Всего публикаций в данном разделе: 596
Опубликовано на портале: 22-03-2007Christian 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.
Опубликовано на портале: 13-03-2007Ред.: Thomas Clarke
Изд-во: Routledge, 2004, 320 с.
In the wake of the financial and corporate scandals of recent years, corporate governance increasingly is recognised as being at the heart of understanding how and why businesses are run as they are. But while there are diverse and well-established theories of corporate governance, they are rarely gathered in a coherent and comparative way. This comprehensive reader brings together the most influential writing in the field, with editorial commentary, to provide a uniquely interdisciplinary resource for students and lecturers that underpins contemporary analysis of corporate governance. Topics covered include: the separation of ownership and control, the managerial revolution in business, agency, stewardship and stakeholder theory, globalization and convergence, the critique of shareholder value, post-Enron analysis. Structured to provide an introduction and overview of corporate governance from the classical theories to contemporary controversies, this reader functions either as a stand-alone text, or as a companion to International Corporate Governance, a textbook also authored by Thomas Clarke.
Опубликовано на портале: 19-02-2007Борис Захарович Мильнер Проблемы теории и практики управления. 2006. № 9. С. 8-14.
Знания, с точки зрения автора, это разность между рыночной стоимостью предприятия (организации) и стоимостью её материальных активов. Объектом управления знаниями в компании являются нематериальные активы, объединяемые понятием «знания». Роль творческой составляющей в овладении и производстве нового знания базируется на обеспечении постоянного процесса образования, создания возможности для обучения на протяжении всей жизни. Эффективность управления знаниями определяется способностью компании осуществлять функции интеграции и координации в процессе организационного обучения.
Система дистанционного обучения «Competentum. Instructor» [компьютерная программа]
Опубликовано на портале: 13-02-2007
Ориентированная на применение в компаниях и организациях система дистанционного обучения Competentum.Instructor предназначена для автоматизации корпоративного тренинга, повышения квалификации, дистанционного обучения и аттестации сотрудников компании через Интернет или в локальной сети. Система предоставляет возможность вести
Обновление высшего менеджмента российских промышленных предприятий: интенсивность, каналы пополнения, основные определяющие факторы [статья]
Опубликовано на портале: 13-02-2007Ростислав Исаакович Капелюшников, Наталья Владимировна Демина Препринты Высшей школы экономики. 2005. № 04.
В статье на базе панельных данных «Российского экономического барометра» за 1997— 2003 гг. анализируется влияние структур собственности и результатов экономической деятельности на оборот и «происхождение» директорского корпуса российских промышленных предприятий. Авторы анализируют показатели стажа и темпов ротации высшего управленческого персонала, а также оценивают относительное значение внешних и внутренних каналов его рекрутирования. Результаты эконометрического анализа показывают, что вероятность «окапывания» высших менеджеров на занимаемых постах положительно связана с доминированием собственности инсайдеров и отрицательно — собственности аутсайдеров. Кроме того, на неуспешных предприятиях вероятность смены генерального директора и председателя Совета директоров выше, чем на успешных. Что касается каналов рекрутирования, то «сторонние» назначения наблюдаются чаще на предприятиях, контролируемых аутсайдерами и находящихся в плохом экономическом состоянии. Основной вывод исследования состоит в том, что несмотря на многочисленные встроенные дефекты российская система корпоративного управления работает в «правильном направлении», способствуя отбору более компетентных менеджеров и повышению эффективности их труда.
Опубликовано на портале: 13-02-2007Edith Penrose The American Economic Review. 1955. Vol. 45. No. 2. P. 531-543.
There are two approaches to the question of the size of firms. the traditional approsch attempts to explain size in terms of the balance of advantages and disadvantages of being a particular size. Another approach emphasizes the process of growth and treats size as a more or less incidental result of a continuous on -going or "unfolding" process. The author wants here to suggest an alternative growth approach which, in common with the biological variant, insists that a predisposition to grow is inherent in the very nature firms, but which, in contrast, makes growth depend on human motivation.
Опубликовано на портале: 13-02-2007Charles P. Oman OECD Working Papers. 2001. No. 180.
Corporate governance matters for national development. Case studies of Argentina, Brazil, Chile, China, India, Malaysia and South Africa suggest that it has a role of growing importance to play in helping to increase the flow of financial capital to firms in developing countries. Equally important are the potential benefits of improved corporate governance for overcoming barriers, including the actions of vested interest groups, to achieving sustained productivity growth. Improved corporate governance, however, cannot be considered in isolation. In the financial sector, attention must also be given to measures to strengthen the banking sector, and a country’s financial institutions as a whole. In the “real” sector, close attention must be given to competition policy and sector–specific regulatory reform. Forces working in favour of improved corporate governance in developing countries include those operating both on the demand and on the supply side of domestic and international portfolio equity flows to corporations in those countries. Forces working against significantly improved corporate governance (which may nonetheless give lip service to the need for such improvement) include many dominant shareholders and other corporate insiders — in the private and public sectors — in entrenched distributional cartels. The heightened risk of regulatory capture in countries with clientelistic relationship–based (as opposed to rules–based) systems of governance reinforces the fact that good corporate governance requires good political governance, and vice–versa.
Board Models in Europe. Recent Developments of Internal Corporate Governance Structures in Germany, the United Kingdom, France, and Italy [статья]
Опубликовано на портале: 12-02-2007Klaus J. Hopt, Patrick C. Leyens ECGI - Law Working Paper. 2004. No. 18.
The struggle for efficient internal management control is the centre of the corporate governance debate in Europe since the incorporation of the Dutch Verenigde Oostindische Compagnie in 1602. Recent developments in Europe illustrate a trend towards specialised rules for listed companies and indicate growing convergence of internal control mechanisms independent of board structure. The revised Combined Code in the United Kingdom and also the French revised Principles of Corporate Governance, both of 2003, strengthen the presence of independent directors on one-tier boards in Europe. Another systemic break-through for the two-tier board model is the growing tendency to separate the positions of CEO and board chairman. For the German two-tier structure, the strengthening of the strategic role of the supervisory board (Aufsichtsrat) by the new German Corporate Governance Code of 2002 means an attempt to incorporate a key advantage of the one-tier model. Similarly, the control duties of the Italian internal auditing committee (collegio sindacale) were extended by the Testo Unico of 1998 and bring the Italian second board closer to the German supervisory board. The common trend to stricter standards of independence is challenged in Germany by its rigid concept of co-determination and, to a lesser extent, by the more fl exible model of labour participation in France. Director’s duties and liabilities and also derivative actions are a focus of the reform debate in Germany since 1998 and are currently under review in the United Kingdom. After the Enron debacle the interplay between internal control devices and independent external auditing has become a major focus of interest in all countries considered. Driven by Anglo-Saxon codes of conduct audit committees today serve as a common denominator for good corporate governance. Though formal convergence is strong company organs in each country take on their own specifi c garment. Path dependent system development especially depends on shareholder structures and banking systems. The trend to greater structural fl exibility on board level is strongly triggered by the introduction of a threefold board model choice under the French Loi Nouvelle Régulations Economique of 2001 and under the Italian Vietti-Reform that is in force since January 2004.
Опубликовано на портале: 12-02-2007Varouj Aivazian, Ying Ge, Jiaping Qiu Journal of Banking & Finance. 2005. No. 29. P. 1459-1481.
This paper examines empirically the quality of the governance mechanisms of Chinese state-owned enterprises from 1994–1999, a period marked by substantial changes in policies affecting the governance structure of these firms. It shows that the restructuring of these enterprises according to corporate law improved the effectiveness of their governance system. Specifically, restructuring strengthened the links between manager turnover and firm performance. The results indicate that firm performance was significantly and negatively related to manager demotion for incorporated state-owned enterprises, while this relationship was insignificant for unincorporated enterprises. They also indicate that manager turnover was a viable incentive mechanism for improving future enterprise performance.
Опубликовано на портале: 06-02-2007John E. Core, Robert W. Holthausen, David F. Larcker Journal of Financial Economics. 1999. No. 51. P. 371-406.
We find that measures of board and ownership structure explain a significant amount of cross-sectional variation in CEO compensation, after controlling for standard economic determinants of pay. Moreover, the signs of the coefficients on the board and ownership structure variables suggest that CEOs earn greater compensation when governance structures are less effective. We also find that the predicted component of compensation arising from these characteristics of board and ownership structure has a statistically signifficant negative relation with subsequent firm operating and stock return performance. Overall, our results suggest that firms with weaker governance structures have greater agency problems; that CEOs at firms with greater agency problems receive greater compensation; and that firms with greater agency problems perform worse.
Contests for Corporate Control. Corporate Governance and Economic Performance in the United States and Germany [книги]
Опубликовано на портале: 22-12-2006Mary O'Sullivan
Oxford: Oxford University Press, 2001, 346 с.
During the 1990s, corporate governance became a hot issue in all of the advanced economies. For decades, major business corporations had reinvested earnings and developed long-term relations with their labour forces as they expanded the scale and scope of their operations. As a result, these corporations had made themselves central to resource allocation and economic performance in the national economies in which they had evolved. Then, beginning in the 1980s and picking up momentum in the 1990s, came the contests for corporate control. Previously silent stockholders, now empowered by institutional investors, demanded that corporations be run to 'maximize shareholder value'. In the United States many, if not most, top corporate executives have now embraced this ideology. In this highly original book, Mary O'Sullivan provides a critical analysis of the theoretical foundations for the shareholder value principle of corporate governance and for the alternative perspective that corporations should be run in the interests of 'stakeholders'. She embeds her arguments on the relation between corporate governance and economic performance in historical accounts of the dynamics of corporate growth in the United States and Germany over the course of the twentieth century. O'Sullivan explains the emergence and consequences of 'maximizing shareholder value' as a principle of corporate governance in the United States over the past two decades, and provides unique insights into the contests for corporate control that have unfolded in Germany over the past few years.
Опубликовано на портале: 22-12-2006Ред.: Geoffrey Owen, Tom Kirchmaier, Jeremy Grant
New-York: Palgrave Macmillan, 2005, 176 с.
Corporate Governance in the US and Europe provides a comprehensive and concise overview of the most recent developments in corporate governance. It is based on a recent joint conference arranged by New York University and the London School of Economics, which brought together eminent academics and practitioners, including Michael Jensen in Finance and Martin Lipton in Law, to discuss the stock market boom-and-bust, and the recent corporate scandals. The book is aimed at practitioners, policy makers and academics who have to deal with corporate governance.
Опубликовано на портале: 22-12-2006Ред.: Sea-Jin Chang
Oxford: Oxford University Press, 2006, 288 с.
The 1997 Asian Crisis principally affected Thailand, Indonesia, Malaysia, and Korea, as well as other East Asian countries heavily dependent on intra-regional trade. Banks and other financial institutions quickly become insolvent, and heavily indebted industrial firms went bankrupt. Many of these firms were affiliated with the business groups of this region, yet most groups did not immediately collapse, indeed they proved remarkably robust, some surviving and even prospering. This book examines these East Asian business groups and their subsequent restructuring following the Asian Crisis. East Asian nations embarked on very different trajectories to this common external shock. The Asian Crisis affected the inter-relationships among the socio-cultural environment, the state, and the market of each country quite differently and had distinct effects on the operations of these countries' business groups. This slow yet divergent pattern of development provides evidence against theories of rapid global convergence. Yet East Asian business groups face an uncertain future. Foreign investors' influence has increased substantially since the crisis, as East Asian governments had to accommodate their demands to keep attracting foreign capital. Governments supervise banks more closely and have loosened restrictions on mergers and hostile takeovers, further strengthening the discipline of the market. Various entry barriers that had inhibited foreign multinationals from competing in national markets were lifted, exposing business groups to intensified foreign competition. Under these new conditions, business groups in East Asia should reconfigure their business structures and adjust their corporate governance systems to regain momentum for further growth. Business groups will continue to be important vehicles for the sustained future growth of this region, and this book presents a substantial amount of new data on this, which will be of interest to academics, researchers, and advanced students of East Asian business, and business practitioners working within the region.
Опубликовано на портале: 22-12-2006Ред.: Howard Gospel, Andrew Pendleton
Oxford: Oxford University Press, 2006, 400 с.
This book is about the relationship between corporate governance regimes and labour management. It examines how finance and governance influence employment relationships, work organization, and industrial relations by means of a comparative analysis of Anglo-American, European, and Japanese economies. The starting point is the distinction widely found in the corporate governance, business systems, and political economy literature between countries dominated by 'shareholder value' conceptions of corporate governance and those characterized by 'stakeholder' regimes. By drawing on a wide range of countries, the book is able to demonstrate the complexities of corporate governance arrangements and to present a more precise and nuanced exploration of the linkages between governance and labour management. Each country-based chapter provides an analysis of the evolution and key characteristics of corporate governance and then links this to labour management institutions and practices. The chapters cover the United States, United Kingdom, Japan, Australia, France, Germany, Italy, Netherlands, and Spain, with each written by a leading academic expert in the field. By providing a historical review of the evolution of national systems, the contributors provide judicious evaluations of the current state and future direction of national governance and labour relations systems. Overall, the book goes beyond the 'complementarities' between governance and labour management systems identified in recent literature, and attempts to identify causal relationships between the two. It shows how labour management institutions and practices may influence finance and corporate governance systems, as well as vice versa. The contributions to this book illuminate current debates about the determinants of corporate governance, the convergence of national 'varieties of capitalism', and the impact of corporate governance on managerial behaviour. The book highlights the complexities of corporate governance systems and refines the distinction between market/outsider and relational/insider systems.
Опубликовано на портале: 22-12-2006Mari Sako
Oxford: Open University Press, 2006, 320 с.
All firms wrestle with restructuring, involving consolidation of mergers and acquisitions on the one hand, and fragmentation through outsourcing and spin-offs on the other. Through an in-depth investigation into the organizational strategies of Japanese corporate management and union leaders in Japan, Mari Sako explores the issue of 'organizational boundaries' that arises from such restructuring. Examining the strategy and structure of both businesses and trade unions, the book draws upon empirical evidence drawn from interviews conducted at Toyota and Matsushita and their respective unions. It examines their respective strategies in coping with organizational boundaries against the backdrop of changing labour markets, and, in the process, challenges widely held notions about Japanese corporate and union structures. Mari Sako goes on to explore the implications of these relationships in other advanced industrial countries for corporate restructuring, jobs, and labour market flexibility.
Опубликовано на портале: 20-12-2006Ред.: William Lazonick, Mary O'Sullivan
New-York: Palgrave Macmillan, 2001, cерия "The Jerome Levy Economics Institute Series", 328 с.
How can we explain the persistent worsening of the income distribution in the United States in the 1980s and 1990s? What are the prospects for the re-emergence of sustainable prosperity in the US economy over the next generation? Situating these questions within a wider context through historical analysis and comparisons with Germany and Japan, this book focuses on the microeconomics of corporate investment behaviour, and the macroeconomics of household saving behaviour. Specifically, the contributors analyze how the combined pressures of excessive corporate growth, international competition, and intergenerational dependence have influenced corporate investment over the past two decades. They also offer a perspective on how corporate investment in skill bases can support sustainable prosperity, with studies drawn from the machine tool, aircraft engine, and medical equipment industries.
Опубликовано на портале: 20-12-2006Ред.: Ruth Aguilera, Michal Federowicz
New-York: Palgrave Macmillan, 2003, cерия "Studies in Economic Transition", 320 с.
This collection provides exceptional descriptive and analytical insights into changes in corporate governance settings in ten Eastern and Western European countries. It demonstrates that there exist different varieties of capitalisms and paths to transformation of economic institutions. In addition, it offers detailed discussions about national cases as well as the overall European Union effects. This book should be of great interest to scholars and students of comparative national systems, corporate governance and European studies.
Опубликовано на портале: 14-11-2006Helmut Schmalen
Москва: Финансы и статистика, 1996, 512 с.
В учебнике рассмотрены вопросы создания предприятия и управления им в рыночной экономике на примере Германии; дан анализ маркетинга; подробно излагаются система оплаты труда, формы участия работников в доходах предприятия. Материал проиллюстрирован многочисленными схемами, таблицами, практическими примерами.
Для предпринимателей, менеджеров, руководителей всех уровней, преподавателей и студентов вузов.
Для предпринимателей, менеджеров, руководителей всех уровней, преподавателей и студентов вузов.
Опубликовано на портале: 26-10-2006Владимир Иванович Авдийский Внешнеэкономические связи. 2005. Т. 18. № 6. С. 40-41.
Выступление Владимира Ивановича Авдийского, профессора, заведующего кафедрой экономической безопасностй Финансовой академии при Правительстве Российской Федерации, на заседании коуглого стола «Экономическая безопасность Российской Федерации», посвящено прогнозированию и анализу рисков в деятельности хозяйствующих субъектов.
Привилегии венчурных кредиторов [статья]
Опубликовано на портале: 20-10-2006Андрей Валерьевич Лукашов Консультант. 2006. № 17. С. 30-33.
Венчурное финансирование помогает молодым компаниям получить необходимые средства на развитие. В прошлом номере «Консультант» писал о специализированных фондах и об оценке бизнеса по методу венчурного капитала. В продолжении статьи автор рассказал о привилегированных конвертируемых акциях и контрактных условиях в венчурном финансировании.