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Political Determinants of Corporate Governance

Political Determinants of Corporate Governance Author Mark J. Roe
ISBN-10 0199205302
Release 2006
Pages 231
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Before a nation can produce, it must achieve social peace. That social peace has been reached in different nations by differing means, some of which have then been embedded in business firms, in corporate ownership patterns, and in corporate governance structures. The large publicly held, diffusely owned firm dominates business in the United States despite its infirmities, namely the frequently fragile relations between stockholders and managers. But in other economically advanced nations, ownership is not diffuse but concentrated. It is concentrated in nosmall measure because the delicate threads that tie managers to shareholders in the public firm fray easily in common political environments, such as those in the continental European social democracies. Social democracies press managers to stabilize employment, to forego some profit-maximizing risks with the firm, and to use up capital in place rather than to downsize when markets no longer are aligned with the firm's production capabilities. Since managers must have discretion in the public firm,how they use that discretion is crucial to stockholders, and social democratic pressures induce managers to stray farther than otherwise from their shareholders' profit-maximizing goals. Moreover, the means that align managers with diffuse stockholders in the United States-incentive compensation,hostile takeovers, and strong shareholder-wealth maximization norms-are weaker and sometimes denigrated in continental social democracies.Hence, public firms there have higher managerial agency costs, and large-block shareholding has persisted as shareholders' best remaining way to control those costs. Social democracies may enhance total social welfare, but if they do, they do so with fewer public firms than less socially responsive nations. The author therefore uncovers not only a political explanation for ownership concentration in Europe, but also a crucial political prerequisite to the riseof the public firm in the United States, namely the weakness of social democratic pressures on the American business firm.



A History of Corporate Governance around the World

A History of Corporate Governance around the World Author Randall K. Morck
ISBN-10 0226536831
Release 2007-11-01
Pages 680
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For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.



Gatekeepers

Gatekeepers Author John C. Coffee
ISBN-10 9780199288090
Release 2006-06-01
Pages 389
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In the wake of a series of corporate governance disasters in the US and Europe which have gained almost mythic status - Enron, WorldCom, Tyco, Adelphia, HealthSouth, Parmalat - one question has not yet been addressed. A number of 'gatekeeping' professions - auditors, attorneys, securities analysts, credit-rating agencies - exist to guard against these governance failures. Yet clearly these watchdogs did not bark while corporations were looted and destroyed. But why not?To answer these questions, a more detailed investigation is necessary that moves beyond journalism and easy scapegoating, and examines the evolution, responsibilities, and standards of these professions. John Coffee, world-renowned Professor of Corporate Law, examines how these gatekeeping professions developed, to what degree they failed, and what reforms are feasible. Above all, this book examines the institutional changes and pressures that caused gatekeepers to underperform or neglect theirresponsibilities, and focuses on those feasible changes that can restore gatekeepers as the loyal agents of investors.This informed and readable view of the players on the contemporary business stage will be essential reading for investors, professionals, executives and business academics concerned with issues of good governance.



Corporations in Evolving Diversity

Corporations in Evolving Diversity Author Masahiko Aoki
ISBN-10 9780199218530
Release 2010-05-06
Pages 216
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"A pioneering contribution which formalizes in game theoretic language complex institutional structure and environment of the corporation both at a moment of time and over time." Douglass C. North, Nobel Laureate in Economics 1993, Spencer T. Olin Professor, Washington University in St. Louis --Book Jacket.



Strong Managers Weak Owners

Strong Managers  Weak Owners Author Mark J. Roe
ISBN-10 140082138X
Release 1996-03-04
Pages 342
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In this major reinterpretation of the evolution of the American corporation, Mark Roe convincingly demonstrates that the ownership structure of large U.S. firms owes its distinctive character as much to politics as to economics and technology. His provocative examination addresses essential issues facing American businesses today as they compete in the new international marketplace.



Reassembling the Social

Reassembling the Social Author Bruno Latour
ISBN-10 9780199256044
Release 2005-07-28
Pages 301
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French sociologist Bruno Latour has previously written about the relationship between people, science and technology. In this book he sets out his own ideas about 'actor network theory' and its relevance to management and organisation theory.



The Journal of Political Economy

The Journal of Political Economy Author
ISBN-10 UCSD:31822035037456
Release 1892
Pages
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Deals with research and scholarship in economic theory. Presents analytical, interpretive, and empirical studies in the areas of monetary theory, fiscal policy, labor economics, planning and development, micro- and macroeconomic theory, international trade and finance, and industrial organization. Also covers interdisciplinary fields such as history of economic thought and social economics.



Staying Power

Staying Power Author Michael A. Cusumano
ISBN-10 9780191641404
Release 2012-07-19
Pages 392
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As we continue in an era of simultaneous innovation and commoditization, enabled by digital technologies, managers around the world are asking themselves "how can we both adapt to rapid changes in technology and markets, and still make enough money to survive - and thrive?" To provide answers to these important and urgent questions, MIT Sloan School of Management Professor Michael Cusumano draws on nearly 30 years of research into the practices of global corporations that have been acknowledged leaders and benchmark setters - including Apple, Intel, Google, Microsoft, Toyota, Sony, Panasonic, and others in a range of high-technology, services, and manufacturing industries. These companies have also encountered major challenges in their businesses or disruptions to their core technologies. If we look deeply enough, he contends, we can see the ideas that underpin the management practices that make for great companies, and drive their strategic evolution and innovation capabilities. From his deep knowledge of these organizations, Cusumano distils six enduring principles that he believes have been - in various combinations - crucial to their strategy, innovation management practices, and ability to deal with change and uncertainty. The first two principles - platforms (not just products), and services (especially for product firms) - are relatively new and broader ways of thinking about strategy and business models, based on Cusumano's latest research. The other four - capabilities (not just strategy or positioning), the "pull" concept (not just push), economies of scope (not just scale), and flexibility (not just efficiency) - all contribute to agility, which is a mix of flexibility and speed. Many practices associated with these ideas, such as dynamic capabilities, just-in-time production, iterative or prototype-driven product development, flexible design and manufacturing, modular architectures, and component reuse, are now commonly regarded as standard best practices. These six enduring principles are essential in a new world dominated by platforms and technology-enabled services.



Comparative Corporate Governance

Comparative Corporate Governance Author Klaus J. Hopt
ISBN-10 0198268882
Release 1998
Pages 1238
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"This book goes back to a symposium held at the Max Planck Institute for Foreign Private and Private International Law in Hamburg on May 15-17 1997"--Page [v].



Measuring Corporate Default Risk

Measuring Corporate Default Risk Author Darrell Duffie
ISBN-10 9780191500473
Release 2011-06-23
Pages 128
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This book, based on the author's Clarendon Lectures in Finance, examines the empirical behaviour of corporate default risk. A new and unified statistical methodology for default prediction, based on stochastic intensity modeling, is explained and implemented with data on U.S. public corporations since 1980. Special attention is given to the measurement of correlation of default risk across firms. The underlying work was developed in a series of collaborations over roughly the past decade with Sanjiv Das, Andreas Eckner, Guillaume Horel, Nikunj Kapadia, Leandro Saita, and Ke Wang. Where possible, the content based on methodology has been separated from the substantive empirical findings, in order to provide access to the latter for those less focused on the mathematical foundations. A key finding is that corporate defaults are more clustered in time than would be suggested by their exposure to observable common or correlated risk factors. The methodology allows for hidden sources of default correlation, which are particularly important to include when estimating the likelihood that a portfolio of corporate loans will suffer large default losses. The data also reveal that a substantial amount of power for predicting the default of a corporation can be obtained from the firm's "distance to default," a volatility-adjusted measure of leverage that is the basis of the theoretical models of corporate debt pricing of Black, Scholes, and Merton. The findings are particularly relevant in the aftermath of the financial crisis, which revealed a lack of attention to the proper modelling of correlation of default risk across firms.



The journal of corporate law studies

The journal of corporate law studies Author
ISBN-10 UCAL:B5176828
Release 2003
Pages
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The journal of corporate law studies has been writing in one form or another for most of life. You can find so many inspiration from The journal of corporate law studies also informative, and entertaining. Click DOWNLOAD or Read Online button to get full The journal of corporate law studies book for free.



The Theory of Corporate Finance

The Theory of Corporate Finance Author Jean Tirole
ISBN-10 1400830222
Release 2010-08-26
Pages 656
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The past twenty years 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 Sustainable Company

The Sustainable Company Author Sigurt Vitols and Norbert Kluge
ISBN-10 9782874522192
Release 2011
Pages 265
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For the past two decades corporate governance reform in Europe has been guided by the ‘shareholder value’ model of the firm. That model has been discredited as one of the major causes of the financial and economic crisis. In a new book published by the ETUI an alternative approach to corporate governance is presented by members of the GOODCORP network of researchers and trade unionists. This new approach, entitled the Sustainable Company, draws on both traditional ‘stakeholder’ models of the firm and newer concerns with sustainability. The main elements of the Sustainable Company and the institutions needed to support it are presented. Key themes in the book are the need for worker ‘voice’ in corporate governance and for a binding legislative framework to promote sustainability. Individual chapters deal with the issues of worker involvement, employee shareholding, sustainability-oriented remuneration, international framework agreements, NGO-trade union relationships, reforming financial regulation and carbon taxes and emissions-trading schemes.



The Foundations and Future of Financial Regulation

The Foundations and Future of Financial Regulation Author Mads Andenas
ISBN-10 9781135043377
Release 2013-11-20
Pages 544
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Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.



Making Politics Work for Development

Making Politics Work for Development Author World Bank
ISBN-10 9781464807749
Release 2016-07-14
Pages 278
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Governments fail to provide the public goods needed for development when its leaders knowingly and deliberately ignore sound technical advice or are unable to follow it, despite the best of intentions, because of political constraints. This report focuses on two forces—citizen engagement and transparency—that hold the key to solving government failures by shaping how political markets function. Citizens are not only queueing at voting booths, but are also taking to the streets and using diverse media to pressure, sanction and select the leaders who wield power within government, including by entering as contenders for leadership. This political engagement can function in highly nuanced ways within the same formal institutional context and across the political spectrum, from autocracies to democracies. Unhealthy political engagement, when leaders are selected and sanctioned on the basis of their provision of private benefits rather than public goods, gives rise to government failures. The solutions to these failures lie in fostering healthy political engagement within any institutional context, and not in circumventing or suppressing it. Transparency, which is citizen access to publicly available information about the actions of those in government, and the consequences of these actions, can play a crucial role by nourishing political engagement.



The Modern Firm

The Modern Firm Author John Roberts
ISBN-10 9780191622465
Release 2007-09-06
Pages 336
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Business firms around the world are experimenting with new organizational designs, changing their formal architectures, their routines and processes, and their corporate cultures as they seek to improve their current performance and their growth prospects. In the process they are changing the scope of their business operations, redrawing their organization charts, redefining the allocation of decision-making authority and responsibility, revamping the mechanisms for motivating and rewarding people, reconsidering which activities to conduct in-house and which to out-source, redesigning their information systems, and seeking to alter the shared beliefs, values and norms that their people hold. In this book, John Roberts argues that there are predictable, necessary relationships among these changes that will improve performance and growth. The organizations that are successful will establish patterns of fit among the elements of their organizational designs, their competitive strategies and the external environment in which they operate and will go about this in a holistic manner. The Modern Firm develops powerful conceptual frameworks for analyzing the interrelations between organizational design features, competitive strategy and the business environment. Written in a non-technical language, the book is nevertheless based on rigorous modeling and draws on numerous examples from eighteenth century fur trading companies to such modern firms such as BP and Nokia. Finally the book explores why these developments are happening now, pointing to the increase in global competition and changes in technology. Written by one of the world's leading economists and experts on business strategy and organization, The Modern Firm provides new insights into the changes going on in business today and will be of interest to academics, students and managers alike.



The Politics of Inclusive Development

The Politics of Inclusive Development Author Sam Hickey
ISBN-10 9780198722564
Release 2015
Pages 396
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This collection brings together internationally-renowned experts to offer the broadest and most comprehensive review available regarding how politics shapes inclusive development in the global south. Each aspect of development is covered, namely social, economic, environmental and cultural, with each substantive chapter offering a systematic review of the evidence in the relevant field. The collection also offers new easy of thinking about the politics ofdevelopment, and a range of practical suggestions for development policy and practice.