Besim Burcin Yurtoglu, University: Corporate governance - the case for Turkey , , by Burak Egemen, Supervisor: Impacts of corporate governance principles on capital markets, , by Serkan Ozcan, Supervisor: Disclosure requirement in the light of corporate governance principles , , by Burcu Doner, Supervisor: Impacts of corporate governance issues on values of Turkish companies , , by Kamil Tchouraev, Supervisor: Public disclosure principle in public banks , , by Kursat Gokturk, Supervisor: Oguz Kursat Unal, University: Corporate governance , , by Ali Pasli, Supervisor: Applications of governance of Turkey, problems and suggestions for solutions, , by Canan Alici, Supervisor: Thesis about Corporate Governance.
Doctorate Thesis Issues at financial reporting process and improvement suggestions , , by Abdullah Bulent Firat, Supervisor: This does not mean that corporate governance, with regards to board of directors, is substantially low in Germany. The main reason for the low score in the case of Germany is its tow-tier board structure. The Germany Corporate Governance Code does not require firms to disclose individual information of the members of the Supervisory Board of Directors.
This is partly to do with the fact that many of the members of the Supervisory Board in a company in Germany are its employees only, and were included on the basis of recommendation of worker unions. This nomination process reflects the nature of management-worker relationship in Germany. Disclosure of information about independent directors in the UK, the US and Australia shows the wealth of information they bring to the Board of Directors.
The inclusion of names and skills of all directors of Supervisory Board in companies based in Germany is not going to have same information impact on stakeholders. The lack of information regarding the directors on the Supervisory Board is also reflected in the absence of information regarding the members of committees and their individual participation in meetings of those committees. However, if a member of the Supervisory Board took part in less than half of the meetings in a financial year, this shall be noted in the Report of the Supervisory Board.
The German disclosure requirements do not require the qualitative description of the compensation. Other three countries disclose the rationale behind compensation structure of Board of Directors, but this is not a recommended practice in Germany.
Du Plessis et al. Both unitary and two-tier board structures recognise a supervisory function and a management function du Plessis et al. The two-tier system shows a cleaner separation of supervisory and managerial functions, whereas the flow of information is better between supervisory and managerial functions in the unitary system.
Audit committee The purpose of an audit committee is to assist the board in the financial reporting process Braiotta et al. Audit committees are formed to improve external auditor independence by reducing the influence of the management on auditors.
The main corporate governance disclosures regarding the audit committee are shown in Table 2. Audit committee disclosure norms. The score of Germany was 5, which is because of the composition of its Board of Directors. The non-disclosure of individual information about the Supervisory Board of Directors implies that the information regarding the financial experience of audit committee members and their individual attendance cannot be obtained. Some countries, such as the UK, allow variation in the minimum number of audit committee members on the basis of the size of the company.
As part of a practice to reduce the possibility of financial statement frauds, the UK recommends that all members should be independent non-executive directors. Also, at least one member of the audit committee must be a qualified accountant in a UK-listed company and his name must be disclosed Deloitte, Similar requirement is also observed in the three other countries, which illustrates the importance of financial knowledge and experience in detecting and preventing financial statement frauds.
Internal control facilitates the effectiveness and efficiency of operations Turnbull guidance, Internal control also ensures the reliability of internal and external reporting. This is especially important because some of the large financial statement frauds, such as Enron and WorldCom, happened because of falsified external reporting. The main corporate governance disclosures regarding internal control and risk are shown in Table 3, 4 parameters are used to review disclosures with respect to internal control and risk.
Overall, corporate governance codes are very similar in the four countries. The main differences observed were because of the two-tier board structure in the case of Germany. Evaluation of disclosures by companies This section compares corporate governance disclosures by 5 companies in each of the 4 countries.
All data is collected from annual reports of companies in the UK, Australia and Germany, and statements Schedule 14A information filed as part of the annual reports in the case of companies in the US. Board of Directors The data collected was converted into a score for each aspect and then added to arrive at a score for each company Refer Appendix I for converting data into scores. The maximum possible score was Companies in the UK performed well in this aspect of corporate governance with an average score of Also, diversity in terms of experience of directors was relatively low.
However, the lower score of Tesco does not reflect poor corporate governance. It is just that its corporate governance practice regarding the percentage of independent directors was considered to be relatively inferior since higher percentage of executive directors reduces the influence of independent directors.
Also, this is just a measure of independence of directors. Actual independence depends upon actions taken by the Board of Directors and is not possible to analyze with the data in annual reports. Apple and Nike had lowest scores of 10 each. Apple scored low because of the smaller size of the Board of Directors, poor description of skills of directors, and smaller number of sub-committees.
Given the low score of Apple, it would be expected that investors would not like to purchase shares of the company. Therefore, the simple correlation between the score in this report and actual share price performance is difficult to argue for. Companies in Australia were similar to the US since their average score was However, this was mainly because of the low score of 9 of Seek Ltd.
Seek Ltd had a low score because of the small size of its Board of Directors and higher percentage of executive directors on the Board of Directors. Large companies scored high as compared to smaller ones, mainly because of the large size of their Board of Directors. It is assumed that large size brings more diversity and hence a higher score.
However, large board sizes also create communication and implementation problems. German companies had the lowest average score of 9 Figure 4. This was mainly due to the two-tier board structure and low information sharing regarding the members of the Supervisory Board.
No information regarding the directors of the Supervisory Board also makes it difficult to give any score on independence of directors. Further, not every company disclosed the number of meetings. The lowest score of German companies implies that their shareholders may be getting less than expected information to make economic decisions. Overall, firms in the UK were the highest scorer on the Board of Directors corporate governance aspect.
They were followed by firms in Australia and the US. German firms were the lowest scorer, mainly due to their two-tier board structure. The two-tier board structure is not bad for corporate governance; it is just that the firms in Germany did not disclose enough information about the directors on the Supervisory Board.
However, as significant members of the Supervisory Board are elected by workers, it can result in lower independence of the Board of Directors, as well as less diversity and expertise at the highest level. Audit Committee The data collected regarding with respect to audit committees was converted into a score for each aspect and then added to arrive at a score for each company Refer Appendix II for converting data into scores.
Companies in the UK performed decently in this aspect of corporate governance with an average score of 9. GSK was the best performer with a score of 11, which implies that it fully disclosed all information, as well as had higher number in terms of attendance, number of meetings and size of audit committee.
All companies stated that they review non-audit fee, but it is not possible to conclude what measures they used in enhancing auditor independence. There was no mention of the maximum non-audit fees, either as an absolute number or as a percentage of audit fees. Companies in the US also performed decently with an average score of 9. Apple was again the lowest scorer among the US companies in this category. The review of non-audit fees is more important in the US because of the regulatory requirement under the Sarbanes-Oxley Act.
However, there was no mention of the maximum non-audit fees, either as an absolute number or as a percentage of audit fees, allowed under guidance issued by the audit committee of the company. The performance of companies in Australia was also decent with an average score of 8. The diversion in scores was very low. The relatively lower scores of companies in Australia and the UK and the US were because of the smaller size of audit committees in Australia.
Companies in Australia also scored lower in the number of audit committee meetings in a year. The lower score in Australia should not be seen as a reflection of poor corporate governance with respect to the audit committee if smaller size audit committees were equally effective in preventing and detecting financial statement frauds, a parameter beyond the scope of this report.
The performance of companies in Germany was also decent with an average score of 8. There was no data regarding the attendance in the audit committee; a score of 1 was awarded to each of the 5 companies.
One interesting aspect of the audit committee in Germany was the relatively large size of audit committees. This implies that more emphasis was given on preventing financial fraud than other aspects of corporate governance. The scores of companies in the UK and the US were similar, while average score of companies in Australia and Germany were lower.
Some of the lower score in Germany is because of less information, which means that disclosure is relatively poor even though actual practice may not be. Reporting on internal control and risks The data collected regarding with respect to reporting on internal control and risks was converted into a score for each aspect and then added to arrive at a score for each company Refer Appendix III for converting data into scores.
The maximum possible score was 5. All companies in the UK achieved a score of 4, which implies that the average score in the UK was 4 also Figure 9. The requirement to attest is a regulatory requirement in the US under the Sarbanes-Oxley Act of Hence, companies in the UK have not shown an interest in implementing this since it will increase their costs due to payments to the external auditor. One important issue in the quantitative analysis of reporting on internal control and risks is the difficulty in capturing substantial differences in the amount of coverage given to this aspect in annual reports of companies.
All companies state that they have procedures for risk assessment and measuring effectiveness of internal control, but some corporations devote substantial part of their annual report on describing risks and controls. The information in the annual report of BHP on internal control is very helpful for investors and lenders. The difference in the coverage to risks and controls is also because of the variation in size and risks faced by businesses.
BHP faces many international risks than, as an example, Tesco. Therefore, the reporting on internal control and risks should be viewed in light of the risks faced by a business. The score of all 5 companies in the US was 5 Figure Again, same scores reflect the regulatory requirements. Scores were similar and 4 each in the case of 4 companies in Australia; only Sonic Healthcare had a lower score of 3 Figure This was because there was no summary of process used in reviewing effectiveness of internal controls.
The score of each company in Germany was also 4 Figure The reporting on internal control and risk does not show significant differences among companies. All firms mention about their internal control and risk procedures. However, the amount of description of risk assessment and controls varies in annual reports. Financial reporting quality and effectiveness of controls Financial statements are used by many stakeholders to form an opinion about the financial performance and financial position of the company.
Existing and potential investors, lenders, government agencies, employees and suppliers use information in financial statements to make economic decisions. Shareholders review financial statements to see trends in past performance to form an opinion about the future earnings of the company. Shareholders are interested in capital gains and dividend income, and therefore they are interested in prospective earnings and risks.
Questionnaire; questionnaire will be used as tool of data collection from the selected sample from banking industry of Pakistan, results will be interpreted and compare with the literature to ensure the validation of results. For gathering the data regarding the financial sector performance and corporate governance issues, the researcher may consult the various articles, journals, books, speeches, etc.
Various empirical studies by many authors and researchers will be used for further insight into the research topic. The data collected from primary and secondary sources will be analyzed by using appropriate statistical tools to approve or disapprove the hypothesis. Likewise all over the world, in Pakistan too, the corporate governance has significantly improved over the past few years but much remains to be done which includes the removal of the obstacles to good corporate governance.
The aim of the research thesis is to find out whether the Corporate governance is contributing towards the improved performance of Banking sector of Pakistan or not? Research plan is tool which will be used to complete the research work in sequence and in step by step to achieve the objectives of study.
Time Period required for completion of research work has been mentioned in weeks in X-axis and activities against the time line are given in Y-axis. Project plan is mainly segregated into two major parts 1.
Data research, complete qualitative sort of data will be collected and arranged and literature review would be complete and the, 2. Analysis and conclusions, based on the data collection, scanning of data, coding and analysis and finally discussion and conclusion based on the finding. Resources available for the completion of study are based on number of sources; access to research articles, access to books, databases of research articles, access to digital libraries, other source of data will also be utilized in this one of kind study.
Research constrains consist on; outdated data for literature review and concept building, only limited sources of data available to access the other databases are required in this concern.
Data collected for research study may contain errors, or biasness from the respondent. Time limitation is one of major constraint in this study. Economics , Free Essays. If you enjoyed this article, subscribe to receive more just like it. Including student tips and advice. Click here to ask a question about this article.
Corporate governance is a broad topic which covers all possible types of business relations and ways to run the company. A wide range of the narrower concepts can be investigated in your dissertation on corporate governance, like the issue of leadership, manager and employee relations, business ethics, corporate strategies, company .
Corporate governance at public company and compared with OECD principles of corporate governance, (), by Bilal Topcu, Supervisor: ru-apsnynews.tk Erisah Arican; University: Marmara University, Institute of Banking And Insurance, Department of Capital Markets and Stock Exchange.
corporate governance and, to the extent that the data permits, the first analysis of the relationship between corporate governance quality and the . Corporate governance however is the best tool to handle the business organizations, but the question is that how effective it is for the organization, at what extent the rules and regulations of the corporate governance affecting the organization.
i phd thesis. corporate governance and the relationship between default risk and the earnings response coefficient. by. nor balkish zakaria. a thesis. A List Of Great Dissertation Titles On Corporate Governance. Writing your dissertation can seem overwhelming, and if you don't pace yourself, it can be.