Corporate Governance 1st Edition - Cycles of Innovation, Crisis and Reform

List of FiguresList of TablesAbout the Author1 Cycles of Crisis and RegulationIntroductionThe origins and definitions of corporate governanceFoundational elements of corporate governance: Directors’ duties and the concept of the corporationGlobalisation and convergenceStructure of the book2 The Anatomy of Financial Bubbles and CyclesFinancial bubbles and cyclesThe South Sea bubbleThe Wall Street crash and great depressionEconomic recoveryThe end of history? The first tech boomAsian financial crisisThe us Dotcom/Nasdaq crashThe Global Financial Crisis 2007/2008Corporate governance and regulationContinuing banking crises and the discovery of the libor scandalAccounting for market cyclesPublic policy for managing crisesThe wider impact of economic crises3 The Global Financial CrisisIntroductionThe failure of economic orthodoxyImplications of the 2008 Wall Street financial crisisOrigins of the crisisGlobal derivatives marketsThe subprime mortgage debacleLehman BrothersUS financial institutions’ failuresEuropean financial institutions’ failureThe financialisation of the global economyThe corporate governance causes of the crisisDeregulationRatings agenciesRisk managementIncentivisationRegulation and governance of financial institutionsRegulatory analysis of the causes of the financial crisisInternational reformsBasel III: the reform of the banksUnited StatesWall St reform: the Dodd–Frank ActUnited kingdom regulatory reformRegulatory reform in AustraliaThe impact of regulationThe LIBOR scandal and its aftermath (2006–2012)Conclusions4 The Systemic Failure of Governance Institutions: The Crisis in Purpose, Performance and RewardIntroductionFinancialisationCorporate governance and compounding inequalityAgency theoryMaximising shareholder valueIrresponsibility of businessIntensifying inequalityExecutive payThe displacement of goalsThe reform of executive payThe crisis of the return to extreme inequalityConclusion5 Digital Disruption, Future Markets and Technological Crises: The Global Hegemony of Platform Technology CompaniesIntroductionLong waves of technological transformation and creative destructionPathologies of digitalisationDisruptive innovationCritique of digital disruptionDigital disruption in the financial sector: High frequency tradingThe evolution of electronic tradingDigital myopiaThe US flash crashHigh frequency trading: The speed of lightHigh frequency trading strategies and risksDark poolsSharks in dark poolsRegulating high frequency trading and dark poolsCryptocurrencyReforming the digital hegemony of the platform technology companies?Technological impact on growth and productivityArtificial intelligence, social justice and green tech innovation6 Corporate Governance and Climate Change: The Crisis that Imperils the WorldClimate change and corporate governanceGlasgow COP26The global impact of climate changeSustainable developmentThe inevitable widening of directors’ dutiesInternational policy on climate changeSustainability market indicesBusiness initiatives on environmental and social responsibilityFiduciary duty for the twenty-first centuryConclusion7 Governance and SustainabilityIn search of sustainabilityThe irresponsible depletion of natural capitalThe covid-19 crisisBig pharma and covid-19Restoring nature: replenishing natural capitalCorporate net zero emissions reductionsThe pivot from shareholder value to sustainable valueIntegrating sustainability measures and reporting standardsThe implementation of sustainable value creationConclusionsReferencesIndex