Corporate Governance, West and East: A Synthesis of the EU Framework in the Perspective of Enlargement

1998 ◽  
pp. 199-216 ◽  
Author(s):  
Karel Lannoo
Keyword(s):  
Corporate Governance ◽  
The Eu

scholarly journals Comparative Models of Capitalism in the Areas of Financial System and Corporate Governance – the Diversity of Capitalism Approach Perspective

2016 ◽  
Vol 52 (1) ◽  
pp. 59-76
Author(s):  
Paweł Pisany
Keyword(s):  
Game Theory ◽  
Corporate Governance ◽  
Financial Systems ◽  
Financial Reforms ◽  
Institutional Complementarity ◽  
Capital Markets Union ◽  
Theory Application ◽  
The Eu ◽  
Regulatory Challenges

Abstract This article presents and assesses the methodology and results of a comparative analysis conducted by Bruno Amable in financial systems and corporate governance in the context of current policy and regulatory challenges. The article, which is based on a literature review and game theory examples, first describes and evaluates the methodology and final classification given by Amable. The role of Amable’s core concept; namely, institutional complementarity, is underlined. A game theory application in comparative institutional studies is then presented, including the author’s own “institutional game.” Finally, we assess Amable’s achievements in financial systems and corporate governance, concluding that they are valuable, innovative and useful despite some (perhaps justified) criticisms of the framework Amable used. In particular, the value of introducing institutional complementarity into comparative studies should not be underestimated. The analysis presented here suggests that Amable’s methodology may also be applicable when designing current financial reforms in the EU, especially European Capital Markets Union (CMU), because it can broaden policy maker’s horizons and promote consistent solutions.

scholarly journals Will the EU Taxonomy Regulation Foster Sustainable Corporate Governance?

2021 ◽  
Vol 13 (21) ◽  
pp. 12316
Author(s):  
Alessio M. Pacces
Keyword(s):  
Corporate Governance ◽  
Environmental Sustainability ◽  
Institutional Investors ◽  
Law And Economics ◽  
Securities Regulation ◽  
Environmentally Sustainable ◽  
Financial Products ◽  
Principal Agent Problem ◽  
Sustainability Disclosure ◽  
The Eu

EU securities regulation has established a taxonomy of environmentally sustainable activities. This article discusses, from a law and economics standpoint, the potential of this taxonomy to support sustainable corporate governance. Corporate governance can be an efficient way to channel investor preferences towards sustainability because the concentration of institutional shareholding has lowered the transaction costs of shareholder action. However, there is a principal-agent problem between institutional investors and their beneficiaries, which depends on greenwashing and undermines sustainable corporate governance. This article argues that introducing environmental sustainability into EU mandatory disclosure aligns the institutional investors’ incentives with the interest of their beneficiaries and may foster the efficient inclusion of sustainability in corporate governance. The argument is threefold. Firstly, the EU taxonomy may curb greenwashing by standardizing the disclosure of environmental sustainability. Secondly, this information may become salient for the beneficiaries as the same standards define the sustainability preferences to be considered in recommending and marketing financial products. Thirdly, sustainability disclosure prompts institutional investors to compete for sustainability-minded beneficiaries. Being unable to avoid unsustainable companies altogether, institutional investors are expected to cater to beneficiaries’ preferences for environmental sustainability using voice instead of an exit.

scholarly journals The Role of Bank Management in the EU Resolution Regime for NPLs

2020 ◽  
Vol 6 (2) ◽  
pp. 204-232
Author(s):  
Andreas Kokkinis ◽  
Andrea Miglionico
Keyword(s):  
Corporate Governance ◽  
Global Financial Crisis ◽  
Regulatory Oversight ◽  
Bank Management ◽  
Monitoring Tools ◽  
Perverse Incentives ◽  
Regulatory Measures ◽  
The Global Financial Crisis ◽  
The Eu

ABSTRACT During the global financial crisis, the growth of non-performing loans (NPLs) was partly a consequence of lack of regulatory oversight and poor bank internal processes. NPLs require intrusive monitoring tools and effective corporate governance is crucial in dealing with the deterioration of loans; however, perverse incentives to delay their recognition leave the process at risk. The EU legislation has adopted a set of regulatory measures to resolve and restructure non-performing exposures. While existing literature approaches NPLs from a regulatory and accounting perspective, this article takes a distinctive corporate governance view in order to conceptualize the NPL problem. The strategies through which senior management and shareholder incentives may undermine regulatory objectives on NPL disclosure are identified and an evidence-based approach to reconsidering and settling these problems is advanced.

Recent Developments of Corporate Governance in the European Union and their Impact on the German Legal System

2004 ◽  
Vol 5 (10) ◽  
pp. 1275-1294
Author(s):  
Athanasios Kouloridas ◽  
Jens von Lackum
Keyword(s):  
Corporate Governance ◽  
Action Plan ◽  
Company Law ◽  
Public Consultation ◽  
Public Confidence ◽  
The European Union ◽  
Legal Form ◽  
Recent Developments ◽  
Set Up ◽  
The Eu

The collapses of several US-businesses like those of Enron and Worldcom and a number of scandals in the EU – in the recent past that of Parmalat – have strongly affected public confidence in the operation and governance of large entities trading their shares in organized capital markets. The European Commission reacted by issuing the Action Plan on Modernizing Company Law and Enhancing Corporate Governance in the EU on 21 May 2003. The Action Plan contains measures which the Commission wants to implement over the short term (until 2005), medium term (until 2008) and long term (until 2010). The key issues set up in the Action Plan concern corporate governance, capital maintenance, recapitalization as well as decreasing capital, groups of companies, international corporate restructuring and the introduction of a new legal form of incorporation. The fact that the big rating agencies have begun to rate the corporate governance performances of major companies, can well be seen as a further indicator that good corporate governance has an important concern for managers, shareholders and for policy makers. As part of the Action Plan, the Commission has recently launched consultations on board responsibilities and improving financial and corporate governance information, on directors’ remuneration and on the role of (independent) non-executive or supervisory directors. In the light of these recent consultations and the results of the public consultation on the Action Plan, this Article offers an overview and assessment of the corporate governance measures planned at Community level.

Executive Pay: Convergence in Law and Practice Across the EU Corporate Governance Faultline

2004 ◽  
Vol 4 (2) ◽  
pp. 243-306 ◽  
Author(s):  
Guido Ferrarini ◽  
Niamh Moloney ◽  
Cristina Vespro
Keyword(s):  
Corporate Governance ◽  
Executive Pay ◽  
Convergence In Law ◽  
The Eu
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