Access to expertise, 78
Accountability, 18–21, 43, 46, 49, 51, 166–167
for information technology, 175–176
Adult Fan of LEGO (AFoL) communities, 45
Agency problem, 106–112
Agency theory, 253–255
Agility, 57–62
in comparison, 60–62
in practice, 59–60
Algorithmic governance, 6–7, 431
Alliances, 422
Amul Milk Cooperative, 134
Analysis paralysis, 56
Anglo-Saxon approach to corporate governance, 102–103
Anti-corruption, 68
Antiself-dealing index, 120
Apply-or-explain principle, 136
Asia CG Network, 104–105
Asian approach to corporate governance, 103
Association for Project Management (APM), 48
Auditor
definition of, 282
role of, 262
Auditor General Act 1985, 192
Bank of India, 125
Barings Bank, collapse of, 2
Bernard Madoff Investment Securities, collapse of, 95
Bharath Petroleum Corporation Limited, 101
Bhopal Gas Tragedy (1984), 100
Bias to principles, 167–168
Blue Ribbon Committee on Corporate Governance, 126
BNIC (biotechnology nanotechnology information and computing) technology, 9
Board committees, 282
Board diversity, 352
Board governance, improving, 168–169
Board of directors (BOD), 107, 164, 206, 207, 231, 232, 233, 253, 256, 272, 326, 343, 348, 350, 361
composition, role of, 262–263
independence of, 353–354
remuneration policy, 319
BOD. See Board of directors (BOD)
British North America Act 1867, 191
BSE. See Mumbai Stock Exchange (BSE)
Bureaucracy, 66
Business domain, complexity of, 77
Business performance, corporate governance role in, 309–333
business success, 319–321
challenges to, 322–323
empirical evidence of success, 323–325
future of, 326–328
importance of, 321–322
limitations of, 325–326
literature review, 313–319
Business plans, technology utilization in, 174
Buy-in to decisions, 78
Cadbury, Sir Adrian, 126
Cadbury Committee, 126
Cadbury Report, 128, 155, 167, 260, 268, 315
CAG. See Comptroller and Auditor General (CAG)
Campus Alberta Quality Council, 191
Capabilities, 423, 424, 425, 429
Capitalism, 95–102
Capital markets, 265–267
definition of, 282
CBI. See Central Bureau of Investigation (CBI)
Cellino, Massimo, 261
Central Bank of Ghana, 356
Central Bureau of Investigation (CBI), 140
Centralized governance, 81
Central Vigilance Commission (CVC), 140
Centre for Monitoring the Indian Economy (CMIE), 116
Centro Judgment, 171
CEO. See Chief executive officer (CEO)
CEO/chairman duality, 354–355
CG. See Corporate governance (CG)
Chain of Custody, 383
Change
coping with, 44–47
forces for, 41–44
Chief executive officer (CEO)
definition of, 282
duality, 264–265, 282, 354–355
role of, 263–264
CII. See Confederation of Indian Industry (CII)
Clause 49 of Listing Agreement of Stock Exchanges, 119, 127, 128
Climate studies, 112
Closed innovation, 374
CLSA. See Credit Lyonnais Securities Asia (CLSA)
CMIE. See Centre for Monitoring the Indian Economy (CMIE)
Co-creation, 62
Code of Practices, 383
Code Tabaksblat, 260
CoE. See Code of ethics (CoE)
Collaborative sustainability, 373, 379, 380
Combined Code of London Stock Exchange, 126
Commerce Bank scandal, 342
Commonwealth Association of Corporate Governance, 271
Companies Act, 2013, 93, 95, 128–129, 132, 133, 136, 138, 139, 140
Schedule VII, 139
Companies Act of South Africa of 2008, 270
Company Law, 105
borders of, 55–57
Cynefin framework, 52–55
definition of, 51–52
Comply or explain principle, 259–262
Comptroller and Auditor General (CAG), 140
Concentrated ownership, 104, 120
Confederation of Indian Industry (CII), 93, 126, 130, 141, 142
Constitution Act 1867, 191
Consumer goods, personal ownership of, 15
Coping with change, 44–47
Corporate Citizenship Index, 134
Corporate culture, 419
Corporate excellence, 127
Corporate governance (CG), 2
capital markets and, 265–267
components of, 162–168
constraints and distinctiveness, unremitting, 112–120
definition of, 157–159, 250, 251–252, 282, 312–313, 419
enterprise technology governance, 172–177
importance of, 159–162
in India, rebooting, 91–143
internal mechanisms role, in organizational performance, 262–265
potential benefits of, 258–259
practices, in emerging economics, 267–268
regulatory authorities, 120–129
role in business performance, 309–333
theories of, 252–257
and voluntary disclosure, 227–244
Corporate Governance and Ethics Committee, 130
Corporate law, 106
Indian, overhauling, 129–132
Corporate scandals, 3
Corporate social responsibility (CSR), 21, 24, 31, 92, 93, 101, 102, 111, 133, 134, 136, 137–139, 165, 256, 310, 346–347, 376, 377, 378, 391, 392
Corruption perception index (CPI), 121
Co-sustainability, 378–381
CPI. See Corruption perception index (CPI)
Credit Lyonnais Securities Asia (CLSA), 93, 104–105, 130
Credit rating, 419
CSR. See Corporate social responsibility (CSR)
Culture, and governance, 78–79
Customers’ expectations in digital world, exceeding, 174
CVC. See Central Vigilance Commission (CVC)
Cybernetic governance, 7
Cynefin framework, 52–55
Datocracy, 6
Decision-making
frequency of, 77
speed of, 76–77
Decision stand-offs, 73
Decision vacuums, 73
Defendants’ courts, 119
Despotism, 67
Deutscher Corporate Governance Kodex, 260
Developing countries firms performance, corporate governance effect on, 268–275
Development finance institutions (DFIs), 122, 124
Devolved governance, 81
DFIs. See Development finance institutions (DFIs)
Digital era, governance in, 170–172
Digital technology, 11, 410, 411, 426–429
Directors, definition of, 283
Disaster governance, 285–303, 307. See also Earthquakes, governance of
human resources, 289, 292–295, 300–301
organization culture, 289, 295–298, 301
strategic design, 289, 290–292, 299–300
strategic networking, 289, 298–299, 301–302
Dr. Reddy’s Laboratories, 135
Dual shares approach, 4
Duopoly, 75–76
Dutch Corporate Governance Code, 260
Earthquakes, 286–299
effect on pathways, 287–288
governance of. See also Disaster governance
data collection, 290
human resources, 292–294
human resources feedback, 294–295
organization culture, 295–296
organization culture feedback, 296–298
strategic design, 290–292
strategic design feedback, 292
strategic networking, 298
strategic networking feedback, 298–299
Ecological sustainability, 96, 97
Education Quality Assurance of British Columbia, 191
Effective communication, 307
Ellison, Larry, 4
EMCGN. See Emerging Markets Corporate Governance Research Network (EMCGN)
Emerging economy
corporate governance practices in, 267–268
definition of, 283
Emerging Markets Corporate Governance Research Network (EMCGN), 22–23
Employee organization relationship (EOR) theory, 204, 205, 206, 207, 216, 221
Enron scandal, 3, 5, 91, 94, 99, 125–126, 168, 259, 342
Enterprise technology governance (ETG), 172–177
Entrained thinking, 56
EOR. See Employee organization relationship (EOR) theory
ETG. See Enterprise technology governance (ETG)
Ethical capital, 19–20
Ethical governance through PRME, understanding, 402–404
dialogue, 413–414
method, 408–410
partnership, 411–413
purpose, 405–407
research, 410–411
values, 407–408
Ethics, definition of, 419
Ethics Committee of Color Gemstones (Assogemme), 385–390
Ethics surveys, 112
European approach to corporate governance, 103
Executive compensation, 118, 323
Fairness, 164
Family businesses, 115
Family business groups, 120
FDI. See Foreign direct investment (FDI)
Federal governance, 75
Feudal governance, 76
Financial Administration Act 1985, 191
Financial sector adjustment program (FINSAP), 347
Financial Supervision Agency (FSA), 230
FINSAP. See Financial sector adjustment program (FINSAP)
Firm performance, 120
corporate governance effect on, 270–275
future research, suggestions for, 276
Ghana, 270–275
solutions and recommendations, 275–276
South Africa, 268–270
Five Year Plans, 135
Force fields, 422
Foreign direct investment (FDI), 121, 126
FSA. See Financial Supervision Agency (FSA)
GAAP. See Generally Accepted Accounting Principles (GAAP)
Gatekeepers, 3
Generally Accepted Accounting Principles (GAAP), 230
German Corporate Governance Code, 260
Ghana
business performance, corporate governance role in, 309–333
business success, 319–321
challenges, 322–323
empirical evidence of success, 323–325
future, 326–328
importance, 321–322
limitations, 325–326
literature review, 313–319
Central Bank of Ghana, 356
Companies code 1963 (Act 179), 271
financial sector adjustment program, 347
firms performance, corporate governance effect on, 270–275
audit committee, 275
financing issues, 272
governance characteristics, 274–275
organizational characteristics, 272
organizational financial performance, 274
Ghana Institute of Directors (IoD-Ghana), 270–271
Ghana Susu Collectors Cooperatives, 348
microfinance institutions in, 341–363
principles of responsible management education, 328–329
analysis, 330–332
discussion, 330–332
findings, 330–332
future outlook, 332–333
methodology, 329–330
Securities Industry (Amendment) Act, 2000, 271
Securities Industry Law 1993, 271
Global Civic Society, 12
Global Climate Fund, 9
Global Financial Crisis, 3, 157, 419
Global governance infrastructures, weak state of, 8–9
Global Reporting Initiative, 135
Sustainability Reporting Guidelines, 135
Global sustainability scenario, 12
GMFIs. See Governance of microfinance institutions (GMFIs)
Godrej Group, 102
Goldman Sachs & Co., 95
Google bombing, 7
Googlewashing, 7
Governance
board governance, improving, 168–169
centralized versus devolved, 81
corporate. See Corporate governance (CG)
cultural changes, impact of, 11–13
cybernetic, 7
definition of, 50–51, 288, 312
devolved, 81
disaster. See Disaster governance
earthquake, 286–299
ethical, 401–415
federal, 75
feudal, 76
innovation, 426–429
models, trade-offs in, 74–82
organizational effectiveness of, 63–67
perceptions of, 70–74
of product innovation, challenges for, 47–50
societal benefits of, 67–69
Governance of microfinance institutions (GMFIs), 344
GRIN (genetics, robotics, information, and nanotechnology) technology, 9
G20, 13
Hampel Report, 268
Heuristics, 82–85
Hindustan Unilever Limited, 101
Hotel management, 208–218
Human resources
disaster governance, 289, 292–294, 300–301, 307
feedback, 294–295
Human rights, 68
IAS. See International Accounting Standards (IAS)
Ibrahim Index of African Governance (IIAG), 22
ICSI. See Institute of Company Secretaries of India (ICSI)
ICT. See Information and communication technology (ICT)
IFRS. See International Financial Reporting Systems (IFRS)
IIAG. See Ibrahim Index of African Governance (IIAG)
IMF. See International Monetary Fund (IMF)
Inclusive management, 221
India
corporate governance in, rebooting, 91–143
agency problem, 106–112
capitalism, 95–102
nuances of corporate governance, appreciating, 102–106
judicial system, 119
Industrial Policy Resolution (1956), 123
Industries (Development and Regulation) Act of 1951, 123
Information and communication technology (ICT), 390, 432
Information systems, 307
Information technology (IT)
accountability for, 175–176
deriving value from, 175
level of risk, 176
operational and strategic agility improved by, 175
role in changing competition across industries, 173
strategies, communication of, 176–177
Infosys Ltd., 134
Initial public offerings (IPOs), 4, 5, 140, 230, 143
Institute of Chartered Accountants of India, 142
Institute of Company Secretaries of India (ICSI), 130, 141, 142
Institute of Cost Accountants of India, 142
Institute on Governance, 50, 51
Interagency collaboration, 299, 307
Internal governance, 208
Internal stakeholder, building trust for, 205–208
case study, 208–220
methodology, 208
International Accounting Standards (IAS), 118
International Financial Reporting Systems (IFRS), 131, 230
International Monetary Fund (IMF), 8, 113, 157, 163, 267
IPOs. See Initial public offerings (IPOs)
IT. See Information technology (IT)
ITGI. See IT Governance Institute (ITGI)
IT Governance Institute (ITGI), 170
Jobs, Steve, 4
Joint stock companies (JSCs), 229, 230
J.P. Morgan Securities, 95
JSCs. See Joint stock companies (JSCs)
JSCs Act, 2003, 232
KASE. See Kazakhstan Stock Exchange (KASE)
Kazakhstan
Code of Corporate Governance 2005, 229
Kazakhstan Stock Exchange (KASE), 229, 230, 234, 235, 242, 243
Kazakhstan 2030, 230
voluntary disclosure, corporate governance and, 227–244
Kimberley Process Certification Scheme (KPCS), 383
King Committee on Corporate Governance, 269
King I, Mervyn King S.C., 269
King I Report on Corporate Governance, 269
King II Report on Corporate Governance, 269
King III Report on Corporate Governance, 167, 270
KPCS. See Kimberley Process Certification Scheme (KPCS)
Labour rights, 68
Lagos Boutique Hotel
communication, 211–212
discipline and fair hearing, 213
discussion, 215–216
employee trust, 218
ethical culture, 217–218
job satisfaction, 214
overview of, 208–209
ownership distance, 216
pay, 209–210
principle-centered leadership, 216–217
staffing, 209
stakeholder voice, 217
training, 214
transparency, 217
turnover, 210–211
unions, 214–215
zero tolerance, 212–213
Law of the instrument. See Entrained thinking
Leadership, 15
Learning alliance, 380
Leeds United Football Club, 261
Leeson, Nick, 2
LEGO, 45
Lehman Brothers Holdings, bankruptcy of, 95
LIBOR. See London Interbank Offer Rate (LIBOR)
Listing Agreement of Stock Exchanges, 131
Clause 49, 93, 119, 127, 128, 141–142
Literary study, 401–415
Logistics social responsibility, 377
Lok Pal Bill, 140
London Interbank Offer Rate (LIBOR), 406
Madhavpura Cooperative Bank, 125
Mahindra, 134
Management control system, 185–199
Managerial shareholding, 265
Managers, role of, 265
Managing agencies, 122–123
Maruti Suzuki India Limited, 101
MCA. See Ministry of Corporate Affairs (MCA)
MDGs. See Millennium Development Goals (MDGs)
Mehta, Harshad, 125
Merchant of Venice
ethical governance through PRME, understanding, 405
dialogue, 413
method, 409–410
partnership, 412–413
purpose, 406
research, 410–411
values, 407
Merrill Lynch, 94
Metallgesellschaft scandals, 259
MFIs. See Microfinance institutions (MFIs)
Micro, small, and medium enterprises (MSMEs), 136
Microfinance institutions (MFIs)
background of, 342–347
governance of, in Ghana, 341–363
board of directors, independence of, 353–354
board size, 352–353
case investigation, 355–362
CEO/chairman duality, 354–355
challenges to, 348–351
overview of, 347–348
ownership type, 355
recommendations, 362–363
Millennium Development Goals (MDGs), 98, 101, 344, 362
Millstein Report, 24, 155, 158, 163–164, 167
Ministry of Corporate Affairs (MCA), 93, 131, 135, 141, 142
MNCs. See Multinational companies (MNCs)
Monarchy
business, 75
technical, 75
Moral hazard, 107
MSMEs. See Micro, small, and medium enterprises (MSMEs)
Mudrarakshasa
ethical governance through PRME, understanding, 404
dialogue, 413–414
method, 409
partnership, 411–412
purpose, 405–406
research, 411
values, 407–408
Multinational companies (MNCs), 114–115
Multi-organizational innovation, 48
Multistakeholder committee, for sustainable innovation, 373–394
empirical research, 382–390
managerial implications, 390–393
Mumbai Stock Exchange (BSE), 116, 122, 125, 127
Murthy, N.R. Narayana, 127, 130
Nadir, Asil, 2
Narayana Murthy Committee, 127
NASSCOM. See National Association of Software and Services Companies (NASSCOM)
National Association of Software and Services Companies (NASSCOM), 130
National enterprise scenario, 12
National Environment Policy 2006, 135
National Foundation for Corporate Governance (NFCG), 141
National Human Rights Commission (NHRC), 100
National Intelligence Council (NIC)
scenarios, 11–12
National Thermal Power Corporation (NTPC), 135
National Voluntary Guidelines on Social, Economic, and Environmental Responsibilities of Business, 135, 137, 142
NFCG. See National Foundation for Corporate Governance (NFCG)
NGOs. See Nongovernmental organizations (NGOs)
NHRC. See National Human Rights Commission (NHRC)
NIC. See National Intelligence Council (NIC)
Nielsen Global Survey, 15–16
Nigeria
Lagos Boutique Hotel, 208–218
Nonbankable population, 345
Nongovernmental organizations (NGOs), 302
NTPC. See National Thermal Power Corporation (NTPC)
Occupy Wall Street movement (OWS), 406, 408, 410, 414
OECD. See Organization for Economic Cooperation and Development (OECD)
Open innovation, 45, 46, 62, 374
Open sources, 374
Organizational change, managing, 49
Organizational effectiveness, of governance, 63–67
Organizational performance, internal corporate governance mechanisms role in
auditor, role of, 262
board of directors’ composition, role of, 262–263
board size, role of, 264
chief executive officer duality, role of, 264–265
chief executive officer, role of, 263–264
managers, role of, 265
Organizational values, 307
enactment of, 307
Organization culture
disaster governance, 289, 295–296, 301, 307
feedback, 296–298
Organization for Economic Cooperation and Development (OECD), 109, 155, 158, 164, 167, 252, 267, 384, 385, 391, 392
Business Sector Advisory Group on Corporate Governance. See Millstein Report
Principles of Corporate Governance, 128
Outliners, 74
Overconfidence, 57
Oversimplification, 56
Ownership
structure, 104–105, 254, 268, 276
type, for microfinance institutions, 355
OWS. See Occupy Wall Street movement (OWS)
Parekh, Ketan, 125
Perceptions of governance, 70–74
background of, 71–72
patterns of, 72–74
PESTEL (Politics, Economics, Society, Technology, Environment and legislation), 14
Planning Commission, 135
PMI. See Project Management Institute (PMI)
Policy makers, speculative recommendations for, 196–199
Post-Secondary Learning Act 2004, 191
Power struggle, 49
PricewaterhouseCoopers (PWC), 17, 94, 170
Principles of responsible management education (PRME), 98, 161, 177–179, 328–329, 401–415
analysis of, 330–332
definition of, 419
discussion, 330–332
findings of, 330–332
future outlook, 332–333
methodology of, 329–330
understanding ethical governance through, 402–404
dialogue, 413–414
method, 408–410
partnership, 411–413
purpose, 405–407
research, 410–411
values, 407–408
PRME. See Principles of responsible management education (PRME)
Product development organizations
coping with change, 44–47
forces for change, 41–44
governance of product innovation, challenges for, 47–50
heuristics, 82–85
models and trade-offs, 74–82
organizational effectiveness of governance, 63–67
perceptions of governance, 70–74
societal benefits of governance, 67–69
Product innovation
governance of, challenges for, 47–50
Project Management Institute (PMI), 48
Promotion of Access to Information Act, 270
PSE. See Public sector enterprises (PSE)
Public Finance Management Act, 270
Public sector enterprises (PSE), 113, 114
Purchasing social responsibility, 377
PWC. See PricewaterhouseCoopers (PWC)
Rainie, Lee, 9
Ranbaxy, 134
Reagan, Ronald, 2
Red Cross, 55
Reddy, P.L. Sanjeev, 127
Regulatory authorities, 120–129
Relational paradigm, 103
Responsibility, 165
Responsive leadership, 303, 307
Retrospective coherence, 57
Return on asset, 274
Right to Information (RTI) act, 114
Risk intelligence, 2
Role clarity and boundaries, 295
RTI. See Right to Information (RTI) act
Sarbanes-Oxley Act (SOA), 127, 128, 168, 261
Satyam scandal, 94, 115, 129–130, 142–143
SEBI. See Securities Exchange Board of India (SEBI)
SEC. See Securities Exchange Commission (SEC)
Securities (Contracts) Regulation Act 1956
Securities and Exchange Act, 261
Securities Exchange Board of India (SEBI), 93, 126, 127, 131, 135, 141
Committee on Disclosure and Accounting Standards, 130
Takeover Code, 142
Securities Exchange Commission (SEC), 5
Securities Industry (Amendment) Act, 2000, 271
Service Profit Chain model, 5
Sewa India, 134
Shared value approach, 138
Share economy, 15
Shareholders
controlling, 115
dominant, disciplining, 115–116
Shri Mahila Griha Udyog, 134
Situational awareness, 78
SOA. See Sarbanes-Oxley Act (SOA)
Social capital, 374
Social contract theory, 108
Social responsibility, 138, 346, 347, 378, 391, 394, 405, 407
corporate, 21, 24, 31, 92, 93, 101, 102, 111, 133, 134, 136, 137–139, 165, 256, 310, 346–347, 376, 377, 378, 391, 392
logistics, 377
purchasing, 377
Societal benefits, of governance, 67–69
SociétéGénérale
trading losses, 95
Sociodigital technologies, 9
SOEs. See State-owned enterprises (SOEs)
Soft law, 259
South Africa
Companies Act of South Africa of 2008, 270
firms performance, corporate governance effect on, 268–270
King I Report on Corporate Governance, 269
King II Report on Corporate Governance, 269
King III Report on Corporate Governance, 270
Promotion of Access to Information Act, 270
Public Finance Management Act, 270
Stacey Matrix, 52
Stakeholder(s)
definition of, 419
engagement, 374–378
theory, 256–257
State, role of, 425–426
State-owned enterprises (SOEs), 123
Steering Committee, 381
Stewardship, 18–21
theory, 255
Strategic design
disaster governance, 289, 290–292, 299–300
feedback, 292
Strategic networking
disaster governance, 289, 298, 301–302
feedback, 298–299
Surprise, 13–18
Sustainability
co-sustainability, 378–381
global, 12
Sustainable development, 111
SWOT (Strengths, Weakness, Opportunities and Threats), 14
Tata Business Excellence Model, 134
Tata Group, 101
Tata Index for Sustainable Development, 134
Tata Steel, 134
Technology investments with opportunities and threats, alignment of, 174–175
Thatcher, Margaret, 2
Theories of corporate governance, 252–257
ThinkTank, 7
Trade-offs, in governance models, 74–82
Triple bottom line, 346
Tunneling, 114
UBS AG, 95
UK Corporate Governance Code, 260
UNCTAD. See United Nations Conference on Trade and Development (UNCTAD)
UNICRI. See United Nations Research Institute on Crime and Justice (UNICRI)
United Nations Conference on Trade and Development (UNCTAD), 101
United Nations Global Compact, 67–68, 69, 97–98, 101, 136, 177
United Nations Research Institute on Crime and Justice (UNICRI), 389
Voluntary disclosure, corporate governance and, 227–244
data collection method, 236
findings and discussion, 237–241
literature review, 231–234
methodology, 234
policy implications, 241–244
population and sample, 235
research context, 229–231
variable measurement, 235–236
WEF. See World Economic Forum (WEF)
West, world without, 12
Western Canadian higher education
competitive markets, external factors related to changes in, 193–194
financial accountability in, 188–190
government rules, external factors related to changes in, 191–192
organizational cultures, internal factors related to changes in, 194–195
responsible governance in, 187–188
Whistleblowers bill, 140
Wikileaks, 407
Will-to-change, 422
World Bank, 8, 94, 113, 120, 157, 163, 267
World Business Council for Sustainable Development, 256
WorldCom scandal, 3, 5, 99, 342
World Economic Forum (WEF), 426, 431
World Energy Council, 428–429
World Health Organization, 8–9
World markets scenario, 12
Zuckerberg, Mark, 4