The impact of the Malaysian code on corporate governance: compliance, institutional investors and stock performance

In 2001, the Malaysian Code on Corporate Governance (MCCG) became an integral part of the Bursa Malaysia Listing Rules, which requires all listed firms to disclose the extent of compliance with the MCCG. Our panel analysis of 440 firms from 1999 to 2002 finds that corporate governance reform in Malaysia has been successful, with a significant improvement in governance practices. The relationship between ownership by the Employees Provident Fund (EPF) and corporate governance has strengthened during the period subsequent to the reform, in line with the lead role taken by the EPF in establishing the Minority Shareholders Watchdog Group. The implementation of MCCG has had a substantial effect on shareholders' wealth, increasing stock prices by an average of about 4.8%. Although there is no evidence that politically connected firms perform better, political connections do have a significantly negative effect on corporate governance, which is mitigated by institutional ownership.

Corporate ownership, corporate governance reform and timeliness of earnings : Malaysian evidence

This paper provides the first evidence showing that ownership concentration and the identity of the largest shareholder matter to the timeliness of corporate earnings, measured by a stock price-based timeliness metric and the reporting lag. Using panel data of 1276 Malaysian firms from 1996 to 2009, we find a non-linear relationship between concentrated ownership, measured by the largest shareholding in a firm, and the reporting lag but not the timeliness of price discovery. Although firms with government as the largest shareholder and political connections have a significantly shorter reporting lag, only the former are timelier in price discovery. Firms with family and foreigners as the largest shareholder however are less timely in price discovery. While the reporting lag is shorter in the period after the integration of the Malaysian Code of Corporate Governance (MCCG) into Bursa listing rules, its impact on the timeliness of price discovery is mostly immaterial.

Alberto Pasqualini e o trabalhismo no Brasil

Este trabalho é uma análise do pensamento político de Alberto Pasqualini e de seu papel na elaboração e feitura do trabalhismo no Brasil. Além de suas principais ideias, foram analisadas também o papel de Pasqualini no PTB, as relações políticas com Getúlio Vargas e com o getulismo. É um estudo sobre Alberto Pasqualini e sua inserção no trabalhismo, compreendido aqui como fenômeno complexo e de longa duração.

Determinants and economic consequences of voluntary disclosure of internal control weaknesses in China

This paper investigates the determinants and economic consequences of disclosure of internal control weaknesses (ICWs) by Chinese listed firms under the voluntary disclosure regime over 2010-2011. We find that the probability of firms disclosing ICWs is not only associated with firm characteristics such as profitability, age and business complexity, but is also strongly related to the unique attributes of corporate governance and ownership structure in Chinese listed firms, e.g. the independence of the supervisory board, political connections, concentration of the top 3 shareholders' ownership and tradability of shares.Our results show that the severity of the ICWs disclosed is negatively and significantly associated with earnings response coefficients (ERCs), and audit assurance of ICRs has a significant moderating effect on the relationship between ICWs and ERCs. Our research adds further evidence to support the implementation of SOX-type regulations globally.

Family control and corporate cash holdings: Evidence from China

This study examines the effect of family control on the cash holding policy in China. We find that family firms with excess control rights tend to have high cash holdings that are tunneled rather than being invested or paid to shareholders. We further show that the incentive for controlling families to hold cash and for tunneling is exacerbated by the agency conflict between controlling and minority shareholders, i.e., it is weakened after the Chinese Non-tradable share (NTS) reform and strengthened by the presence of multiple large shareholders who probably play no monitoring role in Chinese family firms. Furthermore, family firms’ incentive to hold cash for tunneling is influenced by the unique characteristics of Chinese firms in the following ways: the incentive is stronger when the family founder has one child and face family succession problem, and when the founder has political connections and directly involves in firm’s management; while it is weakened by family founder’s social interpersonal trust with other entrepreneurs through their membership of Chambers of Commerce. Overall, we argue that family firms in China tend to hold high levels of cash for tunneling, which harms firm value, while the severe controlling-minority shareholder agency conflicts and unique Chinese family characteristics only make this situation worse.

Does CEO pay dispersion matter in an emerging market? Evidence from China’s listed firms

This paper examines how the institutional features of emerging economies (i.e., government ownership, political connections, and market reform) influence CEO pay-dispersion incentives. Consistent with our expectation, we find that CEO pay dispersion generally provides a tournament incentive in China's emerging market, as it is positively associated with firm performance. In addition, tournament incentives are weaker where firms are controlled by the government and where the CEO is politically connected, but it became stronger after the China's split-share structure reforms. Further, we find that in state controlled firms the satisfaction gained by meeting multiple economic and social goals largely reduces the effectiveness of tournament incentives, while the managerial agency problems inherent in private firms might mitigate them.

The effects of state ownership in the internationalization of emerging multinationals

Esta tese é um compendio de três trabalhos de pesquisa que visam analisar o efeito da participação do estado na estrutura de propriedade das Multinacionais de Países Emergentes (EMNEs). A participação do estado como acionista é um fenómeno que pode trazer novas contribuições no âmbito da governança corporativa, administração da empresa e a tomada de decisões estratégicas. Os estudos aqui inclusos permitem identificar, a partir de momentos, diferentes, até que ponto o estado, na posição de proprietário da EMNE, pode impactar a mesma. Os trabalhos vão desde os mecanismos de escolha de firmas nas quais investir ate o impacto no ritmo de internacionalização das empresas, explicando também os mecanismos que o estado usa para ganhar aceso à tomada de decisões por meio de mudanças na governança corporativa

Conexões políticas e o desempenho empresarial pós-aquisição no Brasil

Este estudo buscou analisar o efeito das conexões políticas das empresas no nível do Conselho de Administração sobre o desempenho, após o processo de aquisição. Estudos anteriores já identificaram esta relação apontando efeitos, de positivos a neutros das conexões políticas sobre o desempenho, além de influenciar a frequência e o tamanho das operações (BROCKMAN; RUI; ZOU, 2013; LIU; WANG; ZHANG, 2013). Esta pesquisa estende tais análises aplicando o modelo para as empresas brasileiras além de incluir informações sobre o tipo de conexão política para avaliar diferentes impactos. Este estudo foi conduzido dentro do âmbito das empresas compradoras listadas na BM&Bovespa entre os anos de 1999 e 2014, utilizando modelos econométricos de Propensity Score Matching e dados em painel. Partindo da análise de currículos dos conselheiros, foram codificados os diferentes tipos de conexão, como instituições financeiras públicas e de desenvolvimento e agências reguladoras além das formas tradicionais de conexões políticas (FACCIO, 2006). Com base nos resultados foi encontrada uma associação entre as conexões com agências reguladoras e o desempenho pós-aquisição das empresas adquirentes, bem como indícios de uma relação entre os efeitos das conexões com bancos públicos e de desenvolvimento. Não foi possível apontar resultados para as conexões políticas tradicionais

Central Europeans towards Integration with the European Union: A Study of Public Opinion, Social Attitudes and National Identities

Since the turbulence of 1989, the countries of Central and Eastern Europe have striven to "return to Europe". Agreements have been signed with ten post-communist countries, beginning in 1991 with Czechoslovakia (before its division), Hungary and Poland. Since that time several countries have expressed a desire to become members of the EU. In 1997 the European Commission announced its opinion on the applications for EU membership of the Czech Republic, Hungary, Poland, Slovakia, and seven other applicant countries. The Commission recommended the commencement of negotiations on accession with the Czech Republic, Estonia, Hungary, Poland, and Slovenia. Mr. Kucia's report, presented in the form of a series of manuscripts totalling 91 pages, written in English and Polish and including many pages of tables and graphs, presents the results of a study of public opinion on European integration in four countries of Central Europe (CE): the Czech Republic (CZ), Hungary (H), Poland (PL), and Slovakia (SK). The research results are primarily based on a public-opinion survey known as the Central and Eastern Eurobarometer (CEEB). CEEB has been conducted on behalf of the European Commission in the Central and Eastern European countries each year in autumn since 1990. Below is a very small selection of Mr. Kucia's research findings. Throughout the 90s people in the four countries increasingly saw their countries' future tied up with the EU, since economic and political connections to the EU were growing and prospects for EU membership were increasing. Regional co-operation within CE did not gain much popular recognition. However, initially high levels of enthusiasm for the EU were gradually superseded by a more realistic approach or even scepticism. Poland was the exception in this respect; its population was more positive about the EU in 1996 than ever before. Mr. Kucia concludes that, since the political "elites" in CE are more positive about the EU than the people they serve, they should do their best to bring people round to their beliefs, lest the project of European integration become purely the business of the elites, as Mr. Kucia claims it has been in the EU up till now. He accuses the governments of the region, the EU authorities and the media of failing to provide appropriate information, especially about the two subjects which most affect them, association with the EU and the PHARE assistance programme. Respondents were asked to rank in order the countries or regions they saw their country's future most closely tied up with. In the period 92-96 the EU received the highest ratings in all of CE. The ratings were highest in CZ in 92 and 93 (46%) and in Poland in 96 (46%). They were the lowest in Hungary (22% in 94). After the EU came "Other Western European countries (non EU)", that is Austria, Sweden and Finland (before they joined the EU in 1995), Switzerland and Norway. Mr. Kucia puts the high ratings of these countries down to historical connections and geographical proximity, particularly in the case of Austria. The USA always came second in Poland, and in Hungary too its standing has always been higher than in CZ or SK. Indeed Mr. Kucia suggests that the USA's standing is disproportionately low in especially the CZ. Germany was nominated frequently by Hungarians, though in the CZ and SK, figures have been consistently low (1-2%). "Other CE/EE countries" increased their ratings in all of CE except Poland between 92 and 96. With regard to these last figures, Mr. Kucia makes an interesting note. Assuming that for the respondents in the four countries this category covered the Visegrad 4, least support was found in Poland, whose government was the most in favour of close political co-operation within the V4, while most support was in evidence in CZ and SK, for whose governments V4 was simply not a priority. Again, there is evidence of a divide between the political elites and the people. Russia has occupied a consistently modest rank. It was the highest in PL, fairly low in H and SK and the lowest in CZ. The Slovak government's policy of closer ties with Russia is reflected in a growth in the figures from 2% in 93 to 6% in 95. Every year the spontaneous answer "we should depend on ourselves" appeared, which Mr. Kucia interprets as either a sign of isolationism and disillusionment or as a call for self-reliance. Unfortunately he regards both these tendencies as unfeasible in the uniting Europe. Moving to more general conclusions, Mr. Kucia finds that the concept "Central Europe" does not have much meaning for Central Europeans. He believes that this is probably due to the failure to establish a viable regional co-operation network. Group discussions also revealed that people thought themselves European as a consequence of being Czech or Polish etc. Thus European identity is based on national identities. Generally within the surveyed period, the numbers of those who said they often think themselves European decreased, while the numbers of those who said they never think themselves European increased from 41% in PL, 36% in CZ, and 30% in H in 1990, to 67% in CZ, 58% in PL, and 51% in H in 1995.

How Teresa and Maria Margaretha migrated to Nordstrand: Translation of Relics and Transformation of a German Island into a Catholic Dutch enclave in the 17th century

When on 26 May 1662 the founding first stone was laid for a new church on the island Nordstrand at the coast of Schleswig, relics of Teresa of Avila (1515-1582) and of the Dutch Carmelite abbess Maria Margaretha ab Angelis (1605-1658) were inserted. This church was built for Dutch dyke builders who were called to reconstruct the island after its destruction by flood in 1634; coming from a Catholic background and from the Dutch Republic which was at war with Spain at that time, the dyke builders and their families were guaranteed religious freedom in the Lutheran duchy of Holstein. In this paper, the reasons for the choice for the Spanish mystic Teresa of Avila and for the Dutch Carmelite abbess Maria Margaretha are discussed. The latter patroness was never beatified but had died in the smell of holiness; after her death several miracles were ascribed to her. It is understandable that migrants brought relics of their appreciated holy persons who would remind them of their homeland. The paper will first shortly introduce the two patronesses of the church. In the second part, the reasons for this choice will be discussed. Behind this translation of relics not only spiritual reasons played a role. The function of the translation of the saints was first to keep up geographical and political connections with the old country (both Spain and the Netherlands), secondly to perpetuate personal-familial relationships (esp. with Maria Margaretha), thirdly to strengthen the confessional identity in a non-Catholic environment. Fourthly the transfer brought a certain model of Christian life and reform to the new place of living, which in the second part of the 17th century became marked as “Jansenist”. The paper shows the transformation of the island into an enclave of Dutch Catholic culture.

Universidad y transición democrática : Reformas curriculares y reconfiguraciones en la Facultad de Arquitectura y Urbanismo de la Universidad de Buenos Aires (1984-1987)

El artículo analiza una serie de reformas curriculares en la Facultad de Arquitectura y Urbanismo (FAU) de la Universidad de Buenos Aires (UBA) producidas durante la transición democrática. Así, se busca dar cuenta de los factores que intervienen en la mayor o menor expansión de diversas redes de académicos, técnicos y profesionales cuyos integrantes cuentan con trayectorias, saber hacer y posicionamientos políticos diferentes. El artículo se apoya en el análisis de fuentes primarias y secundarias así como en la realización de entrevistas a protagonistas de las diversas redes. Como conclusiones, se postula que la mayor o menor expansión de las redes en disputa no responde a aspectos intrínsecos a las mismas. Por el contrario, la expansión diferencial es producto de yuxtaposiciones entre aspectos académicos y políticos. Así, se vincula a las diferenciales conexiones políticas de las distintas redes y al modo en que sintonizan con aspectos centrales del contexto político.

Universidad y transición democrática : Reformas curriculares y reconfiguraciones en la Facultad de Arquitectura y Urbanismo de la Universidad de Buenos Aires (1984-1987)

El artículo analiza una serie de reformas curriculares en la Facultad de Arquitectura y Urbanismo (FAU) de la Universidad de Buenos Aires (UBA) producidas durante la transición democrática. Así, se busca dar cuenta de los factores que intervienen en la mayor o menor expansión de diversas redes de académicos, técnicos y profesionales cuyos integrantes cuentan con trayectorias, saber hacer y posicionamientos políticos diferentes. El artículo se apoya en el análisis de fuentes primarias y secundarias así como en la realización de entrevistas a protagonistas de las diversas redes. Como conclusiones, se postula que la mayor o menor expansión de las redes en disputa no responde a aspectos intrínsecos a las mismas. Por el contrario, la expansión diferencial es producto de yuxtaposiciones entre aspectos académicos y políticos. Así, se vincula a las diferenciales conexiones políticas de las distintas redes y al modo en que sintonizan con aspectos centrales del contexto político.

Universidad y transición democrática : Reformas curriculares y reconfiguraciones en la Facultad de Arquitectura y Urbanismo de la Universidad de Buenos Aires (1984-1987)

El artículo analiza una serie de reformas curriculares en la Facultad de Arquitectura y Urbanismo (FAU) de la Universidad de Buenos Aires (UBA) producidas durante la transición democrática. Así, se busca dar cuenta de los factores que intervienen en la mayor o menor expansión de diversas redes de académicos, técnicos y profesionales cuyos integrantes cuentan con trayectorias, saber hacer y posicionamientos políticos diferentes. El artículo se apoya en el análisis de fuentes primarias y secundarias así como en la realización de entrevistas a protagonistas de las diversas redes. Como conclusiones, se postula que la mayor o menor expansión de las redes en disputa no responde a aspectos intrínsecos a las mismas. Por el contrario, la expansión diferencial es producto de yuxtaposiciones entre aspectos académicos y políticos. Así, se vincula a las diferenciales conexiones políticas de las distintas redes y al modo en que sintonizan con aspectos centrales del contexto político.

Combating corruption in Ukraine – the beginning of a long march. OSW COMMENTARY Number 170, 06.05.2015

From a public opinion point of view, corruption has been the gravest problem of today’s Ukraine, excepting the armed conflict in the east of the country. The government might be able to delay certain key reforms such as the constitutional reform or the reform of local government structures, however, without stepping up measures to combat corruption they would face the risk of losing social support which has already been weak. There is no single strategy for combating corruption in Ukraine. What has been implemented is a series of often contradictory concepts and actions (initiated by the president’s office, the government, civil society institutions, or launched to meet the requirements of donors). The successes of the new government have included efforts aimed at fighting corruption at the middle level of government and the introduction of legislative changes in compliance with international practice. The main weaknesses, on the other hand, have been the lack of efficient mechanisms to implement the adopted legislation to ensure that an individual charged with corruption (regardless of political connections) could be effectively tried and the money received as bribery could be returned to the state. Similarly, the judiciary system has not been prepared to actively handle corruption cases.

A "Greater Britain": colonial kin in fictions of settlement, 1850-1890

This dissertation traces the ways in which nineteenth-century fictional narratives of white settlement represent “family” as, on the one hand, an abstract theoretical model for a unified and relatively homogenous British settler empire and on the other, a fundamental challenge to ideas about imperial integrity and transnational Anglo-Saxon racial identification. I argue that representations of transoceanic white families in nineteenth-century fictions about Australian settler colonialism negotiate the tension between the bounded domesticity of an insular English nation and the kind of kinship that spans oceans and continents as a result of mass emigration from the British isles to the United States, Canada, New Zealand, and the Australian colonies. As such, these fictions construct productive analogies between the familial metaphors and affective language in the political discourse of “Greater Britain”—-a transoceanic imagined community of British settler colonies and their “mother country” united by race and language—-and ideas of family, gender, and domesticity as they operate within specific bourgeois families. Concerns over the disruption of transoceanic families bear testament to contradictions between the idea of a unified imperial identity (both British and Anglo-Saxon), the proliferation of fractured local identities (such as settlers’ English, Irish Catholic, and Australian nationalisms), and the conspicuous absence of indigenous families from narratives of settlement. I intervene at the intersection of postcolonial literary criticism and gender theory by examining the strategic deployments of heteronormative kinship metaphors and metonymies in the rhetorical consolidation of settler colonial space. Settler colonialism was distinct from the “civilizing” domination of subject peoples in South Asia in that it depended on the rhetorical construction of colonial territory as empty space or as land occupied by nearly extinct “primitive” races. This dissertation argues that political rhetoric, travel narratives, and fiction used the image of white female bourgeois reproductive power and sentimental attachment as a technology for settler colonial success, embodying this technology both in the benevolent figure of the metropolitan “mother country” (the paternalistic female counter to the material realities of patriarchal and violent settler colonial practices) and in fictional juxtapositions of happy white settler fecund families with the solitary self-extinguishing figure of the black aboriginal “savage.” Yet even in the narratives where the continuity and coherence of families across imperial space is questioned—-and “Greater Britain” itself—-domesticity and heteronormative familial relations effectively rewrite settler space as white, Anglo-Saxon and bourgeois, and the sentimentalism of troubled European families masks the presence and genocide of indigenous aboriginal peoples. I analyze a range of novels and political texts, canonical and non-canonical, metropolitan and colonial. My introductory first chapter examines the discourse on a “Greater Britain” in the travel narratives of J.A. Froude, Charles Wentworth Dilke, and Anthony Trollope and in the Oxbridge lectures of Herman Merivale and J.R. Seeley. These writers make arguments for an imperial economy of affect circulating between Britain and the settler colonies that reinforces political connections, and at times surpasses the limits of political possibility by relying on the language of sentiment and feeling to build a transoceanic “Greater British” community. Subsequent chapters show how metropolitan and colonial fiction writers, including Charles Dickens, Anthony Trollope, Marcus Clarke, Henry Kingsley, and Catherine Helen Spence, test the viability of this “Greater British” economy of affect by presenting transoceanic family connections and structures straining under the weight of forces including the vast distances between colonies and the “mother country,” settler violence, and the transportation system.