3766:
financial risks and opportunities posed by broader economic, environmental and societal challenges, and companiesâ resilience to and management of those risks. In some jurisdictions, policy makers also focus on how companiesâ operations may contribute to addressing such challenges. A sound framework for corporate governance with respect to sustainability matters can help companies recognise and respond to the interests of shareholders and different stakeholders, as well as contribute to their own long-term success. Such a framework should include the disclosure of material sustainability-related information that is reliable, consistent and comparable, including related to climate change. In some cases, jurisdictions may interpret concepts of sustainability-related disclosure and materiality in terms of applicable standards articulating information that a reasonable shareholder needs in order to make investment or voting decisions.
1545:
by other motives, such as management remuneration or wealth interests, working conditions and perquisites, or relationships with other parties within (e.g., management-worker relations) or outside the corporation, to the extent that these are not necessary for profits. Those pertaining to self-interest are usually emphasized in relation to principal-agent problems. The effectiveness of corporate governance practices from a shareholder perspective might be judged by how well those practices align and coordinate the interests of the upper management with those of the shareholders. However, corporations sometimes undertake initiatives, such as climate activism and voluntary emission reduction, that seems to contradict the idea that rational self-interest drives shareholders' governance goals.
3541:: The board of directors, with its legal authority to hire, fire and compensate top management, safeguards invested capital. Regular board meetings allow potential problems to be identified, discussed and avoided. Whilst non-executive directors are thought to be more independent, they may not always result in more effective corporate governance and may not increase performance. Different board structures are optimal for different firms. Moreover, the ability of the board to monitor the firm's executives is a function of its access to information. Executive directors possess superior knowledge of the decision-making process and therefore evaluate top management on the basis of the quality of its decisions that lead to financial performance outcomes,
1579:
shareholders, corporate governance scholars have figured out that the straightforward solution of appointing one or more shareholders for governance is likely to lead to problems because of the information asymmetry it creates. Shareholders' meetings are necessary to arrange governance under multiple shareholders, and it has been proposed that this is the solution to the problem of multiple principals due to median voter theorem: shareholders' meetings lead power to be devolved to an actor that approximately holds the median interest of all shareholders, thus causing governance to best represent the aggregated interest of all shareholders.
3526:) attests the accuracy of information provided by management to investors. Stock analysts and debt holders may also conduct such external monitoring. An ideal monitoring and control system should regulate both motivation and ability, while providing incentive alignment toward corporate goals and objectives. Care should be taken that incentives are not so strong that some individuals are tempted to cross lines of ethical behavior, for example by manipulating revenue and profit figures to drive the share price of the company up.
3557:: Internal control procedures are policies implemented by an entity's board of directors, audit committee, management, and other personnel to provide reasonable assurance of the entity achieving its objectives related to reliable financial reporting, operating efficiency, and compliance with laws and regulations. Internal auditors are personnel within an organization who test the design and implementation of the entity's internal control procedures and the reliability of its financial reporting.
3402:
votes and clauses in the articles of association that confer additional voting rights to long-term shareholders. Ownership is typically defined as the ownership of cash flow rights whereas control refers to ownership of control or voting rights. Researchers often "measure" control and ownership structures by using some observable measures of control and ownership concentration or the extent of inside control and ownership. Some features or types of control and ownership structure involving
3287:
payments, while returns to equity investors arise from dividend distributions or capital gains on their stock. Customers are concerned with the certainty of the provision of goods and services of an appropriate quality; suppliers are concerned with compensation for their goods or services, and possible continued trading relationships. These parties provide value to the corporation in the form of financial, physical, human and other forms of capital. Many parties may also be concerned with
3563:: The simplest balance of power is very common; require that the president be a different person from the treasurer. This application of separation of power is further developed in companies where separate divisions check and balance each other's actions. One group may propose company-wide administrative changes, another group review and can veto the changes, and a third group check that the interests of people (customers, shareholders, employees) outside the three groups are being met.
2573:
2885:: "Listed companies must have a majority of independent directors ... Effective boards of directors exercise independent judgment in carrying out their responsibilities. Requiring a majority of independent directors will increase the quality of board oversight and lessen the possibility of damaging conflicts of interest." (Section 303A.01) An independent director is not part of management and has no "material financial relationship" with the company.
1523:: Organizations should clarify and make publicly known the roles and responsibilities of board and management to provide stakeholders with a level of accountability. They should also implement procedures to independently verify and safeguard the integrity of the company's financial reporting. Disclosure of material matters concerning the organization should be timely and balanced to ensure that all investors have access to clear, factual information.
8696:
7409:
1356:
3192:
corporation posits that the shareholder forgoes decision rights (control) and entrusts the manager to act in the shareholders' best (joint) interests. Partly as a result of this separation between the two investors and managers, corporate governance mechanisms include a system of controls intended to help align managers' incentives with those of shareholders. Agency concerns (risk) are necessarily lower for a
7397:
3295:
manner consistent with their desired outcomes, they are less likely to engage with the corporation. When this becomes an endemic system feature, the loss of confidence and participation in markets may affect many other stakeholders, and increases the likelihood of political action. There is substantial interest in how external systems and institutions, including markets, influence corporate governance.
36:
1420:) often adopt narrow definitions that appear purpose-specific. Writers concerned with regulatory policy in relation to corporate governance practices often use broader structural descriptions. A broad (meta) definition that encompasses many adopted definitions is "Corporate governance describes the processes, structures, and mechanisms that influence the control and direction of corporations."
1554:). Executives may have incentive to divert cash surpluses to buying treasury stock to support or increase the share price. However, that reduces the financial resources available to maintain or enhance profitable operations. As a result, executives can sacrifice long-term profits for short-term personal gain. Shareholders may have different perspectives in this regard, depending on their own
1746:
3793:
the largest CEO performance incentives came from ownership of the firm's shares, while other researchers found that the relationship between share ownership and firm performance was dependent on the level of ownership. The results suggest that increases in ownership above 20% cause management to become more entrenched, and less interested in the welfare of their shareholders.
2441:
person. It also results in the perpetual existence that characterizes the modern corporation. The statutory granting of corporate existence may arise from general purpose legislation (which is the general case) or from a statute to create a specific corporation. Now, the formation of business corporations in most jurisdictions requires government legislation that facilitates
1432:) of "Corporate governance involves a set of relationships between a company's management, board, shareholders and stakeholders. Corporate governance also provides the structure and systems through which the company is directed and its objectives are set, and the means of attaining those objectives and monitoring performance are determined" (OECD 2023, p. 6).
3809:(including U.S. Federal Reserve Board economist Weisbenner) determined options may be employed in concert with stock buybacks in a manner contrary to shareholder interests. These authors argued that, in part, corporate stock buybacks for U.S. Standard & Poor's 500 companies surged to a $ 500 billion annual rate in late 2006 because of the effect of options.
3418:(which tend to be family-controlled) are corporate groups which consist of complex interlocking business relationships and shareholdings. Cross-shareholding is an essential feature of keiretsu and chaebol groups. Corporate engagement with shareholders and other stakeholders can differ substantially across different control and ownership structures.
1480:(OECD) reports present general principles around which businesses are expected to operate to assure proper governance. The SarbanesâOxley Act, informally referred to as Sarbox or Sox, is an attempt by the federal government in the United States to legislate several of the principles recommended in the Cadbury and OECD reports.
1439:"a system of law and sound approaches by which corporations are directed and controlled focusing on the internal and external corporate structures with the intention of monitoring the actions of management and directors and thereby, mitigating agency risks which may stem from the misdeeds of corporate officers."
3461:
The significance of institutional investors varies substantially across countries. In developed Anglo-American countries (Australia, Canada, New
Zealand, U.K., U.S.), institutional investors dominate the market for stocks in larger corporations. While the majority of the shares in the Japanese market
1687:
The
Japanese model of corporate governance has traditionally held a broad view that firms should account for the interests of a range of stakeholders. For instance, managers do not have a fiduciary responsibility to shareholders. This framework is rooted in the belief that a balance among stakeholder
3792:
does not identify consistent and significant relationships between executives' remuneration and firm performance. Not all firms experience the same levels of agency conflict, and external and internal monitoring devices may be more effective for some than for others. Some researchers have found that
3750:
Supply of accounting information: Financial accounts form a crucial link in enabling providers of finance to monitor directors. Imperfections in the financial reporting process will cause imperfections in the effectiveness of corporate governance. This should, ideally, be corrected by the working of
3694:
One area of concern is whether the auditing firm acts as both the independent auditor and management consultant to the firm they are auditing. This may result in a conflict of interest which places the integrity of financial reports in doubt due to client pressure to appease management. The power of
2892:
Boards organize their members into committees with specific responsibilities per defined charters. "Listed companies must have a nominating/corporate governance committee composed entirely of independent directors." This committee is responsible for nominating new members for the board of directors.
2440:
by the laws and regulations of a particular jurisdiction. These may vary in many respects between countries, but a corporation's legal person status is fundamental to all jurisdictions and is conferred by statute. This allows the entity to hold property in its own right without reference to any real
1639:
The so-called "Anglo-American model" of corporate governance emphasizes the interests of shareholders. It relies on a single-tiered board of directors that is normally dominated by non-executive directors elected by shareholders. Because of this, it is also known as "the unitary system". Within this
3401:
Control and ownership structure refers to the types and composition of shareholders in a corporation. In some countries such as most of
Continental Europe, ownership is not necessarily equivalent to control due to the existence of e.g. dual-class shares, ownership pyramids, voting coalitions, proxy
3294:
A key factor in a party's decision to participate in or engage with a corporation is their confidence that the corporation will deliver the party's expected outcomes. When categories of parties (stakeholders) do not have sufficient confidence that a corporation is being controlled and directed in a
1544:
can arise between upper-management (the "agent") and the shareholder(s) (the "principals"). The shareholders and upper management may have different interests. The shareholders typically desire returns on their investments through profits and dividends, while upper management may also be influenced
3426:
In smaller companies founderâowners often play a pivotal role in shaping corporate value systems that influence companies for years to come. In larger companies that separate ownership and control, managers and boards come to play an influential role. This is in part due to the distinction between
3286:
All parties to corporate governance have an interest, whether direct or indirect, in the financial performance of the corporation. Directors, workers and management receive salaries, benefits and reputation, while investors expect to receive financial returns. For lenders, it is specified interest
3219:
is expected to play a key role in corporate governance. The board has responsibility for: CEO selection and succession; providing feedback to management on the organization's strategy; compensating senior executives; monitoring financial health, performance and risk; and ensuring accountability of
2809:
Corporate governance principles and codes have been developed in different countries and issued from stock exchanges, corporations, institutional investors, or associations (institutes) of directors and managers with the support of governments and international organizations. As a rule, compliance
2753:
of 2002 (SOX) was enacted in the wake of a series of high-profile corporate scandals, which cost investors billions of dollars. It established a series of requirements that affect corporate governance in the US and influenced similar laws in many other countries. SOX contained many other elements,
3812:
A combination of accounting changes and governance issues led options to become a less popular means of remuneration as 2006 progressed, and various alternative implementations of buybacks surfaced to challenge the dominance of "open market" cash buybacks as the preferred means of implementing a
2551:
In most jurisdictions, corporations also have some form of a corporate constitution that provides individual rules that govern the corporation and authorize or constrain its decision-makers. This constitution is identified by a variety of terms; in
English-speaking jurisdictions, it is sometimes
3800:
plans and that these plans direct managers' energies and extend their decision horizons toward the long-term, rather than the short-term, performance of the company. However, that point of view came under substantial criticism circa in the wake of various security scandals including mutual fund
3765:
Well-designed corporate governance policies also support the sustainability and resilience of corporations and in turn, may contribute to the sustainability and resilience of the broader economy. Investors have increasingly expanded their focus on companiesâ financial performance to include the
3599:
by the president/CEO, and the president/CEO often takes the chair of the board position for him/herself (which makes it much more difficult for the institutional owners to "fire" him/her). The practice of the CEO also being the chair of the Board is fairly common in large
American corporations.
2958:
of 1861â1865, was superior to that of corporations in the late 19th and early 20th centuries because early corporations governed themselves like "republics", replete with numerous "checks and balances" against fraud and against usurpation of power by managers or by large shareholders. (The term
2926:
is the degree to which companies manage their governance responsibilities; in other words, do they merely try to supersede the legal threshold, or should they create governance guidelines that ascend to the level of best practice. For example, the guidelines issued by associations of directors,
2779:
External audit firms cannot provide certain types of consulting services and must rotate their lead partner every 5 years. Further, an audit firm cannot audit a company if those in specified senior management roles worked for the auditor in the past year. Prior to the law, there was the real or
1623:
Some continental
European countries, including Germany, Austria, and the Netherlands, require a two-tiered board of directors as a means of improving corporate governance. In the two-tiered board, the executive board, made up of company executives, generally runs day-to-day operations while the
3435:
Family interests dominate ownership and control structures of some corporations, and it has been suggested that the oversight of family-controlled corporations are superior to corporations "controlled" by institutional investors (or with such diverse share ownership that they are controlled by
2902:
The investor-led organisation
International Corporate Governance Network (ICGN) was set up by individuals centred around the ten largest pension funds in the world in 1995. The aim is to promote global corporate governance standards. The network is led by investors that manage $ 77 trillion US
1574:
in corporate governance, as individual shareholders may lobby upper management or otherwise have incentives to act in their individual interests rather than in the collective interest of all shareholders. As a result, there may be free-riding in steering and monitoring of upper management, or
3808:
Even before the negative influence on public opinion caused by the 2006 backdating scandal, use of options faced various criticisms. A particularly forceful and long running argument concerned the interaction of executive options with corporate stock repurchase programs. Numerous authorities
3191:
Key parties involved in corporate governance include stakeholders such as the board of directors, management and shareholders. External stakeholders such as creditors, auditors, customers, suppliers, government agencies, and the community at large also exert influence. The agency view of the
3058:
shareholder activism (something only very rarely seen before), as a way of ensuring that corporate value would not be destroyed by the now traditionally cozy relationships between the CEO and the board of directors (for example, by the unrestrained issuance of stock options, not infrequently
3863:
Certain groups of shareholders may become disinterested in the corporate governance process, potentially creating a power vacuum in corporate power. Insiders, other shareholders, and stakeholders may take advantage of these situations to exercise greater influence and extract rents from the
3848:
In 2004, 73.4% of U.S. companies had combined roles; this fell to 57.2% by May 2012. Many U.S. companies with combined roles have appointed a "Lead
Director" to improve independence of the board from management. German and UK companies have generally split the roles in nearly 100% of listed
3276:
When employee representation on the board is mandated, mechanisms should be developed to facilitate access to information and training for employee representatives, so that this representation is exercised effectively and best contributes to the enhancement of board skills, information and
2830:
Principles of
Corporate Governance, first published as the OECD Principles in 1999, revised in 2004, in 2015 when endorsed by the G20, and in 2023. The Principles are often referenced by countries developing local codes or guidelines. Building on the work of the OECD, other international
1578:
Ways of mitigating or preventing these conflicts of interests include the processes, customs, policies, laws, and institutions which affect the way a company is controlledâand this is the challenge of corporate governance. To solve the problem of governing upper management under multiple
3686:
allow managers some choice in determining the methods of measurement and criteria for recognition of various financial reporting elements. The potential exercise of this choice to improve apparent performance increases the information risk for users. Financial reporting fraud, including
1536:
that are a consequence of the non-alignment of preferences between: shareholders and upper management (principalâagent problems); and among shareholders (principalâprincipal problems), although also other stakeholder relations are affected and coordinated through corporate governance.
3199:
In private for-profit corporations, shareholders elect the board of directors to represent their interests. In the case of nonprofits, stakeholders may have some role in recommending or selecting board members, but typically the board itself decides who will serve on the board as a
3501:
specifically allowed the SEC to rule on this issue, however, the rule was struck down in court. Beginning in 2015, proxy access rules began to spread driven by initiatives from major institutional investors, and as of 2018, 71% of S&P 500 companies had a proxy access rule.
3833:. The primary responsibility of the board relates to the selection and retention of the CEO. However, in many U.S. corporations the CEO and chairman of the board roles are held by the same person. This creates an inherent conflict of interest between management and the board.
7330:, Cheltenham, UK, and Northampton, MA, US: Edward Elgar. Contributors: Jean-Louis Beffa, Margaret Blair, Wendy Carlin, Christophe Clerc, Simon Deakin, Jean-Paul Fitoussi, Donatella Gatti, Gregory Jackson, Xavier Ragot, Antoine Rebérioux, Lorenzo Sacconi and Robert M. Solow.
1487:: Organizations should respect the rights of shareholders and help shareholders to exercise those rights. They can help shareholders exercise their rights by openly and effectively communicating information and by encouraging shareholders to participate in general meetings.
2712:
in 2010. This law made it illegal to bribe either government or private citizens or make facilitating payments (i.e., payment to a government official to perform their routine duties more quickly). It also required corporations to establish controls to prevent bribery.
3474:
or other risk. A consequence of this approach is that these investors have relatively little interest in the governance of a particular corporation. It is often assumed that, if institutional investors pressing for changes decide they will likely be costly because of
1674:
It is sometimes colloquially stated that in the US and the UK that "the shareholders own the company." This is, however, a misconception as argued by Eccles and
Youmans (2015) and Kay (2015). The American system has long been based on a belief in the potential of
2888:
Board meetings that exclude management: "To empower non-management directors to serve as a more effective check on management, the non-management directors of each listed company must meet at regularly scheduled executive sessions without management." (Section
3849:
companies. Empirical evidence does not indicate one model is superior to the other in terms of performance. However, one study indicated that poorly performing firms tend to remove separate CEOs more frequently than when the CEO/Chair roles are combined.
3200:'self-perpetuating' board. The degree of leadership that the board has over the organization varies; in practice at large organizations, the executive management, principally the CEO, drives major initiatives with the oversight and approval of the board.
3017:(organizational behavior) and Elizabeth MacIver (organizational behavior). According to Lorsch and MacIver "many large corporations have dominant control over business affairs without sufficient accountability or monitoring by their board of directors".
1650:
generally does not also serve as chairman of the board, whereas in the US having the dual role has been the norm, despite major misgivings regarding the effect on corporate governance. The number of US firms combining both roles is declining, however.
1595:, with a strong emphasis on shareholders' welfare. This has resulted in a literature focused on economic analysis. A comparative asessment of corporate governance principles and practices across countries was published by Aguilera and Jackson in 2011.
3695:
the corporate client to initiate and terminate management consulting services and, more fundamentally, to select and dismiss accounting firms contradicts the concept of an independent auditor. Changes enacted in the United States in the form of the
2918:
released a report, "Corporate Governance: the Foundation for Corporate Citizenship and Sustainable Business", linking the environmental, social and governance responsibilities of a company to its financial performance and long-term sustainability.
2934:, ISO 37000, was published as guidance for good governance. The guidance places emphasis on purpose which is at the heart of all organizations, i.e. a meaningful reason to exist. Values inform both the purpose and the way the purpose is achieved.
3239:
Reviewing and guiding corporate strategy, major plans of action, annual budgets and business plans; setting performance objectives; monitoring implementation and corporate performance; and overseeing major capital expenditures, acquisitions and
2835:
3687:
non-disclosure and deliberate falsification of values also contributes to users' information risk. To reduce this risk and to enhance the perceived integrity of financial reports, corporation financial reports must be audited by an independent
6592:
Gumport, M. A. (7 September 2006). "The Next, Great, Corporate Scandal: Potential Liability of Corporations Engaged in Open Market, 10b-18 Buybacks; a Minority View; Case Histories; Summary of Published Studies; Direction of Future Research".
1608:
associated with Continental Europe and Japan also recognizes the interests of workers, managers, suppliers, customers, and the community. A related distinction is between market-oriented and network-oriented models of corporate governance.
3465:
The largest funds of invested money or the largest investment management firm for corporations are designed to maximize the benefits of diversified investment by investing in a very large number of different corporations with sufficient
1428:, which identifies corporate governance as "the system by which companies are directed and controlled" (Cadbury 1992, p. 15); and the relational-structural view adopted by the Organisation for Economic Cooperation and Development (
2762:(PCAOB) be established to regulate the auditing profession, which had been self-regulated prior to the law. Auditors are responsible for reviewing the financial statements of corporations and issuing an opinion as to their reliability.
1517:: Integrity should be a fundamental requirement in choosing corporate officers and board members. Organizations should develop a code of conduct for their directors and executives that promotes ethical and responsible decision making.
3844:
Advocates argue that empirical studies do not indicate that separation of the roles improves stock market performance and that it should be up to shareholders to determine what corporate governance model is appropriate for the firm.
3721:
A basic comprehension of corporate positioning on the market can be found by looking at which market area or areas a corporation acts in, and which stages of the respective value chain for that market area or areas it encompasses.
1654:
In the United States, corporations are directly governed by state laws, while the exchange (offering and trading) of securities in corporations (including shares) is governed by federal legislation. Many US states have adopted the
3518:. There are both internal monitoring systems and external monitoring systems. Internal monitoring can be done, for example, by one (or a few) large shareholder(s) in the case of privately held companies or a firm belonging to a
3840:
wrote in 2014: "In my service on the boards of nineteen public companies, however, I've seen how hard it is to replace a mediocre CEO if that person is also Chairman. (The deed usually gets done, but almost always very late.)"
3261:
Ensuring the integrity of the corporation's accounting and reporting systems for disclosure, including the independent external audit, and that appropriate control systems are in place, in compliance with the law and relevant
1624:
supervisory board, made up entirely of non-executive directors who represent shareholders and employees, hires and fires the members of the executive board, determines their compensation, and reviews major business decisions.
3666:
are crucial participants, and boards usually have a high degree of reliance on them for the integrity and supply of accounting information. They oversee the internal accounting systems, and are dependent on the corporation's
6519:
3739:
Demand for information: In order to influence the directors, the shareholders must combine with others to form a voting group which can pose a real threat of carrying resolutions or appointing directors at a general
3446:
found that European companies in which "the founding family or manager retains a stake of more than 10 per cent of the company's capital enjoyed a superior performance over their respective sectoral peers", reported
1423:
This meta definition accommodates both the narrow definitions used in specific contexts and the broader descriptions that are often presented as authoritative. The latter include the structural definition from the
3729:
for example â however it may loose some or all of its market efficiency in the process due to commercial operations depending to a large extent on its ability to account for a specific positioning on the market.
2515:
In addition to legislation the facilitates incorporation, many jurisdictions have some major regulatory devices that impact on corporate governance. This includes statutory laws concerned with the functioning of
1603:
Different models of corporate governance differ according to the variety of capitalism in which they are embedded. The Anglo-American "model" tends to emphasize the interests of shareholders. The coordinated or
2838:(ISAR) to produce their Guidance on Good Practices in Corporate Governance Disclosure. This internationally agreed benchmark consists of more than fifty distinct disclosure items across five broad categories:
3427:
employees and shareholders in large firms, where labour forms part of the corporate organization to which it belongs whereas shareholders, creditors and investors act outside of the organization of interest.
3227:
Board members should act on a fully informed basis, in good faith, with due diligence and care, and in the best interest of the company and the shareholders, taking into account the interests of stakeholders.
3747:(in finance, the efficient market hypothesis (EMH) asserts that financial markets are efficient), which suggests that the small shareholder will free ride on the judgments of larger professional investors.
5791:
Steven N. Kaplan, Executive Compensation and Corporate Governance in the U.S.: Perceptions, Facts and Challenges, Chicago Booth Paper No. 12-42, Fama-Miller Center for Research in Finance, Chicago, July
3442:
study said: "Forget the celebrity CEO. Look beyond Six Sigma and the latest technology fad. One of the biggest strategic advantages a company can have, it turns out, is blood lines." A 2007 study by
3141:
through the exit of foreign capital after property assets collapsed. The lack of corporate governance mechanisms in these countries highlighted the weaknesses of the institutions in their economies.
1575:
conversely, high costs may arise from duplicate steering and monitoring of upper management. Conflict may break out between principals, and this all leads to increased autonomy for upper management.
2780:
perceived conflict of interest between providing an independent opinion on the accuracy and reliability of financial statements when the same firm was also providing lucrative consulting services.
1511:: The board needs sufficient relevant skills and understanding to review and challenge management performance. It also needs adequate size and appropriate levels of independence and commitment.
3035:
In the period from 1977 to 1997, corporate directors' duties in the U.S. expanded beyond their traditional legal responsibility of duty of loyalty to the corporation and to its shareholders.
2862:
Guidelines on Corporate Governance of State-Owned Enterprises complement the G20/OECD Principles of Corporate Governance, providing guidance tailored to the corporate governance challenges of
2793:(FCPA) in 1977, with subsequent modifications. This law made it illegal to bribe government officials and required corporations to maintain adequate accounting controls. It is enforced by the
3581:
or other benefits. Such incentive schemes, however, are reactive in the sense that they provide no mechanism for preventing mistakes or opportunistic behavior, and can elicit myopic behavior.
7020:
Eccles, R.G. & T. Youmans (2015), Materiality in Corporate Governance: The Statement of Significant Audiences and Materiality, Boston: Harvard Business School, working paper 16-023,
1646:
members of the board). Non-executive directors are expected to outnumber executive directors and hold key posts, including audit and compensation committees. In the United Kingdom, the
6980:
6307:
5701:
5559:. This document offers general information and a perspective from a business association/think-tank on a few key codes, standards and frameworks relevant to the sustainability agenda.
5011:
4831:
Kim, Kenneth A.; Kitsabunnarat-Chatjuthamard, P.; Nofsinger, John R. (December 2007). "Large shareholders, board independence, and minority shareholder rights: Evidence from Europe".
3109:
Some corporations have tried to burnish their ethical image by creating whistle-blower protections, such as anonymity. This varies significantly by justification, company and sector.
5212:
2675:. The executive board considers the impact of corporate actions on People and Planet and takes the effects on corporate stakeholders into account. In the Dutch two-tier system, the
3703:) prohibit accounting firms from providing both auditing and management consulting services. Similar provisions are in place under clause 49 of Standard Listing Agreement in India.
3258:
Monitoring and managing potential conflicts of interest of management, board members and shareholders, including misuse of corporate assets and abuse in related party transactions.
3801:
timing episodes and, in particular, the backdating of option grants as documented by University of Iowa academic Erik Lie and reported by James Blander and Charles Forelle of the
3743:
Monitoring costs: A barrier to shareholders using good information is the cost of processing it, especially to a small shareholder. The traditional answer to this problem is the
1404:"Corporate governance" may be defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as
2776:
Board audit committees have members that are independent and disclose whether or not at least one is a financial expert, or reasons why no such expert is on the audit committee.
8541:
1631:, founded on the German Codetermination Act of 1976, in which workers are granted seats on the board as stakeholders, separate from the seats accruing to shareholder equity.
3498:
3148:(CSRC) to improve corporate governance. Despite these efforts, state ownership concentration and governance issues such as board independence and insider trading persisted.
2927:
corporate managers and individual companies tend to be wholly voluntary, but such documents may have a wider effect by prompting other companies to adopt similar practices.
5546:
5514:
4715:
Garrone, Paola; Grilli, Luca; Rousseau, Xavier (August 2013). "Management Discretion and Political Interference in Municipal Enterprises. Evidence from Italian Utilities".
3781:
2504:
reforms there (2004), that similarly aimed to improve corporate governance. Similar corporate failures in other countries stimulated increased regulatory interest (e.g.,
6214:"Special report: Family, Inc. Surprise! One-third of the S&P 500 companies have founding families involved in management. And those are usually the best performers"
3836:
Critics of combined roles argue the two roles that should be separated to avoid the conflict of interest and more easily enable a poorly performing CEO to be replaced.
3522:. Furthermore, the various board mechanisms provide for internal monitoring. External monitoring of managers' behavior occurs when an independent third party (e.g. the
5556:
3569:: Performance-based remuneration is designed to relate some proportion of salary to individual performance. It may be in the form of cash or non-cash payments such as
3038:
In the first half of the 1990s, the issue of corporate governance in the U.S. received considerable press attention due to a spate of CEO dismissals (for example, at
1558:, but it can also be viewed as a conflict with broader corporate interests (including preferences of other stakeholders and the long-term health of the corporation).
2878:(NYSE) and other stock exchanges are required to meet certain governance standards. For example, the NYSE Listed Company Manual requires, among many other elements:
5762:
Crawford, Curtis J. (2007). The Reform of Corporate Governance: Major Trends in the U.S. Corporate Boardroom, 1977â1997. doctoral dissertation, Capella University.
5126:
3981:
3591:: Given their large investment in the firm, these stakeholders have the incentives, combined with the right degree of control and power, to monitor the management.
2903:
dollars, and members are located in fifty different countries. ICGN has developed a suite of global guidelines ranging from shareholder rights to business ethics.
5867:
Robertson, Christopher J.; Diyab, Abdulhamid A.; Al-Kahtani, Ali (February 2013). "A cross-national analysis of perceptions of corporate governance principles".
7326:
6501:
3914:
3168:
has made considerable progress with respect to the implementation of viable and culturally appropriate governance mechanisms (Al-Hussain & Johnson, 2009).
1477:
3220:
the organization to its investors and authorities. Boards typically have several committees (e.g., Compensation, Nominating and Audit) to perform their work.
1717:
called "Do Boards Need to become more Entrepreneurial?" considered the need for founder centrism behaviour at board level to appropriately manage disruption.
57:
3603:
While this practice is common in the U.S., it is relatively rare elsewhere. In the U.K., successive codes of best practice have recommended against duality.
6825:(5 Volume Series on Corporate Governance â Genesis, Anglo-American, European, Asian and Contemporary Corporate Governance) London and New York: Routledge,
6101:
3858:
2656:
4914:
1663:, which continues to be the place of incorporation for the majority of publicly traded corporations. Individual rules for corporations are based upon the
2923:
2652:
1566:
The principalâagent problem can be intensified when upper management acts on behalf of multiple shareholdersâwhich is often the case in large firms (see
3215:
wrote in 1995: "The board is responsible for the successful perpetuation of the corporation. That responsibility cannot be relegated to management." A
7381:
Shahwan, Y., & Mohammad, N. R. (2016). Descriptive Evidence of Corporate Governance & OECD Principles for Compliance with Jordanian Companies.
7021:
5452:
5171:
2907:
2456:
It is generally perceived that regulatory attention on the corporate governance practices of publicly listed corporations, particularly in relation to
1456:
The firm itself is modelled as a governance structure acting through the mechanisms of contract. Here corporate governance may include its relation to
5841:
1493:: Organizations should recognize that they have legal, contractual, social, and market driven obligations to non-shareholder stakeholders, including
1386:
2773:(CFO) attest to the financial statements. Prior to the law, CEOs had claimed in court they hadn't reviewed the information as part of their defense.
7313:
Sun, William (2009), How to Govern Corporations So They Serve the Public Good: A Theory of Corporate Governance Emergence, New York: Edwin Mellen,
2667:
In addition The Netherlands has adopted a Corporate Governance Code in 2016, which has been updated twice since. In the latest version (2022), the
2295:
6247:
3534:
Internal corporate governance controls monitor activities and then take corrective actions to accomplish organisational goals. Examples include:
3497:, as opposed to restricting that power to the nominating committee. The SEC had attempted a proxy access rule for decades, and the United States
355:
5447:
4794:
La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; Vishny, Robert (January 2000). "Investor protection and corporate governance".
3462:
are held by financial companies and industrial corporations, these are not institutional investors if their holdings are largely with-on group.
3961:
3925:
3367:
3249:
Selecting, overseeing and monitoring the performance of key executives, and, when necessary, replacing them and overseeing succession planning.
2893:
Compensation and Audit Committees are also specified, with the latter subject to a variety of listing standards as well as outside regulations.
3183:
as a performance measure revealed a weak positive relationship between the efficiency of corporate governance structure and bank performance.
6769:
6213:
2011:
7353:
Zelenyuk, Valentin; Zheka, Vitaliy (April 2006). "Corporate Governance and Firm's Efficiency: The Case of a Transitional Country, Ukraine".
6978:
6305:
5699:
5591:"The Disney Decision of 2005 and the precedent it sets for corporate governance and fiduciary responsibility, Kuckreja, Akin Gump, Aug 2005"
5008:
2253:
5660:
5569:
3307:(WPC) said that "institutional asset owners now seem more eager to take to task negligent CEOs" of the companies whose shares they own.
346:
6423:
4949:
Valentin Zelenyuk, and Vitaliy Zheka (2006). "Corporate Governance and Firm's Efficiency: The Case of a Transitional Country, Ukraine",
7852:
7456:
6545:
Heron, Randall A.; Lie, Erik (February 2007). "Does backdating explain the stock price pattern around executive stock option grants?".
7413:
7249:
Sapovadia, Vrajlal K. (1 January 2007). "Critical Analysis of Accounting Standards Vis-Ă-Vis Corporate Governance Practice in India".
4308:
4061:, in D. C. Poff, A. C. Michalos (eds.), Encyclopedia of Business and Professional Ethics, Springer International Publishing AG, 2018.
44:
2759:
1714:
7205:
4109:
3683:
3223:
The OECD Principles of Corporate Governance (2025) describe the responsibilities of the board; some of these are summarized below:
2465:
6898:
Crawford, C. J. (2007). Compliance & conviction: the evolution of enlightened corporate governance. Santa Clara, Calif: XCEO.
4750:
2208:
5550:
5521:
4670:
Khalil, Fahad; Martimort, David; Parigi, Bruno (July 2007). "Monitoring a common agent: Implications for financial contracting".
3157:
2417:
5557:
Issue Management Tool: Strategic challenges for business in the use of corporate responsibility codes, standards, and frameworks
4522:"Multiple principals, multiple problems: Implications for effective governance and a research agenda for joint service delivery"
1468:
Contemporary discussions of corporate governance tend to refer to principles raised in three documents released since 1990: The
5926:
Dent, George W. (1 June 2013). "Corporate Governance Without Shareholders: A Cautionary Lesson From Non-Profit Organizations".
3171:
Al-Hussain, A. and Johnson, R. (2009) found a strong relationship between the efficiency of corporate governance structure and
3145:
5764:
5590:
5385:
3342:: coming together through the establishment of engaged pressure groups to 'shift the system towards sustainable investment'.
7401:
7346:
7318:
7188:
7070:
6964:
6903:
6886:
6872:
6858:
6753:
6340:
6170:
6018:
5990:
5114:
5094:
5037:
4233:
4114:
2112:
1921:
1379:
455:
264:
3179:
as a performance measure with one exceptionâthat government and local ownership groups were not significant. However, using
2990:
introduced the notion of transaction costs into the understanding of why firms are founded and how they continue to behave.
1671:. Shareholders cannot initiate changes in the corporate charter although they can initiate changes to the corporate bylaws.
7900:
6183:
2100:
2044:
2003:
391:
4858:
Yeh, Yin-Hua; Woidtke, Tracie (July 2005). "Commitment or entrenchment?: Controlling shareholders and board composition".
3230:
Where board decisions may affect different shareholder groups differently, the board should treat all shareholders fairly.
1688:
interests can lead to a superior allocation of resources for society. The Japanese model includes several key principles:
8577:
6787:; Djankov, Simeon; Lang, Larry H.P (January 2000). "The separation of ownership and control in East Asian Corporations".
5134:
4165:
3987:
3410:, rings, and webs. German "concerns" (Konzern) are legally recognized corporate groups with complex structures. Japanese
3273:
In order to fulfil their responsibilities, board members should have access to accurate, relevant and timely information.
3079:
1982:
7055:
Garrett, Allison, "Themes and Variations: The Convergence of Corporate Governance Practices in Major World Markets", 32
7027:
Erturk, Ismail; Froud, Julie; Johal, Sukhdev; Williams, Karel (August 2004). "Corporate governance and disappointment".
5416:
5048:
Hopt, Klaus J., "The German Two-Tier Board (Aufsichtsrat), A German View on Corporate Governance" in Hopt, Klaus J. and
8678:
7599:
4938:
4272:
Schmidt, Reinhard H.; Tyrell, Marcel (November 1997). "Financial Systems, Corporate Finance and Corporate Governance".
3679:
2798:
1770:
1083:
17:
3310:
This development is part of a broader trend towards more fully exercised asset ownershipânotably from the part of the
2801:(SEC). Substantial civil and criminal penalties have been levied on corporations and executives convicted of bribery.
8592:
8582:
8321:
8301:
7227:
6995:
6991:
6844:
6830:
6816:
6529:
6055:
5061:
3934:
3785:
2911:
2049:
940:
315:
145:
7180:
7022:
http://hbswk.hbs.edu/item/materiality-in-corporate-governance-the-statement-of-significant-audiences-and-materiality
5172:
http://hbswk.hbs.edu/item/materiality-in-corporate-governance-the-statement-of-significant-audiences-and-materiality
3611:
External corporate governance controls the external stakeholders' exercise over the organization. Examples include:
1550:
An example of a possible conflict between shareholders and upper management materializes through stock repurchases (
8232:
8165:
6322:
Bhagat & Black, "The Uncertain Relationship Between Board Composition and Firm Performance", 54 Business Lawyer
2126:
2027:
1660:
1372:
989:
320:
5261:
8735:
7775:
3288:
3252:
Aligning key executive and board remuneration with the longer term interests of the company and its shareholders.
3103:
2734:
2473:
1570:). Specifically, when upper management acts on behalf of multiple shareholders, the multiple shareholders face a
8556:
8170:
7449:
3493:
Particularly in the United States, proxy access allows shareholders to nominate candidates which appear on the
1656:
239:
8720:
7975:
7589:
6694:
6651:
5289:
3363:
2790:
1952:
1886:
1360:
1105:
1015:
666:
7925:
7709:
7484:
2960:
2831:
organizations, private sector associations and more than 20 national corporate governance codes formed the
2584:
2136:
1223:
1009:
837:
2810:
with these governance recommendations is not mandated by law, although the codes linked to stock exchange
8740:
8561:
8424:
8058:
7770:
7674:
7639:
7479:
7214:
6480:
Developments in Business Simulation and Experiential Learning: Proceedings of the Annual Absel Conference
6274:
4013:
3744:
3118:
3102:
of 2002. Other triggers for continued interest in the corporate governance of organizations included the
3029:
2983:
2529:
2410:
2323:
1800:
1541:
1213:
1100:
1050:
363:
6773:
5916:
Sytse Douma and Hein Schreuder, Economic Approaches to Organizations, 6th edition, Harlow: Pearson, 2017
5314:
3098:) led to increased political interest in corporate governance. This was reflected in the passage of the
8551:
8306:
5478:
5234:
Lee, Janet; Shailer, Greg (June 2008). "The Effect of Board-Related Reforms on Investors' Confidence".
3990: â three reports (King I, King II, King III) detailing the South African corporate governance code
3510:
Corporate governance mechanisms and controls are designed to reduce the inefficiencies that arise from
3389:
Many of the UK's largest pension funds are thus already active stewards of their assets, engaging with
2794:
2697:
2019:
1795:
1780:
1567:
1243:
259:
6451:
6384:
2910:(WBCSD) has done work on corporate governance, particularly on accounting and reporting. In 2009, the
8419:
8311:
8043:
7659:
7594:
7442:
5496:
5457:
5359:
3869:
2971:
2557:
2368:
2303:
2092:
1962:
1790:
1571:
1248:
1027:
969:
671:
503:
7419:
7286:
7240:
4872:
4808:
2811:
1591:. A related discussion at the macro level focuses on the effect of a corporate governance system on
8673:
8429:
7893:
7714:
7689:
7644:
7609:
7604:
7569:
7529:
7524:
7519:
7499:
6923:
5175:
4684:
3726:
2726:
2618:
2442:
2263:
2130:
1805:
1765:
1588:
1263:
1238:
974:
684:
618:
588:
384:
340:
289:
234:
130:
6729:
Becht, Marco; Bolton, Patrick; Röell, Ailsa (1 October 2002). "Corporate Governance and Control".
6236:
6217:
8608:
8454:
8414:
8252:
8116:
7980:
7953:
7943:
7719:
7699:
7649:
7629:
7614:
7584:
7574:
7564:
7559:
7489:
7106:
5085:
Mallin, Christine A., "Corporate Governance Developments in the UK" in Mallin, Christine A (ed),
4926:
4086:
Sifuna, Anazett Pacy (2012). "Disclose or Abstain: The Prohibition of Insider Trading on Trial".
3978: â Agreement providing significant compensation if someone is fired, such as due to a merger
3826:
3663:
3659:
3010:
3002:
2875:
2836:
Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting
2770:
2766:
2553:
2492:
intended to improve corporate governance in the United States. Comparable failures in Australia (
2457:
1972:
1893:
1253:
1233:
1218:
1173:
999:
744:
724:
675:
661:
656:
652:
613:
407:
120:
49:
4635:
Gailmard, Sean (April 2009). "Multiple Principals and Oversight of Bureaucratic Policy-Making".
4005: â Economic system based on social ownership of the means of production in a market economy
3246:
Monitoring the effectiveness of the company's governance practices and making changes as needed.
8725:
8700:
8643:
8638:
8623:
8459:
8409:
8316:
8237:
8063:
7948:
7847:
7765:
7704:
7694:
7669:
7619:
7539:
7509:
7281:
7264:(1999), Control and Transparency in Business (KonTraG) Corporate Governance Reform in Germany.
7212:
Power and Ownership Structures among German Companies. A Network Analysis of Financial Linkages
6918:
5675:
4954:
4867:
4803:
4679:
3940:
3789:
3725:
A corporation may from time to time decide to alter or change its market positioning â through
3712:
3696:
3304:
3099:
2931:
2863:
2750:
2738:
2730:
2635:
2634:
Incorporation in Canada can be done either under either federal or provincial legislation. See
2485:
2403:
2285:
2059:
1932:
1846:
1811:
1775:
1729:
1605:
1473:
1313:
1298:
1228:
1090:
994:
643:
543:
523:
513:
478:
310:
244:
150:
6369:
5939:
3654:
The board of directors has primary responsibility for the corporation's internal and external
3488:
1472:(UK, 1992), the Principles of Corporate Governance (OECD, 1999, 2004, 2015 and 2023), and the
8663:
8628:
8449:
8346:
8247:
8200:
8161:
8053:
8028:
7990:
7985:
7970:
7958:
7920:
7679:
7664:
7654:
7634:
7554:
7534:
7514:
7494:
7254:
6734:
6618:
5943:
5849:
5158:
3917: â right of workers to vote for representatives on a board of directors in corporate law
3908: â right of workers to vote for representatives on a board of directors in corporate law
3797:
3574:
3545:. It could be argued, therefore, that executive directors look beyond the financial criteria.
2228:
1760:
1676:
1195:
1077:
1065:
957:
950:
925:
887:
862:
812:
719:
680:
428:
284:
274:
229:
6131:
6076:"Beyond SDGs: Can Fiduciary Capitalism and Bolder, Better Boards Jumpstart Economic Growth?"
5649:
Robert E. Wright, Corporation Nation (Philadelphia: University of Pennsylvania Press, 2014).
8658:
8633:
8525:
8404:
8336:
8326:
8156:
8048:
8018:
7750:
7579:
7549:
6273:
Gregory, Holly J.; Grapsas, Rebecca; Holl, Claire; LLP, Sidley Austin; on (February 2019).
5187:
4161:
4126:
3996:
3893: â loss due to agency problems when using an agent rather than doing something oneself
3877:
3716:
3622:
3193:
3032:
as a way of understanding corporate governance: the firm is seen as a series of contracts.
2975:
2954:(2014) that the governance of early U.S. corporations, of which over 20,000 existed by the
2882:
2353:
1533:
1258:
1183:
1168:
1055:
1045:
1022:
962:
930:
832:
774:
433:
7310:
Skau, H.O (1992), A Study in Corporate Governance: Strategic and Tactic Regulation (200 p)
3270:
The board should be able to exercise objective independent judgement on corporate affairs.
8:
8730:
8520:
8293:
8273:
8089:
7886:
7504:
5570:"Corporate Governance: the Foundation for Corporate Citizenship and Sustainable Business"
4755:
4578:
3955:
3949:
2328:
2082:
2054:
1908:
1881:
1876:
1866:
1592:
1340:
1323:
1308:
1158:
1135:
1120:
1040:
1004:
979:
935:
807:
797:
779:
647:
603:
518:
498:
377:
219:
209:
95:
6909:
Denis, Diane K.; McConnell, John J. (March 2003). "International Corporate Governance".
6632:
6304:(2013) "Economic Approaches to Organizations", 5th edition, chapter 15, London: Pearson
5803:
3820:
8683:
8469:
8371:
8210:
8175:
8123:
8111:
8094:
8073:
8033:
7837:
7760:
7684:
7544:
7370:
7299:
7295:
7093:
7044:
6944:
6936:
6809:
Theories of Corporate Governance: The Philosophical Foundations of Corporate Governance
6777:
6765:
6717:
6606:
6562:
6475:
6456:
5962:"Why Nonprofits Have a Board Problem â HBS Working Knowledge â Harvard Business School"
5338:
4930:
4885:
4760:
4732:
4697:
4652:
4617:
4258:
4204:
4036:
4008:
3319:
3311:
3216:
3095:
3075:
3060:
2955:
2754:
but provided for several changes that are important to corporate governance practices:
2729:
is under state level legislation, but there important federal acts. in particular, see
2521:
2248:
2168:
2141:
1821:
1816:
1785:
1618:
1303:
1178:
1163:
1130:
1125:
1115:
1110:
1060:
984:
892:
857:
548:
249:
204:
155:
7154:
6800:
5448:"International Standards of Accounting and Reporting, Corporate Governance Disclosure"
4817:
4073:
OECD (2015), G20/OECD Principles of Corporate Governance, OECD Publishing, Paris.
8695:
8653:
8587:
8381:
8376:
8341:
8283:
8278:
8257:
8205:
8099:
8038:
7867:
7862:
7857:
7745:
7724:
7342:
7314:
7272:
Shleifer, Andrei; Vishny, Robert W. (June 1997). "A Survey of Corporate Governance".
7250:
7223:
7184:
7097:
7066:
7048:
7010:
7000:
6987:
6960:
6948:
6899:
6882:
6868:
6854:
6840:
6826:
6812:
6749:
6730:
6614:
6610:
6566:
6525:
6460:
6404:
6365:
6336:
6166:
6051:
6014:
5986:
5935:
5895:
5823:
5768:
5720:
5154:
5110:
5090:
5057:
5033:
4982:
4736:
3865:
3515:
3025:
2979:
2915:
2693:
2676:
2537:
2308:
2178:
2066:
1941:
1903:
1898:
1664:
1457:
1283:
1190:
1146:
1072:
945:
852:
822:
759:
553:
182:
27:
Mechanisms, processes and relations by which corporations are controlled and operated
7303:
6721:
6353:
5247:
4889:
4701:
4656:
2817:
8434:
8192:
8182:
8104:
7965:
7374:
7362:
7291:
7166:
7121:
7085:
7036:
6928:
6796:
6741:
6709:
6598:
6554:
6446:
6438:
6396:
6195:
6043:
5896:"Relationship between corporate governance efficiency and Saudi banks' performance"
5876:
5815:
5745:
5736:
Eisenhardt, Kathleen M. (January 1989). "Agency Theory: An Assessment and Review".
5597:
5392:
5262:"Corporate Governance Code 2022 - Code - Monitoring Commissie Corporate Governance"
5243:
4974:
4906:
4881:
4877:
4844:
4840:
4813:
4724:
4689:
4644:
4609:
4543:
4533:
4281:
4254:
4225:
4196:
4142:
4024:
4002:
3975:
3905:
3814:
3688:
3672:
3655:
3553:
3549:
3523:
3476:
3467:
3176:
2998:
2947:
2709:
2614:
2489:
2469:
2450:
2386:
2373:
2318:
2218:
1628:
1335:
1153:
1095:
920:
915:
877:
714:
709:
468:
254:
177:
6996:
https://www.academia.edu/93596216/Economic_approaches_to_corporate_governance_PDF_
6558:
6400:
5880:
4471:
4404:
4375:
4321:
4062:
3144:
In the 1990s, China established the Shanghai and Shenzhen Stock Exchanges and the
8546:
8487:
8444:
8439:
8351:
8331:
8148:
8068:
7816:
7806:
7801:
7755:
7624:
7465:
7125:
6984:
6784:
6311:
6242:
5947:
5705:
5632:
5547:"Accountability & reporting: New accountabilities, new networks, new leaders"
5423:
5153:
Bebchuk, Lucian A. (17 March 2003). "The Case for Increasing Shareholder Power".
5015:
4902:
4728:
4245:
Williamson, Oliver E. (July 1988). "Corporate Finance and Corporate Governance".
4018:
3970:
3830:
3570:
3494:
3449:
3407:
3403:
3390:
3379:
3161:
3091:
3087:
2668:
2613:
Incorporation in Australia originated under state legislation but has been under
2525:
2358:
2313:
2036:
1861:
1555:
1288:
1140:
1033:
897:
827:
817:
734:
631:
598:
563:
483:
463:
279:
269:
224:
140:
7040:
6671:"Should the USA follow the UK's lead and split the dual CEO/chairperson's role?"
6035:
5853:
5087:
Handbook on International Corporate Governance: Country Analyses, Second Edition
4351:
Report of the Committee on the Financial service Aspects of Corporate Governance
2993:
US economic expansion through the emergence of multinational corporations after
1561:
8648:
7780:
7261:
6970:
6780:, "Corporate Governance: Brussels", Instituut voor Bestuurders, Brussels, 1996.
6713:
6301:
5695:
5049:
5003:
4147:
4130:
4104:
3943: â the extent to which a corporation's actions are observable by outsiders
3928: â Act of the Parliament of Australia, currently registered as C2004A01334
3837:
3578:
3519:
3471:
3351:
3331:
3209:
3180:
2832:
2461:
1551:
1469:
1425:
1318:
847:
842:
769:
764:
754:
608:
583:
558:
125:
7366:
7153:
La Porta, Rafael; Lopez-De-Silanes, Florencio; Shleifer, Andrei (April 1999).
7132:
Kay, John (2015), 'Shareholders think they own the company â they are wrong',
6442:
6199:
5846:
Corporate governance structure efficiency and bank performance in Saudi Arabia
4693:
4304:
4074:
3314:('trustees') of large UK, Dutch, Scandinavian and Canadian pension investors:
8714:
8668:
8613:
8515:
8464:
7334:
6408:
5827:
5749:
4986:
4648:
4200:
3864:
corporation. Shareholder apathy may result from the increasing popularity of
3700:
3443:
3438:
3212:
2982:
pondered on the changing role of the modern corporation in society. From the
2922:
Most codes are largely voluntary. An issue raised in the U.S. since the 2005
2671:
of the company is held responsible for the continuity of the company and its
2541:
2493:
2446:
2431:
2120:
2087:
1737:
1413:
1293:
729:
576:
7429:
7171:
7089:
6695:"Corporate governance in the UK: Is the comply or explain approach working?"
5698:(2013) "Economic Approaches to Organizations", 5th edition, London: Pearson
4285:
4039: â Management and ethical theory that considers multiple constituencies
2238:
1540:
In large firms where there is a separation of ownership and management, the
6424:"The interplay of different types of governance in horizontal cooperations"
3511:
3383:
3323:
3172:
3165:
3066:
In the early 2000s, the massive bankruptcies (and criminal malfeasance) of
2994:
2987:
2517:
2437:
2198:
2188:
872:
749:
739:
451:
135:
6047:
5961:
5819:
8492:
7740:
7424:
6297:
5716:
5691:
5479:"OECD Guidelines on Corporate Governance of State-Owned Enterprises]"
4999:
4978:
4600:
Bernheim, B. Douglas; Whinston, Michael D. (July 1986). "Common Agency".
4298:
4131:"The Theory of the Firm as Governance Structure: From Choice to Contract"
3890:
3873:
3138:
3130:
3021:
2334:
1871:
1856:
1851:
1328:
867:
508:
493:
488:
81:
7140:
Abu Masdoor, Khalid (2011). "Ethical Theories of Corporate Governance".
6602:
6579:
5633:"ISO 37000 - the first ever international benchmark for good governance"
5614:
5074:
Report of the Committee on the Financial Aspects of Corporate Governance
4782:
Report of the Committee on the Financial Aspects of Corporate Governance
4501:
Report of the Committee on the Financial Aspects of Corporate Governance
4447:
Report of the Committee on the Financial Aspects of Corporate Governance
4434:
Report of the Committee on the Financial Aspects of Corporate Governance
4376:"OECD Principles of Corporate Governance, 2004, Preamble and Article IV"
3255:
Ensuring a formal and transparent board nomination and election process.
2572:
2540:
laws, which may also entail disclosure requirements. In addition to the
2453:, or similar. Country-specific regulatory devices are summarized below.
8497:
7909:
7821:
7811:
7796:
7231:
6940:
6006:
4966:
4830:
4621:
4548:
4538:
4521:
4030:
3775:
3668:
3640:
3327:
3050:) by their boards. The California Public Employees' Retirement System (
3014:
3006:
2964:
2822:
One of the most influential guidelines on corporate governance are the
2545:
2533:
2391:
2157:
2107:
1642:
1494:
1449:
1417:
1405:
421:
103:
85:
6693:
Arcot, Sridhar; Bruno, Valentina; Faure-Grimaud, Antoine (June 2010).
6188:
Corporate Governance: The International Journal of Business in Society
4793:
4208:
3595:
In publicly traded U.S. corporations, boards of directors are largely
3479:" or the effort required, they will simply sell out their investment.
3298:
1640:
system, many boards include some executives from the company (who are
8399:
8242:
3821:
Separation of Chief Executive Officer and Chairman of the Board roles
3378:
In Britain, "The widespread social disenchantment that followed the
3359:
3126:
3047:
802:
704:
697:
6932:
6075:
5621:. International Organization for Standardization. 15 September 2021.
5275:
4613:
4563:
4449:, Gee, London, December, 1992, Sections 3.2, 3.3, 4.33, 4.51 and 7.4
4322:"OECD Principles of Corporate Governance, 2004, Articles II and III"
7434:
6670:
6102:"Greening, Governance and Growth in the Age of Popular Empowerment"
3899:
3470:. The idea is this strategy will largely eliminate individual firm
3411:
3134:
3122:
3071:
2505:
2481:
2363:
1695:
Appropriate cooperation with stakeholders (other than shareholders)
1502:
1498:
638:
593:
3649:
1532:
Some concerns regarding governance follows from the potential for
7408:
6033:
4472:"OECD Principals of Corporate Governance, 2004, Articles I and V"
4181:
3621:
demand for and assessment of performance information (especially
3453:. Since 1996, this superior performance amounted to 8% per year.
3415:
3355:
3339:
3335:
3051:
2818:
Organisation for Economic Co-operation and Development principles
2501:
2497:
1841:
1659:, but the dominant state law for publicly traded corporations is
1444:
1435:
Examples of narrower definitions in particular contexts include:
1409:
473:
7152:
5176:
https://next.ft.com/content/7bd1b20a-879b-11e5-90de-f44762bf9896
4520:
Voorn, Bart; Genugten, Marieke; Thiel, Sandra (September 2019).
4461:, US Congress, Title I, 101(c)(1), Title VIII, and Title IX, 406
4033: â System of governance using consent-based decision-making
3243:
Reviewing and assessing risk management policies and procedures.
2963:
became particularly associated with US corporate figures in the
2476:. For example, in the U.S., these included scandals surrounding
35:
7396:
7076:
Holton, Glyn A. (November 2006). "Investor Suffrage Movement".
5386:"Guidance on Good Practices in Corporate Governance Disclosure"
5276:"People, Planet, Profit and Purpose - from PhD to DSM Practice"
3796:
Some argue that firm performance is positively associated with
3691:
who issues a report that accompanies the financial statements.
1355:
8542:
Association of Technology, Management, and Applied Engineering
7181:
Conflict and Creativity at Work: Human Roots of Corporate Life
3326:] trustees have started to exercise more forcefully their
2484:(formerly WorldCom). Their demise led to the enactment of the
2004:
Charitable incorporated organisation (England and Wales)
7878:
6758:
Brickley, James A., William S. Klug and Jerold L. Zimmerman,
6746:
The Board Book: An Insider's Guide for Directors and Trustees
6582:|Charles Forelle and James Bandler| October 12, 2006| wsj.com
6580:
As Companies Probe Backdating, More Top Officials Take a Fall
5107:
The Board Book: An Insider's Guide for Directors and Trustees
3952: â Euphemism referring to unethical accounting practices
3699:(following numerous corporate scandals, culminating with the
3203:
3067:
3043:
3005:
management professors studied and wrote about the new class:
2679:
monitors and supervises the executive board in this respect.
2509:
2477:
2464:, increased in many jurisdictions following the high-profile
1668:
1612:
1587:
An important theme of governance is the nature and extent of
1562:
Principalâprincipal conflict (the multiple principal problem)
1276:
438:
7339:
Essentials for Board Directors: An AâZ Guide, Second Edition
5687:
5685:
5030:
Essentials for Board Directors: An AâZ Guide, Second Edition
3999: â Claims that civil law and common law shape lawmaking
3825:
Shareholders elect a board of directors, who in turn hire a
3788:. Research on the relationship between firm performance and
1698:
Ensuring appropriate information disclosure and transparency
1505:, suppliers, local communities, customers, and policymakers.
7236:
6038:. In Franklin, Ngwu; Onyeka, Osuji; Frank, Stephen (eds.).
6036:"Corporate Governance in India: The Potential for Ghandism"
5364:
4479:
4412:
4405:"OECD Principles of Corporate Governance, 2004, Article VI"
4383:
4329:
2859:
2827:
1429:
7107:"A survey of enterprise reforms in China: The way forward"
6849:
Clarke, Thomas & Chanlat, Jean-Francois (eds.) (2009)
6768:, "The Code of Best Practice", Report of the Committee on
5290:"Corporate Governance: The Business Management Principles"
5188:"Publication of Revised Japan's Corporate Governance Code"
5109:, W.W. Norton & Company, New York & London, 2008,
3236:
The board should fulfil certain key functions, including:
2655:
and, specifically for limited liability companies, in the
2544:
of the relevant jurisdiction, corporations are subject to
1745:
5682:
5133:. Russell Reynolds Associates. 2012-12-01. Archived from
3606:
3529:
3499:
DoddâFrank Wall Street Reform and Consumer Protection Act
3354:, as "more than ever before, many UK and European Union
3347:
3083:
3039:
2823:
1647:
882:
7026:
5866:
3982:
International Organization of Supreme Audit Institutions
3265:
Overseeing the process of disclosure and communications.
6760:
Managerial Economics & Organizational Architecture,
6692:
6385:"Trade credit and profitability in production networks"
6040:
Corporate Governance in Developing and Emerging Markets
4027: â Ownership of the means of production by society
4021: â Identification, evaluation and control of risks
3966:
Pages displaying short descriptions of redirect targets
2848:
Corporate responsibility and compliance in organization
1692:
Security the rights and equal treatment of shareholders
6881:(4 Volume Series) London and Thousand Oaks, CA: SAGE,
6867:(3 Volume Series) London and Thousand Oaks, CA: SAGE,
5054:
Comparative Corporate Governance: Essays and Materials
3984: â Worldwide affiliation of governmental entities
3915:
Worker representation on corporate boards of directors
2662:
1478:
Organisation for Economic Co-operation and Development
6335:, Prentice Hall, Harlow, January, 2012, pp. 104â105,
6272:
6157:
6155:
6069:
6067:
4714:
4669:
3784:) has been brought to executive pay levels since the
3782:
Swiss referendum "against corporate rip-offs" of 2013
1627:
Germany, in particular, is known for its practice of
6877:
Clarke, Thomas & dela Rama, Marie (eds.) (2008)
6863:
Clarke, Thomas & dela Rama, Marie (eds.) (2006)
6783:
6476:"Corporate Positioning: A Business Game Perspective"
4967:"Comparative and International Corporate Governance"
3992:
Pages displaying wikidata descriptions as a fallback
3945:
Pages displaying wikidata descriptions as a fallback
3930:
Pages displaying wikidata descriptions as a fallback
3919:
Pages displaying wikidata descriptions as a fallback
3910:
Pages displaying wikidata descriptions as a fallback
3895:
Pages displaying wikidata descriptions as a fallback
6165:, Prentice Hall, Harlow, January, 2012, Chapter 3,
5615:"First International Benchmark for Good Governance"
5127:"Splitting the CEO and Chairman Roles â Yes or No?"
4088:
Journal of International Banking Law and Regulation
3396:
2869:
6911:The Journal of Financial and Quantitative Analysis
6891:Colley, J., Doyle, J., Logan, G., Stettinius, W.,
6748:, New York and London, W.W. Norton & Company,
6235:
6152:
6064:
5453:United Nations Conference on Trade and Development
4519:
3780:Increasing attention and regulation (as under the
2908:World Business Council for Sustainable Development
2854:Ownership structure and exercise of control rights
7383:Journal Studia Universitatis Babes-Bolyai Negotia
6431:The International Journal of Logistics Management
5893:
3393:and speaking up when they think it is necessary.
2851:Financial transparency and information disclosure
2500:) are linked to with the eventual passage of the
80:are mechanisms, processes and relations by which
8712:
6823:Critical Perspectives on Business and Management
6728:
6354:"Corporate Governance of Iconic Executives, The"
5213:"Do boards need to become more entrepreneurial?"
4599:
4220:
4218:
3937: â Non-specific organisational entrepreneur
3160:(CMA) issued a corporate governance code in the
2784:
1634:
6125:
6123:
5360:"OECD Principles of Corporate Governance, 2004"
5148:
5146:
5144:
4964:
4182:"The Political Economy of Corporate Governance"
4063:https://doi.org/10.1007/978-3-319-23514-1_155-1
3650:Financial reporting and the independent auditor
3346:This could eventually put more pressure on the
7271:
6908:
6772:, Gee and Co Ltd, 1992. Available online from
4228:, 2008 "Corporate law, economic analysis of",
3962:Environmental, social and corporate governance
3926:Corporate Law Economic Reform Program Act 2004
3382:had an impact" on all stakeholders, including
3233:The board should apply high ethical standards.
2563:
2012:Scottish charitable incorporated organisation
1485:Rights and equitable treatment of shareholders
7894:
7450:
7352:
7210:Moebert, Jochen and Tydecks, Patrick (2007).
7104:
6770:the Financial Aspects of Corporate Governance
6473:
5894:Al-Hussain, A.H. & Johnson, R.L. (2009).
5787:
5785:
5497:"G20/OECD Principles of Corporate Governance"
4564:"Economic approaches to corporate governance"
4303:The Theory of Corporate Finance", Princeton.
4271:
4215:
3589:monitoring by banks and other large creditors
2411:
1380:
385:
6383:Gofman, Michael; Wu, Youchang (2022-01-01).
6120:
6034:Mia Mahmudur Rahim; Sanjaya Kuruppu (2016).
5141:
4965:Aguilera, Ruth V.; Jackson, Gregory (2011).
4909:(1997). "A Survey of Corporate Governance",
4179:
7204:(HarperBusiness 1991), full text available
7139:
7105:Hovey, Martin; Naughton, Tony (June 2007).
6652:"Opinion | The Jamie Dimon Witch Hunt"
6514:
6512:
6510:
6421:
6184:"Corporate values and corporate governance"
5999:
5802:Jiang, Fuxiu; Kim, Kenneth A (2020-07-01).
5661:The Modern Corporation and Private Property
5354:
5352:
4929:(1989). "An Economist's Perspective on the
4353:, Gee, London, December, 1992, Sections 3.4
3358:speak enthusiastically about flexing their
2445:. This legislation is often in the form of
1527:
7901:
7887:
7853:List of business and finance abbreviations
7457:
7443:
6649:
6452:10398/4de0953a-3920-409a-b63a-60342c976528
6422:Raue, Jan Simon; Wieland, Andreas (2015).
5840:
5804:"Corporate Governance in China: A Survey*"
5782:
5735:
5233:
5019:, 5th edition, chapter 15, London: Pearson
4857:
4503:, Gee, London, December, 1992, Section 3.2
4436:, Gee, London, December, 1992, Section 3.4
4244:
4125:
4075:http://dx.doi.org/10.1787/9789264236882-en
3505:
3421:
3204:Responsibilities of the board of directors
2845:Board and management structure and process
2621:. Other significant legislation includes:
2418:
2404:
1613:Continental Europe (two-tier board system)
1387:
1373:
392:
378:
7425:WorldBank/IFC Corporate Governance Portal
7285:
7248:
7170:
7029:Review of International Political Economy
6922:
6702:International Review of Law and Economics
6450:
6027:
4871:
4807:
4683:
4547:
4537:
4146:
3299:"Absentee landlords" vs. capital stewards
2997:(1939â1945) saw the establishment of the
2760:Public Company Accounting Oversight Board
1715:Australian Institute of Company Directors
1667:and, less authoritatively, the corporate
7005:The Economic Structure of Corporate Law,
6544:
6507:
6382:
6229:
6227:
5801:
5349:
5315:"Text of the Sarbanes-Oxley Act of 2002"
4634:
4628:
4593:
4515:
4513:
4511:
4509:
4230:The New Palgrave Dictionary of Economics
4180:Pagano, Marco; Volpin, Paolo F. (2005).
4110:The New Palgrave Dictionary of Economics
3281:
2721:
2700:Other significant legislation includes:
2687:
2646:
2629:
60:of all important aspects of the article.
7430:World Bank Corporate Governance Reports
6591:
6497:
6495:
6493:
6181:
6129:
5985:. Harvard Business School Press. 2000.
5975:
5724:The Separation of Ownership and Control
5152:
4787:
4708:
3456:
3386:board members and investment managers.
3158:Capital Market Authority (Saudi Arabia)
2804:
2651:Dutch corporate law is embedded in the
1442:"the set of conditions that shapes the
14:
8713:
7155:"Corporate Ownership Around the World"
7075:
6865:Corporate Governance and Globalization
6650:Sonnenfeld, Jeffrey A. (May 8, 2013).
6099:
6074:Firzli, M. Nicolas J. (October 2016).
6073:
6005:
5726:, (1983, Journal of Law and Economics)
4663:
4576:
4085:
3958: â Misleading accounting practice
3706:
3607:External corporate governance controls
3530:Internal corporate governance controls
3330:prerogatives across the boardrooms of
3146:China Securities Regulatory Commission
2608:
2113:Limited liability limited partnership
2028:Industrial and provident society
1509:Role and responsibilities of the board
56:Please consider expanding the lead to
7882:
7438:
7324:Touffut, Jean-Philippe (ed.) (2009),
6668:
6268:
6266:
6264:
6233:
6224:
5056:, de Gruyter, Berlin & New York,
4506:
3852:
2744:
2692:The UK has a single jurisdiction for
2468:in 2001â2002, many of which involved
2210:Gesellschaft mit beschrÀnkter Haftung
7464:
7200:Monks, Robert A.G. and Minow, Nell,
7193:Monks, Robert A.G. and Minow, Nell,
7015:International Journal of Governance,
6975:Economic Approaches to Organizations
6955:Dignam, Alan and Lowry, John (2020)
6879:Fundamentals of Corporate Governance
6490:
6474:Ben-Zvi, Tal; Gordon, Goren (2007).
5925:
5210:
5009:Economic Approaches to Organizations
4784:, Gee, London, December, 1992, p. 15
4579:"Externalities and the Common Owner"
3902: â Banking regulation framework
3733:
3539:Monitoring by the board of directors
2673:sustainable long-term value creation
2567:
1476:of 2002 (US, 2002). The Cadbury and
29:
8578:Bachelor of Business Administration
7142:International Journal of Governance
7063:International Corporate Governance,
6351:
5515:"ICGN Global Governance Principles"
5032:, Bloomberg Press, New York, 2009,
4851:
4824:
3988:King Report on Corporate Governance
3489:Proxy statement § Proxy access
3121:severely affected the economies of
2897:
2703:
2663:Corporate Governance Code 2016-2022
1708:
24:
8679:Organizational behavior management
7296:10.1111/j.1540-6261.1997.tb04820.x
7242:Principles of Corporate Governance
6837:International Corporate Governance
6811:, London and New York: Routledge,
6686:
6669:Smith, Magdalena (15 April 2013).
6333:International Corporate Governance
6261:
6163:International Corporate Governance
4259:10.1111/j.1540-6261.1988.tb04592.x
3872:, and investment vehicles such as
3680:International Accounting Standards
2970:In the immediate aftermath of the
2799:Securities and Exchange Commission
2641:
2552:known as the corporate charter or
25:
8752:
8593:Doctor of Business Administration
8583:Master of Business Administration
7389:
6895:(McGraw-Hill, December 2004) ISBN
6130:Farrand, Louise (November 2016).
5928:Delaware Journal of Corporate Law
5089:, Edward Elgar Publishing, 2011,
3935:Corporate social entrepreneurship
3760:
3430:
3373:
2912:International Finance Corporation
1679:to efficiently allocate capital.
1361:Business and economics portal
316:Sustainable Governance Indicators
8694:
7420:OECD Corporate Governance Portal
7407:
7395:
7355:Journal of Productivity Analysis
6853:London and New York: Routledge,
6839:London and New York: Routledge,
6662:
6643:
6625:
6585:
6573:
6538:
6234:Flood, Chris (29 January 2007).
6100:Firzli, Nicolas (3 April 2018).
4951:Journal of Productivity Analysis
4860:Journal of Banking & Finance
4135:Journal of Economic Perspectives
4107:, 2008. "Corporate governance",
3769:
3585:Monitoring by large shareholders
3397:Control and ownership structures
3208:Former Chairman of the Board of
2942:
2870:Stock exchange listing standards
2571:
2556:(which also be accompanied by a
2255:Société à responsabilité limitée
1744:
1661:Delaware General Corporation Law
1354:
321:Bertelsmann Transformation Index
34:
6977:, 5th edition. London: Pearson
6467:
6415:
6376:
6345:
6325:
6316:
6291:
6250:from the original on 2022-12-10
6237:"Advantages with family values"
6206:
6175:
6093:
5954:
5919:
5910:
5887:
5860:
5834:
5795:
5756:
5729:
5710:
5667:
5652:
5643:
5625:
5607:
5583:
5562:
5539:
5507:
5489:
5471:
5440:
5409:
5378:
5331:
5307:
5282:
5268:
5254:
5248:10.1111/j.1835-2561.2008.0014.x
5227:
5204:
5180:
5165:
5119:
5099:
5079:
5066:
5042:
5022:
4993:
4958:
4943:
4920:
4896:
4774:
4743:
4637:Journal of Theoretical Politics
4570:
4556:
4493:
4464:
4452:
4439:
4426:
4397:
4368:
4356:
4343:
4314:
4292:
4265:
3678:Current accounting rules under
3482:
3186:
3151:
2735:Securities Exchange Act of 1934
1582:
1491:Interests of other stakeholders
48:may be too short to adequately
8557:Chartered Management Institute
7908:
7327:Does Company Ownership Matter?
7057:Denv. J. Int'l L. & Pol'y.
6789:Journal of Financial Economics
6547:Journal of Financial Economics
6389:Journal of Financial Economics
4882:10.1016/j.jbankfin.2004.07.004
4845:10.1016/j.jcorpfin.2007.09.001
4796:Journal of Financial Economics
4577:Condon, Madison (2020-03-01).
4238:
4173:
4155:
4119:
4098:
4079:
4067:
4051:
3751:the external auditing process.
1657:Model Business Corporation Act
1515:Integrity and ethical behavior
1399:
84:are controlled and operated ("
58:provide an accessible overview
13:
1:
7341:, New York, Bloomberg Press,
6893:What is Corporate Governance?
6851:European Corporate Governance
6801:10.1016/S0304-405X(00)00067-2
6559:10.1016/j.jfineco.2005.12.003
6401:10.1016/j.jfineco.2021.05.054
6194:(4). Emerald Insight: 29â46.
5881:10.1016/j.ibusrev.2012.04.007
5869:International Business Review
5076:, Gee, London, December, 1992
4818:10.1016/S0304-405X(00)00065-9
4751:"The Financial Times Lexicon"
4274:European Financial Management
4044:
3786:financial crisis of 2007â2008
3364:Sustainable Development Goals
2791:Foreign Corrupt Practices Act
2785:Foreign Corrupt Practices Act
1720:
1635:United States, United Kingdom
1463:
1016:management information system
667:Chief human resources officer
7926:Index of management articles
7337:Newspaper Ltd (2003, 2009),
7266:European Business Law Review
7126:10.1016/j.ecosys.2006.09.001
6821:Clarke, Thomas (ed.) (2004)
6807:Clarke, Thomas (ed.) (2004)
6521:Current Trends in Management
6502:Current Trends in Management
6352:Lin, Tom (1 November 2011).
6275:"The Latest on Proxy Access"
5738:Academy of Management Review
5236:Australian Accounting Review
4833:Journal of Corporate Finance
4729:10.1080/03003930.2012.726198
4189:The American Economic Review
4167:The Mechanisms of Governance
3303:In 2016 the director of the
3289:corporate social performance
3175:bank performance when using
3112:
2814:may have a coercive effect.
2603:
2436:Corporations are created as
2137:Massachusetts business trust
1713:An article published by the
1010:Enterprise resource planning
838:Financial statement analysis
7:
8562:Critical management studies
8425:Full range leadership model
7041:10.1080/0969229042000279766
5983:HBR on Corporate Governance
5900:The Business Review Journal
4014:Private benefits of control
3883:
3745:efficient-market hypothesis
3119:East Asian Financial Crisis
2984:Chicago school of economics
2564:Country-specific regulation
2518:stock or securities markets
2472:; and then again after the
2324:Piercing the corporate veil
2020:Community interest company
1995:UK / Ireland / Commonwealth
1983:Economic interest grouping
1701:Responsibility of the board
1521:Disclosure and transparency
364:Market governance mechanism
347:Governance, risk management
10:
8757:
8552:Certified Business Manager
7078:Financial Analysts Journal
6714:10.1016/j.irle.2010.03.002
4672:Journal of Economic Theory
4459:Sarbanes-Oxley Act of 2002
4363:Sarbanes-Oxley Act of 2002
4170:. Oxford University Press.
4148:10.1257/089533002760278776
3964: â Business framework
3856:
3773:
3710:
3486:
3106:and the level of CEO pay.
3104:financial crisis of 2008/9
2937:
2795:U.S. Department of Justice
2698:United Kingdom company law
2429:
2093:Limited liability company
1704:Dialogue with shareholders
1616:
1568:Multiple principal problem
356:Environmental, social, and
8692:
8601:
8570:
8534:
8506:
8478:
8420:Evidence-based management
8390:
8364:
8292:
8266:
8223:
8191:
8147:
8136:
8082:
8017:
8010:
7999:
7934:
7916:
7830:
7789:
7733:
7472:
7367:10.1007/s11123-006-7136-8
7183:, Sussex Academic Press.
6637:www.berkshirehathaway.com
6534:– via Google Books.
6443:10.1108/IJLM-08-2012-0083
6200:10.1108/14720700410558862
5964:. Harvard Business School
4694:10.1016/j.jet.2005.08.010
4365:, US Congress, Title VIII
3755:
3352:publicly listed companies
3078:(such as those involving
2972:Wall Street Crash of 1929
2967:âthe late 19th century.)
2624:
2558:memorandum of association
2304:Internal affairs doctrine
2299:and estoppel corporations
1598:
1572:collective action problem
672:Chief information officer
504:Limited liability company
8674:Organization development
8430:Management by objectives
7202:Power and Accountability
6959:Oxford University Press
5906:(1). Cambridge: 111â117.
5750:10.5465/amr.1989.4279003
4717:Local Government Studies
4649:10.1177/0951629808100762
4201:10.1257/0002828054825646
3645:mergers and acquisitions
3631:managerial labour market
2930:In 2021, the first ever
2874:Companies listed on the
2619:Australian corporate law
2538:environmental protection
2526:consumer and competition
2474:financial crisis in 2008
1728:This article is part of
1682:
1589:corporate accountability
1528:Principalâagent conflict
685:Chief technology officer
619:Mergers and acquisitions
589:Constitutional documents
414:Management of a business
341:Chief governance officer
8455:Social entrepreneurship
8415:Earned value management
7776:Representative director
7222:(HarperBusiness 2007) (
7220:Revolt in the Boardroom
7172:10.1111/0022-1082.00115
7090:10.2469/faj.v62.n6.4349
7013:and Daniel R. Fischel,
7003:and Daniel R. Fischel,
6279:corpgov.law.harvard.edu
6182:Thomsen, Steen (2004).
5842:Al-Hussain, Adel Hassan
5555:In 2004 WBCSD released
4971:SSRN Electronic Journal
4286:10.1111/1468-036X.00047
3827:chief executive officer
3664:chief financial officer
3660:chief executive officer
3506:Mechanisms and controls
3422:Difference in firm size
3194:controlling shareholder
3080:Adelphia Communications
3030:principalâagent problem
3011:Alfred D. Chandler, Jr.
3003:Harvard Business School
2974:legal scholars such as
2876:New York Stock Exchange
2864:state-owned enterprises
2771:chief financial officer
2767:chief executive officer
2727:Incorporation in the US
2554:articles of association
1974:Societas unius personae
1836:General corporate forms
1542:principalâagent problem
745:Environmental economics
725:International economics
676:Chief marketing officer
662:Chief financial officer
657:Chief operating officer
653:Chief executive officer
614:International trade law
408:Business administration
8736:Information governance
8701:Systems science portal
8644:Management development
8639:Management cybernetics
8624:Executive compensation
8460:Sustainable management
8322:Information technology
8302:Environmental resource
7848:Executive compensation
7766:Non-executive director
7412:Quotations related to
7274:The Journal of Finance
7159:The Journal of Finance
6835:Clarke, Thomas (2007)
5676:The Nature of the Firm
5520:. 2017. Archived from
4953:, 25(1), pp. 143â157,
4247:The Journal of Finance
3941:Corporate transparency
3790:executive compensation
3713:Horizontal integration
3628:government regulations
3414:(çł»ć) and South Korean
3370:investment practices.
3344:
3305:World Pensions Council
2932:international standard
2739:Uniform Securities Act
2731:Securities Act of 1933
2636:Canadian corporate law
2286:Business judgment rule
1606:multistakeholder model
1534:conflicts of interests
1314:International business
1299:Business judgment rule
644:Chief business officer
544:Annual general meeting
524:State-owned enterprise
514:Privately held company
311:World Governance Index
8664:Managerial psychology
8629:Management consulting
8450:Scientific management
8233:Customer relationship
7921:Outline of management
7197:(Blackwell 2004) ISBN
7065:(Prentice Hall 2012)
7011:Easterbrook, Frank H.
7001:Easterbrook, Frank H.
6633:"Shareholder Letters"
6358:Notre Dame Law Review
6132:"Investing in Change"
6048:10.4324/9781315666020
6042:. London: Routledge.
4583:Washington Law Review
4526:Public Administration
4162:Williamson, Oliver E.
3362:muscles for the UN's
3316:
3282:Stakeholder interests
3156:In November 2006 the
2883:Independent directors
2716:
2682:
2617:since 2001. Also see
2230:Naamloze vennootschap
2220:Kabushiki gaisha
2037:Limited company
1677:shareholder democracy
1452:generated by a firm."
990:Customer relationship
926:Business intelligence
888:Financial institution
863:International finance
813:Cash conversion cycle
720:Development economics
681:Chief product officer
429:Management accounting
8721:Corporate governance
8659:Managerial economics
8619:Corporate governance
8526:Oliver E. Williamson
8405:Collaborative method
7843:Corporate governance
7790:Mid-level executives
7751:Development director
7600:Information security
7414:Corporate governance
7404:at Wikimedia Commons
7402:Corporate governance
7195:Corporate Governance
7179:Low, Albert, 2008. "
6524:. Nirali Prakashan.
5417:"TD/B/COM.2/ISAR/31"
5192:Japan Exchange Group
4979:10.2139/ssrn.1766002
4224:Daines, Robert, and
4127:Williamson, Oliver E
4059:Corporate Governance
3997:Legal origins theory
3717:Vertical integration
3623:financial statements
3457:Diffuse shareholders
3436:management). A 2003
3074:, as well as lesser
3013:(business history),
3009:(entrepreneurship),
2976:Adolf Augustus Berle
2812:listing requirements
2805:Codes and guidelines
2789:The U.S. passed the
2534:labour or employment
2354:Beneficial ownership
2291:Corporate governance
2127:Delaware corporation
1954:Societas cooperativa
1448:bargaining over the
931:Business development
775:Economic development
537:Corporate governance
434:Financial accounting
358:corporate governance
78:Corporate governance
8521:Eliyahu M. Goldratt
7239:(1999, 2004, 2015)
7134:The Financial Times
6778:Cadbury, Sir Adrian
6766:Cadbury, Sir Adrian
6603:10.2139/ssrn.927111
6106:FT Pensions Experts
6011:Boards that Deliver
5820:10.1093/rof/rfaa012
5664:, (1932, Macmillan)
5577:unglobalcompact.org
5264:. 20 December 2022.
5131:russellreynolds.com
4935:Columbia Law Review
4756:The Financial Times
3956:Earnings management
3950:Creative accounting
3803:Wall Street Journal
3707:Systems perspective
3656:financial reporting
3408:cross-shareholdings
3312:boards of directors
2722:Primary legislation
2688:Primary legislation
2647:Primary legislation
2630:Primary legislation
2615:federal legislation
2609:Primary legislation
2548:in some countries.
2369:Corporate registers
2329:Rochdale Principles
2083:Benefit corporation
1909:Sole proprietorship
1593:economic efficiency
1341:Business statistics
1324:International trade
1309:Business operations
1005:Electronic business
910:Types of management
798:Financial statement
780:Economic statistics
648:Chief brand officer
604:Corporate liability
519:Sole proprietorship
499:Joint-stock company
8741:Records management
8684:Pointy-haired Boss
8634:Management control
8470:Virtual management
7838:Board of directors
7761:Executive director
7136:, 10 November 2015
6983:2015-05-15 at the
6656:The New York Times
6310:2015-05-15 at the
6080:Analyse FinanciĂšre
5704:2015-05-15 at the
5296:. 29 December 2021
5294:IONOS Startupguide
5105:Bowen, William G,
5014:2015-05-15 at the
4931:Theory of the firm
4911:Journal of Finance
4539:10.1111/padm.12587
4037:Stakeholder theory
4009:Outrage constraint
3859:Shareholder apathy
3853:Shareholder apathy
3697:SarbanesâOxley Act
3406:include pyramids,
3320:absentee landlords
3217:board of directors
3100:SarbanesâOxley Act
3076:corporate scandals
2978:, Edwin Dodd, and
2952:Corporation Nation
2751:SarbanesâOxley Act
2745:SarbanesâOxley Act
2708:The UK passed the
2657:vennootschapsrecht
2583:. You can help by
2522:Security (finance)
2486:SarbanesâOxley Act
2466:corporate scandals
2170:Aktiengesellschaft
2142:Nevada corporation
1619:Aktiengesellschaft
1474:SarbanesâOxley Act
1304:Consumer behaviour
1106:Product life-cycle
893:Capital management
858:Managerial finance
549:Board of directors
18:Private governance
8708:
8707:
8654:Management system
8588:PhD in management
8360:
8359:
8219:
8218:
8132:
8131:
8100:Product lifecycle
7876:
7875:
7868:Talent management
7863:Supervisory board
7858:Senior management
7746:Creative director
7734:Senior executives
7400:Media related to
7347:978-1-57660-354-3
7333:Tricker, Bob and
7319:978-0-7734-3863-7
7189:978-1-84519-272-3
7071:978-0-273-75125-0
6969:Douma, Sytse and
6965:978-0-19-928936-3
6904:978-0-9769019-1-4
6887:978-1-4129-3589-0
6873:978-1-4129-2899-1
6859:978-0-415-40533-1
6754:978-0-393-06645-6
6744:, 1998 and 2004,
6341:978-0-273-75125-0
6220:on July 24, 2008.
6171:978-0-273-75125-0
6108:. Financial Times
6020:978-0-7879-7139-7
5992:978-1-57851-237-9
5808:Review of Finance
5658:Berle and Means'
5637:committee.iso.org
5603:on June 15, 2007.
5211:Hennessy, Nigel.
5115:978-0-393-06645-6
5095:978-1-84980-123-2
5072:Cadbury, Adrian,
5038:978-1-57660-354-3
4780:Cadbury, Adrian,
4499:Cadbury, Adrian,
4445:Cadbury, Adrian,
4432:Cadbury, Adrian,
4349:Cadbury, Adrian,
4129:(1 August 2002).
3866:passive investing
3734:Systemic problems
3673:internal auditors
3554:internal auditors
3516:adverse selection
3477:golden handshakes
3164:. The Kingdom of
2995:World War II
2980:Gardiner C. Means
2916:UN Global Compact
2677:Supervisory Board
2653:ondernemingsrecht
2601:
2600:
2428:
2427:
2309:Limited liability
2271:
2270:
2180:Ansvarlig selskap
2067:Unlimited company
1904:Shelf corporation
1899:Shell corporation
1887:Limited liability
1665:corporate charter
1458:corporate finance
1397:
1396:
1284:Business analysis
853:Corporate finance
823:Capital budgeting
760:Knowledge economy
554:Supervisory board
402:
401:
75:
74:
16:(Redirected from
8748:
8698:
8435:Management style
8145:
8144:
8015:
8014:
8008:
8007:
7903:
7896:
7889:
7880:
7879:
7466:Corporate titles
7459:
7452:
7445:
7436:
7435:
7411:
7399:
7378:
7361:(1â2): 143â157.
7307:
7289:
7258:
7176:
7174:
7149:
7129:
7114:Economic Systems
7111:
7101:
7052:
6952:
6926:
6804:
6785:Claessens, Stijn
6738:
6725:
6699:
6680:
6678:
6675:www.academia.edu
6666:
6660:
6659:
6647:
6641:
6640:
6629:
6623:
6622:
6589:
6583:
6577:
6571:
6570:
6542:
6536:
6535:
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6505:
6499:
6488:
6487:
6471:
6465:
6464:
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6428:
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6380:
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6288:
6286:
6285:
6270:
6259:
6258:
6256:
6255:
6239:
6231:
6222:
6221:
6216:. Archived from
6210:
6204:
6203:
6179:
6173:
6159:
6150:
6149:
6147:
6145:
6136:
6127:
6118:
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6097:
6091:
6090:
6088:
6086:
6071:
6062:
6061:
6031:
6025:
6024:
6003:
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5996:
5979:
5973:
5972:
5970:
5969:
5958:
5952:
5951:
5923:
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5914:
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5907:
5891:
5885:
5884:
5864:
5858:
5857:
5838:
5832:
5831:
5799:
5793:
5789:
5780:
5779:
5777:
5776:
5767:. Archived from
5760:
5754:
5753:
5733:
5727:
5714:
5708:
5689:
5680:
5671:
5665:
5656:
5650:
5647:
5641:
5640:
5629:
5623:
5622:
5611:
5605:
5604:
5602:
5596:. Archived from
5595:
5587:
5581:
5580:
5574:
5566:
5560:
5554:
5549:. Archived from
5543:
5537:
5536:
5534:
5532:
5526:
5519:
5511:
5505:
5504:
5493:
5487:
5486:
5475:
5469:
5468:
5466:
5465:
5456:. Archived from
5444:
5438:
5437:
5435:
5434:
5428:
5422:. Archived from
5421:
5413:
5407:
5406:
5404:
5403:
5397:
5391:. Archived from
5390:
5382:
5376:
5375:
5373:
5372:
5356:
5347:
5346:
5339:"The FCPA Guide"
5335:
5329:
5328:
5326:
5324:
5319:
5311:
5305:
5304:
5302:
5301:
5286:
5280:
5279:
5272:
5266:
5265:
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5252:
5251:
5231:
5225:
5224:
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5220:
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5202:
5201:
5199:
5198:
5184:
5178:
5169:
5163:
5162:
5150:
5139:
5138:
5123:
5117:
5103:
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5083:
5077:
5070:
5064:
5046:
5040:
5026:
5020:
4997:
4991:
4990:
4962:
4956:
4947:
4941:
4924:
4918:
4907:Robert W. Vishny
4903:Shleifer, Andrei
4900:
4894:
4893:
4875:
4866:(7): 1857â1885.
4855:
4849:
4848:
4828:
4822:
4821:
4811:
4791:
4785:
4778:
4772:
4771:
4769:
4768:
4759:. Archived from
4747:
4741:
4740:
4712:
4706:
4705:
4687:
4667:
4661:
4660:
4632:
4626:
4625:
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4504:
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4476:
4468:
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4450:
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4420:
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4394:
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4391:
4380:
4372:
4366:
4360:
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4347:
4341:
4340:
4338:
4337:
4326:
4318:
4312:
4296:
4290:
4289:
4269:
4263:
4262:
4242:
4236:
4226:Michael Klausner
4222:
4213:
4212:
4195:(4): 1005â1030.
4186:
4177:
4171:
4159:
4153:
4152:
4150:
4123:
4117:
4102:
4096:
4095:
4083:
4077:
4071:
4065:
4055:
4025:Social ownership
4003:Market socialism
3993:
3976:Golden parachute
3967:
3946:
3931:
3920:
3911:
3906:Co-determination
3896:
3815:share repurchase
3727:M&A activity
3689:external auditor
3561:Balance of power
3550:Internal control
3524:external auditor
3404:corporate groups
3391:corporate boards
3356:pension trustees
3177:return on assets
3054:) led a wave of
3028:established the
2999:managerial class
2948:Robert E. Wright
2898:Other guidelines
2704:Bribery Act 2010
2596:
2593:
2575:
2568:
2490:U.S. federal law
2470:accounting fraud
2451:Corporations Act
2420:
2413:
2406:
2374:Registered agent
2319:Drag-along right
2259:
2244:
2234:
2224:
2214:
2204:
2194:
2184:
2174:
2164:
2133:
2116:
2096:
2040:
2031:
2023:
2015:
2007:
1996:
1986:
1978:
1968:
1964:Societas privata
1958:
1948:
1929:
1928:
1748:
1725:
1724:
1709:Founder centrism
1629:co-determination
1556:time preferences
1389:
1382:
1375:
1359:
1358:
1336:Business process
878:Financial market
715:Labour economics
710:Public economics
469:Corporation sole
404:
403:
394:
387:
380:
240:Higher education
146:Multistakeholder
91:
90:
70:
67:
61:
38:
30:
21:
8756:
8755:
8751:
8750:
8749:
8747:
8746:
8745:
8711:
8710:
8709:
8704:
8688:
8597:
8566:
8547:Business school
8530:
8508:
8502:
8488:Decision-making
8480:
8474:
8445:Micromanagement
8440:Macromanagement
8392:
8386:
8356:
8312:Human resources
8307:Field inventory
8288:
8262:
8225:
8215:
8187:
8140:
8138:
8128:
8078:
8021:
8003:
8001:
7995:
7937:of organization
7936:
7930:
7912:
7907:
7877:
7872:
7826:
7817:Product manager
7807:Account manager
7802:General manager
7785:
7756:General counsel
7729:
7590:Human resources
7468:
7463:
7392:
7287:10.1.1.489.2497
7109:
7061:Goergen, Marc,
6985:Wayback Machine
6933:10.2307/4126762
6795:(1â2): 81â112.
6697:
6689:
6687:Further reading
6684:
6683:
6667:
6663:
6648:
6644:
6631:
6630:
6626:
6590:
6586:
6578:
6574:
6543:
6539:
6532:
6518:
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6500:
6491:
6472:
6468:
6426:
6420:
6416:
6381:
6377:
6350:
6346:
6331:Goergen, Marc,
6330:
6326:
6321:
6317:
6312:Wayback Machine
6296:
6292:
6283:
6281:
6271:
6262:
6253:
6251:
6243:Financial Times
6232:
6225:
6212:
6211:
6207:
6180:
6176:
6161:Goergen, Marc,
6160:
6153:
6143:
6141:
6134:
6128:
6121:
6111:
6109:
6098:
6094:
6084:
6082:
6072:
6065:
6058:
6032:
6028:
6021:
6013:. Jossey-Bass.
6004:
6000:
5993:
5981:
5980:
5976:
5967:
5965:
5960:
5959:
5955:
5924:
5920:
5915:
5911:
5892:
5888:
5865:
5861:
5839:
5835:
5800:
5796:
5790:
5783:
5774:
5772:
5763:
5761:
5757:
5734:
5730:
5715:
5711:
5706:Wayback Machine
5690:
5683:
5672:
5668:
5657:
5653:
5648:
5644:
5631:
5630:
5626:
5613:
5612:
5608:
5600:
5593:
5589:
5588:
5584:
5572:
5568:
5567:
5563:
5545:
5544:
5540:
5530:
5528:
5527:on 28 July 2020
5524:
5517:
5513:
5512:
5508:
5495:
5494:
5490:
5477:
5476:
5472:
5463:
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5445:
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5432:
5430:
5426:
5419:
5415:
5414:
5410:
5401:
5399:
5395:
5388:
5384:
5383:
5379:
5370:
5368:
5358:
5357:
5350:
5345:. June 9, 2015.
5343:www.justice.gov
5337:
5336:
5332:
5322:
5320:
5317:
5313:
5312:
5308:
5299:
5297:
5288:
5287:
5283:
5274:
5273:
5269:
5260:
5259:
5255:
5232:
5228:
5218:
5216:
5209:
5205:
5196:
5194:
5186:
5185:
5181:
5170:
5166:
5151:
5142:
5125:
5124:
5120:
5104:
5100:
5084:
5080:
5071:
5067:
5050:Wymeersch, Eddy
5047:
5043:
5027:
5023:
5016:Wayback Machine
4998:
4994:
4963:
4959:
4948:
4944:
4925:
4921:
4901:
4897:
4873:10.1.1.601.3203
4856:
4852:
4829:
4825:
4809:10.1.1.202.2895
4792:
4788:
4779:
4775:
4766:
4764:
4749:
4748:
4744:
4713:
4709:
4668:
4664:
4633:
4629:
4614:10.2307/1912844
4598:
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4561:
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4518:
4507:
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4457:
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4431:
4427:
4418:
4416:
4407:
4403:
4402:
4398:
4389:
4387:
4378:
4374:
4373:
4369:
4361:
4357:
4348:
4344:
4335:
4333:
4324:
4320:
4319:
4315:
4307:and scrollable
4297:
4293:
4270:
4266:
4243:
4239:
4232:, 2nd Edition.
4223:
4216:
4184:
4178:
4174:
4160:
4156:
4124:
4120:
4113:, 2nd Edition.
4103:
4099:
4084:
4080:
4072:
4068:
4057:Shailer, Greg.
4056:
4052:
4047:
4042:
4019:Risk management
3991:
3971:Fund governance
3965:
3944:
3929:
3918:
3909:
3894:
3886:
3870:diversification
3861:
3855:
3831:lead management
3823:
3778:
3772:
3763:
3758:
3736:
3719:
3709:
3658:functions. The
3652:
3609:
3552:procedures and
3532:
3508:
3495:proxy statement
3491:
3485:
3459:
3450:Financial Times
3433:
3424:
3399:
3380:great recession
3376:
3301:
3284:
3206:
3189:
3162:Arabic language
3154:
3115:
3092:Global Crossing
3088:Arthur Andersen
2945:
2940:
2924:Disney decision
2900:
2872:
2820:
2807:
2787:
2747:
2724:
2719:
2706:
2690:
2685:
2669:Executive Board
2665:
2649:
2644:
2642:The Netherlands
2632:
2627:
2611:
2606:
2597:
2591:
2588:
2581:needs expansion
2566:
2434:
2424:
2379:
2378:
2359:Civil procedure
2349:
2341:
2340:
2314:Tag-along right
2281:
2273:
2272:
2257:
2242:
2232:
2222:
2212:
2202:
2192:
2182:
2172:
2162:
2131:statutory trust
2125:
2114:
2094:
2038:
2035:
2029:
2021:
2013:
2005:
1994:
1984:
1976:
1966:
1956:
1946:
1926:
1924:by jurisdiction
1923:
1922:Corporate forms
1914:
1913:
1894:Private limited
1862:Holding company
1837:
1829:
1828:
1810:
1756:
1755:By jurisdiction
1723:
1711:
1685:
1637:
1621:
1615:
1601:
1585:
1564:
1530:
1466:
1402:
1393:
1353:
1346:
1345:
1289:Business ethics
1279:
1269:
1268:
1209:
1201:
1200:
911:
903:
902:
898:Venture capital
828:Commercial bank
818:Insider dealing
793:
785:
784:
735:Planned economy
700:
690:
689:
634:
632:Corporate title
624:
623:
599:Corporate crime
579:
569:
568:
564:Audit committee
539:
529:
528:
484:Holding company
464:Corporate group
459:
452:Business entity
444:
443:
424:
398:
369:
368:
360:
357:
351:
348:
336:
335:
326:
325:
306:
305:
296:
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265:Security sector
260:Political party
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160:
115:
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71:
65:
62:
55:
43:This article's
39:
28:
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22:
15:
12:
11:
5:
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8693:
8690:
8689:
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8686:
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8671:
8666:
8661:
8656:
8651:
8649:Management fad
8646:
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8621:
8616:
8611:
8609:Administration
8605:
8603:
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8595:
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8137:On activity or
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7874:
7873:
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7855:
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7845:
7840:
7834:
7832:
7831:Related topics
7828:
7827:
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7824:
7819:
7814:
7809:
7804:
7799:
7793:
7791:
7787:
7786:
7784:
7783:
7781:Vice president
7778:
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7758:
7753:
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7717:
7712:
7710:Sustainability
7707:
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7692:
7687:
7682:
7677:
7672:
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7602:
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7577:
7572:
7567:
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7557:
7552:
7547:
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7532:
7527:
7525:Communications
7522:
7517:
7512:
7507:
7502:
7497:
7492:
7487:
7485:Administrative
7482:
7476:
7474:
7473:Chief officers
7470:
7469:
7462:
7461:
7454:
7447:
7439:
7433:
7432:
7427:
7422:
7417:
7405:
7391:
7390:External links
7388:
7387:
7386:
7379:
7350:
7331:
7322:
7311:
7308:
7280:(2): 737â783.
7269:
7262:Ulrich Seibert
7259:
7246:
7234:
7216:
7208:
7198:
7191:
7177:
7165:(2): 471â517.
7150:
7137:
7130:
7120:(2): 138â156.
7102:
7073:
7059:
7053:
7035:(4): 677â713.
7024:
7018:
7008:
6998:
6971:Hein Schreuder
6967:
6953:
6924:10.1.1.470.957
6906:
6896:
6889:
6875:
6861:
6847:
6833:
6819:
6805:
6781:
6775:
6763:
6756:
6742:Bowen, William
6739:
6726:
6708:(2): 193â201.
6688:
6685:
6682:
6681:
6679:Student paper.
6661:
6642:
6624:
6584:
6572:
6553:(2): 271â295.
6537:
6530:
6506:
6489:
6466:
6437:(2): 401â423.
6414:
6395:(1): 593â618.
6375:
6344:
6324:
6315:
6302:Hein Schreuder
6290:
6260:
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6205:
6174:
6151:
6119:
6092:
6063:
6056:
6026:
6019:
5998:
5991:
5974:
5953:
5918:
5909:
5886:
5875:(1): 315â325.
5859:
5833:
5814:(4): 733â772.
5794:
5781:
5755:
5728:
5721:Michael Jensen
5709:
5696:Hein Schreuder
5681:
5673:Ronald Coase,
5666:
5651:
5642:
5624:
5606:
5582:
5561:
5553:on 2016-05-15.
5538:
5506:
5488:
5470:
5439:
5408:
5377:
5348:
5330:
5306:
5281:
5267:
5253:
5242:(2): 123â134.
5226:
5203:
5179:
5164:
5140:
5137:on 2015-08-21.
5118:
5098:
5078:
5065:
5041:
5028:Tricker, Bob,
5021:
5004:Hein Schreuder
4992:
4957:
4942:
4919:
4895:
4850:
4839:(5): 859â880.
4823:
4786:
4773:
4742:
4723:(4): 514â540.
4707:
4685:10.1.1.186.583
4662:
4643:(2): 161â186.
4627:
4592:
4569:
4555:
4532:(3): 671â685.
4505:
4492:
4463:
4451:
4438:
4425:
4396:
4367:
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4342:
4313:
4291:
4280:(3): 333â361.
4264:
4253:(3): 567â591.
4237:
4214:
4172:
4154:
4141:(3): 171â195.
4118:
4105:Luigi Zingales
4097:
4078:
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3923:
3922:
3921:
3903:
3897:
3887:
3885:
3882:
3857:Main article:
3854:
3851:
3838:Warren Buffett
3822:
3819:
3774:Main article:
3771:
3768:
3762:
3761:Sustainability
3759:
3757:
3754:
3753:
3752:
3748:
3741:
3735:
3732:
3708:
3705:
3651:
3648:
3647:
3646:
3643:
3638:
3635:
3634:media pressure
3632:
3629:
3626:
3619:
3618:debt covenants
3616:
3608:
3605:
3593:
3592:
3582:
3579:superannuation
3564:
3558:
3546:
3531:
3528:
3520:business group
3507:
3504:
3487:Main article:
3484:
3481:
3458:
3455:
3432:
3431:Family control
3429:
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3398:
3395:
3375:
3374:United Kingdom
3372:
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3263:
3259:
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3241:
3234:
3231:
3228:
3210:General Motors
3205:
3202:
3188:
3185:
3181:rate of return
3153:
3150:
3114:
3111:
3026:Michael Jensen
3020:In the 1980s,
2961:"robber baron"
2944:
2941:
2939:
2936:
2899:
2896:
2895:
2894:
2890:
2886:
2871:
2868:
2856:
2855:
2852:
2849:
2846:
2843:
2833:United Nations
2819:
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2806:
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2786:
2783:
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2542:statutory laws
2462:accountability
2426:
2425:
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2400:
2397:
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2387:Company portal
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2101:Low-profit LLC
2090:
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2017:
2009:
1998:
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1933:European Union
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1617:Main article:
1614:
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1552:treasury stock
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1512:
1506:
1488:
1470:Cadbury Report
1465:
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1453:
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1426:Cadbury Report
1401:
1398:
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1392:
1391:
1384:
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1319:Business model
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1028:Human resource
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970:Communications
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880:
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865:
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848:Public finance
845:
843:Financial risk
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835:
830:
825:
820:
815:
810:
805:
800:
794:
791:
790:
787:
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783:
782:
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772:
770:Macroeconomics
767:
765:Microeconomics
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755:Market economy
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584:Commercial law
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559:Advisory board
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354:
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349:and compliance
345:
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334:Related topics
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100:
99:
73:
72:
52:the key points
42:
40:
33:
26:
9:
6:
4:
3:
2:
8753:
8742:
8739:
8737:
8734:
8732:
8729:
8727:
8726:Corporate law
8724:
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8669:Managerialism
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7335:The Economist
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7228:0-06-088247-6
7225:
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7218:Murray, Alan
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7148:(2): 484â492.
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6994:Uploaded at:
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5934:(1): 93â116.
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5771:on 2016-05-17
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5639:. ISO/TC 309.
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5460:on 2008-11-23
5459:
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5429:on 2017-01-26
5425:
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5398:on 2009-11-26
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4802:(1â2): 3â27.
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4763:on 2011-07-11
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3777:
3770:Executive pay
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3749:
3746:
3742:
3738:
3737:
3731:
3728:
3723:
3718:
3714:
3704:
3702:
3701:Enron scandal
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3575:share options
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3444:Credit Suisse
3441:
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3439:Business Week
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3413:
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3405:
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3366:", and other
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3238:
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3213:John G. Smale
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2579:This section
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2448:
2447:Companies Act
2444:
2443:incorporation
2439:
2438:legal persons
2433:
2432:Corporate law
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2348:Related areas
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2265:
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2252:
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2167:
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2121:S corporation
2119:
2117:
2111:
2109:
2106:
2102:
2099:
2098:
2097:
2091:
2089:
2088:C corporation
2086:
2084:
2081:
2080:
2079:
2078:
2075:United States
2074:
2073:
2068:
2065:
2061:
2058:
2056:
2053:
2051:
2048:
2046:
2043:
2042:
2041:
2034:
2032:
2026:
2024:
2018:
2016:
2010:
2008:
2002:
2001:
2000:
1999:
1993:
1992:
1987:
1981:
1979:
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1971:
1969:
1965:
1961:
1959:
1955:
1951:
1949:
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1940:
1939:
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1925:
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1897:
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1738:Corporate law
1736:
1735:
1731:
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1716:
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1697:
1694:
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1295:
1294:Business plan
1292:
1290:
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577:Corporate law
573:
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290:Transnational
288:
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4328:
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4299:Tirole, Jean
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3143:
3117:In 1997 the
3116:
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3037:
3034:
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2992:
2988:Ronald Coase
2969:
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2580:
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2458:transparency
2455:
2435:
2333:
2296:
2290:
2254:
2239:
2229:
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2200:Aksjeselskap
2199:
2190:Aktieselskab
2189:
2179:
2169:
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2045:by guarantee
1973:
1963:
1953:
1942:
1847:Conglomerate
1791:South Africa
1712:
1686:
1673:
1653:
1641:
1638:
1626:
1622:
1602:
1586:
1583:Other themes
1577:
1565:
1549:
1546:
1539:
1531:
1520:
1514:
1508:
1490:
1484:
1467:
1455:
1443:
1434:
1422:
1403:
1214:Architecture
1208:Organization
1174:Supply chain
1000:Earned value
873:Stock market
750:Open economy
740:Econometrics
536:
479:Conglomerate
214:
82:corporations
77:
76:
63:
47:
45:lead section
8493:Forecasting
8410:Distributed
8317:Information
8294:On resource
8238:Engineering
8064:Performance
8022:(top-level)
7949:Association
7741:Chairperson
7660:Procurement
7595:Information
7245:Paris: OECD
6917:(1): 1â36.
6298:Sytse Douma
6007:Charan, Ram
5717:Eugene Fama
5692:Sytse Douma
5000:Sytse Douma
4927:Oliver Hart
4549:2066/207394
4305:Description
3891:Agency cost
3669:accountants
3641:proxy firms
3615:competition
3368:ESG-centric
3318:No longer '
3139:Philippines
3131:South Korea
3022:Eugene Fama
2710:Bribery Act
2696:. Also see
2488:in 2002, a
2335:Ultra vires
2055:proprietary
1872:Partnership
1867:Joint-stock
1857:Corporation
1852:Cooperative
1450:quasi-rents
1400:Definitions
1329:Trade route
1244:Engineering
1239:Development
1091:Performance
1034:development
995:Distributed
868:Liquidation
509:Partnership
494:Corporation
489:Cooperative
245:Information
151:Open-source
121:Algorithmic
8731:Management
8715:Categories
8498:Leadership
8481:activities
8393:approaches
8347:Technology
8267:On problem
8248:Perception
8201:Accounting
8166:production
8162:Operations
8139:department
8054:Innovation
8029:Capability
7991:Reputation
7971:Healthcare
7959:Restaurant
7910:Management
7812:Supervisor
7715:Technology
7645:Networking
7610:Investment
7605:Innovation
7570:Experience
7530:Compliance
7520:Commercial
7500:Automation
6364:(1): 351.
6284:2019-08-29
6254:2019-10-07
6085:1 November
5968:2016-08-08
5948:1716891093
5848:(Thesis).
5775:2011-09-21
5464:2008-11-09
5433:2008-04-04
5402:2008-04-04
5371:2013-05-18
5300:2022-07-25
5197:2022-11-22
4939:1757â1774.
4767:2011-07-20
4608:(4): 923.
4486:2011-07-24
4419:2011-07-24
4390:2011-07-24
4336:2011-07-24
4045:References
4031:Sociocracy
3776:Say on pay
3711:See also:
3328:governance
3262:standards.
3137:, and the
3061:back-dated
3015:Jay Lorsch
3007:Myles Mace
3001:. Several
2965:Gilded Age
2950:argued in
2769:(CEO) and
2592:March 2022
2546:common law
2536:laws, and
2520:(also see
2430:See also:
2392:Law portal
2240:Osakeyhtiö
2159:Aktiebolag
2108:Series LLC
1721:Regulation
1643:ex officio
1464:Principles
1418:management
1406:accounting
1196:Technology
1078:Operations
958:Commercial
951:innovation
941:Capability
833:Derivative
422:Accounting
285:Technology
275:Simulation
136:Electronic
104:Governance
8535:Education
8507:Pioneers,
8400:Adhocracy
8365:Positions
8337:Materials
8327:Knowledge
8243:Logistics
8157:Marketing
8049:Financial
8019:Strategic
8002:within an
8000:By focus,
7771:President
7720:Visionary
7700:Solutions
7650:Operating
7630:Marketing
7615:Knowledge
7585:Happiness
7575:Financial
7565:Executive
7560:Diversity
7490:Analytics
7282:CiteSeerX
7232:Remainder
7098:153833506
7049:153865396
6949:232330567
6919:CiteSeerX
6611:166563271
6567:153491365
6461:166497725
6409:0304-405X
5854:305122134
5828:1572-3097
4987:1556-5068
4868:CiteSeerX
4804:CiteSeerX
4737:220386135
4680:CiteSeerX
4234:Abstract.
4115:Abstract.
3829:(CEO) to
3682:and U.S.
3637:takeovers
3472:financial
3468:liquidity
3360:fiduciary
3127:Indonesia
3113:East Asia
3048:Honeywell
2956:Civil War
2604:Australia
2530:antitrust
2280:Doctrines
2050:by shares
1766:Australia
1503:creditors
1499:investors
1495:employees
1264:Structure
1249:Hierarchy
1169:Strategic
1056:Materials
1046:Knowledge
1023:Financial
963:Marketing
808:Factoring
803:Insurance
705:Commodity
698:Economics
215:Corporate
66:June 2023
50:summarize
8509:scholars
8391:Methods,
8274:Conflict
8090:Facility
8011:On scope
7981:Military
7954:Business
7944:Academic
7705:Strategy
7695:Security
7670:Research
7620:Learning
7540:Creative
7510:Business
7304:54538527
6981:Archived
6973:(2013),
6722:53448414
6486:. ABSEL.
6308:Archived
6248:Archived
6112:27 April
6009:(2005).
5944:ProQuest
5850:ProQuest
5844:(2009).
5702:Archived
5501:oecd.org
5483:oecd.org
5219:March 5,
5012:Archived
4890:16829144
4702:15387971
4657:11680915
4309:preview.
4164:(1996).
3900:Basel II
3884:See also
3740:meeting.
3412:keiretsu
3322:', [
3135:Malaysia
3123:Thailand
3072:Worldcom
2914:and the
2889:303A.03)
2842:Auditing
2797:and the
2532:) laws,
2506:Parmalat
2482:MCI Inc.
2364:Contract
2297:De facto
2129: /
1943:Societas
1761:Anguilla
1730:a series
1254:Patterns
1234:Conflict
1219:Behavior
1159:Security
1136:Resource
1121:Property
1084:services
1041:Incident
980:Conflict
936:Capacity
639:Chairman
594:Contract
304:Measures
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