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Corporate Governance: A Synthesis of Theory, Research, and Practice

Corporate Governance: A Synthesis of Theory, Research, and Practice

H. Kent Baker (Editor), Ronald Anderson (Editor)

ISBN: 978-0-470-49913-9

Sep 2010

676 pages

Select type: Hardcover

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The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, Corporate Governance aims to provide a comprehensive understanding of this important discipline by examining its various aspects.

Good corporate governance is important because it not only provides the cornerstone for the integrity of corporations, financial institutions, and markets, but also is central to the health and stability of the world economy. As the recent financial crisis has shown, proper corporate governance is essential to excel in today's tumultuous business environment.

Filled with in-depth insights and expert advice, Corporate Governance offers a comprehensive view of the shareholder-manager relationship and examines the current state of governance mechanisms in mitigating the principal-agent conflict. Divided into four informative parts, this detailed guide:

  • Relies on recent research findings to provide guidance through the maze of corporate governance theories and concepts

  • Addresses essential issues related to corporate governance including the idea of principal-agent conflict, role of the board of directors, executive compensation, corporate monitoring, proxy contests and corporate takeovers, and regulatory intervention

  • Uses a structured approach to put corporate governance in perspective

  • Discusses the trade-offs involved in following corporate governance best practices

Focusing on the governance of for-profit, publicly owned businesses whose main concern is to improve shareholder welfare and value, this book puts you in a better position to understand the role of corporate governance in today's business world and the requirements needed for effective implementation.


PART ONE Background and Perspectives on Corporate Governance.

History, Systems, Best Practices, and Empirical Evidence.

1 An Overview of Corporate Governance (H. Kent Baker and Ronald Anderson).

2 The Financial Determinants of American Corporate Governance: A Brief History (Lawrence E. Mitchell and Dalia T. Mitchell).

3 Corporate Governance Systems (Christian Andres, Andre Betzer, Marc Goergen, and Daniel Metzger).

4 Corporate Governance Best Practices (Alex Todd).

5 What's Wrong with Corporate Governance Best Practices? (Christopher Søren Shann Turnbull).

6 The Effect of Corporate Governance on Performance (Sanjai Bhagat, Brian Bolton, and Roberta Romano).

7 International Corporate Governance Research (Diane K. Denis).

Separation of Ownership and Control.

8 Agency Theory: Incomplete Contracting and Ownership Structure (Iain Clacher, David Hillier, and Patrick McColgan).

9 Theories and Models of Corporate Governance (Thomas W. Joo).

10 Unfettered Agents? The Role of Ethics in Corporate Governance (Donald Nordberg).

PART TWO Internal Governance.

Boards of Directors.

11 Board Composition and Organization Issues (Matteo Tonello).

12 Board Diversity (Daniel Ferreira).

13 Board Subcommittees for Corporate Governance (Zabihollah Rezaee).

Compensation, Ownership, and Turnover.

14 Executive Compensation: Incentives and Externalities (Philipp Geiler and Luc Renneboog).

15 Compensation Consultants and Executive Pay (Martin J. Conyon).

16 Corporate Governance and Ownership Structure (John J. McConnell, Stephen B. McKeon, and Wei Xu).

17 The Effects of Management Turnover on Firm Performance (Mark R. Huson and Robert Parrino).

PART THREE External Governance.

Nonexecutive Shareholders.

18 CorporateMonitoring by Blockholders (Isabelle Dherment-Ferere and Luc Renneboog).

19 The Governance of Family Firms (Morten Bennedsen, Francisco P´erez-Gonz´alez, and Daniel Wolfenzon).

20 Institutional and Other Shareholders (Chris Mallin).

21 The Politics of Shareholder Activism (Donald Nordberg).

Nonequity Stakeholders.

22 Executive Behavior: A Creditor Perspective on Managerial Ownership (Ronald Anderson, Sattar Mansi, and David Reeb).

23 Governance of Banking Institutions (Renee Birgit Adams).

24 Corporate Governance: Nonequity Stakeholders (Marc Goergen, Chris Brewster, and Geoffrey Wood).

Proxy Contests and Markets.

25 Proxy Contests (Peter G. Szilagyi).

26 Corporate Takeovers and Restructurings (Mike Stegemoller).

27 Corporate Takeovers andWealth Creation (Marina Martynova and Luc Renneboog).

Accounting, Legal, and Regulatory Intervention.

28 Corporate Governance and Accountability (Renee M. Jones).

29 Corporate Governance Rules and Guidelines (Zabihollah Rezaee).

30 Economics Aspects of Corporate Governance and Regulation (Valentina Bruno and Stijn Claessens).

PART FOUR Answers to Chapter Discussion Questions.