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Corporate governance has become an important issue in all industrial economies. This text has grown out of a conference entitled Comparative Corporate Governance, An International Conference, United States - Japan - Western Europe which considered the subject.
"This book goes back to a symposium held at the Max Planck Institute for Foreign Private and Private International Law in Hamburg on May 15-17 1997"--P. [v].
El gobierno corporativo se refiere a como los proveedores de recursos de las empresas pueden tener un retorno de su inversión. En este sentido, Aoki (2001) define el gobierno corporativo como una "estructura que organiza los derechos y responsabilidades de las partes interesadas en la empresa," esto incluye no solo los proveedores de recursos financieros (Shleifer y Vishny, 1997), pero también otros grupos e individuos que puedan afectar o ser afectados por la creación y transferencia de valor de la empresa (Freeman et al., 2010). Entre estos proveedores están los "accionistas," personas - individuos u otras empresas - que comparten dos derechos fundamentales. En primer lugar, el derecho al flujo de caja (o derecho económica). Este se refiere al derecho de los accionistas tienen de apropiarse de las ganancias residuales de la empresa. En segundo lugar, el control o derecho político, que está asociado con los derechos de voto y, en última instancia, con el control de la empresa y, por lo tanto, es el derecho residual a la toma de decisiones. Aunque se reconoce la importancia e implicaciones de los accionistas con respecto a las prácticas de gobierno corporativo y la estrategia corporativa (Shleifer y Vishny, 1997), hay por lo menos dos cuestiones no resueltas en la literatura de gobierno corporativo. En primer lugar, los factores que determinan las diferencias entre los patrones de la estructura de propiedad en diferentes países. En otras palabras, qué factores determinan las decisiones de los propietarios en que derechos (p.ej., derecho de voto o derecho al flujo de caja) deben para concentrar su riqueza, quiénes son y de dónde vienen, y en última instancia, ¿cuáles son sus intereses en las empresas? En segundo lugar, ¿cuáles son las consecuencias de estos modelos de propiedad de las empresas en las prácticas de gobierno tales como la estructura, funciones y comportamiento de los consejos de administración? Investigadores de diferentes disciplinas han intervenido con el objetivo de responder a estas preguntas, incluyendo los de ciencia política (Gourevitch, y Shinn, 2005), derecho (Gilson, 2006; Hansmann, 1996), economía (Demsetz y Lehn, 1985), finanzas (Shleifer y Vishny, 1997 ) y estrategia (Folta, 1998; Pedersen y Thomsen, 1997), pero no han llegado a una conclusión unificada. Por otra parte, la mayor parte de esta literatura se ha centrado en empresas de Estados Unidos y Reino Unido. Por lo tanto, el objetivo de esta tesis es explorar los antecedentes y consecuencias de la estructura de la propiedad. Tres ensayos componen esta disertación sobre Gobierno Corporativo Internacional y Comparado, en busca de un mejor entendimiento de la estructura de propiedad en empresas cotizadas, sus patrones y consecuencias, en diferentes contextos. Para eso, nos alejamos del contexto anglo-americano para incorporar los mercados emergentes de América Latina y las economías de Europa Occidental a lo largo de diferentes períodos de tiempo. En esencia, los tres capítulo se basan en la teoría agencia y la teoría institucional como base teórica sobre la cual se desarrollan las hipótesis de estudio.
The economic importance of the non-profit sector is growing rapidly in the USA and Europe. However, the law has not kept abreast with its development. The European Court of Justice has extended certain freedoms of the EC Treaty to non-profit organisations, and more case law is expected to follow in the near future, but the observations, theories, solutions and legal and non-legal rules in this field are manifold. The chances of harmonising the law on a European level are slim. Despite these differences, a common core of international corporate governance problems and regulatory solutions can be seen. This volume of essays brings together a variety of international experts from both corporate governance and governance of non-profit organisations to compare the two areas and explore the lessons that can be learned regarding comparative corporate governance for non-profit organisations.
This research handbook provides a state-of-the-art perspective on how corporate governance differs between countries around the world. It covers highly topical issues including corporate purpose, corporate social responsibility and shareholder activism.
The business corporation is one of the greatest organizational inventions, but it creates risks both for shareholders and for third parties. To mitigate these risks, legislators, judges, and corporate lawyers have tried to learn from foreign experiences and adapt their regulatory regimes to them. In the last three decades, this approach has led to a stream of corporate and capital market law reforms unseen before. Corporate governance, the system by which companies are directed and controlled, is today a key topic for legislation, practice, and academia all over the world. Corporate scandals and financial crises have repeatedly highlighted the need to better understand the economic, social, political, and legal determinants of corporate governance in individual countries. Comparative Corporate Governance furthers this goal by bringing together current scholarship in law and economics with the expertise of local corporate governance specialists from twenty-three countries.
The analysis is notable for its insistence that, for a corporate governance system to work, the principles and practicalities of that system must be derived from customary cultural norms. Experience shows that imported models, although they may be enshrined in law, lead to economic stagnation unless actual practice is monitored and reformed and the laws change to reflect these necessary adjustments. Thus the model proposed here begins with the Company Law of 1994, and proceeds to show how practical experience is already providing valuable data for the task of improving the law.
Comprehensive and up-to-date, this important textbook analyzes the escalating crisis in corporate governance and the growing interest in its reform across the globe. Written by a leading name in the field of corporate governance from a genuinely international perspective, this excellent textbook provides a balanced analysis of the relative strengths and weaknesses of the Anglo-Saxon, European and Asian traditions of corporate governance; offering a prognosis of the future development, complexity and diversity of corporate governance forms and systems. It: investigates the reasons for the failure of Enron, WorldCom, Tyco, Parmalat and other major international corporations examines the role of international standards of corporate governance, with the intervention of the OECD, World Bank and IMF explores the continuing cultural diversity in corporate and institutional forms in the United States and UK, Europe and Asia Pacific. Illustrated with a wealth of up-to-the minute case studies and packed full of excellent illustrative material that guides student readers through this complex subject, International Corporate Governance is a must read for anyone studying corporate governance today.
Corporate Governance is a subject of great interest to academics, investors, and politicians throughout the world. Corporate governance is associated with the way firms are managed and controlled. Countries have adopted different governance systems to resolve the corporate governance issues. Anglo-Saxon systems differ from European and Japanese systems, and Eastern Europe and China, for instance, experiment with the way private organizations should be governed. Despite the great interest and intense debate, empirical evidence on the effectiveness of various governance systems is still sparse. This book brings together most current contributions from various perspectives and from an international angle. The book is an essential reading for academics, university students, practitioners, investors, politicians, and legislators.