Corporate Governance Adrift: A Critique Of Shareholder Value by Michel Aglietta, Antoine Reberioux

By Michel Aglietta, Antoine Reberioux

Contemporary company governance scandals have dropped at the fore the inherent contradictions of a capitalism ruled through monetary markets. This not easy publication by way of Michel Aglietta and Antoine Rebérioux argues that capitalism’s simple premise - that businesses needs to be controlled within the sole curiosity in their shareholders - is incongruent with the present setting of liquid markets, profit-hungry traders and protracted monetary instability. The authors recommend quite corporation will be controlled as an establishment the place universal goals are built for all stakeholders, and that this democratic precept could be prolonged to the administration of collective mark downs to minimize macro-financial instability. those stipulations, they contend, can make modern capitalism a automobile for social growth. during this context, company Governance Adrift additionally analyzes the monetary scandals of the Enron period, going past the malfunctioning of the gatekeepers to emphasize the failure of shareholder price and the inadequacy of measures meant to avoid such scandals. This provocative and targeted quantity may be required studying for all students and researchers of business association and technique of the enterprise, finance and company governance. Policymakers, monetary commentators and people eager about enterprise also will locate this e-book of serious curiosity and cost.

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5. ‘Control through almost complete ownership’: these are entrepreneurial firms (in economic terms), for which the non-tradability of equity capital enables one individual or family to direct the company. ‘Majority control’: one or more shareholders possess a sufficiently large proportion of the equity capital to control the board of directors by legal means. ‘Control through a legal device without majority control’: a group of shareholders has real control of the company, without possessing a majority of the capital.

First, ICTs induce changes in the organization of firms because they affect, in particular, the coordination activities. They subsequently influence the structuring of markets in that they modify both inter-firm relations (competition and cooperation) and producer/consumer interfaces. ICT specificity is also of an economic order (Shapiro and Varian, 1999): it is now widely acknowledged that these goods are characterized by particularly strong scale and network effects. On the supply side, scale effects derive from the extreme rapidity of the circulation of information, achieved through digitizing and increasing the density of networks.

We have already described the downward movement of constant-quality prices 17 18 Corporate governance adrift specific to ICT. If this movement is ignored, we run the risk, for example, of underestimating the volume of ICT and therefore overestimating the productivity. US and French accounting systems use the hedonic price method to take into account the quality effect specific to ICT. In this ‘quality adjusted price’ evaluation method, the value of an investment is determined according to what can be produced with it, and not according to what was required to produce it (the ‘cost-based’ method).

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