Lýsing:
The Definitive Guide to High-Performance Corporate Governance Fully updated for the latest research, trends, and regulations, Corporate Governance Matters, Third Edition, offers comprehensive and objective information for everyone seeking to improve corporate governance—from directors to institutional investors to policymakers and researchers. To help you design highly effective governance, David Larcker and Brian Tayan thoroughly examine current options, reviewing what is and isn't known about their impact on organizational performance.
Throughout, they take a strictly empirical and non-ideological approach that reflects rigorous statistical and research analysis and real-life examples. They address issues ranging from board structure, processes, operations, and functional responsibilities to institutional investors, outside stakeholders, and alternative forms of governance. New discussions of: Environmental, Social, and Governance (ESG) activity and ratings Stakeholder interests CEO activism CEO misbehavior Cybersecurity risks Extensively revised coverage of: Executive compensation Leadership and succession planning Director recruitment, evaluation, turnover, and more The authors' balanced approach provides useful tools for making better, more informed decisions on governance.
Annað
- Höfundar: David Larcker, Brian Tayan
- Útgáfa:3
- Útgáfudagur: 2020-10-07
- Hægt að prenta út 2 bls.
- Hægt að afrita 2 bls.
- Format:ePub
- ISBN 13: 9780136659983
- Print ISBN: 9780136660026
- ISBN 10: 0136659985
Efnisyfirlit
- Cover Page
- About This eBook
- Halftitle Page
- Title Page
- Copyright Page
- Contents at a Glance
- Contents
- Register Your Book
- Acknowledgments
- About the Authors
- Preface
- 1. Introduction to Corporate Governance
- Self-Interested Executives
- Defining Corporate Governance
- Corporate Governance Standards
- Best Practice or Best Practices? Does “One Size Fit All”?
- Relationship between Corporate Governance and Firm Performance
- Endnotes
- 2. International Corporate Governance
- Capital Market Efficiency
- Legal Tradition
- Accounting Standards
- Enforcement of Regulations
- Societal and Cultural Values
- Individual National Governance Structures
- Endnotes
- Interlude
- 3. Board of Directors: Duties and Liability
- Board Responsibilities
- Board Independence
- The Operations of the Board
- Duration of Director Terms
- Director Elections
- Removal of Directors
- Legal Obligations of Directors
- Endnotes
- 4. Board of Directors: Selection, Compensation, and Removal
- Market for Directors
- Director Recruitment Process
- Director Compensation
- Removal of Directors
- Endnotes
- 5. Board of Directors: Structure and Consequences
- Board Structure
- Summary
- Endnotes
- Interlude
- 6. Strategy, Performance Measurement, and Risk Management
- Organizational Strategy
- Strategy Implementation Process
- Business Model Development and Testing
- Key Performance Measures
- How Well Are Boards Doing with Performance Measures and Business Models?
- Risk and Risk Management
- Risk and Risk Tolerance
- Risk to the Business Model
- Risk Management
- Oversight of Risk Management
- Assessing Board Performance on Risk Management
- Cybersecurity
- Endnotes
- 7. CEO Selection, Turnover, and Succession Planning
- Labor Market for Chief Executive Officers
- Labor Pool of CEO Talent
- CEO Turnover
- Newly Appointed CEOs
- Models of CEO Succession
- The Succession Process
- How Well Are Boards Doing with Succession Planning?
- Executive Search Firms
- Endnotes
- 8. Executive Compensation and Incentives
- The Controversy over Executive Compensation
- Competing Theories of CEO Pay
- Components of Compensation
- Determining Compensation
- Compensation Consultants
- Compensation Levels
- Ratio of CEO Pay to Other Top Executive Pay
- Ratio of CEO Pay to Average Employee Pay
- Compensation Mix
- Short-Term Incentives
- Long-Term Incentives
- Benefits and Perquisites
- Compensation Disclosure
- Say-on-Pay
- Competing Theories of CEO Pay
- Endnotes
- 9. Executive Equity Ownership
- Equity Ownership and Firm Performance
- Equity Ownership and Risk
- Equity Ownership and Agency Costs
- Accounting Manipulation
- Manipulation of Equity Grants
- Equity Sales and Insider Trading
- Rule 10b5-1
- Hedging
- Pledging
- Repricing and Exchange Offers
- Endnotes
- 10. Financial Reporting and External Audit
- The Audit Committee
- Accounting Quality, Transparency, and Controls
- Financial Reporting Quality
- Financial Restatements
- Models to Detect Accounting Manipulations
- The External Audit
- Audit Quality
- Structure of Audit Industry
- Impact of Sarbanes–Oxley
- External Auditor as CFO
- Auditor Rotation
- Endnotes
- 11. The Market for Corporate Control
- The Market for Corporate Control
- Stock Market Assessment of Acquiring and Target Firms
- Antitakeover Protections
- Antitakeover Actions
- Warding Off Unwanted Acquirers
- Endnotes
- 12. Shareholders and Shareholder Activism
- The Role of Shareholders
- Blockholders and Institutional Investors
- Institutional Investors and Proxy Voting
- Activist Investors
- The Rise of Index Investing
- Shareholder Democracy and Corporate Engagement
- Proxy Advisory Firms
- Endnotes
- 13. Stakeholders and Stakeholder Activism
- Pressure to Incorporate Stakeholder Interests
- Legal and Economic Implications
- Director and CEO Views on Stakeholders
- ESG Metrics and Disclosure
- External Assessment of ESG
- Endnotes
- 14. Corporate Governance and ESG Ratings
- Third-Party Ratings
- Credit Ratings
- Commercial Corporate Governance Ratings
- Governance Rating Systems by Academic Researchers
- The Viability of Governance Ratings
- ESG Ratings
- Endnotes
- 15. Alternative Models of Governance
- Family-Controlled Corporations
- Venture-Backed Companies
- Private Equity-Owned Companies
- Nonprofit Organizations
- Endnotes
- 16. Summary and Conclusions
- Testing Remains Insufficient
- The Current Focus Is Misdirected
- Important Variables Are Clearly Missing
- Context Is Important
- Rights of Shareholders and Stakeholders
- Endnotes
- Index
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- Gerð : 208
- Höfundur : 12782
- Útgáfuár : 2020
- Leyfi : 380