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2023 | Buch

Corporate Governance—A Theoretical Perspective Kapitel lesen Erstes Kapitel lesen

Looking at and Beyond Corporate Governance in India

A Journey of Three Decades of Reforms

verfasst von: Seema Joshi, Ruchi Kansil

Verlag: Springer Nature Singapore

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book explores theoretical and empirical perspectives on corporate governance and sustainability and reflects upon India’s three decades of corporate governance reforms. It provides a solid base of information culled from extensive empirical research. It will contribute to the 2030 agenda of the United Nations on Sustainable Development Goals by lighting the way forward and enhancing the convergence of corporate governance with sustainability in business entities. Adopting a credible and uniform sustainability reporting framework and cultivating a pervasive “sustainability culture” through effective “sustainability leadership” has become a business imperative. It will be highly relevant for all stakeholders, including shareholders, boards of directors, managers, academicians, and researchers, and it will empower, enrich, and enable them to gain more conceptual clarity and empirical understanding of corporate governance and sustainability issues. In addition, it shows the pathway for policymakers and practitioners to address the myriad challenges that emanate from sustainability by suggesting new approaches emerging in the critical domain of corporate governance.

Inhaltsverzeichnis

Frontmatter

Looking at Corporate Governance

Frontmatter
Chapter 1. Corporate Governance—A Theoretical Perspective
Abstract
A large body of research has focused on the importance of corporate governance (CG) since the release of the Cadbury Report in 1992. The chapter provides a brief summary of what constitutes corporate governance and also the reason for the heightening of interest in this area. After having explained the evolution and functioning of the corporate form of entity, the chapter also focuses on the multiple theories on corporate governance. Since, country specific circumstances and institutional features play a big role in shaping the corporate governance regimes, therefore, distinct models and practices of corporate governance adopted in selected countries have also been discussed.
Seema Joshi, Ruchi Kansil
Chapter 2. Corporate Governance in India: An Evolving Landscape
Abstract
With the growing influence of India in Asia and G-20 nations as well as the spread of awareness of the OECD Principles of Corporate Governance (CG) , CG reforms in India have assumed great relevance. These reforms are critical to underpin sound economic growth and value creation. The last three decades have witnessed several key structural CG reforms in India. These vary from the constitution of various committees (such as Kumar Mangalam Birla Committee on Corporate Governance) to the establishment of a regulatory body (SEBI) and from the enactment of legislation (SEBI Act to Companies Act, 2013) to further amendments (Companies (Amendment) Act, 1999, Clause 49 of the Listing Agreement and the Companies Act, 2013) therein. This chapter portrays the evolving CG landscape in India by first presenting its historical perspective and later tracing the chronology of three decades of CG reforms in India. The journey highlights a shift from an “approval-based regime” to a “disclosure-based regime”.
Seema Joshi, Ruchi Kansil
Chapter 3. Corporate Governance and Economic Performance—A Micro to Macro Perspective
Abstract
The literature reveals that there are different channels through which corporate governance (CG) impacts economic performance. The chapter briefly discusses them to establish linkages between CG and economic performance. At the micro level, better governance structures can definitely lead to improvement in the performance of firms by making management more efficient and productive and by bringing about improvement in asset allocation and labor policies. At the macro level, prior studies reveal that there is a positive link between improved quality of governance and economic growth (EG). This chapter empirically addresses two overarching questions: Does CG improve firm performance in India at the micro level? Does CG enhance EG in the case of India at the macro level? The results prove that good corporate governance enhances firm performance on the one hand and that economic growth precedes corporate governance. In other words, corporate governance is a consequence of economic growth in the case of India.
Seema Joshi, Ruchi Kansil
Chapter 4. Linkage Between Corporate Governance, Foreign Direct Investment and Economic Growth—Empirical Evidence from India
Abstract
Most extant studies focus on the relationship between foreign direct investment (FDI) and economic growth (EG). However, the unique contribution of the present chapter is that it extends the literature through empirical evaluation of the linkage between the three variables viz. corporate governance (CG), foreign direct investment (FDI) and economic growth (EG) by using the Granger causality technique. The study finds that the relationship between the EG and CG is bidirectional in nature. Furthermore, EG and CG both cause FDI. From the results, we infer that CG is a crucial variable that deserves special and more attention from policy makers in India to revive the present growth rate of the country and to subsequently put India on a higher growth trajectory. Indeed, good CG norms have the potential to boost EG by attracting more FDI.
Seema Joshi, Ruchi Kansil

Looking beyond Corporate Governance – Corporate Sustainability and Sustainability Reporting

Frontmatter
Chapter 5. Rising Importance of Corporate Sustainability in the Current Era
Abstract
The recognition of critical interdependence between financial, natural, human, social and manufacturing/technical capital by international bodies during the time when climate change crisis, ecosystem/natural resource crisis and now COVID crisis has been running parallel with financial crisis is appreciable. Undeniably, one of the positive outcomes of the financial crisis is the understanding and appreciation of the fact that governance strategy and sustainability have become inseparable. As a consequence, corporate sustainability (CS) has come at the forefront. Businesses have to integrate environmental, social and governance factors/characteristics in their investment processes and business decision making in the wider interests of their stakeholders. This stakeholder-oriented ethic is gradually assuming greater importance in managing sustainability risks, which can be achieved through strong corporate governance. The chapter applies a novel inquiry-based Situation-Actor-Process Learning-Action-Performance (SAP-LAP) framework to study the linkages between corporate sustainability and corporate governance.
Seema Joshi, Ruchi Kansil
Chapter 6. Embedding Sustainability into Businesses: Creating Sustainability Culture
Abstract
Numerous studies highlight the importance of sustainability reporting, which enables an entity to report publicly on its economic, environmental and social impacts and outcomes. Governments worldwide (including the Government of India) have been initiating various measures to facilitate the creation, building and embedding of sustainability culture in business entities. This chapter outlines the evolution of sustainability reporting frameworks worldwide and norms followed in India along with the challenges faced by business entities in the preparation of such reports. An empirical exercise carried out in the present chapter on the impact of corporate governance on sustainability (ESG) reporting in the Indian context clearly reveals that sustainability culture is still a distant dream for many Indian firms (included in the study), and much remains to be done.
Seema Joshi, Ruchi Kansil
Chapter 7. Strengthening the Convergence of Corporate Governance and Sustainability—The Way Forward
Abstract
It is widely acknowledged that the convergence of corporate governance and sustainability is critical for maximising the positive contributions of an enterprise to society by improving its relationship with stakeholders and creating more value in the long run by identifying opportunities and mitigating sustainability risks. This chapter recommends an enabling framework for sustainability leadership that can lead entities toward this convergence and ensure a positive contribution to the sustainable development of countries as desired in the UN Agenda 2030. The critical factors that would drive corporates to embed sustainability in strategic direction and implementation and the potential barriers on this path ahead have also been discussed.
Seema Joshi, Ruchi Kansil
Backmatter
Metadaten
Titel
Looking at and Beyond Corporate Governance in India
verfasst von
Seema Joshi
Ruchi Kansil
Copyright-Jahr
2023
Verlag
Springer Nature Singapore
Electronic ISBN
978-981-9934-01-0
Print ISBN
978-981-9934-00-3
DOI
https://doi.org/10.1007/978-981-99-3401-0

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