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Rethinking Corporate Governance's extensive and insightful
empirical investigation offers a radically new approach to
corporate governance. This ground-breaking volume describes and
analyzes the key nature-based and actor-based forces that
ultimately determine corporate governance processes and long-term
corporate paths. Generally, such forces work in complex and
intricate interplays that to a large extent vary among
corporations. A theory of shareholder governance is developed and
integrated into the established - and more comprehensive - theory
of corporate governance to create a revised theory of the
corporation (firm). The new possibilities that this creates for
explaining how processes develop and ultimately influence corporate
paths are presented in-depth. Featuring conclusions based on an
empirical material that is both rich and exclusive, the book also
contains extensive non-anonymized materials from authentic
corporate governance processes. A general conclusion is that
actions taken by individuals have a special status among those
forces, as they not only generate impact in themselves, but also
involve interpretations of the possible effects of all the other
forces.Among those actions, the ones taken by the shareholders
stand out as particularly decisive both for the governance
processes as such and for how corporations develop over time.
Offering a degree of openness, detail and realism that is hard to
find in any other case-based study this innovative and enlightening
volume is essential for both academics and practitioners involved
in corporate governance, corporate strategy and the theory of the
firm.
Institutionalist analysis is increasingly used as a key research
tool for economists confronted with the shortcomings of mainstream
economic analysis and the problems presented by the transformation
of socio-economic systems in Eastern Europe. On Economic
Institutions brings together leading economists working in a wide
range of research traditions who examine theories of institutions
and institutional change. This important volume shows that the
failure of most neoclassical economic analysis to consider economic
institutions is a major shortcoming in scholarship which seeks to
describe and understand crucial economic phenomena. After
discussing the dynamics of institutional change, the contributors
examine the explanatory variables necessary for researching
institutions and pay particular attention to 'efficiency' as the
key variable used by neoclassical institutional analysis. Later
chapters examine the processes of institutional change focusing on
issues such as path dependency, selection mechanisms and
institutional dynamics, and methodological issues in analysing
economic institutions. An introduction by the editors places these
papers in context and traces the development of economic research
across the various schools. Economists from both neoclassical and
institutionalist schools, as well as economic historians, are
making increasing use of institutionalist analysis as a key
research tool. In bringing together cutting-edge theory and
research on economic institutions, this important volume will be
welcomed by scholars working in evolutionary and institutionalist
research traditions, as well as by organizational theorists and
sociologists.
This insightful book focuses upon corporate governance processes,
and explores the conditions required for effective corporate
governance and control in 21st century globalized and financialized
economies. In presenting a comprehensive study of a cross-border
hostile corporate take-over process, describing the actors,
institutions and events involved, this book examines and questions
the current forms of corporate governance and control ? both from a
national and a global perspective. Using Old Mutual?s takeover of
Skandia as a case study, the authors address corporate governance
theory, and highlight its two fundamental dimensions: financial and
operational flows. An important conclusion of the book is that the
motives and theories of contemporary financial markets appear to
have gained in importance at the expense of the corresponding
operational considerations, something that has dramatically changed
the rationales of different types of actors. The book critically
questions these transformations, calling for the reconsideration
and redesign of regulating institutions and corporate governance
processes.This critical investigation of the competition for
corporate control in the era of modern financial capitalism will
prove a fascinating read for students, academics and researchers in
the fields of corporate governance, finance and international
business. It will also appeal to policymakers and practitioners
within the realms of corporate finance, banking and the wider
financial services industry.
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