The recurrent crisis in corporate governance:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Basingstoke [u.a.]
Palgrave Macmillan
2003
|
| Ausgabe: | 1. publ. |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XIII, 149 S. graph. Darst. |
| ISBN: | 1403916667 |
Internformat
MARC
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| 100 | 1 | |a MacAvoy, Paul W. |d 1934- |e Verfasser |0 (DE-588)130357510 |4 aut | |
| 245 | 1 | 0 | |a The recurrent crisis in corporate governance |c Paul MacAvoy and Ira Millstein |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Basingstoke [u.a.] |b Palgrave Macmillan |c 2003 | |
| 300 | |a XIII, 149 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index | ||
| 700 | 1 | |a Millstein, Ira M. |e Verfasser |4 aut | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014680690&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-014680690 | ||
Datensatz im Suchindex
| _version_ | 1804135184358965248 |
|---|---|
| adam_text | Contents
List of Figures and Tables ix
List of Appendix Tables x
Preface xi
List of Abbreviations xiii
1 Introduction and Summary 1
Ira M. Millstein and Paul W. MacAvoy
2 The Current Crisis 6
Ira M. Millstein and Paul W. MacAvoy
3 The Emergence and Development
of the Governance Problem 11
Ira M. Millstein and Paul W. MacAvoy
Conglomeration as an example of managerial self interest 13
Other Sources of accelerated change 20
The emergence of the full role of the board of directors 27
Has the emergence of new governance, in terms of
board diligence and focus, become observable? 30
4 The Ambivalent Results of Extant Research
on the Impact of Strong Governance on
Corporate Performance 32
Ira M. Millstein and Paul W. MacAvoy
5 A New Approach for Determining the Effect
of Strong Governance on Corporate Performance 43
Paul W. MacAvoy
Metrics for board independence and professionalism 45
Metrics for performance 47
Methodology 53
Estimation and analysis of the governance/corporate
performance relationship 56
vii
viii Contents
The calculation of economic value added 57
Superior performance after a change in governance 63
Conclusion 65
6 Where Was the Board? Share Price
Collapse and the Governance Crisis of 2000 2002 66
Paul W. MacAvoy
The status quo in corporate governance in the 1990s 67
Incremental change 68
The collapse of Enron and the others 76
The nine largest companies investigated for
fraudulent financial reporting 83
Where was the board of directors? 86
A second look at management out of control 89
7 Proposals for Reform of Corporate Governance 95
Ira M. Millstein and Paul W. MacAvoy
New expectations for improved performance
in boards of directors 102
Recommendations 113
Appendix A: Technical Implementation Issues in the
Analysis of EVA ™ for CalPERS rated Companies 120
Appendix B: Database of EVA™ Estimates 125
References 133
Index 143
List of Figures and Tables
Figures
2.1 The focus of decisions 8
5.1 Economic value added, by company CalPERS grade 58
5.2 Differential spread, by company CalPERS grade 59
5.3 Economic value added, by company CalPERS
grade, accounting for industry effects 61
Tables
3.1 Net merger acquisitions announcements 13
5.1 Equation for single company economic value added
versus CalPERS grades on board activity 61
5.2 Comparative economic value added in the
better versus worse governed stylized company
(spreads in percentages; capital and returns in ) 62
5.3 Regression equation for single company
economic value added versus board change 64
6.1 Economic value added at Enron, WorldCom
and Global Crossing 77
6.2 Management and corporation changes in valuation
at Enron, Global Crossing and WorldCom 82
6.3 Performance of the nine largest corporations under
investigation in 2001
6.4 Economic value added at nine corporations
under investigation 84
6.5 Shareholder returns for nine corporations
under investigation 85
ix
List of Appendix Tables
A.I Example estimation of rates of return (Citicorp) 120
A.2 Example estimates of income (Columbia/HCA) 121
A.3 Regression for single company annual value added
versus CalPERS grades 123
B.I Database of EVA™ estimates 126
B.2 Average EVA™ by CalPERS grade groups, weighted
by companies assets 131
B.3 Average differential spread by CalPERS grade groups 131
B.4 Average differential spread by CalPERS grade groups,
for a three year period 132
x
|
| adam_txt |
Contents
List of Figures and Tables ix
List of Appendix Tables x
Preface xi
List of Abbreviations xiii
1 Introduction and Summary 1
Ira M. Millstein and Paul W. MacAvoy
2 The Current Crisis 6
Ira M. Millstein and Paul W. MacAvoy
3 The Emergence and Development
of the Governance Problem 11
Ira M. Millstein and Paul W. MacAvoy
Conglomeration as an example of managerial self interest 13
Other Sources of accelerated change 20
The emergence of the full role of the board of directors 27
Has the emergence of 'new' governance, in terms of
board diligence and focus, become observable? 30
4 The Ambivalent Results of Extant Research
on the Impact of Strong Governance on
Corporate Performance 32
Ira M. Millstein and Paul W. MacAvoy
5 A New Approach for Determining the Effect
of Strong Governance on Corporate Performance 43
Paul W. MacAvoy
Metrics for board independence and professionalism 45
Metrics for performance 47
Methodology 53
Estimation and analysis of the governance/corporate
performance relationship 56
vii
viii Contents
The calculation of economic value added 57
Superior performance after a change in governance 63
Conclusion 65
6 'Where Was the Board?' Share Price
Collapse and the Governance Crisis of 2000 2002 66
Paul W. MacAvoy
The status quo in corporate governance in the 1990s 67
Incremental change 68
The collapse of Enron and the others 76
The nine largest companies investigated for
fraudulent financial reporting 83
Where was the board of directors? 86
A second look at management out of control 89
7 Proposals for Reform of Corporate Governance 95
Ira M. Millstein and Paul W. MacAvoy
New expectations for improved performance
in boards of directors 102
Recommendations 113
Appendix A: Technical Implementation Issues in the
Analysis of EVA ™ for CalPERS rated Companies 120
Appendix B: Database of EVA™ Estimates 125
References 133
Index 143
List of Figures and Tables
Figures
2.1 The focus of decisions 8
5.1 Economic value added, by company CalPERS grade 58
5.2 Differential spread, by company CalPERS grade 59
5.3 Economic value added, by company CalPERS
grade, accounting for industry effects 61
Tables
3.1 Net merger acquisitions announcements 13
5.1 Equation for single company economic value added
versus CalPERS grades on board activity 61
5.2 Comparative economic value added in the
better versus worse governed stylized company
(spreads in percentages; capital and returns in \) 62
5.3 Regression equation for single company
economic value added versus board change 64
6.1 Economic value added at Enron, WorldCom
and Global Crossing 77
6.2 Management and corporation changes in valuation
at Enron, Global Crossing and WorldCom 82
6.3 Performance of the nine largest corporations under
investigation in 2001 "
6.4 Economic value added at nine corporations
under investigation 84
6.5 Shareholder returns for nine corporations
under investigation 85
ix
List of Appendix Tables
A.I Example estimation of rates of return (Citicorp) 120
A.2 Example estimates of income (Columbia/HCA) 121
A.3 Regression for single company annual value added
versus CalPERS grades 123
B.I Database of EVA™ estimates 126
B.2 Average EVA™ by CalPERS grade groups, weighted
by companies' assets 131
B.3 Average differential spread by CalPERS grade groups 131
B.4 Average differential spread by CalPERS grade groups,
for a three year period 132
x |
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| illustrated | Illustrated |
| index_date | 2024-07-02T14:07:38Z |
| indexdate | 2024-07-09T20:36:28Z |
| institution | BVB |
| isbn | 1403916667 |
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| spelling | MacAvoy, Paul W. 1934- Verfasser (DE-588)130357510 aut The recurrent crisis in corporate governance Paul MacAvoy and Ira Millstein 1. publ. Basingstoke [u.a.] Palgrave Macmillan 2003 XIII, 149 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Millstein, Ira M. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014680690&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | MacAvoy, Paul W. 1934- Millstein, Ira M. The recurrent crisis in corporate governance |
| title | The recurrent crisis in corporate governance |
| title_auth | The recurrent crisis in corporate governance |
| title_exact_search | The recurrent crisis in corporate governance |
| title_exact_search_txtP | The recurrent crisis in corporate governance |
| title_full | The recurrent crisis in corporate governance Paul MacAvoy and Ira Millstein |
| title_fullStr | The recurrent crisis in corporate governance Paul MacAvoy and Ira Millstein |
| title_full_unstemmed | The recurrent crisis in corporate governance Paul MacAvoy and Ira Millstein |
| title_short | The recurrent crisis in corporate governance |
| title_sort | the recurrent crisis in corporate governance |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014680690&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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