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Banks and Corporate Governance in the USA - Research Proposal Example

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In the paper “Banks and Corporate Governance in the USA” the author provides the research on corporate governance, which spans fields such as corporate finance, industrial organization, and the theory of the firm and that much of the underlying framework comes from agency theory…
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Banks and Corporate Governance in the USA
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Download file to see previous pages Also, corporate governance was catapulted to the center of international development agenda in the aftermath of the East Asian financial crisis of the late 1990s as well as the emergence of increased privatization and financial market liberalization. There is also the contribution of the high-profile corporate failures, frauds, and scandals, such as Enron, WorldCom, and Royal Ahold, that prompted the World Bank and the world governments to increasingly attend to the corporate behavior, management and policies. Since then, corporate governance has progressively expanded and certainly is gaining its momentum.
In October 1998, the World Bank introduced the initial raft of measures to improve corporate governance across the globe. This initiative involved expert and technical assistance, knowledge sharing, and loans tied to governance reform. The then UK Chancellor Gordon Brown suggested that the Bank adopt the OECD governance principle and subsequently made similar calls on the members of the Commonwealth. The OECD corporate governance framework typically comprises elements of the legislation, regulation, self-regulatory arrangements, voluntary commitments and business practices that are the result of a country’s specific circumstances, history, and tradition. Brown’s advocacy led to the founding of the Global Corporate Governance Forum under a Memorandum of Understanding signed by the World Bank President James Wolfensohn and OECD Secretary-General Donald Johnston in June 1999, wherein cooperation was established in regard to promoting the OECD principles on the international stage. Today, the World Bank’s corporate governance activities focus on: the rights of shareholders; the equitable treatment of shareholders; the treatment of stakeholders; disclosure and transparency; and, the duties of board members. It is clear from these activities that the Bank’s approach is anchored mostly on the OECD Principles. ...Download file to see next pagesRead More
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