This volume is a timely and insightful exploration into the issues of corporate governance and the impact of corporate governance practices on investments in developing countries. Sponsored by the World Economic Forum, INSEAD, and Wharton, this book collects original essays from senior researchers at the worlds top academic institutions as well as from key policymakers and business leaders, It analyzes global aspects of governance in relation to such issues as corporate performance, privatization, venture capitalism, and workers. With global financial markets having become more integrated, the book pays particular attention to the role of corporate governance in emerging-market economies and international capital flows. Rich in facts and ideas, Corporate Governance and Capital Flows in a Global Economy is a must read for anyone interested in financial crises, international risk management, and global competitiveness.
ForewordPatrick T. Harker and Gabriel Hawawini:
ForewordKlaus Schwab:
Contributors
1 Introduction:
Peter K. Cornelius and Bruce Kogut: Corporate Governance and Capital Flows in a Global Economy
Part I: Current and Emerging Challenges in Corporate Governance
Enron and Its Aftermath
2 What Caused Enron?:
John C. Coffee, Jr.: A Capsule of Social and Economic History of the 1990's
3 Chareholder Value, Corporate Governance, and Corporate Performance:
Margaret M. Blair: A Post-Enron Reassessment of the Conventional Wisdom
4 The Bubble and the Media: Alexander Dyck and Luigi Zingales:
Expanding the Purview of Governance: Employees and Early Investors
5 Employees and Corporate Governance: Mary O'Sullivan:
6 Venture Capital and Corporate Governance: Franklin Allen and Wei-ling Song:
Part II: Corporate Governance, Economic Development, and Cross-Border Capital Flows
Capital Flows and Multinational Corporations
7 Prospects for Emerging-Market Flows Amid Investor Concerns About Corporate Governance: Helmut Reisen:
8 Direct Investment and Corporate Governance: Will Multinational Corporations "Tip" Countries Toward Institutional Change?: Bruce Kogut and J. Muir Macpherson:
9 Corporate Risk Assessment and Business Strategy:
Withold J. Henisz and Jonathan Story: A Prime Task for Senior Management
Role of Foreign Banks in Governance
10 Foreign Bank Ownership and Corporate Governance in Emerging-Market Economies: Peter K. Cornelius:
11 Emerging Owners, Eclipsing Markets?:
Erik Berglöf and Anete Pajuste: Corporate Governance in Central and Eastern Europe
Law and Governance
12 Corporate Governance and Private Capital Flows to Latin America: Alberto Chong, Alejandro Izquierdo, Alejando Micco, and Ugo Panizza:
13 Institutions, Corporate Governance and amd Crises: Daron Acemoglu and Simon Johnson:
14 Of Legal Transplants, Legal Irritants, and Economic Development: Katharina Pistor and Daniel Berkowitz:
Part III: Investors' and Practitioners' Perspectives
Governance Seen by the Minority Shareholder
15 Portfolio Investment in Emerging Markets:
Michael J. Johnston: An Investor's Perspective
16 Corporate Governance, Public Policy, and Private Investment Decisions, 2002: William Dale Crist:
17 Corporate Governance:
Mark Mobius: Responsibilities of Fund Managers and Institutional Investors
18 Corporate Governance and Private Equity Investments:
Max Burger-Calderon, Philipp Gusinde, and Stefan Hoffman
Corporate Governance in Transition: China, Russia, and Poland
19 Corporate Governance in Mainland China:
Anthony Neoh: Where Do We Go from Here?
20 Governance in an Emerging Financial Market:
Igor Kostikov: The Case of Russia
Governance in an Emerging Financial Market:
Wieslaw Rozlucki: The Case of Poland
Social Corporate Responsibility and the New Learning
22 Corporate Values, Enterprise Risk, and the Board: Michael J. Philips:
23 Redefining the Role and Content of Corporate Governance from the Perspective of Business in Society and Corporate Social Responsibility: Lutgart van den Berghe, in collaboration with Steven Carchon:
Ira M. Millstein and Holly J. Gregory: Learning From Our Mistakes
