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Corporate governance
About: Corporate governance is a research topic. Over the lifetime, 118591 publications have been published within this topic receiving 2793582 citations.
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TL;DR: In this article, the authors used the Somalia case to document the rise of governance without government in a zone of state collapse and assess the changing interests of local actors seeking to survive and prosper in a context of state failure.
Abstract: Zones of state failure are assumed to be anarchic. In reality, communities facing the absence of an effective state authority forge systems of governance to provide modest levels of security and rule of law. Nowhere is this phenomenon more evident than in Somalia, where an array of local and regional governance arrangements have emerged since the 1991 collapse of the state. The Somalia case can be used both to document the rise of governance without government in a zone of state collapse and to assess the changing interests of local actors seeking to survive and prosper in a context of state failure. The interests of key actors can and do shift over time as they accrue resources and investments; the shift “from warlord to landlord” gives some actors greater interests in governance and security, but not necessarily in state revival; risk aversion infuses decisionmaking in areas of state failure; and state-building initiatives generally fail to account for the existence of local governance arrangements. The...
516 citations
TL;DR: In this paper, a suite of governance principles for natural resource governance is presented, which, while developed in an Australian multilevel context, has general applicability and significance at local, subnational, and national scales.
Abstract: Sustainable natural resource use and management make novel demands on governance arrangements, the design of which requires normative guidance. Although governance principles have been developed for diverse contexts, their availability for sustainable natural resource governance is so far limited. In response, we present a suite of governance principles for natural resource governance that, while developed in an Australian multilevel context, has general applicability and significance at local, subnational, and national scales. The principles can be used to direct the design of governance institutions that are legitimate, transparent, accountable, inclusive, and fair and that also exhibit functional and structural integration, capability, and adaptability. Together, they can also serve as a platform for developing governance monitoring and evaluation instruments, crucial for both self-assessment and external audit purposes.
515 citations
TL;DR: In this paper, the authors examined the relation between the cost of debt financing and a governance index that contains various antitakeover and shareholder protection provisions and found that strong antitake-over provisions are associated with a lower cost of borrowing, while weak antit-akeover provisions were associated with higher borrowing costs.
Abstract: We examine the relation between the cost of debt financing and a governance index that contains various antitakeover and shareholder protection provisions. Using firm-level data from the Investors Research Responsibility Center for the period 1990-2000, we find that antitakeover governance provisions lower the cost of debt financing. Segmenting the data into firms with the strongest management rights (strongest antitakeover provisions) and firms with the strongest shareholder rights (weakest antitakeover provisions), we find that strong antitakeover provisions are associated with a lower cost of debt financing while weak antitakeover provisions are associated with a higher cost of debt financing, with a difference of about 34 basis points between the two groups. Overall, the results suggest that antitakeover governance provisions, although not beneficial to stockholders, are viewed favorably in the bond market.
515 citations
TL;DR: In this paper, the authors compare and evaluate regulationist and governance approaches to the transformation of the local state, and highlight the importance of the organization of inter-organizational relations in resolving regulation and governance problems.
Abstract: This paper critically compares and evaluates regulationist and governance approaches to the transformation of the local state. It is prompted by the close connection often made between the transition from Fordism to post-Fordism and new forms of economic and political governance. The paper first reviews the conceptual background to current concerns with regulation and governance. It then considers the basic (meta-) theoretical assumptions and core concepts of the two paradigms and identifies parallels and convergences and well as some important differences in theoretical or substantive focus. Attention then shifts to posible conflicts or tensions between regulation and governance as axes of crisis-management and crisis-resolution in local economies and states. The paper notes some problems in attempts to combine concepts and arguments relating to governance and regulation and highlights the importance of the organization of inter-organizational relations in resolving regulation and governance problems. It...
514 citations
TL;DR: The best way to tap into the energy of society is through co-governance as mentioned in this paper, which involves inviting social actors to participate in the core activities of the state, such as poverty reduction, infrastructure provision, school reform, electoral administration, and police reform.
514 citations