Corporate Governance Matters A Closer Look at Organizational Choices and Their Consequences

This is the most comprehensive and up-to-date reference for implementing and sustaining superior corporate governance. Stanford corporate governance experts David Larcker and Bryan Tayan carefully synthesize current academic and professional research, summarizing what is known and unknown, and where the evidence remains inconclusive.

Corporate Governance Matters, Second Edition reviews the field's newest research on issues including compensation, CEO labor markets, board structure, succession, risk, international governance, reporting, audit, institutional and activist investors, governance ratings, and much more. Larcker and Tayan offer models and frameworks demonstrating how the components of governance fit together, with updated examples and scenarios illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to "get the story straight," and to provide useful tools for making better, more informed decisions.

This edition presents new or expanded coverage of key issues ranging from risk management and shareholder activism to alternative corporate governance structures. It also adds new examples, scenarios, and classroom elements, making this text even more useful in academic settings. For all directors, business leaders, public policymakers, investors, stakeholders, and MBA faculty and students concerned with effective corporate governance.

DAVID LARCKER (San Francisco Bay Area, CA) is James Irvin Miller Professor of Accounting at the Graduate School of Business of Stanford University; Director of the Corporate Governance Research Program; Senior Faculty, Arthur and Toni Rembe Rock Center for Corporate Governance. His research focuses on executive compensation, corporate governance, and managerial accounting. He has published many research papers and is frequently quoted in both the popular and business press. He received his BS and MS in engineering from the University of Missouri-Rolla and his PhD in business from the University of Kansas. He previously was on the faculty of the Kellogg Graduate School of Management at Northwestern University and The Wharton School at the University of Pennsylvania. He presently serves on the Board of Trustees for the Wells Fargo Advantage Funds.

BRIAN TAYAN (San Francisco Bay Area, CA) is a member of the Corporate Governance Research Program at the Stanford Graduate School of Business. He has written broadly on the subject of corporate governance, including case studies and other materials on boards of directors, succession planning, executive compensation, financial accounting, and shareholder relations. Previously, he worked as a financial analyst at Stanford University's Office of the CEO and as an investment associate at UBS Private Wealth Management. He received his MBA from the Stanford Graduate School of Business and his BA from Princeton University.

1. Introduction to Corporate Governance

2. International Corporate Governance

3. Board of Directors: Duties and Liability

4. Board of Directors: Selection, Compensation, and Removal

5. Board of Directors: Structure and Consequences

6. Organizational Strategy, Business Models, and Risk Management

7. Labor Market for Executives and CEO Succession Planning

8. Executive Compensation and Incentives

9. Executive Equity Ownership

10. Financial Reporting and External Audit

11. The Market for Corporate Control

12. Institutional Shareholders and Activist Investors

13. Corporate Governance Ratings

14. Summary and Conclusions

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