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The Impact of Corporate Governance on Company Performance: A Study among Medium and Large Enterprises in Kosovo

Abstract

An effective corporate governance system is established to ensure proper balance of long-term interests of different stakeholders (primarily: owners, employees and management) and improve company's performance and its competitive position in the market. This paper provides a theoretical discussion and empirical evidence on the interdependence between corporate governance and company performance among medium and large enterprises in Kosovo. A questionnaire survey was employed for data collection purposes. The study included a sample of 87 managers from 87 medium and large enterprises. Results indicate that effects of corporate governance on the performance tend to be greater in larger companies. Regarding the determinants, the theoretical expectations are confirmed. Results confirm that the size of the company, the level of investment, export activities and company life expectancy are statistically significant determinants of the adoption of corporate governance practices. As a result, larger companies with large scales of investment and longer market experience tend to adopt more corporate governance practices. The study suggests that corporate governance will inevitably affect companies’ performance and further research is needed in this context.

Open access
Governance and Management of State-Owned Enterprises in Zanzibar: A Proposed Model for Effective Performance

Abstract

In Zanzibar, the status of SOEs is not as satisfactory as other countries. There has been a countrywide outcry on the performance of SOEs. The purpose of this study therefore, was to examine the governance and management of SOEs, highlight some benefits and challenges as well as propose a model for effective performance. Following the reviews of various literature and government documents, the study on hand has found that the governance of SOEs needs close revision regarding their management structure as there are roles conflicts between the top bureaucrats; the study also found that absence of SOEs policy has been a major bottleneck for the SOEs to perform at a reasonable level as no proper guidelines which direct the SOEs where to go and what to achieve in a specific time period. Furthermore, the study has found that the overstaffing of SOEs in one way or another puts pressure to the management to attain its intended goals resulting to low contribution in the country’s economy. The study recommends that SOEs need to be creative and innovative in their undertakings as they have to undertake diversification of their products in order to attract foreign markets significantly. It is also suggested that proper SOEs policy needs to be made in order to give proper directions to the SOEs so that the goal and objectives of their setup can be successfully attained.

Open access
The Lawful Execution of Employer Rights is an Important Subsystem of Corporate Governance (A Labour Case Study)

Abstract

In the world of work, the political transition created a difficult situation in Hungary which has become even less favourable in the 2010s. Employees are exposed to numerous infringements. The case study presented at previous MEB conferences and continued herein illustrates the vulnerability of employees. The case study provides an excellent opportunity for the presentation of the special Hungarian labour law (the conclusion of an employment relationship, payment of wages, performance of work, trial period, termination, corporate dismissal, etc.) and for summarising the lessons learned. In addition to the court judgement involving heavy expenditure, it can also be concluded that successful corporate work can only be achieved by respected and skilled employees, and the loyalty of employees is the key source of results. This, in turn, can only be achieved if the representatives of the owners and the management of the company pay great attention, as a subsystem, to the lawful employment and motivation of employees.

Open access
Development of Corporate Governance Performance Indicators for Czech Manufacturing Companies

Abstract

Effective corporate governance is a key element in achieving long-term success for any company. The codes of conduct that corporate governance adopts directly determine the sustainability of business activities. With this in mind, this paper aims to demonstrate the results of research that identifies a set of key indicators of corporate governance performance. The presented research is quantitative. In order to identify key performance indicators, factor analysis was employed. It was found that corporate governance performance is influenced by two factors. For the first factor, the relationship between corporate governance and stakeholders is measured by key indicators: percentage of women within CG, contributions to political parties, politicians and related institutions and number of complaints received from stakeholders. The second factor, strategy & compliance, is generated from the following: percentage of strategic objectives met and total number of sanctions for breaching the law. This research aims to assist both academic and corporate practitioners who want to improve corporate governance performance and, through the use of key performance indicators, support the transparency and sustainability of their business.

Open access
Role of Tax Havens in the Tax Revenue Development and Its Reflection on the Public Revenues of the Developing Countries: An Empirical Study in Iraq (2004–2014)

Abstract

The aim of this study is to investigate the role of tax haven on tax revenue development and its reflection on public revenue in Iraq between 2004 and 2014. A review of tax haven literature revealed that there are different types of tax havens, categorizations, characteristics, effects of tax havens, socio-economic consequence and reaction to tax haven that requires analysis. An empirical analysis is done in the public revenue of Iraq from 2004 to 2014. Descriptive statistics and evidentiary are employed as the analysis techniques. It is revealed that the importance of structure analysis of public revenues is connected with tax haven because the basic foundation for the State budget. Also, the growth rates of tax revenue for the period beyond the year 2003 which saw the Iraq regime change and more open to the world and draws from a socialist economy to a market economy, as well as the effect of the tax was havens with the direct tax income withholding tax, as well as the impact of tax revenue in the Public State revenues. Withthe analytical nature of the study reported in this paper, there is still an opportunity for further work on larger populations to confirm the generalizability of the findings.

Open access
The Importance of Human Resources in Corporate Governance

Abstract

The purpose of this research is to clarify the status of human resources in terms of corporate governance through chart analyses. These analyses are based on theoretical principles that clarify the relationship between human resources and corporate governance, and they are divided based on two perspectives. The first one is the corporate governance perspective, and the second is that of the human resources, whereas the administrative board is considered as a common point between them. Human resources is one the most important points that must be addressed by corporate governance. The literature review of this study includes the theories and models of corporate governance, such as the Agency Theory, and the Theory of Stakeholders, and Shareholders Model. As for the literary sources for the study of human resources, they include articles specialized in the study of corporate governance and human resources to analyze the relationship between them based on a series of methodological steps including the literature review and the collection of relevant data from primary and secondary sources.

Open access
Responsible Investment: Taxes and Paradoxes

Abstract

Taxes have become an issue of corporate social responsibility (CSR), but the role of taxation is to some extent an ambiguous and controversial issue in the CSR framework. Similarly, another unclear question is what role investors who are committed to sustainable and responsible investment (SRI) see taxes as having on their environmental, social, and governance (ESG) agenda. Corporate taxes have an inverse relationship with the return of the investors: taxes paid directly affect what is left on the bottom line, reducing the return of investors. However, investors are now more aware of tax-related risks, which can include different forms of reputation risk. Corporate tax planning may increase the returns, but those increased returns are riskier. This study focuses particularly on the relationship between SRI and taxation. We find that tax matters are considered to be on the ESG agenda, but their role and significance in the ESG analysis is unclear.

Open access
A Clustering Of Listed Companies Considering Corporate Governance And Financial Variables

Abstract

The corporate governance quality has always been a decision criterion for investments, many recent studies trying to define metrics in order to help investors in their decision process. In this paper we investigate whether the clustering of companies’ information concerning their corporate governance politics and financial information could be mapped with the help of clustering. Our approach is to build clusters using machine learning techniques, based on corporate governance and financial variables from a number of 1400 listed companies. We evaluate the obtained clusters by matching them with the classes of two well-known indicators (Tobin’s Q and Altman Z-score), used to estimate the companies’ performance. We obtain partial matches of the benchmark variables and we compare the performances of the used algorithms.

Open access