Is there one best way to run the modern business corporation? What is the appropriate balance between shareholders, executives, and employees? These questions are being vigorously debated as layoffs, scandals, and restructurings rattle companies around the world. The common assumption is that...

Why does corporate governance--front page news with the collapse of Enron, WorldCom, and Parmalat--vary so dramatically around the world? This book explains how politics shapes corporate governance--how managers, shareholders, and workers jockey for advantage in setting the rules by which...

Across 69 countries, higher tax rates are associated with less unofficial activity as a percent of GDP but corruption is associated with more unofficial activity. Entrepreneurs go underground not to avoid official taxes but to reduce the burden of bureaucracy and corruption. Dodging the...

The "Asian Crisis" of 1997-98 affected all the "emerging markets" open to capital flows. Measures of corporate governance, particularly the effectiveness of protection for minority shareholders, explain the extent of depreciation and stock market decline better than do standard macroeconomic...

When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become an effective entrenchment strategy for inefficient CEOs. We thus argue that managerial turnover and firm value are increased when explicit stakeholder protection is introduced...

If the private benefits of control are high and management owns a small equity stake, managers and workers are natural allies. There are two forces at play. First, managers effectively transform employees into a “poison pill’’ by signing generous long-term labor contracts and thereby...

This study addresses how firms’ internationalization affects CEO compensation. Based on a sample of Swedish listed firms we analyze the effect of internationalization through the product market (export), the capital market (foreign exchange listing), and the corporate governance market...

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In September 2006, the book Lysande ögonblick och finansiella kriser (Splendid Moments and Financial Crises) was published. In large part, it is a narrative about the Royal Dramatic Theatre in Stockholm during the 20th century: about actors, productions, attendance, relations to the audience,...

This work aims at the comprehension of the effects that the practice of the social responsibility and the corporate governance can produce over the value of a company. Social responsibility has been assuming an important role in the companies' decisions and the corporate governance, even though...