Corporate Governance. A Global Perspective.

The second edition of the highly acclaimed textbook "International Corporate Governance" is scheduled to be published by Cengage in March 2018. The new edition will follow the style and approach of the first edition, but its title will change to "Corporate Governance. A Global Perspective".

A new chapter on boards of directors has been added to the book. There has been extensive updating of the material throughout the book, reflecting advances in research on and practice in corporate governance. The table of contents (subject to change) of version two is as follows:

Part I – Introduction to Corporate Governance
Defining corporate governance and key theoretical modelsCorporate control across the worldControl versus ownership rightsPart II – Macro Corporate Governance
Taxonomies of corporate governance systemsCorporate governance, types of financial systems and economic growthCorporate governance regulation in an international contextPart III – Improving Corporate Gover…

The Impact of Board Gender Composition on Dividend Payouts

Academics have been devoting more and more attention to board gender diversity and its effects over the last two decades. However, most of that literature has a relatively narrow focus as it limits itself to studying the effects of female directors on firm performance and firm value as well as risk taking. Nevertheless, recent literature has adopted a much broader perspective by studying the impact of female directors on various aspects of corporate decision making. This literature tends to concur that female directors and managers have a significant influence on corporate decisions. For example, firms with female directors tend to focus more on corporate social responsibility (CSR) than firms with male directors only. Female directors are also less likely to downsize their workforce. They are also more likely to hire female top executives. Female directors also differ from their male colleagues in other ways: they tend to make fewer acquisitions and for those acquisitions they make …

International Corporate Governance – Translations

The highly acclaimed textbook International Corporate Governance has now been published in a Chinese translation by China Machine Press and a Greek translation by Diplographia. The Chinese version is available from Amazon China. The Greek version includes a comprehensive 65-page introduction on the Greek corporate governance system by Dr. Panagiotis Staikouras, Assistant Professor, University of Piraeus. 

The original English version was published by Pearson Education and is available in print as well as via Kindle and Vitalsource.

Endorsements on the back cover:

'An excellent textbook which truly stands out. It is better than any book on corporate governance that I have seen', Luc Renneboog, Tilburg University
'Marc Goergen's book on corporate governance is by far the best textbook that has been published on the topic. He has done a wonderful job of covering the topics from a global perspective and I strongly recommend it to all scholars and students with an interest in c…

The relationship between the CEO and the chairman of the board of directors

Elsewhere on this blog I have already argued that improving corporate governance is not as simple as increasing the number of independent, non-executive directors on the board. In some instances, increasing board independence may cause more harm than good as some firms may require friendlier boards, with an emphasis on providing advice rather than monitoring.

In a new study I have published in the Journal of Corporate Finance (the pre-publication version can be obtained from here) and which is co-authored with Peter Limbach and Meik Scholz from the Karlsruhe Institute of Technology, we find that the age difference between the CEO and the chairman of the board of directors also matters. We argue that greater age dissimilarity between the CEO and the chair is likely to increase cognitive conflict between the two, which likely results in more scrutinising by the chair of the decisions proposed  by the CEO. Such cognitive conflict is likely to be greatest when there is a generational gap,…

Why we need to rethink the UK's approach to corporate governance regulation

My keynote speech at the University of Sheffield UKIERI-CRAFiC Workshop on Financial Development and  Corporate Governance in Emerging Market Economies is available from here, I argue that the three pillars of UK corporate governance, i.e. boards of directors, institutional investors and the "comply or explain" approach, need to be revisited.

Approach adopted by "International Corporate Governance"

I had been toying for a long time with the idea of writing a textbook on corporate governance. However, it was only when I moved to Cardiff Business School and was asked to teach an entire course on corporate governance that I seriously started thinking about this. When I was designing the course I felt uneasy about adopting one of the existing textbooks. I found these to be very limited in terms of their scope and their view of corporate governance. Not only were these textbooks Anglo-centric, but they also limited corporate governance to accountability and compliance. My view is that corporate governance is much more than this.The main approach I took in my book is to study the conflicts of interests that corporations may suffer from. The book also adopts an international approach, comparing the advantages and drawbacks of the various systems of corporate governance across the world.
The book is organised into 5 different parts. Part I introduces corporate governance, reviews the t…

Corporate governance crossword