Corporate Governance

Codification Or Self-Regulation?

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Author: Lars Haverkamp

Publisher: GRIN Verlag

ISBN: 3640462696

Category:

Page: 80

View: 9013

Master's Thesis from the year 2006 in the subject Law - Comparative Legal Systems, Comparative Law, grade: B+, University of Canterbury (Law School), 93 entries in the bibliography, language: English, comment: The paper deals with the pros and cons of the US Sarbanes Oxley Act and its adaptability to the New Zealand legal system. The author looks specifically at the two predominant systems of implementing corporate governance codes: the US approach of codification and the rather European based approach of self-regulation. The paper concludes with a recommendation for New Zealand's highly unique market system., abstract: The stock market has gained extraordinary significance over recent years. Large proportions of society invest in equity markets in order to save for their retirement. Various bodies exist to fight abuses by executives of publicly owned companies. Parliament has created the New Zealand Securities Commission (SEC), an independent Crown entity in terms of the Crown Entities Act 2004, to fight 'white collar fraud' and the abuse of business ethics and the law. Numerous scandals worldwide but especially the Enron case in the United States of America (USA) at the beginning of this decade shocked investors and led to a decrease in shareholder confidence. Investors lost their trust in corporate governance techniques and the credibility of managements. In the 1930s, in the aftermath of the 1929 stock exchange crash in the USA, Berle and Means ascertained the underlying problem of corporate governance as the separation of ownership and power. In accordance with Adam Smith, they explained that, as a basic human trait, executives never apply the same diligence when running a company as the owner of the same company might apply. This fundamental understanding is the reason for the necessity of corporate governance rules. As a pro-tection of shareholder interests, the interests of the owners of the company, the regulator tries to set standards which creat

Corporate Governance -Self Regulation Vs Legislation -A Case Study

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Author: Debabrata Chatterjee

Publisher: LAP Lambert Academic Publishing

ISBN: 9783848424115

Category:

Page: 84

View: 6084

The importance of codification of good Corporate Governance practices having mandatory force cannot be mitigated. But in order to ensure implementation and compliance in true spirit, Corporate Governance practices need to be legislated by one regulator or body only to avert duplicity, confusion and uncertainty. The necessity of mandatory Corporate Governance practices, however, leads to another significant question is mere compliance of legislated Corporate Governance practices an ideal situation. The compliance with legislated Corporate Governance practices must be considered as Corporate Governance practices must be considered as Corporate Governance practices at minimum level. It, therefore, cannot be an ideal situation. What is desired, now, is change in perception of persons charged with governance. It is for the corporate world to set up precedents of implementing unique and distinctive Corporate Governance practices as a leader to be followed by everyone. The regulatory pressure is indispensable but voluntary compliance to more than minimum is desirable.

Corporate Governance

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Author: Saleem Sheikh,Rees

Publisher: Cavendish Publishing

ISBN: 1843142619

Category: Business & Economics

Page: 236

View: 4322

This book critically considers the relationship between directors, shareholders and auditors in the corporate governance system. Traditionally, company law has been primarily based on this tripartite relationship. This book comprises a series of contributions from authors who argue that there are wider interests which British company law has largely ignored. These include the interests of creditors, employees, consumers, suppliers and the general public. The concept of corporate governance is examined with comparative references to the USA and Canada. Particular reference is made to the Cadbury Committee and its implications for future company law reform. The ethical and sociological dimensions of corporate governance is also fully discussed

Corporate Governance and Directors' Independence

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Author: Yuan Zhao

Publisher: Kluwer Law International

ISBN: 9041136045

Category: Business & Economics

Page: 223

View: 9669

More and more, the agenda of corporate governance reform has been calling for a dramatic change in the composition and structure of boards of publicly traded companies, with particular criticism reserved for the role of independent directors. This timely, ground-breaking book takes a new and rigorous approach to this important issue. Investigating board independence from a distinctly original perspective, the author's systematic analysis explores the effective interaction of such aspects as the following:  What specific functions are expected of independent directors?  How these functions fit with the unitary board structure?  Why independent directors are seen as inherently necessary for corporate governance?  Whether board independence can be compatible with other governance mechanisms?  How mainstream company law is applied to independent directors. The analysis leads to a series of solutions designed to eliminate the real and perceived obstacles to the proper functioning of independent directors. In the process, the author discusses such critical 'moments' in corporate governance as monitoring, public relations, social responsibility, shareholder activism, the danger of 'groupthink', remuneration, collective liability, and codes of conduct. The discussion and analysis chart a course through which independent directors can better serve the goal of improving the system of corporate governance. As such, it will be greatly appreciated by investors, corporate counsel for institutional investors, and policymakers and academics in relevant areas of both business and law.

Corporate Governance Codes for the 21st Century

International Perspectives and Critical Analyses

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Author: Jean J. du Plessis,Chee Keong Low

Publisher: Springer

ISBN: 3319518682

Category: Law

Page: 294

View: 9974

The book is the first comprehensive consideration, since the UK Cadbury Report recommended a voluntary Corporate Governance Code, of the question whether Corporate Governance Codes are the most effective way of ensuring adherence to good corporate governance principles. There is no doubt that the idea of voluntary compliance with good corporate governance practices, based on the principle of ‘comply or explain’, has captured the imagination of the world. It is probably one of the best and most comprehensive examples of ‘self-regulation’ ever seen in any area where the society could be affected significantly, for current purposes by corporations.However, is this the most effective way of ensuring that corporations act responsibly and adhere to good corporate governance principles? Have these Codes really improved corporate governance practices significantly? Is it time for a rethink and, at least in certain areas, start to rely more on ‘hard law’ and clearer expectations to ensure compliance? All these issues are addressed in the book.

Corporate Governance and Globalization

Long Range Planning Issues

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Author: Stephen S. Cohen,Gavin Boyd

Publisher: Edward Elgar Publishing

ISBN: 9781781959572

Category: Business & Economics

Page: 373

View: 4320

"The book links studies of corporate governance with surveys of efficiencies and failures in international financial markets, as well as examining aspects of corporate governance systems that have special significance for the management of economic policies as globalization continues. The contributors advocate increased international cooperation to promote more structural complementarities in the world economy."--BOOK JACKET.

Corporate Governance in Action

Regulators, Market Actors and Scrutinizers

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Author: Lars Engwall

Publisher: Routledge

ISBN: 1351977288

Category: Business & Economics

Page: 204

View: 5213

Over time we have seen large corporations, in many cases with multinational operations, begin to play an increasingly significant role in modern society. This in turn has put the governance of these corporations into focus. Against this background, Corporate Governance in Action helps provide a framework for examining corporate governance through a focus provided by external pressures on large corporations. It also brings together the approach of economics and finance with theories in organization studies, such as aspects of resource dependency theory. This framework takes into consideration not only the market relations of modern corporations but also their dependence on regulators and different kind of scrutinizers. This thoughtful book is a complete research guide that provides a new understanding and applicable framework for advanced students, academics and researchers in the area of corporate governance and the related disciplines.

Corporate Governance

Case and Materials

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Author: J. Robert Brown, Jr.,Lisa L. Casey

Publisher: N.A

ISBN: 9781522100973

Category:

Page: 1070

View: 7657

The Second Edition of Corporate Governance is a thoroughly revised volume that will allow those teaching in the area to offer a highly current and topical course. The Second Edition includes updated sections that address governance changes at the NYSE (Chapter 2), the role of proxy advisory firms (Chapter 7), a growing importance of activist shareholders (Chapter 8), and the interplay between corporate disclosure and the first amendment (Chapter 9). The text also includes recent governance cases from Delaware, key federal cases decided under the securities laws, and discussions of relevant rulemaking initiatives by the SEC in the governance area.

Capital Failure

Rebuilding Trust in Financial Services

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Author: Nicholas Morris,David Vines

Publisher: OUP Oxford

ISBN: 0198712227

Category: Business & Economics

Page: 402

View: 4644

Adam Smith's "invisible hand" relied on the self-interest of individuals to produce good outcomes. Economists' belief in efficient markets took this idea further by assuming that all individuals are selfish. This belief underpinned financial deregulation, and the theories on incentives andperformance which supported it. However, although Adam Smith argued that although individuals may be self-interested, he argued that they also have other-regarding motivations, including a desire for the approbation of others. This book argues that the trust-intensive nature of financial servicesmakes it essential to cultivate such other-regarding motivations, and it provides proposals on how this might be done. Trustworthiness in the financial services industry was eroded by deregulation and by the changes to industry structure which followed. Incentive structures encouraged managers to disguise risky products as yielding high returns, and regulation failed to curb this risk-taking, rent-seeking behaviour.The book makes a number of proposals for reforms of governance, and of legal and regulatory arrangements, to address these issues. The proposals seek to harness values and norms that would reinforce "other-regarding" behaviour, so that the firms and individuals in the financial services act in amore trustworthy manner. Four requirements are identified which together might secure more strongly trustworthy behaviour: the definition of obligations, the identification of responsibilities, the creation of mechanisms which encourage trustworthiness, and the holding to account of those involved in an appropriate manner.Financial reforms at present lack sufficient focus on these requirements, and the book proposes a range of further actions for specific parts of the financial industry.

Corporate Governance Regimes

Convergence and Diversity

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Author: Joseph McCahery

Publisher: Oxford University Press on Demand

ISBN: 9780199247875

Category: Business & Economics

Page: 696

View: 5857

Corporate Governance Regimes addresses corporate law's leading question: whether one or another corporate law regime possesses relative competitive advantage. To this end, the editors have brought together an international team of scholars in economics and law to critically assess the new theories of ownership and control which seek to explain the important efficiency advantages of dispersed ownership and the inevitable limitations of control-oriented systems of governance. Contributors describe and analyse the relative strength of the forces that shape the evolution of corporate law rules and practice. They also raise the issue of whether nations undertaking reforms should develop corporate governance policies that borrow from other systems' best practices, or pursue a course of internally designed corporate governance reforms. And, building on new theories of law and finance, they examine the incentives for introducing meaningful corporate governance reforms that disruptor destabilize Europe's blockholding regimes. The collection is divided into seven parts. Part One provides not only a means for assessing the key features of market- and control-based systems of governance but a standpoint for determining whether national governance systems are likely to converge on a single, optimal system of governance. Part Two introduces the reader to the building blocks of European corporate governance and the securities law harmonization program. Part Three examines the complex ownership and control structures that are found in Western Europe, investigating the consequences of large shareholdings for minority investors. Part Four offers law and finance analyses of the relationship between legal and financial systems and corporate performance. Part Five looks at the economic perspective on the operation of the market for corporate control and the key legal rules and institutions of the bankruptcy and insolvency regimes in the USA and Britain. Part Six is devoted to exploring the economic effect of institutional shareholder participation in corporate governance in the USA, Britain, and continental Europe. The final section, Part Seven, evaluates empirically the executive compensation arrangements in the USA, Britain, and continental Europe. The contributions supply a pool of current research on the motivational effect of performance-related remuneration and the substantial increase in top executive remuneration in the USA.

Boards, Governance and Value Creation

The Human Side of Corporate Governance

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Author: Morten Huse

Publisher: Cambridge University Press

ISBN: 1139463829

Category: Business & Economics

Page: N.A

View: 3459

What is the role of boards in corporate governance? How should they be structured in order to maximize value creation? This 2007 book looks at the role of boards in a variety of different countries and contexts, from small and medium-sized enterprises to large corporations. It explores the working style of boards and how they can best achieve their task expectations. Board effectiveness and value creation are shown to be the results of interactions between owners, managers, board members and other actors. Board behaviour is thus seen to be a result of strategizing, norms, board leadership, and the decision-making culture within the boardroom. Combining value creation, behavioural and ethical approaches to the study of boards, this work offers a systematic framework which will be of value to graduate students and researchers in the field of corporate social responsibility and business ethics.

Keynes

Useful Economics for the World Economy

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Author: Peter Temin,David Vines

Publisher: MIT Press

ISBN: 0262321955

Category: Business & Economics

Page: 136

View: 4096

As the global economic crisis continues to cause damage, some policy makers have called for a more Keynesian approach to current economic problems. In this book, the economists Peter Temin and David Vines provide an accessible introduction to Keynesian ideas that connects Keynes's insights to today's global economy and offers readers a way to understand current policy debates. They survey economic thinking before Keynes and explain how difficult it was for Keynes to escape from conventional wisdom. They also set out the Keynesian analysis of a closed economy and expand the analysis to the international economy, using a few simple graphs to present Keynes's formal analyses in an accessible way. Finally, they discuss problems of today's world economy, showcasing the usefulness of a simple Keynesian approach to current economic policy choices. Keynesian ideas, they argue, can lay the basis for a return to economic growth.

The Econometrics of Corporate Governance Studies

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Author: Sanjai Bhagat,Richard H. Jefferis

Publisher: MIT Press

ISBN: 9780262524384

Category: Business & Economics

Page: 114

View: 6126

An investigation of the relationships among takeovers, takeover defenses, management turnover, corporate performance, corporate capital structure, and corporate ownership performance.

Comparative Corporate Governance

The State of the Art and Emerging Research

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Author: Klaus J. Hopt

Publisher: Oxford University Press

ISBN: 9780198268888

Category: Law

Page: 1238

View: 8530

"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].

Corporate Governance and Economic Performance

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Author: Klaus Gugler

Publisher: Oxford University Press on Demand

ISBN: 9780199245703

Category: Business & Economics

Page: 223

View: 3925

This book focuses on corporate governance and performance in a range of countries throughout Europe and beyond. It is the result of research carried out by teams familiar with the corporate culture of their target countries. The results have important implications for capital market reform.

Guidebook to New Zealand Companies and Securities Law

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Author: CCH New Zealand, Limited

Publisher: N.A

ISBN: 9780864759849

Category:

Page: N.A

View: 9847

This is the ninth edition of CCH's popular company and securities law guide, reviewed and updated by commercial law lecturers from the University of Auckland. Since the previous edition was published, there have been significant law changes and judgments given, including: introduction of criminal offences for breach of certain directors' duties new statutory regime for the regulation of financial markets conduct revised financial reporting regime Supreme Court decisions on voidable transactions This edition explains these changes and more. Students, practitioners and business people will find this Guidebook an indispensible, easy-to-read and informative aid to understanding a changing and complex area of law.

Regulated Self-regulation as a Form of Modern Government

An Analysis of Case Studies from Media and Telecommunications Law

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Author: Wolfgang Schulz,Thorsten Held

Publisher: Indiana University Press

ISBN: 9781860205972

Category: Law

Page: 102

View: 9572

Massive changes are taking place all over the world in redefining the relationship between government, public, and private institutions. Nowhere is this redefinition more urgent than in communications, where widespread privatization and deregulation of telecommunication companies and broadcasters has created a need for new modes of corporate governance in the new global marketplace. In this study, Wolfgang Schulz and Thorsten Held set out to find answers to key questions relating to the changing role of government—especially in regulating the transnational communications industry—and to provide a tool kit for what they call regulated self-regulation applicable across the world.

Corporate Governance and Enterprise Reform in China

Building the Institutions of Modern Markets

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Author: Stoyan Tenev,Chunlin Zhang,Loup Brefort

Publisher: World Bank Publications

ISBN: 9780821351369

Category: Business & Economics

Page: 168

View: 4367

As China continues in its evolution from a planned economy to a market economy, and from an agricultural to a manufacturing and service-oriented economy, issues arising from owner diversification, corporate governance, and labor resource allocation have come to the forefront. Most particularly, corporate governance is being focused on as the state continues its withdrawal from direct ownership. This study evaluates short- and medium- term corporate governance issues impacting companies involved in ownership diversification. It examines problems associated with governance such as cost and framework design and makes recommendations concerning the many facets of corporate governance.