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Employees and Corporate Governance
Manufacturer: Brookings Institution Press
ProductGroup: Book
Binding: Hardcover
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ASIN: 0815709447 |
Book Description
Most scholarship on corporate governance in the last two decades has focused on the relationships between shareholders and managers or directors. Neglected in this vast literature is the role of employees in corporate governance. Yet "human capital," embodied in the employees, is rapidly becoming the most important source of value for corporations, and outside the United States, employees often have a significant formal role in corporate governance.
This volume turns the spotlight on the neglected role of employees by analyzing many of the formal and informal ways that employees are actually involved in the governance of corporations, in U.S. firms and in large corporations in Germany and Japan. Examining laws and contexts, the essays focus on the framework for understanding employees' role in the firm and the implications for corporate governance. They explore how and why the special legal institutions in German and Japanese firms by which employees are formally involved in corporate governance came into being, and the impact these institutions have on firms and on their ability to compete. They also consider theoretical and empirical questions about employee share ownership.
The result of a conference at Columbia University, the volume includes essays by Theodor Baums, Margaret M. Blair, David Charny, Greg Dow, Bernd Frick, Ronald J. Gilson, Jeffrey N. Gordon, Nobuhiro Hiwatari, Katharina Pistor, Louis Putterman, Edward B. Rock, Mark J. Roe, and Michael L. Wachter.
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Global Pressure, National System: How German Corporate Governance Is Changing (Cornell Studies in Political Economy)
Alexander Börsch
Manufacturer: Cornell University Press
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ASIN: 0801445361 |
Book Description
Will the pressures of financial and product market globalization force European firms to switch from a stakeholder-based model of corporate governance to a shareholder-based, Anglo-Saxon system? While many scholars of globalization have long assumed convergence toward the shareholder model, little empirical research on the firm level on this assumed dynamic exists.
In Global Pressure, National System, which makes a strong case against convergence, Alexander Börsch focuses on the impact of globalization and regulatory changes on German corporate governance, which is widely seen as the prototype of a stakeholder system. Börsch presents the results of his in-depth research on three German firms that are to varying degrees exposed to financial and product market pressures: Siemens, Deutsche Telekom, and Bosch. Despite the pressures from financial markets and global competition, he finds that none of these firms have extensively restructured along Anglo-Saxon lines.
Investigating the main dimensions of restructuring--financial, organizational, and portfolio restructuring--as well as internationalization strategies, Börsch finds that adaptation of selected features of shareholder-based governance is quite possible. However, because the prevailing product market strategies of German firms are solidly based on the stakeholder model, change will be limited to those elements that do not destroy the firms' competitive advantage. Hence, although these firms may alter some of their business practices in response to pressures from the global marketplace, their core institutions remain stable.
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Capital Markets and Corporate Governance in Japan, Germany and the United States: Organizational Response to Market Inefficiencies (Routledge Studies in the Modern World Economy)
Helmut M. Dietl
Manufacturer: Routledge
ProductGroup: Book
Binding: Hardcover
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ASIN: 0415171881 |
Book Description
This book explores a series of questions about the differences in the capital markets in Japan, Germany and the United States, and contains empirical and comparative studies from the three countries.
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Comparative Corporate Governance: Shareholders as a Rule-maker
Petri Mäntysaari
Manufacturer: Springer
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Binding: Paperback
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The World Trade Organization : Legal, Economic and Political Analysis
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Dispute Settlement in Public International Law: Texts and Materials
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Principles of Law Relating to International Trade
ASIN: 3540253807 |
Book Description
This book is an analytical overview of the regulation of shareholder activism in the UK and Germany. At a more general level, the book shows how the comparative legal method can be used in the study of the corporate governance systems of different countries.
The book deals with the regulation of the governance of listed companies within a wide framework that recognises the importance of company law, securities markets law, standards and internal rule-making.
The author examines the fundamental similarities and differences between the regulation of corporate governance in these two jurisdictions and argues that the nature of German law is often misunderstood in corporate governance scholarship.
The book is an essential resource for all those studying comparative corporate governance.
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- The downside of shareholder value
- The downside of shareholder value
|
Contests for Corporate Control: Corporate Governance and Economic Performance in the United States and Germany
Mary O'Sullivan
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Paperback
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ASIN: 0199244863 |
Book Description
During the 1990s, corporate governance became a hot issue in all of the advanced economies. For decades, major business corporations had reinvested earnings and developed long-term relations with their labour forces as they expanded the scale and scope of their operations. As a result, these corporations had made themselves central to resource allocation and economic performance in the national economies in which they had evolved. Then, beginning in the 1980s and picking up momentum in the 1990s, came the contests for corporate control. Previously silent stockholders, now empowered by institutional investors, demanded that corporations be run to 'maximize shareholder value'. In the United States many, if not most, top corporate executives have now embraced this ideology. In this highly original book, Mary O'Sullivan provides a critical analysis of the theoretical foundations for the shareholder value principle of corporate governance and for the alternative perspective that corporations should be run in the interests of 'stakeholders'. She embeds her arguments on the relation between corporate governance and economic performance in historical accounts of the dynamics of corporate growth in the United States and Germany over the course of the twentieth century. O'Sullivan explains the emergence and consequences of 'maximizing shareholder value' as a principle of corporate governance in the United States over the past two decades, and provides unique insights into the contests for corporate control that have unfolded in Germany over the past few years.
Customer Reviews:
The downside of shareholder value.......2000-10-02
Current wisdom is that shareholder value should be the guiding light for corporate management. The US is following this lodestar. US companies outperform all other so who can quarrel with this? European companies are following the US example. The author wonders if companies are digging their own graves by doing so. Her arguments may not be watertight but they make you sit up and think. She correctly states that a company's success is dependent on innovation. There is no evidence that concentrating on shareholder value is best for innovation. The blossoming of the electronics industry is not based on the free market or entrepreneurship or shareholder value. The foundation was enlightened procurement by the Department Of Defence. IBM, INTEL and DEC all owe their success to "buy only American" defence orders according to her analysis. She also shows that the stock market only plays a very small role in providing capital for investment. Most funding comes from depreciation and retained earnings. Equity issues are only important to buy out owners and to allow companies to acquire other ones. An interesting analysis shows that the benefit of an acquisition almost always accrues to the shareholders of the acquired company and almost never to the acquiring company. Institutional investors (and raiders) are the only shareholders with influence. Their only interest is share performance. They have aligned their interest with that of top management through stock options and bonus plans depending on share performance. Company managers can now become very rich when increasing the value of the shares. As the average tenure of a CEO is around five years, it leads automatically to a short-term perspective. She believes that there is more to the economic value a company can produce than shareholder value. This point is not dealt with in any detail other than the emphasis on innovation and organisational learning that are long-term processes. One interesting point is the difference between German and Japanese companies on the one hand and US on the other. US companies do not see it as an objective to upgrade the job opportunities for its employees. In the past companies offered good pay for relatively simple jobs. The company attitude is to move these jobs to low cost countries and make the employees redundant. Most of the redundant people have to take lower paid service jobs. She believes that companies can and should follow a different path and enrich the kind of work the company can offer and invest in the education of its employees. She gives no real-life examples of US companies that have successfully done so. The different path taken by German is described very lucidly. Even though German companies have made much greater effort than American companies in upgrading its workforce, they face other problems. Financing pensions is big problem, so is the restructuring of the banks. Getting the "upgraded" specialists at all levels to work as teams across specialist borders is very difficult. This book presents many thought-provoking challenges to readers that believe in shareholder value and the free market without any reservations or concerns.
The downside of shareholder value.......2000-10-02
Current wisdom is that shareholder value should be the guiding light for corporate management. The US is following this lodestar. US companies outperform all other so who can quarrel with this? European companies are following the US example. The author wonders if companies are digging their own graves by doing so. Her arguments may not be watertight but they make you sit up and think. She correctly states that a company's success is dependent on innovation. There is no evidence that concentrating on shareholder value is best for innovation. The blossoming of the electronics industry is not based on the free market or entrepreneurship or shareholder value. The foundation was enlightened procurement by the Department Of Defence. IBM, INTEL and DEC all owe their success to "buy only American" defence orders according to her analysis. She also shows that the stock market only plays a very small role in providing capital for investment. Most funding comes from depreciation and retained earnings. Equity issues are only important to buy out owners and to allow companies to acquire other ones. An interesting analysis shows that the benefit of an acquisition almost always accrues to the shareholders of the acquired company and almost never to the acquiring company. Institutional investors (and raiders) are the only shareholders with influence. Their only interest is share performance. They have aligned their interest with that of top management through stock options and bonus plans depending on share performance. Company managers can now become very rich when increasing the value of the shares. As the average tenure of a CEO is around five years, it leads automatically to a short-term perspective. She believes that there is more to the economic value a company can produce than shareholder value. This point is not dealt with in any detail other than the emphasis on innovation and organisational learning that are long-term processes. One interesting point is the difference between German and Japanese companies on the one hand and US on the other. US companies do not see it as an objective to upgrade the job opportunities for its employees. In the past companies offered good pay for relatively simple jobs. The company attitude is to move these jobs to low cost countries and make the employees redundant. Most of the redundant people have to take lower paid service jobs. She believes that companies can and should follow a different path and enrich the kind of work the company can offer and invest in the education of its employees. She gives no real-life examples of US companies that have successfully done so. The different path taken by German is described very lucidly. Even though German companies have made much greater effort than American companies in upgrading its workforce, they face other problems. Financing pensions is big problem, so is the restructuring of the banks. Getting the "upgraded" specialists at all levels to work as teams across specialist borders is very difficult. This book presents many thought-provoking challenges to readers that believe in shareholder value and the free market without any reservations or concerns.
Average customer rating:
- Excellent comparison of German and UK IPO experiences
|
Corporate Governance and Financial Performance: A Study of German and Uk Initial Public Offerings
Marc Goergen
Manufacturer: Edward Elgar Publishing
ProductGroup: Book
Binding: Hardcover
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ASIN: 1858989787 |
Book Description
This important book presents a new original study of the German and UK financial markets. It addresses the relationship between corporate governance, ownership and financial performance in German and UK firms floated during the 1980s.
Marc Goergen uses detailed company micro-data to examine the ownership and performance of each firm from the time of its flotation to six years later. He finds that the evolution of ownership depends on certain corporate characteristics and that differences in financial performance cannot be explained simply by differences in the concentration of ownership. The book sheds new light on the important issue of whether corporate ownership influences or is influenced by financial performance.
The main findings of the book have important implications for public policy and the current public debate on corporate governance and the globalization of financial markets. They are important for established financial markets and the transitional economies of Eastern and Central Europe as well as for international scholars interested in issues of corporate governance and the performance of firms.
Customer Reviews:
Excellent comparison of German and UK IPO experiences.......1999-08-01
Compares the impact of German and UK financial markets on corporate governance, ownership and financial performance during the 1980s. Fails to find a correlation between ownership patterns and financial performance. The German system favors firms with low risk and where the benefits of monitoring outweigh the cost of low portfolio diversification. The UK system is better suited to high-risk, high-tech firms, where founders are able to sell out rapidly. editor, CorpGov.Net
Average customer rating:
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Corporate Governance and Sustainable Prosperity (Jerome Levy Economics Institute)
Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Hardcover
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ASIN: 0333777573 |
Book Description
How the persistent worsening of the income distribution in the US in the 1980s and 1990s be explained? What are the prospects for the re-emergence of sustainable prosperity in the US economy over the next generation? Situating these questions within a wider context through historical analysis and comparisons with Germany and Japan, this book focuses on the microeconomics of corporate investment behavior, and the macroeconomics of household saving behavior. The contributors analyze how the combined pressures of excessive corporate growth,international competition, and intergenerational dependence have influenced corporate investment over the past two decades. They also offer a perspective on how corporate investment in skill bases can support sustainable prosperity, with studies drawn from the machine tool, aircraft engine, and medical equipment industries.
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Corporate Governance in Germany
Jens Köke
Manufacturer: Physica-Verlag Heidelberg
ProductGroup: Book
Binding: Paperback
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ASIN: 379081511X |
Book Description
Corporate governance is an important issue on the research agenda of financial economists. Using a new and unique data set of German corporations this book examines three topics that are crucial to a better understanding of corporate governance: (a) the frequency, causes, and consequences of control transfers, (b) the determinants of acquisition and failure, and (c) the role of corporate governance and market discipline for productivity growth. This book points out methodological drawbacks of previous empirical studies and provides suggestions on how to avoid these problems in research practice.
Book Description
The basis of all corporate governance considerations is the effect of ownership structure on company performance. While the effects of ownership structure were hypothesized and studied multiple times, previous analyses neglected the endogeneity issue between ownership and performance as well as between different ownership dimensions themselves. Consequently, they failed to yield consistent results.
The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.
This approach allows more precise findings and is capable of tracing the different observed ownership effects back to their real origin, which will give much impetus to corporate governance researchers and practitioners.
Average customer rating:
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Bermuda Investment and Business Guide
USA International Business Publications
Manufacturer: International Business Publications, USA
ProductGroup: Book
Binding: Paperback
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ASIN: 0739729411 |
Book Description
This investment guide contains basic information on economy, business, export-import and investment climate, opportunities and regulations. Provides strategic information on economy, industrial development, banking, and government. Includes information on the most important business contacts and business travel. Updated annually.
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Bermuda Investment and Business Guide (World Investment and Business Guide Library)
Igor Oleynik
Manufacturer: International Business Publications USA
ProductGroup: Book
Binding: Digital
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ASIN: B00005R4P0
Release Date: 2006-01-01 |
Book Description
Ultimate guide for conducting investment, export-import activity in the country. Strategic and business info, contacts, regulations and more. Updated annually
Download Description
Ultimate guide for conducting investment, export-import activity in the country. Strategic and business information, contacts, regulations and more. Updated annually
Book Description
Detailed information on conducting offshore business and investment activity in the country. Updated annually, available on a CD-ROM.
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Bermuda: A Spy Guide (Russian Regional Investment and Business Library)
Manufacturer: Intl Business Pubns USA
ProductGroup: Book
Binding: Paperback
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ASIN: 0739784471 |
Books:
- Ethical, Legal, and Professional Issues in Counseling (2nd Edition)
- Ethics in Counseling and Psychotherapy: Standards, Research, and Emerging Issues
- Ethnography in Organizations (Qualitative Research Methods)
- Ethnography in Organizations (Qualitative Research Methods)
- Euro Adoption in Central And Eastern Europe: Opportunities And Challenges
- Family Trusts & Trustors (Series 400: Owners and Sellers)
- Financial Derivatives in Theory and Practice (Wiley Series in Probability and Statistics)
- Financial Meltdown in the Mainline? (The Money, Faith and Lifestyle)
- Financial Reporting of Environmental Liabilities and Risks after Sarbanes-Oxley
- Garfield Weighs In: His Fourth Book
Books Index
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