Corporate Governance Recent Developments and New Trends
The current crisis has rocked the financial system worldwide and has cast doubt on the effectiveness of the existing regulatory regime. Thousands of firms have gone bankrupt and many financial institutions were bailed out by governments. The effects of th
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Sabri Boubaker • Bang Dang Nguyen Duc Khuong Nguyen Editors
Corporate Governance Recent Developments and New Trends
Editors Sabri Boubaker Dept. of Accounting, Finance and Law Champagne School of Management (Groupe ESC Troyes en Champagne) Troyes France
Bang Dang Nguyen Finance and Accounting Group Cambridge Judge Business School University of Cambridge Cambridge United Kingdom
Duc Khuong Nguyen Dept. of Finance and Information Systems ISC Paris School of Management Paris France
ISBN 978-3-642-31578-7 ISBN 978-3-642-31579-4 (eBook) DOI 10.1007/978-3-642-31579-4 Springer Heidelberg New York Dordrecht London Library of Congress Control Number: 2012954239 # Springer-Verlag Berlin Heidelberg 2012 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword
In the 1980s and 1990s, corporate governance developed as a separate field in financial economics. This coincided with a move in the US financial markets to align managerial interests with stockholder interests and was a return to an earlier research agenda. In their seminal book, The Modern Corporation and Private Property, Berle and Means (1932) had argued that, in practice, managers pursued their own interests rather than the interests of shareholders. The contractual aspect of the firm together with the
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