The Recurrent Crisis in Corporate Governance

P. MacAvoy, I. Millstein

• Publisher: Palgrave Macmillan
• Year: 2003
• ISBN:
  9781403946881
• Topic: Business
• Subtopic: Management
• Index: Business

Since the mid-1980s two crises have overtaken governance of the American corporation - the loss of competitiveness in the 1980s and the loss of investor trust in financial management in the late 1990s. This book proposes specific changes in conduct to resolve these crises, principally by putting the board of directors in charge of management. This detailed analysis and critique of performance of current governance specifies reforms that will make that possible. The reforms are tightly connected to the authors' analysis of the causes of breakdowns in the largest corporations in which management has been subject to criminal and civil investigation.

Table of contents

• Cover
• Contents
• List of Figures and Tables
• List of Appendix Tables
• Preface
• List of Abbreviations
• 1 Introduction and Summary
• 2 The Current Crisis
• 3 The Emergence and Development of the Governance Problem
• 4 The Ambivalent Results of Extant Research on the Impact of Strong Governance on Corporate Performance
• 5 A New Approach for Determining the Effect of Strong Governance on Corporate Performance
• 6 ‘Where Was the Board?’ Share Price Collapse and the Governance Crisis of 2000–2002
• 7 Proposals for Reform of Corporate Governance
• Appendix A: Technical Implementation Issues in the Analysis of EVA™ for CalPERS-rated Companies
• Appendix B: Database of EVA™ Estimates
• References
• Index