Xavier Vives's Corporate Governance: Theoretical and Empirical Perspectives PDF

By Xavier Vives

Company governance is an energetic quarter of study and public debate. the new generalization of "shareholder worth" principles and institutional funding, the institution of codes of top perform for forums of administrators, and the debate approximately no matter if industry orientated or bank/relations orientated platforms are higher for monetary functionality supply cogent examples. the amount takes inventory of the newest examine within the subject, criticizes the normal employer view, and offers new principles and research in regards to the position of festival, the political economic climate of company governance, and the results of alternative platforms on development and function.

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Extra resources for Corporate Governance: Theoretical and Empirical Perspectives

Sample text

B Table 23. Comparison of Shareholders by Sector (% ofTotal)a Individuals u» United States United Kingdom Japan France Germany 50 20 23 34 17 Foreign Individuals Pension Funds, etc. Financial Institutions Nonfinancial Corporations Public Sector Institutions Other 20 31 5 30 41 23 22 14 3 25 21 42 0 4 1 2 5 5 12 4 20 14 6 and 6 "Data is for 1990 except for France, which is for 1992. Source: Prowse (1995), Table 2, p. 13 for United States and Institute of Fiscal and Monetary Policy (1996), Chart III-2-1, p.

In the United States and United Kingdom, the mechanisms for ensuring that managers operate in the interests of shareholders are the strongest. The main internal governance system is the board of directors; the main external governance system is the market for corporate control. The effectiveness of both mechanisms has been widely questioned. There seems to be some evidence, particularly in recent years, that boards of directors are dominated by management and by the chief executive This paper was presented at a conference on Corporate Governance in Barcelona, Spain, in October 1998.

As a result, they do not occur very frequently in any of the countries under consideration. Recent theoretical analyses of proxy fights, which throw some light on the problems involved with shareholder voting, are Bhattacharya (1997), Yilmaz (1997), and Maug (1998). Friendly mergers occur when both firms agree that combining them would create value. In this case there are a number of ways that the transaction can occur. There may be an exchange of stock or one firm may make a tender offer for the other's stock.

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