Titlebook: Corporate Governance; Financial Responsibi Erik Banks Book 2004 Palgrave Macmillan, a division of Macmillan Publishers Limited 2004 corpora

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External Governance Mechanisms: Systemic Accountabilityutside a corporation. National governments are typically responsible for establishing, enforcing, and enhancing mechanisms that support external governance. From a financial markets perspective, a proper system permits efficient mobilization of capital, management of risks, identification of investm

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Protecting Internal and External Stakeholders specific needs that must be addressed and protected. In most companies shareholders, as providers of risk capital, remain . without equity capital a company simply cannot exist, so defending the financial and legal rights of shareholders becomes the overriding goal of the process. Indeed, some feel

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The Impact of Governance Problems on Corporate Operationsrests. However, in the last chapter we noted that the process might be flawed: many things can go wrong within a company’s governance framework and the surrounding environment, leading ultimately to stakeholder damage. Although we examine “real life” damage caused by actual corporate problems in the

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Studies in Flawed Governance I: Companiesnd accountabilities. Against this framework we have discussed how the governance process might fail and, when it does, what might happen to a company and its stakeholders. In this chapter, and the one that follows, we apply theory to practice by examining a series of case studies relating to flawed

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Strengthening the Governance Process I: Micro Reformsd in order to strengthen the business environment. Ultimately, good governance is essential to good corporate operations, and good corporate operations help build a strong business environment. Many academic studies have been carried out over the past two decades to determine whether particular elem

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Strengthening the Governance Process II: Macro Reformscesses. We now turn our attention to macro enhancements that can assist in the reform movement. A systemic framework that establishes or enhances market mechanisms promotes better standards and imposes stricter discipline, benefiting individual companies and their stakeholders as well as broader ind

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Improving Corporate Ethicsul implementation at a micro level is necessary in order to create a robust corporate operating environment. Ultimately, however, reforms must be accompanied by ethical behavior; corporate governance mechanisms are most effective and useful when driven by appropriate conduct. In the normal course of

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Summary: Towards Substantive Governance, control, and ethics. We have noted some of the theoretical and legal structures that define the modern corporation, the interests that need to be served, and the problems that can occur when processes fail. We have also discussed certain remedies that companies and external parties can consider in