Corporate Governance and the Global Financial

Over the last two decades there has been a notable increase in the number of corporate governance codes and principles, as well as a range of improvements in structures and mechanisms. Despite this, corporate governance failed to prevent a widespread default of fiduciary duties of corporate boards and managerial responsibilities in the finance industry, which contributed to the 20072010 global financial crisis. This book brings together leading scholars from North America, Europe, Asia-Pacific and the Middle East to provide fresh and critical analytical insights on the systemic failures of corporate governance linked to the global financial crisis. Contributors draw from a range of disciplines to demonstrate the severe limitations of the dominant corporate governance framework and its associated market-oriented approach. They provide suggestions on how the governance problems could be tackled to prevent or mitigate any future financial crisis and explore new directions for post-crisis corporate governance research and reforms.

William Sun is Leader of the Corporate Governance and Sustainability Research Group (CGSRG) at Leeds Metropolitan University. Jim Stewart is Running Stream Professor in Leadership and HR and Director of the Human Resource Development and Leadership Unit at Leeds Metropolitan University. David Pollard is Reader in Enterprise and Knowledge Management at Leeds Metropolitan University.

List of figures	p. viii
List of tables	p. ix
List of contributors	p. x
Acknowledgements	p. xiii
Introduction: rethinking corporate governance û lessons from the global financial crisis	p. 1
The failure of the market approach to corporate governance	p. 23
Introduction to Part I	p. 25
Corporate governance causes of the global financial crisis	p. 28
The failure of corporate governance and the limits of law: British banks and the global financial crisis	p. 50
Where was the 'market for corporate control' when we needed it?	p. 75
Information asymmetry and information failure: disclosure problems in complex financial markets	p. 95
Finance, governance and management: lessons to be learned from the current crisis	p. 113
Ownership, internal control and risk management: the roles of institutional shareholders and boards	p. 129
Introduction to Part II	p. 131
A review of corporate governance in UK banks and other financial industry entities: the role of institutional shareholders	p. 134
Ownership structure and shareholder engagement: reflections on the role of institutional shareholders in the financial crisis	p. 144
Board challenges 2009	p. 165
Do independent boards effectively monitor management? Evidence from Japan during the financial crisis	p. 188
Risk management in corporate law and corporate governance	p. 215
Post-crisis corporate governance: the search for new directions	p. 243
Introduction to Part III	p. 245
Corporate governance, capital market regulation and the challenge of disembedded markets	p. 248
The focus of regulatory reforms in Europe after the global financial crisis: from corporate to contract governance	p. 284
The Great Recession's impact on global corporate governance	p. 312
Corporate governance in the Islamic finance industry and mitigation of risks post the global financial crises	p. 348
A holistic approach to corporate governance: lessons from the financial crisis and the way forward	p. 365
Index	p. 389
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Corporate Governance and the Global Financial Crisis

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