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Full Description
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 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.
Contents
List of figures; List of tables; List of contributors; Acknowledgements; Introduction: 1. Rethinking corporate governance: lessons from the global financial crisis William Sun, Jim Stewart and David Pollard; Part I. The Failure of the Market Approach to Corporate Governance: 2. Corporate governance causes of the global financial crisis Thomas Clarke; 3. The failure of corporate governance and the limits of law: British banks and the global financial crisis Roman Tomasic; 4. Where was the 'market for corporate control' when we needed it? Blanaid Clarke; 5. Information asymmetry and information failure: disclosure problems in complex financial markets Steven L. Schwarcz; 6. Finance, governance and management: lessons to be learned from the current crisis Roland Perez; Part II. Ownership, Internal Control and Risk Management: The Roles of Institutional Shareholders and Boards: 7. A review of corporate governance in UK banks and other financial industry entities: the role of institutional shareholders Robert A. G. Monks; 8. Ownership structure and shareholder engagement: reflections on the role of institutional shareholders in the financial crisis Roger Barker; 9. Board challenges 2009 Jay W. Lorsch; 10. Do independent boards effectively monitor management? Evidence from Japan during the financial crisis Chunyan Liu, Jianlei Liu and Konari Uchida; 11. Risk management in corporate law and corporate governance Christoph Van der Elst; Part III. Post-Crisis Corporate Governance: The Search for New Directions: 12. Corporate governance, capital market regulation and the challenge of disembedded markets Peer Zumbansen; 13. The focus of regulatory reforms in Europe after the global financial crisis: from corporate to contract governance Florian Möslein; 14. The great recession's impact on global corporate governance James Shinn; 15. Corporate governance in the Islamic finance industry and mitigation of risks in the post global financial crises Nasser Saidi; 16. A holistic approach to corporate governance: lessons from the financial crisis and the way forward Suzanne Young and Vijaya Thyil; Index.
