An introduction to corporate governance: mechanisms and systems
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Copenhagen
DJØF Publ.
2008
|
| Edition: | 1. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 246 S. graph. Darst. |
| ISBN: | 9788757418514 8757418519 |
Staff View
MARC
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Record in the Search Index
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|---|---|
| adam_text | Table
of
Contents
Introduction
................................................................................................... 9
I. An Introduction to Corporate Governance
Chapter
1.
What is Corporate Governance?
........................................... 15
What corporate governance is not
............................................................. 16
The basic governance problem
................................................................... 17
The extended agency problem
.................................................................... 18
Why is corporate governance important?
................................................ 21
Conclusion
...................................................................................................... 22
References
....................................................................................................... 23
Chapter
2.
Agency Problems and Corporate Governance
.................. 25
The owner-manager problem
..................................................................... 28
Agency theory
................................................................................................ 31
Types of agency problems
........................................................................... 31
Information problems
.................................................................................. 32
Moral hazard
.................................................................................................. 33
Adverse selection
.......................................................................................... 34
Alternatives to the agency model
............................................................... 38
References
....................................................................................................... 40
Chapter
3.
The Mechanisms of Governance
.......................................... 41
Moral standards
............................................................................................ 42
Trust and reputation
..................................................................................... 44
Law
.................................................................................................................. 45
Large owners
.................................................................................................. 49
Shareholder pressure
.................................................................................... 50
Boards
.............................................................................................................. 50
Table
of
Contents
Creditors
......................................................................................................... 51
Incentive
systems
.......................................................................................... 52
Auditors
.......................................................................................................... 53
Analysts
.......................................................................................................... 54
Takeovers
........................................................................................................ 54
Competition
................................................................................................... 55
The managerial labour market
................................................................... 55
Corporate governance codes
....................................................................... 55
Media pressure
.............................................................................................. 56
System effects
................................................................................................. 57
References
....................................................................................................... 57
Chapter
4.
International Corporate Governance
................................... 59
Theoretical considerations
........................................................................... 60
International systems
.................................................................................... 64
Country models
............................................................................................. 71
Convergence
.................................................................................................. 73
References
....................................................................................................... 77
II. Understanding Mechanisms of Governance
Chapter
5.
Understanding Corporate Ownership
................................ 85
Ownership of the firm
.................................................................................. 86
Ownership structure
..................................................................................... 87
Ownership and performance
...................................................................... 89
Owner identity
............................................................................................... 90
Best owner
...................................................................................................... 95
References
....................................................................................................... 97
Chapter
6.
What Boards do and Should do
............................................ 101
Introduction
................................................................................................... 101
Board functions: facts and fiction
............................................................... 103
The theory of boards
..................................................................................... 109
The empirical evidence
................................................................................ 115
Empowerment and overload
...................................................................... 119
Discussion
....................................................................................................... 122
References
....................................................................................................... 126
Table
of Contents
Appendix
6.1.
The tasks of the board according
to the combined code
................................................................................... 129
Appendix
6.2.................................................................................................. 132
Chapter
7.
Ethics as a Governance Mechanism
..................................... 135
Business ethics as a governance mechanism
............................................ 136
Optimal business ethics
............................................................................... 141
Actual business ethics
.................................................................................. 143
Discussion
....................................................................................................... 147
References
....................................................................................................... 148
Chapter
8.
Understanding Corporate Governance Codes
.................. 151
Code puzzles
.................................................................................................. 152
Corporate governance codes in theory
..................................................... 154
Stylised facts and puzzles
............................................................................ 156
Statistical evidence on codes
....................................................................... 159
The contents
................................................................................................... 161
Discussion
....................................................................................................... 165
References
....................................................................................................... 167
Appendix
........................................................................................................ 170
III. Understanding International Systems
Chapter
9.
The Anglo-American Market Model and Shareholder
Value
............................................................................................................... 173
The ideal model: shareholder value
........................................................... 173
The market based system: ideal model
..................................................... 176
The US model
................................................................................................. 177
The UK corporate governance model
....................................................... 181
Evaluating the market model
...................................................................... 183
References
....................................................................................................... 186
Appendix
1.
Sarbanes-Oxley
....................................................................... 187
Chapter
10.
Bank Governance in Germany
........................................... 191
Bank governance in theory
.......................................................................... 191
Bank leadership in Germany
...................................................................... 194
Two-tier boards with employee representation
...................................... 195
Table
of Contents
Other characteristics of German corporate governance
......................... 195
Why is Germany different?
......................................................................... 196
Evaluation of the German model
............................................................... 197
References
....................................................................................................... 198
Chapter
11.
Relational Governance in Japan
......................................... 199
Theoretical considerations
........................................................................... 199
The Japanese model
...................................................................................... 200
The Keiretsu system
...................................................................................... 202
History of Japanese corporate governance
............................................... 205
Changes in the Japanese model
.................................................................. 206
Evaluation of the Japanese model
.............................................................. 207
References
....................................................................................................... 208
Chapter
12.
Family Business with East Asia as an example
............... 209
Family business defined
.............................................................................. 209
The costs and benefits of family ownership
............................................. 211
Family ownership and economic performance
....................................... 214
Family control mechanisms
........................................................................ 216
Should dual class shares be prohibited?
................................................... 219
Ownership and control in East Asia
.......................................................... 219
References
....................................................................................................... 223
Chapter
13.
Corporate Governance in Scandinavia
............................. 225
Comparative governance
............................................................................. 227
Evaluating the Scandinavian model
.......................................................... 230
References
....................................................................................................... 232
IV. Conclusion
Chapter
14.
Corporate Governance beyond the Hype
........................ 237
Good corporate governance
........................................................................ 239
Corporate governance reviews
................................................................... 242
Index
................................................................................................................ 245
8
|
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| isbn | 9788757418514 8757418519 |
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| spelling | Thomsen, Steen Verfasser aut An introduction to corporate governance mechanisms and systems Steen Thomsen 1. ed. Copenhagen DJØF Publ. 2008 246 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Bedrijfsbeleid gtt Vergelijkend onderzoek gtt Corporate governance Corporate Governance (DE-588)4419850-4 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Corporate Governance (DE-588)4419850-4 s b DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017138323&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Thomsen, Steen An introduction to corporate governance mechanisms and systems Bedrijfsbeleid gtt Vergelijkend onderzoek gtt Corporate governance Corporate Governance (DE-588)4419850-4 gnd |
| subject_GND | (DE-588)4419850-4 (DE-588)4123623-3 |
| title | An introduction to corporate governance mechanisms and systems |
| title_auth | An introduction to corporate governance mechanisms and systems |
| title_exact_search | An introduction to corporate governance mechanisms and systems |
| title_full | An introduction to corporate governance mechanisms and systems Steen Thomsen |
| title_fullStr | An introduction to corporate governance mechanisms and systems Steen Thomsen |
| title_full_unstemmed | An introduction to corporate governance mechanisms and systems Steen Thomsen |
| title_short | An introduction to corporate governance |
| title_sort | an introduction to corporate governance mechanisms and systems |
| title_sub | mechanisms and systems |
| topic | Bedrijfsbeleid gtt Vergelijkend onderzoek gtt Corporate governance Corporate Governance (DE-588)4419850-4 gnd |
| topic_facet | Bedrijfsbeleid Vergelijkend onderzoek Corporate governance Corporate Governance Lehrbuch |
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