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Journal Journal of Governance and Regulation

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Journal of Governance and Regulation; doi:10.22495/jgr

Journal of Governance and Regulation, Volume 8, pp 4-6; doi:10.22495/jgrv8i4_editorial

Abstract:The latest 2019 Issue 4 of Volume 8 is devoted to interesting topics in the field of governance as well as regulation that will be very relevant for 2020 and beyond: financial reporting, the multi-factor partitioning model, corporate governance in Middle East and Africa, valuation methods, impact finance, Corporate Social Responsibility and Green Bonds
Massimo Mariani, Francesco Grimaldi, Alessandra Caragnano
Journal of Governance and Regulation, Volume 8, pp 82-90; doi:10.22495/jgrv8i4art7

Abstract:In the last few years, there has been growing attention by enterprises and investors concerning the adoption and implementation of strategies and decisions characterised by a strong social and environmental impact. 2018 represented a fundamental year for renegotiations on the climate, in fact, following the COP 21, the aim was of both producing a "Rulebook" in order to carry out all the details received from the Paris agreement and a "Talanoa Dialogue" aiming at informing the parties of all the carried-out progresses. In this scenario, green bonds represent the financial tool that better meets the enterprises need to collect capital as well as the possibility of conveying the latter through strict obligations towards high environmental impact initiatives. Considering the high potential in using this tool, this work aims at investigating, in a double perspective, from both the issuing companies and the investors’ point of view, risks and opportunities. In particular, the possibility not only to diversify the financial sources but also to carry out a strategic plan to guarantee value creation in the long term (LTVC) and to preserve the environment. The most important goal of this work is to supply a reference framework conveying the main aspects to consider and evaluate.
Luca Piras
Journal of Governance and Regulation, Volume 8, pp 56-63; doi:10.22495/jgrv8i4art5

Abstract:Academic literature on impact finance has not yet covered all aspects of the topic, nor has significantly contributed, so far, to solve several relevant problems arising from the field. Defining the metrics and measurement models suitable to assess impact is probably, among them, the most important one. Practitioners seem willing to exploit the potential value and, although useful heuristics and practical solutions have been found, no satisfactory and widely accepted valuation model is available. The present paper tries to summarize the state of the art, through the analysis of the available literature and tries to address some possible development in future research. The underlying idea is that the field is still very new, on one side, and extremely diverse in its manifestation, therefore no traditional theory fully applies to it. At the same time, the research on the topic still relays on practitioners’ effort, rather than on academia, a gap that ought to be filled. The paper concludes that Impact Finance and Investing are perhaps too narrow labels that limit the possibility to fully grasp the core of it and propose to widen up it by using “Positive Finance” as a more comprehensive one. Indeed, it has been found that academic empirical studies are so far very few and statistical findings far from being robust. The absence of accepted market models, prevent researchers from delivering a theoretical effective interpretation of the growing market.
Elhadi Eltweri, Ahmed Eltweri
Journal of Governance and Regulation, Volume 8, pp 64-81; doi:10.22495/jgrv8i4art6

Abstract:The study aims to the determination of the degree of customer awareness in relation to activities for customer social responsibility that should be undertaken by a company that is socially responsible, as well as to establish the influence that CSR has upon the loyalty of customers in the Libyan telecom sector. Given that, there is a great variety of developed countries that have well-developed telecom sectors which are closely monitored; however, the literature in developing countries that address the impact of CSR on customer loyalty is very limited. Therefore, the examination of the sector customers is of worth so that the meeting of needs for Libyan telecom sector customers can be assured. The survey was completed by 154 participants in total, and there was a recording of the web survey and analysis of the findings. Variables utilised for measurement of the influence of CSR upon the loyalty of customers were taken from the framework of theory with the inclusion of an economic CSR component, the legal CSR component, the philanthropic and ethical components of CSR and the loyalty of customers. The web-survey findings showed that customers had a great awareness of the activities of CSR that ought to be engaged in by responsible companies. In addition, the results showed that CSR did have an impact upon loyalty within the Libyan telecom sector and that customers had a willingness to buy from the firm because of the engagement of them in CSR activities.
Elisa Cavezzali, Enrico Maria Cervellati, Sciprofile linkPierpaolo Pattitoni, Ugo Rigoni
Journal of Governance and Regulation, Volume 8, pp 46-55; doi:10.22495/jgrv8i4art4

Abstract:Despite its importance, the informative value of the analysts’ valuation methods has not been thoroughly examined in the literature. Such an issue is relevant with regard to the concerns on analysts’ objectivity. We test whether investors’ reaction is jointly influenced by recommendations and target revisions and mainly by valuation method used because it summarizes the information considered to be relevant by the analysts. We analyse the market reaction to recommendation revisions with an event study methodology, calculating market-adjusted abnormal returns at the report release date. We run regressions to test the market impact of recommendations and target price revisions, as well as their interaction, and we then focus on testing several models to discern market reaction to distinct valuation methods. We show that market reaction is influenced by the valuation methods used in their reports. The majority of previous studies relying on commercial databases report the market reaction in relation to analysts’ recommendations, target prices or earnings forecasts, often overlooking the content of the reports and the methodology used therein. This is due to an information constraint of commercial databases, normally including only the above-mentioned synthetic variables. A notable exception is Asquith, Mikhail, and Au (2005) who find no relation between the market reaction and the valuation methods used by analysts. Compared to Asquith et al. (2005), our research uses a larger database and finds a different result. We show the market reacts differently to distinct valuation methods, without favouring the theoretically more correct ones based on discounting cash flows. We also find that the market reaction is larger when the analysts support their recommendation with more than one valuation method. Our research shows that the market pays attention to the content of the reports and analysts can be more influential when they use more valuation methodologies to cross-check their estimates.
Khaled Otman
Journal of Governance and Regulation, Volume 8; doi:10.22495/jgrv8i4art3

Abstract:Strong corporate governance is vital for countries in the Middle East and North Africa (MENA) as they strive to increase economic growth and reinforce competitiveness and create prosperous societies. This paper evaluates the corporate governance landscape by identifying Development Economic and policy challenges in the MENA countries. In addition, it discovers the role of MENA markets and OECD in improving corporate governance. The current study found that corporate governance is still in the early stages in MENA region and it recommends that there is a need for future research to develop corporate governance model in the unique economic and social environment in the MENA countries. The contribution of this research is significant, not only for the MENA region, but also for application to other emerging markets. In this study, clear insights are provided for policymakers, regulators, managers, investors and researchers involved in emerging markets.
Georgios Xanthos, Konstantina Psimarni
Journal of Governance and Regulation, Volume 8, pp 21-34; doi:10.22495/jgrv8i4art2

Abstract:The multi-factor partitioning model (MFP) is one of the shift-share analysis models and constitutes an essential contribution to the effort of describing and understanding a region’s growth. The purpose of the present paper is: 1) To present, the multi-factor partitioning model and its connection to traditional and homothetic one; 2) To explain why the use of standardized relative changes in the use of the MFP model ignores two effects: the distribution effect and the structure effect; 3) To propose a modification of multi-factor partitioning model to take into account the previous mentioned effects; 4) To apply the multi-factor partitioning and the proposed modified multi-factor partitioning model in order to identify growth regional patterns in thirteen Greek regions, and show that the use of multi-factor partitioning model instead the proposed modified model, misleads us to the results.
Panagiotis Ballas, Sciprofile linkAlexandros Garefalakis, Sciprofile linkChristos Lemonakis, Vassiliki Balla
Journal of Governance and Regulation, Volume 8, pp 8-20; doi:10.22495/jgrv8i4art1

Abstract:The financial system consists, without doubt, one of the most important determinants of the world national economies, which undergoes numerous changes and challenges with major impact on the economic growth prospects of a country. A healthy financial system is the steam engine of the economy, a major source for economic growth through which capitals are attracted for investments; hence, it is regarded as a trustee of financial stability. Given the difference in structure and function of the financial sector in various countries, we investigate the extent to which the implementation of International Financial Reporting Standards (IFRS) accompanied by Corporate Governance practices affected the quality of financial and narrative reporting offered within published statements of Greek banks for the period from 2008 to 2011. The originality of the work lies at the fact that it focuses on Greek financial institutions for a period that incorporates both the burst of global financial crisis and the beginning of the Greek sovereign debt crisis making inferences on quality of reporting as a result of IFRS and Corporate Governance practices adoption. Our analysis revealed the positive contribution of both of the above categories of variables to the accuracy and quality of the information offered to stakeholders.
Khalid Al-Adeem, Ibrahim Al-Sogair
Journal of Governance and Regulation, Volume 8, pp 72-82; doi:10.22495/jgr_v8_i3_p7

Abstract:Elements of corporate governance must be activated at all scales for the efficient functioning of a nation’s capital market. The effectiveness of the board of directors depends on factors related to, for example, the composition of the board and its independence. This study aims to investigate empirically whether the board of directors is an effective mechanism for monitoring managers in Saudi Arabia through a survey. A questionnaire that was developed and employed by Elyas (2015) is utilized for data collection after modifying it and judging its appropriateness. We targeted individuals who had relevant experience as members of the board of directors as our respondents. Only 29 subjects took the survey. The results indicate that the respondents generally disagree with the survey items, pointing out the ineffectiveness of the board of directors in monitoring executive management. Although the subjects’ credible experience can be assumed, the generalizability of our research findings is limited because of the low number of respondents.
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