I am particularly glad to introduce the discussions of this panel today. Establishing the banking union constitutes a key step to reinforce the European integration and marks a major milestone in European history. The National Bank of Belgium strongly supports the banking union and its single supervisory mechanism which, if well implemented, will lead to a sound and robust supervisory model and...

This paper is to explore that if ownership structure exactly affects on earnings management, especially on how to constrain executive compensation motivation to earnings management in the emerging market of China. We use five variables to quantify various corporate governance mechanisms including ownership structure and executive compensation for 1024 listed firms sample within two years. We fi...

The initial sample of firm-quarter observations are derived from a September 2009 extract of the fundamentals quarterly table from Compustat. We include any U.S. firm (fic = “USA”) outside of the financial industry (sic outside of 6000 to 6999) and all firm-quarter observations with nonmissing information on total assets (atq), total sales (saleq), common shares outstanding (cshoq), closing sha...

Separation between CEO and Chairman of the Board is typically viewed as evidence of good corporate governance. Surprisingly, the literature has failed so far to uncover any significant relation between CEO/Chairman duality and firm performance. By distinguishing between periods with and without CEO turnover, we empirically identify two offsetting effects: the correlation between duality and per...

Wechallenge conventional accounts of the rise and fall of strategic planningby examining the history and evolution of strategic planning practices at the General Electric Company (GE) during six CEO regimes: Wilson, Cordiner, Borch, Jones, Welch and Immelt. We distinguish strategic planningd a system of strategy formulation, decision making and controld from particular planning technologies suc...

A model of corporate governance must explain (i) why governance matters; (ii) variation in governance across firms (i.e., be responsive to the Demsetz and Lehn, 1985, critique); and (iii) the positive correlations found empirically between quality of corporate governance and corporate performance. The model presented here satisfies these three criteria. It assumes exogenous variation in firm po...

This paper proposes to analyse models of corporate governance applied to businesses listed in the stock markets of the Iberian Peninsula, namely the ones of Lisbon and Madrid. The corporate governance subject is becoming increasingly important for businesses as it is difficult to manage the interests of every economic agents related to an organization. The corporate governance is characterized ...