This study examines the relationship between corporate governance capabilities and accounting and financial disclosure in financial statements for industrial companies. The study found that there is a relationship between the existence of effective governance rules and increased disclosure and reporting quality. It also found a relationship between stakeholder support for oversight of management and stronger disclosure. Finally, it found a relationship between elements of transparency and increased disclosure. In summary, the study demonstrates that good corporate governance can enhance accounting disclosure and financial reporting.
Corporate governance is of great importance for financial performance. Corporate governance issues have attracted public interest in the financial sector both locally and internationally after waves of corporate rip-offs and failures that almost led to loss of confidence in the finance sector. The general objective of this study was to determine the effect of corporate governance on financial performance of Savings and Credit Co-operatives in Kenya. The study adopted a descriptive research design. The study targeted a population of 65 active Savings and credit Co-operatives operating in Embu County. A sample size of 57 Savings and Credit Co-operatives was used in this study. Stratified sampling technique was used to select the sample. Primary data was collected using self-administered semi-structured questionnaires while secondary data was obtained from financial statements and periodicals using a record survey sheet. Pre-testing of research tool was conducted before the actual data collection was carried, to determine the reliability of the questionnaire by use of a Cronbach‘s alpha, statistical coefficient, while the validity was tested to ensure that the questions in the questionnaire provides adequate coverage to the investigative questions. Correlation and multiple regression analysis was used to establish the relationship between independent and dependent variables. The study findings indicated that corporate governance positively affected the financial performance. In specific the board composition and corporate risk management for SACCOs had a positive effect on the financial performances of the SACCOs. The study is beneficial to SACCOs management in improving the performance of Savings and Credit Co-operatives and enabling them to compete globally. The study recommends gender parity consideration and balanced mix of skilled board members during appointments of the board members. The recommendations are important to the government, especially the department of cooperatives in strengthening policies regarding cooperative societies.
Determinants of Audit Fees: Evidence from Pharmaceutical and Chemical Industr...ijtsrd
The main objective of this study is to find out the factors that determine the audit fees in the listed pharmaceuticals and chemicals companies of Bangladesh. The study is conducted on 21 listed companies in the pharmaceuticals and chemicals industry during the period of 2015 to 2018. Client characteristics client size, leverage and return on assets , client's governance structure independent directors and audit committee and firm ranking are taken as the proxy variables of the determinants of audit fees. The study has found that client size, leverage and firm ranking have positive and significant impact on audit fees of the sample firm. On the other hand the proportion of independent directors in the board has a negative and significant impact on audit fees. However, the study did not find any significant association between audit fees and return on assets. It is suggested that policymakers should include more independent directors in the board for ensuring better governance to reduce the external audit fees. Besides, in case of maintaining obligatory audit committee, companies should consider the efficiency and effectiveness of the committee. Md. Noor Hossain | Raihan Sobhan "Determinants of Audit Fees: Evidence from Pharmaceutical and Chemical Industry of Bangladesh" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29656.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/29656/determinants-of-audit-fees-evidence-from-pharmaceutical-and-chemical-industry-of-bangladesh/md-noor-hossain
This document summarizes a study that examined the impact of board independence on the financial reporting quality of pharmaceutical companies in Nigeria. The study analyzed data from 10 pharmaceutical companies over 2006-2019. It found that board independence, as measured by the ratio of non-executive to executive directors, has a significant positive impact on financial reporting quality. Specifically, the inclusion of more non-executive directors on the board was found to help promote higher quality financial reports. The study recommends that pharmaceutical companies in Nigeria should aim to have more non-executive directors on their boards to improve financial reporting quality.
This document analyzes the performance of Chinese listed companies before and after seasoned equity offerings. It examines four companies that conducted large private placements in 2012. Two companies, Guangdong Electric Power Development and Shanghai Tunnel Engineering, showed improved performance after the offering, indicating the funds were used efficiently. However, Henan Shuanghui Investment & Development and Hainan Airlines saw declining performance, likely due to inefficient use of funds and unhealthy financial structures. The analysis suggests that not all equity offerings benefit companies and investors, and listed firms should ensure capital is utilized effectively.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
This study examines the relationship between corporate governance capabilities and accounting and financial disclosure in financial statements for industrial companies. The study found that there is a relationship between the existence of effective governance rules and increased disclosure and reporting quality. It also found a relationship between stakeholder support for oversight of management and stronger disclosure. Finally, it found a relationship between elements of transparency and increased disclosure. In summary, the study demonstrates that good corporate governance can enhance accounting disclosure and financial reporting.
Corporate governance is of great importance for financial performance. Corporate governance issues have attracted public interest in the financial sector both locally and internationally after waves of corporate rip-offs and failures that almost led to loss of confidence in the finance sector. The general objective of this study was to determine the effect of corporate governance on financial performance of Savings and Credit Co-operatives in Kenya. The study adopted a descriptive research design. The study targeted a population of 65 active Savings and credit Co-operatives operating in Embu County. A sample size of 57 Savings and Credit Co-operatives was used in this study. Stratified sampling technique was used to select the sample. Primary data was collected using self-administered semi-structured questionnaires while secondary data was obtained from financial statements and periodicals using a record survey sheet. Pre-testing of research tool was conducted before the actual data collection was carried, to determine the reliability of the questionnaire by use of a Cronbach‘s alpha, statistical coefficient, while the validity was tested to ensure that the questions in the questionnaire provides adequate coverage to the investigative questions. Correlation and multiple regression analysis was used to establish the relationship between independent and dependent variables. The study findings indicated that corporate governance positively affected the financial performance. In specific the board composition and corporate risk management for SACCOs had a positive effect on the financial performances of the SACCOs. The study is beneficial to SACCOs management in improving the performance of Savings and Credit Co-operatives and enabling them to compete globally. The study recommends gender parity consideration and balanced mix of skilled board members during appointments of the board members. The recommendations are important to the government, especially the department of cooperatives in strengthening policies regarding cooperative societies.
Determinants of Audit Fees: Evidence from Pharmaceutical and Chemical Industr...ijtsrd
The main objective of this study is to find out the factors that determine the audit fees in the listed pharmaceuticals and chemicals companies of Bangladesh. The study is conducted on 21 listed companies in the pharmaceuticals and chemicals industry during the period of 2015 to 2018. Client characteristics client size, leverage and return on assets , client's governance structure independent directors and audit committee and firm ranking are taken as the proxy variables of the determinants of audit fees. The study has found that client size, leverage and firm ranking have positive and significant impact on audit fees of the sample firm. On the other hand the proportion of independent directors in the board has a negative and significant impact on audit fees. However, the study did not find any significant association between audit fees and return on assets. It is suggested that policymakers should include more independent directors in the board for ensuring better governance to reduce the external audit fees. Besides, in case of maintaining obligatory audit committee, companies should consider the efficiency and effectiveness of the committee. Md. Noor Hossain | Raihan Sobhan "Determinants of Audit Fees: Evidence from Pharmaceutical and Chemical Industry of Bangladesh" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29656.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/29656/determinants-of-audit-fees-evidence-from-pharmaceutical-and-chemical-industry-of-bangladesh/md-noor-hossain
This document summarizes a study that examined the impact of board independence on the financial reporting quality of pharmaceutical companies in Nigeria. The study analyzed data from 10 pharmaceutical companies over 2006-2019. It found that board independence, as measured by the ratio of non-executive to executive directors, has a significant positive impact on financial reporting quality. Specifically, the inclusion of more non-executive directors on the board was found to help promote higher quality financial reports. The study recommends that pharmaceutical companies in Nigeria should aim to have more non-executive directors on their boards to improve financial reporting quality.
This document analyzes the performance of Chinese listed companies before and after seasoned equity offerings. It examines four companies that conducted large private placements in 2012. Two companies, Guangdong Electric Power Development and Shanghai Tunnel Engineering, showed improved performance after the offering, indicating the funds were used efficiently. However, Henan Shuanghui Investment & Development and Hainan Airlines saw declining performance, likely due to inefficient use of funds and unhealthy financial structures. The analysis suggests that not all equity offerings benefit companies and investors, and listed firms should ensure capital is utilized effectively.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
This document summarizes a research paper that examines factors influencing voluntary auditor changes in companies listed on the Indonesia Stock Exchange in 2018. The paper studies how audit opinion, auditor firm size, management changes, financial distress, and company growth may impact an organization's decision to change auditors. The researchers conducted a quantitative study of 64 companies using secondary data and statistical analysis to determine the effects of these factors. The results found that audit opinion, management changes, financial distress, and company growth did not significantly influence auditor turnover, but auditor firm size did have a significant positive impact on companies changing auditors.
The Impact of Adopting International Auditing Standards on audit quality in S...AkashSharma618775
This study will investigate the Impact of Adopting International Auditing Standards on audit quality in
Saudi Arabia. The current research focuses on Saudi Arabia. This relatively large country in the Middle East is
known for two main things, its oil and Islam. The research objectives can be identified as: To evaluate the current
state of auditing practise in Saudi Arabia, to identify the need for the adoption of international auditing standards
in Saudi Arabia, to identify the challenges in the adoption of international auditing standards in Saudi Arabia, and
to evaluate the impact of the adoption of international auditing standards in Saudi Arabia. The research is
adopting a mixed methods strategy that will combine both qualitative and quantitative research. This research is
making several contributions to the academic literature in adoption International Auditing Standards in devolving
countries in in general, and more specific in Saudi Arabia.
The reality of the changing process of accounting policies in jordanian touri...Alexander Decker
This document summarizes a study on the changing of accounting policies in Jordanian tourism companies. It finds that rules and regulations do not hinder changes to accounting policies. Administration and other departments do not participate in decisions to change policies, and new administrations often make changes simply because they want to. Companies make changes to attract lenders, and there is a lack of understanding of qualitative characteristics of information leading to policy changes. The study recommends organizing the process of changing accounting policies in these companies and involving more parties, including using external consultants and auditors. Companies should also develop a clear framework for understanding information quality when considering policy changes.
11.the reality of the changing process of accounting policies in jordanian to...Alexander Decker
This document summarizes a study on the changing of accounting policies in Jordanian tourism companies. It finds that rules and regulations do not hinder changes to accounting policies. Administrative departments do not participate in decisions to change policies, and new administrations often make changes simply because they want to. Companies make changes to attract lenders, and there is a lack of understanding of qualitative characteristics of information leading to policy changes. The study recommends organizing the policy change process and involving departments in decision making. Companies should also consider experience from consulting offices when changing policies.
CAPACITY BUILDING IN PROCUREMENT AND REGULATORY COMPLIANCE AT RWANDA ENERGY G...AkashSharma618775
The study examined the effect of capacity building in procurement on regulatory compliance at Rwanda
Energy Group. The objective of the study was to assess the effects of training, coaching and leadership
development in public procurement to regulatory compliance at Rwanda Energy Group. A descriptive survey
research design was adopted using quantitative methods and used a closed-ended questionnaire as a data collection
instrument. The study targeted 86 respondents from Rwanda Energy Group. Owing to the small size of the
targeted study population of REG staff based in Kigali, the whole population was taken for respondents to ensure
enough data is collected to inform the study. Collected data were analyzed on quantitative basis using Pearson’s
correlation, multiple regression analysis and descriptive statistics. For the analysis of training in public
procurement, the results have shown that all respondents in REG strongly agree with its effects in enhancing,
enforcing and streamlining regulatory compliance in public procurement. In the study, coaching in public
procurement, the results found that all responses provided, highlighted a positive trend to the first statistical range
(strong agree) of 1.27 as a mean with a minimum standard deviation estimated at 0.789 in general. The research
study analyzed leadership development, the results found that leadership development in public procurement is
strongly correlated with regulatory compliance of Rwanda Energy Group at significance level of 1.53 as the mean
with the minimum standard deviation estimated at 1.070 in general. The researcher recommended that Rwanda
Energy Group should consider, facilitating and involving all procurement staff in capacity building and
development through short courses and trainings organized by Rwanda Public Procurement Authority to improve
compliance with laws and regulations of public procurement in Rwanda.
This document discusses using an open access system with internet and communication technologies (ITC) to improve foreign investment in Indonesia. A survey found that 93% of foreign investment companies supported using an ITC-based system to file investment documents online, and 86% found it effective. The document argues that implementing an open ITC system can increase transparency, reduce opportunities for illegal fees, and make it easier for foreign companies to invest in Indonesia by streamlining the process online.
An Impact of Capital Adequacy Ratio on the Profitability of Private Sector Ba...Dr. Amarjeet Singh
Profitability being one of the cardinal principles of bank lending acts as a game changer for the survival and success of private sector banks in India. In order to stay profitable, banks have to capitalise on every penny advanced to yield the expected returns. However, considering the constraints laid down by the Reserve Bank of India, banks have to maintain a minimum capital adequacy ratio, as per the current BASEL III regulations active in India. With the mergers of public sector banks, the challenge has got just tougher for the private sector banks in India. Expansion and Diversification are the key strategies adopted by the key players from the private banking sector, however, with the minimum capital adequacy ratio observed by them, it is necessary to understand its actual impact on the bank’s profitability. This research paper aims to throw light upon the linkage that capital adequacy has with the bank’s profitability. It attempts to establish a relation between the Capital Adequacy Ratio with the Net profits of the bank. For the purpose of this study, data from the past 5 years of the leading private sector banks has been collected, namely, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, AXIS Bank and YES Bank. The collected data has been analysed using Pearson’s Correlation to establish a relation between the CAR Ratio & the bank’s profitability. Hypothesis testing has been further done to study the quantum of proportionate change in the profitability with a change in the CAR Ratio for private sector banks using applicable research tools. The said research tools are applied to achieve the desired results while maintaining the required quantum of accuracy. It also aims to understand the proportionate impact of changes in CAR to the bank’s profitability, which can act as a suggested measure for banks to develop a reliable framework for efficient capital management and increase overall efficiency. The results derived from the data collected and analyzed aim to provide scope for further study on the subject matter.
This document discusses a study conducted at PT ABC to increase the production capacity of its rack steering line using Lean Six Sigma methodology. PT ABC was facing increasing customer demand but its normal daily production capacity of 744 units was insufficient, requiring overtime. The researchers applied the DMAIC process and identified opportunities to reduce cycle times through minimizing waste. They determined the longest process times were on machines OP-10, OP-20, OP-30 and OP-90. Improvements such as optimizing machine programs, replacing over-specified machines with more appropriate ones, improving tools, and modifying jig positions reduced cycle times from 1.1 minutes to 1 minute. This increased daily capacity to 818 units and reduced overtime costs.
The objective of this research is to study the managers' overconfidence effect on the relationship
between the firm risk and managers' rewards of the listed firms in the Tehran Stock Exchange. In addition, the
research sample had 136 members which were selected in 2012-2019 using the systematic removal sampling
method by considering the research variables conditions
Post IFRS Convergence Investigation: Corporate Social Responsibility Disclosu...IJAEMSJORNAL
This research aims to determine the factors that influence the level of Corporate Social Responsibility Disclosures after International Financial Reporting Standards convergence by testing the effect of Institutional Ownership, Public Ownership, Board of Independent Commissioner Size and Company Size on Corporate Social Responsibility Disclosures index. Sample used are mining sector companies that listed on Indonesia Stock Exchange for period 2013-2016. The sources of the data were taken from audited financial reports and annual reports and sample were 19 banks which taken by using purposive sampling. This research uses quantitative approach with multiple linier regression analysis. The results show that institutional ownership, public ownership and company size have a positive and significant effect on corporate social responsibility disclosures. There is no evidence to suggest that board of independent commissioner size have any effect on corporate social responsibility disclosures. The results simultaneously show that Institutional Ownership, Public Ownership, Board of Independent Commissioner Size and Company Size have an influence on Corporate Social Responsibility Disclosures..
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The document discusses tax policy and incentives for attracting foreign direct investment (FDI) to developing countries, using Vietnam as a case study. It begins by classifying different types of tax incentives and evaluating their advantages and disadvantages. It then analyzes data on tax incentives adopted in 107 developing countries, finding that tax holidays and preferential tax rates are most common. While incentives can positively impact FDI inflows, they often result in significant lost tax revenue. The document concludes by detailing Vietnam's corporate income tax rates and incentives, which are generally competitive but may not be optimally efficient.
The Islamic Rural Bank (IRB) Bumi Rinjani Kepanjen is a financial institution that has Sharia
principles in carrying out its activities conventionally. In improving the development of financial institutions, it
is necessary to assess the company's financial performance. Thus, researchers want to know how the financial
performance of IRB Bumi Rinjani Kepanjen during the 2016-2020 period.
Internal Audit Independence and Share Performance of Firms Listed In the Nair...paperpublications3
This study examined the relationship between internal audit independence and share performance of firms listed on the Nairobi Stock Exchange. The study found a positive correlation between internal audit independence and share performance. Specifically, the study found that internal audit independence is integral to effective corporate governance and that independent internal audits are well positioned to identify accounting, control, and governance issues that could impact share performance. The study concluded that listed companies should adopt governance practices that ensure audit independence in order to improve returns and attract more investors.
Ethical practices of the professional accountant in nigeriaAlexander Decker
The document summarizes a research study on the ethical practices of professional accountants in Nigeria. It finds that while ethical codes are documented, some accountants do not fully practice ethics. The study examines the extent to which accountants reflect ethical values in their work. It collects data through questionnaires and journals. The findings show penalties for unethical members are inadequate and accountants should adhere closely to ethical codes for their profession to endure. The study recommends accountants pay attention to good ethical conduct and strictly follow codes of conduct.
This document summarizes a study that investigated the effect of entrepreneurial competences on the success of paint manufacturing small and medium enterprises (SMEs) in Rivers State, Nigeria. The study hypothesized that three facets of entrepreneurial competence (strategic competence, operational competence, and learning competence) influence enterprise success. Data was collected through surveys of managers at 20 paint manufacturing firms and analyzed using statistical software. Results suggested that all three components of entrepreneurial competence positively impact enterprise success, with operational competence being the most important predictor of success. The study concluded that enterprise managers should focus on developing strategic, operational, and learning competences to enhance their business success.
1) The document discusses a study on increasing restaurant tax revenues in Ponorogo Regency, Indonesia through tax intensification and expansion activities.
2) It analyzes the effects of tax intensification and expansion on restaurant tax receipts based on data from 2015-2019 and surveys of 159 restaurant taxpayers.
3) The results found that both tax intensification and expansion had a significant positive effect on increasing restaurant tax revenues in the region. Improving tax administration, services, and knowledge were effective intensification strategies.
This study aims to analyse the impact of external factors and internal factors on the risk factors of
regional development bank. Sample used in this study is regional development banks in Indonesia in the period
of 2015 – 2019.
Business priorities for faster development Даниел Димов
The document discusses recommendations to improve Macedonia's business climate and competitiveness. It finds that while Macedonia has made progress in assessments of ease of doing business, the quality of regulation is comparatively low. General regulation takes much of companies' time and they complain about frequent legislative changes. Key recommendations include improving regulation quality, implementing a "think small first" approach, abolishing non-deductible expenses, and preparing an analysis of tax regulation's impact on different sized companies. Corruption also poses an obstacle to businesses according to surveyed companies. Strengthening rule of law and the fight against corruption are emphasized. Access to external finance is limited, with most firms relying on self-financing. Improving access to credit for small
This document summarizes a research paper that examines factors influencing voluntary auditor changes in companies listed on the Indonesia Stock Exchange in 2018. The paper studies how audit opinion, auditor firm size, management changes, financial distress, and company growth may impact an organization's decision to change auditors. The researchers conducted a quantitative study of 64 companies using secondary data and statistical analysis to determine the effects of these factors. The results found that audit opinion, management changes, financial distress, and company growth did not significantly influence auditor turnover, but auditor firm size did have a significant positive impact on companies changing auditors.
The Impact of Adopting International Auditing Standards on audit quality in S...AkashSharma618775
This study will investigate the Impact of Adopting International Auditing Standards on audit quality in
Saudi Arabia. The current research focuses on Saudi Arabia. This relatively large country in the Middle East is
known for two main things, its oil and Islam. The research objectives can be identified as: To evaluate the current
state of auditing practise in Saudi Arabia, to identify the need for the adoption of international auditing standards
in Saudi Arabia, to identify the challenges in the adoption of international auditing standards in Saudi Arabia, and
to evaluate the impact of the adoption of international auditing standards in Saudi Arabia. The research is
adopting a mixed methods strategy that will combine both qualitative and quantitative research. This research is
making several contributions to the academic literature in adoption International Auditing Standards in devolving
countries in in general, and more specific in Saudi Arabia.
The reality of the changing process of accounting policies in jordanian touri...Alexander Decker
This document summarizes a study on the changing of accounting policies in Jordanian tourism companies. It finds that rules and regulations do not hinder changes to accounting policies. Administration and other departments do not participate in decisions to change policies, and new administrations often make changes simply because they want to. Companies make changes to attract lenders, and there is a lack of understanding of qualitative characteristics of information leading to policy changes. The study recommends organizing the process of changing accounting policies in these companies and involving more parties, including using external consultants and auditors. Companies should also develop a clear framework for understanding information quality when considering policy changes.
11.the reality of the changing process of accounting policies in jordanian to...Alexander Decker
This document summarizes a study on the changing of accounting policies in Jordanian tourism companies. It finds that rules and regulations do not hinder changes to accounting policies. Administrative departments do not participate in decisions to change policies, and new administrations often make changes simply because they want to. Companies make changes to attract lenders, and there is a lack of understanding of qualitative characteristics of information leading to policy changes. The study recommends organizing the policy change process and involving departments in decision making. Companies should also consider experience from consulting offices when changing policies.
CAPACITY BUILDING IN PROCUREMENT AND REGULATORY COMPLIANCE AT RWANDA ENERGY G...AkashSharma618775
The study examined the effect of capacity building in procurement on regulatory compliance at Rwanda
Energy Group. The objective of the study was to assess the effects of training, coaching and leadership
development in public procurement to regulatory compliance at Rwanda Energy Group. A descriptive survey
research design was adopted using quantitative methods and used a closed-ended questionnaire as a data collection
instrument. The study targeted 86 respondents from Rwanda Energy Group. Owing to the small size of the
targeted study population of REG staff based in Kigali, the whole population was taken for respondents to ensure
enough data is collected to inform the study. Collected data were analyzed on quantitative basis using Pearson’s
correlation, multiple regression analysis and descriptive statistics. For the analysis of training in public
procurement, the results have shown that all respondents in REG strongly agree with its effects in enhancing,
enforcing and streamlining regulatory compliance in public procurement. In the study, coaching in public
procurement, the results found that all responses provided, highlighted a positive trend to the first statistical range
(strong agree) of 1.27 as a mean with a minimum standard deviation estimated at 0.789 in general. The research
study analyzed leadership development, the results found that leadership development in public procurement is
strongly correlated with regulatory compliance of Rwanda Energy Group at significance level of 1.53 as the mean
with the minimum standard deviation estimated at 1.070 in general. The researcher recommended that Rwanda
Energy Group should consider, facilitating and involving all procurement staff in capacity building and
development through short courses and trainings organized by Rwanda Public Procurement Authority to improve
compliance with laws and regulations of public procurement in Rwanda.
This document discusses using an open access system with internet and communication technologies (ITC) to improve foreign investment in Indonesia. A survey found that 93% of foreign investment companies supported using an ITC-based system to file investment documents online, and 86% found it effective. The document argues that implementing an open ITC system can increase transparency, reduce opportunities for illegal fees, and make it easier for foreign companies to invest in Indonesia by streamlining the process online.
An Impact of Capital Adequacy Ratio on the Profitability of Private Sector Ba...Dr. Amarjeet Singh
Profitability being one of the cardinal principles of bank lending acts as a game changer for the survival and success of private sector banks in India. In order to stay profitable, banks have to capitalise on every penny advanced to yield the expected returns. However, considering the constraints laid down by the Reserve Bank of India, banks have to maintain a minimum capital adequacy ratio, as per the current BASEL III regulations active in India. With the mergers of public sector banks, the challenge has got just tougher for the private sector banks in India. Expansion and Diversification are the key strategies adopted by the key players from the private banking sector, however, with the minimum capital adequacy ratio observed by them, it is necessary to understand its actual impact on the bank’s profitability. This research paper aims to throw light upon the linkage that capital adequacy has with the bank’s profitability. It attempts to establish a relation between the Capital Adequacy Ratio with the Net profits of the bank. For the purpose of this study, data from the past 5 years of the leading private sector banks has been collected, namely, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, AXIS Bank and YES Bank. The collected data has been analysed using Pearson’s Correlation to establish a relation between the CAR Ratio & the bank’s profitability. Hypothesis testing has been further done to study the quantum of proportionate change in the profitability with a change in the CAR Ratio for private sector banks using applicable research tools. The said research tools are applied to achieve the desired results while maintaining the required quantum of accuracy. It also aims to understand the proportionate impact of changes in CAR to the bank’s profitability, which can act as a suggested measure for banks to develop a reliable framework for efficient capital management and increase overall efficiency. The results derived from the data collected and analyzed aim to provide scope for further study on the subject matter.
This document discusses a study conducted at PT ABC to increase the production capacity of its rack steering line using Lean Six Sigma methodology. PT ABC was facing increasing customer demand but its normal daily production capacity of 744 units was insufficient, requiring overtime. The researchers applied the DMAIC process and identified opportunities to reduce cycle times through minimizing waste. They determined the longest process times were on machines OP-10, OP-20, OP-30 and OP-90. Improvements such as optimizing machine programs, replacing over-specified machines with more appropriate ones, improving tools, and modifying jig positions reduced cycle times from 1.1 minutes to 1 minute. This increased daily capacity to 818 units and reduced overtime costs.
The objective of this research is to study the managers' overconfidence effect on the relationship
between the firm risk and managers' rewards of the listed firms in the Tehran Stock Exchange. In addition, the
research sample had 136 members which were selected in 2012-2019 using the systematic removal sampling
method by considering the research variables conditions
Post IFRS Convergence Investigation: Corporate Social Responsibility Disclosu...IJAEMSJORNAL
This research aims to determine the factors that influence the level of Corporate Social Responsibility Disclosures after International Financial Reporting Standards convergence by testing the effect of Institutional Ownership, Public Ownership, Board of Independent Commissioner Size and Company Size on Corporate Social Responsibility Disclosures index. Sample used are mining sector companies that listed on Indonesia Stock Exchange for period 2013-2016. The sources of the data were taken from audited financial reports and annual reports and sample were 19 banks which taken by using purposive sampling. This research uses quantitative approach with multiple linier regression analysis. The results show that institutional ownership, public ownership and company size have a positive and significant effect on corporate social responsibility disclosures. There is no evidence to suggest that board of independent commissioner size have any effect on corporate social responsibility disclosures. The results simultaneously show that Institutional Ownership, Public Ownership, Board of Independent Commissioner Size and Company Size have an influence on Corporate Social Responsibility Disclosures..
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The document discusses tax policy and incentives for attracting foreign direct investment (FDI) to developing countries, using Vietnam as a case study. It begins by classifying different types of tax incentives and evaluating their advantages and disadvantages. It then analyzes data on tax incentives adopted in 107 developing countries, finding that tax holidays and preferential tax rates are most common. While incentives can positively impact FDI inflows, they often result in significant lost tax revenue. The document concludes by detailing Vietnam's corporate income tax rates and incentives, which are generally competitive but may not be optimally efficient.
The Islamic Rural Bank (IRB) Bumi Rinjani Kepanjen is a financial institution that has Sharia
principles in carrying out its activities conventionally. In improving the development of financial institutions, it
is necessary to assess the company's financial performance. Thus, researchers want to know how the financial
performance of IRB Bumi Rinjani Kepanjen during the 2016-2020 period.
Internal Audit Independence and Share Performance of Firms Listed In the Nair...paperpublications3
This study examined the relationship between internal audit independence and share performance of firms listed on the Nairobi Stock Exchange. The study found a positive correlation between internal audit independence and share performance. Specifically, the study found that internal audit independence is integral to effective corporate governance and that independent internal audits are well positioned to identify accounting, control, and governance issues that could impact share performance. The study concluded that listed companies should adopt governance practices that ensure audit independence in order to improve returns and attract more investors.
Ethical practices of the professional accountant in nigeriaAlexander Decker
The document summarizes a research study on the ethical practices of professional accountants in Nigeria. It finds that while ethical codes are documented, some accountants do not fully practice ethics. The study examines the extent to which accountants reflect ethical values in their work. It collects data through questionnaires and journals. The findings show penalties for unethical members are inadequate and accountants should adhere closely to ethical codes for their profession to endure. The study recommends accountants pay attention to good ethical conduct and strictly follow codes of conduct.
This document summarizes a study that investigated the effect of entrepreneurial competences on the success of paint manufacturing small and medium enterprises (SMEs) in Rivers State, Nigeria. The study hypothesized that three facets of entrepreneurial competence (strategic competence, operational competence, and learning competence) influence enterprise success. Data was collected through surveys of managers at 20 paint manufacturing firms and analyzed using statistical software. Results suggested that all three components of entrepreneurial competence positively impact enterprise success, with operational competence being the most important predictor of success. The study concluded that enterprise managers should focus on developing strategic, operational, and learning competences to enhance their business success.
1) The document discusses a study on increasing restaurant tax revenues in Ponorogo Regency, Indonesia through tax intensification and expansion activities.
2) It analyzes the effects of tax intensification and expansion on restaurant tax receipts based on data from 2015-2019 and surveys of 159 restaurant taxpayers.
3) The results found that both tax intensification and expansion had a significant positive effect on increasing restaurant tax revenues in the region. Improving tax administration, services, and knowledge were effective intensification strategies.
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The extent of the application of the rules of governance on industrial public joint stock companies enlisted in amman stock exchange
1. Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.5, No.16, 2014
The Extent of the Application of the Rules of Governance on
Industrial Public Joint- Stock Companies Enlisted in Amman
Stock Exchange
Dr. Fares Jamiel Al-Soufy
Assistant Professor, ISRA University/Accounting Department/Faculty of administrative & Financial Sciences
fares_ea@yahoo.com
Summary
This study aims to study the extent of applying the governance standards on the public joint-stock industrial
corporations listed in Amman stock market. Some concepts of governance have been discussed, the principles
of governance clarified, identify the criteria, objectives and the importance of governance. We used a
questionnaire to point out the extent the companies apply the principles and criteria of governance and make sure
if the corporate separated the duties of the Executive Director and Finance Director for the purpose of
prevention fraud or embezzlement of the shareholders funds, as well as to achieve the separation between the
job of the Chairman of the Board of Directors and his Deputy, and allow publishing realistic reports of the
auditors in respect of the performance of the Jordanian companies, which are the basics and fundamentals of
institutional governance and the most important result concluded by the study. It has been found that the
Jordanian companies are still (up to date) suffer from the conflict of interests between the its Board of Directors,
remaining shareholders and family companies, beside the singularity of the management in taking the decisions
to their own interests supported by various financial legislations. the study recommended that the companies
listed on the stock market in Jordan to upgrade the application level of corporate governance rules effectively, so
that would encourage investors to invest in the companies that provide protection for shareholders, deal in
transparency, full disclosure in financial reports and independent of boards of directors.
Methodology of the Study
Introduction
The term “governance’ attracted the attention in the 1990s as a result of the fallout of the global economy and
financial and accounting collapse of a number of international companies.
As a result of many issues and problems associated with the abuse of power and lack of transparency and
disclosure of the financial situation of many companies worldwide emerged, governance standards started to be
developed.
The attention increased in recent years on the subject of transparency and disclosure by stakeholders
because of its role in providing information that will improve understanding and the importance of the financial
instruments and its performance in the companies to provide specific information for use, appropriate accounting
policies, and consequent risks, and risk management policy to control such risks. Disclosure plays significant
role in the provision of information that helps investors in this regard.
Problem of the Study:
The question of the study in embodied in the answers of the following questions:
1- Will all the laws developed by the management be to the benefit of the entity, shareholders and workers?
2- What problems the companies encounter with the workers in the development of laws?
3- Can the laws assist to enhance and link the relationship between the management and the workers?
4- Is the trend of applying the institutional governance in the public joint-stock companies considered a
67
positive solution to its problems?
5- Will the commitment of the public joint-stock companies in applying the law, and the compliance of the
Board of Directors to the rule of professional conduct enable the companies to solve their problems?
6- Is it very important successful to apply governance in the industrial companies?
7- Is the governance considered an effective tool in the industrial company?
The Significance of the Research:
The significance of the study comes out of the followings:
1. Proving that achieving justice between the owners of the project in one project where the institutional
governance constitutes the guarantee for the continuity of the project and eliminate the conflict, which
ended by entities failure.
2. The significance of the research is due to the subject of corporate governance currently featured
prominently the interest of investors, governmental regulatory authorities, auditors and interested parties
2. Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.5, No.16, 2014
68
in the community.
3. Since the concept of corporate governance has become recently as a reforming catchword, also a part of
the political and economic orientation of Governments raised various mechanisms to deal with a
combination of administrative, accounting, professional and ethical factors.
Objectives of the Study
Objectives of the study show its importance which can be summarized in the following points:
1. Points out the size of the conflict of interest between management of the public joint-stock industrial
corporations and its shareholders.
2. Points out the amount of assistance provided by governance in public joint-stock industrial corporations to
find out positive solutions to their problems and conflicts between the interests of its shareholders.
3. Points out that the applicable laws assist the joint-stock industrial companies to enhance and link the
relationships between the management and the shareholders.
The Region of Study (Boundaries):
Jordan – Amman “Jordanian public joint-stock industrial companies listed in the Amman stock exchange.
Hypotheses of the Study:
1- The public join-stock industrial corporations do not encounter any contradiction between its Board of
Directors and rest of shareholders.
2- Governance of the public joint-stock industrial corporations does not help in finding out solutions to their
problems as well as to the contradiction between its Board of Directors and the rest shareholders.
3- The pertaining laws of public joint-stock industrial corporations would not help to kink and enhance the
relationship between the management and the shareholders.
Methodology of the Study
The study relies on descriptive desktop method aiming to collect data and previous relevant studies in the area of
study to create adequate theoretical background about corporate governance and the analytical method based on
the study of the application of governance standards through a questionnaire development.
Previous Studies:
The study of Hussein and Mohammad, 2012, titled “the impact of the governance corporate on the
transparency, disclosure and quality of the financial statements under the financial accounting system.
In recent years a series of accounting and financial deficiency in many companies took place due to the lack of
proper practice, in terms of management and supervision, as well as the lack of transparency and negligence in
the application of accounting principles, which achieve disclosure and transparency, besides concealing the
accounting information of real financial conditions of the corporation. These collapses resulted to the loss of
confidence in the different financial markets and investors have ignored such markets. That also led to loss of
confidence in the accounting and audit bureaus due to the lack of confidence in accounting information the
financial statements contained. This leaded to the adoption of corporate governance concept to face the financial
and accounting corruption most of the companies suffer, in particular that relates to the preparation of the
financial statements. Algeria initiated the adoption of financial accounting system conform to the international
standards to enhance the mechanisms of corporate governance through the principles of disclosure, transparency,
and quality of the accounting information.
So, we sought in this research to attempt the study the impact of the corporate governance on the
disclosure, transparency and quality of the financial statement under the adoption of financial accounting system
and presentation the integrated relations among these elements.
The Study conducted by Al-Ghazawi, 2010, titled “the corporate governance and its impact on the
level of disclosure of the accounting information”. It is an empirical study on the public joint-stock corporations
in the Kingdom of Saudi Arabia.
This study aimed to demonstrate the impact of corporate governance on the level of disclosure in the
financial statements of the public joint-stock companies in the Kingdom of Saudi Arabia. The study, for
achieving its objectives, collected, processed and analyzed (89) public joint-stock companies in Saudi Arabia.
The data were analyzed the same through the disclosure indicator in the financial statements. The study used
descriptive statistical evidentiary methods by using Multiple Regression Analysis model. The study could reach
to the following important conclusions:
The results showed that the highest level of disclosure was in the financial statements of the cement
sector, which was found 77%, while the lowest level of disclosure was in the hotels and tourism sector with 56%.
It was found that there is a positive relationship of statistical significance between the proportion of the family
3. Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.5, No.16, 2014
possession in the public joint-stock companies and the general level of disclosure in the financial statement.
Akram Bodaghi, Ahmad Ahmadpour(2010), The Effect of Corporate Governance and Ownership
Structure on Capital Structure of Iranian Listed Companies
This paper presents the relationship between corporate governance and capital structure of listed companies from
Tehran Stock Exchange. Measures of corporate governance employed are board size, board composition, and
CEO/Chair duality. Impact of shareholding on financing decisions has also been examined by using institutional
shareholding. Similarly influence of controlled variables like firm size and profitability on firms’ financing
mechanism is also investigated. Results reveal that board size is significantly negatively correlated with debt to
equity ratio. However corporate financing behavior is not found significantly influenced by CEO/Chair duality
and the presence of non-executive directors on the board.
However, control variables firm size and return on assets are found to have a significant effect on capital
structure. Therefore results suggest that corporate governance variable alike size and ownership structure play
important role in determination of financial mix of the firms.
Kose John,(2008) Corporate Governance and Financing Policy: New Evidence
Prior research has often taken the view that entrenched managers tend to avoid debt. Contrary to this view, we
find that firms with weak shareholder rights, as measured by the Gompers et al. (2003) governance index,
actually use more debt finance and have higher leverage ratios. To address the potential endogeneity of the
governance index, we use both instrumental variables analysis and the exogenous shock to corporate governance
generated by the adoption of state anti-takeover laws. We find that managers increase leverage when they are
less vulnerable to takeovers. We provide several explanations by showing that entrenched managers receive
better access to debt markets and subsequently finance with more debt, perhaps as an outcome of their
conservative investment policy. We also find support that such link is due in part to the use of debt as an
entrenching device.
The Theoretical Framework
The Definition of Governance
Although the use of this term is modern but it appears a long time ago. The theoretical and historical ground of
corporate governance refer first to the Agency theory in 1932 (Théorie d'agence, Principal-Agent) by the US
Berls and Means. They observed a separation between the ownership of the company’s capital, control process
and directed supervision within the companies and such separation has implications on the performance of the
corporate as the term governance term is deemed “the way of exercising the power of rational management”.1
Governance is the system by which the companies are run and control their activities”.2 The International
Finance Corporation (IFC) is defined as “a set of relationships among the managers of the company and Board.
The Economic Cooperation and Development Organization define Governance as the management, shareholders
and other shareholders and stakeholders.3
It is also defined as a set of laws, regulations and resolutions aim to achieve the quality and Excellency
in performance through the proper and effective selections to achieve the plans and objective of the company.4
In other words, governance means the system, i.e. the existence of systems that govern and regulate the
relationships between the major parties which influence the performance. It includes the components that
strengthen the institution at long-term and determination the responsibility and responsible person. 5
The need for governance appeared in many advanced and developing economies through the last few
decades, in particular post the economic collapse and financial crises in a number of countries in East Asia, Latin
America and Russia in 1990s in 1990s of the twentieth century, as well as the US economy which recently has
witnessed financial and accounting collapses during 2002.
The unprecedented transfer on money across the borders increased. The expansion of the companies’
size, separation of ownership from the management resulting to weak control mechanisms on the managers’
conduct, in addition to that many companies fell in financial crises, most important East Asia countries In the
late 1990s, and then continued after that crisis, perhaps the most prominent of which is the crisis of Enron
WorldCom Inc. in the United States in 2001. The interesting world governance.6
___________________________________________________________
1- Abdul Wahhab Nasr Ali, Shihatah Sayyed Shehatah, Auditing and governance corporate in the environment of contemporary Arab and international
69
business”, Dar Al Jamieyah, Egypt, 2012 p 15.
2- Abor, J., (2011), Corporate Governance and Financing Decisions of Ghanaian Listed Firms, Corporate Governance: International Journal of Business in
Society, 7.
3- Aglietta, M., and Rébérioux, A., 2010Corporate Governance Adrift: a Critique of Shareholdervalue, Cheltenham: Edward Elgar.
4- Beasley Scott& Brigham ,Eugene ; principles of finance, London, southwestern,2011
5- Core, et.al.,(2011), “ Does Weak Governance Cause Weak Stock Returns: an Examination of Firm Operating Performance and Investors,
Expectations?”,2011.
6- Abdul Wahhab Nasr Ali, Ali Shehata Sayyed Shehata “Audit corporate accounts and governance in the contemporary Arab and international business
environment” ,Dar Al-Jamieyah, Egypt, 2012, P. 15.
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Vol.5, No.16, 2014
Corporate Governance7
In general, the concept of corporate governance refers to the rules and criteria that define the relationship
between the management of the company in one hand and the shareholders and stakeholders or the parties
associated parties in the company (bondholders, workers, suppliers, creditors, and consumers in the other hand).
The third reason is due to the ambiguity of this term as it is still in the formation stage and many of its rules and
standards are at the stage of review and development. However, there is a semi-agreement between researchers
and practitioners on its most important determinants as well as the standards of evaluation.
The corporate governance rules and regulations aim to achieve transparency, justice and granting the
right to questioning the management of the company, therefore the achievement of protection of all the
shareholders, and bondholders, taking into account the interests of the laborers and labor and mitigate the abuse
of power in non-public interest, leading to the development of investment and encourage its flow as well as the
development of savings and maximize the profitability, creating new opportunities. These rules also emphasize
the importance of compliance with the provisions of law and ensure that the review of the financial performance
and administrative structures enable the accountability of the management in front of the shareholders with the
formation of audit committee from non-members of the executive Board of Directors who shall have multi duties
and jurisdictions to achieve the independent control on the execution. 8
Rules of the Governance of the Public Joint-stock Companies 9
In order to achieve the mission of the Securities Commission and its commitment to develop its legislation
according the state of art international practices, keep up with all the latest developments in Arab and
international financial markets, the Commission issued a manual of the corporate governance rules of the stock
companies listed in Amman stock exchange, on 29/07/2008, which contain some mandatory rules, based on the
legal binding texts in valid legislations enforce the stock companies to abide and pilot guidance that can be
applied through method of comply or explain (non-compliance). The objective of this method in the past was to
give the companies enough time to adapt to the corporate governance principles to promote awareness of these
principles, and thus gradually achieve full compliance.
Whereas the importance of applying the governance principles in the company’s management became an
urgent need in the light of globalization. Economic openness and crises, and the last years showed that the
economy of many countries have stumbled as a result of the lack of good governance, leading to severe damages
to the shareholders, creditors and suppliers and others. The most important rules of corporate governance are 10:
1- Separation and non-combination between the Chairman Board of Directors and any other executive
position in the company, provided that there should be no relative relationship between the Chairman and
any executive member in the company.
2- Two members, at least, of the board of directors, must be independent (independent member is defined in
details in the guidance/ manual of the corporate governance rules.
3- The Board of Directors shall form two standing committees, one of which shall be called the Audit
Committee (as set out in Clause 15 of the disclosure instructions) and the other shall be called nomination
and remuneration committee. The members of the two committees shall be of non-executive Board
members. The committee members shall be three, at least, provided that the majority of them will be
independent, and headed by independent member.
4- The most important duties of nomination and remuneration committee:
o Indentifies the needs of the company of competencies at the level of the senior executive
managements, staff and the bases of their choice.
o Develops policies of rewards, benefits, incentives and salary of the members of the Board of
Directors, executive management and all employees of the company and are annually reviewed
and approved by the Board of Directors.
5- Each of the two committees (audit and nomination and awarding) shall provide the Board of Directors its
decisions and recommendation, as well as a report related to their works to the ordinary General Assembly
meeting.
6- The duties of the Board of Directors must include:
o Developing written operating procedures of corporate governance rules, review and assess their
70
application annually.
______________________________________________________________
7- Aglietta, M., and Rébérioux, A., 2010Corporate Governance Adrift: a Critique of Shareholder value, Cheltenham: Edward Elgar.
8- Brown, Lawrence & Saylor, Marcus: Corporate Governance and Firm performance 2010
9- Ministry of Industry and commerce, Securities Body, Corporate Governance law, 2011
10- Brown, Lawrence & Saylor, Marcus: Corporate Governance and Firm performance 2010.
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Vol.5, No.16, 2014
o Developing the company's disclosure policy including written work procedures and follow up
their application in accordance with regulatory authorities requirements and legislation in force.
o Taking adequate steps to ensure the internal controller on the work progress in the company,
including the creation of a special internal audit and controller unit which will be responsible for
making sure that the company complies to the application of valid legislations provisions as well
as the regulatory authorities and internal systems, policies, plans and procedures developed by
the Board of Directors.
7- The audit committee shall hold a meeting with the external auditors, without attendance of any members
of the senior executive management or its representative once a year at least.
8- The external auditors shall exercise its duties for one renewable year, provided that the responsible partner
in the external auditor shall not audit the accounts of the company for more than four successive years,
and may be appointed to audit the account of the company after two years at least.
9- The company shall be committed that the external auditor shall not perform additional works to the
benefit of the company; such as providing administrative and technical consultancy.
10- The company shall be obliged not to appoint any of the external auditor’s office staff in the senior
management of the company only after two years, at least, from leaving the auditing the accounts of the
company.
11- A: The Company shall beforehand announce the date of disclosure of the periodic data three working
days, at least, prior to the date of declaration.
B: Disclosing the number of the meetings held by the Board of Directors in the annual report of the
71
company.
C: The Company shall use it website to enhance disclosure, transparency and provision of information.
Practical Framework
Type and nature of the Study:
The study adopted the analytical descriptive approach because it is valid for its purposes, through the theoretical
literature relevant to the impact of applying the corporate governance in the public industrial stock companies
listed in Amman stock exchange, in addition to reviewing the previous relevant studies. The study also adopted
the field approach through a questionnaire designed for this study to collect data and its experiment to reach the
results of this study through the answers of its question, test the hypotheses, and assessment a set of
recommendations in the light of the results.
Community of the Study
The community of the study consists of all employees in the public industrial stock companies listed in Amman
stock exchange.
Sample of the Study
The sample was randomly selected from the study community of the employees of the public industrial stock
companies listed in Amman stock exchange. The sample consists of 25 employees working in different levels of
management. 22 questionnaires have been collected, one excluded out of the delivered ones due to improper
filling.
The Instrument of the Study
The researcher has developed a study questionnaire having reviewed the theoretical literature related to the
impact of applying the corporate governance in the public industrial stock companies listed in Amman stock
exchange and the relevant previous studies.
The study consists of 25 expressions or phrases. The Fifth Likert Scale has been adopted, on which the
question is answered by one point (strongly do not agree) to five points (strongly agree). The instrument of the
study consisted of a set of phrases relevant to the extent of application the governance system on the public
industrial stock companies listed in Amman exchange stock in the point of view of the employees working
therein.
Validity and Reliability of the Study Instrument:
The questionnaire has been presented to a group of the faculty members at universities, as well as to a group of
competent financial economists and financial consultants in the area of corporate governance. Their views have
been considered, and the required amendments in the questionnaire paragraphs were made accordingly.
In order to verify the reliability of the instrument, an internal consistency was made by using Cronbach’s alpha
where the reliability coefficient was (79.6 %), which is deemed acceptable for the purpose of this study.
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Vol.5, No.16, 2014
The Statistical Methods Used
In order to achieve the objectives of this study, SPSS software (Statistical Package for Social Sciences) has been
used to answer the questions of the study, test its hypotheses through using the appropriate statistical methods as
follows:
1- Arithmetic mean (average) and standard deviation
2- T-test for the independent samples
The Results of the Study
The results concluded by this study through the answers of the respondents of the sample members to the
questionnaire paragraphs were as follows:
First Hypothesis
(The public industrial stock companies encounter contradiction between their Boards of Directors and the rest of
the shareholders).
Table (1): the arithmetic means and standard deviations
for the paragraphs related to the first hypothesis
No Para. Arithmetic
72
means
Standard
deviation
Rank
8 The application of governance increases the membership to the
society in which the entity works.
4.44 0.63 1
16 Governance draws clear lines of responsibility, ability of
questioning, and imposes that in the entity.
4.13 0.89 6
17 Application of corporate governance in the industrial
companies is deemed very important and critical success
4.31 0.79 4
19 Governance is deemed an effective instrument in the industrial
company
4.43 0.63 2
21 Governance confirms that the Board members are not subject to
the influence of external authorities.
4.00 0.73 8
30 Governance helps to provide means to achieve the entity 3.63 1.31 9
31 The final responsibility of managing the company lies on the
Board of Directors.
4.23 0.86 5
32 Governance application enhances the confidence of community
in the reliability of the financial statements issued by the
company
4.06 0.57 7
33 Governance application leads to improve the quality of
production
4.42 0.73 3
Total Degree 4.15 0.46
It has been notices in Table 1 that the study sample believe that the public industrial stock companies
encounter a contradiction between the management and the rest of shareholders, the arithmetic mean of this
hypothesis was (4.15). The paragraphs have been distributed (8, 15,17,19,21,30,31,32, and 33) on the first
hypothesis. The Paragraph 8, which states “The application of governance increases the membership to the
society in which the entity works.” was ranked first in this hypothesis, with high exercising degree. Paragraph
19, was ranked the second, and Paragraph 30, states “Governance helps to provide means to achieve the entity”,
was ranked the last in this hypothesis.
The Second Hypothesis:
(Corporate governance helps the public industrial stock companies to find out positive solutions to their
problems and the contradiction between their Board of directors and the rest of shareholders).
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Table (2): the arithmetic means and standard deviations
Applied on the paragraphs of the second hypothesis
No Para. Arithmetic
73
means
Standard
deviation
Rank
1 Corporate governance encourages investment 4.44 0.63 2
2 Application of governance lead to maintain the reputation of
business
4.50 0.52 1
3 Governance assists in controlling entity performance as a whole 4.43 0.62 3
7 The trend of applying the institutional governance in the public
industrial stock companies is deemed a positive solution to its
problems.
4.19 0.83 12
11 The commitment of the public industrial stock companies in the
application of system, as well as the commitment of the Board of
Directors in the profession code of business conduct will enable
the company to solve its problems.
4.31 0.48 9
13 The provision of transparent and reliable accounting disclosure
enables the investors to take the rational decisions.
4.43 0.73 4
14 Governance increases independence between different stakeholders
in the entity
4.31 0.74 10
15 Disclosure constitutes a means to control the professional conduct
and prevent deviation
4.43 0.50 5
18 Compliance to the disclosure standards leads to the achievement
and enhancement the institutional governance.
4.43 0.81 6
24 The application of governance principles lead to maintain the
continuity of the establishment
4.43 0.63 7
25 Application of governance leads to improve the role of Board of
Directors and senior management
4.43 0.73 8
26 The accounting system outputs have effective and efficient role in
taking decisions.
4.31 1.02 11
27 Governance is deemed a practical system of control and
compliance to the entity’s policies as a whole
3.94 0.68 14
28 Board of Directors treat all shareholders fairly 3.75 1.00 15
29 Board of Directors shall be elected by the shareholders. 3.63 1.31 16
35 Governance aims to protect the company from the risks may
encounter, such as price, disasters risks..etc.
4.00 0.89 13
Total Degree 4.27 0.34
It has been noticed from Table (2) that the general trend of the respondents answers of the study sample
members on the paragraphs related to the second hypothesis support the idea that governance helps the public
industrial stock companies to find out positive solutions to its problems and the contradiction between the their
Board of Directors and the rest of shareholders. The arithmetic means of this hypothesis was 4.27. The
paragraphs number (1, 2, 3, 7, 11, 13, 14, 15, 18, 24, 25, 26, 27, 28, 29 and 35) have been distributed on the
second hypothesis. Paragraphs 2, stating “Application of governance lead to maintain the reputation of business”
was ranked the first in this hypothesis with High degree of exercising, while Paragraph no.1 was ranked the
second, and the paragraph 29, stating “Board of Directors shall be elected by the shareholders” was ranked the
last in this hypothesis.
The Third Hypothesis
(The applicable laws of the public industrial joint-stock companies assist to link and enhance the relationship
between the management and shareholders)
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Table (3) : the arithmetic means and standard deviations
applied on the paragraphs of the third hypothesis
No Para. Arithmetic
74
means
Standard
deviation
Rank
4 All laws developed by the management shall be for the benefit of
the establishment, shareholders and workers.
3.94 0.99 1
5 Accounting disclosure is deemed one of the most important
viable governance.
4.13 0.88 4
6 Governance works on distribution of the rights and
responsibilities between the Board of Directors, executive
directors, shareholders, and other stockholders.
4.00 0.97 2
9 The laws may assist to link and strengthening the relationship
between the management and workers
4.25 0.68 8
10 Applying governance lead to dispel the serious concerns of the
investors towards the management of the company.
4.13 0.62 5
12 Applying governance would lead to the establishment
compliance to the laws and governmental instructions
4.50 0.73 9
20 Applying governance would lead to company adherence to
regulations and instructions in accordance with organization
chart and career competence
4.06 0.85 3
22 The Board of Directors fully complies to the application of the
basic laws of the company
4.19 0.66 6
23 Governance arranges the mutual relationship between the
departments and functions of the company and the hierarchy
sequence of power
4.19 0.54 7
Total Degree 4.15 0.78
It has been from Table (3) that the general trend of the answers of the respondents to the paragraphs
relevant to the second hypothesis supports the idea that the applicable laws help the public industrial joint-stock
companies to link and promote the relationship between the managements and shareholders. The arithmetic
mean of this hypothesis was 4.15. The paragraphs number (4, 5, 6, 9, 10, 12, 20, 22, and 23) has been distributed
on the third hypothesis. Paragraph No (4), stating “All laws developed by the management shall be for the
benefit of the establishment, shareholders and workers”, has been ranked the first in this hypothesis with high
exercising degree. Paragraph No (6) was ranked the second, while paragraph No. (12), stating “Applying
governance would lead to the establishment compliance to the laws and governmental instructions”, was ranked
the last in this hypothesis.
Testing the Hypotheses
The (t-test) has been used to find out the value of (t) to identify the level of relationship between the study
variables. The following tables show the results of the test.
The Result of Testing the First Hypothesis
Table No. (4) : t-test applied on the first hypothesis:
Variable Degree of
freedom df
Arithmetic
means
Standards
Deviation
t-value
calculated
significance
Conflict of interests between
the community of the
company
15 4.15 0.46 35.59 0.000
The results shown in the above table indicate the existence of relationship of statistical significance at
moral degree (α≤0.05) between the study variables, whereas the (t) value calculated was (35.59), which higher
than its schedule value at statistical value (0.00), which means the rejection of the null hypothesis and acceptance
the alternative hypothesis, which states that (“ the public industrial join-stock companies encounter a
contradiction between their Board of Directors and the rest of shareholders)”.
The Result of Testing the Second Hypothesis
Governance helps the public industrial stock companies to find out positive solution to their problems and the
conflict of their community interests.
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75
Table 6: t-test applied on the Second Hypothesis
Variable Degree of freedom
df
Arithmetic
means
Standards
Deviation
t-value
calculated
significance
Governance 15 4.27 0.34 49.06 0.000
The results shown in the above table indicate the existence of relationship of statistical significance at
moral degree (α≤0.05) between the study variables, whereas the (t) value calculated was (49.06), which higher
than its schedule value at statistical value (0.00), which means the rejection of the null hypothesis and acceptance
the alternative hypothesis, which states that (“ Governance helps the public industrial join-stock companies to
find out positive solutions to their problems and the contradiction between their Board of Directors and the rest
of shareholders)”.
The Result of Testing the Third Hypothesis
The applicable laws help the public industrial stock companies to link and enhance the relationship between the
management and the shareholders.
Table No 7: t-test applied on the Third Hypothesis
Variable Degree of freedom
df
Arithmetic
means
Standards
Deviation
t-value
calculated
significance
The laws 15 4.15 0.78 34.32 0.000
The results shown in the above table indicate the existence of relationship of statistical significance at
moral degree (α≤0.05) between the study variables, whereas the (t) value calculated was (34.32), which higher
than its schedule value at statistical value (0.00), which means the rejection of the null hypothesis and acceptance
the alternative hypothesis, which states that (“ The applicable laws help the public industrial join-stock
companies to link and enhance the relationship between their Board of Directors and the rest of shareholders)”.
Results and Recommendations
I- Results
1. The study found that the general trend of respondents’ answers to the paragraphs on the paragraphs
relevant to the first hypothesis, which refers to that the public industrial stock corporations encounter a
conflict between their Boards of Directors and rest shareholders. The arithmetic means of this hypothesis
was (4.15).
2. The general trend of respondents’ answers to the paragraphs relevant to the second hypothesis, which
refers to that corporate governance helps the public industrial stock companies to find out positive
solutions to their problems and conflicts of interests of its community. The arithmetic means of this
hypothesis was (4.27).
3. The existence of a statistically significant relationship indicates that the pertaining laws help the public
industrial join-stock corporations to link and promote the relationship between management and
shareholders. The arithmetic means of this hypothesis was (4.15).
4. The public industrial join-stock companies encounter a conflict between their board of directors and the
rest of shareholders.
5. Governance assists the public industrial stock companies to find out positive solutions to their problems
and the conflict between their board of directors and the rest of shareholders.
6. Applicable laws assist the public industrial stock companies to link and strengthen the relationship
between the management and the shareholders.
7. it was found that the Jordanian companies are still (up to date) suffer from the problem of conflict of
interest between their communities, singularity of management with great proportion of its revenues,
supported by the context of the different financial legislations.
8. None separation between ownership and management, as well as none separation between the chairman
of board of directors, general manager and vice chairman of the Board careers.
9. One of the financial crises causes is poor corporate governance in the countries that have weak systems
to protect investors as shown by the studies.
10. There is an urgent need to restructuring the governance to prevent collapse expected in future.
11. The emergence of new fact that every public stock company must apply the laws of corporate
governance.
II Recommendations
1- It is required to confirm the importance of applying the rules of corporate governance effectively.
2- It is required to implement the separation between the property and management in the Jordanian
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Vol.5, No.16, 2014
companies, in such a way ensure the selection of the qualified managements and independence of
auditors.
3- It is recommended to achieve justice between the shareholder in obtaining the information and other
rights, as well as the acquisition of the workers in the company’s capital to ensure their continuous
loyalty, take care and control the company.
4- The companies listed in the Jordanian financial market should upgrade the level of exercising corporate
governance to encourage the investors to invest in the companies that provide protection to shareholders,
transparent financial reports, and independence of the Board of Directors.
5- It is required to complete the legislations which target the application of governance concept in the
various authorities of the country, as this system is important to achieve the basic objective in
maintaining and developing the public funds.
6- The institutional governance must be applied by the public joint-stock companies and create and
76
independent internal controller system.
7- The government must organize the management of corporate; restructure the companies for governance
to prevent the collapse occurrence.
References
- Habboush, Mohammed, Extent of Palestinian public joint stock companies compliance to the corporate
governance rules. Unpublished master thesis, Islamic University, 2010.
- Omar, Mohammad Abdul Halim 201), "corporate governance. .. Definition with Islamic views; Saleh Kamel
Center for Islamic Economy at Al-Azhar University, Cairo.
- Abdul Wahhab Nasr Ali, shehata Sayyed shehata "audit and corporate governance in the contemporary
Arab and international business environment", University House, Egypt, 2012, p. 15.
- Alawagri; Hussain and Mohammed (2012), a study entitled “ the impact of corporate governance on the
transparency, disclosure, and quality of the financial statements under the financial accounting system
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Cheltenham: Edward Elgar.
- Beasley Scott&Brigham ,Eugene ; principles of finance, London, southwestern,2011
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Operating Performance and Investors , Expectations? ”,2011.
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by the Egyptian Banking Institute, Cairo, May 7 – 8.
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organized by the Egyptian Banking Institute, Cairo, May 7 – 8.
- Iskander, M. and N. Chamlou. (2002). Corporate Governance: A Framework for Implementation. PP: 119-
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edited by: S. Fawzy. Washington: World Bank,p: 4.
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Review, Volume 8, No. 1, April 2006.
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on Capital Structure of Iranian Listed Companies.
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