Corporate Governance: The Indian Scenario
Corporate governance is part of an economy's system which has today become the most important mechanism for resource allocation. It is affected by capital market, block holders, institutional investors, proxy wars, company law and capital market regulations, and many other macro-economic as well as political factors. Historical evolution of corporate governance naturally has a bearing on current developments. This book is an attempt to weave these factors together coherently. Much of the concerned literature revolves around the agency problem, while in developing countries expropriation of small shareholders is the governance problem. However, shareholder activism is not likely to resolve the issue. Many more measures, from audit committees of the board, rigorous disclosures, exercise of voting rights by institutional investors, strict monitoring by capital market regulator to takeover bids are required to ensure corporate accountability.
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accountability active agency costs Anglo-American corporate appointed assets banks Birla block holders Board of Directors business groups CalPERS capital market chairman changes company law competitive concentration corporate governance system creditors derivative suit directorships disclosure dividend economy employees ensure equity executive firm performance foreign German important incumbent management independent directors Indian businesses Indian companies industrial insider trading institutional investors interest internal investee companies issues Kumar Mangalam Birla large shareholders long-term major managerial managing agents minority shareholders monitoring mutual funds nominee directors non-executive directors oligopolies operations organization-control perspective ownership pension funds poison pill portfolio companies problem profits promoters proxy contests public financial institutions Reddy's Laboratories relational investment role SEBI secondary capital market sector share price shareholder value short-term small shareholders Stakeholder-control perspective stakeholders stock exchange stock options stock prices strategy structure takeover bids takeover defenses trading vote rule voting rights