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State and self-regulation for better governance: an implication of collibration
International Journal of Law and Management Pub Date : 2020-11-06 , DOI: 10.1108/ijlma-05-2020-0128
Irfan Saleem , Eric Lamarque , Rashedul Hasan

Purpose

The purpose of this study is to study the evolution of French corporate governance law in light of collibration approach and bring statistical evidence from French Companies Executive Compensation practices.

Design/methodology/approach

The study has used mixed methods. In the first part, the authors analyzed the French laws in the light of collibration. In the second part of the study, the authors used unbalanced panel data to test the hypotheses related to executive remuneration based on the theoretical underpinning of collibration. Data for 173 firms listed in the Euronext Paris Index is collected from the Bloomberg database. Seemingly unrelated regression (SUR) analysis is performed to investigate the impact of collibration on the governance disclosure of French-listed firms.

Findings

SUR results indicate that board size plays a significant role in the governance disclosure before collibration. However, the collibration model is found to be more effective in ensuring the desired level of governance disclosure. Under the collibration approach, executive remuneration, frequency of board meetings, executive directors in the compensation committee and independent directors play a significant role in governance disclosure. Board size, however, does not have a substantial impact on governance disclosure after the adoption of collibration mechanism.

Research limitations/implications

Results provided by this study can allow regulators to improve corporate disclosure regime in France, which could play a vital role in safeguarding the interest of stakeholder.

Originality/value

The authors study the impact of collibration on the extent of governance disclosure in the context of France. Empirical evidence on the implication of collibration as governance mechanisms to enhance stakeholder confidence is rare and allows this study to make a unique contribution to the governance literature.



中文翻译:

为更好的治理而进行的状态和自我监管:寓意的暗示

目的

这项研究的目的是根据整理方法研究法国公司治理法的演变,并从法国公司高管薪酬实践中获得统计证据。

设计/方法/方法

该研究使用了混合方法。在第一部分中,作者根据整理对法国法律进行了分析。在研究的第二部分中,作者使用不平衡的面板数据来检验基于理论基础的高管薪酬相关假设。泛欧巴黎交易所指数列出的173家公司的数据是从彭博数据库中收集的。似乎进行了不相关回归(SUR)分析,以研究合并对法国上市公司的治理披露的影响。

发现

SUR结果表明,董事会规模在整理之前的治理披露中起着重要作用。但是,发现整理模型在确保所需的治理披露水平方面更为有效。在汇总方法下,执行人员的薪酬,董事会会议的频率,薪酬委员会中的执行董事和独立董事在公司治理的披露中起着重要的作用。但是,采用合并机制后,董事会规模不会对治理披露产生实质性影响。

研究局限/意义

这项研究提供的结果可以使监管机构改善法国的公司披露制度,这对于维护利益相关者的利益起着至关重要的作用。

创意/价值

作者研究了法国背景下合作对公司治理披露程度的影响。关于将整理归纳为提高利益相关者信心的治理机制的经验证据很少,这使本研究对治理文献做出了独特的贡献。

更新日期:2020-11-06
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