Application Questions 7.15 & 7.18 With Case Study 7.2-Dikonversi

APPLICATION QUESTIONS
7.15 Many small companies argue that corporate governance requirements are too costly and onerous
and should be restricted to the large ‘top’ companies.
(a) Do you think that corporate governance principles should apply to smaller companies?
(b) Provide examples of particular corporate governance practices or principles that you think
should apply to smaller companies. Explain why you think these practices or principles are
important for smaller companies.
(c) What would be the advantages of smaller companies complying with corporate go›'ernance
principles‘?
(d) What might be the consequences for smaller companies of not complying with corporate
governance principles? LO4, 5, 6, 7
Banyak perusahaan kecil berpendapat bahwa persyaratan tata kelola perusahaan terlalu mahal dan
berat dan harus dibatasi untuk perusahaan 'top' besar.
(a) Menurut Anda, apakah prinsip tata kelola perusahaan harus diterapkan pada perusahaan yang
lebih kecil?
Jawab:
Menurut kami, prinsip dasar tata kelola perusahaan berlaku untuk semua perusahaan baik
perusahaan kecil, perusahaan menengah dan perusahaan besar karena tata kelola perusahaan
berfungsi sebagai sistem di mana perusahaan diarahkan dan dikendalikan. Untuk memiliki
sistem tata kelola perusahaan yang baik memastikan bahwa perusahaan menetapkan tujuan
yang tepat dan kemudian menempatkan sistem dan struktur untuk memastikan tujuan yang
ditetapkan terpenuhi. Tata kelola perusahaan juga menyediakan sarana bagi orang-orang baik
di dalam maupun di luar korporasi untuk dapat mengontrol dan memantau aktivitas korporasi
dan manajemennya.Meskipun dapat dikatakan bahwa mekanisme untuk mencapai hal ini akan
bervariasi karena masalah ini menjadi lebih kritis di perusahaan besar dengan pemisahan yang
lebih besar dan juga di perusahaan kecil, efisiensi biaya perlu dipertimbangkan dengan lebih
hati-hati
(c) Apa keuntungan dari perusahaan kecil yang mematuhi prinsip tata kelola perusahaan?
Jawab:
Keuntungan dari tata kelola perusahaan yang baik juga akan berlaku untuk perusahaan yang
kecil sebagai berikut:
1. Memberikan proses dan jaminan bahwa perusahaan dikelola dengan benar
2. Mengelola risiko dan memfasilitasi pertumbuhan ekonomi (termasuk memasuki pasar
negara berkembang karena investor memerlukan jaminan bahwa kontrol / sistem yang
sesuai tersedia).
7.18 In many countries in Asia it is claimed that concentration of corporate ownership/control by

families causes particular difficulties with corporate go›’ernance. For example, Hong Kong
billionaire Richard Li owns 75'7r of Singapore-listed Pacific Century Regional Developments."
(a) Examine corporate governance guidelines and identify specific recommendations for practice
aimed at protecting minority investors.
(b) Would these suggested practices be effective w'here there is a higher concentration of family
control in a company? LO3,
4
7.2 GASE STUDY
ABC LEARNING RELIANT’ ON DEBT TO COVER CASH SHORTFALLS
Stakeholders were told that ABC Learning almost certainly
became insolvent in the first half of 2008. What is interesting is
that it was about six months later before the directors appointed
administrators to take control of the company.
According to financial statements prepared by the adminis-
trators FCITiDT Hodgson, the company sent from a positive cash
flow of $207 million from its operating activities in its 2007
accounts to a deficit of almost $20 million in the first half of 2008.
Their cash flow had grown significantly over light years of oper-
ation. ABC first emerged as a significant player in the child-
care industry in 2004. They wcrC runninp• 327 child care cCntrcs
by June 20G4. The company experienced significant growth
and expansion since it had listed on thC ASX in 2001 with only
43 centres.
terrier noted in its report to creditors that its analysis showed a
‘significant deterioration’ in the net cash flow from its operations
in the last few months of its corporate life. Ferrier moved into
ABC Learning in November 2008, days after its board
concluded the company had insufficient cash to pay its debts. Its
banks, who were owed nearly $1 billion, called in receivers
immediately.
The administrators believed ABC’s failure was due to a combination of factors including:
• ‘inadequate focus’ on day-to-day practices and procedures
• inadequate attention and monitoring of results of operations
• lack of strategy to integrate businesses it bought over seven years
• a dependency on compensation payments, liquidated damages and fee guarantees from developers
to providC revenue
• too high a reliance on debt to fund acquisitions and to support a shortfall of cash from operations.
The administrator said the company’s business model became ‘unsustainable’. It is difficult to
ascer-
tain which factors played a more significant mile and what exactly tipped the business o er the edge
and caused it to fail. Further investigation, including an examination of former directors and
management is needed to help determine the detailed causes of the company’s failure.
Source.- Adapted from Danny John, ‘ABC Learning “reliant” on debt to cover cash shortfalls’, The S j'dney ilf oritiny Herald.”
OU ESTI O N 5
1 Outline the importance of cash flow to ensuring the ongoing operation of a company.
2 Discuss the corporate governance and hoard mechanisms that could have serred to limit the
chances of corporate failure in the case of ABC Learning. kO4,
8

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7.18 In many countries in Asia it is claimed that concentration of corporate ownership/control by

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