Full Description
Markus Berndt explains the observable evolution and persistence of differences in financial systems by elaborating on the influence of network effects on corporate governance systems. He develops a coherent theoretical framework pulling together existing agency theories and providing new theoretical foundations wherever there is a gap in the current theoretical understanding of corporate governance.
Contents
Differences in corporate governance systems
Analytical framework
Dispersed control - the outsider system
Concentrated control - the insider system
Network effects via capital markets
Implications of corporate governance reforms
The influence of coordination benefits on corporate governance and accounting standards