Corporate governance in publicly traded small firms: A study of Canadian venture exchange companies

Gordon, Irene M.; Hrazdil, Karel; Shapiro, Daniel

doi:10.1016/j.bushor.2012.07.005

Cited by 21 publications

(24 citation statements)

References 19 publications

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“…A one-size-fits-all policy is likely to place substantial cost on the smallest first. Therefore, as in other countries (e.g., Canada), flexible regulatory standards may be preferable because not all rolls are appropriate for all firms according to Gordon, Hrazdil, and Shapiro (2012).…”

Section: Discussionmentioning

confidence: 99%

“…Previous studies have found that gender diversity can positively affect boards' efficiency, given women's tendency for active monitoring (Adams and Ferreira, 2009;Virtanen, 2012;Alves, Cou-to and Francisco, 2015), and improve financial performance (Gordon, Hrazdil and Shapiro, 2012). Alves, Couto and Francisco (2015) find that a more gender-diversified board can lead to greater independence in the efficiency of the board of directors and, therefore, lead firms to rely more on long-term sources of funding.…”

Section: Women As Members Of the Board And The Stl Ratiomentioning

confidence: 99%

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Corporate governance attributes and listed SMES’ debt maturity

Briozzo

Cardone‐Riportella

Olalla

2019

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Purpose This paper aims to develop a cross-country analysis of the similarities and differences in the debt maturity structure of listed SMEs from the point of view of corporate governance (CG) attributes in two different economic environments: an OECD (Spain) country and a non-OECD (Argentina) country. Design/methodology/approach Using data from listed SMEs in the Argentinian SME segment (pooled data from 2012 to 2015) and 31 listed SMEs in the Spanish Mercado Alternativo Bursátil for growing firms (MAB_GE)(2014), bivariate and multivariate analyses are performed. Findings Spanish firms with a higher ownership concentration and a large controlling shareholder have higher short-term liabilities (STL) ratios. Participation of women on the board has a negative relation with the STL ratio only for Spain. The participation of corporations in ownership and a Big4 auditor have a negative relation with the STL ratio for both countries. Practical implications These results will help SME managers understand the effects of the application of good governance policies. The study also gives regulators a guideline to develop standards to assist in efficient borrowing in terms of seeking funding in alternative capital markets. Originality/value First, the results provide evidence about the financial impact on the STL ratio of CG attributes in listed SME. Second, as far as the authors know, this is the first paper to analyse the CG attributes of listed SMEs in an OECD country and a non-OECD country. Third, the paper presents CG data derived from an ad hoc basis elaborated from different websites and databases.

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Section: Discussionmentioning

confidence: 99%

Section: Women As Members Of the Board And The Stl Ratiomentioning

confidence: 99%

Corporate governance attributes and listed SMES’ debt maturity

Briozzo

Cardone‐Riportella

Olalla

2019

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“…Board size Usually defined as the number of directors on board, board size is one of the basic variables of empirical corporate governance research; however, there is no consensus on the relationship between board size and firm performance (e.g., Eisenberg et al 1998;Dalton et al 1999). Studies on entrepreneurial firms also generate mixed findings: some show that firm profitability is negatively correlated with board size (Eisenberg et al 1998) while others indicate that larger board size is positively associated with higher corporate governance level (Gordon et al 2012) and productivity (Cowling 2003), and helps solve agency problem (Boone et al 2007). Given the multiple roles of BOD, perhaps board size as a variable fails to capture many specific aspects of the nature of BOD.…”

Section: Board Characteristicsmentioning

confidence: 99%

“…Firm value To capture the firm value recognized by the capital market, various studies use variables related to share price, including market value growth (Wiklund et al 2009), P/E (Daily and Dalton 1992), Tobin's Q (Bertoni et al 2014;Gordon et al 2012), cost of capital (Claessens and Yurtoglu 2013), and IPO return (Kroll et al 2007), valuation (Pollock et al 2010;Bertoni et al 2014), and underpricing (Certo et al 2001;Benson et al 2015). In addition, VC value add and other corporate governance aspects can be measured using questionnaire items (Sapienza et al 1996;Cowling 2003).…”

Section: Outcomes Of Corporate Governancementioning

confidence: 99%

“…Agency problems Despite the frequent use of agency theory, only a few research papers explicitly measure agency problems, mostly utilizing indirect variables such as earning quality (Gordon et al 2012), excessive control (Liao et al 2014), financial problems (Liao et al 2014), and total factor productivity (Colombo et al 2014).…”

Section: Outcomes Of Corporate Governancementioning

confidence: 99%

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Corporate governance in entrepreneurial firms: a systematic review and research agenda

Terjesen

Umans

2018

Small Bus Econ

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This systematic review covers the extant literature on corporate governance in entrepreneurial firms. Using a sample of 137 research papers published from pre-1990 through June 2018 in 60 journals, we categorize outlets, research methods (quantitative, qualitative, review, and non-empirical), theoretical perspectives, and research questions, highlighting key patterns. We then summarize the concepts under study in the sample literature, and the geographical sources and model specification of quantitative empirical studies. The conclusion highlights the quite fragmented nature of the field and the substantial knowledge gaps, and then proposes an actionable agenda for future research in terms of theories, research questions, research settings, and research designs. In particular, we describe the need to explore how corporate governance mechanisms interact with one another and affect firm outcomes, by applying novel theoretical perspectives and methods that could provide a better understanding of entrepreneurial firms' functioning. Keywords Corporate governance. Entrepreneurial firms. Literature review. New venture boards. Research agenda JEL classification G30. L26. M10 1 Introduction The last two decades witness a marked interest in research on corporate governance of entrepreneurial firms. While board of directors (BOD) is the most explored corporate governance mechanism in these studies, researchers also examine CEO characteristics and compensation, CEO-BOD relations, top management team characteristics and functioning, and ownership-related aspects. The limited set of reviews (e.g.

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Board Resources and Firm Performance in SMEs

Domínguez-CC

Castro

2018

Economy, Business and Uncertainty: New Ideas for a Euro-Mediterranean Industrial Policy

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Corporate governance in publicly traded small firms: A study of Canadian venture exchange companies

Cited by 21 publications

References 19 publications

Corporate governance attributes and listed SMES’ debt maturity

Corporate governance attributes and listed SMES’ debt maturity

Corporate governance in entrepreneurial firms: a systematic review and research agenda

Board Resources and Firm Performance in SMEs

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