The Recurrent Crisis in Corporate Governance [Hardcover]

Paul MacAvoy (Author), Ira Millstein (Author)

Book Description

Publication Date: January 17, 2004

In the late 1990s the American corporation forged ahead in gains in efficiency and earnings performance with strong reflections in stock price appreciation. However, the events of Enron and the bursting of the bubble of unlimited increases in the price of Internet, telecom and energy company shares have caused the authors of this book to take another look at American corporate governance. The authors use a scholar-practitioner approach to show what is missing in today's corporate governance and to support a case for activating the board of directors, with leadership from an independent chair, to put new controls on management and take responsibility for the result.

Editorial Reviews

Review

Named by The Economist as one of six “best books” in economics and business for 2003.

“With a penetrating analysis of the recent failures so glaringly revealed in the spate of corporate scandals, and broad new insights into what went wrong, the book charts a new course to avoid such failings in the future. Combining first-rate scholarship with originality, the book sets a new standard for all who are interested in corporate governance.” —John Snow,Former Chairman and COO, CSX Corporation and Former Co-Chair of the Conference Board Commission on Public Trust and Private Enterprise

20% discount when ordered using discount code F4MAC

--This text refers to the Paperback edition.

From the Inside Flap

Named one of the 2003 books of the year in the Economist: “A convincing explanation of why, despite all of the recent reforms in American corporate governance, there will probably be more firms that go the way of Enron.”
In the last thirty years, there has been a gradual erosion in the abilities and responsibilities of corporate boards. In addition to the ethics scandals that have plagued companies both new and established over the last three years, a number of over-diversified, over-staffed companies experienced failures that might have been avoided had there been proper oversight on the part of the board. While reform of the governance system has received considerable attention from the press, business leaders, and politicians, there have been few analyses of what is really happening on a systemic level, and even fewer workable suggestions for reform.
The Recurrent Crisis in Corporate Governance provides an expert assessment of what went wrong on corporate boards and how to fix them. The book begins with both a legal and economic examination of corporate governance during the last three decades, including the broad issue of boards taking on responsibilities without being able to fulfill their obligations because of the lack of access to information and people within the corporation. The authors then go on to show the correlation between strong board performance and strong company performance, make the case for separating the CEO and Chair positions, comment on the collapse of nine major corporations, including Global Crossing, K-Mart, Lucent, and Qwest, and provide suggestions on how boards can be more effective stewards of the shareholders’ and public’s trust.

--This text refers to the Paperback edition.

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Product Details

• Hardcover: 160 pages
• Publisher: Palgrave Macmillan (January 17, 2004)
• Language: English
• ISBN-10: 1403916667
• ISBN-13: 978-1403916662
• Product Dimensions: 8.8 x 5.7 x 0.6 inches
• Shipping Weight: 11.5 ounces (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #2,118,913 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

9 of 9 people found the following review helpful:

5.0 out of 5 stars Compelling!, January 25, 2004

By 

C. Green (Glen Head, NY USA) - See all my reviews
(REAL NAME)   

This review is from: The Recurrent Crisis in Corporate Governance (Hardcover)

As difficult as it is to make an argument regarding the economic impact corporate governance policies and procedures may have, this book makes a compelling arguement that good governance results in more profit. The combination of real life experience provided by Ira Millstein with the academic analysis produced by Paul MacAvoy's work presents different perspectives that arrive at the same conclusion. I enjoyed it. Necessary reading for anyone serious about corporate governance.

6 of 7 people found the following review helpful:

5.0 out of 5 stars Compliance and Conviction, March 18, 2007

By 

Advocate - See all my reviews

This review is from: The Recurrent Crisis in Corporate Governance (Paperback)

Ira M. Millstein is a legend in the corporate governance field. Paul W. MacAvoy is a prolific author and highly regarded authority on government regulation and corporate conduct. Simply put, this book is one of the best in its field. Another important corporate governance leader provides a rare inside glimpse into the corporate boardroom. To gain a perspective of an active leader in corporate governance, I highly advise you to read Compliance and Conviction: The Evolution of Enlightened Corporate Governance by Curtis J. Crawford, Ph.D. In his book, Dr. Crawford provides a historical perspective on the topic while focusing on succession planning, chief executive officer (CEO) supervision, executive compensation, and director independence. He discusses in detail the three types of boards typically found in the corporation and their directors. I think you will be enlightened.