Forthcoming and Online First Articles

International Journal of Corporate Governance

International Journal of Corporate Governance (IJCG)

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International Journal of Corporate Governance (6 papers in press)

Regular Issues

  • Does institutional investors’ heterogeneity impact the dividend policy? Evidence from India   Order a copy of this article
    by Geeta Singh, Rajesh Pathak 
    Abstract: In this paper, we examine the impact of ownership level of different institutional investors on the dividend policy of the Indian firms, publicly traded on the National Stock Exchange of India from 2010 to 2019. We focus on the heterogeneous characteristics of various institutional investors and examine the way they impact the dividend policy of the firms. Further, we also examine how the affiliation to a group impacts the relationship between different shareholders and dividend payout and provide evidence for the moderation effect of group-affiliation status of firms such that the monitoring role of the institutional investors is subsided in the member firms of a group. We provide empirical justification for the association between different categories of institutional shareholders and dividend policy, while highlighting the role of group affiliation on the hypothesised relation.
    Keywords: dividend; institutional investors; FII; bank; mutual fund; agency problem; information asymmetry; India.
    DOI: 10.1504/IJCG.2024.10061920
     
  • Investigating the Nexus between Composition of Risk Management Committee and Performance   Order a copy of this article
    by Rohit Kumar Singh, Supran Kumar Sharma, Jyoti Sharma 
    Abstract: The focus of the current study is to estimate the possible influence of the risk management committee (RMC) of Indian public sector banks on their performance measured through return on asset and return on equity along with a few board characteristics for a period of ten years covering from 2009-2018. The present study performs the fixed effect regression estimation along with concerning the endogeneity issues in the model via vector autoregression estimations. The analysis reveals that the size of RMC is crucial in enhancing the performance of Indian banks; however, the meeting aspect needs to be reassessed as it shows a statistically significant and negative relationship with the performance of Indian banks. Consequently, policymakers can make the most from the study in terms of providing a better composition for RMC.
    Keywords: corporate governance; Indian public banks; bank performance; risk management committee; RMC.
    DOI: 10.1504/IJCG.2024.10062631
     
  • Corporate governance antecedents and value relevance of environmental, social, and governance (ESG) disclosures: insights from Indian listed firms   Order a copy of this article
    by Sankalp Purushottam Naik, Riyanka Baral, A. V. S. Durgaprasad, Ch VVSNV Prasad 
    Abstract: The environmental, social, and governance (ESG) tag has gained currency amidst the increased fervour surrounding sustainability and climate change. Regulators have ardently backed ESG reporting, and company boards have optimistically obliged. Despite the enthusiasm and endorsement from stakeholders, the enigma around ESG determinants and value relevance persists. This paper aims to identify ESG antecedents among Indian-listed firms and assess ESG’s role in value creation. The antecedents are chosen from corporate governance and corporate finance literature. Antecedents are also tested across individual ESG pillars, a rarity in ESG studies. Findings suggest that board gender diversity (BGD), board independence (BoardIND), firm size, and financial leverage enhance ESG reporting. BGD positively influences environmental and social disclosures, while BoardIND encourages governance-related disclosures. ESG disclosures have improved among Indian firms, but the results do not indicate any significant role for ESG disclosures in value creation. This is in sharp contradiction to the trends observed for developed economies. ESG embeddedness in India is still nascent and has a long way to go before it can align itself with investor expectations.
    Keywords: corporate governance; firm value; environmental; social; and governance; ESG; board gender diversity; BGD; disclosure; board independence.
    DOI: 10.1504/IJCG.2024.10062898
     
  • Corporate Governance and Environmental Social and Governance Disclosures: Evidence from The Asia-Pacific Countries   Order a copy of this article
    by Monika Dhochak, ABHISHEK RANGA, Prince Doliya 
    Abstract: The objective of the study is to examine the impact of corporate governance parameters on the quality of environmental, social and governance (ESG) indicators for the Asia-Pacific countries. For this purpose, we have used the quality of ESG disclosures as dependent variable and board gender diversity, independent directors, CEO duality and board size as independent variables along with the firm-level and country-level control variables. The empirical analysis is based on the five-year panel data collected from the Refinitiv Eikon database for the Asia-pacific companies from the year 2016 to 2020. The findings of the study suggest that board gender diversity and independent directors have positive and significant effect on the ESG disclosures, while the CEO duality has significant and negative impact. The findings also suggest that independent and female board members bring transparency and instigate more social and environmental initiatives, which results in the transmission of firm’s positive image.
    Keywords: ESG disclosures; corporate governance; board composition; board characteristics; Asia-pacific countries; environmental; social and governance.
    DOI: 10.1504/IJCG.2024.10063055
     
  • Sensitivity of executive remuneration to social and traditional media exposure in China   Order a copy of this article
    by Greg Shailer, Shi Shu 
    Abstract: This study examines Chinese corporations’ remuneration sensitivities to their social media and traditional media exposure. Distinguishing privately-controlled, central government-controlled and local government-controlled corporations, we estimate relations between changes in relative social and traditional media exposure and subsequent changes in executive remuneration, which is a socially and politically sensitive issue in China. We find that privately-controlled corporations appear more sensitive to the threat of public opinion implied by social media exposure, while central government-controlled corporations are more sensitive to traditional media exposure. The results are robust to alternative model specifications and different measures of key variables.
    Keywords: social media; news media; traditional media; executive remuneration; corporate governance; corporate ownership; corporate control; corporate sensitivity; executive remuneration; China.
    DOI: 10.1504/IJCG.2024.10063175
     
  • Enshrining principles of corporate governance in the legislative framework on insurance in Mauritius: a critical assessment   Order a copy of this article
    by Bhavna Mahadew 
    Abstract: The advent of the Insurance Act 2005 of Mauritius has no doubt revolutionised the insurance sector for the last 15 years. However, with the evolution of crimes especially cyber ones, there has been a pressing need for the legislative framework on insurance to be reviewed. With the recent scandals that the sector has known, it has been widely argued that they could have been avoided with the correct infusion and enshrinement of the principles corporate governance as provided for by the 2016 Code of Corporate Governance. This article assesses the legislative framework on insurance to find that some of the major components are already deeply engrained. This article finds that there are still some components of corporate governance which have not been crystallise in the Mauritian law. It advocates ad recommends for their implementation or enshrinement in the law.
    Keywords: Mauritius; insurance; corporate governance; Insurance Act 2005; 2016 Code of Corporate Governance Mauritius.
    DOI: 10.1504/IJCG.2024.10063425