Appendices. Appendix 2: Questionnaire in StudSurvey. Appendix 3: Text presenting the electronic questionnaire. Appendix 4: Outputs from regressions

Transkript

1 Appendices Appendix 1: Print screen of WEB-DIRECT Appendix 2: Questionnaire in StudSurvey Appendix 3: Text presenting the electronic questionnaire Appendix 4: Outputs from regressions

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4 StudSurvey 2 af :24 Andet 6. Eksporterer virksomheden? Ja Nej 7. Er virksomheden bekendt med Komitéen for god Selskabsledelse? Ja Nej 8. Er virksomheden bekendt med Komitéen for god Selskabsledelses udarbejdelse af Anbefalinger for god Selskabsledelse? Ja Nej Page 2 Delete Insert question Insert line break Enable random Edit branching Enable submit Voters who did answer to 9. Har deres virksomhed brugt Anbefaling... with Nej are redirected to page 3 (Delete rule) Voters who did answer to 9. Har deres virksomhed brugt Anbefaling... with Ja are redirected to page 4 (Delete rule) 9. Har deres virksomhed brugt Anbefalinger for god Selskabsledelse? Ja Nej Page 3 Delete Insert question Insert line break Enable random Edit branching Enable submit Voters who did answer to 11. Hvad skal der til for at virksomhede... are redirected to page 5 (Delete rule) 10. Hvorfor har virksomheden valgt ikke at bruge Anbefalinger for god Selskabsledelse? (vælg én eller flere svarmuligheder) Anbefalingerne er for upraktiske som værktøj De er ikke passende i forhold til virksomhedens situation Manglende kendskab Anbefalingerne betragtes ikke som værdiskabende Mangel på ressourcer (økonomisk, tidsmæssigt) Manglende kompetencer Andet 11. Hvad skal der til for at virksomheden aktivt vil bruge Anbefalinger for god Selskabsledelse? (vælg én eller flere svarmuligheder) Anbefalingerne skal være mere praktisk orienteret Kompetent hjælp til implementering

5 StudSurvey 3 af :24 Lovkrav Andet Page 4 Delete Insert question Insert line break Enable random Edit branching Enable submit 10. Hvorfor bruger virksomheden Anbefalinger for god Selskabsledelse? (vælg én eller flere svarmuligheder) Ser en stor fordel i at bruge dem Efter ønske fra interessenter Bruges som strategisk værktøj Forberedelse til en muigvis strammere regulering i fremtiden Andet 11. I hvilket år inddrog virksomheden første gang Anbefalinger for god Selskabsledelse i arbejdet? Årstal: Ved ikke 12. Hvilke dele af Anbefalinger for god Selskabsledelse har virksomheden benyttet? (kategorierne er simplificerede) (vælg én eller flere svarmuligheder) Ledelsens sammensætning Ledelsens opgaver og ansvar Åbenhed for aktionærer og interessenter Aflønning af ledere Regnskab og kontrol 13. Hvilke resultater har det givet i virksomheden at bruge Anbefalinger for god Selskabsledelse? (vælg én eller flere svarmuligheder) Anerkendelse fra interessenter Nemmere at tiltrække investorer Mere fokus på økonomi og resultater Styrkelse af den interne kontrol Mere klar ledelsesstruktur Øget gennemsigtighed i virksomheden Ingen målbar gevinst Andet Page 5 Delete Insert question Insert line break Enable random Edit branching Enable submit

6 StudSurvey 4 af :24 Ønsker de pr. at modtage en oversigt over de vigtigste resultater fra undersøgelsen? Nej Ja

7 Att.: Direktør Til rette vedkommende I forbindelse med de nye reviderede anbefalinger udsendt af Komitéen for god Selskabsledelse bevæger området for god selskabsledelse (corporate governance) sig i en ny og spændende retning. Min kandidatafhandling har til formål at frembringe ny vigtig viden indenfor området. Derfor vil jeg bede om deres deltagelse i min undersøgelse. Undersøgelsen sker i form af et meget kort elektronisk spørgeskema. Kender de ikke meget til emnet, kan de stadig bidrage med vigtig viden ved at besvare spørgeskemaets første del på 8 spørgsmål. Afhængig af deres virksomhed vil der være mellem 8 og 13 spørgsmål at besvare. Det vil maksimalt tage dem 5 minutter at udfylde. Som tak for hjælpen, kan de hvis interesseret få tilsendt en oversigt med de vigtigste resultater pr. . Dette vælges i spørgeskemaet. Tryk venligst på nedenstående link for at starte spørgeskemaet: Indsæt den følgende kode om nødvendigt: [--invitationid-] Jeg håber de kan afsætte 5 minutter til at deltage i min undersøgelse. Jeg ved deres tid er vigtig, og derfor får de min største tak på forhånd. Med venlig hilsen Michael B. Madsen Stud. Cand. Merc. Finance and International Business Handelshøjskolen i Århus, Århus Universitet xxxxxxxxx@stud.asb.dk

8 Summary Adjusted R Std. Error of the R R Square Square Estimate 1,124 a,015 -,008,484 a. Predictors: (Constant), Q_5 Other, Q_5 Technical efficiency, Q_5 Innovation, Q_5 High quality, Q_5 Focus on costs, Q_5 High level of service ANOVA b Sum of Squares df Mean Square F Sig. 1 Regression,911 6,152,647,692 a Residual 58, ,235 Total 59, a. Predictors: (Constant), Q_5 Other, Q_5 Technical efficiency, Q_5 Innovation, Q_5 High quality, Q_5 Focus on costs, Q_5 High level of service b. Dependent Variable: Q_8 Know the Recommendations on Corporate Governance Coefficients a Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) 1,524,076 20,095,000 Q_5 Focus on costs,023,063,023,361,718 Q_5 Technical efficiency,006,064,006,087,931 Q_5 High quality,105,066,103 1,579,116 Q_5 Innovation -,017,068 -,016 -,246,806 Q_5 High level of service,042,067,041,630,529 Q_5 Other,083,117,045,707,480 a. Dependent Variable: Q_8 Know the Recommendations on Corporate Governance

9 Summary R Q_8 Know the Recommendatio ns on Corporate Governance = Adjusted R Std. Error of the Yes (Selected) R Square Square Estimate 1,477 a,227,173,434 a. Predictors: (Constant), Q_5 Other, Q_5 Innovation, Q_5 Technical efficiency, Q_5 Focus on costs, Q_5 High quality, Q_5 High level of service ANOVA b,c Sum of Squares df Mean Square F Sig. 1 Regression 4,769 6,795 4,215,001 a Residual 16,220 86,189 Total 20, a. Predictors: (Constant), Q_5 Other, Q_5 Innovation, Q_5 Technical efficiency, Q_5 Focus on costs, Q_5 High quality, Q_5 High level of service b. Dependent Variable: Q_9 Use the Recommendation on Corporate Governance c. Selecting only cases for which Q_8 Know the Recommendations on Corporate Governance = Yes

10 Coefficients a,b Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) 1,861,113 16,544,000 Q_5 Focus on costs,121,094,125 1,280,204 Q_5 Technical efficiency,103,098,105 1,058,293 Q_5 High quality,053,097,055,549,584 Q_5 Innovation -,466,103 -,455-4,519,000 Q_5 High level of service -,257,106 -,261-2,425,017 Q_5 Other -,250,194 -,129-1,284,202 a. Dependent Variable: Q_9 Use the Recommendation on Corporate Governance b. Selecting only cases for which Q_8 Know the Recommendations on Corporate Governance = Yes Summary Adjusted R Std. Error of the R R Square Square Estimate 1,293 a,086,045,471 a. Predictors: (Constant), Q_6 Export, Q_5 Technical efficiency, Q_1 Board members in management, Q_5 Other, Q_5 Focus on costs, Q_5 High quality, Q_4 Foreign board members, Q_2 Founder or founder's family, Q_5 Innovation, Q_5 High level of service, Q_3 CEO connection to owner family ANOVA b Sum of Squares df Mean Square F Sig. 1 Regression 5,080 11,462 2,078,023 a Residual 54, ,222 Total 59,

11 a. Predictors: (Constant), Q_6 Export, Q_5 Technical efficiency, Q_1 Board members in management, Q_5 Other, Q_5 Focus on costs, Q_5 High quality, Q_4 Foreign board members, Q_2 Founder or founder's family, Q_5 Innovation, Q_5 High level of service, Q_3 CEO connection to owner family b. Dependent Variable: Q_8 Know the Recommendations on Corporate Governance Coefficients a Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) 1,663,249 6,679,000 Q_1 Board members in management Q_2 Founder or founder's family Q_3 CEO connection to owner family Q_4 Foreign board members,171,071,176 2,399,017 -,076,068 -,078-1,119,264 -,079,078 -,081-1,021,308 -,066,082 -,052 -,798,426 Q_5 Focus on costs,026,062,027,428,669 Q_5 Technical efficiency,002,062,002,039,969 Q_5 High quality,087,065,085 1,331,184 Q_5 Innovation -,006,069 -,005 -,082,934 Q_5 High level of service,008,067,008,125,901 Q_5 Other,120,115,066 1,046,296 Q_6 Export,100,063,103 1,579,116 a. Dependent Variable: Q_8 Know the Recommendations on Corporate Governance

12 Summary Adjusted R Std. Error of the R R Square Square Estimate 1,273 a,075,056,469 a. Predictors: (Constant), Q_6 Export, Q_1 Board members in management, Q_4 Foreign board members, Q_2 Founder or founder's family, Q_3 CEO connection to owner family ANOVA b Sum of Squares df Mean Square F Sig. 1 Regression 4,416 5,883 4,023,002 a Residual 54, ,220 Total 59, a. Predictors: (Constant), Q_6 Export, Q_1 Board members in management, Q_4 Foreign board members, Q_2 Founder or founder's family, Q_3 CEO connection to owner family b. Dependent Variable: Q_8 Know the Recommendations on Corporate Governance

13 Coefficients a Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) 1,742,232 7,520,000 Q_1 Board members in management Q_2 Founder or founder's family Q_3 CEO connection to owner family Q_4 Foreign board members,168,069,173 2,434,016 -,077,067 -,079-1,148,252 -,084,077 -,087-1,098,273 -,060,081 -,047 -,738,461 Q_6 Export,103,060,107 1,724,086 a. Dependent Variable: Q_8 Know the Recommendations on Corporate Governance Summary R Q_8 Know the Recommendatio ns on Corporate Governance = Adjusted R Std. Error of the Yes (Selected) R Square Square Estimate 1,519 a,270,171,435 a. Predictors: (Constant), Q_6 Export, Q_3 CEO connection to owner family, Q_5 Focus on costs, Q_5 High quality, Q_5 Technical efficiency, Q_5 Other, Q_5 Innovation, Q_4 Foreign board members, Q_5 High level of service, Q_2 Founder or founder's family, Q_1 Board members in management

14 ANOVA b,c Sum of Squares df Mean Square F Sig. 1 Regression 5,664 11,515 2,721,005 a Residual 15,326 81,189 Total 20, a. Predictors: (Constant), Q_6 Export, Q_3 CEO connection to owner family, Q_5 Focus on costs, Q_5 High quality, Q_5 Technical efficiency, Q_5 Other, Q_5 Innovation, Q_4 Foreign board members, Q_5 High level of service, Q_2 Founder or founder's family, Q_1 Board members in management b. Dependent Variable: Q_9 Use the Recommendation on Corporate Governance c. Selecting only cases for which Q_8 Know the Recommendations on Corporate Governance = Yes Coefficients a,b Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) 2,456,415 5,921,000 Q_1 Board members in management Q_2 Founder or founder's family Q_3 CEO connection to owner family Q_4 Foreign board members -,061,121 -,064 -,509,612 -,026,119 -,028 -,222,825 -,121,152 -,115 -,793,430 -,037,124 -,031 -,301,764 Q_5 Focus on costs,112,098,116 1,144,256 Q_5 Technical efficiency,138,100,140 1,380,171 Q_5 High quality,042,099,043,424,673 Q_5 Innovation -,537,113 -,523-4,742,000 Q_5 High level of service -,231,107 -,234-2,159,034 Q_5 Other -,168,202 -,087 -,832,408 Q_6 Export -,184,110 -,190-1,684,096 a. Dependent Variable: Q_9 Use the Recommendation on Corporate Governance b. Selecting only cases for which Q_8 Know the Recommendations on Corporate Governance = Yes

15 Summary R Q_8 Know the Recommendatio ns on Corporate Governance = Adjusted R Std. Error of the Yes (Selected) R Square Square Estimate 1,168 a,028 -,028,484 a. Predictors: (Constant), Q_6 Export, Q_3 CEO connection to owner family, Q_4 Foreign board members, Q_1 Board members in management, Q_2 Founder or founder's family ANOVA b,c Sum of Squares df Mean Square F Sig. 1 Regression,594 5,119,507,770 a Residual 20,395 87,234 Total 20, a. Predictors: (Constant), Q_6 Export, Q_3 CEO connection to owner family, Q_4 Foreign board members, Q_1 Board members in management, Q_2 Founder or founder's family b. Dependent Variable: Q_9 Use the Recommendation on Corporate Governance c. Selecting only cases for which Q_8 Know the Recommendations on Corporate Governance = Yes

16 Coefficients a,b Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) 1,730,414 4,176,000 Q_1 Board members in management Q_2 Founder or founder's family Q_3 CEO connection to owner family Q_4 Foreign board members,095,125,099,765,447 -,108,129 -,113 -,833,407,003,163,002,015,988,043,133,036,324,747 Q_6 Export -,024,111 -,025 -,218,828 a. Dependent Variable: Q_9 Use the Recommendation on Corporate Governance b. Selecting only cases for which Q_8 Know the Recommendations on Corporate Governance = Yes Summary R Q_9 Use the Recommendatio n on Corporate Governance = Adjusted R Std. Error of the Yes (Selected) R Square Square Estimate 1,414 a,171 -,285,54698 a. Predictors: (Constant), Q_6 Export, Q_3 CEO connection to owner family, Q_5 Technical efficiency, Q_5 Other, Q_5 Focus on costs, Q_5 High quality, Q_5 High level of service, Q_4 Foreign board members, Q_2 Founder or founder's family, Q_5 Innovation, Q_1 Board members in management

17 ANOVA b,c Sum of Squares df Mean Square F Sig. 1 Regression 1,235 11,112,375,951 a Residual 5,984 20,299 Total 7, a. Predictors: (Constant), Q_6 Export, Q_3 CEO connection to owner family, Q_5 Technical efficiency, Q_5 Other, Q_5 Focus on costs, Q_5 High quality, Q_5 High level of service, Q_4 Foreign board members, Q_2 Founder or founder's family, Q_5 Innovation, Q_1 Board members in management b. Dependent Variable: Q_15 No effect vs. effect c. Selecting only cases for which Q_9 Use the Recommendation on Corporate Governance = Yes Coefficients a,b Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant),309 1,018,304,764 Q_1 Board members in management Q_2 Founder or founder's family Q_3 CEO connection to owner family Q_4 Foreign board members,029,294,029,100,921 -,077,277 -,080 -,279,783,068,370,059,184,856,078,304,068,256,800 Q_5 Focus on costs -,235,242 -,230 -,971,343 Q_5 Technical efficiency,100,276,098,363,720 Q_5 High quality,050,228,053,221,827 Q_5 Innovation,108,266,113,407,688 Q_5 High level of service,222,287,222,773,448 Q_5 Other -,177,377 -,109 -,470,643 Q_6 Export -,201,252 -,210 -,797,435 a. Dependent Variable: Q_15 No effect vs. effect b. Selecting only cases for which Q_9 Use the Recommendation on Corporate Governance = Yes

18 Summary R Q_9 Use the Recommendatio n on Corporate Governance = Adjusted R Std. Error of the Yes (Selected) R Square Square Estimate 1,664 a,441 -,584,643 a. Predictors: (Constant), Q_6 Export, Q_5 Technical efficiency, Q_3 CEO connection to owner family, Q_5 Focus on costs, Q_5 Other, Q_2 Founder or founder's family, Q_4 Foreign board members, Q_1 Board members in management, Q_5 High quality, Q_5 Innovation, Q_5 High level of service ANOVA b,c Sum of Squares df Mean Square F Sig. 1 Regression 1,960 11,178,430,893 a Residual 2,484 6,414 Total 4, a. Predictors: (Constant), Q_6 Export, Q_5 Technical efficiency, Q_3 CEO connection to owner family, Q_5 Focus on costs, Q_5 Other, Q_2 Founder or founder's family, Q_4 Foreign board members, Q_1 Board members in management, Q_5 High quality, Q_5 Innovation, Q_5 High level of service b. Dependent Variable: Q_12 Advantage vs. Stakeholder c. Selecting only cases for which Q_9 Use the Recommendation on Corporate Governance = Yes

19 Coefficients a,b Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) -,314 2,189 -,143,891 Q_1 Board members in management Q_2 Founder or founder's family Q_3 CEO connection to owner family Q_4 Foreign board members,592,615,495,962,373 -,473,490 -,426 -,965,372,280,600,210,466,658,674,730,505,924,391 Q_5 Focus on costs,173,426,164,406,699 Q_5 Technical efficiency,394,575,374,686,519 Q_5 High quality -,088,513 -,088 -,172,869 Q_5 Innovation,006,544,006,010,992 Q_5 High level of service -,740,720 -,726-1,028,344 Q_5 Other -,756,614 -,478-1,232,264 Q_6 Export,118,688,112,171,870 a. Dependent Variable: Q_12 Advantage vs. Stakeholder b. Selecting only cases for which Q_9 Use the Recommendation on Corporate Governance = Yes Summary R Q_9 Use the Recommendatio n on Corporate Governance = Adjusted R Std. Error of the No (Selected) R Square Square Estimate 1,325 a,106 -,095,52749

20 Summary R Q_9 Use the Recommendatio n on Corporate Governance = Adjusted R Std. Error of the No (Selected) R Square Square Estimate 1,325 a,106 -,095,52749 a. Predictors: (Constant), Q_6 Export, Q_4 Foreign board members, Q_5 High quality, Q_1 Board members in management, Q_5 Focus on costs, Q_5 Technical efficiency, Q_2 Founder or founder's family, Q_5 Innovation, Q_5 Other, Q_5 High level of service, Q_3 CEO connection to owner family ANOVA b,c Sum of Squares df Mean Square F Sig. 1 Regression 1,612 11,147,527,876 a Residual 13,634 49,278 Total 15, a. Predictors: (Constant), Q_6 Export, Q_4 Foreign board members, Q_5 High quality, Q_1 Board members in management, Q_5 Focus on costs, Q_5 Technical efficiency, Q_2 Founder or founder's family, Q_5 Innovation, Q_5 Other, Q_5 High level of service, Q_3 CEO connection to owner family b. Dependent Variable: Q_10 Not suitable for the company vs. rest c. Selecting only cases for which Q_9 Use the Recommendation on Corporate Governance = No

21 Coefficients a,b Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant),596,627,951,346 Q_1 Board members in management Q_2 Founder or founder's family Q_3 CEO connection to owner family Q_4 Foreign board members,088,182,087,481,633,205,180,204 1,137,261 -,190,222 -,179 -,857,396 -,066,190 -,051 -,346,731 Q_5 Focus on costs -,104,148 -,104 -,706,484 Q_5 Technical efficiency,024,153,023,154,878 Q_5 High quality,053,154,051,346,731 Q_5 Innovation,060,205,046,293,770 Q_5 High level of service -,127,164 -,124 -,777,441 Q_5 Other -,121,364 -,052 -,333,741 Q_6 Export,066,170,064,391,698 a. Dependent Variable: Q_10 Not suitable for the company vs. rest b. Selecting only cases for which Q_9 Use the Recommendation on Corporate Governance = No