Corporate governance

About: Corporate governance is a research topic. Over the lifetime, 118591 publications have been published within this topic receiving 2793582 citations.

OECD Principles of Corporate Governance

Abstract: The OECD Secretary-General said that trust and integrity play an essential role in economic life and for the sake of business and future prosperity, it has to be ensured they are properly rewarded. He hoped that the OECD Principles of Corporate Governance helped to develop a culture of values for professional and ethical behavior on which well-functioning markets depended. OECD recognized the need to adapt implementation to varying legal economic and cultural circumstances, and adopted a non-binding principles approach.

‘Governance’ as a bridge between disciplines: Cross-disciplinary inspiration regarding shifts in governance and problems of governability, accountability and legitimacy

Abstract: Modern societies have in recent decades seen a destabilization of the traditional governing mechanisms and the advancement of new arrangements of governance. Con- spicuously, this has occurred in the private, semi-private and public spheres, and has involved local, regional, national, transnational and global levels within these spheres. We have wit- nessed changes in the forms and mechanisms of governance by which institutional and orga- nizational societal sectors and spheres are governed, as well as in the location of governance from where command, administration, management and control of societal institutions and spheres are conducted. We have also seen changes in governing capabilities (i.e., the extent to which societal institutions and spheres can, in fact, be steered), as well as in styles of gov- ernance (i.e., the processes of decision making and implementation, including the manner in which the organizations involved relate to each other). These shifts tend to have signifi- cant consequences for the governability, accountability, responsiveness and legitimacy of governance institutions. These developments have been generating a new and important research object for political science (including international relations). One of the crucial features of these developments is that they concern a diversity of sectors. In order to get a thorough understanding of 'shifts in governance', political science needs, and is also likely to adopt, a much stronger multidisciplinary orientation embracing politics, law, public admin- istration, economics and business administration, as well as sociology, geography and history.

Value-Enhancing Capital Budgeting and Firm-specific Stock Return Variation

Abstract: We document a robust cross-sectional positive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firmspecific variation in stock returns This finding is interesting for two reasons, neither of which is a priori obvious First, it adds further support to the view that firm-specific return variation gauges the extent to which information about the firm is quickly and accurately reflected in share prices Second, it can be interpreted as evidence that more informative stock prices facilitate more efficient corporate investment CORPORATE CAPITAL INVESTMENT should be more efficient where stock prices are more informative Informed stock prices convey meaningful signals to management about the quality of their decisions They also convey meaningful signals to the financial markets about the need to intervene when management decisions are poor Corporate governance mechanisms, such as shareholder lawsuits, executive options, institutional investor pressure, and the market for corporate control, depend on stock prices Where stock prices are more informative, these mechanisms induce better corporate governance—which includes more efficient capital investment decisions Our objective in this paper is to examine empirically whether capital investment decisions are indeed more efficient where stock prices are more informative To do this, we require a measure of the efficiency of investment and a measure of the informativeness of stock prices

Innovation in Governance and Public Services: Past and Present

Abstract: Three approaches to innovation in the public sector in the post war period are identified and analysed for their implications for policy-makers, managers and citizens. Various relationships are identified between innovation and improvement in public services. The traditional bias of the literature that innovation is necessarily functional is undermined. Important lessons for policy, practice and research include the need to develop an understanding of innovation which is not over-reliant on the private sector manufacturing literature but reflects the distinctive contexts and purposes of the public sector.