Corporate Governance: A Synthesis of Theory, Research, and Practice -- Contents -- Acknowledgments -- Part One: Background and Perspectives on Corporate Governance -- Chapter 1: An Overview of Corporate Governance -- INTRODUCTION -- STRUCTURE OF THE BOOK -- SUMMARY AND CONCLUSIONS -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 2: The Financial Determinants of American Corporate Governance: A Brief History -- INTRODUCTION -- CORPORATE GOVERNANCE IN THE AGE OF TRUSTS -- FROM CRASH TO CRASH: INTERNAL FINANCE AND THE AGE OF MANAGERIALISM -- TO MARKET -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 3: Corporate Governance Systems -- INTRODUCTION -- TAXONOMIES OF CORPORATE GOVERNANCE SYSTEMS -- EMPIRICAL EVIDENCE ON CORPORATE GOVERNANCE SYSTEMS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 4: Corporate Governance Best Practices -- INTRODUCTION -- PURPOSE OF CORPORATE GOVERNANCE -- NEW CONTEXT FOR CORPORATE GOVERNANCE -- ANALYSIS -- EXAMPLES OF CORPORATE GOVERNANCE INNOVATIONS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 5: What's Wrong with Corporate Governance Best Practices? -- INTRODUCTION -- EVOLUTION OF CORPORATE CONCEPTS -- IMPOSSIBILITY OF AUDIT INDEPENDENCE -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 6: The Effect of Corporate Governance on Performance -- INTRODUCTION -- GOVERNANCE MECHANISMS AND FIRM PERFORMANCE -- AGGREGATED MEASURES OF CORPORATE GOVERNANCE: GOVERNANCE INDEXES -- IS THERE A RELATIONSHIP BETWEEN GOVERNANCE QUALITY AND PERFORMANCE? -- CORPORATE GOVERNANCE AND DISCIPLINARY MANAGEMENT TURNOVER AFTER POOR PERFORMANCE -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS.

Chapter 7: International Corporate Governance Research -- INTRODUCTION -- INFLUENCE OF LEGAL, POLITICAL, AND CULTURAL FACTORS ON COUNTRY-LEVEL GOVERNANCE -- CORPORATE GOVERNANCE AT THE FIRM LEVEL -- THE EVOLUTION OF COUNTRY GOVERNANCE SYSTEMS -- THE FUTURE OF CORPORATE GOVERNANCE -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 8: Agency Theory: Incomplete Contracting and Ownership Structure -- INTRODUCTION -- AGENCY COSTS IN WIDELY HELD CORPORATIONS -- SOURCES OF AGENCY CONFLICTS -- OWNERSHIP STRUCTURES AND TYPE II AGENCY COSTS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 9: Theories and Models of Corporate Governance -- INTRODUCTION -- ARTIFICIAL ENTITY THEORY -- AGGREGATION THEORY -- MANAGERIAL POWER IN CORPORATE THEORY I: THE FIDUCIARY MODEL -- MANAGERIAL POWER IN CORPORATE THEORY II: MANAGERIALISM -- CONTRACTARIANISM -- POST-CONTRACTARIAN DIRECTIONS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- CASE LAW -- ABOUT THE AUTHOR -- Chapter 10: Unfettered Agents? The Role of Ethics in Corporate Governance -- INTRODUCTION -- CORPORATE GOVERNANCE IN THEORY -- ETHICS IN CORPORATE GOVERNANCE -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Part Two: Internal Governance -- Chapter 11: Board Composition and Organization Issues -- INTRODUCTION -- ANATOMY OF A CORPORATE BOARD -- BOARD INDEPENDENCE -- BOARD LEADERSHIP -- BOARD COMMITTEES -- BOARD OPERATIONS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 12: Board Diversity -- INTRODUCTION -- BOARD DIVERSITY, ECONOMIC THEORY, AND MANAGEMENT THEORIES -- BENEFITS AND COSTS OF DIVERSITY -- A SELECTIVE OVERVIEW OF THE EMPIRICAL LITERATURE ON BOARD DIVERSITY -- GENDER DIVERSITY IN THE BOARDROOM.

SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 13: Board Subcommittees for Corporate Governance -- INTRODUCTION -- IMPORTANCE OF BOARD SUBCOMMITTEES -- AUDIT COMMITTEE -- COMPENSATION COMMITTEE -- NOMINATING COMMITTEE -- OTHER BOARD STANDING COMMITTEES -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 14: Executive Compensation: Incentives and Externalities -- INTRODUCTION -- PAY COMPONENTS AND INCENTIVES -- LEVEL AND MIX: AN INTERNATIONAL COMPARISON -- INCENTIVES -- EXTERNALITIES -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 15: Compensation Consultants and Executive Pay -- INTRODUCTION -- COMPENSATION CONSULTANTS -- LITERATURE REVIEW -- CONSULTANTS AND CEO PAY: UK EVIDENCE -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 16: Corporate Governance and Ownership Structure -- INTRODUCTION -- MANAGERIAL SHARE OWNERSHIP AND CORPORATE VALUE: THEORETICAL CONSIDERATIONS -- MANAGERIAL SHARE OWNERSHIP AND CORPORATE VALUE: EMPIRICAL CONSIDERATIONS -- CHANGES IN OWNERSHIP STRUCTURE AND CHANGES IN CORPORATE VALUE -- BLOCK SHAREHOLDERS, INSTITUTIONAL SHAREHOLDERS, AND FAMILY SHAREHOLDERS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 17: The Effects of Management Turnover on Firm Performance -- INTRODUCTION -- EARLY RESEARCH -- MORE RECENT EVIDENCE AND THE CURRENT STATE OF THE LITERATURE -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Part Three: External Governance -- Chapter 18: Corporate Monitoring by Blockholders -- INTRODUCTION -- CONJECTURES AND RELATED LITERATURE -- DATA AND METHODOLOGY -- STYLIZED FACTS -- DISCUSSION OF RESULTS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS.

REFERENCES -- ABOUT THE AUTHORS -- Chapter 19: The Governance of Family Firms -- INTRODUCTION -- WHY FAMILY FIRMS? -- WHAT IS A FAMILY FIRM? -- OWNERSHIP AND CONTROL: FAMILY AND NONFAMILY BLOCKHOLDERS -- INSIDE THE FAMILY FIRM: FAMILY INFLUENCE AND INTERGENERATIONAL ISSUES -- FAMILY FIRMS AND RESEARCH DESIGN -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 20: Institutional and Other Shareholders -- INTRODUCTION -- WHO ARE INSTITUTIONAL SHAREHOLDERS? -- GROWTH IN INSTITUTIONAL SHAREHOLDERS -- CORPORATE GOVERNANCE AND INSTITUTIONAL INVESTORS -- INSTITUTIONAL INVESTOR REPRESENTATIVE GROUPS -- TOOLS OF GOVERNANCE -- INSTITUTIONAL INVESTOR EXAMPLES -- HOT ISSUES -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 21: The Politics of Shareholder Activism -- INTRODUCTION -- ISSUES IN SHAREHOLDER ACTIVISM -- DIMENSIONS OF SHAREHOLDER POLITICS -- SHAREHOLDER POLITICS AND MARKETS -- POWER AND POLITICS BETWEEN SHAREHOLDERS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 22: Executive Behavior: A Creditor Perspective on Managerial Ownership -- INTRODUCTION -- DEBTHOLDERS: ANOTHER STAKEHOLDER IN THE FIRM -- METHOD -- RESULTS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 23: Governance of Banking Institutions -- INTRODUCTION -- LEGAL AND REGULATORY INFLUENCES ON GOVERNANCE -- BANK BOARDS -- BANK OWNERSHIP -- EXECUTIVE COMPENSATION -- SUMMARY AND CONCLUSION -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 24: Corporate Governance: Nonequity Stakeholders -- INTRODUCTION -- RATIONAL-INCENTIVES APPROACHES -- SOCIOECONOMIC ALTERNATIVES -- DATA AND METHODOLOGY -- EMPIRICAL EVIDENCE -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES.

ABOUT THE AUTHORS -- Chapter 25: Proxy Contests -- INTRODUCTION -- THE MECHANICS OF PROXY CONTESTS -- EMPIRICAL EVIDENCE ON PROXY CONTESTS -- THE CURRENT ROLE OF PROXY CONTESTS IN CORPORATE GOVERNANCE -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 26: Corporate Takeovers and Restructurings -- INTRODUCTION -- TAKEOVERS: MERGERS AND ACQUISITIONS -- SUBSIDIARY SALES, SPIN-OFFS, EQUITY CARVE-OUTS, AND TARGETED STOCK -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 27: Corporate Takeovers and Wealth Creation -- INTRODUCTION -- TAKEOVER PROFITABILITY: TAKEOVER VALUE AND ITS DETERMINANTS -- DATA SOURCES AND METHODOLOGY -- MARKET REACTION TO TAKEOVER ANNOUNCEMENTS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 28: Corporate Governance and Accountability -- INTRODUCTION -- SOURCES OF CORPORATE GOVERNANCE STANDARDS -- FEDERAL OVERSIGHT OF FINANCIAL REPORTING -- PROSPECTIVE REFORMS -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 29: Corporate Governance Rules and Guidelines -- INTRODUCTION -- CORPORATE GOVERNANCE RULES -- CORPORATE GOVERNANCE DRIVERS -- THE SARBANES-OXLEY ACT OF 2002 AND CORPORATE GOVERNANCE -- CONVERGENCE IN GOVERNANCE RULES -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- Chapter 30: Economics Aspects of Corporate Governance and Regulation -- INTRODUCTION -- THE REASONS FOR CORPORATE GOVERNANCE AND REGULATION -- EMPIRICAL EVIDENCE ON CORPORATE GOVERNANCE AND REGULATION -- LIMITS OF EMPIRICAL STUDIES ON CORPORATE GOVERNANCE AND REGULATION -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- Part Four: Answers to Chapter Discussion Questions.

Chapter 2 The Financial Determinants of American Corporate Governance: A Brief History.