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Corporate Governance Around the World (Routledge Studies in Corporate Governance) PDF

428 Pages·2008·1.73 MB·English
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Corporate Governance Around the World The last Asian financial crisis, coupled with the western series of corporate scandals, has caused investors and citizens to doubt managers’ abilities to guar- antee credible financial information about organizations. Consequently, legisla- tors all over the world have come to realize the necessity of legislating in the area of corporate governance. This book explores several national corporate governance reform experiences from around the world (including Canada, China, the United States, and the European Union) and offers an explanatory theory with regard to national systems of corporate governance. It also underlines corporate governance as a management tool and principle. The author argues that each country should be encouraged to build its own system of corporate governance which should be harmonized with its history, culture and the level of its economic development. Corporate Governance Around the Worldwill be useful reading for advanced students of International Business and Corporate Governance and will also appeal to a professional audience. A. Naciriis currently Professor of Finance and Accounting at UQAM School of Business and Chairman of the Montreal International Center for Governance. He is internationally recognized for his work on corporate governance, quality of financial information and financial disclosure. His research papers are published in many first class inte rnational journals, like the Journal of Futures Market, the Advances in International Accountingand the International Journal of Account- ing. He is prize-recipient of the Administrative Sciences Association of Canada. Routledge studies in corporate governance 1 Corporate Governance Around the World A. Naciri Corporate Governance Around the World Edited by A. Naciri First published 2008 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN Simultaneously published in the USA and Canada by Routledge 270 Madison Ave, New York, NY 10016 This edition published in the Taylor & Francis e-Library, 2008. “To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.” Routledge is an imprint of the Taylor & Francis Group, an informa business © 2008 Selection and editorial matter, A. Naciri; individual chapters, the contributors All rights reserved. No part of this book may be reprinted or reproduced or utilized in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data Corporate governance around the world / edited by A. Naciri. p. cm. Includes bibliographical references and index. 1. Corporate governance—Case studies. 2. Corporate governance— Government policy—Case studies. I. Naciri, A. HD2741.C77496 2008 338.6—dc22 2007034961 ISBN 0-203-93067-3 Master e-book ISBN ISBN10: 0-415-42874-2 (hbk) ISBN10: 0-203-93067-3 (ebk) ISBN13: 978-0-415-42874-3 (hbk) ISBN13: 978-0-203-93067-0 (ebk) To Sissi, Kiki, Yaya, and Ani Contents List of figures ix List of tables x Notes on contributors xii Foreword xiii Acknowledgments xv List of abbreviations xvi 1 Introduction 1 A. NACIRI 2 Micro theories of corporate governance 17 G. CHARREAUX 3 Macro theories of corporate governance 39 G. CHARREAUX 4 The American national system of corporate governance 74 B. L. NELSON 5 The Canadian national system of corporate governance 102 D. A. H. BROWN 6 The French national system of corporate governance 137 F. BIEN, J. DÉLGA AND A. GED 7 The Japanese national system of corporate governance 172 M. YOSHIMORI 8 The Hong Kong system of corporate governance 198 S. S. M. HO viii Contents 9 The Chinese national system of corporate governance 230 S. S. M. HO 10 The Turkish national system of corporate governance 259 M. ARARAT AND M. UGUR 11 The transition economies national systems of corporate governance 273 R. LEBAN AND T. PASECHNYK 12 The MENA countries national systems of corporate governance 303 A. NACIRI 13 The EU system of corporate governance 323 A. NACIRI 14 Concluding remarks 344 A. NACIRI Bibliography 361 Index 393 Figures 1.1 The ∆VGG model 7 5.1 The governance index plateaus, then jumps 103 5.2 Who selects Canada’s board members? 116 5.3 How are Canada’s board members selected? 116 5.4 Which committees do Canada’s boards use? 120 5.5 What performance measures are reported to Canada’s boards? 124 5.6 Rising accountability for individual directors 125 5.7 Women on Canadian boards 127 5.8 Which premium investors would be willing to pay for a well-governed company? 128 7.1 Conventional board 1 177 7.2 Conventional board 2 182 7.3 Company with committee innovative structure 184 9.1 Incomes of Chinese managers in recent years (Yuan) 249 11.1 The level of GDP in 1998 compared to 1989 277 11.2 Apparent and actual ownership structure of the largest Ukrainian financial-industrial groups, private and system capital management, 1999–2002 284 11.3 Market capitalization to GDP in 2005 287 11.4 Structure of the board of directors of the largest Russian compa nies, 2006 299

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