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Over the past ten years, the corporate governance environment in
East Asia has undergone a significant transformation. The Asian
Financial crisis, together with Japan's long economic malaise,
undermined confidence in the corporate structures, governance
practices, and regulatory oversight of firms in the region. Since
that time, each of the countries in the region has been a hotbed of
legislative, judicial, and market activity in the realm of
corporate governance. This book takes stock of the most important
recent corporate governance changes in the region and the
challenges still to be overcome. The contributors pursue this
objective, not by describing laundry lists of legal reforms and
problems, but by focused in-depth legal analysis on specific issues
facing the separate systems in the wake of - sometimes in spite of
- the voluminous reforms and market changes of the past decade.
Written by the leading corporate law scholars and policy advisors
in East Asia and some of the most renowned scholars of comparative
corporate governance in the United States, the papers are
methodologically united in their careful attention to the impact,
and limitations, of legal reforms on corporate governance in East
Asia today.
Over the past ten years, the corporate governance environment in
East Asia has undergone a significant transformation. The Asian
Financial crisis, together with Japan's long economic malaise,
undermined confidence in the corporate structures, governance
practices, and regulatory oversight of firms in the region. Since
that time, each of the countries in the region has been a hotbed of
legislative, judicial, and market activity in the realm of
corporate governance. This book takes stock of the most important
recent corporate governance changes in the region and the
challenges still to be overcome. The contributors pursue this
objective, not by describing laundry lists of legal reforms and
problems, but by focused in-depth legal analysis on specific issues
facing the separate systems in the wake of - sometimes in spite of
- the voluminous reforms and market changes of the past decade.
Written by the leading corporate law scholars and policy advisors
in East Asia and some of the most renowned scholars of comparative
corporate governance in the United States, the papers are
methodologically united in their careful attention to the impact,
and limitations, of legal reforms on corporate governance in East
Asia today.
This is the long-awaited third edition of this highly regarded
comparative overview of corporate law. This edition has been
comprehensively revised and updated to reflect the profound changes
in corporate law and governance practices that have taken place
since the previous edition. These include numerous regulatory
changes following the financial crisis of 2007-09 and the changing
landscape of governance, especially in the US, with the ever more
central role of institutional investors as (active) owners of
corporations. The geographic scope of the coverage has been
broadened to include an important emerging economy, Brazil. In
addition, the book now incorporates analysis of the burgeoning use
of corporate law to protect the interests of "external
constituencies" without any contractual relationship to a company,
in an attempt to tackle broader social and economic problems. The
authors start from the premise that corporations (or companies) in
all jurisdictions share the same key legal attributes: legal
personality, limited liability, delegated management, transferable
shares, and investor ownership. Businesses using the corporate form
give rise to three basic types of agency problems: those between
managers and shareholders as a class; controlling shareholders and
minority shareholders; and shareholders as a class and other
corporate constituencies, such as corporate creditors and
employees. After identifying the common set of legal strategies
used to address these agency problems and discussing their
interaction with enforcement institutions, The Anatomy of Corporate
Law illustrates how a number of core jurisdictions around the world
deploy such strategies. In so doing, the book highlights the many
commonalities across jurisdictions and reflects on the reasons why
they may differ on specific issues. The analysis covers the basic
governance structure of the corporation, including the powers of
the board of directors and the shareholder meeting, both when
management and when a dominant shareholder is in control. It then
analyses the role of corporate law in shaping labor relationships,
protection of external stakeholders, relationships with creditors,
related-party transactions, fundamental corporate actions such as
mergers and charter amendments, takeovers, and the regulation of
capital markets. The Anatomy of Corporate Law has established
itself as the leading book in the field of comparative corporate
law. Across the world, students and scholars at various stages in
their careers, from undergraduate law students to well-established
authorities in the field, routinely consult this book as a starting
point for their inquiries.
At the beginning of the 21st century, in Japan and most of the
continental European economies, we can observe a shift from what
has been labelled a "corporatist" system to more market-oriented
structures. Regulatory competition caused by the globalization of
markets is increasingly placing the traditional legal institutions
of these jurisdictions under severe strain. This is especially true
for the services markets. Of these, the markets for financial
services and telecommunications services have to adapt most
urgently. These adaptations are already underway to varying extents
and degrees, made possible by a mixture of de-regulation and
re-regulation. In this volume, scholars from Germany, Austria,
Switzerland, and Japan as well as practitioners from various
institutions lay out the theoretical foundations and means for
these developments. Through critical analysis, the various
contributions show what has been reached so far in Europe and Japan
and what remains to be achieved in the future.
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