scholarly journals Dangerous frontiers in corporate governance

2014 ◽  
Vol 20 (3) ◽  
pp. 268-286 ◽  
Author(s):  
Thomas Clarke
Keyword(s):  
Corporate Governance ◽  
Global Financial Crisis ◽  
Shareholder Value ◽  
Value Orientations ◽  
Company Law ◽  
The Board Of Directors ◽  
The Global Financial Crisis ◽  
The Uk ◽  
Short Termism ◽  
The Impact

AbstractThe historical evolution of corporate governance is considered, highlighting the different eras of governance, the dominant theoretical and practical paradigms, the reformulation of paradigms and counter paradigms. Two alternative and sharply contrasting theorizations, one collective and collaborative (the work of Berle and Means), the other individualistic and contractual (agency theory and shareholder value) are focused upon. The explanatory potential of Blair and Stout's team production theory is elaborated, and its conception of the complexity of business enterprise, with a mediating hierarch (the board of directors) securing a balance between the interests of different stakeholders. The potential for reform of corporate purpose, corporate governance and directors’ duties is examined with reference to the UK Modern Company Law Review. The impact of the intensification of the financialization of corporations is analysed, with the increased emphasis upon short-termism. The origins of the global financial crisis in shareholder value orientations and the continuing reverberations of the crisis are explored. Finally, the imperative of the advance of sustainable enterprise is argued, and the critical changes necessitated in corporate purpose and directors’ duties.

London

2018 ◽  
Author(s):  
Richard Roberts
Keyword(s):  
New York ◽  
Financial Services ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Services Sector ◽  
The Us ◽  
The Global Financial Crisis ◽  
The Uk ◽  
The Impact ◽  
The Eu

At the onset of the Global Financial Crisis in 2007 London was one of the two foremost global financial centres, along with New York. London experienced a 12 per cent fall in wholesale financial services jobs in 2008–9, but a recovery got underway in 2010 and London’s wholesale financial services sector staged a wavering advance. But now there were new challenges, in particular the avalanche of financial regulation coming from the UK, the EU, the US and the G20. Fintech engendered new uncertainties. The impact of Brexit was uncertain, but mostly expected to be negative, at least in the short-term. Furthermore, there was growing competition from Asian and other financial centres. Nevertheless, London remained pre-eminent as one of the two largest global concentrations of wholesale financial services activity and at the top of the Global Financial Centres Index.

scholarly journals The financial system reform in China: The lesson learnt from the global financial crisis

2011 ◽  
Vol 8 (4) ◽  
pp. 56-63
Author(s):  
Jessica Hong Yang ◽  
Nada Kakabadse
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Financial System ◽  
Production Model ◽  
Financial Reform ◽  
Social Market Economy ◽  
System Reform ◽  
The Global Financial Crisis ◽  
The Impact

This paper reviews the impact of the global financial crisis on financial system reform in China. Scholars and practitioners have critically questioned the efficiencies of the Anglo-American principal-agent model of corporate governance which promotes shareholder-value maximisation. Should China continue to follow the U.K.-U.S. path in relation to financial reform? This conceptual paper provides an insightful review of the corporate governance literature, regulatory reports and news articles from the financial press. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, the paper considers the risks in opening up China’s financial markets and relaxing monetary and fiscal policies. The paper outlines a critique of shareholder-capitalism in relation to the German team-production model of corporate governance, promoting a “social market economy” styled capitalism. Through such analysis, the paper explores numerous implications for China to consider in terms of developing a new and sustainable corporate governance model. China needs to follow its own financial reform through understanding its particular economy. The global financial crisis might help China rethink the nature of corporate governance, identify its weakness and assess the current reform agenda.

scholarly journals Investigating dynamic capabilities, agility and knowledge management within EMNEs-longitudinal evidence from Europe

2019 ◽  
Vol 23 (9) ◽  
pp. 1708-1728 ◽  
Author(s):  
Vijay Pereira ◽  
Kamel Mellahi ◽  
Yama Temouri ◽  
Swetketu Patnaik ◽  
Mohammad Roohanifar
Keyword(s):  
Knowledge Management ◽  
Dynamic Capabilities ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Content Type ◽  
Emerging Market Multinationals ◽  
Technological Performance ◽  
The Global Financial Crisis ◽  
The Uk ◽  
The Impact

Purpose This paper aims to analyse the impact of dynamic capability (DC) of emerging market multinationals (EMNEs) on their firm technological performance by teasing out the concepts of agility and knowledge management (KM) through DC. Design/methodology/approach Evidence from this study is contextualised on EMNEs that operate in the UK, Germany and France. This study examines the investment in intangible assets which EMNEs use to develop their DC over the period 2005-2016 and how this leads to increased firm technological performance. Findings Results show that higher investments in DC allow EMNEs to be more agile and gain competencies through KM and thereby sustain competitiveness in the three leading European countries. This research also identifies which EMNE groupings show greater technological performance and how such EMNE groupings are able to translate dynamic capabilities into greater technological performance compared to others over time. In summary, the role of DC during of the global financial crisis was also examined, where they are required to be more agile. Originality/value This paper sheds light on a novel way and motivation of successful EMNEs in using developed host countries as a location for generating DC through agility and KM.

scholarly journals Shareholder empowerment, steps forward and steps back

2019 ◽  
Vol 27 (2) ◽  
pp. 169-196
Author(s):  
Saad Almohammed Alrayes
Keyword(s):  
Global Financial Crisis ◽  
Effective Means ◽  
Fiduciary Duty ◽  
Content Type ◽  
Shareholder Engagement ◽  
The Usa ◽  
The Global Financial Crisis ◽  
The Uk ◽  
The Impact

Purpose The global financial crisis of 2007-2008 prompted a significant debate on corporate governance and shareholder empowerment. A question arises as to whether shareholders ought to be further empowered to have a greater influence over the companies’ activities. Yet, it is not self-evident that shareholder empowerment ensures better-run companies’ corporate activities. Thus, the purpose of this paper is to critically examine, identify and explain the corporate regulation forms and control collectively to evaluate the effectiveness of shareholder empowerment fully. Design/methodology/approach To do so, this paper sets out a comparative analysis approach between two jurisdictions, the UK and Delaware in the USA. The paper further addresses by undertaking three case studies; Barclays Plc which illustrated the Comply or Explain role, AVIVA (2012) that concentrated on the impact of the shareholder revolt, and the case of Hills Stores Co. v. Bozic (2000), which involved a claim brought by shareholders on the grounds of a breach of fiduciary duty. Findings This paper argues that the shareholder empowerment theoretically provides an effective means through which corporate activities can be regulated. However, to do this, account must be taken that a distinction should be made between long-term and short-term investors to encourage shareholder engagement by responsible long-term investors. Furthermore, the shareholders can exercise their powers effectively and influence the Board’s decision to award executive compensation. Originality/value This paper offered two distinct contributions: assessing whether in times of crisis shareholder empowerment represents a way to regulate corporate activities and by assessing the distinction between the perception of shareholder empowerment and the reality in practice.

scholarly journals Constructing Women’s Leadership Representation in the UK Press During a Time of Financial Crisis: Gender capitals and dialectical tensions

2017 ◽  
Vol 39 (1) ◽  
pp. 19-45 ◽  
Author(s):  
Carole Elliott ◽  
Valerie Stead
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Women's Leadership ◽  
Leadership Roles ◽  
The Media ◽  
Underrepresentation Of Women ◽  
The Global Financial Crisis ◽  
The Uk ◽  
The Impact ◽  
Gender Capital

A continuing challenge for organizations is the persistent underrepresentation of women in senior roles, which gained a particular prominence during the global financial crisis (GFC). The GFC has raised questions regarding the forms of leadership that allowed the crisis to happen and alternative proposals regarding how future crises might be avoided. Within this context women’s leadership has been positioned as an ethical alternative to styles of masculinist leadership that led to the crisis in the first place. Through a multimodal discursive analysis this article examines the socio-cultural assumptions sustaining the gendering of leadership in the popular press to critically analyse how women’s leadership is represented during the GFC of 2008–2012. Highlighting the media’s portrayal of women’s leadership as a gendered field of activity where different forms of gender capital come into play, we identify three sets of dialectics: women as leaders and women as feminine, women as credible leaders and women as lacking in credibility, and women as victims and women as their own worst enemies. Together, the dialectics work together to form a discursive pattern framed by a male leadership model that narrates the promise of women leaders, yet the disappointment that they are not men. Our study extends understandings regarding how female and feminine forms of gender capital operate dialectically, where the media employs feminine capital to promote women’s positioning as leaders yet also leverages female capital as a constraint. We propose that this understanding can be of value to organizations to understand the impact and influence of discourse on efforts to promote women into leadership roles.

scholarly journals Governing Banks: A British Perspective

2011 ◽  
Author(s):  
Andy Milllneux
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Risk Control ◽  
Control Mechanisms ◽  
Governance Systems ◽  
Conceptual Paper ◽  
British Perspective ◽  
The Global Financial Crisis ◽  
The Uk

This conceptual paper considers the corporate governance of shareholder owned deposit taking banks in light of the Global Financial Crisis (GFC). Deposit taking banks present a special corporate governance problem because depositors (and taxpayers) are stakeholders. The GFC revealed significant weaknesses in the regulation and corporate governance of banks. The UK government commissioned the Walker Review of the corporate governance of UK banks in February 2009. Its recommendations are discussed in the context of the wider governance (including regulation) of banks. Regulation and corporate governance systems should focus on the establishment of effective internal risk control mechanisms and the good management of banks.  

scholarly journals CORPORATE GOVERNANCE: THE GATEWAY TO A ROBUST CORPORATE FINANCIAL PERFORMANCE IN MALAYSIA

2020 ◽  
Vol 8 (7) ◽  
pp. 91-98
Author(s):  
Khairi Aseh ◽  
Kamal Kenny ◽  
Ravindran Pathmanathan
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Global Financial Crisis ◽  
Descriptive Analysis ◽  
Corporate Financial Performance ◽  
Board Committees ◽  
Corporate Scandals ◽  
The Global Financial Crisis ◽  
The Impact ◽  
The Relationship

In recent years, with corporate scandals and the global financial crisis, the emerging concept of corporate governance has received increasing attention in the corporate world in these days. It is seen as a moral obligation and includes supporting the consistency of the law and showing ethical guidance. Corporate governance is seen as an important tool for the financial performance of companies, and investor investment decisions have become a more serious topic, so the relationship between corporate governance tools and measurement of financial performance has attracted researchers' interest in the past decade mainly in developed and developing cities. In this study, we attempted to examine the impact of corporate governance on corporate financial performance in Kuala Lumpur using a sample of 215 companies on KLSE. Like previous research, firm, age, firm size, board size, CEO duality, board composition, board committees is the independent variables and their influence is to measure the financial ROA, ROE and Tobin's q , all kinds of test is used to investigate the relationship such as descriptive analysis, Pearson moment related test and regression using first data over a period of time.

scholarly journals The financialisation of housing production: exploring capital flows and value extraction among major housebuilders in the UK

2021 ◽  
Author(s):  
Tom Archer ◽  
Ian Cole
Keyword(s):  
Capital Flows ◽  
Global Financial Crisis ◽  
Future Research ◽  
Limited Attention ◽  
Financial Health ◽  
Housing Production ◽  
Dividend Payments ◽  
The Global Financial Crisis ◽  
The Uk ◽  
The Impact

AbstractThis paper examines trends in the operation and financial performance of major UK housebuilders shortly before, during and after the global financial crisis (GFC) in 2008. It outlines two contrasting explanations of what has happened in the sector over this period. The first is described as an ‘institutional recovery’ perspective, in which a period of initial retrenchment after the crash was followed by steady reinvestment, and then a cautious move back to growth by the major housebuilding companies. This is set against what we describe as a ‘financialised recovery’ perspective. This explanation stems from our own analysis of the annual accounts of major UK housebuilders since 2005. It reveals the impact of the intensive financialisation of a sector initially weakened by the GFC, but where the strategic primacy of maximising shareholder value has been asserted more strongly than before. Our analysis of dividend payments post-GFC reveals this in the starkest of terms. We suggest that the sector has been in more robust financial health than implied by the ‘institutional recovery’ narrative, but that significant value is being extracted out of these companies, and indeed the sector overall, by institutional investors. The analysis provides unique insights into the financialisation of housing production, an issue which to date has received only limited attention. We reflect on the implications of identified trends for housing supply in the UK. We also sketch future research possibilities to examine the ongoing impact of intensive financialisation and the capital flows into, and out of, major housebuilders.

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