Learning from Enron
AbstractThis paper argues that the Enron affair has been misunderstood as a failure of monitoring, with adverse consequences for the drafting of the Sarbanes-Oxley Act and the Higgs report. Where Enron's board failed was in misunderstanding the risks which were inherent in the company's business plan and failing to implement an effective system of internal control. Enron demonstrates the limits of the monitoring board and points the way to a stewardship model in which the board takes responsibility for ensuring the sustainability of the company's assets over time. Copyright Blackwell Publishing Ltd. 2004.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Corporate Governance: An International Review.
Volume (Year): 12 (2004)
Issue (Month): 2 (04)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1
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- Brian Kulik & Michael O’Fallon & Manjula Salimath, 2008. "Do Competitive Environments Lead to the Rise and Spread of Unethical Behavior? Parallels from Enron," Journal of Business Ethics, Springer, vol. 83(4), pages 703-723, December.
- Windsor, Duane, 2009. "Tightening corporate governance," Journal of International Management, Elsevier, vol. 15(3), pages 306-316, September.
- Lippert, Inge, 2008. "Perspektivenverschiebungen in der Corporate Governance: neuere Ansätze und Studien der Corporate-Governance-Forschung," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2008-302, Social Science Research Center Berlin (WZB).
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