Capital Markets and Corporate Governance

This book brings together a collection of papers by leading academics bankers and consultants in a masterful survey of leading issues in corporate governance. The papers concentrate upon the financing of corporations and the role of the banks and stock markets in the United Kingdom Germany and Japan. A central theme of the book is a constant awareness of the links between the accountability of senior managers the system of corporate governance and the performance of a company. This book examines the role of shareholders company boards and managers under a market-based system as in the UK and USA in comparison with the 'insider' system found in Japan and to a lesser extent Germany. The contributors discuss the view that this UK system leads to a preoccupation with short-term corporate performance and a greater likelihood of hostile takeovers. The contribution of the banks to corporate finance and control is examined in several papers including a discussion of the special problems of small firms. Part II of the book begins with a chapter comparing and contrasting the British experience with other systems and then authoritatively analyses the Japanese and the German financial and corporate systems. Capital Markets and Corporate Governance provides an essential insight into issues of corporate financing accountability of managers and efficiency. The contributors deal with this complex and topical subject in a comprehensive and lucid manner.