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ASTUDY ON
CORPORATE GOVERNANCE
IN SELECT CENTRAL PUBLIC SECTOR ENTERPRISES IN INDIA
A Synopsis / Research ProposalSubmitted to the
Manav Rachna International UniversityFor the Degree
Of
DOCTOR OF PHILOSPHYIn Management
By
K.L.DhingraScholar, FMS Faculty of Management Studies, MRIU
Registration No. 11/PhD/004Registration Year and Date: 14/04/2012
Under the guidance of
Dr. N.C. Wadhwa (IAS Retd.)Vice Chancellor,
Manav Rachna International University&
Prof. V.K. MahnaB.Sc. (Engg), M.Sc.(Engg), Ph.D
Executive Director, Dean Academics and Controller of Examinations 10.03.2008Manav Rachna International University
1
TABLE OF CONTENTS
Chapter 1: Introduction……………………………………………3 - 7
Chapter 2: Review of Literature…………………………………...8 - 10
Chapter 3: Research Methodology………………………………..11 - 12
Chapter 4: Data analysis Quantitative……………………………..13
Chapter 6: Conclusions and Recommendations…………………...14
Chapterisation Plan……………………………………………….13 - 14
2
Chapter 1.Introduction
1.1 Corporate Governance
Virtuous Governance Practices have always been crucial for humans for their interfaces. However, with
the escalating uncertainty in the global business environment, good Corporate Governance has become a
necessity. Commerce and economy are intriguingly aligned to the prosperity and treasures of the people
who stress upon Corporate Governance and make it essential for any organization in the present scenario.
Corporate Governance has emerged as one of the key differentiating factor for any company and has a
significant impact on the profitability, progress and sustainability of the business. It is a highly intricate
and multi-level process which is garnered from organizational characteristics like culture, policies, values
and ethics of the governing management and how it handles the stakeholders (Dutta, et. al., 2012).
Fernando (2009) has perceived Corporate Governance as the methodology to handle the problems that
occur from the differentiation between control and ownership. Thus, Corporate Governance emphasizes
upon internal structure and protocols of the Board of Directors, guidelines for dissemination of
information to stakeholders and creditors, and the span of control of the Management. Corporate
Governance ensures ethical and efficient business management which can ensure the shareholders, return
on their investments. All Corporate Governance models unanimously aim to ensure that shareholders
select their representative Directors, voting is done on critical decisions, there is utter transparency
adopted in the decision making process, adopting accounting standards to generate better comprehendible
reports, compliance to the legal law of the land.
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1.2 Corporate Governance in India
Corporate Governance in India is still in its infancy stage but is progressing steadily. It involves the
progressing of tuning the shareholders expectancies with the Company’s Management efficiently to
upgrade the organization’s value. It encompasses active involvement of all the shareholders and
management, communication, exchanging and validating ideas and extensive discussion and argument.
Corporate Governance needs to be woven into the organizational culture and functionality as it cannot be
implemented independently. It has significant impact on the general governance eco-system both internal
as well as external. In the recent times, India’s corporate world has experienced lot of misgovernance and
scandals that have compelled the Indian firms to develop a judicious system of conducting business,
standards of accountability in public administration encompassing government machinery and institutions
(KPMG, 2011).
In the light of liberalization and the need of synchronized international accounting practices in the
purview of global commercial activities, Corporate Governance has started getting acknowledged since
the 1990s and it was introduced to the country by Confederation of Indian Industry (CII), as an intended
means to be adopted by the Indian commercial undertakings. However, with changing times and
impending requirements, Corporate Governance was made mandatory in the early 2000s through the
introduction of Clause 49 of the Listing Agreement and all the companies listed on the various Stock
Exchanges had to mandatorily adhere to these rubrics. In 2009, the Ministry of Corporate Affairs issued a
set of voluntary guidelines for Corporate Governance catering to an array of relevant issues (Pande and
Kaushik, 2011).
However, the Corporate Governance functions still experience lot of challenges like disparity between
Corporate Governance in Public and Private Sector, ineffective implementation of the legislations,
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inefficient accountability, sub-standard auditing and enhanced investor activism (KPMG, 2011). These
challenges have enhanced the complexity of Corporate Governance in the Indian context.
1.3 Corporate Governance in Public Sector and Private Sector Enterprises of India
In India there is a noticeable disparity between Corporate Governance standards in the Public Sector and
the Private Sector. Corporate Governance of State Owned Enterprises (SOEs) remains a major challenge
in many economies. In India too, the Government owns or controls interests in key sectors, including
infrastructure, oil, gas, mining, and manufacturing. Over the decades, the Government of India (GoI) has
taken a number of steps to improve the performance of Central Public Sector Enterprises (CPSEs),
including Corporate Governance.
Governance reforms have gained prominence because of the important role that CPSEs continue to play
in the Indian economy; the increased pressure on CPSEs to improve their competitiveness; and the listing
of CPSEs on the Stock Exchanges (Lalitha Som, ICRA Bulletin Jun 2013)
The Private Sector Undertakings have taken an edge over their Public Sector counterparts when it comes
to perception management, wherein company envisages an amicable image through voluntary adoption of
Corporate Governance Practices. This spreads a word that companies are desirous of transparency and
accountability. Even though there has been a significant progress in the implementation of Corporate
Governance in the unlisted Central Public Sectors Enterprises, there is a need to be more proactive.
Likewise, the following PSUs should have been the torchbearers of the voluntary guidelines of Corporate
Governance initiatives by the Ministry of Corporate Affairs,
Maharatna;
Navratna; and
Miniratna Central Public Sector Enterprises.
This has not happened, due to which CPSEs are trailing behind their private sector enterprises in the
pursuit of Corporate Governance (KPMG, 2010).
5
1.4 Problem Statement
The concept of Corporate Governance is still in its primitive stages in India as compared to the developed
western world. Corporate Governance has more to it than, handling of the money and conduct of the
business responsibility. There are many issues with Corporate Governance practices in India. In Indian
corporate scenario, the majority of the shareholders exercise dominant control. In case of Central Public
Sector Enterprises (CPSEs), they are accountable to the Ministries and ought to adhere to the norms set
by the Department of Public Enterprises (DPE) and are subject to Right to Information (RTI) Act, CAG
(Comptroller and Audit General of India) and CVC(Central Vigilance Commission). Thus, Public sector
enterprises work in a highly complex setting. The study at hand intends to analyze the Corporate
Governance practices at the Central Public Sector Enterprises (CPSEs) in India and explore the
possibilities of combating the challenges of the same.
1.5Aims and Objectives of the study
Every research scholar undertakes a research to accomplish certain goals without which the research
cannot be concluded and not even regarded as a research. Research is about exploring the unexplored and
its guided through a set of rational and achievable objectives. The primary aim of the study at hand is to
analyze the Corporate Governance Practices in the Central Public Sector Enterprises (CPSEs) of India
and identifying its strengths and weaknesses with the backdrop of the challenges and complexities
associated with it.
The other key objectives of the study are as follows:
To analyze the present state of affairs pertaining to Corporate Governance in India;
To study the regulatory bodies and impending regulations in India;
6
To review and evaluate the shortcomings and challenges in codes and principles of Corporate
Governance in India, and suggest corrective measures to tackle them;
To assess the present condition of Corporate Governance in the 20 Central Public Sector
enterprises through case companies: Indian Oil Company (IOC), BHEL, GAIL, SAIL
ONGC,HPCL,BPCL,ITI, HAL,RCF, Neyveli Ignite Corporation, Mazgaon Dockyard, etc.
To analyze the role of the Government in the Corporate Governance practices of the CPSEs.
7
Chapter 2: Literature Review
With the intensifying globalization and internationalization of trade practices, Corporate Governance as a
concept as well as practice has gained momentum as more and more people from the areas of academia,
research and corporate practices have shown alike interest in the concept. The concept of Corporate
Governance is highly intrigue and multi-dimensional and Researchers and Experts have explored the
concept in varied ways.
Larcker and Tayan (2011) have attributed the need of Corporate Governance to the occurrence of
numerous corporate frauds, accounting indignities, insider trading, unwarranted compensation and other
recognized organizational malfunctioning which often results in lawsuits, resignations and bankruptcy.
The inefficient Corporate Governance has resulted in the downfall of reputed firms like American
International Group, Adelphia, Bear Stearns, Enron, Global Crossing, Lehman Brothers, Tyco,
WorldCom, Ahold, Paramalat, Royal Dutch/ Shell and Satyam, to name a few. All these firms witnessed
a cessation of ethical management and succumbed to scandals and deceptive practices.
2.1 Corporate Governance in context of financial crisis
Adding to this, Kirkpatrick (2009) has analyzed Corporate Governance in thecontext of the financial
crisis and is of the opinion that the shortcomings of Corporate Governance have an obvious impact on
financial crisis by way of Risk Management Systems and unjustified high executive salaries. The failure
of Corporate Governance makes the company susceptible to the consequences of the unnecessary risk
taking especially in the financial services companies. Also, sub-standard accounting standards and
regulatory requirements have added to the fiasco. Superlative remuneration practices for top level
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managers, in many cases, have not been adequately linked with strategic implications and risk taking
capacity of the company, its vision and mission. These two studies are integral for the study, as they
highlight the implication of the absence or lack of effectual Corporate Governance which may be
rectifiable or disastrous. It is because of these corollaries that more companies globally are stressing upon
establishing a robust Corporate Governance system. Companies are striving to imbibe trust, ethics and
morality into the corporate culture and also synergizing the expectancies of the various stakeholders, even
covering the indirect ones like government, society, professional bodies and the corporate sector as a
whole (Madu, 2008; Fukuyama, 1995; Frankel, 2005; Northcutt, Madden and Welti, 2004).
2.2 Corporate Governance and Investor Protection
Crowther and Seifi (2011) have professed investor’s protection to be central to organizational existence.
In today’s turbulent commercial scenario, investors are highly cautious and stress upon adherence of
meticulously worked out Corporate Governance principles for securing better returns on their investment
and lowered agency costs. ACCA (2009) in its study have concluded that the potency of a Company’s
Corporate Governance practices and protocols and the eminence of public disclosures have been gaining
relevance and weightage for numerous reasons. Sustainability is the buzzword of today’s corporate world
and stakeholders are highly keen on how reports on Corporate Governance and Sustainability are made
public. The international reoccurrence of economic slowdown have intensified the vigilance the
stakeholders have towards Corporate Governance’s policies and have raised the standards for augmented,
thorough and proactive revelations for futuristic companies.
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2.3 Timely communications as a cohesive approach to corporate governance
Companies which are fostering regular and timely communications as a cohesive approach to Corporate
Governance are far more appreciated than, the companies who follow single issue of communications in
regards of legislation or risk management or alike (Mallin, 2007; Plessis, McConvill and Bagaric, 2005;
Balasubranian, 2010; Fernando, 2009; OECD, 2010). Companies who utilize their regular and proactive
Corporate Governance communication system as a measure to ensure the stakeholders about transparency
have been using these reporting practices as tools to augment their internal structures and processes for
better return on investments and ensure sustainability.
2.4 How to make Corporate Governance effectual?
The question is how to make the Corporate Governance effectual? For answering this complex question,
Pavel, Stanislav, Petr and Pavel (2012) have recommended that the company can make its governance
effectual through demarking the ownership and control. This demarcation is decided through the
disintegration of the decision making process and blended with the corresponding phases of decision
making process to owners and managers. The decision making process can be broken down into four
main phases: Initiation, Ratification, Implementation and Monitoring (Fama and Jensen, 1983; Wirtz,
2009). Ratification and Monitoring can be associated with the exercise of control rights, Initiation and
Implementation phases are associated with executive and managerial rights. Corporate Governance can be
said to be optimum when shareholders have the control gears and executive authority is assigned to the
managers. Shareholders are represented through Boards of Trustees, Supervisory Board or Council etc.
while managers are responsible for implementation of the ratified strategies (Couchene, 2010).
10
Chapter 3: Research Methodology
3.1 Research Methodology
First the research problem will be identified and based on research problems objectives will
be established. A research model will be developed and based on this model wherein the
study aims to contribution of Corporate Governance, Corporate Governance Practices
(Interdependence, Transparency, Accountability, Fairness, Social Awareness, Discipline, and
Responsibility), Improvement in Corporate Governance, and the impact towards
organizational success. Both primary research and secondary research, sampling procedures
will be considered in this research.
3.2 Research Questions
Scholars are motivated to undertake any research initiative on the basis of a strong interest kindled in
a particular concept and the evocative questions. The scholar’s quest for answers on research
questions which have formed the basis of what is established and what remains uncharted. It is the
search for suggestive knowledge scarcity which resulted in forming of suitable research questions.
The study under consideration intends to find answers for the following research questions:
What is the present situation of Corporate Governance in India?
What is the Corporate Governance scenario in the Central Public Sector Enterprises of India
(CPSEs)?
What are the challenges of Corporate Governance in India?
What are the advantages of Corporate Governance for CPSEs in India?
What are the shortcomings of the Regulatory Bodies and impending regulations in India?
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Chapterization plan
In order to make the compilation of the documented research report more presentable and
comprehensible, the research report was divided into segments which were articulated into the following
chapters:
1. Chapter 1: Introduction: This is the introductory chapter that highlights the problem and the
associated aspect of the research. It covers the prominent aspects of the study like background of
the study, problem statement, significance of the study and aims and objectives of the study,
research questions which the researcher aspires to answer, limitations confronted during the study
and the chapterization plan of the research reports.
2. Chapter 2: Review of Literature: This chapter thoroughly explores the theoretical knowledge
reservoir of the key concept and summarizes the critical findings of the research carried out in the
past by renowned researchers and practitioners on the concept of Corporate Governance. Review
of literature facilitated in depth and multi-dimensional understanding and provided the necessary
assistance and groundwork for the primary dimension of this research.
3. Chapter 3: Research Methodology: This chapter contains the detailed structure pertaining to
research design and framework chosen for the effectual conduct of the study. It comprises of the
methods adopted for the research and the techniques of data collection and data analysis
employed for deriving conclusions.
4. Chapter 4: Data analysis Quantitative: This chapter is the most critical part of the research, as it
analyzes the entire set of data collected through quantitative and qualitative questionnaire. The
results of the primary data collected from 500 employees of the 20 PSUs in New Delhi i.e.,
Indian Oil Company, BHEL, GAIL, SAIL, ONGC, etc is analyzed with the help of statistical
tools and software like SPSS and MS excel. Data analysis also incorporates many tables, graphs
and figures etc.
12
5. Chapter 6: Conclusions and Recommendations: This is the concluding chapter that summarizes
the entire research and authenticates whether the aims and objectives of the study have been
accomplished or not. It also provides the interpretations and also lists out the implications of the
main findings and proposes suitable recommendations for problem resolution.
13
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