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

Geoffrey Owen, Tom Kirchmaier () and Jeremy Grant

Chapter 1 in Corporate Governance in the US and Europe, 2006, pp 1-20 from Palgrave Macmillan

Abstract: 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.

Keywords: Corporate Governance; Institutional Investor; Hedge Fund; Audit Committee; Stock Option (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51245-0_1

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DOI: 10.1057/9780230512450_1

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