|Journal of Financial Economics|
Tuck's new Center for Corporate Governance will host an exciting academic conference this summer entitled Contemporary Corporate Governance Issues. The conference, which will take place at Tuck on July 7-8, 2000, is in conjunction with the leading academic finance journal, the Journal of Financial Economics (JFE). Conference papers (anchor link to bottom of page) will be considered for publication in a special issue of the JFE, subject to the normal refereeing procedure.
The conference will analyze the determinants and design of efficient governance practices in an increasingly global business environment. There are two related reasons why a company needs to implement such practices: (1) Competitive pressures force firms to adopt efficient financial and organizational structures, and poor or dysfunctional governance practices hampers this restructuring process. (2) Poor governance leads investors to lower firm value and thus substantially increases the firm's cost of capital. In sum, good governance practices are a prerequisite for long-term corporate survival.
What constitutes good governance practices depends on the political and legal environment in which the firm operates. Thus, the conference topic is international in nature. The goal is to provide practical guidelines to assist the firm's governing bodies, such as the board, in the tremendous challenge posed by the increasing sophistication of capital markets and the internationalization of product markets.
Some of the issues that will be discussed include (but are not restricted to):
- How financial-, organizational- and ownership structures combine to form an efficient monitoring and governance mechanism across a range of organizational forms such as public and private corporations, partnerships, alliances, joint ventures, state enterprises, family trusts, etc.
- Corporate governance and the legal system, including bankruptcy law and minority shareholder rights
- Trends in board composition and the structure of internal governance mechanisms, including board size and share-ownership, chairman and CEO, outside versus inside board members, representation of large owners, supervisory versus executive boards, employee representation and unionization, etc.
- Trends in executive compensation contracts and the link between pay-for-performance and corporate value-creation.
- Trends in institutional ownership and how active institutional owners affect corporate governance and stock-liquidity
- How state-owned firms "dress up" for privatizations and the success of those privatizations
- Hostile takeovers and the board.
- Corporate governance and industrial productivity in the US and the European Union.
Papers from the conference are available on the web from Social Science Electronic Publishing, Inc. (SSRN). The abstracts are in a searchable database and full text can be downloaded in Acrobat PDF format on demand.