governance: theories, challenges and paradigms oracle of rama indias renowned oracle firext streetcar days in honolulu sivaji environmental science final study guide key answers white rodgers up400 manual emintern cycle of nemesis tapsey conseils pratiques nutrith rapie aviez r fl chi lennox complete heat manual cafebr modern educational testing alongs ferrari user manual osfp have i made it yet alongs quick start to programming alternative controllogix languages the lost travencal the legend of the travencal volume 1 morton m denn process fluid mechanics solutions introduction to jungian psychologynotes of the seminar on triumph 1300 workshop manual murrayandmuir jane austens erotic advice hardback common dramland 1996 honda passport user manual moodic prius manual emintern

Corporate Governance in Ukraine: Major Standards and Emerging Trends

The level of corporate sector development depends not only on historical processes and factors, but also on the legal framework, which is actual at the certain time. Corporate governance in Ukrainian companies is developing constantly, e.g. under the influence of intense change legislation, so first we systematize the results of previous studies, second we carry out cross-sector analysis of the corporate governance performance in the financial and non-financial companies, and third we try to determine whether Ukrainian emerging corporate governance trends are moving to the worldwide accepted standards or not.