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Corporate Governance, Finance and the Technological Advantage of Nations : Studies in Global Competition - Andrew Tylecote

Corporate Governance, Finance and the Technological Advantage of Nations

Studies in Global Competition

Hardcover Published: 14th June 2006
ISBN: 9780415112215
Number Of Pages: 310

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There is much debate regarding which countries' economies have the best economic systems to encourage economic growth and technological change. This book is a major contribution to this discussion, connecting the fields of corporate governance and finance with the field of innovation and technology and analysing the ways in which countries' systems of corporate governance affect firms' ability to meet the technological challenges of different sectors.

Tylecote and Visintin combine incisive analysis with empirical studies systems of corporate governance in the US, Europe, East Asia and China, demonstrating how these systems vary and how the demands on those who control and finance industry are changing. The authors argue that while certain types of system have worked for particular sectors, the technological revolution through which we are passing demands innovation in corporate governance and finance. Indeed, this book goes some way in challenging accepted views of best practise in corporate governance and finance, showing how structures and rules intended to advance 'shareholder value' may undermine it by inhibiting technological change.

This book will be very interesting reading for students and researchers engaged with corporate governance and national business systems, as well as those interested in systems of innovation.

Industry Reviews

'An excellent resource for researchers, a useful reference for academic collections, and interesting reading for graduate students and practitioners...highly recommended' J. Fitzpatrick, SUNY Fredonia, Choice

List of figuresp. xiii
List of tablesp. xiv
Preface and acknowledgementsp. xvii
Introduction: the role of corporate governance and finance in innovationp. 1
How do nations get technological advantage?p. 1
How can one classify and assess national systems of finance and corporate governance?p. 5
Financing and controlling technological change: the challengesp. 8
The demands of technological change on the finance and corporate governance system (FCGS)p. 11
Who controls firms, what are their objectives, and why should it matter?p. 15
Autonomy, stewardship and stakeholdersp. 21
Technological regimes and technological revolutionsp. 25
What this book sets out to dop. 26
How sectors vary in their requirements from the system of corporate governance and financep. 31
Introductionp. 31
Opportunity and need for reconfigurationp. 33
Visibility and appropriabilityp. 34
Changes over timep. 35
How scale mattersp. 36
The high-technology sectorsp. 37
The medium-high-technology sectorsp. 50
Conclusionp. 60
How national systems of corporate governance and finance varyp. 63
Introductionp. 63
The shareholder-manager relationshipp. 64
The manager-manager relationshipp. 67
The role of employeesp. 68
Our four categoriesp. 71
Poles of control; or, where does stakeholder capitalism come from?p. 72
Directness of control and degree of managerial autonomyp. 73
Mainland China, Taiwan and Italyp. 74
Family capitalism and what remained of it near the end of the twentieth centuryp. 75
Financial systems and the match with corporate governancep. 81
Financial systems: the evidencep. 85
Conclusionp. 87
Appendixp. 90
Corporate governance, finance and innovation in the US, and UK, and Switzerlandp. 92
Introductionp. 92
The United States: more direct control than meets the eyep. 92
The UK: families fade, and the City rulesp. 96
Switzerland: an oligarchy of families?p. 102
Corporate governance and technological advantage: what would one expect?p. 105
The high-technology sectorsp. 107
The medium-high-technology sectorsp. 121
Conclusionp. 126
Corporate governance, finance and innovation in Japan, Germany, and Swedenp. 127
Introductionp. 127
Germany: how stakeholder structures developedp. 127
Japan: how stakeholder understandings developedp. 129
Sweden: stakeholder capitalism gained and largely thrown awayp. 131
Stakeholding capitalisms comparedp. 133
Corporate governance and technological advantage: what would one expect?p. 134
The high-technology sectorsp. 137
The medium-high technology sectorsp. 145
Conclusionp. 151
Corporate governance, finance, and innovation in France and Koreap. 152
State-led capitalism - changing fastp. 152
Francep. 152
Koreap. 157
Corporate governance and technological advantage - what would one expect?p. 161
The high-technology sectorsp. 165
The medium-high-technology sectorsp. 177
Conclusionp. 182
Corporate governance, finance, and innovation in Italy and Taiwanp. 184
Introductionp. 184
Italyp. 184
Taiwanp. 190
Corporate governance and technological advantage, what would one expect?p. 195
The high-technology sectorsp. 196
The medium-high-technology sectorsp. 202
Conclusionp. 207
Corporate governance, finance, and technological development in mainland Chinap. 208
The new China: state and family capitalism, separate and togetherp. 208
The financial handicaps of the private sectorp. 209
How the governance flaws of state-owned firms affect managerial behaviourp. 211
How finance and corporate governance undermined Chinese technological developmentp. 215
The evidencep. 217
The outsiders: why their corporate governance works and why there are not more of themp. 218
The outcomes: strengths and weaknesses of Chinese businessesp. 220
Looking forward: current trends, future prospects, and modest proposalsp. 223
Introduction: shareholder capitalism triumphant?p. 223
The performance of the competing systemsp. 226
Corporate governance and stakeholder inclusion in a time of technological revolutionp. 228
Current trends in governancep. 234
A prescription for 'hybrid' corporate governancep. 238
Statistical appendixp. 244
Notesp. 262
Bibliographyp. 272
Indexp. 299
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780415112215
ISBN-10: 0415112214
Series: Studies in Global Competition
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 310
Published: 14th June 2006
Country of Publication: GB
Dimensions (cm): 23.42 x 16.23  x 2.36
Weight (kg): 0.63
Edition Number: 1