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Although we can observe noticeable progress in gender diversity on corporateboards, theseboards remain far from gender balanced. Our paper builds on social identity theory to examine the impact of corporate elites—men and women who sit on multiple corporateboards—on board diversity. We extend the main argument of social identity theory concerning favouritism based on homophily by suggesting thatboards with men with multiple appointments are unwilling to include female board members to protect the monopoly (...) value generated by their elite status. The empirical analysis, based on DAX 30 firms in the period of 2010–2015, shows that the presence of multi-board men is negatively associated with women’s participation, while the presence of multi-board women and other women on managementboards is positively related to gender diversity onboards. Furthermore, robustness tests support and confirm our conclusion that multi-board men have a significant association with board diversity, even with small size. Additionally, we find a significant effect arising from pressure related to the introduction of gender quotas in Germany, effective in 2016, indicating the effectiveness of gender quota policies for board gender diversity. (shrink)

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Chinese listed companies have a two-tier governance structure that comprises asupervisory board/committee and the board of directors. However, as there is no hierarchical relationship between them, the twoboards are independent. This is different from the governance mechanism in Continental Europe in which the SB appoints the directors of the management board; in this sense, the Chinese two-tier governance structure is unique. We investigate the impact of governance characteristics and ownership structure on gender diversity of both the (...) BoD and the SB for a sample of 892 Chinese Initial Public Offerings floated in both the Shanghai and Shenzhen Stock Exchanges. We find that the average proportion of female directors and female SB members on the BoD and the SB are 10 and 22 %, respectively. Using both static and dynamic panel data methods, we find that there is no significant impact of board structure on gender diversity in China. However, we find a positive and significant relationship between SB size and gender diversity. We also find that the higher the state ownership, the lower the female representation on bothboards. Finally, our findings show that there is a bi-directional relationship between financial performance and the proportion of female directors sitting on the BoD. (shrink)

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We examine enforcement action in China’s emerging markets by focusing on the agents that impose this action and the role played bysupervisoryboards. Using newly available databases, we find thatsupervisoryboards play an active role when Chinese listed companies face enforcement action. Listed firms with largersupervisoryboards are more likely to have more severe sanctions imposed upon them by the China Security Regulatory Commission, and listed companies that face more severe enforcement (...) actions have moresupervisory board meetings. Our findings are of interest, assupervisoryboards in China are generally perceived to be dysfunctional. This study contributes to the existing literature in three ways. First, we shed light on the effects ofsupervisoryboards whose role in a fraud setting has not yet been examined. Second, the study has important policy implications for governance reform. Finally, our analyses provide the most up-to-date picture of fraud and governance issues in China’s ever-growing markets. (shrink)

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Drawing on interviews with women and men who serve on thesupervisoryboards of German stock-listed companies, this qualitative study examines why some female directors seek to augment gender equality in their organizations while others do not. Those who take action do so both in formal board processes and in informal settings. A sense of belonging to women as a social group and a sense of responsibility for women in the organization are key factors in explaining why some (...) female directors contribute to gender equality. In addition, the study highlights the relevance of a board culture supportive of gender equality and positive expectations by other organizational members about female directors’ role in advancing gender equality. Board chairs influence how supportive female directors perceive the organizational context to be. Where the organizational context is not seen as supportive, those who take equality-related action anyway are experienced directors. Surprisingly, the presence of other women on the board does not appear to be related to whether or not female directors take action. Examining female directors’ actions and paying close attention to both their identities and their specific organizational settings shows how the interplay between social identity and situational opportunities and constraints affects board behavior. (shrink)

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The article analyzes the work of the trade union organization "COMPANY OF MUTUAL AID OF PRIVATE EMPLOYEES" of Galicia in 1867, which in fact became the successor to the dissolved by the Austrian authorities in October 1848, the "Company of Private Employees" of Galicia. The purpose of its activity was to support the moral and material interests of private employees. The society was divided into real, advisory and honorary members, and the bodies of the partnership were the Central Department, the (...) Department of Statistics and theSupervisory Board. Permanent cash aid from a partnership, that is, a pension, could be obtained by every one of his real members after 10 years of impeccable, efficient service as a private employee. In general, the painstaking and persistent organizational work of the central department of the COMPANY OF MUTUAL AID OF PRIVATE EMPLOYEES was crowned with great success. According to the report of the central management of the said organization, for the first year of existence, the Society had 2200 real members with 4100 contributions, 496 members of the advisory members with an annual quota of 6400 florins and 359 benefactors who supported the appeal of the board with one-time donations in the quota of 52 333 fl. 43 tst. Only during the first year of its existence, the "Company of Private Employees" managed to create its departments and centers in 71 districts, which went beyond Galicia, and spread to the land of Bukovina, Western Volhynia, Kholmshchyna, Podlyashshya and other lands. This testified to his great popularity among private servants of the region. (shrink)

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The main aim of this study is to undertake a critical examination of the ethical and developmental performance of an Islamic bank as communicated in its annual reports over a period of 28 years. Islami Bank Bangladesh Limited’s ethical performance and disclosures are further analyzed through interviews conducted with the bank’s senior management. The key findings include an overall increase in ethical disclosures during the study period. However, the focus on various stakeholders’ needs has varied over time reflecting the evolving (...) nature of the Islamic finance industry over the last three decades. Based on a secular economy, IBBL focused in the first two decades on the “Particular” Shariah compliance disclosure as a way of establishing its reputation and differentiating itself from conventional banks in a dual banking system. Post 2005, the ethical performance and disclosure shifted to more “Universal” disclosures such as sustainability, charity, employees, and community related disclosures signaling responsible conduct and the bank’s adoption of a “wider stakeholder approach.” However the bank is still failing to provide full disclosure on certain significant categories such as sources and uses of disposable income, thereby contradicting the principles of full and comprehensive disclosure and accountability. In addition, the structure of IBBL’s investment portfolio reveals an overreliance on debt-based financial instruments and a shortcoming in fulfilling the developmental and social objectives of Islamic finance. This is evidenced by the “qualified” ShariahSupervisory Board reports that the bank consistently received. This research provides further evidence that Islamic banking and Finance in its current practices reflect the “global” and the “local” influences in an era dominated by global conventional finance. (shrink)

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We examine the dynamics between enforcement actions and the responses from both the board of directors andsupervisoryboards amid China's governance reform. Rather than examining determinants of fraudulent activities, we investigate, after enforcement actions are imposed, whether the board of directors andsupervisoryboards react differently, and whether their different reactions play a role in preventing future occurrences of frauds. We find that bothboards react to enforcement actions, but only the responses from the (...) board of directors help us curb future enforcements under certain circumstances. Thesupervisory board fails to play any role in preventing future enforcements, even though it is one of the two monitoring mechanisms in the listed companies. Policy implications are discussed. (shrink)

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In this paper, we present and test a theory of how political connectedness affects corporate governance and productive efficiency of firms. Our model predicts that underdeveloped democratic institutions that do not punish political corruption result in political connectedness of firms that in turn has a negative effect on performance. We test this prediction on an almost complete population of Slovenian joint-stock companies with 100 or more employees. Using the data onsupervisory board structure, together with balance sheet and income (...) statement data for 2000–2010, we show that a higher share of politically connectedsupervisory board members leads to lower productivity. (shrink)

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The article uncovers an inherent link between philosophy and political economy. Application of the dialectical analytical framework to economics opens up distinctly innovative opportunities in social policy and theoretical advancements. Evolutionary understanding of a phenomenon in its totality rather than its break up into seemingly unrelated bits is crucial. Such analysis is capable of offering an all encompassing scientific explanation of the social and economic transformations taking place in modern times. To ensure sustained and socially fair growth, a proactive fiscal (...) involvement is called upon in the areas of a)infrastructure, b) human capital [i.e. education and healthcare] and c) labor migration. Innovative approaches to fiscal policy focus on Infrastructure Development Fund, Strategic Learning Systems, Migration Development Bank, involvement of the Diaspora mechanism and Sovereign Diaspora Bond program [managed viaState–DiasporaSupervisoryBoards] to support developmental initiatives. A policy prescription cannot be a “one-fits-all measure.” Considerations of individuality of country specific development patterns as well as the need for understanding history and evolution of the economy, i.e. society, evolve in the dialectical analysis ofphilosophic and economic identity of the totality of social change. This prompts innovative fiscal policy in adequate balance with monetary policy and other development tools. (shrink)

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The liability regime for officers and directors of German companies combines strict and lenient elements. Officers and directors are liable for simple negligence, they bear the burden of proof for establishing diligent conduct, and they are liable for unlimited damages. These elements are worrisome for the reason that managers are confronted with the full downside risk of the enterprise even though they do not internalize the benefits of the corporate venture. This overly strict regime is balanced by other features of (...) the regime, namely comprehensive insurance and systematic under-enforcement. Even though the authority to enforce claims against the management is divided between three different actors - thesupervisory board, the shareholders assembly, and individual shareholders - enforcement has remained the exception. Furthermore, under the current system of Directors’ and Officers’ liability insurance, board members do not feel the bite of liability as they are protected by an insurance cover that is contracted and paid for by the corporation. Thus, the current German system may combine the worst of two worlds, i.e., the threat of personal liability for excessively high amounts of damages in exceptional cases, and the practical irrelevance of the liability regime in run-of-the-mill cases. The present Article analyzes the shortcomings of the present regime and submits proposals for reform. (shrink)

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We consider scenarios with distributed decision processes, e.g., coupled majorities and personal union in parliament chambers, supranational decisions andsupervisoryboards. When computing the adoption rate for reaching a decision in these scenarios, multiple linear inequality restrictions in combinatorial countings are present. These rates cannot be computed in closed form. We introduce a general method for incorporating multiple inequality conditions in multiple majority decisions, which significantly reduces the number of involved summations and removes restrictions on the summation indices. (...) Exact solutions are provided through integral representations which can be evaluated numerically, and unrestricted, contracted sums over discrete events. Further, we provide methods to reduce the number of necessary summations by splitting or recurring the original problem to easier sub-problems. For five dedicated scenarios, full results are given which indeed require a single unrestricted summation only. (shrink)

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The under-representation of women onboards is a heavily discussed topic—not only in Germany. Based on critical mass theory and with the help of a hand-collected panel dataset of 151 listed German firms for the years 2000–2005, we explore whether the link between gender diversity and firm performance follows a U-shape. Controlling for reversed causality, we find evidence for gender diversity to at first negatively affect firm performance and—only after a “critical mass” of about 30 % women has been (...) reached—to be associated with higher firm performance than completely maleboards. Given our sample firms, the critical mass of 30 % women translates into an absolute number of about three women on the board and hence supports recent studies on a corresponding “magic number” of women in the boardroom. (shrink)

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This study examines determinants of chairman compensation in asupervisory board setting and, specifically, the relationship between chairman and CEO compensation. Using a sample of publicly listed firms in Sweden, the study indicates that chairman compensation—despite its fixed nature—is reflective of firm performance via a positive relationship to CEO compensation. As CEO compensation is set before chairman compensation, we argue that the chairman may be inclined to conspire with the CEO in earnings management efforts at the expense of monitoring (...) on behalf of investors. Supporting our cronyism argument, we find evidence that the gap between chairman and CEO compensation is less at firms where the chairman had previously served in the executive management team. The close ties between the chairman and CEO compensation add to the understanding of the relative success of the managerial power theory versus the agency theory in explaining CEO compensation. (shrink)

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This paper offers novel insight into the Islamic banking business model by considering the effect of investments in human capital and corporate governance features on the market performance of Islamic banks. Based on a sample of 47 banks operating in different regions during the 2005–2010 period, and controlling for firm-specific characteristics, this paper finds investments in human capital to have a significant positive impact on the market value in the pre- and post-financial crisis period. Based on a market measure, this (...) paper finds board size and CEO power to have a significant positive impact, while the size of ShariahSupervisory Board has the opposite effect on market performance. The results further reveal that the Islamic banking sector is not a homogeneous group, with full-fledged Islamic banks having lax corporate governance mechanisms and large size, while their counterparts, Islamic Shariah-windows, having strong corporate governance mechanisms tend to invest more in human capital to yield positive market value. Overall, the analysis suggests that the financial crisis may have further spurred the impact of investments in human capital on the market performance. (shrink)

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This paper explores how managers’ and supervisors’ equity incentives impact the likelihood of committing corporate fraud in Chinese-listed firms. Previous research has shown that corporate fraud in China is a widespread phenomenon and has severe consequences for affected firms and executives. However, our understanding of the reasons that fraud is committed in a Chinese setting has been very limited thus far. This is an increasingly important topic, because corporate governance is rapidly changing in China, and it is unclear whether adopting (...) the executive compensation practices of the West is appropriate for Chinese firms. We show that managers’ equity incentives increase their propensity to commit corporate fraud. We also find that this effect is more pronounced for state-owned firms. However, we find a negative but not significant relationship between the equity incentives of thesupervisory board and the incidence of fraud. (shrink)

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This study aims to explore whether a discrepancy exists between the ideal and communicated (disclosed) ethical identity of Islamic banks in Asia and, further, whether there is any association of communicated ethical identity with financial performance. To achieve the objectives, the study analyses data derived from annual reports of Islamic banks in Asia for the period 2006–2010. The results suggest that out of the seven banks studied, three of them are above average and the rest suffer from disparity between the (...) ideal and communicated ethical identities. Further, the study shows that the disclosure of a vision and mission statement; board of directors and top management; zakah, charity, and benevolent loans; and Shari’ahsupervisoryboards are negatively associated with performance, while the disclosure of products and services and commitment toward employees are positively associated with performance. (shrink)

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The Accreditation Board of Engineering and Technology (ABET) has declared that to achieve accredited status, “engineering programs must demonstrate that their graduates have an understanding of professional and ethical responsibility.” Many engineering professors struggle to integrate this required ethics instruction in technical classes and projects because of the lack of a formalized ethics-in-design approach. However, one methodology developed in human-computer interaction research, the Value-Sensitive Design approach, can serve as an engineering education tool which bridges the gap between design and ethics (...) for many engineering disciplines. The three major components of Value-Sensitive Design, conceptual, technical, and empirical, exemplified through a case study which focuses on the development of a command and controlsupervisory interface for a military cruise missile. (shrink)

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The Organization Department of the Communist Party of China announced the Opinions on Further Regulation on Party and Political Leaders and Cadres Working Part-Time in Enterprises to force the resignation of government officials holding the position of independent director in listed companies. This paper empirically examines the impact of the GID resignation on firm performance using a difference-in-differences model, which is an exogenous event with a “natural experiment.” The study finds that after the promulgation of the Opinions, firms that lose (...) some of their political resources and their corporate performance decreases significantly compared to firms that do not experience GID resignations. A good external governance environment, while somewhat weakening, is not sufficient to offset the negative impact of the loss of political resources on firm performance. This paper further explores the mechanism by which the GID resignation affects firm performance: one important way in which the resignation of GIDs cause the loss of political resources on which the firm's development depends is that the loss of the firm's tax benefits after GID resignation directly leads to a decline in performance; it also leads to a reduction in the firm's financial subsidy income and a reduction in the amount of bank loans, but both of these do not have a significant effect on the decline in firm performance. The study suggests that GIDs play more of a resource-providing “official” role than an “independent director's”supervisory and advisory role in Chinese listed companies. The findings of this paper reveal the phenomenon of “Political-Business Spin” in China, which has some implications for developing countries, represented by China, to improve the independence of the board of directors and the corporate governance. (shrink)

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Bu çalışma, Türkiye’deki Şer’i yönetişim aktörlerinden olan banka içi danışma komitelerinin Şer’i yönetişimdeki yeri ve önemini keşfetmeyi amaçlamaktadır. Bu minvalde nitel araştırma desenlerinden olan durum çalışması tercih edilmiş ve 5 danışma komitesi üyesi ve 2 danışma komitesi başkanıyla yarı yapılandırılmış mülakatlar gerçekleştirilmiştir. Mülakatlar neticesinde toplam 625 dakikalık ses kayıtları elde edilerek çözümlenmiş ve 85 sayfalık metin elde edilmiştir. Elde edilen metinler ve görüşme notları ATLAS.ti programı aracılığıyla analiz edilerek BİDK, Şer’i yönetişim ve Merkezi Danışma Kurulu olmak üzere 3 ana tema (...) ve bunlara bağlı 26 alt temaya ulaşılmıştır. İlgili temalar BİDK’nin Türkiye’deki Şer’i yönetişimdeki yeri ve önemini keşfetmek açısından zengin bir içerik sunmaktadır. Türkiye’deki Şer’i yönetişimi ele alan çalışmaların literatürde sınırlı olması ve bu çalışmanın hem saha çalışmasına hem de Türkiye’deki Şer’i yönetişimde yer alan, katılım bankacılığının tarihine eş bir ömre sahip BİDK’ları konu etmesi literatürde özgün bir yere sahip olacağına işaret etmektedir. Islamic finance has developed the Shariah governance mechanism to ensure compliance and control of IFIs with the principles of Islamic law. However, the levels of Shariah governance are different from each other due to the different legal affiliations of each country, the level of development of Islamic finance, and regime differences. International Islamic financial institutions such as Islamic Financial Services Board and The Accounting and Auditing Organization for Islamic Financial Institutions have published standards to define the general lines of Shariah governance and have brought Shariah governance practices to a certain point, at least in principle. After the Shariah governance standards of IFSB and AAOIFI, studies on Shariah governance have increased rapidly. By 2010, while there were only 18 publications on Shariah governance in the two most well-known indexes, this number increased to 42 in 2015 and 159 in 2020. This academic interest shows that Shariah governance issues are followed closely. In this context, there have been some remarkable developments at the regulatory andsupervisory level in terms of Shariah governance in Turkey, and the TKBB Advisory Board was established in 2018, bringing one step closer to international Shariah governance practices. (shrink)

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This issue was published in the framework of a program that has been made possible by the generous support of the American people through the United States Department of State. The contents are the responsibility of the authors and do not necessarily reflect the views of the Department of State or the United States Government.

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Over the past 20 years or so, a small but growing literature has emerged with the aim of modeling agents who are unaware of certain things. In this paper we compare two different approaches to modeling unawareness: the object-based approach of Board and Chung (Object-based unawareness: theory and applications. University of Minnesota, Mimeo, 2008) and the subjective-state-space approach of Heifetz et al. (J Econ Theory 130: 78-94,2006). In particular, we show that subjectivestate-space models (henceforth HMS structures) can be embedded within (...) object-based models (henceforth OBU structures), demonstrating that the latter are at least as expressive. As long as certain restrictions are imposed on the form of the OBU structure, the embedding can also go the other way. A generalization of HMS structures (relaxing the partitional properties of knowledge) gives us a full converse. (shrink)

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