Enforcement And Corporate Governance

Author : Erik Berglöf,Stijn Claessens
Publisher : World Bank Publications
Page : 49 pages
File Size : 50,5 Mb
Release : 2004
Category : Corporate governance
ISBN : 9784100615210

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Enforcement and Corporate Governance by Erik Berglöf,Stijn Claessens Pdf

Abstract: "Enforcement more than regulations, laws-on-the-books, or voluntary codes is key to effective corporate governance, at least in transition and developing countries. Corporate governance and enforcement mechanisms are intimately linked as they affect firms' ability to commit to their stakeholders, in particular to external investors. Berglof and Claessens provide a framework for understanding these links and how they are shaped by countries' institutional contexts. When the general enforcement environment is weak and specific enforcement mechanisms function poorly, as in many developing and transition countries, few of the traditional corporate governance mechanisms are effective. The principal consequence in these countries is a large blockholder, but there are important potential costs to this mechanism. A range of private and public enforcement 'tools' can help reduce these costs and reinforce other supplementary corporate governance mechanisms. The limited empirical evidence suggests that private tools are more effective than public forms of enforcement in the typical environment of most developing and transition countries. However, public enforcement is necessary regardless, and private enforcement mechanisms often require public laws to function. Furthermore, in some countries at least, bottom-up, private-led tools preceded and even shaped public laws. Political economy constraints resulting from the intermingling of business and politics, however, often prevent improvements in the general enforcement environment, and adoption and implementation of public laws in these countries. This paper a product of the Global Corporate Governance Forum, Corporate Governance Department is part of a larger effort in the department to help improve the understanding of corporate governance reform in developing countries"--World Bank web site.

Author : Erik Berglöf
Publisher : Unknown
Page : 49 pages
File Size : 47,9 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290705052

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Enforcement and Corporate Governance by Erik Berglöf Pdf

Enforcement more than regulations, laws-on-the-books, or voluntary codes is key to effective corporate governance, at least in transition and developing countries. Corporate governance and enforcement mechanisms are intimately linked as they affect firms' ability to commit to their stakeholders, in particular to external investors. Berglof and Claessens provide a framework for understanding these links and how they are shaped by countries' institutional contexts. When the general enforcement environment is weak and specific enforcement mechanisms function poorly, as in many developing and transition countries, few of the traditional corporate governance mechanisms are effective. The principal consequence in these countries is a large blockholder, but there are important potential costs to this mechanism. A range of private and public enforcement quot;toolsquot; can help reduce these costs and reinforce other supplementary corporate governance mechanisms. The limited empirical evidence suggests that private tools are more effective than public forms of enforcement in the typical environment of most developing and transition countries. However, public enforcement is necessary regardless, and private enforcement mechanisms often require public laws to function. Furthermore, in some countries at least, bottom-up, private-led tools preceded and even shaped public laws. Political economy constraints resulting from the intermingling of business and politics, however, often prevent improvements in the general enforcement environment, and adoption and implementation of public laws in these countries.This paper - a product of the Global Corporate Governance Forum, Corporate Governance Department - is part of a larger effort in the department to help improve the understanding of corporate governance reform in developing countries.

Author : Erik Bergl??f,Stijn Claessens
Publisher : Unknown
Page : 128 pages
File Size : 43,8 Mb
Release : 2013
Category : Electronic
ISBN : OCLC:931678832

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Enforcement and Corporate Governance by Erik Bergl??f,Stijn Claessens Pdf

Enforcement more than regulations, laws-on-the-books, or voluntary codes is key to effective corporate governance, at least in transition and developing countries. Corporate governance and enforcement mechanisms are intimately linked as they affect firms' ability to commit to their stakeholders, in particular to external investors. The authors provide a framework for understanding these links and how they are shaped by countries' institutional contexts. When the general enforcement environment is weak and specific enforcement mechanisms function poorly, as in many developing and transition countries, few of the traditional corporate governance mechanisms are effective. The principal consequence in these countries is a large block-holder, but there are important potential costs to this mechanism. A range of private and public enforcement "tools" can help reduce these costs and reinforce other supplementary corporate governance mechanisms. The limited empirical evidence suggests that private tools are more effective than public forms of enforcement in the typical environment of most developing and transition countries. However, public enforcement is necessary regardless, and private enforcement mechanisms often require public laws to function. Furthermore, in some countries at least, bottom-up, private-led tools preceded and even shaped public laws. Political economy constraints resulting from the intermingling of business and politics, however, often prevent improvements in the general enforcement environment, and adoption and implementation of public laws in these countries.

Author : OECD
Publisher : OECD Publishing
Page : 116 pages
File Size : 52,9 Mb
Release : 2013-11-04
Category : Electronic
ISBN : 9789264203334

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Corporate Governance Supervision and Enforcement in Corporate Governance by OECD Pdf

This fifth peer review of the OECD Principles of Corporate Governance analyses the supervision and enforcement of rules and practices relating to related party transactions (RPTs), takeover bids and shareholder meetings.

Author : OECD
Publisher : OECD Publishing
Page : 58 pages
File Size : 50,9 Mb
Release : 2014-09-10
Category : Electronic
ISBN : 9789264217409

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Public Enforcement and Corporate Governance in Asia Guidance and Good Practices by OECD Pdf

This book presents a study of the corporate governance legal framework and enforcement by capital market regulators in participating Asian jurisdictions.

Author : Anonim
Publisher : Org. for Economic Cooperation & Development
Page : 134 pages
File Size : 52,5 Mb
Release : 2007
Category : Corporate governance
ISBN : STANFORD:36105131953635

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Enforcement of Corporate Governance in Asia by Anonim Pdf

Over the past few years, most Asian jurisdictions have substantially revamped their laws, regulations and other corporate governance norms. However, enforcement remains a significant challenge and ldquo;an unfinished agendardquo;. This publication offers a unique snapshot of how corporate governance is being enforced in Asia. it provides policy makers, judges, investors, board members and stakeholders with cases studies and analysis that illustrate how regulators deal with enforcement in practice.

Author : Chen Ding
Publisher : Edward Elgar Publishing
Page : 259 pages
File Size : 55,9 Mb
Release : 2013-01-01
Category : Law
ISBN : 9781781004814

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Corporate Governance, Enforcement and Financial Development by Chen Ding Pdf

ÔDing ChenÕs detailed institutional analysis of the development of the Chinese stock market brings the question of enforcement to centre stage. In doing so, she not only introduces readers to the particularities of the Chinese system; she also sheds new light on conventional debates about the law and economics of corporate governance.Õ Ð Andrew Johnston, University of Sheffield, UK ÔIn this book Dr Ding Chen has made an important theoretical contribution to our understanding of corporate governance in transitional economies and of corporate governance in China especially. Drawing upon the insights of New Institutional Economics theory she examines the interplay between formal and informal enforcement mechanisms relating to corporate governance in China. To support this argument the book breaks new ground by providing a comprehensive examination of enforcement actions in ChinaÕs stock market; her findings are at variance from conclusions found in other research, such as in the law and finance literature. Rather than simply imitating the dominant Anglo-American model of corporate governance, she argues that local conditions will greatly affect the choice of the most appropriate governance models. This has been especially so in China.Õ Ð Roman Tomasic, University of South Australia and Durham Law School, UK This important new book attempts to establish a fresh conceptual framework for the study of corporate governance by employing the new institutional economics of contract enforcement. This framework helps to clarify two critical issues including the role of law in financial development and whether there is an optimal corporate governance model that should be followed by countries attempting to develop their own stock markets. Applying this novel framework, the author conducts a comprehensive study on Chinese corporate governance and discovers that the Chinese stock market has rapidly expanded even in the absence of any effective institutions. She provides a credible explanation to this ÔChina puzzleÕ by arguing that the growth of the stock market is mainly driven by state guarantees, institutional rent seeking by state-owned companies, financial repression and investorsÕ speculation. Indeed, there is probably nowhere better to look than ChinaÕs stock market to assess the limits of the gradualist approach to financial development. As the book explains, the potential efficiency gains that could be created by a healthy, well-functioning stock market have been completely outweighed by the consideration of maintaining the existing political system. This book will appeal to scholars and students of economics and law with an interest in corporate governance, Chinese economic development and new institutional economics.

Author : OECD
Publisher : OECD Publishing
Page : 124 pages
File Size : 54,8 Mb
Release : 2007-12-06
Category : Electronic
ISBN : 9789264035607

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Corporate Governance in Emerging Markets Enforcement of Corporate Governance in Asia The Unfinished Agenda by OECD Pdf

This publication offers a unique snapshot of how corporate governance is being enforced in Asia.

Author : Afra Afsharipour,Martin Gelter
Publisher : Edward Elgar Publishing
Page : 544 pages
File Size : 53,7 Mb
Release : 2021-06-25
Category : Law
ISBN : 9781788975339

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Comparative Corporate Governance by Afra Afsharipour,Martin Gelter Pdf

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.

Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 50,7 Mb
Release : 2024-07-01
Category : Electronic
ISBN : OCLC:1433028571

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Corporate Governance Enforcement and Financial Development by Anonim Pdf

Author : OECD
Publisher : OECD Publishing
Page : 236 pages
File Size : 52,5 Mb
Release : 2018-11-06
Category : Electronic
ISBN : 9789264307490

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Corporate Governance Flexibility and Proportionality in Corporate Governance by OECD Pdf

This OECD report presents the results of an OECD review on flexibility and proportionality practices in seven different areas of corporate governance regulation. The review covers 39 jurisdictions and six in-depth country case studies.

Author : Justin O'Brien
Publisher : John Wiley & Sons
Page : 220 pages
File Size : 43,8 Mb
Release : 2006-11-02
Category : Business & Economics
ISBN : 9780470060421

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Redesigning Financial Regulation by Justin O'Brien Pdf

At the height of the 1990s boom, Jack Grubman, one of the most successful analysts in Wall Street proclaimed ‘what used to be conflicts of interest are now synergies’. This myopia contributed dramatically to the elevation of a culture in which greed was deified, oversight denigrated and misfeasance justified. Since the fall of the markets and the implosion of confidence in the American corporate business model, one man has proved instrumental in deconstructing the rhetoric of the 1990s: Eliot Spitzer, the combative Attorney General of New York. In the process, his innovative application of state law has reconfigured the governance of Wall Street. Over the past three years the pursuit of transparency and accountability in the structure of the markets has propelled Spitzer to the forefront of regulatory policy. His investigations into tainted analyst research, the mutual funds industry, the governance of the New York Stock Exchange and the insurance industry have focused attention not just on corrupted individuals but also the complicity of the financial structure itself. Spitzer exploited the inherent conflicts of interest to the full, forcing regulators to adopt a much more proactive approach and creating a national platform for his own wider political ambitions. Now holding the Democratic nomination for the Governorship of New York, Spitzer has begun a path for higher national office. This groundbreaking book features exclusive access with many of the key actors in these changes to the governance of Wall Street. It examines how Eliot Spitzer exploited gaps in the regulatory framework to capture the corporate reform agenda and explores the implications of his actions on policy formation and recalibration. Key incidents include: changing the terms of reference governing analyst research; the defenestration of Dick Grasso’s tenure over the NYSE (which is now being heard in state court in New York); and the battles for control between the former Chairman of the Securities Exchange Commission, Harvey Pitt, and Spitzer. The book details not only the contested, contingent and interdependent connections between the American political and financial systems but reveals how Spitzer’s manipulation of those connections have proved instrumental in enhancing his own wider political ambitions.

Author : Hans-Christoph Hirt
Publisher : Peter Lang
Page : 408 pages
File Size : 53,7 Mb
Release : 2004
Category : Business ethics
ISBN : 3039100580

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The Enforcement of Directors' Duties in Britain and Germany by Hans-Christoph Hirt Pdf

The power to control litigation in the company's name is normally vested in the board of directors. This gives rise to a conflict of interest whenever some or all of the directors breach their duties. In such a situation, the board's decision whether or not to litigate is potentially tainted because the wrongdoers are part of the decision-making process. The board as a whole is therefore an unsuitable decision-making body and the following question arises: who should decide whether it is in the company's interest to initiate litigation against the alleged wrongdoers? There are a number of different persons and bodies in which the decision-making power could be vested. The British approach is the reversion of management power to the shareholders in general meeting and, in certain restricted situations, the availability of the derivative action brought by a shareholder on behalf of the company. Both mechanisms give rise to significant difficulties. This book begins by explaining the board's conflict of interest, sets out a theoretical framework of legal strategies that cover the whole range of approaches to deal with it and analyses their strengths and weaknesses. The analysis consists of an assessment and comparison of four models of the enforcement of directors' duties, which are based on the current law and reform proposals in Britain and Germany. Particular reference is made to recent case law and its practical implications.

Author : Marc I. Steinberg
Publisher : Oxford University Press
Page : 256 pages
File Size : 54,8 Mb
Release : 2018-02-23
Category : Law
ISBN : 9780190876302

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The Federalization of Corporate Governance by Marc I. Steinberg Pdf

This book focuses on the federalization of corporate governance in the United States from both historical and contemporary perspectives. Although the states traditionally have regulated the sphere of corporate governance - encompassing the relations among and between the subject corporation, its directors, its officers, its stockholders, and other stakeholders - federal law today impacts the governance of publicly-traded companies to a greater degree than ever before in U.S. history. This book discusses the evolution and development of corporate governance from a federal law perspective from the commencement of the twentieth century to the present. It examines the tension between state company law and federal law, analyzes the federal historical developments, explains the ramifications of the federal legislation enacted during the past two decades, and recommends corrective measures that should be implemented. The book accordingly provides an original, historical, and contemporary analysis of the federalization of corporate governance - a subject that impacts this country's economic well-being in a very fundamental way.

Author : Robin Hui Huang,Nicholas Calcina Howson
Publisher : Cambridge University Press
Page : 553 pages
File Size : 45,5 Mb
Release : 2017-09-28
Category : Business & Economics
ISBN : 9781107164994

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Enforcement of Corporate and Securities Law by Robin Hui Huang,Nicholas Calcina Howson Pdf

This book assembles the world's most authoritative specialists for a comparative analysis of the enforcement of corporate and securities laws in thirteen national jurisdictions. It examines the enforcement of corporate and securities laws across the globe and across different legal and political systems from an in-depth comparative perspective.