Corporate governance is about who controls corporations and why. In the United States, the legal ‘‘who’’ is the owners of the corporation’s common stock—the shareholders. However, the reality—even the legal reality—is much more complicated, and the ‘‘why’’ is to be found in historic American concerns about the connections between ownership, social responsibility, economic progress, and the role of markets in fostering a stable pluralistic democracy.
Strategic Corporate Finance provides a ‘‘real-world’’ application of the
principles of modern corporate finance, with a practical, investment
banking advisory perspective. Building on 15 years of corporate finance
advisory experience, this book serves to bridge the chronic gap between
corporate finance theory and practice. Topics range from weighted average
cost of capital, value-based management and M&A, to optimal capital
structure, risk management and dividend/buyback policy.
Strategic Corporate Finance provides a ‘‘real-world’’ application of the principles of modern corporate finance, with a practical, investment banking advisory perspective. Building on 15 years of corporate finance advisory experience, this book serves to bridge the chronic gap between corporate finance theory and practice. Topics range from weighted average cost of capital, value-based management and M&A, to optimal capital structure, risk management and dividend/buyback policy.
Initially, these concerns were focused on the role and responsibilities
of the owners of business firms because the
owners managed the firms themselves. However, with the
emergence of large corporations, perhaps symbolized by the
Standard Oil Trust in the late nineteenth century, Americans
focused their attention on a new group of individuals: professional
managers. Prior to the emergence of these corporations,
managers and owners had been the same people, but
now things were changing.
Corporate governance has been identified by the Chinese government
as the core element of the “modern enterprise system.” The policy focus on corporate governance reflects the significant progress that China has made in building market institutions and the importance it attaches to changing corporate behavior.
This book takes a novel approach to the presentation and understanding of a controversial topic in
modern-day society: hacking. The term hacker was originally used to denote positively-motivated individuals
wanting to stretch the capabilities of computers and networks. In contrast, the term cracker was
a later version of the term, used to denote negatively-motivated individuals wanting to take advantage
of computers and networks’ vulnerabilities to cause harm to property or persons, or to personally gain
In March 2009, the RAND Corporation convened a small group of experts from the U.S. government, allied partner nations, the maritime industry, and academic organizations to reconsider the underlying factors that drive maritime piracy in the 21st century. This conference proceedings highlights the six major themes that
Air Force. The research reported here was sponsored by AF/XOX and PACAF/CC and conducted within the Strategy and Doctrine Program of RAND Project AIR FORCE. It is part of the RAND Corporation’s ongoing research on China and China’s military establishment. The st
Chapter 10 - Corporate governance. Studying this chapter should provide you with the strategic management knowledge needed to: Define corporate governance and explain why it is used to monitor and control managers’strategic decisions, explain why ownership has been largely separated from managerial control in the modern corporation, define an agency relationship and managerial opportunism and describe their strategic implications,...
Chapter 1 - The corporation and its stakeholders. In this chapter, you will learn: Understanding the relationship between business and society, and the ways in which they are part of an interactive system; considering the purpose of the modern corporation; knowing what is a stakeholder and who a corporation’s market and nonmarket and internal and external stakeholders are;...
Chapter 2 - Managing public issues and stakeholder relationships. In this chapter, students will be able to: Evaluating public issues and their significance to the modern corporation, applying available tools or techniques to scan an organization’s multiple environments, describing the steps in the issue management process and determining how to make the process most effective,...
Islamic scholars have been critically examining the modus operandi of modern commercial
banks ever since their establishment in the Muslim world in the last decade of the nineteenth
century. As time passed, the consensus emerged among the scholars that the system was
against the principles of Shar¯ı´ah, mainly because of paying/charging returns on loans and
C A P I T A L B U D G E T I N G A N D R I S K
The development of modern theories linking risk and expected return, smart financial managers adjusted for risk in capital budgeting. They realized intuitively that, other things being equal, risky projects are less desirable than safe ones.
During the stock-taking of agricultural investment funds, the study team identified 80
investment funds, fund management companies and corporate structures. Since the members
of the study team of ConCap Connective Capital and FAO all had experience in developing
or operating investment funds, developing this exercise involved both an Internet review and
an extensive consultation with agricultural investment fund leaders building from contacts they
had developed over time.
Lubricants are segmented into Automotive, Industrial, Marines & Specialties (60% volume for global Automotive Lubricants). Products are blended to qualities established by SAE (Society of Automotive Engineers) and OEMs (Original Equipment Manufactures).
As shown above, the modern industrial system is a concatenation of processes which has much of
the character of a single, comprehensive, balanced mechanical process. A disturbance of the balance at any
point means a differential advantage (or disadvantage) to one or more of the owners of the sub−processes
between which the disturbance falls; and it may also frequently mean gain or loss to many remoter members
in the concatenation of processes, for the balance throughout the sequence is a delicate one, and the
transmission of a disturbance often goes far. It may even take...
Independent directors have become a popular “cure-all” in the United
States for whatever the latest malady ailing the modern corporation happens
to be. Whenever a corporation has found its way into the headlines as the
subject of the scandal du jour, it is overwhelmingly the case that it is the
managers who are caught with their fingers in the till, having manipulated the
numbers, rolling the dice with the shareholders’ money, or otherwise abusing
the trust of shareholders and other corporate constituencies....
At heart, I have always been both a teacher and a student. I have been fortunate
to continue to meet a variety of people and have traveled to many interesting
places in both capacities over many years. One thing I have found to be true:
learning has kept me stimulated, curious, and optimistic about life and its
Learning takes many forms, but the most powerful is the learning we gain
from direct exposure to other people. Whether we know it or not, many of
those people to whom we have been exposed have been coaches.
In many developing countries, international migration has emerged as a significant phenomenon.
Within the context of globalization, people have become more mobile, and transient, both physically and
technologically. The flows of international tourists around the world have increased to the order of
millions. People working for transnational corporations have moved into different regions of the world
where companies are expanding or i ntensifying their activities.
Our overarching thesis in this article is that organizations voluntarily adopting environmental and
social policies represent a fundamentally distinct type of the modern corporation that is characterized by a
governance structure that takes into account the environmental and social performance of the company, in
addition to financial performance, a long-term approach towards maximizing inter-temporal profits, and
an active stakeholder management process.