New issue of the Corporate Ownership and Control journal

The editorial team of Virtus Interpress is happy to announce that a new issue (volume 17, issue 4) of the journal Corporate Ownership and Control has been published. The issue is represented by the scholars from the USA, the UK, Norway, Australia, Italy, Germany, Netherlands, Portugal, Spain, Belgium, Sweden, Finland, Austria, Greece, Ireland, Poland, France, Brazil, Tunisia, Morocco, Egypt, the UAE, Saudi Arabia, Kuwait, and others.
The published articles are devoted to a great variety of topics that include corporate governance, behavioural finance, global financial crisis, independent directors, firm performance, firm diversification, growth firms, exchange rates, interest rates, stock returns, board of directors, board members, board size, board composition, board diversity, educational governance, economics of education, business of education, educational export, international education, culture and corporate social responsibility, financial performance, deferred revenue changes, catering theory of dividend, dividend premium, women on boards, gender equality, agency theory, employee stock ownership, sustainable development, SMEs, target costing, corporate social responsibility, non-financial disclosure, CSR disclosure, cultural dimensions, executive directors, remuneration, peer benchmarking, cultural diversity, internationalization, etc.

The full issue of the journal is available at the following link.

The first research by Phuong Duong, Jinghui Liu and Ian Eddie in the issue identifies the changes in the financial regulatory philosophy in the securities market supervision after the 2008 global financial crisis. The analysis undertaken in this paper contributes to apprehend the theoretical aspects of the paradigm shift and constructs a pertinent financial regulatory philosophy, which observes the nature of securities markets, responds to the problems revealed by the 2008 global financial crisis, and takes into consideration the nature of emerging markets.

Jayasinghe Hewa Dulige, Muhammad Jahangir Ali, Paul R. Mather and Suzanne Young examine the effect of independent directors’ (IDs’) heterogeneous directorships on performance and diversification of high growth firms in a sample of 1152 firm-year Australian listed company observations over the period 2007 to 2010. The authors have found a positive association between some measures of IDs’ heterogeneous directorships and the firm performance of high-growth firms as measured by return on assets as well as a positive association between IDs’ heterogeneous board ties and firm diversification.

Mariam Alenezi, Ahmad Alqatan, and Obby Phiri investigate the sensitivity of stock returns to exchange rate, interest rate and oil price volatility in the Gulf Cooperation Council (GCC) countries. The study findings suggest that the volatility of stock returns affected by changes in the risk factors could indicate non-prioritisation of risk management by firms.

Jalal Armache, Hussein Ismail, and Gladys Daher Armache investigated the differences between the distribution of international and non-international students across majors at a southern private American university located in the southeast United States as well as issues related to decisions and selection of majors by these two groups and the implications of those decisions on the U.S. educational system. This study can help U.S. colleges and universities understand the needs of both American and international students and their patterns of enrollment at the undergraduate level.

The article by Kim Backhouse and Mark Wickham considers the legal framework in which Australian corporations operate within, which includes a discussion of corporate governance principles, the role of directors and ownership structures of companies in Australia. The authors continue to explore briefly directors’ remuneration practices, recent shareholder’s rights protection and activism, the importance of corporate governance and the link to firm performance, and finally the importance of corporate social responsibility in the Australian context.

H. Kent Baker, Harit Satt, Fadi Atmounia, and Basma El Fadel examine the potential predictive power of changes in deferred revenues on future profitability based on evidence from the region of the Middle East and North Africa (MENA). The study investigates whether financial analysts should consider deferred revenues as useful information when evaluating a firm’s future profitability.

Hadfi Bilel and Mondher Kouki in their research focus on the impact of the catering theory of dividends of the 600 MENA companies in the financial industry listed in different stock exchanges of Tunisia, Morocco, Egypt, UAE, Saudi Arabia, and Kuwait during the period 2004-2010. The obtained results confirm that the decision to change the amount of the payments depends on investor demand and the market premium resulting from the payment of dividends.

Maria João Guedes and Alice Galamba Monteiro test how configurations of gender equality, masculinity, highly educated women, and happiness, alone or in different combinations, explain the presence or absence of women on the board of directors (WoB). The study presents recommendations for academics, practitioners, and policymakers, particularly to consider different determinants of underrepresentation of WoB and how new initiatives shall be implemented to advance the field and transition to economies and societies with greater social justice and gender equality.

Dalenda Ben Ahmed and Zouhaira Khelil-Rhouma shed light on the role and contribution of this practice to enhance the corporate governance systems. The focal point of this work is to go beyond the simple scope of the existence of the employee stock ownership and is interested in the conditions of its development in the French companies.

Arnt Sveen, Ole Kristian Gresaker, Reidar Hæhre, Dag Øivind Madsen, and Tonny Stenheim examine sustainability attitudes and actions among managers of Norwegian SMEs employing an electronic survey. The findings of the survey suggest that most managers can be characterized as skeptics and that adaptors are the smallest group.

In their paper Fernando Zanella and Peter Oyelere use a unique combination of mixed methods research approach to investigate the adoption of target costing by manufacturing firms in the United Arab Emirates (UAE). The study contributes to the literature by employing a unique mixed methods research approach, to the best of our knowledge not found previously in the literature, and by its findings on the adoption of target costing by manufacturing firms in a relatively open and dynamic economy such as the UAE.

Bruno de Medeiros Teixeira, Clea Beatriz Macagnan, Davi Souza Simon, and Daniel Francisco Vancin investigate empirically how the extent of Brazilian pension funds governance practices is affected by the nature of the sponsoring entity. With a sample of 208 observations collected manually, representing 104 pension funds, from 2013 and 2017, the authors analyzed the impact of the sponsorship on the governance of the Brazilian pension funds. The result of this study indicates that, contrary to the initial expectations of the survey, a state-controlled company sponsorship explains a better level of governance.

The next paper by Louis Osemeke, Nobert Osemeke, and Robert O Okere focuses on the board’s influence on CSR among public liability companies (PLCs). It explores the relationship between board characteristics and CSR thereby contributing to the governance processes of listed companies and how good governance should be encouraged by understanding the board dynamics.

Manuela Lucchese investigates the relationship between disclosure level of GRI-compliant non-financial statements, provided to conform with the Directive 2014/95/EU, and cross-country societal variables (Hofstede’s cultural dimensions, political and civil systems, legal system and level of economic development) of the European listed banks, using the political economic theory.

Cesario Mateus, Irina B. Mateus, and Alex Stojanovic propose a new approach to examining executive remuneration and manager characteristics disaggregated by market index peer clusters and analyses personal attributes that differentiate managers across companies of different market caps (proxied my market indices such as FTSE 100, FTSE 250, FTSE SmallCap, and AIM).

In the final research presented in this issue Jeff Bredthauer, Max Dolinsky, and Brad Taylor employ an empirical study of mining companies in Sub-Saharan Africa (SSA) using the upper echelons theory (UET) to explore how the top management team (TMT) perceptions and experiences influence investment decisions. This study also assists in closing the gaps in the literature on how executive experiences impact the investment decision process in an international setting as well as how the cultural composition of the TMT influences corporate decisions.

We wish you pleasant and informative reading!