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The IUP Journal of Corporate Governance

January '09

Corporate governance mechanisms are in place to ensure that the managers (agents) act with an objective of creating wealth for the shareholders. Such wealth creation will occur when the firm performs to its fullest possible capacity.

Corporate Governance Mechanisms and Firm Performance: A Survey of Literature
The Cadbury Code Reforms and Corporate Performance
Corporate Governance and Indian FMCG Industry
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Corporate Governance Mechanisms and Firm Performance: A Survey of Literature

- - Manpreet Singh Gill, T Sai Vijay and Subhash Jha

The literature on corporate governance identifies three prominent corporate governance mechanismsboard, disclosures and ownership structure. However, there is no unanimity among the researchers about the effect of these mechanisms on corporate performance. The attempt is to survey the literature on the relationship between corporate governance mechanisms and firm performance. One finds that while literature agrees on the positive relationship between disclosure and firm performance, it is inconclusive on the relationship between board characteristics and firm performance. Similar is the case of the relationship between ownership structure and firm performance. One also finds that most of the work in this regard was done in the context of developed countries.

The Cadbury Code Reforms and Corporate Performance

- - Phillip J McKnight,
Nikolaos T Milonas,
Nickolaos G Travlos and Charlie Weir

This paper investigates the impact of adopting the Cadbury Committee's Code of Best Practices on the corporate performance of UK firms. The findings show improved corporate performance by companies which adopted the Code. Regarding the specific recommendations of the Code, splitting the positions of the Chairman of the Board and CEO does not result in improved corporate performance. The establishment of an internal audit and/or remuneration committee is positively associated with corporate performance, while the presence of a key executive director in such committees is negatively associated with corporate performance. There is a negative relation between corporate performance and the proportion of non-executive directors, but a positive relation between corporate performance and the square of the proportion of non-executive directors.

Corporate Governance and Indian FMCG Industry

- - Hitesh J Shukla

The present study aims at examining the governance practices prevailing in the prominent companies of the Indian Fast Moving Consumer Goods (FMCG) sector within the Indian regulatory framework. The study also aims at assessing the substance and quality of reporting of the corporate governance practices in annual reports. The study includes four renowned companies in the FMCG sectorHindustan Unilever Ltd., ITC Ltd., Nestle (India) Ltd. and Tata Tea Ltd. For this purpose, parameters include the statutory and non-mandatory requirements stipulated by the revised Clause 49 of the listing agreement, as prescribed by the Securities and Exchange Board of India (SEBI) and relative amendments in the Companies Act, 1956. It has been observed that among the four renowned FMCG companies, ITC scored the highest points, followed by Tata Tea, HUL and Nestle. ITC, Tata Tea and HUL figured in the criteria of Very Good and Nestle figured in the criteria of Good.

Article Price : Rs.50


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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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