IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-4039-4688-1_1.html
   My bibliography  Save this book chapter

Introduction and Summary

In: The Recurrent Crisis in Corporate Governance

Author

Listed:
  • Ira M. Millstein
  • Paul W. MacAvoy

Abstract

With fits and starts, the current governance crisis has been 30 years in the making. The decline in performance of the over-diversified, overstaffed corporation in the 1980s was marked, and blamed on management that was essentially ungoverned. A round of firings of management followed, accompanied by the creation of independent, active boards of directors. Governance reform was thought to be evolving in the late 1990s as the American corporation forged ahead in efficiency and earnings performance with strong response in stock price appreciation. No more was the imperial Chief Executive Officer (CEO) to be criticized for ignoring the rightful returns of investors; but the scandals of Enron and others, and the bursting of the bubble in stock prices of Internet, telecom and energy company shares, has caused those of us involved with the corporate enterprise to take another look. While we thought governance had reached an enviable pinnacle of excellence, at least in form, we came to realize that it had not, in substance. Substantive governance simply had not followed structural reforms.

Suggested Citation

  • Ira M. Millstein & Paul W. MacAvoy, 2003. "Introduction and Summary," Palgrave Macmillan Books, in: The Recurrent Crisis in Corporate Governance, chapter 1, pages 1-5, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-4688-1_1
    DOI: 10.1057/9781403946881_1
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    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:pal:palchp:978-1-4039-4688-1_1. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    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.