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Corporate Governance and the Financial Crisis

In: Global Asset Management

Author

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  • Steen Thomsen

    (Copenhagen Business School (CBS))

Abstract

The financial crisis of 2007–2009 which devastated global capital management is often partly attributed to bad corporate governance. For example, the OECD Steering Committee on Corporate Governance argues that ‘the financial crisis can to an important extent be attributed to failures and weaknesses in corporate governance’ (Kirkpatrick, 2009). The standard story appears to be that weak boards tolerated the rise of a culture of greed and excessive pay, which led financial executives to take the risks that ultimately caused the financial crisis (see for instance Obama, 2009). In this chapter I examine the rationale for this assertion.

Suggested Citation

  • Steen Thomsen, 2013. "Corporate Governance and the Financial Crisis," Palgrave Macmillan Books, in: Michael Pinedo & Ingo Walter (ed.), Global Asset Management, chapter 13, pages 235-246, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-32887-8_13
    DOI: 10.1057/9781137328878_13
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    Cited by:

    1. Olga V. Khmyz, 2024. "Sustainable Investments and Divestments by Global Institutional Investors," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 96-108, February.

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