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The Economics of Corporate Governance and Mergers
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The Economics of Corporate Governance and Mergers

9781847207159 Edward Elgar Publishing
Edited by Klaus Gugler, Department of Economics, University of Vienna, Austria and B. Burcin Yurtoglu, Otto Beisheim School of Management, Germany
Publication Date: 2008 ISBN: 978 1 84720 715 9 Extent: 384 pp
This book provides an insightful view of major issues in the economics of corporate governance (CG) and mergers. It presents a systematic update on the developments in the two fields during the last decade, as well as highlighting the neglected topics in CG research, such as the role of boards, CG and public interest and the relation of CG to mergers. Two important conclusions can be drawn from this book: the first is that corporate governance systems that better align shareholders’ and managers’ interests lead to better corporate performance; second, there is an important relationship between CG structures and the quality of firm decision-making, one of the most important being the decision to merge or take over another firm.

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This book provides an insightful view of major issues in the economics of corporate governance (CG) and mergers. It presents a systematic update on the developments in the two fields during the last decade, as well as highlighting the neglected topics in CG research, such as the role of boards, CG and public interest and the relation of CG to mergers. Two important conclusions can be drawn from this book: the first is that corporate governance systems that better align shareholders’ and managers’ interests lead to better corporate performance; second, there is an important relationship between CG structures and the quality of firm decision-making, one of the most important being the decision to merge or take over another firm.

Focusing on some of the often-neglected aspects of corporate governance such as non-profit organizations and public interest, as well as mergers and acquisitions from a CG perspective, this book will be a valuable resource for both academics and postgraduate students of finance, business and economics.
Contributors
Contributors: K. Aiginger, J.R. Branston, G. Clemenz, A. Cosh, K. Cowling, H. Degryse, E.J. Dockner, S. Fagernäs, A. Gaunersdorfer, H. Grabowski, P. Guest, K. Gugler, A. Hughes, S. Jørgensen, M. Kyle, S. Martin, M. Neumann, H. Odagiri, S. Ongena, R. Reichel, P. Sarkar, F.M. Scherer, A. Singh, R. Sugden, G. Tümer-Alkan, J. Weigand, O.E. Williamson, B.B. Yurtoglu
Contents
Contents:

Preface

1. The Economics of Corporate Governance and Mergers
Klaus Gugler and B. Burcin Yurtoglu

2. Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis
Sonja Fagernäs, Prabirjit Sarkar and Ajit Singh

3. Corporate Governance and the Public Interest: The Way Forward
J. Robert Branston, Keith Cowling and Roger Sugden

4. Corporate Boards of Directors: A Precautionary Perspective
Oliver E. Williamson

5. Corporate Governance: A Review of the Role of Banks
Hans Degryse, Steven Ongena and Günseli Tümer-Alkan

6. Competition between Profit Seekers and Non-Profit Firms: The Case of German Banking
Manfred Neumann, Richard Reichel and Jürgen Weigand

7. Mergers: An Overview
Stephen Martin

8. A New Retrospective on Mergers
F.M. Scherer

9. Mergers and Efficiency: Theory, Empirical Evidence, and Competition Policy in Japan
Hiroyuki Odagiri

10. UK Corporate Governance and Takeover Performance
Andy Cosh, Paul Guest and Alan Hughes

11. Mergers and Alliances in Pharmaceuticals: Effects on Innovation and R&D Productivity
Henry Grabowski and Margaret Kyle

12. Endogenous Horizontal Mergers in Dynamic Markets
Engelbert J. Dockner, Andrea Gaunersdorfer and Steffen Jørgensen

13. Vertical Mergers in Markets with Network Effects
Gerhard Clemenz

14. The Impact of Competition on Macroeconomic Performance
Karl Aiginger

Index
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