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Creating the Responsible Firm: In Search for a New Corporate Governance Paradigm

Published online by Cambridge University Press:  06 March 2019

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The term corporate governance has come to mean many things to many people. One important reason is that views continue differ as to the fundamental question of the role the firm. While some believe that corporations can contribute best to society if they do what they do best, namely to provide high quality goods and services to the marketplace, for others corporate responsibilities are much broader.

Type
Private Law
Copyright
Copyright © 2003 by German Law Journal GbR 

References

1 This paper is a slightly different version of a presentation delivered by Peter Cornelius at the Second European Corporate Governance Conference held in Brussels on November 28-29, 2002. The paper is based on the forthcoming study Corporate Governance and Capital Flows (New York: Oxford University Press), edited by the authors of the present paper.Google Scholar

2 See, Adolf Berle and Gardiner Means, The Modern Corporation and Private Property (1932).Google Scholar

3 Mark Möbius, Corporate Governance: Responsibilities of Fund Managers and Institutional Investors, in Corporate Governance and Capital Flows in a Global Economy (Peter K. Cornelius and Bruce Kogut eds., forthcoming).Google Scholar

4 See, e.g., Coffee, John C. Jr., What Caused Enron?: A Capsule Social and Economic History of the 1990s, in Corporate Governance and Capital Flows in a Global Economy (Peter K. Cornelius and Bruce Kogut eds., forthcoming).Google Scholar

5 See, Berle, A. A. Jr., Corporate Powers as Powers in Trust, 44 Harvard Law Review 1049 (1931); E.M. Dodd, For Whom are Corporate Managers Trustees?, 45 Harvard Law Review 1145 (1932).Google Scholar

6 See, Blair, Margaret M., Ownership and Control: Rethinking Corporate Governance for the Twenty-first Century (Washington, D.C.: The Brookings Institution).Google Scholar

7 Blair, Margaret M., Shareholder Value, Corporate Governance and corporate Performance: A Post-Enron Reassessment of the Conventional Wisdom, in Corporate Governance and Capital Flows in a Global Economy (Peter K. Cornelius and Bruce Kogut eds., forthcoming).Google Scholar

8 See, O'Sullivan, Mary, Employees and Corporate Governance, in Corporate Governance and Capital Flows in a Global Economy (Peter K. Cornelius and Bruce Kogut eds., forthcoming).Google Scholar

9 Philipps, Michael J., Corporate Values, Enterprise Risk, and the Board, in Corporate Governance and Capital Flows in a Global Economy (Peter K. Cornelius and Bruce Kogut eds., forthcoming).Google Scholar

10 For a detailed discussion, see, Lutgart van der Berghe, Corporate Governance in a Globalising World: Convergence or divergence? A European Perspective (2002).Google Scholar

13 See, Kapstein, Ethan B., The Corporate Ethics Crusade, Foreign Affairs, September/October, 2001, pp. 105119.CrossRefGoogle Scholar

14 For a detailed analysis, see, Alois Flatz, Corporate Sustainability and Financial Indexes, in Environmental Performance Measurement. The Global Report 2001-2002, pp. 6681 (Daniel C. Esty and Peter K. Cornelius eds., 2002).Google Scholar

15 See, e.g., Dixon, Frank, Financial Markets and Corporate Environmental Results, in Environmental Performance Measurement. The Global Report 2001-2002, pp. 54-65 (Daniel C. Esty and Peter K. Cornelius eds., 2002); Daniel C. Esty and Michael E. Porter, Ranking National Environmental Regulation and Performance: A Leading Indicator of Future Competitiveness?, in The Global Competitiveness Report 2001-2002, pp. 78101 (Michael E. Porter, Jeffrey D. Sachs, Peter K. Cornelius, John W. McArthur, and Klaus Schwab eds., 2002).Google Scholar

16 ABP to Open $250m SRI Fund to Other Investors, Financial Times – Supplement on Fund Management, p. 1 (October 28, 2002).Google Scholar

17 On this debate, see, Forest Reinhardt, Tests for Sustainability, in The Global Competitiveness Report 2002-2003 (Peter K. Cornelius ed., forthcoming).Google Scholar

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