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References
See McGrath (1976:1320ff).
See Scharpf (1997).
Aguilera and Jackson (2003:448).
Since the seminal work of Berle and Means in 1932.
Aguilera and Jackson (2003:449).
Aguilera and Jackson (2003:450).
See, for example, Marens (2002: 365).
Aguilera and Jackson (2003:453f).
See, for example, Menold and Dehlinger in Opitzer and Oser (2003:387).
Aguilera and Jackson (2003:454).
See for example, the shareholder orientation in Shleifer and Vishny (1997:737), the stakeholder orientation in Donaldson and Preston (1995:65), which is criticized by Stoney (2001), and the glocal approach proposed by Hilb (2003).
See Gedajlovic and Shapiro (2002).
Handy (2002:54).
Firms we call glocal demonstrate both a shareholder-and a stakeholder orientation to corporate governance, giving “local partners, institutions and community groups adequate information on the activities of MNCs operating in their context, and the institutional means to have a voice in their decisions” (Child, 2002:147).
Neubauer and Lank (1998:11).
Forbes (22 May 1995) in Neubauer and Lank (1998:11).
Handy (2002:51). Carter and Lorsch (2004:56) support this idea: “If we look into the future, the idea that boards are responsible solely to shareholders becomes increasingly suspect.”
Kapp, in Noetzli (2004:44).
See Mann (2003:53).
Indeed, institutional theory describes how firms develop within the constraints imposed by society and law (see Meyer and Rowan, 1997; and Selznick, 1957, for discussions of institutional theory).
See Graf, Waldersee and Laufermann in Pfitzer and Oser (2003:460ff) for a comment on the European Commission’s action plan for improvement of corporate governance by 2008.
See recommendations from Erny (2000), Ackermann in Noetzli (2004:15), and Volkart and Cocca in Noetzli (2004:12).
See Hofstetter (2002).
See Behr in Noetzli (2004:23).
See Pfitzer and Oser (2003).
See Mann (2003:132f).
See Pfitzer and Oser (2003).
See Hax in Noetzli (2004:53).
See King (2002) and Kapp in Noetzli (2004:44).
Garelli (2003:643).
See Johnston (2003:3). Also, Carter and Lorsch (2004:15) record the following statement by a board member: “Our board satisfies all the requirements of Cadbury, Greenbury and Hampel, but our board meetings are a complete waste of time.”
Garelli (2003:642).
Kueng (2001).
King (2002:108ff).
Neubauer and Lank (1998:14).
According to the new regulations of the New York Stock Exchange (1 Aug. 2002), listed firms are required to create a “Code of business conduct and ethics”, including clauses addressing, for example, “Conflicts of interest: should be prohibited and a method should be provided for communicating potential conflicts so they can be avoided... Encouraging the reporting of any legal or unethical behavior: the company should proactively promote ethical behavior and ensure there will be no retaliation” Verschoor (2002:22).
See Zafft (2002:18).
Neubauer and Lank (1998:15).
Ward (2005:10).
Davies (2003:11).
Schmid (2002:7).
Muehlebach (2004).
Ward (2005:10).
Schneider (in Schmid 2002:12ff).
Kwak (2003) finds that firms in which families own 30% or less tend to outperform other firms, whereas higher levels of ownership can lead to conflicts of interest and “expropriation” of wealth. She endorses the benefits that family businesses can reap from including independent directors on their boards, and from diversifying their investments so that family members do not necessarily go into management in any one particular firm.
Schneider (in Schmid 2002:12ff).
Zafft (2002:19).
Hilti (cited in Schmid 2002:7f).
Voiakina (2003).
Eckart (2003).
See also Merrett and Walzer (2004).
www.ica.coop/ica/info/enprinciples.html, cited in Eckart (2004:1).
www.ica.coop/ica/info/enprinciples.html, cited in Eckart (2004:1).
Eckart (2004:3).
NZZ-Kommentar Number 239 (2003:10).
Voggensperger and Thaler (2003:10).
Rhinow (2003:15).
Voggensperger and Thaler (2003:10).
Frey (2003:3).
Schedler in Noetzli (2004: 26)
Vermeulen (2002:20).
Malik (1998:171).
King II report, in Business Report (2002:8).
Bendixen and Thomas (2000:69).
Vermeulen (2002:20).
Böckli (2001:9ff).
Laukmann and Walsh (1986:95).
Elsik (1992:139).
Malik in Noetzli (2004:50).
Cadbury (2003:34).
Cadbury (2003:80).
Malik in Noetzli (2004:50).
Cadbury (2003:80).
Cadbury (2003:84).
Cadbury (2003:90).
Cadbury (2003:103).
Cadbury (2003:117).
Cadbury (2003:118).
Cadbury (2003:241).
“There appears to be overwhelming support among financial researchers for outside directors providing beneficial monitoring and advisory functions to firm shareholders... indicating that firm performance suffers if the proportion of independent outsiders is too low or too high” (Fields and Keys, 2003:5). See also the best-practice guidelines of the Canadian Coalition for Good Governance: “Define and report to shareholders, the responsibility of the chair; establish and report to shareholders, the annual review process for the chair; have the independent chair set board agendas with the CEO and be responsible for the quality of the information sent to directors; require the chair to hold... sessions of independent directors without management present, at every board meeting and every committee meeting” (Beatty, 2003:12).
Cadbury (2003:21).
Clarke (1998:122).
Hasan (2002:341).
See Dalton (2003:43).
Merson (2003:13).
See Dalton (2003:43).
Merson (2003:10).
Carter and Lorsch (2004:97).
Cadbury (2003:23 and 129).
Garratt (2003a:94).
Cadbury (2003:128).
Cadbury (2003:129).
Perlmutter and Heenan (1974:121ff).
Hofstede (1984 and 1991); Scholz and Schroter (1991:35).
Bartlett and Goshal (1989:21).
Tichy and Devanna (1986:271).
Tichy and Devanna (1986:271).
Konzes and Posner (1988).
Hung (1998:101ff).
Pic (1997:18).
Pic (1997:34).
Ward (2003:22) cites a practical example developed by Young.
Young’s practical example, cited in Ward (2003:22).
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(2006). Situational Dimension. In: New Corporate Governance. Springer, Berlin, Heidelberg. https://doi.org/10.1007/3-540-28168-1_2
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