Showing 1 - 10 of 599
This paper argues that the central function of the board of directors is, and has always been, to provide assurance, and reassurance. The paper introduces a typology of four classes of board functions, legal, normative, descriptive, and utilitarian, and argues that none adequately captures the...
Persistent link: https://www.econbiz.de/10014047159
The problem of managerial agency costs dominates debates in corporate law. Many leading scholars advocate reforms that would reduce agency costs by forcing firms to allocate more control to shareholders. Such proposals disregard the costs that shareholders avoid by delegating control to managers...
Persistent link: https://www.econbiz.de/10012972091
The conventional view of corporate governance is that it is a neutral set of processes and practices that govern how a company is managed. We demonstrate that this view is profoundly mistaken: in the United States, corporate governance has become a “system” composed of an array of...
Persistent link: https://www.econbiz.de/10013236080
Minority shareholdings have been on the regulatory agenda of competition authorities for some time. Recent empirical studies, however, draw attention to a new, thought provoking theory of harm: common ownership by institutional investors holding small, parallel equity positions in several...
Persistent link: https://www.econbiz.de/10013241599
This chapter identifies the limitations of what may commonly be accepted as “Best Practices” in Corporate Governance. Directors commonly obtain funds from venture capitalists and bankers by transferring to them some or all of their absolute powers that can corrupt themselves and their...
Persistent link: https://www.econbiz.de/10013114945
Convergence and Persistence in Corporate Governance does not add groundbreaking new insights to the relevant debate or deliberate extensively on the most recent developments. Bringing together most of the trend-setting articles in a slightly revised form in a concise volume, however, serves an...
Persistent link: https://www.econbiz.de/10013085083
Japanese corporate governance reform is implemented by an introduction of corporate governance code and stewardship code, in which stewardship activities by institutional investors play an important role in terms of reduction of agency cost. In this report, stewardship activities are focused...
Persistent link: https://www.econbiz.de/10014361849
Berkshire Hathaway, among history's largest and most successful corporations, shuns middlemen; its chairman, the legendary investor Warren Buffett, excoriates financial intermediaries. The acquisitive conglomerate rarely borrows money, retains brokers, or hires consultants. Its governance is...
Persistent link: https://www.econbiz.de/10011758401
In Japan, since 2013, Japanese corporate governance reform has been developed by Japanese Government initiatives. This paper provides a theoretical framework for understanding what Japanese corporate governance reform means for Japanese companies by an application of agency theory. Corporate...
Persistent link: https://www.econbiz.de/10012837422
In a networked and digital age, we need to rethink the structure of the modern corporation. In order to survive and grow, corporations must operate with a new set of assumptions and principles in order to remain relevant, competitive, and successful. Consider the growing number of technology...
Persistent link: https://www.econbiz.de/10013017881