9780521781640

Corporate Governance: Theoretical and Empirical Perspectives

by
  • ISBN13:

    9780521781640

  • ISBN10:

    0521781647

  • Format: Hardcover
  • Copyright: 2000-10-02
  • Publisher: Cambridge University Press
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Summary

Corporate governance is an active area of research and public debate. The recent generalization of 'shareholder value’ ideas and institutional investment, the establishment of codes of best practice for boards of directors, and the controversy about whether market oriented or bank-relations oriented systems are better for economic performance provide cogent examples. The outcome of the debate is important for industrialized nations, developing countries, and transition economies. The volume takes stock of research in the topic, criticizes the standard agency view, and presents ideas and analysis about the role of competition, the political economy of corporate governance, the effects of different systems on growth and performance, the governance system by venture capital in the Silicon Valley, and human capital and control in the new corporation.

Table of Contents

Preface vii
Contributors viii
Corporate Governance: Does It Matter?
1(22)
Xavier Vives
Introduction
1(1)
An Overview of Corporate Governance Systems
2(2)
The Agency Approach to Corporate Governance: Where Do We Stand?
4(5)
Criticism of the Standard View
9(3)
New Ideas and Results
12(3)
Conclusion
15(8)
Corporate Governance and Competition
23(72)
Franklin Allen
Douglas Gale
Introduction
23(2)
Different Concepts of the Firm
25(31)
The Role of Competition
56(6)
An Evolutionary Approach
62(5)
Competition for Markets: A Parable
67(9)
Concluding Remarks
76(19)
Discussion
84(1)
Jorge Padilla
84(6)
Monika Schnitzer
90(5)
On the Economics and Politics of Corporate Finance and Corporate Control
95(42)
Martin Hellwig
Introduction
95(5)
Corporate Finance and Corporate Control
100(12)
Allocative Implications of Management Autonomy
112(10)
The Politics of Corporate Control
122(15)
Discussion
134(1)
Andrei Shleifer
134(3)
How Do Financial Systems Affect Economic Performance?
137(32)
Wendy Carlin
Colin Mayer
Introduction
137(2)
Financial and Corporate Systems and Economic Performance
139(5)
Financial Development and Economic Growth
144(3)
Financial Systems, Corporate Systems, and Types of Economic Activity: Theory
147(5)
Financial Systems, Corporate Systems, and Types of Economic Activity: Empirical Evidence
152(4)
Conclusions
156(13)
Discussion
160(1)
Marco Betch
160(6)
Vicente Salas
166(3)
Information and Governance in the Silicon Valley Model
169(32)
Masahiko Aoki
Stylized Factual Background
171(4)
The Information Systemic Characteristic of the Silicon Valley Model
175(9)
Governance of Innovation by Tournament
184(6)
Further Institutional Ramifications of the Venture Capital Governance
190(3)
Conclusions
193(8)
Discussion
196(1)
Miguel A. Garcia-Cestona
196(5)
The Governance of the New Enterprise
201(32)
Raghuram G. Rajan
Luigi Zingales
How Firms Differ from Markets
203(4)
The Traditional Corporation in the Time of Berle and Means
207(3)
Changes and Cause of Changes
210(4)
Power in a Human Capital Organization
214(7)
Consequences for Enterprise Governance
221(3)
Conclusions
224(9)
Discussion
227(1)
Carmen Matutes
227(2)
Joan Enric Ricart
229(4)
Index 233

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