Corporate Governance and the Financial Crisis

Steen Thomsen ()
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Steen Thomsen: Copenhagen Business School (CBS)

Chapter 13 in Global Asset Management, 2013, pp 235-246 from Palgrave Macmillan

Abstract: 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.

Keywords: Corporate Governance; Financial Crisis; Financial Institution; Hedge Fund; Agency Problem (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-32887-8_13

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DOI: 10.1057/9781137328878_13

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