Corporate Governance and Capital Flows in a Global Economy

by Cornelius, Peter K.; Kogut, Bruce

• ISBN13: 9780195167054
• ISBN10: 0195167058
• Format: Hardcover
• Copyright: 2003-08-07
• Publisher: Oxford University Press

Summary

This volume is a timely and insightful exploration into the issues of corporate governance and the impact of corporate governance practices on investments in developing countries. Sponsored by the World Economic Forum, INSEAD, and Wharton, this book collects original essays from seniorresearchers at the worlds top academic institutions as well as from key policymakers and business leaders, It analyzes global aspects of governance in relation to such issues as corporate performance, privatization, venture capitalism, and workers. With global financial markets having become moreintegrated, the book pays particular attention to the role of corporate governance in emerging-market economies and international capital flows. Rich in facts and ideas, Corporate Governance and Capital Flows in a Global Economy is a must read for anyone interested in financial crises,international risk management, and global competitiveness.

Table of Contents

Foreword	vii
Patrick T. Harker
Gabriel Hawawini
Foreword	ix
Klaus Schwab
Contributors	xvii
Introduction
Corporate Governance and Capital Flows in a Global Economy
Peter K. Cornelius
Bruce Kogut
PART I Current and Emerging Challenges in Corporate Governance
Enron and Its Aftermath
What Caused Enron?
A Capsule of Social and Economic History of the 1990s	29	(24)
John C. Coffee, Jr.
Shareholder Value, Corporate Governance, and Corporate Performance
A Post-Enron Reassessment of the Conventional Wisdom	53	(30)
Margaret M. Blair
The Bubble and the Media	83	(22)
Alexander Dyck
Luigi Zingales
Expanding the Purview of Governance: Employees and Early Investors
Employees and Corporate Governance	105	(28)
Mary O'Sullivan
Venture Capital and Corporate Governance	133	(28)
Franklin Allen
Wei-ling Song
PART II Corporate Governance, Economic Development, and Cross-Border Capital Flows
Capital Flows and Multinational Corporations
Prospects for Emerging-Market Flows Amid Investor Concerns About Corporate Governance	161	(22)
Helmut Reisen
Direct Investment and Corporate Governance: Will Multinational Corporations ``Tip'' Countries Toward Institutional Change?	183	(58)
Bruce Kogut
J. Muir Macpherson
Corporate Risk Assessment and Business Strategy
A Prime Task for Senior Management	217	(24)
Withold J. Henisz
Jonathan Story
Role of Foreign Banks in Governance
Foreign Bank Ownership and Corporate Governance in Emerging-Market Economies	241	(64)
Peter K. Cornelius
Emerging Owners, Eclipsing Markets?
Corporate Governance in Central and Eastern Europe	267	(38)
Erik Berglof
Anete Pajuste
Law and Governance
Corporate Governance and Private Capital Flows to Latin America	305	(22)
Alberto Chong
Alejandro Izquierdo
Alejandro Micco
Ugo Panizza
Institutions, Corporate Governance, and Crises	327	(20)
Daron Acemoglu
Simon Johnson
Of Legal Transplants, Legal Irritants, and Economic Development	347	(36)
Katharina Pistor
Daniel Berkowitz
PART III Investors' and Practitioners' Perspectives
Governance Seen by the Minority Shareholder
Portfolio Investment in Emerging Markets
An Investor's Perspective	371	(12)
Michael J. Johnston
Corporate Governance, Public Policy, and Private Investment Decisions, 2002	383	(30)
William Dale Crist
Corporate Governance
Responsibilities of Fund Managers and Institutional Investors	401	(12)
Mark Mobius
Corporate Governance and Private Equity Investments	413	(58)
Max Burger-Calderon
Philipp Gusinde
Stefan Hoffmann
Corporate Governance in Transition: China, Russia, and Poland
Corporate Governance in Mainland China
Where Do We Go from Here?	431	(12)
Anthony Neoh
Governance in an Emerging Financial Market
The Case of Russia	443	(8)
Igor Kostikov
Governance in an Emerging Financial Market
The Case of Poland	451	(20)
Wieslaw Rozlucki
Social Corporate Responsibility and the New Learning
Corporate Values, Enterprise Risk, and the Board	471	(10)
Michael J. Phillips
Redefining the Role and Content of Corporate Governance from the Perspective of Business in Society and Corporate Social Responsibility	481	(10)
Lutgart van den Berghe
Steven Carchon
Corporate Governance Reform
Learning From Our Mistakes	491
Ira M. Millstein
Holly J. Gregory