The Global History of Corporate Governance An Introduction Randall K.Morck and Lloyd Steier Zhu Guangyao
The Global History of Corporate Governance An Introduction Randall K. Morck and Lloyd Steier Zhu Guangyao
Structure To Whom Dare We Entrust Corporate Governance? Capitalism is a variegated collection of economics systems Purpose of this volume Two features of corporate governance Does It Matter? Shareholder Capitalism 。Family Capitalism 。Bank Capitalism ·State Capitalism Hoarding gold and silver coins 。Conclusion Two Emerging Points Further Reading
To Whom Dare We Entrust Corporate Governance? • Capitalism is a variegated collection of economics systems • Purpose of this volume • Two features of corporate governance Does It Matter? • Shareholder Capitalism • Family Capitalism • Bank Capitalism • State Capitalism • Hoarding gold and silver coins • Conclusion Two Emerging Points & Further Reading Structure
To Whom Dare We Entrust Corporate Governance? A general overview of Capitalism a variegated collection of economic system In America In much of the rest of the world What is capitalism Independent corporations Immensely wealthy families control compete for customers great corporations,even gov. Competition Monopolies are illegal Competition is a mirage Equity Structure 1)Dispersed,2)most 1)concentrated,2)wealthy families are shareholders are disorganized powerful and control great corporation, and powerless,3)institutional 3)few firms are genuinely independent investors give them voice louder Management CEO(use or abuse their Professional management(hired to help, considerable powers in subservient to family dynasties that accordance with their individual jealously safeguard their power)high political social and economic cost beliefs)
• A general overview of Capitalism a variegated collection of economic system In America In much of the rest of the world What is capitalism Independent corporations compete for customers Immensely wealthy families control great corporations, even gov. Competition Monopolies are illegal Competition is a mirage Equity Structure 1)Dispersed, 2)most shareholders are disorganized and powerless, 3)institutional investors give them voice louder 1)concentrated, 2) wealthy families are powerful and control great corporation, 3) few firms are genuinely independent Management CEO (use or abuse their considerable powers in accordance with their individual political social and economic beliefs) Professional management (hired to help, subservient to family dynasties that jealously safeguard their power) high cost To Whom Dare We Entrust Corporate Governance?
To Whom Dare We Entrust Corporate Governance? Purposes of this volume:Two Questions how capitalism came to mean,and to be,such How did some economies come different things in different to entrust the governance to a parts of the world handful of old moneyed families, while others place their faith in professional CEOs?
• Purposes of this volume: Two Questions To Whom Dare We Entrust Corporate Governance? how capitalism came to mean, and to be, such different things in different parts of the world How did some economies come to entrust the governance to a handful of old moneyed families, while others place their faith in professional CEOs?
To Whom Dare We Entrust Corporate Governance? Two features of corporate governance 1.corporate governance is entrusted to very different sorts of people and constrained by very different institutions THE RISE OF STATE CAPITALISM THE EMERGING WORLD'S NEW MODEL Mellon INVESTORS One Mellon Center Individual Wealthy Family Bank State
To Whom Dare We Entrust Corporate Governance? • Two features of corporate governance 1. corporate governance is entrusted to very different sorts of people and constrained by very different institutions Individual Wealthy Family Bank State