Econometrica
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Corporate Governance [статья]
Опубликовано на портале: 22-03-2007
Jean Tirole
Econometrica.
2001.
Vol. 69.
No. 1.
P. 1-35.
The paper first develops an economic analysis of the concept of shareholder value,
describes its approach, and discusses some open questions. It emphasizes the relationship
between pledgeable income, monitoring, and control rights using a unifying and simple
framework.
The paper then provides a first and preliminary analysis of the concept of the stakeholder
society. It investigates whether the managerial incentives and the control structure
described in the first part can be modified so as to promote the stakeholder society.
It shows that the implementation of the stakeholder society strikes three rocks:
dearth of pledgeable income, deadlocks in decision-making, and lack of clear mission
for management.
While it fares better than the stakeholder society on those three grounds, shareholder
value generates biased decision-making; the paper analyzes the costs and benefits
of various methods of protecting noncontrolling stakeholders: covenants, exit options,
flat claims, enlarged fiduciary duty.
Опубликовано на портале: 22-03-2007
William Judge, Irina Naoumova
Econometrica.
2004.
Vol. 12.
No. 3.
Developing an effective corporate governance system is key to Russia's future. Russia
is now at a crossroads as it decides to either continue pursuing the Anglo-American
form of governance with its emphasis on external market controls, or turn to a more
Western European model with its emphasis on internal controls, or some combination
of the two. To make these challenges more tangible and bring them into sharper focus,
we discuss some of the governance challenges facing four bellwether Russian firms
– Gazprom, Sberbank, Wimm-Bill-Dann and Mobile TeleSystems. We conclude with
a discussion of the key institutional forces that will heavily influence the path
taken by Russia in the future, along with predictions for the future.
Опубликовано на портале: 22-03-2007
Harilaos Mertzanis
Econometrica.
2001.
Vol. 9.
No. 89.
This article presents the reasons which led the business community in Greece to reconsider
existing corporate governance practices of listed corporations in the Athens Stock
Exchange, outlines the general rationale for the creation and adoption of specific
recommendations for best corporate practice, presents the recommendations in full
detail and finally provides suggestions for the required corporate legal reform.
Опубликовано на портале: 22-03-2007
Christian Strenger
Econometrica.
2004.
Vol. 12.
No. 1.
Recent empirical research confirms that companies with demanding governance standards
achieve higher market valuations. Due to the complexity of specific corporate governance
matters, there is a rising need for a systematic and quantitative evaluation approach
for corporate governance. In Germany, a Corporate Governance Scorecard has been developed
that fulfils the key goals defined by analysts and investors. It has a standardised
format, can be applied efficiently, is available at no cost and enables self-assessments
by companies as well as sector-specific comparisons. The German Scorecard has not
only found good reception at the national financial community, but has also been
adapted around the world, especially in emerging countries.
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