|
|
Article: International corporate governance reform.
- Article from:
- European Business Journal
- Article date:
- September 22, 2000
- Author:
CopyrightCOPYRIGHT 2000 Whurr Publishers Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Imagine you wake up feeling unwell. Fortunately, being an Imperial College scientist, you have invented a time machine. You program 500 years into the future but inadvertently press the reverse button and travel back to the Middle Ages. You are appalled -- best medical advice is based on rhetoric and debate, not on anatomy and empirical evidence. Superstition abounds. Elixirs effervesce. Mountebanks multiply.
Consider the parallel with the current debate on corporate governance. We argue that corporate governance reform is the modern-day equivalent of bloodletting -- while intended to restore health, it unintentionally saps the vigour of many firms. Additionally, ...