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Corporate Governance, Finance and the Technological Advantage of Nations

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Overview

Winner of the 2010 Myrdal Prize

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.

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Editorial Reviews

From the Publisher
'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
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Product Details

Meet the Author

Andrew Tylecote is a Professor of the Economics and Management of Technological Change at the University of Sheffield. Francesca Visintin is Associate Professor in the Department of Economics at the University of Udine.

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Table of Contents

List of figures     xiii
List of tables     xiv
Preface and acknowledgements     xvii
Introduction: the role of corporate governance and finance in innovation     1
How do nations get technological advantage?     1
How can one classify and assess national systems of finance and corporate governance?     5
Financing and controlling technological change: the challenges     8
The demands of technological change on the finance and corporate governance system (FCGS)     11
Who controls firms, what are their objectives, and why should it matter?     15
Autonomy, stewardship and stakeholders     21
Technological regimes and technological revolutions     25
What this book sets out to do     26
How sectors vary in their requirements from the system of corporate governance and finance     31
Introduction     31
Opportunity and need for reconfiguration     33
Visibility and appropriability     34
Changes over time     35
How scale matters     36
The high-technology sectors     37
The medium-high-technology sectors     50
Conclusion     60
How national systems of corporate governance and finance vary     63
Introduction     63
The shareholder-manager relationship     64
The manager-manager relationship     67
The role of employees     68
Our four categories     71
Poles of control; or, where does stakeholder capitalism come from?     72
Directness of control and degree of managerial autonomy     73
Mainland China, Taiwan and Italy     74
Family capitalism and what remained of it near the end of the twentieth century     75
Financial systems and the match with corporate governance     81
Financial systems: the evidence     85
Conclusion     87
Appendix     90
Corporate governance, finance and innovation in the US, and UK, and Switzerland     92
Introduction     92
The United States: more direct control than meets the eye     92
The UK: families fade, and the City rules     96
Switzerland: an oligarchy of families?     102
Corporate governance and technological advantage: what would one expect?     105
The high-technology sectors     107
The medium-high-technology sectors     121
Conclusion     126
Corporate governance, finance and innovation in Japan, Germany, and Sweden      127
Introduction     127
Germany: how stakeholder structures developed     127
Japan: how stakeholder understandings developed     129
Sweden: stakeholder capitalism gained and largely thrown away     131
Stakeholding capitalisms compared     133
Corporate governance and technological advantage: what would one expect?     134
The high-technology sectors     137
The medium-high technology sectors     145
Conclusion     151
Corporate governance, finance, and innovation in France and Korea     152
State-led capitalism - changing fast     152
France     152
Korea     157
Corporate governance and technological advantage - what would one expect?     161
The high-technology sectors     165
The medium-high-technology sectors     177
Conclusion     182
Corporate governance, finance, and innovation in Italy and Taiwan     184
Introduction     184
Italy     184
Taiwan     190
Corporate governance and technological advantage, what would one expect?     195
The high-technology sectors     196
The medium-high-technology sectors      202
Conclusion     207
Corporate governance, finance, and technological development in mainland China     208
The new China: state and family capitalism, separate and together     208
The financial handicaps of the private sector     209
How the governance flaws of state-owned firms affect managerial behaviour     211
How finance and corporate governance undermined Chinese technological development     215
The evidence     217
The outsiders: why their corporate governance works and why there are not more of them     218
The outcomes: strengths and weaknesses of Chinese businesses     220
Looking forward: current trends, future prospects, and modest proposals     223
Introduction: shareholder capitalism triumphant?     223
The performance of the competing systems     226
Corporate governance and stakeholder inclusion in a time of technological revolution     228
Current trends in governance     234
A prescription for 'hybrid' corporate governance     238
Statistical appendix     244
Notes     262
Bibliography     272
Index     299
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