Corporate Governance and Economic Performance

Front Cover
Klaus Gugler
Oxford University Press, 2001 - Business & Economics - 223 pages
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Corporate governance has time and again been the subject of extensive scrutiny and controversy. Much of the debate of the 1960s and 1970s focused on the managerial corporation in the USA and the UK, inspired by the seminal work of Berle and Means (1932). The separation of ownership fromcontrol has been blamed for spectacular business failures. While there is ample evidence about corporate governance and performance in the USA and the UK, very little is known about the functioning of corporate governance elsewhere."Corporate Governance and Economic Performance" presents evidence about corporate governance and performance in a large number of countries. It is the result of a collective research effort by the members of the European Corporate Governance Network (ECGN), which brought together 'country teams'familiar with the language and corporate culture of their respective countries. The volume focuses on Austria, Belgium, Germany, France, Italy, Japan, the Netherlands, Spain, Turkey, the United Kingdom, and the United States. While the 'owner--manager conflict' appears to dominate in the USA and theUK, the 'large--small shareholder' conflict is important in Continental Europe. Based on this evidence, the authors derive important policy implications for capital market reform in Europe.
 

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Contents

beneficial?
12
Beneficial blockholders versus entrenchment and rent
26
Takeovers and the market for corporate control
32
Managerial compensation
42
References for Part I
59
Corporate Governance
69
Belgium
85
Germany
96
Italy
130
Japan
139
The Netherlands
156
Spain
169
Turkey
176
United Kingdom
184
Conclusion and policy implications
201
Index
217

France
121

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About the author (2001)


Klaus Gugler is Assistant Professor of Economics in the Department of Economics at the University of Vienna.

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