"Corporate Governance in Transition Economies" will appeal to a wide segment of the academic market including accounting and finance professors and students because the main theme of the book deals with accounting and financial system reform. Economists in the subfields of transition economics and development economics for it addresses current issues in their field. It will also appeal to scholars in the field of Russian and East European Studies because the book discusses topics involving Russia, Ukraine and other East European countries. Policy analysts who deal with accounting, finance, transition economics or Russia or Eastern Europe will also find this book to be a valuable reference and source of current information.
Much has been written about the economic and political problems of countries that are in the process of changing from centrally planned systems to market systems. Most studies have focused on the economic, legal, political, and sociological pr- lems these economies have had to face during the transition period. However, not much has been written about the dramatic changes that have to be made to the accounting and ? nancial system of a transition economy. This book was written to help ? ll that gap. This book is the sixth in a series to examine accounting and ? nancial system reform in transition and developing economies. The ? rst book (Accounting and Financial System Reform in a Transition Economy: A Case Study of Russia) used Russia as a case study. The second volume in the series (Accounting and Financial System Reform in Eastern Europe and Asia) examined some additional aspects of the reform in Russia and also looked at the accounting and ? nancial system reform efforts that are being made in Ukraine, Bosnia and Herzegovina, Armenia, Eastern Europe, and Central Asia. The third volume (Taxation and Public Finance in Tran- tion and Developing Economies) examined taxation and public ? nance in transition and developing economies. The fourth volume (Accounting Reform in Transition and Developing Economies) examines accounting reform in transition and devel- ing economies.
Throughout the world, the Anglo-American model of corporate governance tends to prevail – but no two countries are identical. Governance outcomes in developing and emerging economies often deviate from what theory predicts, due to a wide range of factors. Using insights from New Institutional Economics, Corporate Governance in Developing and Emerging Markets aims to explain the different issues and cultural and legal factors at play, and put forward an alternative governance framework for these economies. Structured in three parts, this text investigates different models of corporate governance; it explores the realities of corporate governance in ten nations, including the ‘BRICS’ (Brazil, Russia, India, China and South Africa) and ‘MINT’ (Mexico, Indonesia, Nigeria and Turkey) countries; and then considers corporate governance reform. This interdisciplinary text will be a valuable tool for students of corporate governance across Business, Economics and Law; and an equally useful resource for anyone working in or carrying out research in this area.
This book presents an account of legal, economic and managerial perspectives on governance in situations of financial distress and insolvency. It uses detailed real-life case studies of executive decision making to explore and illustrate the discussion. The book deals with the emergence of corporate governance as a framework of checks and balances on executive decision-making, before moving to the core issues of governance during financial distress and insolvency and alternative informal and formal rescue. Identifying and reviewing turnaround strategies and formal rescue processes available to management, the book also examines the increasing importance of creditors and their impact on business decision-making. The book provides a detailed interpretation of governance in five mega insolvencies in retail and construction following the financial crisis in 2008. It also sets out a methodology which is designed to inform and help those readers seeking to analyse and interpret director behaviour in such circumstances.
Corporate Governance Lessons from Transition Economy Reforms explores a timely topic at the intersection of economics, law, and policy reform. To date, most sophisticated theoretical work on corporate governance has focused on advanced market economies. In post-socialist countries, corporate finance and transition economics scholars have often done little more than convey the received theory to transition policymakers. This volume focuses, for the first time, on the reverse concern: what, if anything, do the reform experiences of transition countries teach about corporate governance theory more generally? To investigate this question, Merritt Fox and Michael Heller have assembled a stellar group of corporate governance theorists. The answers are startling. The principal essays approach the problem from three complementary perspectives that form the organizing themes of the book. The first part refines core corporate theory terms. The second presents important empirical work that explores the channels through which "good corporate governance" may link to the real economy. The final part links corporate governance theory to practical reforms. After fifteen years of experience, practice can now inform theory. Together, these essays present a comprehensive new view on a provocative theme. Written in an accessible style, they will be of interest to a broad range of scholars, commentators, and policymakers.
This book explores the economic environment in Eurasian countries, particularly investigating the transition economies in Asia, Central Asia and the former Soviet socialist bloc countries. It analyses the region from the perspective of globalisation and economic integration, economic growth and development, international trade and finance, and the energy and natural resources sectors. The second book in a series based on selected papers from the International Conference on Eurasian Economies, it will appeal to anyone who is interested in economies of the region, their transition processes towards a market economy regime, and their integration into the global world.
This book examines the nature of the marketization of corporate boards following the introduction of the split share reform, corporate board and shareholder relations, corporate performance, and risk-taking conduct in China. The chapters cover topics such as determinants of corporate board size and independence, corporate risk-taking conduct under different controlling shareholder types. The book deepens our understanding of corporate governance mechanisms as most previous studies have limited their findings using mainstream perspectives grounded on neoclassical theory. It outlines that China’s corporate board composition is determined by the board’s scope of operation, monitoring, bargaining power, and other governance mechanisms and regulations. It also offers a comparison between China’s experience with other economies in general and other transition economies in particular. As such, the book represents an essential overview of the current concerns regarding corporate governance in China. It is of great interest to legal researchers, policymakers, and legal practitioners working with business investments in China.
Governance and Business Models for Sustainable Capitalism touches upon many of the central themes of today’s debate on business and society. In particular, it brings attention to a recurrent tension between efficiency, innovation, and productivity on the one hand, and fairness, equity, and sustainability on the other. The book argues that we need radical rethinking of business models and economic governance, beyond the classical doctrine, which sees social and ecological responsibility as lying with public-policy regulation of purely profit-seeking firms. In spite of the popular CSR agenda, business – as we know it today – is both too transient and too limited in its motivation to carry the regulatory burden. We need to adopt a much wider concept of 'partnered governance', where advanced states and pioneering companies work together to raise the social and environmental bar. The book suggests that civil engagements based on moral rather than formal rights, and amplified through the media, may provide a healthy challenge both to autocratic planning and to solely profit-centered commercialization. The book also proposes a triple cycle theory of innovation for sustainability: a novel framing of the efficacy of green and prosocial entrepreneurship as intertwined with political visions and supportive institutions. In addition, the book offers reflections on the ways in which further digital robotizaton may enable transition to an ‘Agora Economy’ where productive efficiency is combined with expanded civic freedoms. Aimed primarily at researchers, academics, and students in the fields of political economy, business and society, corporate governance, business ethics, corporate social responsibility, and sustainability, the book will additionally be of value to practitioners, supplying them with information regarding the challenges associated with the shaping of sustainable or ‘civilised’ market capitalism for a better world.
"This book investigates the impact of diverse cultures on the development and actualization of global economic entities, exploring advanced methods and best practices for the effective utilization and management of financial organizations within a globalized political context"--Provided by publisher.
For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
