Corporate Governance and Economic Performance

Hardcover | July 1, 2001

EditorKlaus Gugler

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Corporate governance has time and again been the subject of extensive scrutiny and controversy. Much of the debate of the 1960s and 1970s focused on the managerial corporation in the USA and the UK, inspired by the seminal work of Berle and Means (1932). The separation of ownership fromcontrol has been blamed for spectacular business failures. While there is ample evidence about corporate governance and performance in the USA and the UK, very little is known about the functioning of corporate governance elsewhere."Corporate Governance and Economic Performance" presents evidence about corporate governance and performance in a large number of countries. It is the result of a collective research effort by the members of the European Corporate Governance Network (ECGN), which brought together 'country teams'familiar with the language and corporate culture of their respective countries. The volume focuses on Austria, Belgium, Germany, France, Italy, Japan, the Netherlands, Spain, Turkey, the United Kingdom, and the United States. While the 'owner--manager conflict' appears to dominate in the USA and theUK, the 'large--small shareholder' conflict is important in Continental Europe. Based on this evidence, the authors derive important policy implications for capital market reform in Europe.

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From the Publisher

Corporate governance has time and again been the subject of extensive scrutiny and controversy. Much of the debate of the 1960s and 1970s focused on the managerial corporation in the USA and the UK, inspired by the seminal work of Berle and Means (1932). The separation of ownership fromcontrol has been blamed for spectacular business f...

Klaus Gugler is Assistant Professor of Economics in the Department of Economics at the University of Vienna.
Format:HardcoverDimensions:236 pages, 9.21 × 6.14 × 0.71 inPublished:July 1, 2001Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199245703

ISBN - 13:9780199245703

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Table of Contents

I. Corporate Governance and Performance: The Research Questions1. Klaus Gugler: Introduction, Theoretical Framework, and Chapter Contents2. Klaus Gugler: Direct Monitoring and Profitability: Are Large Shareholders Beneficial?3. Klaus Gugler: Beneficial Blockholders versus Entrenchment and Rent Extraction?4. Klaus Gugler: Takeovers and Market for Corporate Control5. Klaus Gugler: Managerial Compensation6. Klaus Gugler: The Identity of OwnersII. Country Reports7. Klaus Gugler: Austria8. Marc Goergen and Luc Renneboog: Belgium9. Ekkehart Boehmer: Germany10. Elizabeth Kremp and Patrick Sevestre: France11. Magda Bianco: Italy12. Kyoko Sakuma: Japan13. Abe de Jong: The Netherlands14. Rafel Crespi-Cladera: Spain15. Burcin Yurtoglu: Turkey16. Marc Goergen and Luc Renneboog: United Kingdom17. Klaus Gugler: Conclusion and Policy Implications

Editorial Reviews

'Corporate Governance and Economic Performance is an important addition to governance literature ... This book fills a gap by addressing primarily the relationship between share ownership and performance and by including countries that are outside the main stream of writing on corporategovernance. Corporate Governance and Economic Performance is mine of good information and sound advice which deserves to be well quarried' Sir Adrian Cadbury, The Business Economist.