The Centre for International Governance Innovation (CIGI) CIGI is an independent, non-partisan th... more The Centre for International Governance Innovation (CIGI) CIGI is an independent, non-partisan think tank on international governance. Led by experienced practitioners and distinguished academics, CIGI supports research, forms networks, advances policy debate and generates ideas for multilateral governance improvements. Conducting an active agenda of research, events and publications, CIGI's interdisciplinary work includes collaboration with policy, business and academic communities around the world. For more information, please visit www.cigionline.org.details.
The primary objective of this Handbook of the Corporation is to contribute to the development of ... more The primary objective of this Handbook of the Corporation is to contribute to the development of the theory and practice of the corporation. The core rationale of the Handbook is to review and question how the debates on the corporation have evolved from Berle and Means onwards. The editors are convinced of the relevance of Berle and Means’ insights to contemporary corporate dilemmas. However the analysis must be set in a totally different context. Berle and Means were writing about American corporations that were becoming increasingly dominant in the US economy in the 1930s. It is now a different technologically transformed and interconnected world. To whom is the corporation responsible and to whom accountable among transient and competing interests? Who judges or should judge the ultimate performance of corporations and by what measures? This analysis maps the contours of the multidimensional impact of the innovative corporation, and how this is being negotiated.
e‐Learning has been frequently heralded as a transforming influence on global education and corpo... more e‐Learning has been frequently heralded as a transforming influence on global education and corporate training. Despite such rhetoric, the adoption, diffusion and exploitation of e‐Learning by educational institutions and organizations have been slower than anticipated. In this paper we attempt to examine the future of e‐learning by adopting a scenario planning approach, which formed the basis of a recent major international conference held in Edinburgh, Scotland in February 2004. We set out the background of the study, the methodology used to investigate the future(s) of e‐learning and reflect on the process and outcomes of the exercise to provide some assistance for practitioners in the field. Our general conclusions are that the scenarios have been a valuable starting point to engage in a more informed discussion of how e‐learning may transform education and training markets and the ways in which people learn over the next decade.
The development of e‐learning by government through policy, funding allocations, research‐based c... more The development of e‐learning by government through policy, funding allocations, research‐based collaborative projects and alliances has increased recently in both developed and under‐developed nations. The paper notes that government, industry and corporate users are increasingly focusing on standardisation issues and the scalability of technology platforms to meet demand. This paper assesses the challenges for further development that e‐learning faces in the coming years, including: access to appropriate technology, scalability, measurement, and changed governance structures.
This paper examines the continuing diversity of corporate governance by critically analysing the ... more This paper examines the continuing diversity of corporate governance by critically analysing the impelling financial forces for convergence, and the vitality of institutional differentiation. Competing theories of convergence and diversity are examined through the disciplinary perspectives of history and politics, law and regulation, culture, and institutional complementarities. The paper challenges whether a universal corporate governance system is practical, necessary or desirable. The increasingly recognized premium for governance is considered in the context of a globalizing economy. The implications of the deregulation of finance and the globalization of capital markets are examined, with a focus on the growth of equity markets and the dominant position of the Anglo-American stock exchanges. The convergence thesis is debated, examining different theoretical arguments for and against the inevitability of convergence of corporate governance systems and the resilience of cultural ...
It is now 50 years since Milton Friedman set out his doctrine that “The Social Responsibility of ... more It is now 50 years since Milton Friedman set out his doctrine that “The Social Responsibility of Business Is to Increase Its Profits.” This paper seeks to add fresh and compelling new evidence of why Lynn Stout was correct in her resolute critique of the thesis of shareholder primacy at the heart of the Friedman doctrine, and how this doctrine remains profoundly damaging to the corporations that continue to uphold this belief. It is argued that the Friedman doctrine has had a catastrophic impact upon American business and society beginning with General Motors failure to respond to investor calls for increased concern for safety and pollution at the time of Friedman’s intervention in 1970, stretching all the way to the recent fatal errors of Boeing in placing a higher priority in getting the new Boeing 737 MAX into the market than ensuring the soundness of software controls on the flight deck which led to two horrific plane crashes in 2018 and 2019 with the loss of 346 lives. These t...
This article focuses upon the continuing tensions between the international movement for corporat... more This article focuses upon the continuing tensions between the international movement for corporate governance reforms throughout the emerging economies, the insistent capital market pressures for convergence of emerging economies corporate governance towards international standards, the vibrant cultural and institutional tendencies in the emerging economies towards diversity in their corporate governance institutions and practices, and how these distinctive cultures and institutions of the emerging economies represent a vital differentiator which might delineate much of business development of these countries. A brief survey of the business models and corporate governance of the major BRICS economies demonstrates the considerable differentiation that exists between them, but even more so, with the exception of South Africa, the BRIC economies stand in contrast to the Anglo-American model of developed legal and regulatory structures, and market oriented corporate governance. This suggests a vitality in the diversity of governance and institutions, which can continue to deliver high rates of business growth and economic development.
The implications of massive high-frequency trading are becoming increasingly clear in equity mark... more The implications of massive high-frequency trading are becoming increasingly clear in equity markets and other financial markets. In recent years high-frequency trading has not only increased vastly in US equity trading, but in the last ten years has extended widely to other major international exchanges. High-frequency trading from its origins attracted the interest of regulators concerned about the impact on market integrity and stability. However, it was the publication of Michael Lewis's best-selling book Flash Boys that alerted the world to the imminent dangers of this form of trading. Regulators are now confronted with the dilemmas of attempting to regulate an industry operating at the speed of light.
Corporate Governance: An International Review, 2004
The disaster that befell corporate America in 2001/2002 involving a prolonged series of revelatio... more The disaster that befell corporate America in 2001/2002 involving a prolonged series of revelations of malfeasance relating to what previously were regarded as leading corpora-tions, resulted in the dramatic intervention of the US Congress and the passing of the Sarbanes-Oxley ...
However challenging the prospects, there are growing indications of large corporations taking the... more However challenging the prospects, there are growing indications of large corporations taking their social and environmental responsibilities more seriously, and of these issues becoming more critical in the business agenda. The substance of company reports is changing, from purely environmental reporting up until 1999, to sustainability reporting (social, environmental and economic), which has become the mainstream approach of global companies. Though some of the expressed concern may be part of the discourse of political correctness, there does appear to be a significant shifting of opinion among executives. At the confluence of these multiple emerging initiatives and trends towards greater corporate social and environmental responsibility, there is emerging a dynamic stakeholder model for driving enlightened shareholder value (or more expansively, stakeholder values). This article examines how the duty to promote the success of the company offers legal encouragement to pursue res...
This paper challenges whether a universal corporate governance system is practical, necessary or ... more This paper challenges whether a universal corporate governance system is practical, necessary or desirable. The increasingly recognized premium for governance is considered in the context of a globalizing economy. The implications of the deregulation of finance and the globalization of capital markets are examined, with a focus on the growth of equity markets and the dominant position of the Anglo-American
The Centre for International Governance Innovation (CIGI) CIGI is an independent, non-partisan th... more The Centre for International Governance Innovation (CIGI) CIGI is an independent, non-partisan think tank on international governance. Led by experienced practitioners and distinguished academics, CIGI supports research, forms networks, advances policy debate and generates ideas for multilateral governance improvements. Conducting an active agenda of research, events and publications, CIGI's interdisciplinary work includes collaboration with policy, business and academic communities around the world. For more information, please visit www.cigionline.org.details.
The primary objective of this Handbook of the Corporation is to contribute to the development of ... more The primary objective of this Handbook of the Corporation is to contribute to the development of the theory and practice of the corporation. The core rationale of the Handbook is to review and question how the debates on the corporation have evolved from Berle and Means onwards. The editors are convinced of the relevance of Berle and Means’ insights to contemporary corporate dilemmas. However the analysis must be set in a totally different context. Berle and Means were writing about American corporations that were becoming increasingly dominant in the US economy in the 1930s. It is now a different technologically transformed and interconnected world. To whom is the corporation responsible and to whom accountable among transient and competing interests? Who judges or should judge the ultimate performance of corporations and by what measures? This analysis maps the contours of the multidimensional impact of the innovative corporation, and how this is being negotiated.
e‐Learning has been frequently heralded as a transforming influence on global education and corpo... more e‐Learning has been frequently heralded as a transforming influence on global education and corporate training. Despite such rhetoric, the adoption, diffusion and exploitation of e‐Learning by educational institutions and organizations have been slower than anticipated. In this paper we attempt to examine the future of e‐learning by adopting a scenario planning approach, which formed the basis of a recent major international conference held in Edinburgh, Scotland in February 2004. We set out the background of the study, the methodology used to investigate the future(s) of e‐learning and reflect on the process and outcomes of the exercise to provide some assistance for practitioners in the field. Our general conclusions are that the scenarios have been a valuable starting point to engage in a more informed discussion of how e‐learning may transform education and training markets and the ways in which people learn over the next decade.
The development of e‐learning by government through policy, funding allocations, research‐based c... more The development of e‐learning by government through policy, funding allocations, research‐based collaborative projects and alliances has increased recently in both developed and under‐developed nations. The paper notes that government, industry and corporate users are increasingly focusing on standardisation issues and the scalability of technology platforms to meet demand. This paper assesses the challenges for further development that e‐learning faces in the coming years, including: access to appropriate technology, scalability, measurement, and changed governance structures.
This paper examines the continuing diversity of corporate governance by critically analysing the ... more This paper examines the continuing diversity of corporate governance by critically analysing the impelling financial forces for convergence, and the vitality of institutional differentiation. Competing theories of convergence and diversity are examined through the disciplinary perspectives of history and politics, law and regulation, culture, and institutional complementarities. The paper challenges whether a universal corporate governance system is practical, necessary or desirable. The increasingly recognized premium for governance is considered in the context of a globalizing economy. The implications of the deregulation of finance and the globalization of capital markets are examined, with a focus on the growth of equity markets and the dominant position of the Anglo-American stock exchanges. The convergence thesis is debated, examining different theoretical arguments for and against the inevitability of convergence of corporate governance systems and the resilience of cultural ...
It is now 50 years since Milton Friedman set out his doctrine that “The Social Responsibility of ... more It is now 50 years since Milton Friedman set out his doctrine that “The Social Responsibility of Business Is to Increase Its Profits.” This paper seeks to add fresh and compelling new evidence of why Lynn Stout was correct in her resolute critique of the thesis of shareholder primacy at the heart of the Friedman doctrine, and how this doctrine remains profoundly damaging to the corporations that continue to uphold this belief. It is argued that the Friedman doctrine has had a catastrophic impact upon American business and society beginning with General Motors failure to respond to investor calls for increased concern for safety and pollution at the time of Friedman’s intervention in 1970, stretching all the way to the recent fatal errors of Boeing in placing a higher priority in getting the new Boeing 737 MAX into the market than ensuring the soundness of software controls on the flight deck which led to two horrific plane crashes in 2018 and 2019 with the loss of 346 lives. These t...
This article focuses upon the continuing tensions between the international movement for corporat... more This article focuses upon the continuing tensions between the international movement for corporate governance reforms throughout the emerging economies, the insistent capital market pressures for convergence of emerging economies corporate governance towards international standards, the vibrant cultural and institutional tendencies in the emerging economies towards diversity in their corporate governance institutions and practices, and how these distinctive cultures and institutions of the emerging economies represent a vital differentiator which might delineate much of business development of these countries. A brief survey of the business models and corporate governance of the major BRICS economies demonstrates the considerable differentiation that exists between them, but even more so, with the exception of South Africa, the BRIC economies stand in contrast to the Anglo-American model of developed legal and regulatory structures, and market oriented corporate governance. This suggests a vitality in the diversity of governance and institutions, which can continue to deliver high rates of business growth and economic development.
The implications of massive high-frequency trading are becoming increasingly clear in equity mark... more The implications of massive high-frequency trading are becoming increasingly clear in equity markets and other financial markets. In recent years high-frequency trading has not only increased vastly in US equity trading, but in the last ten years has extended widely to other major international exchanges. High-frequency trading from its origins attracted the interest of regulators concerned about the impact on market integrity and stability. However, it was the publication of Michael Lewis's best-selling book Flash Boys that alerted the world to the imminent dangers of this form of trading. Regulators are now confronted with the dilemmas of attempting to regulate an industry operating at the speed of light.
Corporate Governance: An International Review, 2004
The disaster that befell corporate America in 2001/2002 involving a prolonged series of revelatio... more The disaster that befell corporate America in 2001/2002 involving a prolonged series of revelations of malfeasance relating to what previously were regarded as leading corpora-tions, resulted in the dramatic intervention of the US Congress and the passing of the Sarbanes-Oxley ...
However challenging the prospects, there are growing indications of large corporations taking the... more However challenging the prospects, there are growing indications of large corporations taking their social and environmental responsibilities more seriously, and of these issues becoming more critical in the business agenda. The substance of company reports is changing, from purely environmental reporting up until 1999, to sustainability reporting (social, environmental and economic), which has become the mainstream approach of global companies. Though some of the expressed concern may be part of the discourse of political correctness, there does appear to be a significant shifting of opinion among executives. At the confluence of these multiple emerging initiatives and trends towards greater corporate social and environmental responsibility, there is emerging a dynamic stakeholder model for driving enlightened shareholder value (or more expansively, stakeholder values). This article examines how the duty to promote the success of the company offers legal encouragement to pursue res...
This paper challenges whether a universal corporate governance system is practical, necessary or ... more This paper challenges whether a universal corporate governance system is practical, necessary or desirable. The increasingly recognized premium for governance is considered in the context of a globalizing economy. The implications of the deregulation of finance and the globalization of capital markets are examined, with a focus on the growth of equity markets and the dominant position of the Anglo-American
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Papers by Thomas Clarke