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The IUP Journal of Corporate Governance

Jul'14

Focus Initial Public Offering (IPO) is the critical point in ensuring investors’ participation when a private firm goes public. The potential shareholders would hesitate to invest in the firm coming to the market with IPO unless it has strong corporate governance mechanisms in place. more...

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The Effect of Board Size on Underpricing of IPOs: Indian Evidence

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Corporate Financial Reporting on the Internet: A Survey of Websites of Listed Companies in Pakistan

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Options Are a CEO’s Best Friend: Executive Compensation in Swedish Listed Corporations

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The Effect of Board Size on Underpricing of IPOs: Indian Evidence

--Rekha Handa and Balwinder Singh

Corporate governance mechanisms are being widely researched for their impact on different measures of corporate performance. Board structure being a dominant means of monitoring and governance for sustaining the competition and improving financial and overall performance, forms an integral part of these mechanisms. The present paper explores the size of the board as a governance method and its relationship with Initial Public Offering (IPO) performance, IPOs being a unique setting to establish the contribution of corporate governance in general and boards in specific. The study investigates specifically board size to explore its independence as a governance mechanism and contribution in explaining the initial returns of an IPO.

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Corporate Financial Reporting on the Internet: A Survey of Websites of Listed Companies in Pakistan

--Zainab Alam and Kashif Rashid

The paper attempts to investigate the current state of Internet Financial Reporting (IFR) practices of listed companies on Karachi Stock Exchange (KSE), Pakistan, after the recent regulatory notification [SRO 25(1)/2012] issued by the Securities and Exchange Commission of Pakistan (SECP) in the financial reporting environment. The authors surveyed a randomly selected sample of 50 companies listed on KSE to ascertain whether the recent regulatory changes have had a significant impact with respect to the financial reporting on their website. Content analysis approach is applied to study the IFR practices using the modified version of the IFR index of Davey and Homkajohn (2004). It is observed that the listed companies, on an average, report 47% significant portion of financial information on their websites. They provide the financial information on the Internet as a complement to their traditional paperbased reports. The amount and quality of IFR practices differ widely and only a few companies are using the technology offered by the Internet. IFR categories of content and user support scores are higher than that of timeliness and technology for websites of the Pakistani listed companies. The research findings are essential as they assist in informing the regulators about the IFR practices of listed companies which satisfy national and international investors’ demand for updated/online information.

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Options Are a CEO’s Best Friend: Executive Compensation in Swedish Listed Corporations

--Sven-Olof YrJÖ Collin, Lina Gustafsson, Emma Petersson and Elin Smith

Ownership influences both the level and composition of executive compensation. The present study examines this by adding identity of the owner and the owner’s capacity to create a governance strategy to the traditional ownership concentration measure. Through a test on Swedish corporations listed as on 2008, it is found that the identity of the owner influences the level of compensation, and the concentration of ownership negatively influences the propensity to use options. This is interpreted as a sign that options are not so much an incentive instrument, aligning the CEO’s interest with the absent owners’ interest, but more of a recruitment instrument and an indication of CEO strength.

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Automated Teller Machines (ATMs): The Changing Face of Banking in India

Bank Management

Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.

The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.

International Scenario

If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.

Indian Scenario

The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.

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