Studies in International Corporate Finance and Governance Systems: A Comparison of the US, Japan and Europe
By: Donald H. Chew
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In contrast to Porter, financial economist Michael Jensen maintains that the most formidable challenge now facing the U.S. economy - and, indeed, the economies of all industrialized nations - is the corporate overinvestment problem, a problem that was addressed in the U.S. by the leveraged restructuring of the 1980s. Nobel-Prize economist Merton Miller answers both Porters concern about U.S. underinvestment and Jensens pessimism about U.S. control systems with a classic defense of the shareholder-value principle. Corporate strategist C.K. Prahalad, unconvinced by the arguments of both Miller and Jensen, challenges the wisdom of corporate Americas commitment to maximizing shareholder value. In a roundtable discussion, Prahalad debates with shareholder value advocate Bennett Stewart about the effects of shareholder primacy in the U.S. and its absence in Japan. Studies in International Corporate Finance and Governance Systems consists of 27 articles (and two roundtable discussions) written by academic and management experts in the fields of corporate finance and governance.
Given its commitment to translating outstanding academic research into relatively plain English for practicing businessmen, this book should prove especially useful for corporate executives as well as students in MBA and executive development programs.
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