Capital Markets and Corporate Governance

by Dimsdale, Nicholas; Prevezer, Martha

• ISBN13: 9780198287889
• ISBN10: 0198287887
• Format: Hardcover
• Copyright: 1994-07-07
• Publisher: Oxford University Press

Summary

The debate over corporate governance, or how companies are controlled, has flourished vigorously for several years in the U.S. and has now spread to the U.K. This book collects papers by leading academics, bankers, and consultants which discuss major issues in corporate governance in the U.K., Germany, and Japan. It examines the role of shareholders, company boards, and managers under a market-based system as exists in the U.K. and the U.S. in comparison with the insider system found in Japan and, to a lesser extent, Germany. The issue of the effectiveness of the British system and how it might be made more efficient through increasing the accountability of company boards to shareholders, both directly and via the capital market, is extensively discussed.

Table of Contents

Abbreviations	p. ix
United Kingdom
Introduction: Lord Alexander of Weedon	p. 3
The Need to Restore Corporate Accountability: An Agenda for Reform Postscript on the Draft Report of the Cadbury Committee	p. 13
Corporate Strategy and Corporate Accountability	p. 50
Market Assessment of Company Performance	p. 66
A Larger Role for Institutional Investors	p. 99
Proposals for a Reformed System of Corporate Governance to Achieve Internationally Competitive Long-Term Performance	p. 111
The Changing Relationship between the Banks and Business in the UK	p. 128
Small Firms and Clearing Banks	p. 141
The Role of the Banks	p. 161
Stock-Markets, Financial Institutions, and Corporate Performance	p. 179
The Role of the Venture Capital Industry in the UK	p. 195
The 'Problems' of Finance for Smaller Businesses	p. 209
Germany and Japan
Corporate Governance: The UK Compared with Germany and Japan	p. 237
An Overview of the German Financial System	p. 257
The Role of the German Capital Markets and the Universal Banks, Supervisory Boards, and Interlocking Directorships	p. 284
An Overview of the Japanese Financial System	p. 306
The Role of the Japanese Capital Markets: The Effect of Cross-Shareholdings on Corporate Accountability	p. 325
Index	p. 343
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