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Learning from Enron

Author

Listed:
  • Simon Deakin

    (Centre for Business Research, Judge Institute of Management, University of Cambridge)

  • Suzanne J. Konzelmann

    (Centre for Business Research, Judge Institute of Management, University of Cambridge)

Abstract

This 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.

Suggested Citation

  • Simon Deakin & Suzanne J. Konzelmann, 2004. "Learning from Enron," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(2), pages 134-142, April.
  • Handle: RePEc:bla:corgov:v:12:y:2004:i:2:p:134-142
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    Cited by:

    1. Yahya Ali Al-Matari & Sallahuddin Hassan & Hassan Alaaraj, 2016. "Application of Basel Committee’s New Standards of Internal Audit Function: A Road Map towards Banks’ Performance," International Journal of Economics and Financial Issues, Econjournals, vol. 6(3), pages 1014-1018.
    2. 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).
    3. Yahya Ali Al-Matari & Abdullah Kaid Al-Swidi & Faudziah Hanim Bt Fadzil & Ebrahim Mohammed Al-Matari, 2012. "Board of Directors, Audit Committee Characteristics and Performance of Saudi Arabia Listed Companies," International Review of Management and Marketing, Econjournals, vol. 2(4), pages 241-251.
    4. 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.
    5. Yahya Ali Al-Matari & Abdo Ali Homaid & Hassan Alaaraj, 2016. "The Influence of Audit Committee Effectiveness on Banks’ Performance in Yemen," International Journal of Economics and Financial Issues, Econjournals, vol. 6(4), pages 1424-1428.
    6. Windsor, Duane, 2009. "Tightening corporate governance," Journal of International Management, Elsevier, vol. 15(3), pages 306-316, September.

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