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Corporate Governance for Shareholder Value

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  • Venkiteswaran N
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    Abstract

    In the last few years there has been serious debate about the generally poor quality of corporate governance in Indian companies and the need to improve the same. This has led to the publication of a recommended code of corporate governance by the Confederation of Indian Industry (CII). More recently, the Securities and Exchange Board of India (SEBI) formed its own committee on corporate governance and its recommendations are sought to be implemented through amendments to the Stock Exchange Listing Agreement. This paper traces the emergence and spread of the shareholder value and corporate governance movements in other countries and examines the structural reasons that may have contributed to the serious governance problems in Indian companies despite convergence of management dominant equity ownership. It is argued that while CII and SEBI initiatives might be welcome, they seem to address only the form and not the substance in relation to corporate governance. Some suggestions for further improvement of the SEBI guidelines (under the new clause 49 of the Listing Agreement are given. The corporate governance charter issued by Warren Buffet (called the Owners’ Manual) to the shareowners of Berkshire Hathaway is discussed by way of illustration to highlight the fact that good corporate governance is essentially a question of managerial attitude and goes often beyond regulatory fiats.

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    Bibliographic Info

    Paper provided by Indian Institute of Management Ahmedabad, Research and Publication Department in its series IIMA Working Papers with number WP2000-07-01.

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    Handle: RePEc:iim:iimawp:wp01693

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    Cited by:
    1. Chen, Chen-Wen & Liu, Victor W., 2013. "Corporate governance under asymmetric information: Theory and evidence," Economic Modelling, Elsevier, vol. 33(C), pages 280-291.
    2. Christian Keuschnigg, 2010. "Die volkswirtschaftliche Bedeutung des Accounting," University of St. Gallen Department of Economics working paper series 2010 2010-03, Department of Economics, University of St. Gallen.
    3. Chan, Chia-Chung & Lin, Bing-Huei & Chang, Yung-Ho & Liao, Wei-Chen, 2013. "Does bank relationship matter for corporate risk-taking? Evidence from listed firms in Taiwan," The North American Journal of Economics and Finance, Elsevier, vol. 26(C), pages 323-338.
    4. Jirjahn, Uwe, 2003. "Betriebsräte, Tarifverträge und betriebliches Lohnniveau (Works councils, wage agreements and the company wage level)," Mitteilungen aus der Arbeitsmarkt- und Berufsforschung, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 36(4), pages 649-660.
    5. Bijman, W.J.J. & Hendrikse, G.W.J. & van Oijen, A.A.C.J., 2012. "Accommodating Two Worlds in One Organization: Changing Board Models in Agricultural Cooperatives," ERIM Report Series Research in Management ERS-2012-015-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
    6. Darine Bakkour, 2013. "Un essai de définition du concept de gouvernance," Studies and Syntheses 13-05, LAMETA, Universtiy of Montpellier, revised Dec 2013.
    7. Alexis Cellier & Pierre Chollet & Jean-François Gajewski, 2011. "Les annonces de notations extra financières véhiculent-elles une information au marché ?," Post-Print hal-00950507, HAL.
    8. Dragone, Davide & Viviani, Michele, 2007. "Cultura Organizzativa e Sostenibilita' della Governance Multistakeholder," AICCON Working Papers 40-2007, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
    9. Timothy Besley & Andrea Prat, 2003. "Pension fund governance and the choice between defined benefit and defined contribution plans," LSE Research Online Documents on Economics 24853, London School of Economics and Political Science, LSE Library.
    10. Ding, Rong & Hou, Wenxuan & Kuo, Jing-Ming & Lee, Edward, 2013. "Fund ownership and stock price informativeness of Chinese listed firms," Journal of Multinational Financial Management, Elsevier, vol. 23(3), pages 166-185.
    11. Noda, Tomohiko & Hirano, Daisuke, 2013. "Enterprise unions and downsizing in Japan before and after 1997," Journal of the Japanese and International Economies, Elsevier, vol. 28(C), pages 91-118.
    12. Roberto E. Wessels & Tom J. Wansbeek, 2014. "What is the Relation (if any) Between a Firm's Corporate Governance Arrangements and its Financial Performance?," CESifo Working Paper Series 4599, CESifo Group Munich.
    13. Liang, H. & Renneboog, L.D.R., 2013. "The Foundations of Corporate Social Responsibility," Discussion Paper 2013-071, Tilburg University, Center for Economic Research.
    14. Saha, Souresh, 2014. "Firm's objective function and product and process R&D," Economic Modelling, Elsevier, vol. 36(C), pages 484-494.
    15. Hélène Pasquini-Descomps & Frédéric Teulon, 2014. "What is the perception of corporate social responsibility for fund managers in Switzerland?," Working Papers 2014-097, Department of Research, Ipag Business School.
    16. Grundel, S. & Borm, P.E.M. & Hamers, H.J.M., 2013. "Resource Allocation Problems with Concave Reward Functions," Discussion Paper 2013-070, Tilburg University, Center for Economic Research.
    17. Christian Keuschnigg & Evelyn Ribi, 2013. "Profit taxes and financing constraints," International Tax and Public Finance, Springer, vol. 20(5), pages 808-826, October.

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