La participation des femmes à des conseils d’administration et à la haute direction d’entreprises est un sujet d’actualité qui préoccupe autant les gens d’affaires que les chercheurs universitaires. L’augmentation de la diversité des genres en gouvernance est une question complexe. Plusieurs causes sont identifiées et plusieurs modèles de participation sont avancés, dont l’imposition de quotas. Deux conférenciers chevronnés échangeront et apporteront un éclairage sur le sujet, basé tant sur la recherche que la pratique.

M. Claude Francoeur, MBA, Ph.D., CGA, est professeur agrégé et détenteur du professorship en information financière stratégique CGA à HEC Montréal. Ses intérêts de recherche portent sur la gouvernance d’entreprise, la qualité de l’information financière, l’éthique en affaires et la responsabilité sociale des entreprises. Les résultats de ses recherches ont été publiés dans les revues scientifiques suivantes : British Journal of Management, Journal of Business Ethics, Canadian Journal of Administrative Sciences, Banking and Finance Review et International Journal of Managerial Finance.

Mme Nathalie Francisci, CRHA, IAS.A, est administrateur de sociétés et présidente de l’Institut des administrateurs de Sociétés section du Québec. Mme Francisci a fondé un cabinet de recrutement qu’elle a dirigé jusqu’en 2008 avant de fusionner avec une grande firme canadienne. Conférencière et chroniqueuse recherchée, Mme Francisci donnera son point de vue basé sur sa vaste expérience professionnelle. Très engagée, reconnue pour son leadership et ayant à coeur le développement de la communauté, Mme Francisci est membre de plusieurs conseils d’administration d’organisations du domaine culturel, de l’éducation et de la santé.

Admission : Libre

Un petit-déjeuner sera servi

Pour réserver cliquez ici : www.cga-quebec.org

Perception of Auditor Independence, Audit Committee Characteristics, and Auditor Provision of Tax Services

Professeur Jean Bédard
Université Laval, Québec

Jeudi, 26 janvier, 2012 : 10:00 to 11 :30

Salle Métro
HEC Montréal
3000, chemin de la Côte-Sainte-Catherine
Montréal

Abstract

This study investigates the joint effect of corporate ownership and board of directors’ diversity configurations on the success of strategic mergers and acquisitions (M&A) decisions. Board diversity is defined as the extent to which its demographic diversity as measured by the culture, nationality, gender and experience of its directors complements its statutory diversity. A theoretical framework linking ownership, board diversity and M&A strategic decision making is proposed and tested. Based on a sample of 289 M&A decisions undertaken by Canadian firms over the period 2000-2007, demographic diversity is found to have a clear and non linear effect on M&A performance while statutory diversity is of limited influence. Ownership is found to influence the effect of diversity, making the relation finer and more precise. This has practical implications. First, statutory diversity is not sufficient for well-performing boards. Also, ownership is an important factor. The mostly advocated board diversity aimed at insuring the board’s independence is not valid across all ownership configurations. From a public policy perspective, results provide support for the principles-based approach in governance. Governance regimes should encourage the search for a balance between board diversity and the need for cohesion that best serves the firm’s purpose and obligations.

Professor Jere R. Francis
Trulaske College of Business
University of Missouri

Jeudi, 6 octobre, 2011 : 10:00 to 11 :30

Salle Serge-Saucier
HEC Montréal
3000, chemin de la Côte-Sainte-Catherine
Montréal

Professor W. Robert Knechel
University of Florida

Lundi, 6 juin, 2011 : 10:30 to 12 :00

Salle Hélène-Desmarais
HEC Montréal
3000, chemin de la Côte-Sainte-Catherine
Montréal

Concordia University – Montréal 30-31 mai.

http://www.aaig-asso.com/cig2011/

Abstract

We examined CEO attributes, board composition and the ownership structure for their relationship to the share performance of the acquiring company around the acquisition announcement. Based on 273 acquisitions by Canadian firms from 1998 through 2002, we show that the levels of CEO and director ownership as well as the level of board independence were positively associated with the short term financial performance of the acquirer. Board size was negatively related to value creation. Finally, cash-based deals and cross-border transactions were also positively related to increases in shareholder wealth for the acquirer.

 Abstract

This study investigates the relationship between corporate governance practices or mechanisms and firm value, as measured by accounting and market data.   Partial least square analyses was performed on a sample of 355 sets of observations from 199 Canadian listed companies. The Canadian principles-based institutional setting allows tests on corporate governance practices that show greater variability than what is seen in rules-based countries such as in the USA SOX environment. Results suggest that some governance practices, namely the percentage of independent directors on the board, the use of stock options and the frequency of board meetings are significantly and negatively related to the firm’s net book value or income. However, most individual governance practices appear to have no significant impact on the firms’ market value. This study does not support the current emphasis by regulators on governance practices which mainly concern the monitoring function of the board as opposed to its strategic one.