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Why The Case Of Enron Falls Into The Principal Agent Framework
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Book Synopsis Why the case of Enron falls into the Principal Agent framework by : Vicki Preibisch
Download or read book Why the case of Enron falls into the Principal Agent framework written by Vicki Preibisch and published by GRIN Verlag. This book was released on 2007-02-04 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2006 in the subject Economics - Job market economics, grade: 2,3, University of Kassel, language: English, abstract: It is claimed that lucrative executive compensation packages have led to irresponsible risk taking and a decline in shareholder value. This research paper is an economic approach to analyse the relationship between principals and agents, whereby the focus lies on executive remuneration incentives. The paper uses the example of Enron’s corporate failure to build a case for the principal-agent framework and analyses executive payment schemes. Aspects on the origins and possible solutions for the principal-agent relationship are looked into. The paper concludes that Enron’s compensation scheme has led to its failure.
Book Synopsis Information asymmetry in principal-agent relationships by : Andre Wiedenhofer
Download or read book Information asymmetry in principal-agent relationships written by Andre Wiedenhofer and published by GRIN Verlag. This book was released on 2007-06-23 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2006 in the subject Business economics - Business Management, Corporate Governance, grade: B, University of Applied Sciences Essen (IOM), course: Human Resource Management (MBA), language: English, abstract: This paper investigates the principal-agent problems within the collapse of Enron and why safeguarding activities did not lead to positive results. Having set the framework of principal-agent relationship in general, the focus will be put on Enron. In order to reduce the complexity two specifc cases will be extracted from overall case of Enron. Different potential safeguarding activities will be crafted. Finnally, it will be stated, that separating the implementation of safeguarding activities can be lead to the desired results.
Book Synopsis Following the Money by : George Benston
Download or read book Following the Money written by George Benston and published by Brookings Institution Press. This book was released on 2004-05-13 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and American Enterprise Institute publication A few years ago, Americans held out their systems of corporate governance and financial disclosure as models to be emulated by the rest of the world. But in late 2001 U.S. policymakers and corporate leaders found themselves facing the largest corporate accounting scandals in American history. The spectacular collapses of Enron and Worldcom—as well as the discovery of accounting irregularities at other large U.S. companies—seemed to call into question the efficacy of the entire system of corporate governance in the United States. In response, Congress quickly enacted a comprehensive package of reform measures in what has come to be known as the Sarbanes-Oxley Act. The New York Stock Exchange and the NASDAQ followed by making fundamental changes to their listing requirements. The private sector acted as well. Accounting firms—watching in horror as one of their largest, Arthur Andersen, collapsed after a criminal conviction for document shredding—tightened their auditing procedures. Stock analysts and ratings agencies, hit hard by a series of disclosures about their failings, changed their practices as well. Will these reforms be enough? Are some counterproductive? Are other shortcomings in the disclosure system still in need of correction? These are among the questions that George Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer address in Following the Money. While the authors agree that the U.S. system of corporate disclosure and governance is in need of change, they are concerned that policymakers may be overreacting in some areas and taking actions in others that may prove to be ineffective or even counterproductive. Using the Enron case as a point of departure, the authors argue that the major problem lies not in the accounting and auditing standards themselves, but in the system of enforcing those standards.
Author :United States. Congress. Senate. Committee on Governmental Affairs Publisher : ISBN 13 : Total Pages :108 pages Book Rating :4.:/5 (318 download)
Book Synopsis Financial Oversight of Enron by : United States. Congress. Senate. Committee on Governmental Affairs
Download or read book Financial Oversight of Enron written by United States. Congress. Senate. Committee on Governmental Affairs and published by . This book was released on 2002 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance Ethics & Social Responsibility of Business - by Dr. Amit Kumar, Dr. Mukund Chandra Mehta (SBPD Publications) by : Dr. Amit Kumar
Download or read book Corporate Governance Ethics & Social Responsibility of Business - by Dr. Amit Kumar, Dr. Mukund Chandra Mehta (SBPD Publications) written by Dr. Amit Kumar and published by SBPD Publications. This book was released on 2021-07-06 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: An excellent book for commerce students appearing in competitive, professional and other examinations. 1.Business Ethics : An Overview, 2. Business Ethics and its Theories, 3. Nature of Ethics and its Relevance to Business, 4. Corporate Governance : An Introduction and Framework, 5. Failure of Corporate Governance and Reforms, 6. Clause 49 : Corporate Governance Initiative in India, 7. Corporate Governance Practices : An Introduction, 8. Board Committee : Roles and Responsibilities, 9. Whistle Blowing : An Introduction , 10. Whistle Blower Policy and Framework, 11. Whistle Blower Protection Act, 2014, 12 .Corporate Social Responsibility : An Introduction, 13. Corporate Social Responsibilities and Social Audit.
Book Synopsis Enron and World Finance by : P. Dembinski
Download or read book Enron and World Finance written by P. Dembinski and published by Springer. This book was released on 2005-12-16 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Four years after the debacle, the term 'Enron' has earned its place in the everyday vocabulary of business ethics. Hardly anyone understands the business intricacies of what really happened with the sophisticated energy conglomerate. Even fewer are those able to envision, beyond the business case, the ethical questions and dilemmas facing actors at any one stage of the drama. Using the collapse of Enron as a case study, this book not only shows how and where ethics came into play, but also draws lessons and discusses possible remedies that may prevent the whole financial system from falling apart as a result of either excessive greed or over-regulation.
Book Synopsis Management and Neoliberalism by : Alexander Styhre
Download or read book Management and Neoliberalism written by Alexander Styhre and published by Routledge. This book was released on 2014-04-16 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the financial collapse of 2008 and the bailing out of banks in the US and the UK, the long-term viability of the neoliberal doctrine has come under new scrutiny. The elimination of regulatory control, the financialization of the economy including the growth of increasingly complex financial innovations, and the dominance of a rentier class have all been subject to thorough criticism. Despite the unexpected meltdown of the financial system and the substantial costs for restoring the finance industry, critics contend that the same decision-makers remain in place and few substantial changes to regulatory control have been made. Even though neoliberal thinking strongly stresses the role of the market and market-based transactions, the organization theory and management literature has been marginally concerned with neoliberalism as a political agenda and economic policy. This book examines the consequences of neoliberalism for management thinking and management practice. Managerial practices in organizations are fundamentally affected by a political agenda emphasizing competition and innovation. Concepts such as auditing, corporate social responsibility, shareholder value, and boundariless careers are some examples of managerial terms and frameworks that are inextricably entangled with the neoliberal agenda. This book introduces the literature on neoliberalism, its history and controversies, and demonstrates where neoliberal thinking has served to rearticulate managerial practice, including in the areas of corporate governance, human resource management, and regulatory control of organizations.
Book Synopsis Pay Without Performance by : Lucian A. Bebchuk
Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Book Synopsis International Financial Management by : Geert Bekaert
Download or read book International Financial Management written by Geert Bekaert and published by Cambridge University Press. This book was released on 2017-11-30 with total page 1047 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new and fully updated edition of International Financial Management blends theory, data analysis, examples and practical case situations to equip students and business leaders with the analytical tools they need to make informed financial decisions and manage the risks that businesses face in today's competitive global environment. Combining theory and practice, the authors offer the reader a multitude of real-world examples and case studies, emphasising fundamental concepts, principles and analytical theories to enable students to understand not only what to do when confronted with an international financial decision, but why that choice is the correct one. Features include: real data analysis - all fully updated for the third edition; extended cases illustrating practical application of theory; point-counterpoints offering insight into contentious issues; concept boxes that explore and illustrate key concepts; and end-of-chapter questions. Suitable for M.B.A and advanced undergraduate business students taking a course in international financial management or international finance.
Book Synopsis The Smartest Guys in the Room by : Bethany McLean
Download or read book The Smartest Guys in the Room written by Bethany McLean and published by Penguin UK. This book was released on 2013-10-31 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: What went wrong with American business at the end of the 20th century? Until the spring of 2001, Enron epitomized the triumph of the New Economy. Feared by rivals, worshipped by investors, Enron seemingly could do no wrong. Its profits rose every year; its stock price surged ever upward; its leaders were hailed as visionaries. Then a young Fortune writer, Bethany McLean, wrote an article posing a simple question - how, exactly, does Enron make its money? Within a year Enron was facing humiliation and bankruptcy, the largest in US history, which caused Americans to lose faith in a system that rewarded top insiders with millions of dollars, while small investors lost everything. It was revealed that Enron was a company whose business was an illusion, an illusion that Wall Street was willing to accept even though they knew what the real truth was. This book - fully updated for the paperback - tells the extraordinary story of Enron's fall.
Book Synopsis Applied Corporate Finance by : Aswath Damodaran
Download or read book Applied Corporate Finance written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, have delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.
Author :Organization for Economic Cooperation and Development Publisher :OCDE ISBN 13 :9789264208629 Total Pages :0 pages Book Rating :4.2/5 (86 download)
Book Synopsis Risk Management and Corporate Governance by : Organization for Economic Cooperation and Development
Download or read book Risk Management and Corporate Governance written by Organization for Economic Cooperation and Development and published by OCDE. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This sixth peer review of the OECD Principles of Corporate Governance analyses the corporate governance framework and practices relating to corporate risk management, in the private sector and in state-owned enterprises. The review covers 26 jurisdictions and is based on a general survey of all participating jurisdictions in December 2012, as well as an in-depth review of corporate risk management in Norway, Singapore and Switzerland. The report finds that while risk-taking is a fundamental driving force in business and entrepreneurship, the cost of risk management failures is often underestimated, both externally and internally, including the cost in terms of management time needed to rectify the situation. The reports thus concludes that corporate governance should ensure that risks are understood, managed, and, when appropriate, communicated.
Book Synopsis The Enron Collapse by : Dirk J. Barreveld
Download or read book The Enron Collapse written by Dirk J. Barreveld and published by iUniverse. This book was released on 2002 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis Strategic Management by : Henk W Volberda
Download or read book Strategic Management written by Henk W Volberda and published by SAGE Publications Limited. This book was released on 2024-01-10 with total page 632 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the quest for competitive advantage, navigating change can be daunting. Following a unique, four-part structure focussing on & confronting strategic issues, sensing opportunities and threats choosing strategies and transforming organizations, this essential textbook offers a fresh and provocative perspective on strategic management. Covering the latest theories and concepts and taking an action-oriented approach, the book includes: • Cutting-edge content on the confront-sense-choose-transform stages of strategic management such as purpose and sustainability, emerging technologies, ecosystems and platforms, and business model innovation • Four diagnostic chapters providing practical tools for each stage of the strategy process • Nearly 70 case studies of internationally recognisable companies like Airbnb, Ben & Jerry’s, Epic Games store, Hilton, Icebreaker, McDonald’s, Nestlé, Northvolt, Tesla and PayPay • ‘Key Debate’ boxes outlining opposing perspectives on hot topics in the strategy field and ‘Strategic Focus’ boxes digging deeper into contemporary phenomena Instructors can access a range of online resources, including a teaching guide complete with case study teaching notes, further reading and video links, PowerPoints and a bank of additional case studies. Suitable for undergraduate and postgraduate students of strategy, Strategic Management: From Confrontation to Transformation will help you grow your knowledge and experience of developing and implementing strategy in the real world. Henk W. Volberda is Professor of Strategy & Innovation at the Amsterdam Business School, University of Amsterdam. Rick M.A. Hollen is a Lecturer and Researcher at the Strategy & International Business section of the Amsterdam Business School, University of Amsterdam and a Managing Research Associate at the Amsterdam Centre for Business Innovation (ACBI). Joana R. Pereira is Lecturer in the Strategy and Organization group of Leeds University Business School, University of Leeds. Jatinder S. Sidhu is Professor and Chair in Strategic Management and Organization at Leeds University Business School, University of Leeds. Kevin Heij is Senior Researcher of the Amsterdam Centre for Business Innovation at the Amsterdam Business School, University of Amsterdam.
Author :Dmitry Vasilenko and Natalia Khazieva Publisher :Academic Conferences and publishing limited ISBN 13 :1910810843 Total Pages :543 pages Book Rating :4.9/5 (18 download)
Book Synopsis ICMLG2016-4th International Conference on Management, Leadership and Governance by : Dmitry Vasilenko and Natalia Khazieva
Download or read book ICMLG2016-4th International Conference on Management, Leadership and Governance written by Dmitry Vasilenko and Natalia Khazieva and published by Academic Conferences and publishing limited. This book was released on with total page 543 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capitalism, Corporations and the Social Contract by : Samuel F. Mansell
Download or read book Capitalism, Corporations and the Social Contract written by Samuel F. Mansell and published by Cambridge University Press. This book was released on 2013-03-14 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Samuel Mansell critiques the principles of stakeholder theory, proposing instead a qualified version of Friedman's shareholder theory.
