IDEAS home Printed from https://ideas.repec.org/a/sgm/pzwzuw/v9i31y2011p233-256.html
   My bibliography  Save this article

Financial crisis and corporate governance (Kryzys finansowy a nadzor korporacyjny)

Author

Listed:
  • Adam Samborski

    (Katedra Zarzadzania Przedsiebiorstwem, Uniwersytet Ekonomiczny w Katowicach)

Abstract

In the last two decades, the world has experienced a dramatic expansion of financial markets and a crisis. In this text, author identified causes of the financial crisis, arguing that its sources should be partly ascribed to the low efficiency of corporate governance in individual companies. Those areas of corporate governance that need improvement were highlighted, and, in particular, seeing how the OECD Principles of Corporate Governance might help or, indeed, how they could be improved in the light of recent experiences. Attention was drawn to the four elements that require change in the first place: remuneration, risk management, the role of the board as an effective monitor (particularly in the activities like risk management and remuneration), and the structure of the board, and then the role of shareholders rights.

Suggested Citation

  • Adam Samborski, 2011. "Financial crisis and corporate governance (Kryzys finansowy a nadzor korporacyjny)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 9(31), pages 233-256.
  • Handle: RePEc:sgm:pzwzuw:v:9:i:31:y:2011:p:233-256
    as

    Download full text from publisher

    File URL: http://pz.wz.uw.edu.pl/sites/default/files/artykuly/pz_1_2011_samborski.pdf
    Download Restriction: no

    File URL: http://pz.wz.uw.edu.pl/en
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Conyon, Martin J & Murphy, Kevin J, 2000. "The Prince and the Pauper? CEO Pay in the United States and United Kingdom," Economic Journal, Royal Economic Society, vol. 110(467), pages 640-671, November.
    2. SARCHIZIAN Sergiu, 2010. "How Can We Measure the Corporate Governance ?," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 168-172, May.
    3. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    4. Marc Goergen & Christine A. Mallin & Eve Mitleton-Kelly & Ahmed Al-Hawamdeh & Iris H-Y Chiu, 2010. "Corporate Governance and Complexity Theory," Books, Edward Elgar Publishing, number 13927.
    5. Zhaoxia Li, 2010. "China's Corporate Governance," Chinese Economy, Taylor & Francis Journals, vol. 43(3), pages 77-102, May.
    6. Roe, Mark J., 1990. "Political and legal restraints on ownership and control of public companies," Journal of Financial Economics, Elsevier, vol. 27(1), pages 7-41, September.
    7. Julian Franks & Colin Mayer, 1997. "Corporate Ownership And Control In The U.K., Germany, And France," Journal of Applied Corporate Finance, Morgan Stanley, vol. 9(4), pages 30-45, January.
    8. Sarchizian Sergiu, 2010. "International Corporate Governance in Globalisation Context," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 705-708, October.
    9. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-264, April.
    10. Colin Mayer, 1996. "Corporate Governance, Competition and Performance," OECD Economics Department Working Papers 164, OECD Publishing.
    11. Kim, In Joon & Eppler-Kim, Jiyeon & Kim, Wi Saeng & Byun, Suk Joon, 2010. "Foreign investors and corporate governance in Korea," Pacific-Basin Finance Journal, Elsevier, vol. 18(4), pages 390-402, September.
    12. Grant Kirkpatrick, 2009. "The corporate governance lessons from the financial crisis," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2009(1), pages 61-87.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. John Armour & B.R. Cheffins & D.A. Skeel Jr., 2002. "Corporate Ownership Structure and the Evolution of Bankruptcy Law in the US and UK," Working Papers wp226, Centre for Business Research, University of Cambridge.
    2. Gulamhussen, Mohamed Azzim & Santa, Sílvia Fonte, 2015. "Female directors in bank boardrooms and their influence on performance and risk-taking," Global Finance Journal, Elsevier, vol. 28(C), pages 10-23.
    3. Otten, J.A. & Heugens, P.P.M.A.R., 2007. "Extending the Managerial Power Theory of Executive Pay: A Cross National Test," ERIM Report Series Research in Management ERS-2007-090-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    4. Hristos Doucouliagos & Janto Haman & T.D. Stanley, 2012. "Pay for Performance and Corporate Governance Reform," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 51(3), pages 670-703, July.
    5. Yacine Belghitar & Ephraim A. Clark, 2012. "The Effect of CEO Risk Appetite on Firm Volatility: An Empirical Analysis of Financial Firms☆," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 19(2), pages 195-211, July.
    6. De Regge, Melissa & Eeckloo, Kristof, 2020. "Balancing hospital governance: A systematic review of 15 years of empirical research," Social Science & Medicine, Elsevier, vol. 262(C).
    7. Alves, Paulo & Couto, Eduardo Barbosa & Francisco, Paulo Morais, 2016. "Executive pay and performance in Portuguese listed companies," Research in International Business and Finance, Elsevier, vol. 37(C), pages 184-195.
    8. Igor Filatotchev & Tomasz Mickiewicz, 2001. "Ownership Concentration, 'Private Benefits of Control' and Debt Financing," UCL SSEES Economics and Business working paper series 4, UCL School of Slavonic and East European Studies (SSEES).
    9. Lee, Janet, 2009. "Executive performance-based remuneration, performance change and board structures," The International Journal of Accounting, Elsevier, vol. 44(2), pages 138-162, June.
    10. Melis, Andrea & Gaia, Silvia & Carta, Silvia, 2015. "Directors' remuneration: A comparison of Italian and UK non-financial listed firms' disclosure," The British Accounting Review, Elsevier, vol. 47(1), pages 66-84.
    11. Pyung Kyung Kang & Yoo Chan Kim & Dan Palmon, 2020. "Client’s Bargaining Power and Audit Negotiation over Earnings: Evidence from Audit Processes in a Business Groups Environment," Group Decision and Negotiation, Springer, vol. 29(6), pages 1207-1238, December.
    12. Hu, Fang & Pan, Xiaofei & Tian, Gary, 2013. "Does CEO pay dispersion matter in an emerging market? Evidence from China's listed firms," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 235-255.
    13. Krista B. Lewellyn & Maureen I. Muller-Kahle, 2016. "The configurational effects of board monitoring and the institutional environment on CEO compensation: a country-level fuzzy-set analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(4), pages 729-757, December.
    14. Mallin, Chris & Melis, Andrea & Gaia, Silvia, 2015. "The remuneration of independent directors in the UK and Italy: An empirical analysis based on agency theory," International Business Review, Elsevier, vol. 24(2), pages 175-186.
    15. Calcagno, R. & Renneboog, L.D.R., 2004. "Capital Structure and Managerial Compensation : The Effects of Renumeration Seniority," Discussion Paper 2004-120, Tilburg University, Center for Economic Research.
    16. Kuang, Yu Flora & Qin, Bo, 2009. "Performance-vested stock options and interest alignment," The British Accounting Review, Elsevier, vol. 41(1), pages 46-61.
    17. Goergen, Marc & Manjon, Miguel C. & Renneboog, Luc, 2008. "Recent developments in German corporate governance," International Review of Law and Economics, Elsevier, vol. 28(3), pages 175-193, September.
    18. Ferrell, Allen & Liang, Hao & Renneboog, Luc, 2016. "Socially responsible firms," Journal of Financial Economics, Elsevier, vol. 122(3), pages 585-606.
    19. Randall S. Kroszner & Philip E. Strahan, 1999. "Bankers on Boards: Monitoring, Conflicts of Interest, and Lender Liability," NBER Working Papers 7319, National Bureau of Economic Research, Inc.
    20. Yusuf, Fatima & Yousaf, Amna & Saeed, Abubakr, 2018. "Rethinking agency theory in developing countries: A case study of Pakistan," Accounting forum, Elsevier, vol. 42(4), pages 281-292.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sgm:pzwzuw:v:9:i:31:y:2011:p:233-256. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/somuwpl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.