Suchergebnisse

The transition of a national economy to global economy affected the corporate operation in a varied manner. The dichotomous models of corporate governance call for clarity in corporate objectives, strategies and responsibilities of the modern corporation. The dichotomous approaches towards corporate disclosure are influenced by ownership models, that is, concentrated (e.g., Germany and Japan) and dispersed (e.g., the United States [USA] and the United Kingdom [UK]). The dispersed ownership model implicates arm's length relationships between shareholders and managers, whereas opposite trend demonstrates concentrated ownership. It implicates heavy reliance on large shareholders for bankrolling the firm. Post-reform market in India developed complex ownership structure which represents both concentrated and disperse trends. Consequently, learning curve for corporate governance disclosure in this type of ownership structure is yet to be consolidated. The present research article draws up a case for improvements in the corporate governance disclosure and attempts to indicate a smarter corporate governance disclosure framework for complex ownership structure in India from the learning of selected jurisdictions (the USA, the UK, Japan and Germany) and best practices. The research article also spotlights on the level of convergence of the corporate disclosure norms in India with the global standards. The scope of this article is limited to non-financial disclosure.

The last few decades have witnessed several changes in the world economic system: consolidating trend of globalization and liberalization of economies; crumbling barriers to international trade and free movement of capital due to the establishment of World Trade Organization (WTO) and shifts towards market economy in contrast to the control economy or socialist economy. It was believed that market economy will be the 'mantra' for all nations, either developing or under developed, to achieve economic salvation. Destiny smiled and brought the belief to its knee and rethinking process started afresh as to what ought to be the new 'mantra'. Economic downtown indicated further that it is not the big companies, which are only efficient machineries to rotate the economic circle; rather SME's are the most trusted vehicles that will lead any economy towards salvation.Literature across the globe suggests adoption of sustainable Corporate Governance Norms within the SME sector. On the contrary, there are strong arguments also available against introduction of such norms. In the present study we have considered the feasibility of introduction of corporate governance norms in the sector and attempted to develop, on the basis of the findings, sound and practicable solutions.