Financial Integration, Corporate Governance and the Performance of Multinational Companies (Integrating National Economies) - Hardcover

Fukao, Mitsuhiro

Hardcover

ISBN 10: 081572988X ISBN 13: 9780815729884

Publisher: Brookings Institution Press, 1995

Synopsis

Cross-country differences in institutions of corporate governance and corporate finance tend to be undermined by the increasing internationalization of financial markets. This book discusses the key issues involved in harmonizing the differences in national systems.

A volume of Brookings' Integrating National Economies Series

About this title

From the Back Cover:

The increased globalization of production processes and the integration of the world's financial markets have placed considerable pressures on companies to reevaluate their governance structures. These structures, which vary from country to country, affect everything from financial fluidity and competitiveness to rules on insider trading, takeover, and accounting and disclosure practices. Should a single model of corporate governance be adopted as a world standard? In this book, part of the Integrating National Economies series, Mitsuhiro Fukao argues against the impulse to adopt a single system of corporate governance. He provides a comprehensive comparison of corporate governance structures in France, Germany, Japan, the United Kingdom, and the United States, outlining the advantages of each type of structure and analyzing the important behavioral differences among them. He explains the order of importance of various stakeholders - creditors, top executives, core employees, and shareholders - the cost of capital, and the use of labor in each country. Given the different advantages of the various systems and their deeply rooted institutional backgrounds, Fukao contends that it is neither desirable nor feasible to adopt a single model of governance as the world standard. Instead, each country should allow various complementary forms of governance in order to create healthy competition among companies and more efficient corporate structures.

Synopsis:

This work is part of the Integrating National Economies series. As global markets for goods, services and financial assets have become increasingly integrated, national governments no longer have as much control over economic markets. With the completion of the Uruguay Round of the GATT talks, the world economy has entered a fresh phase requiring different rules and different levels of international cooperation. Policies once thought to be entirely domestic and appropriately determined by national political institutions, are now subject to international constraints. Cogent analysis of this deeper integration of the world economy, and guidelines for government policies, are urgent priorities. This series aims to meet these needs over a range of 21 books by some of the world's leading economists, political scientists, foreign policy specialists and government officials. All the books in the series are offered at the same price: #22.50 for hardbacks and #8.50 for paperbacks.

About this edition

• Publisher: Brookings Institution Press
• Publication date: 1995
• ISBN 10: 081572988X
• ISBN 13: 9780815729884
• Binding: Hardcover
• Number of pages: 170