Value-Relevance of the Outside Corporate Governance Information: a Canadian Study

This study examines whether the corporate governance rankings published by The Globe and Mail, a reputed national Canadian newspaper, are reflected in the values that investors accord to firms. A sample of 796 observations on 289 Canadian companies from 2002-2005 inclusively was analyzed using a price model (Cazavan-Jeny and JeanJean, 2006). Results suggest that the corporate governance rankings published by this market information intermediary are related not only to firm value, but also to accounting results. Thus, the relationship between corporate governance scores and market capitalization can take two forms. First, there may be a direct relationship due to investor interest in good governance practices. Second, there may be an indirect relationship due to the impact of good governance practices on the firms' accounting results. The results of this study should be useful for accounting practitioners and the various organizations involved in the regulation of corporate governance practices and the standardization of relevant data elements.Corporate governance; Financial market; Corporate governance rankings; Information intermediary; Investors; Research paper

Mobile phone: who wants to buy it, and why?

Individual adoption of technology has been studied extensively in the workplace (Brown and Venkatesh 2005). Far less attention has been paid to adoption of technology in the household (Brown and Venkatesh 2005). Obviously, mobile phone is now integrated into our daily life. Indeed, according to the more recent forecast of Gartner Research, 986 millions of mobile phones have been sold throughout the world in 2006 (Ouellet 2006). And, as the tendency is showing up, mobile phone use will be continuously increasing in the future. The purpose of this study is then to investigate who has the intention to adopt a mobile phone, and why? In other words, we try to identify who really wants to buy a mobile phone and what are the determining factors who will make such that he/she will buy it? On the basis of the theoretical foundations developed by Brown and Venkatesh (2005) to verify the determining factors in intention to adopt a computer in household by American people, this study examines the determining factors in intention to buy a mobile phone in household by Canadian people. Data were gathered from 307 Atlantic Canadian people who do not yet own a mobile phone. Data analysis was performed using the structural equation modeling software Partial Least Squares (PLS). The results revealed that only one third of the variables examined in the study showed to be determining factors in intention to buy a mobile phone for household use

The impact of the seniority of directors on their independence

This research examines the impact of the seniority of independent directors of 178 Canadian companies on the compensation paid to their senior executives and the financial performance of these companies. We assume that, as the seniority of directors usually defined as “independent” increases, their independence is compromised because of the relationships they build with company executives. Therefore, seniority should be taken into account in studies using director's independence as a variable. Results show that the seniority of independent directors has a positive impact on the compensation of senior executives but no significant impact on the financial performance of companies

Pertinence de le divulgation d'information sur la juste valeur des instruments financiers selon le chapitre 3860 de l’ICCA

La présente étude a pour objectif d’évaluer la pertinence de la divulgation de la juste valeur des instruments financiers selon le chapitre 3860 du manuel de l’Institut Canadien des Comptables Agréés (ICCA). L’analyse de 268 entreprises manufacturières canadiennes sur une période de neuf ans tend à démontrer que les investisseurs considèrent seulement la variation entre la valeur comptable et la juste valeur des passifs financiers, et ce, avec une certaine réserve

Analyse du contenu social, environnemental et economique des rapports de developpement durable de societes Canadiennes

L’objectif de cette étude est de dresser un portrait du contenu des rapports de développement durable publiés par les entreprises canadiennes en fonction des trois volets du Global Reporting Initiative (GRI). Les résultats tendent, entre autres, à démontrer de très grands écarts dans les pratiques de divulgation des entreprises étudiées

Factors influencing sustainability content on corporate websites: the case of Canadian oil companies

Over the Last decade, the Internet has become an indispensible tool and a key element in most companies’ communications strategies. This study attempts to assess the impact of certain determinants on the sustainability disclosures posted on the websites of oil companies, which are generally regarded as highly polluting. The website content of 68 of the largest oil firms listed on the S&P/TSX was assessed using indices based on each of the three Global Reporting Initiative (GRI) components to determine its relation to certain corporate characteristics. The results tend to show that the larger the firm and the greater its media exposure, the more likely it is to include social responsibility disclosures on its website

Rapports de developpement durables de societies Canadiennes exploitant des ressources naturelles: qu'en est-il?

L’objectif de la présente étude est d’analyser certaines caractéristiques des rapports de développement durable de sociétés canadiennes exploitant des ressources naturelles. Les caractéristiques étudiées sont les parties prenantes ciblées, les indicateurs de performance divulgués, l’ampleur de l’information à caractère négatif divulguée et le type d’assurance fournie

Does the market value the affiliation of French firms with the UN Global Compact

The UN Global Compact Leaders Summit held in New York on June 2010 marked the 10th anniversary of the UN Global Compact (Adams and Petrella, 2010). From its humble beginnings in 2000, the Global Compact has grown to encompass more than 8,700 corporate participants and others stakeholders, including over 7,700 businesses from 130 countries around the world. It is the world’s largest voluntary corporate responsibility initiative. The benefits for companies voluntarily affiliating with the UN Global Compact have been little documented from an empirical perspective. This affiliation is on a voluntary basis, which raises questions about the integration of this information by capital markets. This study attempts to address these questions, drawing on a sample of French companies listed on the SBF 250 index. Results suggest that, in the French context, investors do not significantly value firm's affiliation with the UN Global Compact

Impact de l'activisme actionnarial canadien : une étude des projets de résolution en lien avec la gouvernance

Cette étude examine le taux d'implantation des résolutions d'actionnaires soumises lors des assemblées annuelles des actionnaires. L'étude porte notamment sur les résolutions d'actionnaires reliées aux pratiques de gouvernance des sociétés canadiennes. Les résultats des analyses menées à partir de 142 résolutions tendent à montrer que le taux d'implantation, bien que faible, varie en fonction de l'objet des résolutions et du type d'actionnaires impliqués. En outre, le fait que les résolutions n'aient pas été soumises au vote ou bien encore que les résultats du scrutin soient inférieurs à 50 % semblent avoir peu d'incidence sur l'implantation des pratiques de gouvernance visées par les résolutions.Activisme actionnarial ; résolutions d'actionnaires ; réglementation des marchés ; gouvernance

Impact de la crise financiere de 2008 sur la remuneration des derigeants Canadiens

L’objectif de cette étude est d’analyser l’impact de la crise financière de 2008 sur la rémunération des dirigeants des sociétés canadiennes. Pour ce faire, les données sur la rémunération incluses dans les Circulaires de sollicitation de la direction ont été analysées et comparées à plusieurs indicateurs de performance financière et ce, sur la période de quatre ans comprise entre 2007 et 2010. Les résultats obtenus tendent à démontrer que, en général, la rémunération des dirigeants canadiens a été affectée par la crise financière de 2008. Les résultats financiers de l’entreprise semblent donc avoir un impact sur la rémunération de leurs hauts dirigeants