Recent financial scandals exposed questions of corporate governance - Free Essay Example

Sample details Pages: 6 Words: 1794 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Introduction The recent financial scandals of Adelphia, Enron, WorldCom, and some other companies exposed a lot of questions of the corporate governance, which made corporate governance received much attention and became a hot topic again both in the academic and financial world. Corporate governance is defined by the OECD (2004) as a set of relationship between a companys directors, its shareholders and other stakeholders. It also provides the structure through which the objectives of the company are set, and the means of achieving those objectives and monitoring performance, are determined. Accountability is one of the most important parts of corporate governance, the Cadbury Committee (1992)s terms about the corporate governance were to review those aspects of corporate governance specifically related to financial reporting and accountability; Charkham (1998) also mentioned that good corporate governance means a proper balance between enterprise and accountability. Therefore, with the purpose of getting a good understanding of the corporate governance, this paper sets out to discuss the relationship between accountability and enterprise. In order to meet the purpose, the paper fist discuss of various governance mechanisms and their effects which is followed by an analysis of two alternative models, insider and outsider models. The third part is going to discuss whether good corporate governance can improve corporate performance or not. It will make some recommendations in the fourth section about how to improve the corporate governance mechanisms. The last two parts are concerned with the future of corporate governance and draw a conclusion about the topic. The effectiveness of various mechanisms John and Senbet (1998) proposed a more comprehensive definition of corporate governance that it deals with mechanisms by which stakeholders of a corporation exercise control over corporate insiders and management such that their interests are protected. In di fferent countries, corporate governance mechanisms are different. However, Filatotchev and Nakajima (2010) suggested that corporate governance has both internal and external aspects. Internal aspects include ownership structure, the board of directors and committees, internal control, risk management, transparency and financial reporting; External aspects can either be market-oriented, or can take the form of credit ranking, and/or social requirements. Accounting and finance researchers have focused on a variety of corporate governance mechanisms, especially the internal mechanisms relating to boards and board performance. Non-executive directors and audit committee are the most representative two key mechanisms in the corporate governance, which can enhanced board effectiveness and to add value to shareholders. Kirkbride and Letza (2005) studied of non-executive directors and their role in monitoring company management, on behalf of shareholders. Research has generally showed there is a positive relationship between the number of non-executive directors and corporate performance (Ferris et al., 2003). The heart of the governance is the board of directors, the governance operation rely on the board of directors. Higgs report (2003) provides a functional outline of the role of non-executive directors: Firstly, non-executive directors should add to and dispute the trend of strategy. Secondly, non-executive directors should inspect the performance of executive managers and check the treatment of performance. Thirdly, non-executive directors should make financial information truthful and make sure the financial controls and risk management are effectiveness. Finally, non-executive directors should fix on the remuneration for executives and employ and eliminate the senior managers. In a word, the effective non-executive directors can supply the useful advices to guide the corporate operation. They can also formulate a high standard long-term st rategy plan and monitor the managers behavior. Audit committees are board mechanisms to enhance accountability around the financial reporting and accounting functions, and have been extensively researched (Turley and Zaman, 2007). Also, Gramling et al. (2005) provided an overview of the role of internal audit in a corporate governance context. Audit committee is a key mechanism in the area of accountability. The Smith report (2005) pointed out that the role of audit committee should include five parts: Firstly, the audit committee should review a companys internal financial control and risk management. This enables the risk management more effective and limits risks. Secondly, the audit committee should monitor and review the internal audit. Thirdly, the audit committee should give some recommendations to the board on the shareholders general meeting. It also should manage the external audit on the remuneration and engagement part. Fourthly, the audit committee should judge the financial reporting which made by internal accountants. Finally, the audit committee should monitor and review the external audit. After recognize the role of the audit committee, it can be drew out that, if the audit committee operates effectively, it has a lot of benefits. When it reviews the financial reporting, it can improve its quality and the executives can make the proper decisions. When it monitors the internal control and risk management, it can reduce the risks and seize the opportunities. It also helps the non-executive directors make an independent judgment and play a positive role. In the external audit part, it can strengthen the position of the external auditor and make them more independence. Researchers have also investigated the relationship between executive remuneration and financial performance (Core et al., 1999). A good executive remuneration can make staffs love their work and improve working efficiency. To sum up, the good governance mechanisms can affect the companys strategy and therefore improve the company performance. But Rediker and Seth (1995) also mentioned that, a single governance mechanism cant play an effective role over the company performance. The use of multifaceted bundles of governance mechanisms as well as both accountability and enterprise can influence the company performance. Alternative models: Insider model and outsider model Franks and Mayer (1996) distinguished two models from the corporate governance system, which are insider model and outsider model. In outsider systems, such as the UK and US, shareholders r are essentially investors, however, in insider systems, such as Germany and Japan, shareholders are those people closely connected to the company. Insider model: In this model, the commercial banks are usually the companys major shareholders and it has tight shareholder control mechanisms to control and supervise the operation of the company. This pattern is conducive t o the companys long-term development. This is a proactive and positive model. If shareholders are not satisfied with the companys operators, they can directly through the hands vote to express their views. The disadvantage of this model is that the securities market is relatively backward. Financing is mainly through banks, corporate debt ratio is relatively high and controlling over the market is underdeveloped. Furthermore, the information disclosure and insider trading control are far weaker than outsider model. Outsider model: This model indicates that the aim of corporate governance is to safeguard the shareholders benefit; the shareholders are in the dominant position in corporate governance. In fact the implementation of its corporate governance structure is the single-board structure. Companies only set up the board of directors and no board of supervisors. It has well-developed and efficient capital markets, improved the financial audit system, strict information d isclosure system, well-developed market and business managers are closely linked to performance reward mechanism. Under this model, developed and efficient capital markets promote the rational allocation of social resources, so that the competitiveness of enterprises can be improved. But it also has some disadvantages: 1. Operators ignoring long-term interests in order to meet investors in the short-term returns and cost-effective demand; 2. the company often ignores the interests of other stakeholders. Franks and Mayer (1995) argue that both insider model and outsider model may be suitable in different contexts. Insider model may be best appropriate to corporate activities with long-term pay-offs, but may be slow in undertaking necessary remedial action. Outsider model may be better suited to riskier investments requiring large amounts of new capital investment, where it involves well-diversified public owners, but corrective action may be taken impulsively. In a word, a company should choose the suitable model to enhance the corporate performance. Good corporate governance OECD (2004) mentioned that good corporate governance is a significant step in establishing market confidence and encouraging more stable, long-term investment flows. Many countries regard good corporate governance practices as a better way to improve economic performance. Corporate Governance Code published by Financial Reporting Council (2008) mentions that good corporate governance should contribute to better company performance by helping the board to perform their duties well and it also can bring value to shareholders. Good corporate governance can reduce the risk of a company and enhance the shareholders and stakeholders wealth. The good corporate, therefore, can improve the performance of the firm. Recommendations for improving corporate governance Good corporate governance enhances market confidence, integrity and efficiency, thus promoting economic growth and fin ancial stability. A system of corporate governance needs a responsible board of directors, at the same time allowing the board to make profit for the shareholders (Short et al, 1998). While identifying those two objectives of good corporate governance, the Cadbury Reports recommendations were directed towards issues of accountability and control; therefore, a company can improve their corporate governance through the following three ways: Firstly, strengthen the board of structure. In the corporate governance structure, the board can effectively carry out the decision-making and monitor the management. As a result, the strengthen board of structure can protect and maximize stakeholders wealth. Secondly, improve the transparency. If the company can improve the transparency of the operation, it can improve the staffs motivation, increase the reputation in the social and improve the performance. Finally, pay attention to risk management. The company should emphasis on risk management, because of it can help managers choose the best risk response, minimize surprise and losses, identify and manage risks across the organization and seize opportunities. The future of corporate governance There are two tendencies in the corporate governance in the future: Firstly, the company may be more emphasis on social responsibility. Nowadays, the operation of a company is not only related to the stakeholders interests but also influence the social interests. On the other hand, the aim of corporate governance will not only to maximize stakeholder wealth but also emphasis on social responsibility. Secondly, make people-oriented enterprise culture. This kind of enterprise culture requires transform traditional control, monitoring, instructions, management mode to a new one, and fully respects the staff in the company. The company need to create a good interpersonal environment for employees and, mean while, improve the transparency of corporate governance to arousing the enthusiasm of enterprise staff of the company, thus achieve the companys goals. Conclusion Given the length of this paper it seems inappropriate to give a detailed discussion regarding the relationship between enterprise and accountability. However, some brief conclusions can be made. In particular, if a company wants to improve the performance, it should consider the relationship between enterprise and accountability. In the part of mechanisms, a company should also take advantage of various mechanisms to make the corporate governance more effective. Furthermore, a company should also choose a suitable model to enhance its performance. Don’t waste time! Our writers will create an original "Recent financial scandals exposed questions of corporate governance" essay for you Create order

Communication Accommodation Theory- American History X

CAT- American History X In this paper, I will use CAT (Communication Accommodation Theory) to explain how convergence, divergence, and intergroup contact are illustrated within the film American History X. Convergence in CAT refers to the accommodativeness, the process concerned with how we both reduce and magnify communication differences between people in interaction. Talking about convergence, people tend to enhance interpersonal similarities and reduce uncertainties. The effect of converging towards or approximately to another can increase liking and enable him or her to be seen more competent and credible. It includes switching to the other’s language or dialect, or assuming the same level of the other’s interruptions, speech rate,†¦show more content†¦Divergence in CAT refers to non-accommodativeness, to magnify the communicative differences. Divergence occurs when individuals desire to represent their in-group identity above others desire. It serves as a distinction to preserve dialect or vocabulary. Members of different ethnic groups often accentuate their identities by diverging from one another both verbally and nonverbally. Divergence can be particularly intense if people feel their identity is threatened and that the other group has historically and illegitimately discriminated against them. If a person accommodates an out-group member in this situations, that person is named as cultural traitor. If the out-group identity is more noticeable than the in-group or individual identity, there will be divergence less satisfaction. Here are some examples help to illustrate the concept of divergence: When Derek was in the prison, he found his in-group member. Everything is going well till one day Derek find out one of the prisoner in-group member trade with a Mexican American ethic group member. He is disappointed and had never acknowledged the possibility of his in-group member could do wrong. 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Technologies Leadership In Global Business â€Myassignmenthelp.Com

Question: Discuss About The Technologies Leadership In Global Business? Answer: Introduction Mobile internet has been identified as one of the most disruptive technologies. Mobile internet allows access to World Wide Web through by the use of portable handheld devices (Williams, 2014). The convenience of these mobile devices has made it a very significant technology in the 21 century and most people have adopted it. By the use of mobile internet, most people nowadays are able to access the internet and very cheap costs (Murdoch Beahm, 2012). This report reviews News Corp Australia to examine the effects that this disruptive technology management has had on the media companies and especially newspaper companies in Australia and globally. Summary of News Corp Australia News Corp Australia is one of the leading and largest media companies in Australia. It employs more than 8000 staff throughout the country and more than 3000 journalists are contracted to the company. The company is listed on the Australian stock market with interests in newspaper publishing, the internet, subscription television and market research. The company is also on the business of television production trading assets. The company owns about 142 Sunday, weekly and daily newspaper with a wide range of distribution and hence reaching a wide audience throughout the country. Some of the products under its product portfolio include Daily Telegraph, Sydney morning Herald, The Australian, The Advertiser, and Mercury. The company mainly depends on publishing business eve thou it has an investment in digital media and in subscription television.(Kim, 2010) The company has been performing perfectly well over the years. Recently, the company recorded a loss of US$219 million. The loss wa s mainly attributed to a decrease in advertising revenue and decline in sales of the companys publications. It is important to analyze the impact that the disruptive technology of mobile internet has had on the media company. The loss has also been attributed to the impairment of the fixed assets used in the printing of newspapers due to technology becoming obsolete. Evaluation of the impact that mobile internet technology has had on News Corp Australia Mobile internet technology has brought a lot of benefit to many people and companies globally. The advancement of this technology has helped people to have access to information at a very fast rate and at a reduced cost. The use of mobile phone has become increasingly popular over the last decade. The innovation of the Smartphone technology has made internet connection through mobile phones even faster with lightning speeds of connection. Due to this technological advancement, the business of online newspaper started. People are now able to obtain up to date information using their mobile phone in their sitting rooms. This has brought about a decline in sales of most online newspapers and therefore leading to decrease in revenues for the newspaper printing companies. The mobile internet technology has become an important source of information and news for most people since people can get minute by minute updates on what is happening around the globe and does not have to wait for the periodical publications. The mobile internet technology also resulted in social media technology where many applications have been developed which play the role previously reserved for traditional journalism. Despite the benefits that have come as a result of this technology, there are also many negative implications of this disruptive technology. This technology has resulted to many people being laid off in organizations across the world. This is because, the tasks that were previously carried out by many people can be easily and more efficiently be undertaken using technology (Naughton, 2013). Companies in the newspaper publishing business have also suffered losses due to the sharp decrease in the demand for newspapers due to the online newspapers. News Corp is one of such companies that have suffered loss attributed to the mobile internet technology. The company made a loss amounting to US$219 million. The continuous losses coupled with high costs for the company have resulted in massive layoffs. In the year 2015, News Corp layoff 55 newspaper editors including those working at The Australian, The Daily Telegraph and the Herald Sun. The companys Chief executive in Australia blamed the decline in advertising revenues by the newspaper as the main reason for the layoff. This decline has been due to companies preferring to advertise on digital platforms such as Google and Facebook and hence affecting the newspaper industry. The company in the year 2017 alone has laid off more than 100 employees due to redundancy to help cut on costs. Queensland masthead will cut its staff size by 45 workers. 42 other journalists were laid off in December 2016. The Gold Coast Bulletin was set to lose 10 jobs at the time of writing this paper. This, therefore, explains the huge effect that mobile internet technology has had on jobs across the media industry. The selected consolidated and combined financial data should be read in conjunction with Item 7Managements Discussion and Analysis As of June 30, 2016 2015 2014 2013 (e) 2012 (in millions) BALANCE SHEET DATA: Cash and cash equivalents 1,832 1,951 3,145 2,381 1,133 Total assets 15,483 15,035 16,351 15,523 12,991 Total borrowings 372 Redeemable preferred stock 20 20 20 20 Summary of Royal Bank of Scotland (RBS) The Royal Bank of Scotland (RBS) is a British banking and insurance holding company. The bank is based in Edinburg, Scotland (Armstrong, 2017). The bank has many brands under it and it offers various types of banking services to its customers. Some of the types of banking services offered by the RBS include; personal banking, investment banking, business banking, private banking, insurance and corporate finance services. It operates in various countries in Europe, North America and Asia. The bank was founded in the year 1727 and it has been operating for more than 290 years (Dobbs, Manyika Woetzel, 2015). The financial report of the company indicates that the company recorded revenue of $12.590 billion in the year 2016.As at June 2017; RBS had 77,900 employees on its payroll. In 2009, RBS was listed as the largest company in the world in terms of assets. The majority stake in the bank is owned by the UK Financial investment which is government owned. In the recent years since the year 2008, the bank has been restructuring its operations due to changes in industry trends in the banking industry (In Smith, P. A. C., In Cockburn, 2014). The bank has also been angling for better profit margins by reducing its costs of operations How RBS has utilized mobile banking technology The banking industry globally has undergone a metamorphosis over the last ten years. The advancement of technology has helped banks in cutting costs especially by reducing wages. The development of the mobile internet has had a very big impact on the banking industry and many other industries in general. This technology has also changed the behavior of consumers and it has made it mandatory for banks to innovate or otherwise they are kicked out of the market. Customers are no longer interested in visiting banking halls and queuing for long hours just to get little information such as their bank account balance (Hwang Chen,2017). The RBS has been able to adopt technology in its operations. The most significant technologies in the banking industry are the mobile internet technology. Most the bank's customers have smart phones that are able to access the internet easily and at high speeds. The consumers, therefore, demand banking products through their mobile phones to help save them t ime and effort as well as other costs that are involved with visiting the bank (Ekekwe Islam, 2012). RBS has created a portal to enable its customers to access important information as well as other products offered by the bank. Customers can borrow loans, check their bank balances, send and receive money internationally as well as make account withdrawals. The company has also used mobile internet technologies to design apps that help their customers pay for services using their bank accounts. In addition to this, the bank is able to send monthly bank statements to account holders who can easily access them provided they have smart phones. How the technology has impacted on jobs RBS RBS has become the leading bank in technological innovations in the United Kingdom. The bank has employed a large number of IT staff in order to achieve its agenda of becoming automated and the leader in banking technology. The company employed 2,200 workers as IT staff in the year 2015(Lund, 2015). However, despite the increase in the number of jobs in the IT department, the other sectors of the bank have been undergoing job cuts due to redundancies. The jobs that were previously performed by a number of staff members are now being performed by a single machine. The company reduced the number of Cashiers and other junior employees of the company by more than 4,600 employees in the year 2015(Heinemann Gaiser, 2015). The increase in popularity of electronic, mobile phone banking and online banking has made many branches to become idle. Due to this reason, the bank is planning to shut down more than 150 branches in the UK alone. The bank is also expected to reduce the number of staff i n the IT department by about 880 jobs due to the efficiency that is expected to have been achieved by that time. Conclusion Mobile internet technology has brought an evolution in various industries globally. Mobile internet banking has brought about increased efficiency in the operations of many companies. Customers too have been quick to adopt mobile internet technology to perform various functions (Christensen, 2007). Companies like News Corp Australia have been affected by the mobile internet technology and they have adapted to that by introducing electronic news and advertising to help fulfill the needs of customers. The technology has resulted in losses for the company to decrease in demand for newspapers and this has resulted in job loss in the company (Burbank, 2013). RBS has also been quick to adopt mobile internet technology. It has contributed to increased efficiency and cost reduction since most customers prefer to use their mobile phones to transact with the bank. Supporting materials Strategy goal 2016 target 2016 Strength and sustainability Maintain Bank CET1 ratio of 13% CET1 ratio of 13.4% ?2 billion AT1 issuance ?2 billion equivalent AT1 issued in Q3 2016 Capital Resolution RWAs around ?30-35 billion RWAs down ?14.5 billion to ?34.5 billion Customer experience Narrow the gap to No.1 in NPS in every primary UK brand Year on year Commercial Banking have narrowed the gap. NatWest Personal, Ulster Business Commercial in Northern Ireland and Ulster Business Direct in Republic of Ireland have seen improvements in NPS. Simplifying the bank Reduce operating expenses by ?800 million Operating expenses down ?985 million(1) Supporting sustainable growth Net 4% growth in PBB and CPB customer loans Net lending in PBB and CPB up 10% Employee engagement cut in wage bill Raise employee engagement to within two points of the Global Finance Services (GFS) norm Down 3 points to be 6 points adverse to GFS norm References Armstrong, P. (2017). Disruptive technologies: Management, evaluate, respond. Christensen, C. M. (2007). The innovator's dilemma: When new technologies cause great firms to fail. Boston, Mass: Harvard Business Review Press. Burbank, J. L. (2013). Wireless networking: Understanding internetworking challenges. Hoboken, NJ: John Wiley. Dobbs, R., Manyika, J., Woetzel, J. R. (2015). No ordinary disruption: The four global forces breaking all the trends. Ekekwe, N., Islam, N. (2012). Disruptive technologies, innovation and global redesign: Emerging implications. Hershey, PA: Information Science Reference. Heinemann, G., Gaiser, C. (2015). Social -- local -- mobile: The finance of location-based services. Hwang, K., Chen, M. (2017). Big-data analytics for cloud, IoT and cognitive computing. Kim, T. (2010). Future generation information technology. Berlin: Springer Lund Alan K. (2015). Accelerating Profitability. Waldorf Pub Llc. Naughton, J. (2013). From Gutenberg to Zuckerberg: What you really need to know about the Internet. London: Quercus. NATO Advanced Research Workshop on Identification of Potential Terrorists and Adversary Planning -- Emerging Technologies and New Counter-Terror Strategies, Gordon, T. J., Florescu, E., Glenn, J. C., Sharan, Y. (2017). Identification of potential terrorists and adversary planning: Emerging technologies and new counter-terror strategies. Nicoletti, B. (2017). The Future of FinTech. Cham: Springer International Publishing. Noam, E. M., Steinbock, D. (2013). Competition for the Mobile Internet. Boston, MA: Springer US. In Smith, P. A. C., In Cockburn, T. (2014). Impact of emerging digital technologies on leadership in global business. Williams, K. (2014). Rules of engagement. Carlton, Victoria: The Miegunya Press, an imprint of Melbourne University Publishing.

The Efficacy, Nature and Debates of the Modern International Law

The efficacy, nature and debates surrounding the modern international law have been incisively explored in this chapter. The reason why institutions are usually constructed by the international societies have been addressed and argued out in this chapter. It is also evident that different historical contexts are responsible for the emergence of these institutions (Baylis, Smith and Owens 283).Advertising We will write a custom essay sample on The Efficacy, Nature and Debates of the Modern International Law specifically for you for only $16.05 $11/page Learn More The origin, nature and development of contemporary institutions that address international law have been equally discussed. These modern institutions seem to be borrowing a lot from the new global legal order that has been marred by cosmopolitanization. As a matter of fact, international law is no longer an independent entity that weaker nations across the world can rely upon bearing in mind that the various laws of war adopted by powerful nations have swayed the ideals of international law. In any case, various approaches on international law vividly reveal that a significant paradox exists on the rules of law that circumnavigate the international law ethics. Hence, the chapter supports the thesis that the concept of international law is multifaceted with diverse interpretations. While we may argue that international law is especially instrumental to nations that have signed binding agreements, the crux of the matter is matter is that there is little regard to international law when individual national interests are brought on board (Wolfrum and Rà ¶ben 65). Nonetheless, international law has proved to be an inevitable tool of managing the expectations of the world in various spheres of development. This is the same evidence that the author uses to support his arguments throughout the chapter. Perhaps, the grand question that demands a straightforward response is yet to b e asked. For instance, any student of international relationship should be quick to inquire the effectiveness of international law after conducting a deductive study of this chapter. It is so clear that most of the provisions of the modern international law are closely intertwined with political foundations of the partner countries. Additional evidence provided by the author in respect to the functionality and efficacy of international institutions is the concept of realism. It is not understood why the author has related realists with power struggle (Wolfrum and Rà ¶ben 79). Nevertheless, it is indeed true that the power to wage successful wars against states perceived to be enemies remains as one of the most lethal and retrogressive tools against the progress of international law.Advertising Looking for essay on international relations? Let's see if we can help you! Get your first paper with 15% OFF Learn More The various levels of international institutions that co ntrol or dominate international statues may not be as practical as the author has put them across. For instance, the so-called issue specific institutions hardly pursue the â€Å"agenda issue† as they purport (Baylis, Smith and Owens 285). Even when rules are enacted by such institutions, the anticipated benefits do not trickle back to the neediest segment of the population. The author discusses this portion of the chapter with zeal in spite of the fact that the issue-specific regimes are one of the worst actors in international law. Therefore, this piece of evidence is not adequately convincing. It is factual that the author is extremely analytical in presenting the various arguments in the chapter. The paradox of international law, the contemporary institutions of international law and the metamorphosis of international law have all been addressed both analytically and sequentially. Finally, it is prudent to note that the connection between ethics in international relations as well as international law and justice have not been expounded in this chapter. Works Cited Baylis John, Steve Smith and Patricia Owens. The Globalization of World Politics: An Introduction to International Relations (5th ed.). Toronto: Oxford UP, 2011. Print. Wolfrum, Rà ¼diger and Volker, Rà ¶ben (eds). Legitimacy In International Law. New York: Springer, 2008. Print. This essay on The Efficacy, Nature and Debates of the Modern International Law was written and submitted by user Caitlyn Q. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.