Academic journal article Manager

Comparative Corporate Governance: The State of the Art and Emerging Research / Studies in International Corporate Finance and Governance Systems: A Comparison of the US, Japan & Europe

Academic journal article Manager

Comparative Corporate Governance: The State of the Art and Emerging Research / Studies in International Corporate Finance and Governance Systems: A Comparison of the US, Japan & Europe

Article excerpt

Yikun Zhu, Fellow Member, IAM, PhD, Jinan University, China reviews

COMPARATIVE CORPORATE GOVERNANCE: THE STATE OF THE ART AND EMERGING RESEARCH (Book 1)

STUDIES IN INTERNATIONAL CORPORATE FINANCE AND GOVERNANCE SYSTEMS

A COMPARISON OF THE US, JAPAN & EUROPE (Book 2)

Edited by: K.J. Hopt, H.Kanda, M.J. Roe, E. Wymeersch, S.Prigge

The leadership structure of the company, i.e. the internal organisation and power structure, the functioning of the board of directors both in the one-tier and the two-tier system, and the interrelationship among the CEO, shareholders and other stakeholders, has attracted unprecedented attention of both academic research and policy debate since the y8os. Such matters are heated discussions under the rubric of corporate governance. The two books here should prove especially useful to practising managers for the sound understanding of the latest developments. Book r is a tremendous book in terms of its size, with detailed empirical evidences of the major developed countries, especially the USA, UK, Germany and Japan. Book a has relatively more theoretical studies and is mainly USA focused. Its strength lies in that such outstanding academic research has been translated into plain English.

There are two basic corporate governance systems predominating in the developed economy, i.e. the Anglo-American marketed based model and the German-Japanese relationship model. It is quite possible that each system has contributed to the success of these economies. They are all more or less well-performing systems. Despite their apparent differences, each system seems to impose certain penalties on the managers who waste resources. However, this does not warrant that any system that has proved its efficiency in the past will remain successful when external conditions change. …

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