Financial integration, corporate governance, and the performance of multinational companies:
The increased globalization of production processes and the integration of the world's financial markets have placed considerable pressures on companies to reevaluate their governance structures. These structures, which vary from country to country, affect everything from financial fluidity and...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Washington, DC
Brookings Institution
1995
|
| Schriftenreihe: | Integrating national economies
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | The increased globalization of production processes and the integration of the world's financial markets have placed considerable pressures on companies to reevaluate their governance structures. These structures, which vary from country to country, affect everything from financial fluidity and competitiveness to rules on insider trading, takeover, and accounting and disclosure practices. Should a single model of corporate governance be adopted as a world standard In this book, part of the Integrating National Economies series, Mitsuhiro Fukao argues against the impulse to adopt a single system of corporate governance. He provides a comprehensive comparison of corporate governance structures in France, Germany, Japan, the United Kingdom, and the United States, outlining the advantages of each type of structure and analyzing the important behavioral differences among them. He explains the order of importance of various stakeholders - creditors, top executives, core employees, and shareholders - the cost of capital, and the use of labor in each country. Given the different advantages of the various systems and their deeply rooted institutional backgrounds, Fukao contends that it is neither desirable nor feasible to adopt a single model of governance as the world standard. Instead, each country should allow various complementary forms of governance in order to create healthy competition among companies and more efficient corporate structures |
| Beschreibung: | XXVII, 139 S. |
| ISBN: | 081572988X 0815729871 |
Internformat
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| 490 | 0 | |a Integrating national economies | |
| 520 | 3 | |a The increased globalization of production processes and the integration of the world's financial markets have placed considerable pressures on companies to reevaluate their governance structures. These structures, which vary from country to country, affect everything from financial fluidity and competitiveness to rules on insider trading, takeover, and accounting and disclosure practices. Should a single model of corporate governance be adopted as a world standard | |
| 520 | |a In this book, part of the Integrating National Economies series, Mitsuhiro Fukao argues against the impulse to adopt a single system of corporate governance. He provides a comprehensive comparison of corporate governance structures in France, Germany, Japan, the United Kingdom, and the United States, outlining the advantages of each type of structure and analyzing the important behavioral differences among them. He explains the order of importance of various stakeholders - creditors, top executives, core employees, and shareholders - the cost of capital, and the use of labor in each country. Given the different advantages of the various systems and their deeply rooted institutional backgrounds, Fukao contends that it is neither desirable nor feasible to adopt a single model of governance as the world standard. Instead, each country should allow various complementary forms of governance in order to create healthy competition among companies and more efficient corporate structures | ||
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Datensatz im Suchindex
| _version_ | 1804124931680632832 |
|---|---|
| adam_text | Contents
Preface xiii
1. Introduction 1
International Differences in Corporate Governance 4
The Future of Corporate Governance Structures 6
2. Limited Liability Companies in Modern Economies 9
Advantages and Disadvantages of limited Liability 9
International Differences in Corporate Governance
Structures 12
Conclusions 34
3. Corporate Governance, Corporate Objectives,
and Company Performance 38
A Theoretical Framework 38
The Commitment to Permanent Employment 42
Executive Compensation 46
Governance, Capital, and Labor 46
4. Conclusions and Policy Recommendations 72
Globalization of Production 72
Global Integration of Financial Markets 74
Fundamental Aspects of Corporate Governance 80
Equitable Access in Corporate Takeovers? 81
Implications for Developing Countries and Former Centrally
Planned Economies 83
ix
x Contents
Comments 87
Colin Mayer 87
Michael E. Porter 92
Appendix: Comparison of Corporate
Governance Structures 97
References 125
Index 133
Tables
2 1. Directors Promoted from among Employees, Japan and
United States, 1986 14
2 2. Number of Listed Companies and Market Capitalization of
Domestic Equity as Percent of GDP, Five Countries, 1990 21
2 3. Stock Ownership in U.S., Japanese, and German Industry,
by Type of Owner, 1991 92 22
2 4. Ownership of Publicly Listed Corporations in Four
Countries, by Sector, 1990 91 22
2 5. Ownership Concentration in Large Nonfinancial
Corporations, Four Countries, 1970s 1990 25
2 6. Distribution of Largest Shareholders in U.S. and Japanese
Companies, by Category, 1988 26
2 7. Prevalence of Stable Shareholders and Interlocking
Shareholdings in Japanese Companies, 1990 26
3 1. Most Important Management Objectives of Large U.S.
and Japanese Companies, 1988 40
3 2. Most Important Concerns of Shareholders According to
Management of Large U.S. and Japanese Companies, 1988 43
3 3. Most Likely Means to Overcome Deterioration of Business,
U.S. and Japanese Companies, 1988 44
3 4. Preferred Means of Cutting Labor Costs, U.S. and Japanese
Companies, 1988 45
3 5. Standard Deviation of Changes in Manufacturing
Production, Employees, Working Hours, and Labor Input,
United States, Japan, and Germany, 1961 69, 1970 79,
1980 91 45
3 6. Attitudes toward Profitability and Starting a New Line of
Business, U.S. and Japanese Companies, 1988 59
Contents xi
3 7. Assembly Plant Characteristics of Volume Auto Producers,
by Region, 1989 61
3 8. Index of Production Worker and Office Worker Wages in
Three Industrialized Countries, by Age 65
3 9. Duration of Employment with One Company in Japan and
the United States, by Age and Sex, 1980s 67
3 10. Male Employees in Japan Who Have Never Changed Jobs,
by Age, Sector, and Educational Attainment, 1980 85 68
3 11. Average Hours Worked per Year by Workers in Five Industrial
Countries, 1980, 1985, 1990 68
4 1. Direct Investment Flows of Ten Major Countries, 1971 80,
1981 90 82
Figures
3 1. Real After Tax Cost of Debt, Four Advanced Industrial
Countries, 1977 92 52
3 2. Estimated Real Cost of Equity, Four Advanced Industrial
Countries, 1977 92 54
3 3. Debt Market Equity Ratios, Four Advanced Industrial
Countries, 1977 92 55
3 4. Real After Tax Cost of Funds, Four Advanced Industrial
Countries, 1977 92 57
3 5. User Cost of Capital for Two Types of Investment,
Four Advanced Industrial Countries, 1977 91 58
|
| any_adam_object | 1 |
| author | Fukao, Mitsuhiro |
| author_facet | Fukao, Mitsuhiro |
| author_role | aut |
| author_sort | Fukao, Mitsuhiro |
| author_variant | m f mf |
| building | Verbundindex |
| bvnumber | BV010498324 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4027 |
| callnumber-raw | HG4027.5.F85 1995 |
| callnumber-search | HG4027.5.F85 1995 |
| callnumber-sort | HG 44027.5 F85 41995 |
| callnumber-subject | HG - Finance |
| classification_rvk | QL 200 QP 305 |
| ctrlnum | (OCoLC)231652477 (DE-599)BVBBV010498324 |
| dewey-full | 658.15/9920 658.15/99 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15/99 20 658.15/99 |
| dewey-search | 658.15/99 20 658.15/99 |
| dewey-sort | 3658.15 299 220 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV010498324 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T17:53:30Z |
| institution | BVB |
| isbn | 081572988X 0815729871 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006995598 |
| oclc_num | 231652477 |
| open_access_boolean | |
| owner | DE-12 DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-473 DE-BY-UBG DE-521 DE-523 DE-11 DE-188 |
| owner_facet | DE-12 DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-473 DE-BY-UBG DE-521 DE-523 DE-11 DE-188 |
| physical | XXVII, 139 S. |
| publishDate | 1995 |
| publishDateSearch | 1995 |
| publishDateSort | 1995 |
| publisher | Brookings Institution |
| record_format | marc |
| series2 | Integrating national economies |
| spelling | Fukao, Mitsuhiro Verfasser aut Financial integration, corporate governance, and the performance of multinational companies Mitsuhiro Fukao Washington, DC Brookings Institution 1995 XXVII, 139 S. txt rdacontent n rdamedia nc rdacarrier Integrating national economies The increased globalization of production processes and the integration of the world's financial markets have placed considerable pressures on companies to reevaluate their governance structures. These structures, which vary from country to country, affect everything from financial fluidity and competitiveness to rules on insider trading, takeover, and accounting and disclosure practices. Should a single model of corporate governance be adopted as a world standard In this book, part of the Integrating National Economies series, Mitsuhiro Fukao argues against the impulse to adopt a single system of corporate governance. He provides a comprehensive comparison of corporate governance structures in France, Germany, Japan, the United Kingdom, and the United States, outlining the advantages of each type of structure and analyzing the important behavioral differences among them. He explains the order of importance of various stakeholders - creditors, top executives, core employees, and shareholders - the cost of capital, and the use of labor in each country. Given the different advantages of the various systems and their deeply rooted institutional backgrounds, Fukao contends that it is neither desirable nor feasible to adopt a single model of governance as the world standard. Instead, each country should allow various complementary forms of governance in order to create healthy competition among companies and more efficient corporate structures Bedrijfsfinanciering gtt Entreprises - Direction générale ram Entreprises multinationales - Finances - Gestion Entreprises multinationales - Finances ram Gouvernement d'entreprise Internationale ondernemingen gtt Multinationales Unternehmen International business enterprises Finance Management Corporate governance Überwachung (DE-588)4134175-2 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Internationaler Vergleich (DE-588)4120509-1 gnd rswk-swf Multinationales Unternehmen (DE-588)4075092-9 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Unternehmenserfolg (DE-588)4223768-3 gnd rswk-swf Internationaler Kapitalmarkt (DE-588)4027402-0 gnd rswk-swf Kontrolle (DE-588)4032312-2 gnd rswk-swf Wirtschaftliche Integration (DE-588)4066410-7 gnd rswk-swf Auslandsgeschäft (DE-588)4003763-0 gnd rswk-swf Keiretsu Multinationales Unternehmen (DE-588)4075092-9 s Finanzierung (DE-588)4017182-6 s Kontrolle (DE-588)4032312-2 s Internationaler Vergleich (DE-588)4120509-1 s DE-604 Internationaler Kapitalmarkt (DE-588)4027402-0 s Wirtschaftliche Integration (DE-588)4066410-7 s Finanzmanagement (DE-588)4139075-1 s Überwachung (DE-588)4134175-2 s Auslandsgeschäft (DE-588)4003763-0 s Corporate Governance (DE-588)4419850-4 s Unternehmenserfolg (DE-588)4223768-3 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006995598&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Fukao, Mitsuhiro Financial integration, corporate governance, and the performance of multinational companies Bedrijfsfinanciering gtt Entreprises - Direction générale ram Entreprises multinationales - Finances - Gestion Entreprises multinationales - Finances ram Gouvernement d'entreprise Internationale ondernemingen gtt Multinationales Unternehmen International business enterprises Finance Management Corporate governance Überwachung (DE-588)4134175-2 gnd Corporate Governance (DE-588)4419850-4 gnd Internationaler Vergleich (DE-588)4120509-1 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd Unternehmenserfolg (DE-588)4223768-3 gnd Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Kontrolle (DE-588)4032312-2 gnd Wirtschaftliche Integration (DE-588)4066410-7 gnd Auslandsgeschäft (DE-588)4003763-0 gnd |
| subject_GND | (DE-588)4134175-2 (DE-588)4419850-4 (DE-588)4120509-1 (DE-588)4075092-9 (DE-588)4139075-1 (DE-588)4017182-6 (DE-588)4223768-3 (DE-588)4027402-0 (DE-588)4032312-2 (DE-588)4066410-7 (DE-588)4003763-0 |
| title | Financial integration, corporate governance, and the performance of multinational companies |
| title_auth | Financial integration, corporate governance, and the performance of multinational companies |
| title_exact_search | Financial integration, corporate governance, and the performance of multinational companies |
| title_full | Financial integration, corporate governance, and the performance of multinational companies Mitsuhiro Fukao |
| title_fullStr | Financial integration, corporate governance, and the performance of multinational companies Mitsuhiro Fukao |
| title_full_unstemmed | Financial integration, corporate governance, and the performance of multinational companies Mitsuhiro Fukao |
| title_short | Financial integration, corporate governance, and the performance of multinational companies |
| title_sort | financial integration corporate governance and the performance of multinational companies |
| topic | Bedrijfsfinanciering gtt Entreprises - Direction générale ram Entreprises multinationales - Finances - Gestion Entreprises multinationales - Finances ram Gouvernement d'entreprise Internationale ondernemingen gtt Multinationales Unternehmen International business enterprises Finance Management Corporate governance Überwachung (DE-588)4134175-2 gnd Corporate Governance (DE-588)4419850-4 gnd Internationaler Vergleich (DE-588)4120509-1 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd Unternehmenserfolg (DE-588)4223768-3 gnd Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Kontrolle (DE-588)4032312-2 gnd Wirtschaftliche Integration (DE-588)4066410-7 gnd Auslandsgeschäft (DE-588)4003763-0 gnd |
| topic_facet | Bedrijfsfinanciering Entreprises - Direction générale Entreprises multinationales - Finances - Gestion Entreprises multinationales - Finances Gouvernement d'entreprise Internationale ondernemingen Multinationales Unternehmen International business enterprises Finance Management Corporate governance Überwachung Corporate Governance Internationaler Vergleich Finanzmanagement Finanzierung Unternehmenserfolg Internationaler Kapitalmarkt Kontrolle Wirtschaftliche Integration Auslandsgeschäft |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006995598&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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