Indian Journal of Corporate Governance

This study examines the relationship between corporate governance and firm valuation using a comprehensive data set from 25 countries. Empirical results show the existence of a positive and significant association benveen corporate governance structure and firm valuation. Overall, the results confirm that better governed firms are valued higher. The analysis reveals that firms would benefit by improving their corporate governance practices.

The foundation of any structure of corporate governance is disclosure. Various committees constituted in different countries, in the wake of major corporate failures, scandals and financial irregularities in different parts of world have resulted in codes of best practices and corporate governance guidelines.

The present paper studies relationship between company attributes and extent of corporate governance disclosures . The study is based on secondary data from 100 selected BSE listed companies .An 'Index of corporate governance disclosure' consisting of 85 items was constructed. Linear Regression Equation has been used for each independent Variable separately and Multiple Regression Analysis for all variables done.

Findings exhibit a positive relationship between selected company attributes and extent of corporate governance disclosure. The companies which disclose greater items of corporate governance nature are likely to be(a) Large in size as measured by Share-Holders Funds (b) More profitable as measured by PAT as % of Sales (c) Liberal in distributing profits by issue of bonus shares . (d) Their shares being included in active stocks (A type) listing on Bombay Stock Exchange. The proportion of independent directors in board does not have clear relationship with disclosure practices .

What is Business Ethics? This concept paper is written so as to understand the importance of ethics in corporate governance. In the wake of the many scandals that have taken place worldwide and India, the concern still remains that while we are progressing towards institutionalizing a Code of Ethics for the Corporales, the applicability, the use and the Jar reaching consequences it will have in mitigating any malfeasance in the future is still debatable.

The paper deals with the incentive debate so as to discuss both the Cadbury Committee Report and Sec 406 of the Sarbanes- Oxley. The conclusion that we drmu is the need of having some ground rules when functioning in any jurisdiction. With the firm hands of ethics ill corporate governance, the levels of accountability and transparency will increase. With this ensured, the corporate will follow the path, justice and social responsibility towards their shareholders.

Considering the events that had taken place in the corporate's across the world in the form of corporate scandals and the behavior's of the B-students of the Bschool students, it calls for immediate attention of the researchers, academicians and other societal players to focus on the concepts of Business ethics and convergence of Business Ethics with Corporate Governance. Hence, this paper attempts to throw some reflections on the issue of convergence of Business Ethics with the Corporate Governance.

Ethical governance is at the foundation of balanced development which focuses on both wealth creation and social responsibility simultaneously. Ethical governance ensures that the vision of the firm is stated in balanced terms and provides the leadership thrust that helps in the successful implementation of the balanced strategy. Corporate governance also helps in building a culture in which every member is motivated to pursue the balanced strategy with zeal.

This paper discusses how the balanced development has been achieved using ethical governance by 'Excel Industries' (Excel), a specialty agro-chemicals manufacturer in India. The paper provides an in-depth discussion of how the various governance issues in this company have been integrated to achieve business growth as well as the farmer's life transformation. The paper draws lessons from the case of Excel for understanding the importance of ethical corporate governance in promoting balanced development.