sexta-feira, março 05, 2004
Corporate Governance
Durante a polémica acerca da venda das radios Voxx e Luna foram levantadas algumas questões que pertencem ao domínio do Corporate Governance (take over hostil, objectivos da empresa embora não explicitamente a defesa dos stakeholders).
A quem quiser ficar a par das diferenças dos modelos anglo-americano, alemão e japonês aconselho a leitura do livro "Corporate Governance: Accountability in the Marketplace" de Elaine Sternberg editado pelo Institute of Economic Affairs (também disponível para download em pdf).
The Anglo-American model allows corporations to fulfil their corporate purposes more effectively than the stakeholder or the German/Japanese models. Given that problems of executive pay, accounting scandals and so on result in corporations not achieving their proper purposes, Sternberg finds that achange in the regulatory model cannot be the answer. Instead, she proposes that we should look at the ways in which regulation prevents the Anglo-American model from working in practice as effectively as it should in theory. Sternberg shows how a genuine "market" in corporate governance could be created so that firms had to compete for funds, with their mode of governance being one of the attractions to potential shareholders.
posted by Miguel Noronha 4:45 da tarde
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