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1

International Experts’ Influence on Company Internationalization

100%

Kravchenko G.

Central European Management Journal

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2021

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vol. 29(4)

57-90

EN

Purpose: The article evaluates the associative relationship between international supervisory board experts and foreign ownership, along with the experts’ influence on the financial and operating performance of firms. The study was based on data collected for 257 companies listed on the Warsaw Stock Exchange in 2010–2015. Methodology: The dataset was built as a panel, and then generalized least squares regression models with a fixed or random effect were employed to test hypotheses. Findings: The findings of the study clearly show that the presence of investigated firms in foreign markets positively affects company performance. Moreover, models with dependent variables ROA and ROS show that supervisory board members with foreign experience positively affect profitability indicators of firms that do not operate on foreign markets. The data analyses reveal that international experts are more effective advisors for companies that conduct no business activities on foreign markets. Furthermore, the results show a positive moderate association between the share of international experts in supervisory boards and the share of foreign ownership in the company. Originality: The article contributes to the understanding of determinants and consequences of the presence of international experts in supervisory boards and company internationalization.

2

Audit Committee Formation: The Case of Poland

51%

Puławska K., Dobija D., Piotrowska K., Kravchenko G.

Central European Management Journal

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2021

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vol. 29(2)

169-212

EN

Purpose: This study investigates the determinants of audit committee (AC) formation in a semi-mandatory setting of a European economy, in which ownership and control are predominantly in the hands of families and business groups, and the voluntary practice of forming an AC has not been widely accepted. Methodology: This research uses a sample of Polish nonfinancial firms listed on the Warsaw Stock Exchange (WSE) in 2008–2015. The study implemented logistic regression to test the role of the supervisory board (SB) and companies’ compositional characteristics in AC creation. Findings: Primary analysis provided evidence of an inverted association between commonly accepted determinants of AC formation – such as the number of independent members on the supervisory board (SB) – and accounting and finance expertise of the SB members. The study also revealed that companies with foreign ownership are more likely to have an AC. Originality: This study indicates an important relationship between the existence of other SB committees as a meaningful determinant of AC formation. This article is valuable for supervisory bodies and regulators as they provide insights into factors that influence audit committee formation.

3

Harmonising Agency Theory and Sustainable Economic Paradigm – Improving Market Efficiency by Smart Regulation

51%

Mlinarič F., Kravchenko G., Brezovnik B.

Studia Iuridica Lublinensia

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2024

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vol. 33

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issue 1

143-157

PL

Zbadaliśmy skomplikowaną dynamikę teorii agencji w ramach zrównoważonej transformacji gospodarczej, która jest niezwykle kapitałochłonna. Uznając istotę zrównoważonej transformacji, zajmujemy się wyzwaniami związanymi z problemem agencji drugiego rzędu (SOAP) oraz niedoskonałościami rynku związanymi z dobrami publicznymi. W badaniach analizujemy subtelną zmianę w kierunku dominujących dóbr i usług bazujących na wiarygodności szeroko rozumianej jakości, podkreślając potrzebę standaryzowanych informacji niefinansowych napędzających efektywność rynku. Głównym celem jest wypełnienie luki między klasyczną teorią agencji a nowoczesnymi zastosowaniami zrównoważonej ekonomii. Nasze ustalenia wprowadzają innowacyjny model krzywej regulacji (RCM), prezentujący świeże spojrzenie na dynamikę kosztów i korzyści regulacji. Zakres tego badania jest międzynarodowy, ze szczególnym uwzględnieniem studiów przypadków z Polski i Słowenii. Wyniki dotyczące koncepcji RCM i modelu scoringowego zrównoważonej strategii oferują znaczącą wartość poznawczą zarówno dla nauki akademickiej, jak i praktycznego kształtowania polityki. Badania te mają potencjał do kierowania przyszłymi zrównoważonymi politykami i oferują wgląd dla narodów poruszających się w złożoności transformacji gospodarczej.

EN

We examined the intricate dynamics of agency theory within the framework of sustainable economic transition, which is incredibly capital intensive. Recognizing the gravity of sustainable transition, we address the challenges posed by the Second Order Agency Problem (SOAP) and market failures related to public goods. The research explores the subtle shift towards dominant credence goods and services, emphasizing the need for standardized non-financial information fuelling market’s efficiency. The primary aim is to bridge the gap between classical agency theory and modern sustainable economics applications. Our findings introduce an innovative Regulation Curve Model (RCM) presenting a fresh perspective on the cost-benefit dynamics of regulation. This study’s scope is international, with a specific focus on case studies from Poland and Slovenia. Our results from the RCM concept and from the sustainable strategy scoring model offer significant cognitive value for both academic science and practical policymaking. The research holds potential for guiding future sustainable policies and offers insights for nations navigating the complexities of economic transition.

Refine search results

2 Central European Management Journal

1 Studia Iuridica Lublinensia

3 Kravchenko G.

1 Brezovnik B.

1 Dobija D.

1 Mlinarič F.

1 Piotrowska K.

1 Puławska K.

1 2024

2 2021

International Experts’ Influence on Company Internationalization

Audit Committee Formation: The Case of Poland

Harmonising Agency Theory and Sustainable Economic Paradigm – Improving Market Efficiency by Smart Regulation