Corporate governance: financial responsibility, controls and ethics
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke, Hampshire [u.a.]
Palgrave Macmillan
2004
|
| Series: | Finance and capital markets
|
| Subjects: | |
| Online Access: | Publisher description Inhaltsverzeichnis |
| Physical Description: | XVI, 496 S. graph. Darst. |
| ISBN: | 1403916683 |
Staff View
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| 245 | 1 | 0 | |a Corporate governance |b financial responsibility, controls and ethics |c Erik Banks |
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Record in the Search Index
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Contents
Ust
of figures
xi
List of tables
xiii
Acknowledgments
xv
The author
xvi
PART I: THE FUNCTION OF CORPORATE GOVERNANCE
1
1
Governance defined
3
The re-emergence of governance
3
Basic corporate structure
11
Limited liability, equity investors, and debt holders
11
Value maximization and the search for enterprise value
14
Diffusion, control, and the agency problem
17
Forms of ownership and control
20
Accountability and the need for corporate governance
22
Internal governance
24
External governance
24
The benefits of governance
30
2
Internal governance mechanisms:
corporate accountability
32
The board of directors
34
Executive management
42
Internal control groups
44
Code of conduct
47
Implementation of internal governance measures
48
Best practice codes
50
I;
vi
I CONTENTS
3
External governance mechanisms:
systemic accountability
54
Regulatory oversight
54
Legal/bankruptcy regimes
56
Capital markets access
59
Corporate control activity
61
Mergers, acquisitions, and spin-offs
65
LBOs and MBOs
67
Antitakeover defenses
68
Block holder monitoring
70
Activist institutional investor monitoring
74
External audits
77
Credit rating agency review
79
4
Protecting internal and external stakeholders
83
Direct and indirect stakeholders
85
Shareholders
86
Labor/employees
88
Creditors
90
Customers and suppliers
94
Professional service providers
96
Communities
97
Indirect stakeholders
98
Protecting stakeholders
99
PART II: CORPORATE GOVERNANCE PROBLEMS
101
5
Common failures in the governance process
103
Flaws in governance
103
Detecting governance flaws
105
Failure of board directors and executive management
106
Ineffective boards
107
Breach of duties of care and loyalty
115
Entrenched management
115
Failure of corporate policies
116
Failure of internal controls
131
Lack of technically qualified, independent controls
132
Liberal accounting policies
133
Excessive risk-taking
134
Inadequate internal audits
135
Failure of external controls
136
Inadequate regulatory mechanisms
136
Insufficient legal/bankruptcy regimes
140
CONTENTS f
vii
§
Lack of block holder/activist investor monitoring
140
Weak/underdeveloped capital markets
141
Misguided/insufficient corporate control activity
143
Unacceptable external audit practices
144
6
The impact of governance problems on
corporate operations
147
First stage impact: reputational damage
150
Second stage impact: early financial problems
151
Third stage impact: growing financial distress
154
Fourth stage impact: bankruptcy
157
The impact of bankruptcy on stakeholders
159
7
Studies in flawed governance I: companies
166
Company studies
170
Case study
1:
Enron, USA
170
Case study
2:
Arthur Andersen, USA
175
Case study
3:
WorldCom, USA
179
Case study
4:
Tyco International, USA/Bermuda
185
Case study
5:
Adelphia Communications, USA
189
Case study
6:
Allfirst/Allied Irish Bank, USA/Ireland
192
Case study
7:
Waste Management, USA
196
Case study
8:
SAirGroup (Swissair), Switzerland
200
Case study
9:
Vivendi, France
204
Case study
10:
Daewoo Group, Korea
208
Case study
11:
Asea
Brown Boveri, Sweden/
Switzerland
211
Case study
12:
Kirch Media, Germany
214
Case study
13:
Ahold, the Netherlands
217
Case study
14:
Lernout and Hauspie, Belgium
220
Case study
15:
Global Crossing, USA/Bermuda
223
Case study
16:
HealthSouth, USA
226
8
Studies in flawed governance II: sectors and industries
231
Case study
1 :
global external auditors
232
Case study
2:
US energy trading companies
239
Case study
3:
Japanese sokaiya scandals
244
Case study
4:
US investment banking and research
247
Case study
5:
Indonesian business and banking groups
250
IM»! CONTENTS
PART III: CORPORATE GOVERNANCE REFORMS
257
9
Strengthening the governance process I: micro reforms
259
Strengthening the board of directors and executive
management
261
Establishing active, independent, and responsive boards
262
Reducing board size
264
Creating technically expert, independent board
committees
264
Separating the roles of chairperson and CEO
271
Aligning board director interests
274
Limiting D&O insurance coverage
274
Piercing the corporate veil for directors and executives
275
Reducing information asymmetries
276
Refocusing corporate policies
276
Developing rational compensation standards
277
Creating effective disclosure
279
Supporting shareholder rights
281
Returning excess capital
283
Defining and publicizing strategy
283
Developing and demonstrating a long-term perspective
284
Engaging institutional investors
285
Enhancing internal controls
286
Developing proper accounting policies
286
Enhancing internal audit
287
Reinforcing a culture of risk management
287
Implementing crisis management programs
288
Conducting effective post-mortems
289
1 0
Strengthening the governance process II: macro reforms
291
Promoting changes in regulatory oversight
292
Regulating potential conflicts of interest
293
Promoting uniform and meaningful accounting rules
294
Developing proper regulatory disclosure
295
Encouraging long-term investment
297
Protecting assets, investments, and pensions
297
Enhancing general governance mechanisms
298
Strengthening legal frameworks and bankruptcy processes
299
Deepening capital markets and promoting corporate
control activity
301
Enhancing external audit practices
303
Encouraging investor activism
304
The legislative angle: the example of Sarbanes-Oxley
307
CONTENTS
f
ix
I
Creating a Public Company Accounting Oversight Board
308
Ensuring auditor independence and establishing an
audit committee
309
Assigning corporate responsibility
311
Enhancing financial disclosures
312
Resolving analyst conflicts of interest
ЗІЗ
Assigning accountability for corporate and criminal fraud
314
Expanding white collar crime penalties
314
The international view of S-O
315
7 1
Improving corporate ethics
318
Corporate ethics versus corporate responsibility
319
Creating and reinforcing a proper ethical culture
320
Ethical norms
323
Ethical behavior and internal governance mechanisms
325
12
Summary: towards substantive governance
327
Simple rules of substantive governance
328
Can governance changes work?
332
Appendix: implementing global best practice
335
Supranational
338
OECD 338
BIS
340
European Union
342
Australia
344
Belgium
345
Brazil
348
Canada
349
France
352
Germany
354
Italy
356
Japan
359
Korea
361
Malaysia
364
The Netherlands
366
Singapore
368
South Africa
371
Spain
374
Sweden
376
Switzerland
377
United Kingdom
380
United States
384
f| x
§ CONTENTS
Notes 390
The language of governance
463
Selected bibliography
483
Index
490 |
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| spelling | Banks, Erik 1965- Verfasser (DE-588)171578902 aut Corporate governance financial responsibility, controls and ethics Erik Banks Basingstoke, Hampshire [u.a.] Palgrave Macmillan 2004 XVI, 496 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Finance and capital markets Corporate governance Business ethics Wirtschaftsethik (DE-588)4066439-9 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Corporate Governance (DE-588)4419850-4 s Wirtschaftsethik (DE-588)4066439-9 s 1\p DE-604 http://www.loc.gov/catdir/description/hol053/2003065410.html Publisher description Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022121009&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Banks, Erik 1965- Corporate governance financial responsibility, controls and ethics Corporate governance Business ethics Wirtschaftsethik (DE-588)4066439-9 gnd Corporate Governance (DE-588)4419850-4 gnd |
| subject_GND | (DE-588)4066439-9 (DE-588)4419850-4 |
| title | Corporate governance financial responsibility, controls and ethics |
| title_auth | Corporate governance financial responsibility, controls and ethics |
| title_exact_search | Corporate governance financial responsibility, controls and ethics |
| title_full | Corporate governance financial responsibility, controls and ethics Erik Banks |
| title_fullStr | Corporate governance financial responsibility, controls and ethics Erik Banks |
| title_full_unstemmed | Corporate governance financial responsibility, controls and ethics Erik Banks |
| title_short | Corporate governance |
| title_sort | corporate governance financial responsibility controls and ethics |
| title_sub | financial responsibility, controls and ethics |
| topic | Corporate governance Business ethics Wirtschaftsethik (DE-588)4066439-9 gnd Corporate Governance (DE-588)4419850-4 gnd |
| topic_facet | Corporate governance Business ethics Wirtschaftsethik Corporate Governance |
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