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Nadzór korporacyjny w Polsce

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EN
Corporate governance in Poland, is a young idea. This paper presents the history of its development in Poland, describes its theoretical aspects, discusses what is corporate governance and whether it is worth to implement these practices.
EN
The article is focused on the issue of corporate governance mechanisms. It presents three different, however related, perspectives, that is law, economy and finance, and management. Being a compex issue, the system of corporate governance is most effective when it is composed of elements from those three perspectives.
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Over the last 15-20 years significant changes took place in principal systems of corporate governance, that is in the Anglo-Saxon and German systems. These changes were of similar or the same character. This was resulted by recommendations on corporate governance issued by international institutions and organizations. The OECD and the European Commission played the most important part in this respect. They had a big impact on the formation and shape of the so-called codes of good practice, whose principles are generally implemented by companies, mainly listed companies. These principles happen to be of the so-called soft law character and after some encouraging experience with their use take on the form of legislation.
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The goal of the paper is to identify aspects of corporate governance in entities of business groups. The author attempts to show what are business groups and what are the common types of boards of directors. The author also proposes his typology of business group affiliates and presents how the board of directors should act in which type.
EN
The article discusses Sovereign Wealth Funds with reference do the process of corporate governance. In the first part the paper presents the rise, growth and current investment activity of those funds. In the second section the author consider reasons for implementation of corporate governance best practices. The last part of the paper compares Santiago Principles with OECD principles of corporate governance.
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Zarządzanie i Finanse
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2012
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vol. 1
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issue 1
137-150
EN
The article is attempting a new reflection on the problem of risk management, corporate risk. Does not respect the principles of corporate governance poses a potential risk factors for the operation of the Corporation, and, consequently, for all its stakeholders and the environment. While the compliance by corporations to those rules restrict largely corporate risk. Study presents analysis of selected Polish corporates energy optimized for the application of the principles of corporate governance in the context of enterprise risk management.
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Paper show reason of institutional investors withdraw from stock exchanges in favor of algorithmic trading for cut off stock broker costs and increasing information security. Information leaks were used by opportunistic individual investors to gain profits at the expense of institutional investors. Iceberg order limits individual investors corporate governance abilities on stock companies managers.
EN
(Title in Polish - 'Doswiadczenia przewodniczacych rad nadzorczych w spólkach notowanych na GWP (indeks WIG20 i MWIG40). Badania pilotazowe'). This paper is intended to present current research pertaining to the chairman of the board of directors / supervisory board and associated reforms. The characterization made shall serve as a starting point for the presentation of pilot research conducted among the chairmen of the supervisory boards of WIG20 and mWIG40 index companies listed on the Warsaw Stock Exchange. The purpose of the conducted pilot program was the identification of the roles in which chairmen of the Polish supervisory boards see themselves, the range of their activity, and how they assess collaboration with the remaining members of the board and with the company management. An important dimension of the study was also the learning their opinion on corporate governance, inclusive of the identification of areas that, in their view, require correction. An analysis of the amassed observations indicates that among the main roles of chairman of a Polish supervisory board are being a director of compromise, organizer, coordinator of committee work, and a source of inspiration. Participants in this pilot study also saw the motivating of board members to be continuously involved in board work as an important task. They also thought that the chairman has a responsibility to understand the business in which their company operates. The listed roles fit into the set of roles identified in topical literature.
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Corporate governance standards are of paramount importance to the effective functioning of financial markets. Investment fund managers acting as institutions of public trust should take the utmost care to apply the principles of corporate governance. Explored in this study is analysis of corporate governance arrangements used by investment fund companies operating on Polish market.
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Content available remote

Instytucja wezwania na akcje a nadzór korporacyjny

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EN
The aim of the study is to evaluate ownership and control structures of Polish public companies. The shareholding appears to by strongly concentrated. This follows from the provisions of Tender offers - a shareholder may exceed 66% of the total vote in a public company only as a result of a tender offer to acquire or exchange the remaining shares in the company. This percent has voted in the new rules reduce to 33%. This will improve the liquidity of public companies. In this article(improvements in liquidity of publicly companies). In this article analysis was performed of importance of liquidity for corporate of governance.
EN
The corporate governance analyses are rooted in the research on ownership structure and refer to the problems of principal-agent conflicts as well as to conflicts between dominant and minority shareholders. Pyramidal structures are specific type of ownership created for separation of control and cash flow rights and for lowering the capital involvement at a certain control level executed by dominant shareholders. The paper focuses on the presentation of pyramidal structure characteristics and discusses the corporate governance challenges. The paper analyses pyramidal structures as a specific type of ownership structure. It discusses the separation of control and cash flow rights and points at main governance challenges. Additionally, it analyses the popularity of pyramidal structures across the world referring to Polish listed companies.
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The main aim of the paper was the presentation of the results on the influence of supervisory boards on agency costs reduction in Polish listed companies. The research examines agency theory and helps to evaluate two-tier board model. The sample consisted of 520 observations on 266 non-financial companies listed on the Warsaw Stock Exchange. I had conducted panel data analysis and supported the hypotheses that board structure i.e. percentage of supervisory (non-executive) board members in comparison to management (executive) board members positively affects agency costs reduction measured as selling, general and administrative expense ratio and board size negatively affects agency costs reduction.
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This article shows that empirical research supports the existence of a relationship between corporate governance and technological change. This relationship can be split into two parts: a strategic choice relationship, where governance impacts technological change, and a technological imperative relationship, where the reverse can be observed. These relationships modify the direct influences of technological change as well as corporate governance on economic success. Therefore, regulators should be aware that by shaping governance structures they also affect the competitiveness of corporations. However, since not enough knowledge is available to design optimum governance systems that would fit all sorts of corporate objectives, it is argued that corporations should be allowed to choose from a pre-defined set of governance structures without having to change the location of their headquarters. The proof for the existence of the two relationships in question is marred by numerous problems of measurement and analysis. Thus, substantial research into this field is suggested.
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(Polish title: Rozwoj ladu korporacyjnego w krajach emerging markets jako przyczyna naplywu kapitalu zagranicznego na rynki kapitalowe. Przypadek Rumunii). Well constructed system of the principles of corporate governance can reduce the risk and stimulate the development of economy and the capital markets of developing countries. Following the path of developed countries emerging markets have to develop the principles of corporate governance, all the more they lack proper legal adjustments in the range of functioning of firms as a result of historical events. Corporate governance has a great significance for the enlargement of economy and the inflow of foreign capitals, the development of democracy and the attraction of multinational corporations, present on many capital markets of the world. The system of corporate governance in Romania is the example of the use of solutions, predominant in the countries of continental Europe. To raise the competitiveness of this country it is necessary to introduce reforms, regulating functioning of capital market and enterprises after the process of privatization.
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The paper analyses more than a decade of corporate governance development in the Slovak Republic. After the introductory part (Part 1), the second part analyses ownership concentration patterns of the Slovak listed companies. Part 3 focuses on corporate restructuring as developed due to ownership changes. Corporate governance in banking sector is the topic of the Part 4. Evaluation of the impact of management changes on corporate governance system is studied in Part 5.In Part 6 are discussed changes in corporate governance as a consequence of implementation of legislation, regulation and self-regulation. Non-governmental initiatives, supporting the effort for higher transparency on capital market and better corporate governance, are studied in Part 7. In the final part (Part 8), a brief evaluation of expected development in the area of activities initiated at international and supranational levels is outlined.
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The aim of this paper is to analyze standards of good practice relating to operational risk management. Huge losses incurred by renowned companies (e.g. Barings Bank, Enron) as well as local authorities (e.g. Orange County) (Baldassare, 1998 )as a result of errors in operational risk management caused growing interest in this area of science. New strategies of operational risk management implemented in companies and institutions should function within the framework created by legal and corporate regulations valid in a given country. In this paper the author presents various definitions of corporate governance standards and proposes his own definition related directly to the issues discussed here. Then he presents basic systems of risk management consistent with discussed standards. In conclusion, Polish equivalents of normative regulations discussed here were presented, on the basis of which one could construct a system of operational risk management.
Zarządzanie i Finanse
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2012
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vol. 1
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issue 1
151-161
EN
The article rise the subject risk management as part of corporate governance in case of crises. There are sown different local codes which help to implement proper risk management system basic on OECD directives. Additionally there is shown an example of running risk management system implemented by French VINCI Group which relay on AFEP-MEDEF code. The author point out critical elements which have influence on proper risk management system as part of corporate governance.
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Zarządzanie i Finanse
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2012
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vol. 4
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issue 2
219-228
EN
The 2007-2009 financial crisis has had numerous causes. One of the most important has been the weakness of the corporate governance systems in most of the financial institutions. These systems were not efficient enough to prevent managers from taking too risky decisions, oriented on short-term profits. The abnormally high risk appetite has been encouraged by wrong incentive systems, rationalization mechanisms and opportunities created by lax regulatory framework. Corporate governance systems of financial institutions need to be improved .In particular the orientation of these systems needs to shifted form short-term perspective of shareholders returns to longer-term perspective of company performance and interests of all stakeholders
EN
In constructing national corporate governance system it is very important to analyse market thoroughly and to adapt the system to the market conditions. The corporate governance is also discussed in Poland. The regulations adopted on Polish market are voluntary and are based on the Anglo-Saxon corporate solutions. There is a set of precise rules of behaviour addressing corporate bodies, their members and majority and minority shareholders. The measurement of observing rules enables us to compare different countries in their corporate governance. In the European Union there were several actions concerning capital market and corporate governance. 'Agenda Warsaw City 2010' also implies increasing capital market effectiveness by the 2010 as well as implementing further corporate governance rules.
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(Polish title: Ochrona praw akcjonariuszy mniejszosciowych w swietle zasad corporate governance na podstawie analizy porownawczej Polska-Europa-Swiat). The debate on corporate governance is becoming increasingly important for both companies and investors. At its core is an attempt to respect the interests of all groups involved in the development of a company - executives, managers, employees, customers, creditors, suppliers etc. Honesty, trust, openness, respect and responsibility are the main rules of corporate governance. Better developed capital markets, which respect the principles of corporate governance, ensure more transparent policy and encourage even small investors to allocate their funds.
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