Download or read book Corporate Governance in Europa vs Sarbanes Oxley Act in USA written by Stefan Klein and published by GRIN Verlag. This book was released on 2009 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wissenschaftlicher Aufsatz aus dem Jahr 2006 im Fachbereich BWL - Unternehmensführung, Management, Organisation, Note: 2,7, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule, Veranstaltung: Internationales Management (Finance), Sprache: Deutsch, Abstract: Die Bilanzskandale von Enron, Worldcom, Vivendi Universal und sonstiger Unternehmen gehen der Entwicklung von Corporate Governance in Europa und dem Sarbanes-Oxley Act in den USA voraus . Dabei ist immer wieder festzustellen, dass eine Berücksichtigung bzw. Anwendung der Corporate Governance nicht nur Anleger (Shareholder), sondern auch ganze Unternehmen vor bedrohlichen Schieflagen oder gar Insolvenz schützt. Zugleich können wir feststellen, dass Unternehmen, welche die Corporate Governance Richtlinien voll beachten in der Regel auch erfolgreicher am Markt agieren... ___________________ vgl. Betriebswirtschaftliche Forschung und Praxis (BFuP), 1/2006, nwb-Verlag Neue Wirtschaftsbriefe, Seite 62

Download or read book Corporate Governance in the US and Europe written by G. Owen and published by Springer. This book was released on 2005-10-31 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance in the US and Europe provides a comprehensive and concise overview of the most recent developments in corporate governance. It is based on a recent joint conference arranged by New York University and the London School of Economics, which brought together eminent academics and practitioners, including Michael Jensen in Finance and Martin Lipton in Law, to discuss the stock market boom-and-bust, and the recent corporate scandals. The book is aimed at practitioners, policy makers and academics who have to deal with corporate governance.

Download or read book The Sarbanes Oxley Act and Its Impact on European Companies written by Peter Krimmer and published by GRIN Verlag. This book was released on 2006-01-12 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2005 in the subject Business economics - Accounting and Taxes, grade: Sehr Gut (Grade: A), Vienna University of Economics and Business (Management Accounting and Auditing), language: English, abstract: The present thesis examines the impact of the Sarbanes-Oxley Act of 2002 (SOA) on European companies and identifies their attitude towards its provisions. To raise the information needed, from May until the end of June 2005 all affected European companies (290) received access to the online questionnaire. Overall nearly twenty percent responded to the questionnaire. The following key findings have been identified: •The smaller a company is, the more problems it has to comply with the Sarbanes-Oxley Act. •The degree of the top management’s involvement in the compliance process plays a crucial role. •Almost every company has a formal code of ethics in place, but their senior management does not communicate it enough to their employees. •Almost every company has a whistleblower hotline in place to let all employees raise ethics and compliance issues and many of them also indicate that it allows an anonymous, confidential reporting and follow-up on raised issues. Only 30 percent of the hotlines were managed by an outside third party. •Most of the companies believe that the compliance costs have exceeded the benefits in 2004, but a positive trend - after the first compliance - towards the benefits can be identified. All in all, the thesis provides a representative overview on the SOA compliance situation of European companies.

Download or read book The U S Sarbanes Oxley Act 2002 and Corporate Governance Big Brother is Watching You written by Anonym and published by GRIN Verlag. This book was released on 2007-06-25 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2005 in the subject Law - Comparative Legal Systems, Comparative Law, grade: 19 (von 20), University of Aberdeen, course: LL.M. Internationales Wirtschaftsrecht, 49 entries in the bibliography, language: English, abstract: Corporate Governance has become one of the hottest fields of international company law and economics. Whereas many European countries have chosen self - regulatory market based approaches or favour "comply or explain" provisions, the U.S. government decided to take mandatory legislative actions in the aftermath of various accounting and corporate governance scandals, headed up by Enron and WorldCom. This article explains why most, if not all of the relevant provisions regarding corporate governance, are ill conceived and thus should be withdrawn the sooner the better to prevent future economic harm. The author concludes with an evaluation and an outlook for alternatives.

Download or read book After Enron written by John Armour and published by . This book was released on 2011 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the end of the twentieth century, it was thought by many that the Anglo-American system of corporate governance was performing effectively and some observers claimed to see an international trend towards convergence around this model. There can be no denying that the recent corporate governance crisis in the US has caused many to question their faith in this view. This collection of essays provides a comprehensive attempt to answer the following questions: first, what went wrong - when and why do markets misprice the value of firms, and what was wrong with the incentives set by Enron? Secondly, what has been done in response, and how well will it work - including essays on the Sarbanes-Oxley Act in the US, UK company law reform and European company law and auditor liability reform, along with a consideration of corporate governance reforms in historical perspective. Three approaches emerge. The first two share the premise that the system is fundamentally sound, but part ways over whether a regulatory response is required. The third view, in contrast, argues that the various scandals demonstrate fundamental weaknesses in the Anglo-American system itself, which cannot hope to be repaired by the sort of reforms that have taken place.[This essay is the introductory chapter to J. Armour and J.A. McCahery (eds.), After Enron: Improving Corporate Law and Modernising Securities Regulation in Europe and the US, forthcoming 2006 (Oxford: Hart Publishing)].

Download or read book Corporate Governance in Context written by Klaus J. Hopt and published by . This book was released on 2005 with total page 976 pages. Available in PDF, EPUB and Kindle. Book excerpt: Increased regulatory competition has sharpened the comparative awareness of advantages or disadvantages of different national models of political economy, economic organization, governance and regulation. Although institutional change is slow and subject to functional complementarities as wellas social and cultural entrenchment, at least some features of successful modern market economies have been in the process of converging over the last decades. The most important change is a shift in governance from state to the market. As bureaucratic ex-ante control is replaced by judicial ex-postcontrol, administrative discretion is replaced by the rule of law as guidelines for the economy. Furthermore, at least to some extent, public enforcement is being reduced in favor of private enforcement by way of disclosure, enhanced liability, and correspondent litigation for damages. Corporatistapproaches to governance are giving way to market approaches, and outsider and market-oriented corporate governance models seem to be replacing insider-based regimes.This transition is far from smooth and poses a daunting challenge to regulators and academics trying to redefine the fundamental governance and regulatory setting. They are confronted with the task of making or keeping the national regulatory structure attractive to investors in the face ofcompetitive pressures from other jurisdictions to adopt state-of-the-art solutions. At the same time, however, they must establish a coherent institutional framework that accommodates the efficient, modern rules with the existing and hard-to-change institutional setting. These challenges - put in acomparative and interdisciplinary perspective - are the subject of the book. As a reflection of the transnationality of the issues addressed, the world's three leading economies and their legal systems are included on an equal basis: the EU, the U.S., and Japan across each of the subtopics ofcorporations, bureaucracy and regulation, markets, and intermediaries.

Download or read book The U S Sarbanes Oxley Act 2002 and Corporate Governance Big Brother is watching you written by Bernhard Kuschnik and published by GRIN Verlag. This book was released on 2006-03-27 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2005 in the subject Law - Comparative Legal Systems, Comparative Law, grade: 19 (von 20), University of Aberdeen, course: LL.M. Internationales Wirtschaftsrecht, language: English, abstract: Corporate Governance has become one of the hottest fields of international company law and economics. Whereas many European countries have chosen self – regulatory market based approaches or favour “comply or explain” provisions, the U.S. government decided to take mandatory legislative actions in the aftermath of various accounting and corporate governance scandals, headed up by Enron and WorldCom. This article explains why most, if not all of the relevant provisions regarding corporate governance, are ill conceived and thus should be withdrawn the sooner the better to prevent future economic harm. The author concludes with an evaluation and an outlook for alternatives.

Download or read book German Corporate Governance in International and European Context written by Jean J. du Plessis and published by Springer Science & Business Media. This book was released on 2012-01-14 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance encompasses the free enterprise system, which is treated comprehensively in this book from a German perspective. This distinguishes the book from other books written in English in this subject area, not only because of the comprehensive way it covers German corporate law and corporate governance, but also because of the fact that it provides international and European perspectives on these important topics. This second edition is an extensively revised and updated version of the first edition, in particular with a view to the worldwide debt crisis. The authors provide readers with an overview of the unique features of German business and enterprise law and an in-depth analysis of the organs of governance of German public limited companies (general meeting, management board, supervisory board). In addition, approaches for reforms required at the international level are also suggested and discussed, including, among others, the unique interplay and dynamics of the German two-tier board model with the system of codetermination, referring to the arrangement of employees sitting on the supervisory boards of German public limited companies and private companies employing more than 500 employees; also covered are significant recent legal developments in Europe. The book highlights the core function of valuation and financial reporting at the international, European and German levels, with accounting as the documentary proof of good corporate governance. It also expands the scope of the first edition by a treatment of the German financial sector, global corporate finance and governance, and by including a new chapter on compliance of corporate governance laws, rules and standards in Germany. As far as comparative law is concerned, new developments in the area of corporate governance in the EU, the OECD Principles of Corporate Governance and corporate governance in the US, the UK and Australia are covered. The book is addressed to researchers, practitioners and basically anyone with an interest in the complex, but intriguing areas of corporate law and corporate governance.

Download or read book An Overview of the Legal Context and Impact at the Community Level of the Extraterritorial Effects of the United States s Sarbanes Oxley Act on the Company Law and Corporate Governance of Companies from the European Union written by Jay N. Messenger and published by . This book was released on 2006 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The U S Sarbanes Oxley Act 2002 Big Brother is watching you or adequate measures of Corporate Governance regulation written by Bernhard Kuschnik and published by GRIN Verlag. This book was released on 2012-07-26 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2005 in the subject Business economics - Business Management, Corporate Governance, grade: 1.1, University of Aberdeen, language: English, abstract: Corporate Governance has become one of the hottest fields of international company law and economics. Whereas many European countries have chosen self regulatory market based approaches or favour comply or explain provisions, the U.S. government decided to take mandatory legislative actions in the aftermath of various accounting and corporate governance scandals, headed up by Enron and WorldCom. This article explains why most, if not all of the relevant provisions regarding corporate governance, are ill conceived and thus should be withdrawn the sooner the better to prevent future economic harm. The author concludes with an evaluation and an outlook for alternatives. Abschlussarbeit im Kurs Corporate Governance im Rahmen des LL.M. Studienganges Internationales Wirtschaftsrecht an der Universität Aberdeen, Schottland

Download or read book After Enron written by John Armour and published by Bloomsbury Publishing. This book was released on 2006-11-14 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the end of the twentieth century it was thought by many that the Anglo-American system of corporate governance was performing effectively and some observers claimed to see an international trend towards convergence around this model. There can be no denying that the recent corporate governance crisis in the US has caused many to question their faith in this view. This collection of essays provides a comprehensive attempt to answer the following questions: firstly, what went wrong - when and why do markets misprice the value of firms, and what was wrong with the incentives set by Enron? Secondly, what has been done in response, and how well will it work - including essays on the Sarbanes-Oxley Act in the US, UK company law reform and European company law and auditor liability reform, along with a consideration of corporate governance reforms in historical perspective. Three approaches emerge. The first two share the premise that the system is fundamentally sound, but part ways over whether a regulatory response is required. The third view, in contrast, argues that the various scandals demonstrate fundamental weaknesses in the Anglo-American system itself, which cannot hope to be repaired by the sort of reforms that have taken place. "This collection of papers by leading US and European corporate law scholars provides fresh and rigorous analyses of the recent corporate governance scandals and the strategies devised by regulators to guard against future governance failures." Randall Thomas, John Beasley Professor of Law and Business, Vanderbilt University School of Law, Vanderbilt University.

Download or read book A Theory of Corporate Scandals written by John C. Coffee and published by . This book was released on 2014 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wave of financial irregularity broke out in the United States in 2001-2002, culminating in the Sarbanes-Oxley Act of 2002. A worldwide stock market bubble burst over this same period, with the actual market decline on a percentage basis being somewhat more severe in Europe. Yet, no corresponding wave of financial scandals involving a similar level of companies broke out in Europe. Indeed, those scandals that did arise in Europe often had American roots (e.g., Vivendi, Ahold, Adecco, etc.). Given the higher level of public and private enforcement in the United States for securities fraud, this contrast seems perplexing.What explains this contrast? This paper submits that different kinds of scandals characterize different systems of corporate governance. In particular, dispersed ownership systems of governance are prone to the forms of earnings management that erupted in the United States, but concentrated ownership systems are much less vulnerable. Instead, the characteristic scandal in concentrated ownership economics is the appropriation of private benefits of control. Here, Parmalat is the representative scandal, just as Enron and WorldCom are the iconic examples of fraud in dispersed ownership regimes.Is this difference meaningful? This article suggests that this difference in the likely source of, and motive for, financial misconduct has implications both for the utility of gatekeepers as reputational intermediaries and for design of legal controls to protect public shareholders. What works in one system will likely not work (at least as well) in the other. The difficulty in achieving auditor independence in a corporation with a controlling shareholder may also imply that minority shareholders in concentrated ownership economies should directly select their own gatekeepers.

Download or read book The Practitioner s Guide to the Sarbanes Oxley Act written by John J. Huber and published by American Bar Association. This book was released on 2004 with total page 838 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book United States and European Union Auditor Independence Regulation written by Christiane Strohm and published by Springer Science & Business Media. This book was released on 2007-12-11 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Christiane Strohm investigates the effects of the Sarbanes-Oxley-Act and the revised 8th EU-Directive on auditing. She shows that there is a difference in the communication and safeguarding effects of a regulation, depending on the precision of its wording and that safeguarding effects also depend on auditors' monetary incentives and on perceived costs of litigation.

Download or read book Corporate Governance and Institutional Investment written by Malik M. Hafeez and published by Universal-Publishers. This book was released on 2015-12-16 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance and Institutional Investment focuses on corporate governance and the legal nature of institutional investors in the corporate system. Its aim is to expose the complexity of the relationships that exist between companies on one side, and their shareholders, stakeholders, and monitors on the other. Various types of investors, including trusts and companies, are discussed, including how they function under different legal guidelines. The role of investment managers acting on the behalf of institutional investors is examined, as well as why fund managers overlook the corporate governance problems of their investee’s companies when they are performing well financially. This complexity is one of the main reasons why corporate scandals still occur, despite the existence of an extensive academic literature on corporate governance and the sustained efforts by the corporate community around the world. An analysis of how the monitoring role of institutional investors became effective in the light of company law and trusts is presented by using a comparative model involving the U.K., the U.S.A., Pakistan, and continental Europe. Financial scandals of the last decade such as Enron, Northern Rock, and the banking crisis are also examined. Finally, a review of regulatory approaches which rely upon formal rules and institutions backed by the state legal system, and non-regulatory approaches emphasizing the market mechanism and contractual arrangements, is included.

Download or read book The Sarbanes Oxley Act and the Making of Quack Corporate Governance written by Roberta Romano and published by . This book was released on 2018 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an evaluation of the substantive corporate governance mandates of the Sarbanes-Oxley Act of 2002 that is informed by the relevant empirical accounting and finance literature and the political dynamics that produced the mandates. The empirical literature provides a metric for evaluating the mandates' effectiveness, by facilitating identification of whether specific provisions can be most accurately characterized as efficacious reforms or as quack corporate governance. The learning of the literature, which was available when Congress was legislating, is that SOX's corporate governance provisions were ill-conceived. The political environment explains why Congress would enact legislation with such mismatched means and ends. SOX was enacted as emergency legislation amidst a free-falling stock market and media frenzy over corporate scandals shortly before the midterm congressional elections. The governance provisions, included toward the end of the legislative process in the Senate, were not a focus of any considered attention. Their inclusion stemmed from the interaction between election year politics and the Senate banking committee chairman's response to suggestions of policy entrepreneurs. The scholarly literature at odds with those individuals' recommendations was ignored, while the interest groups whose position was more consistent with the literature - the business community and accounting profession - had lost their credibility and become politically radioactive. The paper's conclusion is that SOX's corporate governance provisions should be stripped of their mandatory force and rendered optional. Other nations, such as the members of the European Union who have been revising their corporation codes, would be well advised to avoid Congress' policy blunder.

Download or read book Governing the Corporation written by Justin O'Brien and published by John Wiley & Sons. This book was released on 2005-11-01 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governing the Corporation is a unique forum combining the insights of some of the most influential minds involved in the governance of global financial markets with internationally recognised academics and practitioners. Divided into three sections, the book first examines changes to the regulation of markets and assesses the global implications of the export of Sarbanes-Oxley for financial sector governance. The second section examines the challenges facing the professions with critical analysis from leading lawyers and accountants. The final section calculates the effectiveness of state and self-regulatory policy and posits the importance of institutionalising an ethical framework tied to incentives. Each section of the book features contributions from regulators, practitioners and academics from a range of disciplines, including finance, political science, criminology, law and philosophy.