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Corporate Governance Matters

A Closer Look at Organizational Choices and Their Consequences

Gebonden Engels 2015 9780134031569
Verkooppositie 2964
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The Most Authoritative, Objective Guide to Designing Effective Corporate Governance
Now fully updated for the latest research, trends, and regulations, Corporate Governance Matters, Second Edition, offers comprehensive and objective information for everyone seeking to improve corporate governance--from directors to institutional investors to policymakers and researchers.
David Larcker and Brian Tayan thoroughly examine the choices now available in designing governance systems, explaining what is known about their impact on organizational performance. Avoiding ideology, Larcker and Tayan take an empirical approach that presents conclusions only where evidence supports them, and candidly identifies areas where broad conclusions cannot be drawn.
This edition adds new coverage of the governance implications of private equity, hedge funds, sovereign wealth funds, shareholder activists, engaged institutional investors, proxy advisory firms, new rating systems, and emerging “benefit” (“B”) corporations. Larcker and Tayan review new research on selecting board members and organizing their work, utilizing equity incentives and clawbacks, assessing CEO risk-seeking behavior, and much more. They have also added a new chapter on alternative governance structures, including family-operated and venture-backed companies.
This guide thoroughly addresses key issues ranging from strategic oversight and risk management to succession planning. Thoughtful and measured throughout, it is indispensable for every governance practitioner.
  Optimizing overall board effectiveness
  Managing board duties, liability, selection, compensation, removal, and structure
  Strategy, performance measurement, and risk management
  Strengthening oversight of strategy development and execution

  Supervising executive compensation
  Attracting and retaining the right people, and giving them the right incentives
  Ensuring effective reporting and control
  Maximizing the effectiveness of audit committees and external auditors

Additional resources and supporting material for this book are available at:
Stanford Graduate School of Business
The Corporate Governance Research Initiative




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Preface   xxi

Chapter 1  Introduction to Corporate Governance   1
Self-Interested Executives   3
Defining Corporate Governance   7
Corporate Governance Standards   9
Best Practice or Best Practices? Does “One Size Fit All”? 11
Relationship between Corporate Governance and Firm Performance   12

Chapter 2  International Corporate Governance   19
Capital Market Efficiency   20
Legal Tradition   22
Accounting Standards   23
Enforcement of Regulations   26
Societal and Cultural Values   27
Individual National Governance Structures   29
United States   29
United Kingdom   32
Germany   37
Japan   38
South Korea   41
China   .43
India   44
Brazil   45
Russia   47
Endnotes   49
Interlude   55

Chapter 3  Board of Directors: Duties and Liability   57
Board Responsibilities   57
Board Independence   58
The Operations of the Board   59
Board Committees   60
Duration of Director Terms   64
Director Elections   64
Removal of Directors   66
Legal Obligations of Directors   66
Fiduciary Duty   67
Disclosure Obligations under Securities Laws   70
Legal Enforcement of State Corporate Law (Fiduciary Duties) 70
Legal Enforcement of Federal Securities Laws   71
Director Indemnification and D&O Insurance   72
Endnotes   75

Chapter 4  Board of Directors: Selection, Compensation, and Removal   79
Market for Directors   79
Active CEOs   82
International Experience   83
Special Expertise   84
Diverse Directors   85
Professional Directors   86
Disclosure Requirements for Director Qualifications   87
Director Recruitment Process   89
Director Compensation   91
Ownership Guidelines   96
Board Evaluation   97
Removal of Directors   99
Endnotes   102

Chapter 5  Board of Directors: Structure and Consequences   107
Board Structure   108
Chairman of the Board   112
Lead Independent Director   116
Outside Directors   119
Board Independence   121
Independent Committees   125
Bankers on the Board   126
Financial Experts on Board   127
Politically Connected Boards   128
Employee Representation   128
Boards with “Busy” Directors   131
Interlocked (or Connected) Boards   133
Committee Overlap   135
Board Size   136
Board Diversity   137
Female Directors   138
Summary   141
Endnotes   142
Interlude   150

Chapter 6  Strategy, Performance Measurement, and Risk Management   151
Organizational Strategy   152
Strategy Implementation Process   154
Business Model Development and Testing   156
Example 1: Fast-Food Chain and Employee Turnover   156
Example 2: Financial Services Firm and Investment Advisor Retention   158
Key Performance Measures   159
How Well Are Boards Doing with Performance Measures and Business Models? 163
Risk and Risk Management   164
Risk and Risk Tolerance   165
Risk to the Business Model   167
Risk Management   169
Oversight of Risk Management   171
Assessing Board Performance on Risk Management   173
Endnotes   175

Chapter 7  Labor Market for Executives and CEO Succession Planning   181
Labor Market for Chief Executive Officers   181
Labor Pool of CEO Talent   184
CEO Turnover   186
Newly Appointed CEOs   189
Models of CEO Succession   191
External Candidate   191
President and/or Chief Operating Officer   193
Horse Race   194
Inside–Outside Model   195
The Succession Process   196
How Well Are Boards Doing with Succession Planning? 200
The External Search Process   .203
Endnotes   206

Chapter 8  Executive Compensation and Incentives   211
The Controversy over Executive Compensation   212
Components of Compensation   213
Determining Compensation   217
Compensation Consultants   220
Compensation Levels   221
Ratio of CEO Pay to Other Top Executive Pay   224
Ratio of CEO Pay to Average Employee Pay   227
Compensation Mix   228
Short-Term Incentives   229
Long-Term Incentives   232
Benefits and Perquisites   234
Compensation Disclosure   235
Say-on-Pay   236
Endnotes   240

Chapter 9  Executive Equity Ownership   247
Equity Ownership and Firm Performance   247
Equity Ownership and Risk   250
Equity Ownership and Agency Costs   256
Accounting Manipulation   257
Manipulation of Equity Grants   258
Other Examples of Value Extraction through Timing   260
Equity Sales and Insider Trading   261
Rule 10b5-1   262
Hedging   264
Pledging   268
Repricing and Exchange Offers   270
Endnotes   273

Chapter 10  Financial Reporting and External Audit   279
The Audit Committee   280
Accounting Quality, Transparency, and Controls   280
Financial Reporting Quality   282
Financial Restatements   284
Models to Detect Accounting Manipulations   290
The External Audit   292
Audit Quality   296
Structure of Audit Industry   296
Impact of Sarbanes–Oxley   298
External Auditor as CFO   301
Auditor Rotation   .302
Endnotes   304

Chapter 11  The Market for Corporate Control   311
The Market for Corporate Control   312
Stock Market Assessment of Acquiring and Target Firms   316
Who Gets Acquired? 316
Who Gets the Value in a Takeover? 319
Antitakeover Protections   322
Antitakeover Actions   323
Poison Pills   325
Staggered Board   328
State of Incorporation   330
Dual-Class Shares   331
Warding Off Unwanted Acquirers   334
Endnotes   336

Chapter 12  Institutional Shareholders and Activist Investors   343
The Role of Shareholders   343
Blockholders and Institutional Investors   346
Institutional Investors and Proxy Voting   349
Activist Investors   351
Pension Funds   353
Social Responsibility and Other Stakeholder Funds   355
Activist Hedge Funds   357
Shareholder Democracy and Corporate Engagement   360
Majority Voting in Uncontested Director Elections   360
Proxy Access   361
Proxy Voting   362
Corporate Engagement   363
Proxy Advisory Firms   364
Endnotes   369

Chapter 13  Corporate Governance Ratings   375
Third-Party Ratings   375
Credit Ratings   376
Commercial Corporate Governance Ratings   378
ISS: Corporate Governance Quotient   378
ISS: Governance Risk Indicators   380
ISS: QuickScore   380
GMI Ratings   381
Testing the Predictability of Corporate Governance Ratings   382
Governance Rating Systems by Academic Researchers   383
The Viability of Governance Ratings   388
Endnotes   389

Chapter 14  Alternative Models of Governance   393
Family-Controlled Corporations   393
Venture-Backed Companies   396
Private Equity-Owned Companies   399
Nonprofit Organizations   402
Endnotes   407

Chapter 15  Summary and Conclusions   413
Testing Remains Insufficient   414
The Current Focus Is Misdirected   415
Important Variables Are Clearly Missing   416
Context Is Important   417
Endnotes   418

Index   419
Now fully updated: today's most objective, complete, and actionable guide to corporate governance for every board member, director, officer, investor, and stakeholder.

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