CORPORATE GOVERNANCE 欧洲公司治理英文版 2009 Thomas Clarke and Jean-Francois Chanlat
CONTENTS
List of fi gures viii
List of tables x
Acknowledgements xiii
List of contributors xv
Introduction: A New World Disorder? The Recurring Crises in Anglo-American Corporate
Governance and the Increasing Impact on European Economies and Institutions
Thomas Clarke and Jean-Francois Chanlat 1
Appendix Transatlantic contagion: US and European bank failures 36
PART 1 DIMENSIONS OF GOVERNANCE 43
Introduction 45
‘Governance’ as a Bridge Between Disciplines: Cross-disciplinary Inspiration Regarding
1 “
Shifts in Governance and Problems of Governability, Accountability and Legitimacy”
Kees van Kersbergen and Frans van Waarden 48
2 “Corporate Governance, Values, Management, and Standards: A European Perspective”
Joseph Wieland 65
Appendix European corporate governance codes 74
77
PART 2 VARIETIES OF CAPITALISM: LATIN, GERMANIC, AND ANGLO-AMERICAN SYSTEMS
Introduction 79
3 “Corporate Governance in Italy”
Andrea Melis 83
4 “Remaking Italian Capitalism? The Politics of Corporate Governance Reform”
Richard Deeg 92
5 “A Transformation in the French Model of Shareholding and Management”
Francois Morin 110
6 “How Far Does the United Kingdom Have a Market-based System of Corporate
Governance? A Review and Evaluation of Recent Developments in the United Kingdom”
Andrew Pendleton 123
PART 3 CONVERGENCE OR DIVERSITY OF GOVERNANCE SYSTEMS? 139
Introduction 141
7 “The Emerging European Corporate Governance Model: Anglo-Saxon, Continental, or
Still the Century of Diversity?”
Lucian Cernat 144
8 “Changes in Corporate Governance of German Corporations: Convergence to the
Anglo-American Model?”
Christel Lane 157
9 “Convergence or Divergence? The Outlines of an Answer”
Michel Aglietta and Antoine Rebérioux 174
10 A Transatlantic Financial Market?
Karel Lannoo 183
11 International Accounting Harmonisation: The Resistible Rise of the IASC/IASB
Bernard Colasse 189
PART 4 THE REFORM AND TRANSFORMATION OF EUROPEAN CORPORATE GOVERNANCE
INSTITUTIONS 199
Introduction 201
12 “Does the European Company Prevent the ‘Delaware Effect’?”
Joseph A. McCahery and Erik P.M. Vermeulen 204
13 “UK Corporate Governance: To What End a New Regulatory State?”
Alistair Howard 218
14 “Varieties of Institutional Investors and National Models of Capitalism: The Transformation of
Corporate Governance in France and Germany”
Michel Goyer 233
15 “Corporate Governance Reforms in Continental Europe”
Luca Enriques and Paulo Volpin 253
PART 5 THE IMPACT OF SHAREHOLDER VALUE 271
Introduction 273
16 “The Arrival of Shareholder Value in the European Auto Industry:
A Case Study Comparison of Four Car Makers”
Ulrich Jürgens, Yannick Lung, Giuseppe Volpato and Vincent Frigant 276
17 “The Theory of the Firm and Shareholder Value”
Michel Aglietta and Antoine Rebérioux 293
18 “Negotiated Shareholder Value: The German Variant of an Anglo-American Practice”
Sigurt Vitols 303
19 “Globalisation, Shareholder Value, Restructuring: The (Non) Transformation of Siemens”
Alexander Borsch 318
PART 6 CEO POWER AND REWARD 335
Introduction 337
20 “Executive Compensation, Political Economy, and Managerial Control: The Transformation of
Managerial Incentive Structures and Ideology, 1950–2000”
Ernie Englander and Allen Kaufman 340
21 “From Shareholder Value to CEO Power: The Paradox of the 1990s”
Robert Boyer 360
392
Appendix The remuneration of French CEOs in 2003
Index 394