Unconventional ownership and corporate governance models: impacts on best practice standards
The study of corporate governance has a long history. Academics and practitioners have been interested in the roles and relationships that have evolved over time to assist in leading and directing increasingly complex and global organizations. Recently, corporate malfeasance has pushed the issue of corporate governance to the top of the public agenda. Significant public corporate failures such as Enron and Worldcom have changed the landscape of corporate governance and the relationship of the public to business. In addition the Global Financial Crisis (2007-2009) has resulted in direct impacts on many people including the erosion of personal net worth and higher unemployment rates in many countries. These factors have contributed to the ongoing interest by many in the study and improvement of corporate governance.
This paper defines corporate governance and outlines the best practice guidelines that have evolved particularly in response to the recent corporate failures. Also, the paper outlines and discusses emerging unconventional ownership and governance models with a view to assessing the impacts of these arrangements on the best practice standards that we see are typically associated with firms.
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