Corporate governance in the usa: current trends
DOI:
https://doi.org/10.25806/mevriz-186Keywords:
corporation, USA, corporate governance, Friedman doctrine, shareholder theory, managers, buyback, employees, co-determination system, billsAbstract
The article examines the situation in the corporate governance of US companies, due to the application of the Friedman doctrine and the theory of shareholder value, and the consequences of the buyback of shares caused by them. The reaction of the modern business community and the public to the results of the application of the shareholder theory is presented. Shown is the turn of the public and part of the legislators towards empowering employees with the rights to participate in the management of companies (co-determination system), following the example of Germany and the Nordic countries.
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6. – С. 101–104.
2. Дженсен М.К., Меклинг У.Х. Теория фирмы: поведение менеджеров, агентские издержки и структура собственности // Вестн. С.-Петерб. ун-та. – Сер.: Менеджмент. – 2004. – Вып.
4. – С. 118–191.
3. Jensen Michael C., Meckling William H. Reflections on the Corporation as a Social Invention (September 30, 1983) // Midland Corporate Finance Journal. – Autumn 1983. – Vol. 1. – No. 3 [Электронный ресурс]. URL: ssrn.com/abstract=244156 (дата обращения: 16.09.2021).
4. Jensen Michael C., Murphy Kevin J. CEO Incentives – It’s Not How Much You Pay, But How. Harvard Business Rewiew. May–June, 1990 [Электронный ресурс]. URL: hbr.org/1990/05/ceo-incentives-its-not-how-much-you-pay-but-how (дата обращения: 16.09.2021).
5. Balsam Steven. Taxes and Executive Compensation. Economic Policy Institute, August 14, 2012 [Электронный ресурс]. URL: epi.org/publication/taxes-executive-compensation/(дата обращения: 16.09.2021).
6. Gillan Stuart L. and Martin John D. Financial Engineering, Corporate Governance, and the Collapse of Enron (November 2002). U of Delaware Coll. of Bus. and Econ. Ctr. for Corp. Governance Working Paper No. 2002–001 [Электронный ресурс]. URL: papers.ssrn.com/sol3/papers.cfm?abstract_id=354040 (дата обращения: 16.09.2021).
7. Lazonick William. Profits Without Prosperity. Harvard Business Review, September, 2014 [Электронный ресурс]. URL: hbr.org/2014/09/profits-without-prosperity (дата обращения: 16.09.2021).
8. Useem Jerry. The Stock-Buyback Swindle. The Atlantic. August, 2019 [Электронный ресурс]. URL: theatlantic.com/magazine/archive/2019/08/the-stock-buyback-swindle/592774/(дата обращения: 16.09.2021).
9. Wolf Martin. We must rethink the purpose of the corporation. Financial Times. December 11, 2018 [Электронный ресурс]. URL: ft.com/content/786144bc-fc93–11e8-ac00–57a2a826423e (дата обращения: 16.09.2021).
10. Denning Stive. Making Sense of Shareholder Value: ‘The World’s Dumbest Idea’. Forbes, July 17, 2017 [Электронный ресурс]. URL: forbes.com/sites/stevedenning/2017/07/17/making-sense-of-shareholder-value-the-worlds-dumbest-idea/?sh=13b647012a7e (дата обращения: 16.09.2021).
11. Cliffe Sarah. The CEO View: Defending a Good Company from Bad Investors. Harvard Business Rewiew. May–June, 2017 [Электронный ресурс]. URL: hbr.org/2017/05/the-ceo-view-defending-a-good-company-from-bad-investors# (дата обращения: 16.09.2021).
12. Statement on the Purpose of a Corporation [Электронный ресурс]. URL: opportunity.businessroundtable.org/ourcommitment/(дата обращения: 16.09.2021).
13. Ключко В.Н. Система участия работников в управлении компаниями Германии: история и современность // Инновации в менеджменте. – 2020. – №
4. – С. 8–13.
14. 1919 Chap. 0070. An Act To Enable Manufacturing Corporations To Provide For The Representation Of Their Employees On The Board Of Directors [Электронный ресурс]. URL: archives.lib.state.ma.us/handle/2452/82634 (дата обращения: 16.09.2021).
15. Hill Steven. Economic Democracy and Codetermination: Harnessing the Capitalist Engine. The Globalist. January 15, 2010 [Электронный ресурс]. URL: theglobalist.com/economic-democracy-and-codetermination-harnessing-the-capitalist-engine/(дата обращения: 16.09.2021).
16. Tyler George. The superiority of codetermination. Social Europe. July 16, 2019 [Электронный ресурс]. URL: socialeurope.eu/the-superiority-of-codetermination (дата обращения: 16.09.2021).
17. Tyler George. Trade War Anomaly: Why Northern Europe Sells More to China, Proportionally, Than We Do. The American Prospect. August 15, 2019 [Электронный ресурс]. URL: prospect.org/power/trade-war-anomaly-northern-europe-sells-china-proportionally/(дата обращения: 16.09.2021).
18. Holmberg Susan. Want to fix US corporations? Put regular workers on company boards. Quartz at Work. October 23, 2017 [Электронный ресурс]. URL: qz.com/work/1106972/want-to-fix-us-corporations-put-regular-workers-on-company-boards/(дата обращения: 16.09.2021).
19. S.2605 – Reward Work Act [Электронный ресурс]. URL: congress.gov/bill/115th-congress/senate-bill/2605/text (дата обращения: 16.09.2021).
20. S.3348 – Accountable Capitalism Act [Электронный ресурс]. URL: congress.gov/bill/115th-congress/senate-bill/3348/text (дата обращения: 16.09.2021).
21. Anzilotti Eillie. Want Fairer Workplaces? Give Employees Seats On The Board. Fast Company. April 6, 2018 [Электронный ресурс]. URL: fastcompany.com/40555482/want-fairer-workplaces-give-employees-seats-on-the-board (дата обращения: 10.03.2021).
22. Yglesias Matthew. Elizabeth Warren has a plan to save capitalism: She’s unveiling a bill to make corporate governance great again. Vox.com. August 15, 2018 [Электронный ресурс]. URL: vox.com/2018/8/15/17683022/elizabeth-warren-accountable-capitalism-corporations (дата обращения: 16.09.2021).
23. Oprysko Caitlin, Cassella Megan, Otterbein Holly. Biden lashes Trump in economic speech tinged with populist rhetoric. Politico. July 9, 2020 [Электронный ресурс]. URL: politico.com/news/2020/07/09/joe-biden-economic-plan-355416 (дата обращения: 16.09.2021).
24. Allen Katie. Five ways capitalism can work ‘for all, not just the few’. How should Theresa May act on her pledge to reform corporate culture in the wake of the BHS scandal? The Guardian. July 30, 2016 [Электронный ресурс]. URL: theguardian.com/business/2016/jul/30/five-ways-reform-capitalism-bhs-scandal-theresa-may (дата обращения: 16.09.2021).
25. Ключко В.Н. Российская модель корпоративного управления: становление и перспективы // Менеджмент в России и за рубежом. – 2017. – №
6. – С. 101–104.
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2022-02-14
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