Corporate governance practice is mainly centered on the protection of investors' rights. However, this view neglects the fundamental changes in the operating conditions of business due to globalization and the weakening of regulatory frameworks. Weak or absent enforcement of contracts,...

Under conditions of growing interconnectedness of the global economy, more and more stakeholders are exposed to risks and costs resulting from business activities that are neither regulated nor compensated for by means of national governance. The changing distribution of risks poses a threat to...