This book develops a new framework - the stakeholder model - that helps to understand corporate finance and governance in modern society, where the sources of people’s happiness have shifted from monetary to non-monetary factors. The book takes a more comprehensive approach than is typically found in the standard economics and finance literature, by explicitly incorporating both the monetary and non-monetary interests of stakeholders and by examining the value creation of corporations from a much broader perspective. Specifically, the book addresses contemporary issues concerning corporate finance and governance worldwide, including: How should we define corporate value in stakeholder society? What is the role of modern corporations? What are the principles underlying corporate financing decisions? To what extent should shareholder rights be enhanced? What determines the effectiveness of a company’s board of directors? What missions do firms set out and what is the role of mission statements? How can we understand the diversity of financial and governance systems among different countries? What legal and institutional reforms enhance or diminish corporate value in stakeholder society? The book will answer these questions theoretically and empirically.

This is an open access book. The Faculty of Business and Finance, Universiti Tunku Abdul Rahman (UTAR) is pleased to organize the 11th International Conference on Business, Accounting, Finance, and Economics (BAFE 2023) on 25th October 2023 in hybrid mode via Online meeting with Zoom platform and physical mode at UTAR Kampar Campus. This conference aims to bring together researchers to present up-to-date works that contribute to new theoretical, methodological and empirical knowledge.

This book explores the linkages between the evolution of corporate social responsibility (CSR) and corporate financing and governance in Japan since the late 2000s. Since the 1990s, increasing economic and financial globalization has steadily eroded the Japanese style of business based on relationships and influenced the awareness and practices of CSR that are unique to Japanese companies. In Japan’s two “lost decades” after the bubble economy, the business model and corporate financing seem to have continued a gradual financial reform toward a more market-oriented system. CSR awareness and practices of Japanese companies have been influenced by social and environmental issues that global society and communities face. Furthermore, the Fukushima nuclear accident in 2011 triggered increasing attention paid to the responsibility of business toward society. In this process, major players in corporate governance and components of governance structure have continued to change. The conventional view of Japanese corporate governance and corporate finance is too narrow to understand this field in Japan. This book is based on empirical research to investigate how multifaceted CSR has aligned with business and finance and has influenced the corporate governance structure of Japanese companies. The findings and discussions in this book act are stepping stones in further research on the linkages between business and society, and provide empirical evidence on changes in Japanese corporate finance and governance.

These proceedings represent the work of contributors to the 19th European Conference on Management Leadership and Governance (ECMLG 2023) hosted by ACI and Bayes Business School, City, University of London, UK on 23 - 24 November 2023. The Conference Chair is Dr Martin Rich from Bayes Business School, City, University of London, UK. ECMLG is now a well-established event on the academic research calendar and now in its 19th year. The key aim remains the opportunity for participants to share ideas and meet the people who hold them. The scope of papers will ensure an interesting two days. The subjects covered illustrate the wide range of topics that fall into this important and ever-growing area of research. The opening keynote presentation is given by Dr Jeffrey Ridley, PhD, FCG, FIIA, CIA, on the topic of A lifetime of Management and Governance Learning: A wish for you all. The second day of the conference Keynote presentation is given by Professor Pumela Msweli, University of South Africa, on the topic of The Leadership Dance on a geopolitically entangled dance floor: Towards Unitive Consciousness. With an initial submission of 164 abstracts, after the double blind, peer review process there are 54 Academic Research papers, 11 PhD Research papers, 2 Masters Research papers and 2 work-in-progress papers published in these Conference Proceedings. These papers represent research from China, Czech Republic, Czechia, Egypt, Finland, France, Germany, Ghana, Greece, Hungary, India, Italy, Kenya, Macau, Mexico, Morocco, Netherlands, Norway, Pakistan, Peru, Poland, Portugal, Romania, Saudi Arabia, Scotland, Slovakia, South Africa, Spain, Switzerland, The Netherlands, United Arab Emirates, the UK and the USA.

This open access textbook offers a guide to corporate finance for modern companies that want to create long-term value. Drawing on recent literature on sustainable companies, it starts by analysing the Sustainable Development Goals as a strategy for the transition to a sustainable economy. Next, it translates the general concept of sustainability into core corporate finance methods, such as net present value, company valuation, cost of capital, capital structure and M&A. Current corporate finance textbooks are primarily based on the shareholder model, designed to maximise financial value. This book instead adopts the integrated model, which argues that companies have to serve the interests of their current and future stakeholders. Accordingly, companies move from simply maximising financial value to optimising integrated value, which combines financial, social and environmental value. Applying this new paradigm of integrated value is the truly innovative feature of this textbook. Written for undergraduate and graduate students of Finance, Economics, and Business Administration, this textbook provides a fresh analysis of corporate finance. Combining theory, empirical data and examples from actual companies, it reveals the sustainability challenges for corporate investment and shows how finance can be used to steer funds to sustainable companies and projects and thus accelerate the transition to a sustainable economy.

"Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

The purpose of this book is to study the association of corporate environmental responsibility (CER) with financial performance, capital structure, innovative activities, corporate risk, working capital management and accounting quality. Undoubtedly, CER has been developed into a crucial corporate issue around the world. CER has been incorporated within various sectors, countries and includes many types of activities and dimensions. A fundamental issue that is addressed in this book, is how corporate finance and accounting are affected by CER activities and how it impacts company performance. In order to analyse this interrelation, the authors focus on a sample of firms from 28 EU member countries. The purpose of this book is to study the association of CER with financial performance, capital structure, innovative activities, corporate risk, working capital management and accounting quality. The book also intends to provide useful policy recommendations as well as to offer constructive impulses for future research.

Empirical Research in Banking and Corporate Finance is the 21st volume of Advances in Financial Economics and deals with International Corporate Governance. Explored in detail are the role of corporate cultures, social responsibility, stock liquidity, securitization, leveraged buyouts and the cost of private debt.

`Management for Social Enterprise is a great introduction to the rich variety of social enterprises in the UK. It is also a useful tool to help us to build more effective social enterprises that really deliver on their missions by people who have hands on experience. This is just what the rapidly growing social enterprise sector needs, a management manual to help us take social enterprises to the next level by people who have hands on experience′ - Sophi Tranchell, Managing Director of Divine Chocolate Ltd and Cabinet Office sponsored Social Enterprise Ambassador `The recent explosive growth in the number of social enterprises, their diverse and dynamic nature, and the upsurge in research about them all makes this a potentially bewildering field of knowledge to explore. This book provides a clear and timely guide to the management challenges involved in understanding and running social enterprises, and underlines why their unique nature requires something more than just standard business school wisdom′ - Ken Peattie, Professor of Marketing and Strategy, Cardiff Business School, and Director of the ESRC Centre for Business Relationships, Accountability, Sustainability and Society `Provides a good introduction to the management of social enterprises touching on a broad range of topics and will help those invovled in managing social enterprises and those trying to understand more about the sector. It draws on the experience of those who have worked in the social enterprise sector in a range of countries and are passionate about developing it′ - Fergus Lyon, Professor of Enterprise and Organizations, Middlesex University Overviewing the key business topics required by social entrepreneurs, and managers in social enterprises Management for Social Enterprise covers strategy, finance, ethics, social accounting, marketing and people management. Written in direct, accessible language by a team of authors currently teaching and researching in this sector, each chapter is fully supported with learning resources. Chapters include brief overviews, further reading, suggested web resources and, importantly, international case studies, drawing on real-life business examples. This book is essential reading for students and practitioners of Social Entrepreneurship and Social Enterprise, but will also be of use to anyone with an interest in management, corporate responsibility, ethics or community studies.

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