Corporate Governance Term Paper by puspendra singh

8/8/2019 Corporate Governance Term Paper by puspendra singh

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ACKNOWLEDGEMEN

T

I owe my deepest thanks to God, My Teachers &colleagues who

have been supportive of my efforts and emerging in my explorations.

The report CORPORATE GOVERNANCE ISSUE is one of the

learning ventures for me in the field of Business research. So, I

hereby wish to express our gratitude to those who generously helped

us to color the mosaic of this report work, with the titles of their

knowledge and expertise. We take this opportunity to express mydeep sense of gratitude and indebtness to our teacher Mrs.

CHANDRASHEKHAR DOGRA SIR Who supervised our work,

for their able guidance, suggestions and constructive criticism.


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TABLE OF CONTENT

INTRODUCTION.......................................................................

OBJECTIVE.....................................................................

HYPOTHESIS..

REVIEW OF

LITERATURE

DATABASE &

METHODOLOGY

ANALYSIS/INTERPRETATION

..

SUMMARY &

CONCLUSION..


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REFERENCES/

BIBLIOGRAPHY...

INTRODUCTION:

This research examines the corporate governance

issues at the India based IT services company, Satyam

Computer Services Limited (Satyam). In mid-December 2008, Satyam announced acquisition of two

companies - Maytas Properties and Maytas

Infrastructure owned by the family members of Sat

yams founder and Chairman Ramalinga Raju (Raju). It

planned to acquire 100% and 50% stakes in Maytas

property and infra for $1.6B. Due to adverse reaction

from institutional investors and the stock markets, thedeal was withdrawn within 12 hours. Questions were

raised on the corporate governance practices of

Satyam with analysts and investors questioning the


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customer, vendors, regulators & shareholders in both

good and bad times.

Corporate governance includes various parties:

1)shareholders

2)employees

3)management

4)bankers

5)government

Governance issue at Satyam arose because of non

fulfillment of obligation of the company towards the

various stakeholders. It proved a poor relationship

with all the stakeholders earlier stated that

corporate governance consists of four parties. In

case of sat yam fraud, board is unable to fulfill its

role & responsibilities. Now we discuss the

responsibilities that should be followed ethically by

board and what is actually did

Ethical responsibilities:

governing the organization by establishing broad

policies and objectives;


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selecting, appointing, supporting and reviewing the

performance of the chief executive;

ensuring the availability of adequate financial

resources;

approving annual budgets;

accounting to the stakeholders for the organization's

performance.

Actual scenario:

Despite the shareholders not being taken into

confidence, the directors went ahead with the

management's decision.

The government too is equally guilty in not having

managed to save the shareholders, the

employees and some clients of the company from

losing heavily.

Simple manipulation of revenues and earnings To

show superior performance

Raising fictitious bills for services that were never

rendered.

To increase the Cash & bank balancecorrespondingly.

Operating profits were artificially boosted from the

actual Rs 61 crore to Rs 649 crore.


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Its financial statements for years were totally false,

cooked up and...

Never had Rs 5064 crores (US$ 1.05 Billion)

shown as cash for several years.

Its liability was understated by $ 1.23 Billion.

The Debtors were overstated by 400 million plus.

The interest accrued and receivable by 376

Millions never existed.

So when the case came in light following are theaction that has been taken:

Nasscum sets up panel to avoid satyam like case

in future- formed a corporate Governance & ethics

committee, chaired by N.R.Narayana Murthy

(chairman and chief mentor of Infosys.)

Hinduja Global chalks out 100 day plan forsatyam.

8 Year ban on satyam to be reviewed.

Govt. orders CBI to probe fraud ( concerned about

52000 employees) - agencies ( 3 months time to

probe)-

Serious fraud investigation office(SFIO)

Market regulation SEBI,


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Institute of chartered accountancy India (ICAI)

Andhra police

Objective of the study:

To study the corporate governance issue in

organization.

To study the corporate governance in reference

of sat yam scandal.

HYPOTHESIS:

The vision of this study is to determine the impact of satyam scandal

on corporate Governance whether it is positive or negative via using

null hypothesis (H0) or Alternate hypothesis (H1)

H0 = impact of sat yam scandal on corporate governance will be

negative. (No impact)

H1 = impact of will sat yam scandal on corporate governance be

positive. (Impact)

LITERATURE REVIEW:

Article-1


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agency perspective with research on multiple-agency

conflicts, this article examines factors affecting the

implementation of equity-based incentive schemes in

initial public offerings (IPOs). With a unique sample ofU.K. IPO companies between the years 1998 and 2002,

it shows that conditional (performance-related)

incentive schemes are negatively associated with

share ownership and board power of the IPO's

founding directors. However, the retained ownership of

venture capital firms is positively associated with the

probability of conditional incentive schemes. Board

independence weakly effects on the toughness of

executive compensation. The article's interesting

findings suggest a number of avenues for a future

analysis of the governance development process in

threshold firms.

Article-4

According to Sidney Leung, Bertrand Horwitz. Review

of Quantitative Finance and

Accounting. Boston: May 2010. Vol. 34, Iss. 4; pg.

459 Hong Kong firms with a more concentrated

management (executive board) ownership displayed

better capital market performance during the 13-

month period of the Crisis. firms with more equity

ownership by non-executive directors, and in which

the positions of CEO and board chairperson were

occupied by the same individual experienced a smaller

stock price decline. Our findings are consistent with
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the notion that there is a greater alignment of insiders

with outside owners, rather than the expropriation by

insiders who have the opportunity to divert value, for

firms with higher levels of management ownershipduring an unexpected capital market crisis.

Article-5

According to Economics Week. Atlanta: Apr 30,

2010. pg. 139 we do not find that firms go public with

dual class stock so managers have more incentive to

invest in hard to monitor projects nor to gain more

when selling control of the firm.

Article-6


2010. pg. 85, whether good governance structures

help constrain management's opportunistic behaviors

( in the form of transfer pricing manipulations) in one

of the world's most dynamic economies.

Article-7

According to Sidney Leung, Bertrand Horwitz. Review

of Quantitative Finance and

Accounting. Boston: May 2010. Vol. 34, Iss. 4; pg.

459, firms with a more concentrated management

(executive board) ownership displayed better capitalmarket performance during the 13-month period of

the Crisis. We also find that firms with more equity

ownership by non-executive directors, and in which
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the positions of CEO and board chairperson were

occupied by the same individual experienced a smaller

stock price decline.

Article-8

Vinita an and, Labor Learns Lesson Well, Pensions &

Investments, April 3, 1995, p. 24, 27. Labor is sticking

to traditional corporate governance issues to win

support from institutional investors. Their focus is on

removal of takeover defenses, confidential voting,

hefty severance packages for management, a clean

board structure

Article-9


2010. pg. 139, effectiveness of outside directors

depends on the cost of acquiring information about the

firm: when the cost of acquiring information is low,

performance increases when outsiders are added to

the board, and when the cost of information is high,

performance worsens when outsiders are added to the

board. The estimates provide some of the cleanest

estimates to date that board independence matters,

and the finding that board effectiveness depends on

information cost supports a nascent theoretical

literature emphasizing information asymmetry. Wealso find that firms compose their boards as if they

understand that outsider effectiveness varies with

information costs.
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Article-10

Bebchuk, Lucian Arye and Christine Jolls, Managerial

Value Diversion and Shareholder Wealth, Discussion

Paper 179, The Center for Law, Economics andBusiness, Harvard Law School, 2/96. A common view in

the law and economics literature is that restrictions on

value diversion may actually reduce share value by

forcing shareholders to assign to themselves a right

that managers value more highly. The authors purport

to show that value diversion often reduces ex ente

share value even if the assumptions of the frameworkare true.

Article-11

Black and Bernard Shareholder Activism and

Corporate Governance in the United States, Draft,

12/97. Survey's corporate governance activities byinstitutional investors and the empirical evidence and

comes up a pessimist. They don't conduct proxy fights;

they don't try to nominate board candidates. "Perhaps

what little we seem to get, we should have expected."

Black provides reviews a wealth of unpublished

sources and provides needed insight to a struggling

field.


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RESEARCH METHODOLOGY:

INTRODUCTION:

Research in common parlance refers to a search for knowledge. Onecan also define research as a scientific and systematic search for

pertinent information on a specific topic. According to Clifford

Woody research comprises defining and redefining problems,

formulating hypothesis or suggested solutions; collecting, organizing

and evaluating data; making deductions and reaching conclusions;

and at last carefully testing the conclusions to determine whether

they fit the formulating hypothesis.

THE STUDY ON EFFECT OF SATYAM SCANDAL ON

CORPORATE GOVERNANCE:

The study was descriptive in nature with survey method being used

to complete the study because this research is the most commonly

used and the basic reason for carrying out descriptive research is to

identify the effect of globalization on telecom sector. Descriptive

research is also called Statistical Research. The main goal of thistype of research is to describe the data and characteristics about what

is being studied. Here we are also going to find out the

characteristics and impact of globalization of telecom sector.

SAMPLING DESIGN

POPOULATION:

Population will be people of jalandhar region.

SAMPLE SIZE:


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Sample size will be 100 respondents. These 100 respondents will be

sampling element.

SAMPLING TECHNIQUE:

Judgmental sampling technique will be used, because due to the lack

of time and money. And the topic impact of globalization on telecom

sector is not much popular in general people so to remove the

biasness we can use judgmental sampling.

Qualitative and Quantitative Research and Data collection

TOOLS FOR DATA COLLECTION

Primary data will be collected by means of preparing a

questionnaire and getting it filled by a large sample space. These

questionnaires will help in drawing conclusions about the case.

Secondary data will be gathered from the books, internet sites,

articles and journals. Any new information that could be a source of

good learning will be given prime importance. The main objective of

this research will be to analyze and draw conclusions about the topic.

Primary and secondary data so collected will be analyzed with the

help of various statistical tools. These tools will be of two basic

forms: tabular and graphical presentation. Under the graphical

presentation, tools such as pie-charts, histograms, line graphs, bar

diagrams etc. will prove to be handy.


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With the help of the primary and secondary data so collected, along

with the various statistical tools, an analysis will be performed. A

conclusion will be drawn based on this analysis. These tools will

thus provide a water tight conclusion for the case so framed.

3.3 DATA ANALYSIS

The data that has been collected is mainly of two types: Primary and

Secondary. This data was classified, compiled and analyzed to reach

a definite conclusion.

The primary data has been mainly assimilated from the

questionnaires for the purpose of reaching a consensus about thecase. The questions have been framed with the primary motive of

leading to the case. The entire questionnaire can be divided into

three basic parts:

Organization based questions

Economy based questions

Environment based questions

The options so framed helped in capturing a broad and self sufficient

view of all the individuals. The main motive was to collect the data

in an unbiased fashion, analyze the data so collected and draw a

conclusion.

The sample size of the primary data was 100. This facilitated the

process of obtaining answers from a variety of individuals, whoprovided a wide range of answers. Thus the questionnaires provided

an unbiased variety of answers which in turn helped in reaching a

definite conclusion.


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QUESTIONNAIRE

1. Name:- .

2. Age group:- (a) 18-24( ) (b) 24-30 ( )

(c) 30-36 ( ) (d)36 above (

)

3. Gender: - (a) Male (b) Female ( )

4. Education level:- (a) Graduate ( )

(b) Post graduate ( )

5. Do you no about corporate governance


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(a) Yes ( ) (b) no ( )

6. Do you agree that companies follows the rules thecorporate governance

(a) Strongly agree ( ) (b)

strongly disagree ( )

(c) Agree (d)

disagree

7. Do you heard about sat yam scandal

(a) yes ( ) (b) no ( )

8. Are you satisfied that sat yam really comes under

scandal

(a) Yes ( ) (b) no ( )

9. What do you think that sat yam scandal make effect

on other companies

( a) yes ( ) (b) no ( )


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10.Do you think satyam breaks up rule and regulation

of government

(a)yes ( ) (b) no (


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AGE GROUP:

GENDER:

GENDER PERCENTAGE

MALE 45%

FEMALE 40%

18-24 20%

24-30 40%

30-36 30%

Above 36 10%


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EDUCATIONAL QUALIFICATION:

Educational Qualification Percentage

Graduate 56%

Post graduate 49%

professional 69%


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DO YOU KNOW ABOUT CORPORATE GOVERNANCE

YES 87%

NO 13%

Do you agree that companies follows the rules the corporate

governance?

STRONGLY AGREE 24%

STRONGLY DISAGREE 13%

AGREE 44%


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DISAGREE 21%

Do you heard about sat yam scandal ?

Yes 78%

No 22%


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Are you agree that sat yam really comes under scandal ?

YES 36%

NO 64%


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Do you think satyam breaks up rule and regulation of

government ?

Yes 81%

No 19%


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CONCLUSION

After a month , I had done a research on Corporate

Governance of Satyam Computers . for this I made a

survey report from various sectors and from differentprofile. Satyam Scandal is one of the biggest scandal

in Indian Government and also in a corporate world.

For thi Satyam has to pay very huge amount of

investment. All companies has to pay attention and

obey or also follow up the rule and regulation of

government. But satyam has break up all the line of

instant entire world. This shows effect on various IT

companies and government has follow the certain

action. Satyam scandal made a major fall in entire

world mostly all the sectors has play an vital role


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against Satyam. During this period tech. Mahindra has

cam in act and he had purchase maximum shares of

sat yam .

At last I conclude that the thing has been happened ordone by Satyam shall not be repeated in corporate

world. Because it made a downfall in Indian economy.

References/Bibliography:

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did=1908511321&sid=4&Fmt=2&clientId=129893&RQT=309&VName=PQD
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did=2021717471&sid=4&Fmt=2&clientId=129893&R

QT=309&VName=PQD

http://proquest.umi.com/pqdweb?did=2003533581&sid=4&Fmt=2&clientId=129893&R

QT=309&VName=PQD

Sidney Leung, Bertrand Horwitz. Review of

Quantitative Finance and Accounting. Boston: May

2010. Vol. 34, Iss. 4; pg. 459

Economics Week. Atlanta: Apr 30, 2010. pg. 139

Economics Week. Atlanta: Apr 30, 2010. pg. 139

Ran Duchin, John G Matsusaka, Oguzhan

Ozbas. Journal of Financial

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195
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