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Analysis of Corporate Governance by Monks, Robert & Minow, Nell - Article Example

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This article discusses an analysis of corporate governance in companies, makes cheaper debt accessible, and outperform the company’s competitors. The writer of this article focuses on successful cases in developing countries whereby, the levels of poverty fell down drastically…
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Analysis of Corporate Governance by Monks, Robert & Minow, Nell
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Download file to see previous pages As a result, the managers strengthened the company’s governance by ensuring that their imperative efforts focused on their judicial systems reforms, property rights, and informational freedom as well as evaluating other institutions that were vital for realizing democratic market economies. In addition, Banca Comerciala Romana of Romania experienced successful cases of good corporate governance in 2004. Due to itemized corporate governance, the institution was able to access cheaper debt that made it possible for the bank and its affiliate rating agencies to access lower borrowing costs. Fitch Ratings upgraded both individual ratings and long-term counterparty ratings from C/D and BB- to D and B+ respectively. The company cited the upgrading of the ratings came because of the improvement of corporate governance. They were able to manage the bank’s risks that led to changes that brought the bank back to European Union standards hence acting as a role model for the other financial institutions in the region. Furthermore, good corporate governance brings success in companies since it helps facilitate profit-making operations. With good corporate governance, investors will not just assume whether the company will perform better, but knows it will perform best due to better corporate governance (Monks & Minow, 63).  
According to the study, the companies transformed due to affirmed systems of good corporate governance. The refining and developing of standards of corporate governance often followed cases of failures within the subjugated company. For instance, in the late 1990s, there were bursts of high technology bubbles associated with telecommunication companies. As a result, there was the development of interests by both brokers and analysts that led to conflicts, underpinning the ability to introduce the principle that would bring advice and analysis into the new system of corporate governance. Enron is one of the companies that felt the heat of failed corporate governance as it pointed the source of its failures to the auditing committee. The auditor and audit committee was an independent body thus mistakes involved during corporate governance application led to deficiencies due to failed accounting standards. Enron’s system of corporate governance failed due to lack of advice and analysis principles. Another failed case of corporate governance is that of Parmalat. The Parmalat is a group of companies in Italy that deals with dairy food business worldwide. In December 2003, the company’s management team announced the collapse of the company due to lack of funds and entered into the bankruptcy protection program.   ...Download file to see next pagesRead More
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