Home
Law
Corporate Governance
Corporate Governance and the Global Financial Crisis

Corporate Governance and the Global Financial Crisis International Perspectives

Name: Corporate Governance and the Global Financial Crisis
Brand: Cambridge University Press
SKU: 9781107411715
Price: 554.71 HKD
Availability: OutOfStock
Author: William Sun; Jim Stewart; David Pollard
ISBN: 9781107411715

Edited by William Sun · Jim Stewart · David Pollard

Cambridge University Press November 2013

Specifications

ISBN-13: 9781107411715
Publisher: Cambridge University Press
Publication: November 2013
Format: Paperback , 414 pages
Jurisdiction: International ? Countri(es) for reference only

Details

Over the last two decades there has been a notable increase in the number of corporate governance codes and principles, as well as a range of improvements in structures and mechanisms. Despite this, corporate governance failed to prevent a widespread default of fiduciary duties of corporate boards and managerial responsibilities in the finance industry, which contributed to the 2007–10 global financial crisis. This 2011 book brings together leading scholars from North America, Europe, Asia-Pacific and the Middle East to provide fresh and critical analytical insights on the systemic failures of corporate governance linked to the global financial crisis. Contributors draw from a range of disciplines to demonstrate the severe limitations of the dominant corporate governance framework and its associated market-oriented approach. They provide suggestions on how the governance problems could be tackled to prevent or mitigate any future financial crisis and explore new directions for post-crisis corporate governance research and reforms.

• Provides a critical and international analysis of corporate governance covering fundamental issues and the implications of the recent financial crisis

• Multidisciplinary research allows readers to understand corporate governance from a number of different perspectives, including business and management, economics, law and political science

• Features contributions by internationally renowned experts from North America, Europe, the Asia-Pacific and the Middle East

List of figures	viii
List of tables	ix
List of contributors	x
Acknowledgements	xiii
1 Introduction: rethinking corporate governance – lessons from the global financial crisis William Sun, Jim Stewart and David Pollard	1
Part I The failure of the market approach to corporate governance	23
2 Corporate governance causes of the global financial crisis Thomas Clarke	28
3 The failure of corporate governance and the limits of law: British banks and the global financial crisis Roman Tomasic	50
4 Where was the ‘market for corporate control’ when we needed it? Blanaid Clarke	75
5 Information asymmetry and information failure: disclosure problems in complex financial markets Steven L. Schwarcz	95
6 Finance, governance and management: lessons to be learned from the current crisis Roland Pérez	113
Part II Ownership, internal control and risk management: the roles of institutional shareholders and boards	129
7 A review of corporate governance in UK banks and other financial industry entities: the role of institutional shareholders Robert A. G. Monks	134
8 Ownership structure and shareholder engagement: reflections on the role of institutional shareholders in the financial crisis Roger Barker	144
9 Board challenges 2009 Jay W. Lorsch	165
10 Do independent boards effectively monitor management? Evidence from Japan during the financial crisis Chunyan Liu, Jianlei Liu and Konari Uchida	188
11 Risk management in corporate law and corporate governance Christoph Van der Elst	215
Part III Post-crisis corporate governance: the search for new directions	243
12 Corporate governance, capital market regulation and the challenge of disembedded markets Peer Zumbansen	248
13 The focus of regulatory reforms in Europe after the global financial crisis: from corporate to contract governance Florian Möslein	284
14 The Great Recession's impact on global corporate governance James Shinn	312
15 Corporate governance in the Islamic finance industry and mitigation of risks post the global financial crises Nasser Saidi	348
16 A holistic approach to corporate governance: lessons from the financial crisis and the way forward Suzanne Young and Vijaya Thyil	365
Index	389

About the Author

William Sun
Leeds Metropolitan University

Jim Stewart
Leeds Metropolitan University

David Pollard
Leeds Metropolitan University

Reviews

Review of the hardback: 'There is no doubt about the timeliness and relevance of this book. Practitioners, supervisors, regulators and those teaching or studying corporate governance would all gain from reading it. I am particularly impressed by the breadth of the analysis and the choice of contributors. It is essential that potential reforms should be based on as clear an understanding as possible of the nature of the relationship between corporate governance and the financial crisis. The introduction to the book alone should be compulsory reading for those concerned with shaping the future of corporate governance in a world-wide context.' Sir Adrian Cadbury, Honorary Professor, Aston Business School

Review of the hardback: 'Did poor corporate governance contribute to the global financial crisis? The OECD and the UK regulators felt that existing corporate governance codes were adequate: the problem was a failure to implement them. In this book, twenty-two leading scholars and leaders of corporate governance thinking take a different view. Deregulation prompted high risk taking; boards failed to understand their exposure to strategic risk; and rating agencies, paid by those they rated, were outpaced by financial innovation. Over-incentivized bank executives pursued vast securitization, high leverage and excessive risk to the ultimate detriment of everyone else. The theme emerges that the Anglo-American corporate governance paradigm, particularly as adopted in the US, gives CEOs excessive power and wealth to the shareholders' detriment. New directions are needed. This work offers some new thoughts and options.' Bob Tricker, author of Corporate Governance: Principles, Polices and Procedures, 2nd edition

'As we deal with the aftermath of the global financial crisis, those who turn for understanding and answers to this reader will find them placed in easily understood and useful contexts. The editors are to be commended for gathering essays of such transformative power and in contributing their own substantive advice.' James McRitchie, corpgov.net

Out of stock

This title is currently unavailable for purchase.