Discuss about the Implication Of Revised Code Of Corporate Governance.
The researches on corporate governance have become extensively popular in the current years. Corporate governance has become an issue in the developing economies after the financial crisis and the scandals that have occurred in the past, which have led to rise in demand for enhanced corporate governance mechanisms. Effective level of corporate governance has become necessary for developing and improving the performance of a company, ensuring the rights of the investors, developing the investment environment and influencing development of the economy (Low, Roberts and Whiting 2015). Even though focus and attention has been given to the corporate governance in the developing countries, there have been several countries that still suffer from the inadequacy of corporate governance structure. This is looked upon as a contributing factor for the rise in the financial crisis and financial scandals. Hence, corporate governance in the developing and developed nations has motivated and attracted reasonable consideration in the academic researches.
Corporate governance is the practices and the rules that administer the relationship between the shareholders and the managers of a company as well as with the stakeholders. It contributes to the development and financial stability by developing the confidence in the market, financial reliability and effectiveness of the economy. As a consequence, corporate governance distributes the obligations and the rights among the several respondents within a firm, like the managers, boards, shareholders and the other stakeholders and confirms that the procedures and the rules for undertaking decisions with respect to the corporate affairs are precise and clear (Cheng, Lui and Shum 2015). The practice of corporate governance is regarded as an internal process for controlling and monitoring the management. Effective level of corporate governance is good equipment for assisting a company to reach effective and better performance.
The concept of corporate governance in the developed nations and economies like Hong Kong has been addressed by making use of several theories and articles. In accordance to the agency theory, the intention of corporate governance is to minimize the probable conflicts among the managers and the shareholder’s interest (Leung, Richardson and Jaggi 2014). The stakeholder theory even has a key role to play in addressing the governance framework as the organizations are made conscious of all the stakeholders rather than only the shareholders. Wang et al. (2014) have debated that stakeholder theory can be helpful in optimizing the performance of an organization and the associated benefits of all the stakeholders by taking care of the interests of all the stakeholders.
In the current Asian market, there are more than 65% of the listed companies that are managed by the key shareholders and from those companies, more than 60% of the managers are acquaintances of the main shareholders. In Hong Kong, it is seen that family business is one of the forms of business and most of these companies have attained the mature or the developing stage. It is seen that businesses in Hong Kong is a combination of the control and ownership and therefore the organizations that are functional in the country have an effective and profitable ownership framework than the companies in the other nations (Ayuso et al. 2014). This research paper has therefore been constructed in order to have an understanding of the impact of corporate governance on the performance of the companies from various sectors in Hong Kong. The paper in order to assess the performance of a company would look to collect secondary data with the help of which the researcher would be able to understand the performance of a company in accordance to corporate governance in an effective manner.
The justification for undertaking research on this topic has been due to the fact that corporate governance has been receiving greater extent of popularity among all the companies globally and accordingly the performance of an organization plays a key role in the development of the company as a whole (Foo 2015). There are several factors that has an impact on the performance of an organization but special importance is given to corporate governance as this process assists in improving internal and external relationship among the associated stakeholders and thereby an idea can be attained as to the effectiveness of relationship of the stakeholders in the development of the performance of a company.
The aims and objectives of the research determines the elements and the aspects that would be taken into consideration when taking the research forward and thereafter finding the results that would be helpful in determining the impact of corporate governance in the performance of the companies that are operational in Hong Kong. The research aims and objectives are as follows:
The research question that is related to this paper is as follows:
Q1. Is the corporate governance framework of a company important to the performance of a company in Hong Kong?
Q2. How to create an effective corporate governance policy in order to attain the optimal performance in the companies in Hong Kong?
The factors that are having an impact on the process of corporate governance is inclusive of the structure of shareholding, composition of board and the senior level management. The relationship between the performance of a company and the factors is the pivotal point for various researchers and their studies. This section of the paper would address all the factors and what other researchers have commented on these factors and the overall corporate governance structure.
Michael and Goo (2015) debated that the interest conflicts and the asymmetries among the managers and the shareholders are the key reason that makes the shareholders suffer increased agency costs. Their suggestion was to reinforce the governance and the legal framework in order to evade the managers who look into their own interest and ignores the rights of the shareholders.
Siddiqui (2015) explained agency relationship as the owner agreements with the manager in order to perform the services on their behalf. The presence of agency problems is due to the fact that the managers would not always act in the most precise interest of the shareholders in order to gain individual benefits. Conversely, the shareholders look to safeguard their interests by suffering administration costs in order to make sure that the managers will not undertake any actions which can hamper their wealth. There are several techniques that tries to explain the agency problems and they are inclusive of the structure of the government, managerial ownership incentives and capital structure.
Lins, Servaes and Tamayo (2017) stressed on the conflicts among the managers and the shareholders and explained that these issues that are essential in a company that have sustainable level of free cash flows. The theory of free cash flow recommends that the managers will not always look to optimize the company value. Furthermore, free cash flow is the cash flow that is more than the one that is needed to fund all the projects that have net present values to be positive. On the other hand, if a company is able to create considerable fee cash flows, the managers may spend in excess on the organizational ineffectiveness or undertake investments in the projects with negative net present value, which in a way can hamper the wealth of the shareholders. Furthermore, Bazrafshan, Kandelousi and Hooy (2016) cited that conflict among the shareholders and the managers is because of the aversion of the managerial risk. The shareholders always looks spread their investments in order to minimize the risks that are associated with their investments. Conversely, the majority of the manager’s income comes from the bonuses, which is reliant on the returns gained by the organization. Hence, for the same investment project, the extent of risk that the managers and the shareholders can incur is different (Singh et al. 2018). The managers may not look to undertake the risk that will lead to loss of some effective investment opportunities and therefore the conflicts among the managers and the shareholders take place.
The easiest and the most practicable way to resolve this issue of agency problem is to terminate the separation among the control and ownership in an organization. However, the separation of the control and the ownership is to provide advantage to the organization as it reveals the ideal competitive response to the creation of the ownership framework of an organization (Beatson and Chen 2017). Then, the managers are go ahead with their own interests simultaneously without profaning the interests of the shareholders.
The domestic and the international agencies and authorities have given increasingly and extensive focus to assess and modify the law of an organization after the Enron and Worldcom scandals that occurred in USA. According to Kun (2015), Hong Kong has currently created a precise outline of the obligated arrangements of corporate governance.
The aim of corporate governance is to organize an interest conflict among the relationship of all the parties within a company and to create a system that can mitigate or terminate the agency issues (Fung 2014). It debates that the agency issues become more complex with ineffective and weaker corporate governance and restricted safeguard of the minority shareholders within an organization and even provides the effective corporate governance that would be able to assist the board of directors and even the managers to attain the effective interests of the shareholders and the organization.
Furthermore, it can be debated that the performance of a company can be developed with effective control of the corporate governance in a firm. Cuomo, Mallin and Zattoni (2016) debated that the corporate governance does not have an impact on the performance of a company. They discovered that most of the bigger companies with stronger and better corporate governance controls are rewarded during the longer period of time. Olivares-Caminal et al. (2017) studied the relationship among the value of the company and corporate governance by making use of the Tobin’s Q and Corporate Governance Index (CGI), which looks to compute the value of an organization. The outcome has provided that corporate governance do have an impact on the value of a company.
Furthermore, Kula and Baykut (2014) debated that an effective corporate governance standard is specifically vital for the banks. This is due to the fact that most of the money that the banks utilize for the purpose of business comes from the depositors and the creditors. The ineffectiveness of a bank will impact not only their own shareholders but a key impact would be observed on the other banks as well. Hence, it is essential to make sure that the banks are functioning in an effective manner. Dias, Rodrigues and Craig (2017) even explained that corporate governance of the banks in Hong Kong has an effective standard due to the fact that the Hong Kong Monetary Authority has provided a guideline in association to corporate governance for the banks.
It is seen that a various other research have been undertaken in order to have an understanding among the relationship between performance of a company and the ownership framework. Husted and de Sousa-Filho (2017) explained that increased ownership focus has an optimistic effect on the performance of a company as it increases the capability of the shareholders to effectively looking after the managers. Al-Janadi, Abdul Rahman and Alazzani (2016) even debated that increased level of block-holder is likely to have an effect on the value of the company. The bigger shareholders can function in an effective manner for administering the managers in order to safeguard the probable takeover challenges.
By relying on the corporate governance framework, the directors and the board of directors will be the key policy setters of an organization and therefore the relationship among the board composition framework and the performance of the company is very close (Wong 2016). It is known that composition of the board is section of the corporate governance, so the research takes a step ahead in order to assess the relationship among the composition of the board and the performance of a company.
Shahzad, Rutherford and Sharfman (2016) debated that board of director members are essential for the long term development and effective performance of a company. The board of directors is a group of collective people who are appointed by the company shareholders and are accountable for undertaking decisions and monitoring the daily activities of the company. The presence of the board of directors is key and essential. In the day to day activities, it is very difficult to create explained decisions with the help of the regular meetings with the shareholders specifically for public listed organizations which have huge number of shareholders. With the help of effective administration towards the operations of the company, the board of directors makes sure that the company functions in the course that is beneficial to the shareholders.
Furthermore, Tang et al. (2015) cited that the board of directors needs to play a pivotal role in permitting the strategy and the plans for business for a company. The board of directors needs to supervise and monitor the management performance in order to make sure that company functions their business with increased level of ethical standards. Iraya, Mwangi and Muchoki (2015) expressed that the board of directors should comprise of a blend of the executive and non-executive free directors. It even requires the segregation of the roles of the Chairman of the Board of Directors and the CEO of an organization.
In a current research that was undertaken by Ko et al. (2016) on the corporate governance in the economy of Hong Kong debated that the member quality in the board of directors is essential in order to attain increased standard of corporate governance. They examined numerous boards of directors of the listed companies in Hong Kong and discovered that a board where most of the directors have Master degree are looked upon to have higher standard.
Qian et al. (2017) assess the performance of a company with the help of Tobin’s Q and discovered that the Tobin’s Q enhances in the initial stage and thereby showing a positive relationship among the share framework and the value of the company; and decline in the latter stage discloses a negative association among the share framework and the value of a company. It is therefore said that the relationship among the structure of the share and Tobin’s Q is non-linear in nature.
The prior academic research has been broadly explaining the topic of corporate governance in the various industries of Hong Kong. It has been discovered that agency issues do not have an effect on the performance of a company and corporate governance is undertaken in order to mitigate or eliminate the issue. The several researches on the composition of the board explains that the segregation of the function of the chairman of the board of directors and the CEO of an organization is essential. Furthermore, an effective quality member of the board of directors is the key requirement for the effective level of corporate governance practice.
This section of the paper has been created in order to have an effectual understanding of the sort of data or information that would be used for the purpose reaching authentic results for this paper. There are several techniques that are available to the researcher and it is the selection and the choice of the researcher to have a key understanding of the tools and the processes that would be used in order to obtain the data and thereafter take extensive actions with the help of which data analysis can be undertaken. The methodology section will highlight the kind of philosophy, research design and approach, process of gathering the data, techniques used for the purpose of data analysis and the ethics that would be considered by the researcher while collecting the data.
The kind of methodology that would be used in a research determines the extent and the preciseness in accordance to which the research paper can be completed. The choice of the methodology is dependent on the kind of data that would be used for completing this research. In accordance to this paper, which has the idea of understanding the impact of corporate governance on the performance of a company, it is seen that secondary data would be used with the help of which understanding of the performance of the companies from various sectors can be known (Singh, Sethuraman and Lam 2017). The researcher has therefore implied qualitative research methodology as the paper is related with understanding the performance of a company in accordance to corporate governance structure.
The research philosophy is associated to gaining an understanding of the idea, understanding and opinion about the technique and the procedure by taking support of which the data related to the topic can be collected and recorded (Abdallah and Ismail 2017). The three sorts of philosophies are interpretivism, pragmatism and positivism. In this paper, however, the researcher has opted for positivism philosophy because of the fact that a positive elucidation of the collected data would be undertaken by the researcher in order to gain effective results.
The research approach defines the frameworks and the theories that would be taken into account in order to complete the research paper in an effective manner (Scholtz and Smit 2015). In this paper, as the researcher would be making use of secondary data, which is already available in the economy with respect to corporate governance and their relation with the performance of an organization, deductive approach will be undertaken. Inductive approach is not taken into consideration as no new theories and frameworks would be used by the researcher.
The design of the research is associated to discovering the processes and the framework that would be used in order to collect and record the data and thereby take the research forward in an effective manner (Usman, Akhter and Akhtar 2015). In this context, the researcher has adopted descriptive research design with the help of which the all the data that has been collected would be defined and explained in order to attain effective results for this paper.
The researcher in accordance to this paper has selected secondary data with the help of which data regarding the matters related to corporate governance can be collected and accordingly steps can be taken with the help of which impact on the performance of the company can be attained. The secondary data is collected with the help of various resources like collecting data from the company websites and the annual report of the companies, along with information that is available from internet sources, electronic journals and articles (Nguyen, Locke and Reddy 2015). These kinds of data are effective in answering the problem that is pertinent to the research. The data would be collected from several industries of Hong Kong and one company from each of the industries would be taken into consideration with the help of which an idea on the topic can be understood.
The data analysis process would be undertaken by taking help of the various processes and mechanisms with the help of which the recorded data would be useful in answering the issues that are pertinent to the topic.
The researcher in accordance to this paper has maintained proper codes of ethics and therefore has all the data that has been gathered are from precise and authentic sources and thereby authentic outcome in accordance to the research paper can be attained.
This section of the paper tries to assess the data in relation to the various industries that are functional in Hong Kong. The paper has selected various companies from each of the sector and it is seen that Hang Seng Bank has been chosen from the banking sector, Samsung C&T Corporation Ltd from the construction sector, Cathay Pacific from the airline industry and Crocodile Garments from the consumer service industry. The companies would be evaluated in relation to the performance of the companies and their impact on corporate governance and thereby an understanding of the impact can be attained.
|
Particulars |
2015 |
2016 |
2017 |
|
Tax Rate % |
9.82 |
15.12 |
15.51 |
|
Net Margin % |
91.83 |
55.36 |
57.39 |
|
Asset Turnover (Average) |
0.02 |
0.02 |
0.02 |
|
Return on Assets % |
2.12 |
1.2 |
1.38 |
|
Financial Leverage (Average) |
9.4 |
9.79 |
9.72 |
|
Return on Equity % |
19.56 |
11.47 |
13.46 |
|
Financial Leverage |
9.4 |
9.79 |
9.72 |
The financial performance for Hang Seng Bank explains that the performance of the organization has been significantly better in accordance to the industrial benchmark of the industry in the year 2015. The banks that are performing in Hong Kong are performing in an effective manner and has been making significant level of profits and accordingly Hang Seng has been performing properly in the year 2015. However, the net margin has reduced significantly in the next two years, which indicates that there have been certain changes, which have affected the bank. In these two years the company has been functioning poorly in accordance to the industrial benchmark (Bank.hangseng.com 2018). The other banks in Hong Kong have been making better profits and accordingly it can be said that Hang Seng can perform effectively if they change their plans and strategies.
|
Particulars |
2015 |
2016 |
2017 |
|
Current Ratio |
0.83 |
0.91 |
0.85 |
|
Quick Ratio |
0.61 |
0.72 |
0.65 |
|
Financial Leverage |
2.57 |
2.43 |
2.17 |
|
Debt/Equity |
0.24 |
0.2 |
0.12 |
The performance of the company has been understood with the help of the financial data that is seen from the annual report of the company. The financial performance of the company explains that the current ratio, quick ratio, financial leverage and the debt/equity ratio have been effective and thereby indicating that the company has been making significant level of profit (Samsungcnt.com 2018). On the other hand, the performance of the overall construction industry of Hong Kong has shown that the overall performance of the industry has been in line with the figures that have been shown for Samsung C&T Corporation.
Cathay Pacific is a leading airline industry which has headquartered in Hong Kong and operates globally. The financial performance for the company for the years 2015, 2016 and 2017 have been taken into consideration in order to have an understanding of the actual scenario of the company. The results are given as follows:
|
Particulars |
2015 |
2016 |
2017 |
|
Current Ratio |
0.73 |
0.67 |
0.71 |
|
Quick Ratio |
0.69 |
0.61 |
0.68 |
|
Financial Leverage |
3.33 |
3.6 |
3.2 |
|
Debt/Equity |
1.07 |
1.04 |
1.06 |
The ratios that have been obtained explain that all the ratios have been performing efficiently and the company has been able to take care of their assets and liabilities in an effective manner. The financials of the company indicates that the company has been making profits and has been able to meet their goals and objectives. In accordance to the industrial bench mark, the company has been incredibly well in terms of the making profits and increasing their customer base and service quality (Cathay Pacific 2018). The airline industry in the country has been making significant amount of profit and Cathay Pacific is one of the leading companies that has been the key driver of the industrial development. The company has their own internal regulatory management process with the help of which the company has been governing their operational and functional activities and thereby maintaining effective workflow.
|
Particulars |
2015 |
2016 |
2017 |
|
|
Current Ratio |
0.61 |
0.96 |
0.88 |
|
|
Quick Ratio |
0.45 |
0.79 |
0.75 |
|
|
Financial Leverage |
1.45 |
1.48 |
1.45 |
|
|
Debt/Equity |
0.02 |
0.18 |
0.16 |
This company is a Hong Kong based organization who have their operations focused on apparel and retail industry sector. The company is a well known brand and has their business established globally. The retail sector in Hong Kong has been a developing area and with the rise in demand for clothing and apparel, the company has been manufacturing various kinds of new and improved products that have been able to attract new and potential customers (Crocodile.com.hk 2018). By observing the financial figures of the company, one can say that the company is making profits for all the three years that have been taken into consideration and have been the various ratios that are available from the company indicates that the company has been able to maintain their assets and liabilities in a more effective manner. The company has their debt to equity ratio to be proper and therefore all the financials explain that the company has proper and precise profit level and with their internal regulatory body and effective management system, the organization has been able to move forward in accordance to their pre-determined goals and objectives (Crocodile.com.hk 2018). The industrial benchmark of the industry reveals that the retail and apparel business has been making huge level and margin of profit as they have been able to satisfy their customers domestically and globally.
The results indicate that all the companies that have taken into consideration has been performing well for all the three years except for Hang Seng Bank, who has been functioning well but has not been able to stay in line with the benchmark of the industry.
This is known as the practices, rules and processes with the help of which an organization is managed and controlled. Accordingly, all the companies that have been taken into consideration will be processed in order to have an understanding of the corporate governance technique they have incorporated.
It is seen that this bank has their own internal control process and has their own department who are associated with looking into the control system and making changes wherever necessary. The bank does not have a corporate governance strategy and therefore does not include any disclosure statement where all the strategies and plans are written and accordingly the company can undertake their actions and operations (Bank.hangseng.com 2018). By looking at the performance of the company, it can be said that the company can incorporate corporate governance and thereby would be able to improve their operational activities. The incorporation of the corporate governance technique can be useful in improving their financial performance and accordingly can be helpful in maintaining competitive edge.
This company is associated with the construction industry and this organization has been operating successfully in the economy for a long time (Samsungcnt.com 2018). The company has their own corporate governance structure and has maintained general rules of plans and policies with the help of which they have been governing their functional and operational activities and thereby has been able to sustain a effective working business.
The organization functions their business globally and therefore maintains various kinds of strategies and policies that are helpful in operating their business in different parts of the world. The company has their own corporate governance strategy and this strategy varies according to the country where the company operates. In Hong Kong, the company has their own and unique corporate governance plans and accordingly the management functions their business accordingly (Cathay Pacific 2018). The proper corporate governance plan according to the international standards has been able to improve the operational as well as the profit level of the company.
The data that has been collected for this company explains that the company has been performing effectively but does not have a proper and authentic corporate governance structure. The company has their own internal regulatory body that keeps a check over the relationship outside and inside the company and thereby is able to operate their business (Crocodile.com.hk 2018). It can be said that incorporation of corporate governance can be a better technique with the help of which the company can enhance their profit as well as their business.
The results therefore indicate that corporate governance can improve the business performance of a company in Hong Kong and it is the role of the company to determine what kind of strategies can be used in order to improve their business and increase their level of profit.
Conclusion
The analysis of the performance of the companies that have been chosen from different sectors provide an indication that all the organizations are performing properly in the Hong Kong economy, but it is seen that the companies that have not implemented corporate governance technique has the scope of improving their operational activities. Corporate governance is helpful in maintaining a healthy and cordial relationship among the stakeholders and the management of a company and thereby is useful in making decisions that are useful for all the parties who are involved with the company. As a whole after, the examination of the market of Hong Kong, there has been an observation that most of the companies of Hong Kong do not have any corporate governance policies. Corporate governance is only seen in a few of the bigger companies and therefore it can be said that incorporation of corporate governance can bring in diversified changes in the companies as well as in the economy of Hong Kong. The paper has been able to address the objectives that were constructed earlier in the paper as it is seen that the results have shown the nature of development of the corporate governance process in Hong Kong and in the business environment has been explained. The paper has even been able to ascertain the relationship among the corporate governance practice and the performance of the firms in Hong Kong. The theories that are related to corporate governance has even been explained and thereby the conclusion of the paper is able to express the fact that corporate governance has an essential role to play in the development of the performance of the companies that are operational in Hong Kong.
The paper with the help of the results that have been attained has been able to generate few recommendations that is advisable to the companies of Hong Kong, which can be helpful in improving their operational activities. It is recommended that the companies who have not incorporated the strategy gains knowledge about the corporate governance practice and thereafter take measures that would be helpful in improving their functional activities. On the other hand, the companies who have incorporated the corporate governance practice and maintain a frequent assessment of the process so that they can make changes in the aspects that are not performing in an effective manner. It is even advisable that the management of the companies assess the market from time to time and interact with the stakeholders as time changes in order to have an idea about what changes are required by the stakeholders and whether these changes will be helpful to the organizations and thereby undertake changes that would be helpful in enhancing the performance of the company.
The current topic that has been taken into consideration has huge scope of future research because of the fact that as time changes, the tastes and preferences of the consumers would change as well and accordingly changes will be observed in the corporate governance practices and strategies as well. Undertaking a research at a future course of time will be helpful in determining the changes and the developments that have been made and comparisons with the current research would helpful in understanding whether the changes that have been incorporated are for the better or for worse.
Reference List and Bibliography
Abdallah, A.A.N. and Ismail, A.K., 2017. Corporate governance practices, ownership structure, and corporate performance in the GCC countries. Journal of International Financial Markets, Institutions and Money, 46, pp.98-115.
Ahmed Haji, A. and Mubaraq, S., 2015. The implications of the revised code of corporate governance on firm performance: A longitudinal examination of Malaysian listed companies. Journal of Accounting in Emerging Economies, 5(3), pp.350-380.
Al-Janadi, Y., Abdul Rahman, R. and Alazzani, A., 2016. Does government ownership affect corporate governance and corporate disclosure? Evidence from Saudi Arabia. Managerial Auditing Journal, 31(8/9), pp.871-890.
Ayuso, S., Rodríguez, M.A., García-Castro, R. and Ariño, M.A., 2014. Maximizing stakeholders’ interests: An empirical analysis of the stakeholder approach to corporate governance. Business & society, 53(3), pp.414-439.
Bank.hangseng.com. (2018). Hang Seng Bank Limited. [online] Available at: https://bank.hangseng.com/1/2/home [Accessed 31 Mar. 2018].
Bazrafshan, E., Kandelousi, A.S. and Hooy, C.W., 2016. The impact of earnings management on the extent of disclosure and true financial performance: Evidence from listed firms in Hong Kong. The British Accounting Review, 48(2), pp.206-219.
Beatson, S.A. and Chen, J., 2017. Foreign investment, corporate governance and performance in the Chinese listed a share companies. Journal of Chinese Economic and Business Studies, pp.1-35.
Cathay Pacific. (2018). Online Flight Booking | Airfare | Hong Kong – Cathay Pacific. [online] Available at: https://www.cathaypacific.com/cx/en_HK.html [Accessed 31 Mar. 2018].
Cheng, S., Lui, G. and Shum, C., 2015. Did corporate governance safeguard investor interest in the global financial crisis? Evidence from Hong Kong SAR. Asia Pacific Business Review, 21(4), pp.534-550.
Crocodile.com.hk. (2018). Crocodile. [online] Available at: https://www.crocodile.com.hk/en/ [Accessed 31 Mar. 2018].
Cuomo, F., Mallin, C. and Zattoni, A., 2016. Corporate governance codes: A review and research agenda. Corporate governance: an international review, 24(3), pp.222-241.
Darko, J., Aribi, Z.A. and Uzonwanne, G.C., 2016. Corporate governance: the impact of director and board structure, ownership structure and corporate control on the performance of listed companies on the Ghana stock exchange. Corporate Governance, 16(2), pp.259-277.
Dias, A., Rodrigues, L.L. and Craig, R., 2017. Corporate governance effects on social responsibility disclosures. Australasian Accounting Business & Finance Journal, 11(2).
Foo, S.L., 2015. Financial health and corporate performance of listed manufacturing companies in Hong Kong and Singapore–A comparative study of the two Asian tigers. Asian Journal of Business and Management, 3(2), p.148.
Fung, B., 2014. The demand and need for transparency and disclosure in corporate governance. Universal Journal of Management, 2(2), pp.72-80.
Gray, S., Harymawan, I. and Nowland, J., 2016. Political and government connections on corporate boards in Australia: Good for business?. Australian Journal of Management, 41(1), pp.3-26.
Husted, B.W. and de Sousa-Filho, J.M., 2017. The impact of sustainability governance, country stakeholder orientation, and country risk on environmental, social, and governance performance. Journal of cleaner production, 155, pp.93-102.
Iraya, C., Mwangi, M. and Muchoki, G.W., 2015. The effect of corporate governance practices on earnings management of companies listed at the Nairobi securities exchange. European Scientific Journal, ESJ, 11(1).
Ko, H.C.A., Tong, Y.J., Zhang, F.F. and Zheng, G., 2016. Corporate governance, product market competition and managerial incentives: Evidence from four Pacific Basin countries. Pacific-Basin Finance Journal, 40, pp.491-502.
Kula, V. and Baykut, E., 2014. Do the Depository Banks in Borsa Istanbul Corporate Governance Index Have Better Market Performance Following Their Entry to the Index?. Research Journal of Finance And Accounting, 5.
Kun, S., 2015. Management equity incentive, risk taking and efficiency of capital allocation. Journal of Management, 3, p.002.
Leung, S., Richardson, G. and Jaggi, B., 2014. Corporate board and board committee independence, firm performance, and family ownership concentration: An analysis based on Hong Kong firms. Journal of Contemporary Accounting & Economics, 10(1), pp.16-31.
Lins, K.V., Servaes, H. and Tamayo, A., 2017. Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), pp.1785-1824.
Low, D.C., Roberts, H. and Whiting, R.H., 2015. Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal, 35, pp.381-401.
Michael, B. and Goo, S.H., 2015. Corporate governance and its reform in Hong Kong: a study in comparative corporate governance. Corporate Governance, 15(4), pp.444-475.
Nguyen, T., Locke, S. and Reddy, K., 2015. Ownership concentration and corporate performance from a dynamic perspective: Does national governance quality matter?. International Review of Financial Analysis, 41, pp.148-161.
Olivares-Caminal, R., Rogerson, N., Yan, M., Yeoh, P., Law, A., You, C., Battle, T., Zhang, C., Zhang, L., Capital, V. and Zhang, X., 2017. Michael, Bryane & Goo, Say, What Does Corporate Governance Regulation in Hong Kong Teach Us About Incremental Legal Change?, 89. Business Law Review, p.250.
Ortas, E., Álvarez, I., Jaussaud, J. and Garayar, A., 2015. The impact of institutional and social context on corporate environmental, social and governance performance of companies committed to voluntary corporate social responsibility initiatives. Journal of Cleaner Production, 108, pp.673-684.
Qian, C., Wang, H., Geng, X. and Yu, Y., 2017. Rent appropriation of knowledge?based assets and firm performance when institutions are weak: A study of Chinese publicly listed firms. Strategic Management Journal, 38(4), pp.892-911.
Samsungcnt.com. (2018). SAMSUNG C&T. [online] Available at: https://www.samsungcnt.com/eng/index.do [Accessed 31 Mar. 2018].
Scholtz, H. and Smit, A.R., 2015. Factors influencing corporate governance disclosure of companies listed on the Alternative Exchange (AltX) in South Africa. South African Journal of Accounting Research, 29(1), pp.29-50.
Shahzad, A.M., Rutherford, M.A. and Sharfman, M.P., 2016. Stakeholder?Centric Governance and Corporate Social Performance: A Cross?National Study. Corporate Social Responsibility and Environmental Management, 23(2), pp.100-112.
Siddiqui, S.S., 2015. The association between corporate governance and firm performance–a meta-analysis. International Journal of Accounting and Information Management, 23(3), pp.218-237.
Singh, P.J., Sethuraman, K. and Lam, J.Y., 2017. Impact of corporate social responsibility dimensions on firm value: Some evidence from Hong Kong and China. Sustainability, 9(9), p.1532.
Singh, S., Tabassum, N., Darwish, T.K. and Batsakis, G., 2018. Corporate governance and Tobin’s Q as a measure of organizational performance. British Journal of Management, 29(1), pp.171-190.
Tang, Y., Qian, C., Chen, G. and Shen, R., 2015. How CEO hubris affects corporate social (ir) responsibility. Strategic Management Journal, 36(9), pp.1338-1357.
Usman, M., Akhter, W. and Akhtar, A., 2015. Role of Board and Firm Performance in Determination of CEO Compensation: Evidence from Islamic Republic of Pakistan. Pakistan Journal of Commerce & Social Sciences, 9(2).
Wang, M., Li, K., Wang, Y. and Ma, Y., 2016. A Research on the Effect of Corporate Governance on Dynamic Adjustment of Working Capital Holdings: An Empirical Study Based on the Data of China’s Listed Manufacturing Companies. In Accounting Forum (Vol. 1, p. 005).
Wong, T.J., 2016. Corporate governance research on listed firms in China: Institutions, governance and accountability. Foundations and Trends® in Accounting, 9(4), pp.259-326.
Zhu, Q., Liu, J. and Lai, K.H., 2016. Corporate social responsibility practices and performance improvement among Chinese national state-owned enterprises. International Journal of production economics, 171, pp.417-426.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download