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Corporate Governance in the US and Europe: Where Are We Now?

In: Corporate Governance in the US and Europe

Author

Listed:
  • Geoffrey Owen
  • Tom Kirchmaier
  • Jeremy Grant

Abstract

During the 1990s, and especially in the second half of that decade, the US economy markedly outperformed that of most European countries and Japan. While the reasons for the acceleration in US productivity growth are disputed, it was widely believed during those years that part of the explanation lay in the depth and vitality of US financial markets. The American financial system, it was thought, ensured that badly managed firms were reorganised or taken over, that entrepreneurs with promising projects had easy access to capital, and that resources were swiftly transferred from slow-growing to fast-growing sectors of the economy. The focus on shareholder value as the principal measure of a company’s performance was seen to be a powerful force for concentrating the minds of managers on making their businesses more efficient and more profitable.

Suggested Citation

  • Geoffrey Owen & Tom Kirchmaier & Jeremy Grant, 2006. "Corporate Governance in the US and Europe: Where Are We Now?," Palgrave Macmillan Books, in: Corporate Governance in the US and Europe, chapter 1, pages 1-20, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51245-0_1
    DOI: 10.1057/9780230512450_1
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    Cited by:

    1. Eugenio Zubeltzu-Jaka & Eduardo Ortas & Igor Álvarez-Etxeberria, 2019. "Independent Directors and Organizational Performance: New Evidence from A Meta-Analytic Regression Analysis," Sustainability, MDPI, vol. 11(24), pages 1-25, December.
    2. Eugenio Zubeltzu‐Jaka & Igor Álvarez‐Etxeberria & Eduardo Ortas, 2020. "The effect of the size of the board of directors on corporate social performance: A meta‐analytic approach," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(3), pages 1361-1374, May.

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