Corporate Governance in Context
Corporations, States, and Markets in Europe, Japan, and the US
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Product details:
- Publisher OUP Oxford
- Date of Publication 24 November 2005
- ISBN 9780199290703
- Binding Hardback
- No. of pages968 pages
- Size 243x165x55 mm
- Weight 1582 g
- Language English 0
Categories
Short description:
Significant increases in regulatory competition have sharpened the comparative awareness of advantages of different national models of political economy, governance and regulation. The most important change in this regard is a shift in governance from state to the market. The transition from corporatist governance to market governance poses a daunting challenge to regulators and academics. The book addresses these challenges in a comparative and interdisciplinary perspective, including the world's three leading economies and their legal systems: the EU, the U.S., and Japan.
MoreLong description:
Increased regulatory competition has sharpened the comparative awareness of advantages or disadvantages of different national models of political economy, economic organization, governance and regulation. Although institutional change is slow and subject to functional complementarities as well as social and cultural entrenchment, at least some features of successful modern market economies have been in the process of converging over the last decades. The most important change is a shift in governance from state to the market. As bureaucratic ex-ante control is replaced by judicial ex-post control, administrative discretion is replaced by the rule of law as guidelines for the economy. Furthermore, at least to some extent, public enforcement is being reduced in favor of private enforcement by way of disclosure, enhanced liability, and correspondent litigation for damages. Corporatist approaches to governance are giving way to market approaches, and outsider and market-oriented corporate governance models seem to be replacing insider-based regimes.
This transition is far from smooth and poses a daunting challenge to regulators and academics trying to redefine the fundamental governance and regulatory setting. They are confronted with the task of making or keeping the national regulatory structure attractive to investors in the face of competitive pressures from other jurisdictions to adopt state-of-the-art solutions. At the same time, however, they must establish a coherent institutional framework that accommodates the efficient, modern rules with the existing and hard-to-change institutional setting. These challenges - put in a comparative and interdisciplinary perspective - are the subject of the book. As a reflection of the transnationality of the issues addressed, the world's three leading economies and their legal systems are included on an equal basis: the EU, the U.S., and Japan across each of the subtopics of corporations, bureaucracy and regulation, markets, and intermediaries.
Review from previous edition ... at the heart of this book lies a string of subjects connected to the present discussions on corporate governance.
Table of Contents:
Introduction
Abbreviations
The Contributors
I Change of Governance in Historic Perspective: From State to Market - Pathways of Change in the 20th Century
Change of Governance in Historic Perspective: The German Experience
Corporate Governance in the 20th Century: A View from Italy
Historical Pathways of Reform: Foreign Law Transplants and Japanese Corporate Governance
Asking the Wrong Question: Changes of Governance in Historical Perspective?
Politics on Wall Street: The Implications of Eliot Spitzer on State-Federal Relations in the Regulation of Public Corporations and Capital Markets in the United States
Scandals, Regulation, and Supervising Agencies: The European Perspective
II Corporations: Changing Models of Corporate Governance
European Company Law and Corporate Governance: Where Does the Action Plan of the European Commission Lead?
Changing Models in Corporate Governance - Implications of the U.S. Sarbanes-Oxley Act
Enron and Corporate Law Reform in the UK and the European Community
Ongoing Modernization of Japanese Company Law
Japanese Perspectives, Autonomous Firms and the Aesthetic Function of Law
Corporate Governance Crises and Related Party Transactions: A Post-Parmalat Agenda
III Bureaucracy and Regulations
Legal Ground Rules in Coordinated and Liberal Market Economies
Corporatist versus Market Approaches to Governance
Regulatory Paternalism: When is it Justified?
The Regulation of Regulation: Judicialization, Convergence and Divergence in Administrative Law
The Proper Role of Bureaucracy in a Modern Market Economy: The Case of Japan
The Role of Bureaucracy in Deregulation - The Case of Justice System Reform in Japan
The Transatlantic Financial Markets Regulatory Dialogue
IV
Markets - Creation, Risks, Safeguards
Market Discipline, Information Processing, and Corporate Governance
Implementation of the Corporate Governance Codes
The Market for Corporate Control: The Legal Framework, Alternatives and Policy Considerations
Antitrust, State Aid and the Governance of Public Undertakings
Sector - Specific Regulations and Antitrust: Corporate Governance of Public Undertakings in Japan
V Intermediaries: Functions and Responsibility
Information Theory and the Role of Intermediaries
Using Basel II to Facilitate Access to Finance: The Disclosure of Internal Credit Ratings
The Multiple Roles of Banks? Convenient Tales from Modern Japan
Legal Explanations on Bank Behaviour
Redirecting Japan's Multi-level Governance
Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms
The Changing Worlds of the CPAs in Japan
Summary of Discussions
Changes of Governance in Europe, Japan, and the U.S.: Discussion Report
Annexes
Annex 1: Modernising Company Law and Enhancing Corporate Governance in the European Union - A Plan to Move Forward (EU)
Annex 2: Combined Code on Corporate Governance (US)
Annex 3: Sarbanes-Oxley Act (UK)
