Guest Editorial: Developments in International Corporate Governance and the Impact of Recent Events (original) (raw)

Corporate Governance: International Context and Trends from 2005 to 2015

International Journal of Business and Management, 2017

Corporate governance is a topic that in recent years has been related to fraud and economic crises, which could be reasons for pessimism; however, this study views it as an opportunity to improve the organizational environment. Therefore, this exploratory study is conducted with the purpose of identifying the context in which corporate governance occurs and potential international trends. The review of the literature indicates that corporate governance codes based on the model of insider information are gradually being replaced by American and British models, which are characterized by democracy, transparency, and accountability. Similarly, there is emphasis on the importance of bringing organizations and interest groups closer together and building consensus to develop activities that are in the common interest and that provide benefits to all. Finally, further studies are recommended to improve national and international standards concerning corporate governance with the aim of ba...

American Corporate Governance and Globalization

Berkeley La Raza LJ, 2007

Recently, major flaws in the legal framework governing globalization have become apparent.' Indeed, it is fair to say that the market fundamentalism approach to globalization is under siege. 2 The whirlwind of criticisms launched against the neo-liberal model 3 of freer trade has recently boiled over from academic circles into trade negotiations, which have fueled globalization since World War 1I. 4 The very process of further globalization now seems in doubt. 5 This article will demonstrate that the flawed market fundamentalism model of globalization has its roots in the

Corporate governance in globalized economy

Today, company Governance is associate inevitable topic of debate in company boardrooms, educational round tables, and for policy manufacturers worldwide. many events are to blame for the heightened interest in company governance. company implosions over the last 10 years and also the future enlarged demand for continuous improvement and transparency within the room have heightened the pace of amendment for boards worldwide. Next few years ar expected to continue this trend. The wave of economic crises of 1998 in Russia, Asia and Brazil, affected their entire economies and deficiencies in company governance vulnerable the soundness of the worldwide financial setup .

Globalizing Corporate Governance: Convergence of Form or Function

The American Journal of Comparative Law, 2001

Globalization has led to a remarkable resurgence in the study of comparative corporate governance. This area of scholarship had been largely the domain of taxonomists, intent on cataloguing the central characteristics of national corporate governance systems, and then classifying different systems based on the specified attributes. The result was an interesting, if perhaps somewhat dry, enterprise. We learned that national corporate governance systems differed dramatically along a number of seemingly important dimensions. Some corporate governance systems, notably those of the United States and other Anglo Saxon countries, are built on the foundation of a stock market-centered capital market. Other systems, like those of Germany and Japan, rest on a bank-centered capital market. Some systems are characterized by large groupings of related corporations, like the Japanese keiretsu, Korean chaebol, or European holding company structures. Still others are notable for concentrated family control of large businesses, including Canada, Italy and, notably, Germany. 1 Management styles also differ across national systems.

Corporate Governance and Globalization

The ANNALS of the American Academy of Political and Social Science, 2000

Corporate governance is concerned with the institutions that influence how business corporations allocate resources and returns. There is growing interest in pressures on national systems of corporate governance to converge that are allegedly being generated by the process of globalisation, especially the global integration of financial markets. Advocates of the merits of globalisation contend that the trend will lead to a more efficient allocation of capital. Drawing on the examples of the US, Germany, and France, I argue that considerable change has indeed occurred in national governance systems. These changes cannot be understood, however, as the outcome of a market-driven, efficiency enhancing process that is autonomous of political interests. Rather realignments in corporate governance reflect the growing economic and political power of those who have accumulated financial assets, a trend that is closely related to the extent of population ageing and the social arrangements for pension provision in domestic economies as I show in the cases of the US and Germany. Domestic developments in certain national systems of corporate governance, most notably in the US and Britain, have generated international pressures for change in other corporate governance systems. As I illustrate with the case of France, an analysis of the structure of interests in the domestic corporate economy is also an important prerequisite for understanding the effects of these international pressures.

The State of Corporate Governance 2004

The U.S. corporate governance system has recently been heavily criticized, largely as a result of failures at Enron, WorldCom, Tyco and some other prominent companies. Those failures and criticisms, in turn, have served as catalysts for legislative change (Sarbanes-Oxley Act of 2002) and regulatory change (new corporate governance listing standards from the NYSE and NASDAQ). In this paper, we consider two questions. First, is it clear that the U.S. system has performed that poorly; is it really that bad? Second, will the changes lead to an improved U.S. corporate governance system? We first note that the broad evidence is not consistent with a failed U.S. system. The U.S. economy and stock market have performed well both on an absolute basis and relative to other countries over the past two decades. And the U.S. stock market continued to outperform other broad indices after the scandals broke. Our interpretation of the evidence is that while parts of the U.S. corporate governance system failed under the exceptional strain of the 1990s, the overall system, which includes oversight by the public and the government, reacted quickly to address the problems. We then consider the effects that the legislative, regulatory, and market responses are likely to have in the near future. Our assessment is that they are likely to make a good system better, though there is a danger of overreacting to extreme events.