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Jjhojpk; 'K'

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Submitted By fred7698
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Corporate governance intended to: * Strengthen the effectiveness of a company’s board of directors * Verify the transparency of firm’s operations * Enhance accountability to shareholders * Effectively incentivize executives, and in an overall sense * Maximize the firm’s ability to create value for stakeholders and especially for shareholders

Summary * Corporate governance is the set of mechanisms used to manage the relationship among stakeholders and to determine and control the strategic direction and performance of organization. Effective governance that aligns managers’ decisions with shareholder’s interests can help produce a competitive advantage for the firm. * Three internal governance mechanisms
(1) Ownership concentration,
(2) The board of directors,
(3) Executive compensation.
The market of corporate control is an external governance mechanism. This market is a set of potential owners seeking to acquire undervalued firms and earn above-average returns on their investments by replacing ineffective top-level management team. * Ownership is separated from control in the modern corporation. Owners hire managers to make decisions that maximize the firm’s value. Thus, modern corporations are characterized by an agency relationship that is created when one party hires and pays another party to use its decision making skills. As risk-bearing specialists, owners diversify their risk by investing in multiple corporations with different risk profiles. * In a large number of family-owned firms, ownership and managerial control are not separated at all. Family-controlled firm face at least two problem related to corporate governance.
First, as they grow, they may not have access to all of the skilled to effectively manage the firm.
Second, they may need to seek outside capital and thus give up some of ownership. *

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