Corporate governance
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| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass. [u.a.]
Blackwell
2001
|
| Ausgabe: | 2. ed. |
| Schriftenreihe: | Blackwell business
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
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MARC
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| 245 | 1 | 0 | |a Corporate governance |c Robert A. G. Monks |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Cambridge, Mass. [u.a.] |b Blackwell |c 2001 | |
| 300 | |a 462 S. |b graph. Darst. | ||
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Datensatz im Suchindex
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|---|---|
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| _version_ | 1823052062950162433 |
| adam_text | Titel: Corporate governance
Autor: Monks, Robert A. G.
Jahr: 2001
Contents
Cases in point xii
Foreword by B. Minoru Makihara xiv
Acknowledgments xvi
Introduction 1
1 What Is a Corporation? 5
Definitions 5
Evolution of the Corporate Structure 6
The Purpose of a Corporation 11
Human satisfaction 11
Social structure 11
Efficiency and efficacy 12
Ubiquity and flexibility 12
Identity 13
The Corporation as a Person 13
The Corporation as a Moral Person 13
The Corporation in Society 16
The marketplace 17
Future Directions 18
Corporate Power and Corporate Performance 18
Corporate Crime: Within the Limits of the Law 24
Probation of corporations 25
Corporations and Government: Co-opting the Market 29
Measuring Performance 34
Balancing Interests 36
Good and Bad Corporations? 40
Equilibrium: The Cadbury Paradigm 44
Measuring Value Enhancement 46
GAAP 46
Market value 51
Earnings per share 52
EVA®: economic value added 53
viii Contents
Human capital: It s not what you own but what you know 54
Knowledge capital 55
The value of cash 55
Corporate externalities 60
Non-economic Considerations in Corporate Management 72
2 Shareholders: Ownership 80
Definitions 80
Early Concepts of Ownership 82
Early Concepts of the Corporation 83
A Dual Heritage: Individual and Corporate Rights 84
The Re-invention of the Corporation: Eastern Europe in the 1990s 85
The Evolution of the American Corporation 86
The Essential Elements of the Corporate Structure 89
The Separation of Ownership and Control, Part 1: Berle and Means 92
Fractionated Ownership 96
The Separation of Ownership and Control, Part 2: The Takeover Era 99
Waking the Sleeping Giant 102
A Framework for Participation 107
Ownership and Responsibility 107
No innocent shareholder 107
To Sell or Not to Sell: The Prisoner s Dilemma 109
Who the Institutional Investors Are HO
Bank trusts HI
Mutual funds 112
Insurance companies H3
Universities and foundations 113
Pension plans 114
The Biggest Pool of Money in the World 115
Pension plans as investors 121
Pension plans as owners 121
Public Pension Funds 123
Economically targeted investments 127
Federal Employee Retirement System 128
TIAA-CREF 130
Private Pension Funds 131
The Sleeping Giant Awakens: Shareholder Proxy Proposals on
Governance Issues 135
Focus on the Board 141
SEC s Proxy Reform 141
Investing in Activism 145
New Models and New Paradigms 146
The Ideal Owner 151
Pension Funds as Ideal Owners 153
Is the Ideal Owner Enough? 154
3 Directors: Monitoring 164
A Brief History of Anglo-American Boards 165
Today s Typical Board 166
Contents ix
Size 166
Inside/Outside mix 166
Diversity 166
Meeting frequency 167
Ownership 167
Board Duties: The Legal Framework 168
The Board—Management Relationship 171
Information Flow 171
The CEO-Chairman 175
Catch 22: The Ex-CEO as Director 176
Director Nomination 178
Director Compensation 185
Interlocks 187
Time and money 187
The Director s Role in Crisis 189
Independent Outside Directors 190
Director Election 194
Staggered boards 194
Confidential voting 195
Impact of the Takeover Era on the Role of the Board 196
The Fiduciary Standard and the Delaware Factor 197
How did boards respond? 199
Greenmail 199
Poison pills 200
Other anti-takeover devices 202
Recommendations for the Future 203
Improving director compensation 203
Increasing the authority of independent directors 203
A market for independent directors 204
Designated director 205
Just vote no 205
Audit committees 206
Board evaluation 207
Executive session meetings 207
Succession planning and strategic planning 207
Lipton/Lorsch s Modest Proposal 207
Making directors genuinely independent 209
Involvement by shareholders 210
4 Management: Performance 215
Introduction 215
What Do We Want from the CEO? 216
Dinosaurs 218
Executive Compensation 221
Stock Options 225
Restricted Stock 227
Shareholder Concerns: Several Ways to Pay Day 227
The guaranteed bonus - the ultimate oxymoron 227
Bundled proposals 228
? Contents
Deliberate obfuscation 228
The Christmas tree 228
Compensation plans that are all upside and no downside 228
Phony cuts 229
Future Directions 229
CEO Employment Contracts 230
Gross-ups 231
Cause 231
Change of control 232
Half now, half later 232
Employees: Compensation and Ownership 233
Employee Stock Ownership Plans 237
Mondragón and Symmetry: Integration of Employees, Owners,
and Directors 240
Conclusion 244
5 International Governance^..___,,„__ 249
(S^^^oiaiÉMtovetrSn^Ji^Jipne^iloual 249
The triumph of the corporation 249
The global company 250
The global investor 250
The demands of capital 250
The triumph of the code 251
Universal codes 252
An investor perspective 252
The Asian Financial Crisis, the World Bank and Governance in
Emerging Markets 258
^___World-Bank_and-G-7~response^ 259
^--GlohaLCorgorateGovernance Foruftj 262
The DevdopeTwõrTd------------ 264
Japan 264
Corporate governance in Japan: A report by Oxford Analytica · 265
Corporate Governance Forum of Japan 273
Germany 275
Corporate governance in Germany: A report by Oxford Analytica 275
Signs of change 282
German governance code 283
Earthquake 285
Future perfect? 287
France 291
French ownership 291
Management and boards: Non state-owned companies 292
Viénot I and II .___„,-.-——~-------,^ 292
.. Convergence? ^.~—— j 295
6 MCase Studies: Corporations in Crisis */ 298
/ (ScneraLMotors_____________——- ^ 299
General Motors andlPierre du Pont 299
General Motors: What Went Wrong? 302
Contents xi
General Motors and Ross Perot 321
General Motors after Perot: Smith and Stempel 326
General Motors: A Postscript 333
American Express 338
Time Warner 350
Sears, Roebuck Co. 362
Diversification Strategy: The Fate of Retail 362
Sears: A Postscript 371
Armand Hammer and Occidental Petroleum 373
Polaroid 377
Polaroid s ESOP: Delaware Sits in Judgment 379
Carter Hawley Hale 388
Hostile Takeover 388
After the Restructuring 396
Eastman Kodak 399
Waste Management Corp. 403
Gold into Garbage 404
Lens and Soros 405
The Soros Effect 409
Restructuring 410
What Went Wrong? 417
How Was It Solved? 418
Waste Management: A Postscript 419
Stone Webster 422
Stone Webster: The Company that Built America 422
Mirror Group 435
Shareholder Activism in the UK 435
Appendix: Overview of Corporate Governance Guidelines and
Codes of Best Practice in Developing and Emerging Markets
by Holly J. Gregory 438
Overview 439
The Corporate Objective 440
Board Responsibilities and Job Description 441
Board Composition 442
Board Committees 445
Disclosure Issues 445
Summary 446
Index of names 447
Subject index 460
|
| any_adam_object | 1 |
| author | Monks, Robert A. G. 1933- Minow, Nell |
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| dewey-search | 658.42 |
| dewey-sort | 3658.42 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Philosophie Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| language | English |
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| publishDate | 2001 |
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| spellingShingle | Monks, Robert A. G. 1933- Minow, Nell Corporate governance Management (DE-588)4037278-9 gnd Corporate Governance (DE-588)4419850-4 gnd |
| subject_GND | (DE-588)4037278-9 (DE-588)4419850-4 (DE-588)4078704-7 (DE-588)4522595-3 |
| title | Corporate governance |
| title_auth | Corporate governance |
| title_exact_search | Corporate governance |
| title_full | Corporate governance Robert A. G. Monks |
| title_fullStr | Corporate governance Robert A. G. Monks |
| title_full_unstemmed | Corporate governance Robert A. G. Monks |
| title_short | Corporate governance |
| title_sort | corporate governance |
| topic | Management (DE-588)4037278-9 gnd Corporate Governance (DE-588)4419850-4 gnd |
| topic_facet | Management Corporate Governance USA Fallstudiensammlung |
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