Rethinking the ontology of the shareholder model of the corporation

Purpose – The purpose of this paper is to examine the critical assumptions lying behind the Anglo American model of corporate governance. Design/methodology/approach – Literature review examining the concept of a nexus of contracts underpinning agency theory which, it is argued, act as the platform for neo-liberal corporate governance focusing on shareholder wealth creation. Findings – The paper highlights the unaddressed critical challenge of why eighteenth century ownership structures are readily adopted in the twenty-first century. Social implications – A re-examination of wealth creation and wealth redistribution. Originality/value – The paper is highly original due to the fact that few contributions have been made in the area of rethinking shareholder value.

The ebbing hegemon? An evolutionary perspective on the emergence of holistic governance and the efficient role of Institutional Investors in Environmental, Social and Governance issues (ESG)

This paper seeks to chronicle the roots of corporate governance form its narrow shareholder perspective to the current bourgeoning stakeholder approach while giving cognizance to institutional investors and their effective role in ESG in light of the King Report III of South Africa. It is aimed at a critical review of the extant literature from the shareholder Cadbury epoch to the present day King Report novelty. We aim to: (i) offer an analytical state of corporate governance in the Anglo-Saxon world, Middle East and North Africa (MENA), Far East Asia and Africa; and (ii) illuminate the lead role the king Report of South Africa is playing as the bellwether of the stakeholder approach to corporate governance as well as guiding the role of institutional investors in ESG.

Where are Yorkshire’s terps? Wetland exploitation in the early medieval period

Where are the terps in Yorkshire, or for that matter where is any other evidence of exploitation of the wetlands in the early medieval period? Archaeological evidence remains largely elusive for the period between the early fifth and the late ninth century. Among the very few sites in wetland landscapes dated to this period are the settlement of York and the middle Anglo-Saxon bridge at Skerne in the Hull valley. Sites from the free-draining soils adjacent to wetlands are more frequent, and include a monastery (Beverley), settlements (e.g. Nafferton and North Frodingham), cemeteries (e.g. Hornsea, Burton Pidsea, Hessle, North Frodingham, Swine and Stamford Bridge) and various isolated finds (recently summarised in Van de Noort and Davies 1993).

Les Français sous les bombes alliées, 1940-1945

Plus de 517 000 tonnes de bombes sont déversées sur l’Hexagone par les alliés entre 1940 et 1945, soit près de sept fois plus que le total largué sur le Royaume-Uni par la Luftwaffe. Plus de 57 000 Français en sont morts, dont plus de 38 000 au cours de la seule année 1944. Cet aspect fondamental de l’histoire des années noires, que les survivants et les familles des victimes ne connaissent que trop bien, et qui a fait l’objet de nombreuses études locales, est encore relativement marginalisé de la « grande histoire » de l’Occupation et de la Libération. Pourquoi et comment les armées aériennes alliées ont-ils attaqué la France ? Quelles mesures ont été prises par le gouvernement de Vichy pour protéger les populations ? Comment les Alliés ont-ils justifié les attaques auprès des Français, et comment la propagande vichyssoise a-t-elle essayé de les mettre à profit ? Comment les populations civiles ont-ils vécu les bombardements, et comment se sont-elles mobilisées pour se défendre ? Comment la Résistance a-t-elle réagi à des attaques qui ne pouvaient que nuire à son audience au sein des Français, ainsi qu’à celle des « Anglo-saxons » ? Autant de questions auxquelles l’ouvrage comme le documentaire répondent, avec l’appui de documents d’archives britanniques et françaises, mais aussi de témoignages nombreux et émouvants.

State capitalism and social responsibility in China's banking industry

China’s financial system has experienced a series of major reforms in recent years. Efforts have been made towards introducing the shareholding system in state-owned commercial banks, restructuring of securities firms, re-organising equity of joint venture insurance companies, further improving the corporate governance structure, managing financial risks and ultimately establishing a system to protect investors (Xinhua, 2010). Financial product innovation, with the further opening up of financial markets and the development of the insurance and bond market, has increased liquidity as well as reduced financial risks. The U.S. subprime crisis indicated the benefit of financial innovations for the economy, but without proper control, they may lead to unexpected consequences. Kirkpatrick (2009) argues that failures and weaknesses in corporate governance arrangements and insufficient accounting standards and regulatory requirements attributed to the financial crisis. Similar to the financial crises of the last decade, the global financial crisis which sparked in 2008, surfaced a variety of significant corporate governance failures: the dysfunction of market mechanisms, the lack of transparency and accountability, misaligned compensation arrangements and the late response of government, all which encouraged management short-termism, poor risk management, as well as some fraudulent schemes. The unique characteristics of the Chinese banking system are an interesting point for studying post-crisis corporate governance reform. Considering that China modelled its governance system on the Anglo-American system, this paper examines the impact of the financial crisis on corporate governance reform in developed economies, and particularly, China’s reform of its financial sector. The paper further analyses the Chinese government’s role in bank supervision and risk management. In this regard, the paper contributes to the corporate governance literature within the Chinese context by providing insights into the contributing factors to the corporate governance failure that led to the global financial crisis. It also provides policy recommendations for China’s policy makers to seriously consider. The results suggest a need for the re-examination of corporate governance adequacy and the institutionalisation of business ethics. The paper’s next section provides a review of China’s financial system with reference to the financial crisis, followed by a critical evaluation of a capitalistic system and a review of Anglo-American and Continental European models. It then analyses the need for a new corporate governance model in China by considering the bank failures in developed economies and the potential risks and inefficiencies in a current State controlled system. The paper closes by reflecting the need for Chinese policy makers to continually develop, adapt and rewrite corporate governance practices capable of meeting the new challenge, and to pay attention to business ethics, an issue which goes beyond regulation.

The post-financial crisis challenges for corporate governance and banking reform in China

The purpose of this paper is to review the impact of the global financial crisis on banking reform in China. The significant doubt concerning the efficiencies of Anglo-American model of corporate governance has raised a critical political question amongst scholars and practitioners as to whether China should continue to follow the U.K.-U.S. path in relation to financial reform. This conceptual paper provides an insightful review of the corporate governance literature and regulatory reports. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, which promotes greater liberalization and less control, the paper considers the risks in opening China’s financial markets and relaxing monetary and fiscal policies. A critique of shareholder-capitalism is outlined in relation to the German’s “social market economy” styled capitalism. Through such analysis the paper explores a number of implications for China to consider in terms of developing a new and sustainable corporate governance model applicable to the Chinese context.

Paying for long-term performance: restructuring bankers’ pay for risk regulation

The purpose of this paper is to propose hybrid capital securities as a new approach to compensation for senior bank executives and risk-takers instead of cash or equity-based compensation currently adopted by the industry. The global financial turmoil indicated that misaligned pay-for-performance compensation arrangements encouraged management short-termism and rewarded excessive risk-taking behaviour in Anglo-Saxon system. Rather than regulating specific instruments and processes, we believe that it is much more efficient to overhaul the compensation scheme to align it with risk management and governance. This empirical paper investigates the European hybrid market by employing data from the Merrill Lynch Global Index System from 2000 to 2010. Our paper contributes to both literature and practices by designing a structured scheme to tie the executive’s interests to long-term performance of the bank, the goal of regulators and the economy at large which consequently reduce the probability of future bank failures.

Western Britain in late antiquity

The relevance of the concept of ‘Late Antiquity’ to fifth- and sixth-century Western Britain is demonstrated with reference to the archaeology of the British kingdom of Dumnonia, and then used to reinterpret portable material culture. Themes discussed include the dating of Palestinian amphorae in Britain, the extent of the settlement at Tintagel, tin as a motivation for Byzantine trade, the re-use of Roman-period artefacts, and ‘Anglo-Saxon’ artefacts on Western British sites. The central paradoxes of Late Antiquity: simultaneous conservatism and fluidity, continuity and innovation, are seen to illuminate ‘Dark Age’ Britain and offer new avenues for future research.

Finding vikings in the Danelaw

Historical, artefactual and place-name evidence indicates that Scandinavian migrants moved to eastern England in the ninth century AD, settling in the Danelaw. However, only a handful of characteristically Scandinavian burials have been found in the region. One, widely held, explanation is that most of these Scandinavian settlers quickly adopted local Christian burial customs, thus leaving Scandinavians indistinguishable from the Anglo-Saxon population. We undertook osteological and isotopic analysis to investigate the presence of first-generation Scandinavian migrants. Burials from Masham were typical of the later Anglo-Saxon period and included men, women and children. The location and positioning of the four adult burials from Coppergate, however, are unusual for Anglo-Scandinavian York. None of the skeletons revealed interpersonal violence. Isotopic evidence did not suggest a marine component in the diet of either group, but revealed migration on a regional, and possibly an international, scale. Combined strontium and oxygen isotope analysis should be used to investigate further both regional and Scandinavian migration in the later Anglo-Saxon period.

Global properties of `ordinary` early-type galaxies: photometry and spectroscopy of stars and globular clusters in NGC 4494

We present a comprehensive analysis of the spatial, kinematic and chemical properties of stars and globular clusters (GCs) in the `ordinary` elliptical galaxy NGC 4494 using data from the Keck and Subaru telescopes. We derive galaxy surface brightness and colour profiles out to large galactocentric radii. We compare the latter to metallicities derived using the near-infrared Calcium Triplet. We obtain stellar kinematics out to similar to 3.5 effective radii. The latter appear flattened or elongated beyond similar to 1.8 effective radii in contrast to the relatively round photometric isophotes. In fact, NGC 4494 may be a flattened galaxy, possibly even an S0, seen at an inclination of similar to 45 degrees. We publish a catalogue of 431 GC candidates brighter than i(0) = 24 based on the photometry, of which 109 are confirmed spectroscopically and 54 have measured spectroscopic metallicities. We also report the discovery of three spectroscopically confirmed ultra-compact dwarfs around NGC 4494 with measured metallicities of -0.4 less than or similar to [Fe/H] less than or similar to -0.3. Based on their properties, we conclude that they are simply bright GCs. The metal-poor GCs are found to be rotating with similar amplitude as the galaxy stars, while the metal-rich GCs show marginal rotation. We supplement our analysis with available literature data and results. Using model predictions of galaxy formation, and a suite of merger simulations, we find that many of the observational properties of NGC 4494 may be explained by formation in a relatively recent gas-rich major merger. Complete studies of individual galaxies incorporating a range of observational avenues and methods such as the one presented here will be an invaluable tool for constraining the fine details of galaxy formation models, especially at large galactocentric radii.