Papers on "Shareholders and Regulator Driven Board Reforms" and similar term paper topics

Paper #074894 :: Shareholders and Regulator Driven Board Reforms
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An in-depth look at the Board of Directors, a fundamental element of the corporate governance process.

Written in 2006; 14,000 words; 61 sources; MLA; $ 249.95

Paper Summary:

This research paper focuses on a fundamental element of the corporate governance process, the board of directors. In particular, the research addresses the question whether boards of directors as the "apex" of the organization increase firm value.
This paper also outlines the research proposal which seeks to explore whether good board governance leads to higher common stock returns for Swiss companies. The research involves the construction of a survey-based "Board Index" using provisions based on a Code of Best Practice portfolios consisting of companies that conform with the code and others that do not conform to best practice are constructed and then stock-returns are compared.



1. Abstract
2. Introduction
3. Literature Review - Part I
3.1 The Concept of Firm
3.2 The Agency Problem
3.3 Definition of Corporate Governance
3.4 Mechanisms of Corporate Governance
4. Literature Review - Part II
4.1 Board of Directors - Introduction
4.2 Models of Boards
4.2.1 One-tier vs Two-tier Board Model
4.2.2 The Case of Switzerland
4.3 CEO Duality
4.4 Outsider Directors / Board Independence
4.5 Board Size
4.6 Board Committees
4.7 Interlocking Directorates
4.8 Multiple Board Appointments
4.9 Frequency of Board Meeting
4.10 Board Diversity
5. Literature Review - Part III
6. Regulatory Development
6.1 Overview
6.2 The Case of Switzerland
6.3 Conclusion
7. Objectives of the Proposed Research
8. Research Design
8.1 Introduction
8.2 Data
8.3 Board Index
8.4 Board Impact on Firm Valuation
8.4.1 Performance Measure
8.4.2 Long-term Equity Return
8.5 Current Board Structure
8.6 Potential Research Problem
8.7 Ethical Issues of the Proposed Research
9. Expected Research Outcomes

From the Paper:

"Nevertheless, corporate boards are the focus of many attempts to improve corporate governance. Regulators and shareholder advocates in the US have called for smaller boards with greater outside representation among US corporations (The Business Roundtable 1997). This movement toward specific board guidelines, typically calling for greater independence, independence outside representation, and requirements that boards have audit committees that consist only of independent outside directors, is a characteristic of the Codes of Best Practice issued in many countries (Denis & McConell, 2003). In Switzerland, for example, the "Directive on Information Relating to Corporate Governance" and the "Swiss Code of Best Practice" have become a listing requirement on the Swiss Stock Exchange as of July 1, 2002. Yet despite the extensive research, there is no clear empirical evidence that shareholders benefit from these regulations.

The proposed research addresses a number of important issues relating to corporate governance, board of directors, firm value and the relationship between these in Switzerland. Foremost, among these research questions is: Do well-governed boards of directors, measured in regulator's terms, increase long-term equity returns?

A test can be carried out in order to evaluate the hypothesized relationship between board governance quality and firm valuation; a board-index may then be constructed based on a survey of all listed companies on the Swiss Stock Exchange (SWX) (Beiner, p. 3). Based on this index, portfolios can be built, consisting of companies with well-governed or poorly governed boards. In addition, following the portfolios, a comparison of their long-term equity returns may be done (Beiner, p. 3)."

Tags: firm corporate audit CEO committee valuation structure

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