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Corporate Governance, Accountability and Enterprise

Author

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  • H. Short
  • K. Keasey
  • A. Hull
  • M. Wright

Abstract

A system of corporate governance requires that a board of directors be accountable, while allowing the board to create wealth for the shareholders of the company. While recognising these twin objectives of a system of good corporate governance, the Cadbury Report's recommendations were directed towards issues of control and accountability. This has led to accusations that the emphasis on corporate accountability risks damaging the spirit of enterprise necessary for commercial and economic success. Given that the discussion concerning accountability and enterprise to date has been to a large degree anecdotal, the purpose of this paper is to offer a thorough review of the available evidence and arguments. In particular, the paper considers whether the present system of corporate governance operating in the UK, with its emphasis on market solutions and monitoring by non‐executive directors, allows the goals of accountability and enterprise to be jointly achieved. The paper concludes that a far greater understanding of the links between governance mechanisms and their effects on accountability and enterprise is required, in order to ensure that measures to increase accountability do not have unforeseen effects on the enterprise activities of the corporation.

Suggested Citation

  • H. Short & K. Keasey & A. Hull & M. Wright, 1998. "Corporate Governance, Accountability and Enterprise," Corporate Governance: An International Review, Wiley Blackwell, vol. 6(3), pages 151-165, July.
    • Handle: RePEc:bla:corgov:v:6:y:1998:i:3:p:151-165
    DOI: 10.1111/1467-8683.00100
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    Cited by:

    1. Daniel Johanson, 2008. "Corporate governance and board accounts: exploring a neglected interface between boards of directors and management," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 12(4), pages 343-380, November.
    2. David Hillier & Allan Hodgson & Peta Stevenson-Clarke & Suntharee Lhaopadchan, 2008. "Accounting Window Dressing and Template Regulation: A Case Study of the Australian Credit Union Industry," Journal of Business Ethics, Springer, vol. 83(3), pages 579-593, December.
    3. Shaker Zahra & Donald Neubaum & Lucia Naldi, 2007. "The Effects of Ownership and Governance on SMEs’ International Knowledge-based Resources," Small Business Economics, Springer, vol. 29(3), pages 309-327, October.
    4. M. Scholes & Mike Wright & Paul Westhead & Andrew Burrows & Hans Bruining, 2007. "Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms," Small Business Economics, Springer, vol. 29(3), pages 329-349, October.
    5. Olof Brunninge & Mattias Nordqvist & Johan Wiklund, 2007. "Corporate Governance and Strategic Change in SMEs: The Effects of Ownership, Board Composition and Top Management Teams," Small Business Economics, Springer, vol. 29(3), pages 295-308, October.
    6. Adel Elgharbawy & Magdy Abdel-Kader, 2013. "Enterprise governance and value-based management: a theoretical contingency framework," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(1), pages 99-129, February.
    7. Lorraine Uhlaner & Mike Wright & Morten Huse, 2007. "Private Firms and Corporate Governance: An Integrated Economic and Management Perspective," Small Business Economics, Springer, vol. 29(3), pages 225-241, October.

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