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Remuneration to, and ownership by, directors and top executives (D&Es) of listed companies have been subjected to calls for transparency as part of the corporate governance movement. Using the annual reports of 161 Australian listed companies, this study investigates the comparative impacts of proprietary and political information costs on management ‘s voluntary disclosure decisions concerning D&Es’ cash-based and equity-based remuneration, termination benefits, related-party transactions, shares held, and changes in ownership in their company. A firm’s investment opportunity set (using both market-based and accounting-based measures) is treated as a proxy for proprietary costs, while media attention and shareholder activism are used to proxy for political costs of voluntary disclosure. Results of this study provide evidence of the relative importance of two major types of information costs, proprietary and political, in influencing management’s (i.e., D&E’s ) decision concerning the extent to which they disclose sensitive details of their remuneration and ownership
Remuneration
Proxy (statistics)
Equity
Voluntary disclosure
Agency cost
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Logistics-intensive clusters are agglomerations of three types of firms: (i) firms providing logistics services, (ii) firms that service logistics companies (such as truck maintenance operations, software providers, specialized law firms, international financial services providers, etc.), and (iii) firms that require significant logistics services (including manufacturers, distributors, retail logistics operations, etc.). The last category includes firms that are the customers of logistics services.
This paper looks at the competitive advantage that industry clusters, in general, provide for participant firms and then it focuses specifically on the advantages for logistics cluster participants.
Humanitarian Logistics
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We test a number of hypotheses to assess changes in director ownership during lockup periods. We find that these transactions are additional signalling devices. Our results also imply that they are contractual arrangements between directors and underwriters, as directors increase their holdings after significant price decline, in line with the price support hypothesis, but they decrease their ownership after price run-up, consistent with the early lockup releases hypothesis. Stock prices decline when directors decrease their holdings, like the seasoned firms. Interestingly, stock prices decline significantly after ownership increases. The overall effect of director purchases is different as compared to seasoned firms, and it reduces the heavy decline in share prices for those IPOs. Our results could imply that the valuation uncertainty of IPOs makes the precision of directors’ information content weak and their profitability low.
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This study examines the impact of corporate governance on voluntary disclosure in 100 non-financial Chinese listed firms for the period 2003-2005. There are two main findings. (1) Firms with high Managerial ownership have high level of voluntary disclosure. If a firm has a high managerial ownership, managers are much more concerned about the benefit of shareholders and stock options will have incentives to contribute the firm. Thus, a capital structure with high managerial ownership decreases agency costs and increases the voluntary disclosure. (2) The significant correlation is identified ownership concentration with the voluntary disclosure. This is because the largest shareholders have a strong interest in firm performance and therefore a high ability to increase voluntary disclosure. Our empirical results further illustrate that big firms have inclination of voluntary disclosure through stock market and the exogenous mechanism between them is exposed
Voluntary disclosure
Turnover
Agency cost
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We study whether managerial ownership and analyst coverage relate to audit fee. To the extent that these corporate governance factors relate to auditor assessment of the firm’s agency costs and hence various risks the auditor must consider in the development of an audit program, they will affect audit effort and hence audit fee. We find that managerial equity holdings and analyst coverage are negatively associated with audit fee and that these associations are both statistically and economically significant. On average, one percent increase in managerial ownership translates into 0.2% reduction in audit fees. In the low managerial ownership sample (i.e., less than 5% managerial ownership), one percent increase in the ownership reduces the fees by 1.4%. Similarly, one more analysts following reduces audit fees by 9.3%. These results add to the literature on the effects of corporate governance on audit fees.
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The retail banking sector in India is undergoing sweeping changes due to heightened competition and the initiation of modern technology. Today, customers have become more aware than what they were in the past, and as a result, are continuously looking for better quality services from the retail banks that can provide them with satisfaction. The present study helps in the identification of the factors (or relationship dimensions) that are responsible for the satisfaction of the customers, and also enables the assessment of the influencing power of these factors. This, in turn, would help in the enhancement of the relationship between the retail banks and their customers, and thus aid the decision makers of these banks to identify the major factors that determine the satisfaction of their customers.
Customer Satisfaction
Identification
Banking industry
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Malls, supermarkets and hypermarkets are growing rapidly adopting aggressive strategies to attract customers. These strategies in turn affect the existing small players. The purpose of this paper is to analyze the impact of new retail formats on traditional/unorganized retailers’ strategies. The paper investigates the impact of organized retailers’ strategies on traditional stores. A total of 20 organized retailers and 150 small stores in different categories were interviewed to know their strategies with respect to the retail mix. Data are analyzed with factor analysis and analysis of variance. The results find that service and promotion are the major strategies affecting unorganized players. The impact of organized stores differs for different category stores. Service and technology upgradation are the major strategies adopted by small players to retain customers. The results also indicate that traditional retailers need to redesign their business models. Until now, hardly any studies incorporated the impact of organized stores on small players. Traditional retailers exert an important influence on economic development.
Hypermarket
Promotion (chess)
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