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Corporate Governance in
Transition
INTRODUCTION
HISTORICAL PERSPECTIVE OF CORPORATE GOVERNANCE
CORPORATE GOVERNANCE: A GLOBAL PERSPECTIVE
CONVERGENCE IN CORPORATE GOVERNANCE
CORPORATE GOVERNANCE IN MULTINATIONAL CORPORATIONS
SUMMARY
KEY TERMS
REVIEW QUESTIONS
DISCUSSION QUESTIONS
NOTES
INTRODUCTION
Corporate governance has evolved from its role in reducing agency costs to
maximizing shareholder wealth and now to the emerging role of creating
shareholder value and protecting the interests of all stakeholders. The
twenty-first century is viewed as the era of corporate governance in
transition from a compliance requirement to a business imperative. The
corporate governance structure in different countries is also influenced by
the country's cultural, political, and historical factors as well as the legal
and regulatory environment. This chapter presents both historical and
global perspectives of corporate governance.
PRIMARY OBJECTIVES
The primary objectives of this chapter are to
KEY TERMS
information infrastructure
keiretsu
legal infrastructure
market infrastructure
Regulation Fair Disclosure
UK Financial Reporting Council (FRC)
U.S. Goverment Accountability Office (GAO)
unitary board
REVIEW QUESTIONS
1. What are the primary responsibilities of the supervisory board in the
German board structure?
2. Briefly describe the board structure in Japanese corporations.
3. What are the four factors that can differentiate the corporate
governance structure from one country to another?
4. What factors help shape the corporate governance structure of
multinational corporations?
DISCUSSION QUESTIONS
1. Discuss the global corporate governance structure.
2. Explain the three commonly used approaches to regulatory reforms
in terms of their effectiveness and context.
3. Discuss the primary aspects of corporate governance in the UK.
4. Describe the new initiatives taken in Japan to improve the
infrastructure of its capital markets.
5. Are you expecting many changes in corporate governance reforms in
the Middle East and Asia?
6. Explain the types of board systems worldwide.
7. Compare and contrast rules-based versus principles-based
approaches of corporate governance.