Corporate Governance in ContentionCiaran Driver, Grahame Thompson Corporate governance is a complex idea that is often inappropriately simplified as a cookbook of recommended measures to improve financial performance. Meta studies of published research show that the supposed benign effects of these measures - independent directors or highly incentivised executives - are at best context-specific. There is thus a challenge to explain the meaning, purpose, and importance of corporate governance. This volume addresses these issues. The issues discussed centre on relationships within the firm e.g. between labour, managers, and investors, and relationships outside the firm that affect consumers or the environment. The essays in this collection are the considered selection by the editors and the contributors themselves of what are seen as some of the most weighty and urgent issues that connect the corporation and society at large in developed economies with established property rights. The essays are to be read in dialogue with each other, giving a richer understanding than could be obtained by shepherding all contributions into a single mould. Nevertheless taken together they demonstrate a shared sense of deep concern that the corporate governance agenda has been and still is on the wrong track. The contributors, individually and collectively, identify in this compendium both a research programme and a platform for change. |
Contents
Shareholder Value and the Legal Reform | |
Legal and Organizational Means | |
A Review of the International | |
The Case of | |
The Functions of the Stock Market and the Fallacies of Shareholder Value | |
The Evolution of Corporate Species | |
John Child | |
How Including Labour Can Improve Corporate Governance | |
A Management or a Governance Issue? | |
Shareholder Maximization and Consumer Sovereignty | |
The Implications | |
Author Index | |
Shareholder Primacy Owner Activism and | |
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activities agency theory antagonistic complementarities Arcadia Group assets audit banks benefit buybacks Cambridge capital cash cent chapter co-operatives company law company’s consumer consumer sovereignty control rights corporate governance Corporate Social Responsibility Danish decision-making directors dividends downward accountability economic effects employee voice employees engagement equity European example executives external Financial Reporting Council firm’s foundation ownership foundation-owned companies Global growth hedge fund impact incentives increase industrial foundations Innovation and Skills institutional interests International investors issues Journal labour Lady Green Lazonick London long-term managerial managers maximization monitoring organization organizational owners Oxford Pagano pension scheme Philip Green policies political productive profits property rights regulation relation requires Review role shareholder primacy shareholder value shares Skills Committees stakeholders stock market strategy structure synergic complementarities takeover Taveta Taveta Investments Thomsen transparency trust UK House University Press value creation workers