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International Journal of Law and Management: State and self-regulation for better governance: an implication of collibration
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Abstract
Purpose – The purpose of this study is to study the evolution of French corporate governance law in light of
collibration approach and bring statistical evidence from French Companies Executive Compensation
practices.
Design/methodology/approach – The study has used mixed methods. In the first part, the authors
analyzed the French laws in the light of collibration. In the second part of the study, the authors used
unbalanced panel data to test the hypotheses related to executive remuneration based on the theoretical
underpinning of collibration. Data for 173 firms listed in the Euronext Paris Index is collected from the
Bloomberg database. Seemingly unrelated regression (SUR) analysis is performed to investigate the impact of
collibration on the governance disclosure of French-listed firms.
Findings – SUR results indicate that board size plays a significant role in the governance disclosure before
collibration. However, the collibration model is found to be more effective in ensuring the desired level of
governance disclosure. Under the collibration approach, executive remuneration, frequency of board
meetings, executive directors in the compensation committee and independent directors play a significant role
in governance disclosure. Board size, however, does not have a substantial impact on governance disclosure
after the adoption of collibration mechanism.
Research limitations/implications – Results provided by this study can allow regulators to improve
corporate disclosure regime in France, which could play a vital role in safeguarding the interest of
stakeholder.
Originality/value – The authors study the impact of collibration on the extent of governance disclosure in
the context of France. Empirical evidence on the implication of collibration as governance mechanisms to
enhance stakeholder confidence is rare and allows this study to make a unique contribution to the governance
literature.
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Text
ENGLISH
EMERALD INSIGHT
2021
ENGLAND
JURNAL ILMU HUKUM
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APA Citation
Irfan Saleem. (2021).International Journal of Law and Management:
State and self-regulation for better
governance: an implication of
collibration.(Electronic Thesis or Dissertation). Retrieved from https://localhost/etd