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from institutional investors and the stock markets, thedeal was withdrawn within 12 hours.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
According to Economics Week. Atlanta: Apr 30,
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
According to Economics Week. Atlanta: Apr 30,
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.
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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
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