A New Issue of Corporate Governance and Sustainability Review journal
The recent issue of the journal Corporate Governance and Sustainability Review is devoted to the issues of the board of directors’ characteristics, working capital in emerging economy, corporate governance, price performance of IPOs, family firms etc.
Abdulkader Omer Abdulsamad, Wan Fauziah Wan Yusoff and Alhashmi Aboubaker Lasyoud investigate the influence of board characteristics on firm performance. The four boards of directors’ characteristics that are of interest in this paper are: CEO duality, independent directors (ID), board size (BS) and board meeting (BM). Return on Assets (ROA) and Earnings per Share (EPS) are used as measurements for firm performance. Data were collected from secondary sources based on a purposively selected sample of 341 Malaysian Public Listed Companies throughout the period ranging from 2003 to 2013.
Naseem Ahamed examines the impact of working capital management efficiency on the financial health/well-being of a company measured in terms of firm value in the context of a rapidly emerging economy. This study applies a multivariate ordinary least square regression analysis on industry adjusted performance variable of 1532 Indian firms listed on the National Stock Exchange (NSE) for a period of 18 years (from 1999-2017). Not all of the 1532 firms selected for this study were listed during the whole period of study. Only 610 firms were listed at the beginning and gradually more and more companies started to get listed until eventually 922 more companies got listed to the initial tally of 610 listed firms making the total number of listed companies to be 1532 by the end of the study period. A total of 19862 firm year observations correspond to listed firms and 9246 firm year observations for unlisted firms making it a total of 29108 firm year observations. The findings of this study indicate that an efficient working capital management (proxied by Cash conversion cycle and components thereof) leads to better firm performance when adjusted for industry differences.
Samarakoon SMRK and Perera KLW examine 44 fixed price IPOs which were listed on the Colombo Stock Exchange (CSE) during the period of 2003 – January to 2015- December. The study found that Sri Lankan IPOs underprice by 30% on AR, which is statistically significant at 5% level. Further, it found that block holder ownership (ownership concentration), CEO duality and existence of the non-executive directors in the board are positively related to the short-run underpricing, which are statistically significant at 5%. But, the board size has a significant negative impact on underpricing.
Patrick Ulrich show differences in natural resource management between family-firms and other firms. Existing literature states that many family firms feature a strong rooting in the industrial sector and rely heavily on existing natural resources as basis of their success. As natural resources are limited, it must be suspected that family firms’ economic success has a limited timespan if resources are not managed from a perspective of sustainability. The author shows that family firms view their natural resources both as more important and subjectively scarcer than non-family firms.
José G. Vargas-Hernández and María Elizabeth Teodoro Cruz determine the importance of the implementation of a corporate governance system in the Mexican company Megacable in its development, from the review of the theoretical and empirical literature. Therefore, a descriptive and explanatory study was carried out that describes the concepts related to the aforementioned elements. and financial reports of two periods are analyzed, as well as the main attributes that explain the success of the company.
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Corporate Governance and Sustainability Review is published in association with the University of Greenwich (London, UK) twice a year. The deadline for submissions is May 01, 2018. Instructions for authors may be viewed here.