Kooperativer Bibliotheksverbund

UID:

Format: 1 online resource (416 pages)

Edition: 1st ed.

ISBN: 9781107001879 , 9781139099561

Content: In this book, leading scholars provide critical insights on the systemic failures of corporate governance linked to the global financial crisis. They provide suggestions on how the governance problems could be tackled to prevent or mitigate any future financial crisis and explore new directions for post-crisis corporate governance research and reforms

Note: Cover -- Corporate Governance and the Global Financial Crisis -- Title -- Copyright -- Contents -- Figures -- Tables -- Contributors -- Acknowledgements -- 1 Introduction: rethinking corporate governance - lessons from the global financial crisis -- The global financial crisis of 2007- 2010 -- The role of corporate governance in the financial crisis: the debate -- The systemic failure of corporate governance -- Themes of the volume -- Conclusions -- Notes -- References -- PART I The failure of the market approach to corporate governance -- Introduction to Part I -- 2 Corporate governance causes of the global financial crisis -- Origins of the crisis -- Global derivatives markets -- The corporate governance causes of the crisis -- Masters of the Universe -- Deregulation -- Rating agencies -- Concentration -- Conflicts of interest -- Complex financial products -- Timing and relevance -- Risk management -- Incentivization -- Regulation and governance of financial institutions -- Note -- References and further reading -- 3 The failure of corporate governance and the limits of law: British banks and the global financial crisis -- The wider context of UK corporate governance -- Recent failures in British banking -- A case study: corporate governance failures in Northern Rock plc -- Some conclusions -- Notes -- References -- 4 Where was the `market for corporate control´ when we needed it? -- Efficient markets -- Inefficient behaviour -- Bidders can envisage an adequate return from an acquisition -- Bidders can effect a takeover, id est, there are no barriers to control -- Conclusions -- References -- 5 Information asymmetry and information failure: disclosure problems in complex financial markets -- The financial crisis and 'securitization' -- Disclosure requirements and the rationale -- Complexities of financial markets and inherent information failure , Conclusions -- Notes -- References -- 11 Risk management in corporate law and corporate governance -- Holistic risk management frameworks and responsible behaviour -- First generation of regulatory risk management and internal control -- State of the art of internal control and risk management in corporate law -- European developments -- The UK approach -- The alternative French approach -- The Dutch 'in control statement' -- The German and Belgian follow-up -- Risk management and internal control in practice -- Research design -- Research results -- Conclusion -- Notes -- References -- PART III Post-crisis corporate governance: the search for new directions -- Introduction to Part III -- 12 Corporate governance, capital market regulation and the challenge of disembedded markets -- Beyond comparisons: the emergence of transnational corporate governance -- The problem of disembeddedness -- Capital market regulation and corporate governance -- In search of a harmonized European securities market -- The financialization of the corporation -- The turns of European corporate governance -- The ephemeral 'double movement' in European capital market regulation and the ECGR -- The multifaceted regulatory framework of corporate governance: Polanyi and beyond -- The call for a new corporate governance -- The new embeddedness of the firm: transnational corporate governance as transnational legal pluralism -- Notes -- References -- 13 The focus of regulatory reforms in Europe after the global financial crisis: from corporate to contract governance -- Causes of the global financial crisis -- Regulatory reforms in response to the financial crisis -- General framework of corporate governance -- Corporate governance in financial institutions -- Governance of financial markets -- Implications for future governance research -- The nature of contract governance , Information failure and non-aligned incentives -- Concluding remarks -- Notes -- References -- 6 Finance, governance and management: lessons to be learned from the current crisis -- The finance-governance-management spiral -- Hubris-seized finance -- Over-financialized governance -- Instrumented management -- Avenues for improvement -- Sensible finance -- For a new paradigm in finance -- For reform of financiers' education -- Open governance: a new youth for the 'German model'? -- Responsible management -- Conclusion -- Notes -- References -- PART II Ownership, internal control and risk management: the roles of institutional shareholders and boards -- Introduction to Part II -- 7 A review of corporate governance in UK banks and other financial industry entities: the role of institutional shareholders -- Notes -- References -- 8 Ownership structure and shareholder engagement: reflections on the role of institutional shareholders in the financial crisis -- The case for shareholder engagement -- The current state of shareholder engagement -- The obstacles to effective engagement -- Improving engagement: the search for a solution -- The future of shareholder engagement -- Notes -- References -- 9 Board challenges 2009 -- Pre-recession boards -- Issues highlighted by the recession -- The board's role -- The board's understanding of the company -- The relationship between the board and management -- The board's activities -- Board involvement in strategy -- Involvement in management succession and development -- Risk management -- The key to improving boards -- Notes -- References -- 10 Do independent boards effectively monitor management? Evidence from Japan during the financial crisis -- Previous studies and hypotheses -- Sample selection and data -- Empirical results -- Univariate test results -- Regression results -- Additional tests -- Discussions , Similarities and differences between contract governance and corporate governance -- Linkages between contract and corporate governance -- Future research -- Notes -- References -- 14 The Great Recession's impact on global corporate governance -- Two models of corporate governance change -- Investor model -- Pension Preferences model -- A long trend of corporate governance reform -- Black letter governance -- Revealed governance -- Testing the two models of change -- The Investor model driver test -- The Pensions Preference model driver test -- Summary of the tests of the Investor and Pension Preferences models -- Impact of the Great Recession on the two models of change -- The financial sector trigger -- Global asset repricing -- Monetary and fiscal policy response -- The financial sector trigger -- Global asset repricing -- Monetary and fiscal policy response -- Conclusion -- Notes -- References -- 15 Corporate governance in the Islamic finance industry and mitigation of risks post the global financial crises -- Corporate governance in Islamic finance -- Internal and external Shari'a compliance for IFIs -- Corporate governance in Takaful and Retakaful industry -- Islamic finance and the global financial crisis -- The Dubai World case study -- Government intervention -- Lessons -- Challenges faced by the Islamic finance industry -- Post-global financial crisis: what needs to be done -- Notes -- References -- 16 A holistic approach to corporate governance: lessons from the financial crisis and the way forward -- Literature -- Methodology -- Data Description -- Interview data: round one - 2007 -- Micro factors -- Laws and regulation -- Behaviour and organizational culture -- Ethics and codes -- Human resource management -- Leadership and strategy -- Decision- making structures -- Shareholders and stakeholders -- Corporate social responsibility , Stage of development of the firm -- Macro factors -- Laws and regulation and international governance frameworks -- International listings -- National culture -- Interview data:round two - 2009 -- Micro factors -- Laws and regulation -- Behaviour, ethics, codes, people, HRM, leadership,decision-making structures, organizational culture and stakeholders -- Macro factors -- Laws and regulation -- National culture and stage of development of the country -- Implications and conclusions -- Notes -- References -- Index

Additional Edition: Print version Sun, William Corporate Governance and the Global Financial Crisis Cambridge : Cambridge University Press,c2011 ISBN 9781107001879

Language: English

Keywords: Electronic books

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