This book present the value school of corporate governance,
outlining a multitude of areas where corporate governance could add
real worth, and showing how this can be put into effect.
No "one-size-fits-all" model emerges as a solution.
Rather, the insights in this book take idiosyncrasies and dynamics
over time into consideration. They consider the main issues and
their real causes, ownership settings, country settings and new
developments in corporate governance research and practice.
* International focus places emphasises on typical patterns,
predicament and solutions instead of national laws.
* Points are illustrated with in-depth case studies and
highlighted learning nuggets.
* Alerts the reader to typical dilemmas and traps in attaining
the goal of value creation, whilst also pointing to promising
avenues forward.
Autorentext
Ulrich Steger holds the Alcan Chair of Environmental Management at IMD and is Director of IMD's research project on Corporate Sustainability Management, CSM. He is also Director of all Daimler Chrysler Partnership Programs, the Allianz Excellence Program and the Yukos Program. In addition, Professor Steger heads IMD's Global Corporate Governance Research Initiative. He is also a member of the supervisory and advisory boards of several major companies and organizations. He was a member of the managing board of Volkswagen, in charge of environment and traffic matters and, in particular, the implementation of an environmental strategy within the VW group worldwide Before becoming involved in management education, he was active in German politics. He was Minister of Economics and Technology in the State of Hesse with particular responsibility for transport, traffic, and energy. Before that, he was a member of the German Bundestag, specializing in energy, technology, industry, and foreign trade issues.
Wolfgang Amann is a Fellow in Strategic Direction and International Business at Henley Management Centre,UK. He joined Henley from IMD, and has also been visiting fellow at theWhartonSchool and Indian Institute of Management. Prior to pursuing his PhD he worked for DaimlerChrysler and subsequently in management consulting. He has directed, delivered and contributed to open and in-company programs and courses on strategy, internationalization and governance in the US, Europe, China and India. His recent case study series on Hindustan Lever inIndia won the 2006 Oikos sustainability case competition.
Zusammenfassung
This book present the value school of corporate governance, outlining a multitude of areas where corporate governance could add real worth, and showing how this can be put into effect.
No one-size-fits-all model emerges as a solution. Rather, the insights in this book take idiosyncrasies and dynamics over time into consideration. They consider the main issues and their real causes, ownership settings, country settings and new developments in corporate governance research and practice.
- International focus places emphasises on typical patterns, predicament and solutions instead of national laws.
- Points are illustrated with in-depth case studies and highlighted learning nuggets.
- Alerts the reader to typical dilemmas and traps in attaining the goal of value creation, whilst also pointing to promising avenues forward.
Inhalt
About the Authors ix
Preface xi
Acknowledgments xv
PART I INTRODUCTION 1
1 Corporate Governance - Beyond the Scandals and Buzzwords 3
1.1 Every company has a corporate governance 3
1.2 The history of corporate governance - a tale of crime and crises 5
1.3 What are the basic paradigms of corporate governance? 14
1.4 Basic corporate governance institutions 15
1.5 The shaping factors of corporate governance 16
1.6 Types of corporate governance system 18
1.7 The types of board 20
1.8 Typical dilemmas for the board 23
1.9 Corporate governance and financial performance 24
1.10 Where does corporate governance specifically add value? 26
1.11 The contingent role of boards 28
1.12 Case study: Developing corporate governance at Highfly Logistics Software - but how? 32
1.13 Case study: Did corporate governance fail at Swissair? 36
1.14 Case study: ABB - corporate governance during a turnaround 49
2 International Corporate Governance - Similarities across Systems 63
2.1 Do international differences matter? 63
2.2 Case study: DaimlerChrysler - corporate governance dynamics in a global company 68
PART II BOARDS' INTERNAL DYNAMICS 89
3 Information Demand and Supply for Changing Board Roles 91
3.1 Do new board roles require different information? 91
3.2 Case study: Conflicts of interest at the board of Khan AG 97
3.3 Case study: ICM - when hidden agendas enter the boardroom (A) 104
3.4 Case study: ICM - hidden agendas in the boardroom (B) 108
4 Navigating through Typical Conflict Patterns 111
4.1 Are tensions and clashes normal? 111
4.2 Case study: War at the helm of Elicor 115
4.3 Case study: Cobra vs. Commerzbank - can investors raid their own company? 120
5 Codes of Conduct - The Value-Added beyond Compliance 131
5.1 Codes of conduct as a panacea? 131
5.2 Case study: Boeing hits turbulence - is it worth losing a successful CEO for a code of conduct? 135
5.3 Case study: Codes of conduct at ConnectU2 - adding value, cost, or nothing at all? 142
6 Board Evaluation 153
PART III CORPORATE GOVERNANCE IN SPECIFIC CONTEXTS 161
7 Corporate Governance Dynamics in M&A 163
7.1 Why governance as usual is not an option in M&A 163
7.2 Case study: The DaimlerChrysler merger - the involvement of the boards 166
7.3 Case study: DaimlerChrysler board - after the deal is done 180
8 Corporate Governance in and with Subsidiaries 191
8.1 Tension fields and central issues 191
8.2 Case study: Pharmagroup Int. and Fluvera - when subsidiary governance means losing competitive ground 195
9 Corporate Governance in Developed vs. Emerging Markets 203
9.1 The wild, wild East? The wild, wild South? 203
9.2 Case study: China Prime - corporate governance with Chinese traits 207
9.3 Case study: Compania Unidas de Argentina - fight for your right or vote with your teeth? 212
9.4 Case study: Starting from scratch - corporate governance at South East Bank Europe 215
10 Responsibilities in Alternative Forms of Governance 221
10.1 Differences in non-profit organizations 221
10.2 Case study: WWF International - a truly worldwide organization 223
PART IV CORPORATE GOVERNANCE IN SPECIAL OWNERSHIP SITUATIONS 233
11 Corporate Governance in Family Businesses 235
11.1 Good news for family firms 235
11.2 Case study: Bata Shoe Organization 245
12 Corporate Governance Dilemmas in Private Equity Companies 255
12.1 Corporate governance in private equity firms: can it add value? 255
12.2 Case study: Automotive Machine Tool GmbH&CoKG - from ailing family business to accelerating private equity? 261
12.3 Case study: Biocast 276
12.4 Case study: Asian Car Part Holding - sold without the knowledge of the board? 280
PART V CONCLUSION 285
Index 287