Documents management board 53 results

"In this paper we present empirical evidence on the relationship between board remuneration of a sample of large Spanish companies and a set of explanatory variables such as performance and size of the company. The objective is to provide additional empirical evidence based on the agency theory for the Spanish institutional context, which differs from most 'Anglo–Saxon' model studies. We focus on the impact of a company's governance structure on the relationship between pay and performance. Specifically, we consider ownership concentration and firm leverage as key determinants of the board–shareholders relationship. Our results confirm the positive relationship between board remuneration and company performance, which is stronger for book values than for stock market measures. Industry performance also explains the remuneration and provides useful information for evaluating board behaviour. Company size is also related to board remuneration and affects the pay–performance relationship, although it is not relevant when we use an elasticity approach. Finally, the governance structure of companies is relevant when explaining the power of the compensation–performance relationship, and differences between the impact of ownership concentration and firm leverage on this relationship are found."

"Analysis of a global survey of 21,980 firms from 91 countries reveals the relative dearth of women in high leadership positions. The results suggest that the presence of women in corporate leadership positions may improve firm performance. This correlation could reflect either the payoff to nondiscrimination or the fact that women increase a firm's skill diversity. Women's presence in corporate leadership is positively correlated with firm characteristics such as size as well as national characteristics such as girls' math scores, the absence of discriminatory attitudes toward female executives, and the availability of paternal leave. The results find no impact of board gender quotas on firm performance, but they suggest that the payoffs of policies that facilitate women rising through the corporate ranks more broadly could be significant."

"Purpose
– The main aim of this paper is to examine the role of the board of directors in Russia with specific attention to their independence, employee relations and ability of successful adaptation of the international standards.

Design/methodology/approach
– The authors used a survey questionnaire to provide an empirical example from a transition economy to the corporate governance literature by exploring the attitudes of the 55 board directors from 30 listed companies on the Russian Trading System (RTS) Stock Exchange.

Findings
– The respondents recognise the board of directors as an important instrument of efficient and good corporate governance practice. More surprisingly, they are also in favour of employee representatives on the board of directors and agree that board size and composition should be enhanced by employee representatives on the board.

Research limitation/implications
– Even though 200 questionnaires were distributed and the response rate was 28 per cent, the authors know that they cannot generalise results for all directors of 1,414 listed companies on the Russian Trading System Stock Exchange from this level of response. In addition, questions might have some elements of subjectivity.

Practical implications
– Policy makers in Russia should continue reforms in Russian corporate governance to improve transparency and accountability to adopt international standards and to attract foreign capital.

Originality/value
– This study is one of the most comprehensive studies to explain the role of directors of listed companies in corporate governance throughout a survey questionnaire in Russia. The authors believe that the study contributes to the literature in two ways: theoretically by examining the attitudes of Russian listed company directors in the literature and empirically by conducting a survey among listed companies' directors to evaluate the attitudes of boards of directors, and employee relations in Russia."

"In 2024, the share of women on the top decision-making boards of the largest companies in Germany increased. A solid 19 percent of all executive board members at the 200 largest companies are now women, and almost 26 percent of members at the 40 largest listed companies are women. The financial sector is also catching up in this regard. Moreover, legal requirements, such as the inclusion requirement for listed companies with full co-determination whose executive board has at least four members, are having an effect: Nearly all companies in this group now have at least one woman on their executive board, with nearly one third even having two or more. Thus, women's access to executive board positions has improved over the past 15 years. However, this does not necessarily mean that women have the same amount of influence on the executive boards as their male counterparts. Therefore, companies must focus on developing an inclusive company culture in which diversity is reflected in both the formal composition as well as in practice."

"Dans cet article, nous étudions les variables indicatrices du capital humain et du capital social des femmes et des hommes membres des conseils d'administration des sociétés du SBF?120 en 2013, soit deux ans après la promulgation de la loi sur les quotas. En nous appuyant sur des recherches antérieures réalisées en France et aux Etats-Unis, nous comparons les profils démographiques, d'éducation et d'expérience professionnelle entre les 1 250 femmes et hommes membres des conseils du SBF 120 en 2013. Nos résultats montrent que les femmes ont des parcours de formation et professionnels qui se rapprocheraient de ceux des hommes, au vu d'une étude similaire que nous avions réalisée sur des données de 2010. Des différences persistent néanmoins entre hommes et femmes, quant à la nature de l'expérience professionnelle et aux types de mandats exercés. Les explications et conséquences possibles de ces résultats sont discutées dans l'article."