Corporate Decision-Making
in Canada
Ronald J. Daniels and Randall Morck, general editors
ISBN 189517676X
$55.95 paper
ISSN 1188-0988
December 1995
xiv + 706 pages
Tables, figures, biblios.
Industry Canada Research Series, Volume 5
About the Book
In an era of globalization
and rapid technological advancement, investments, particularly those in
technology and human capital accumulation, are key determinants of corporate
and national economic success. The role of corporate governance and the
behaviour of corporate institutions are critical in this setting because
they are the primary factors influencing investment decisions. This view
is exemplified by the economic difficulties of many large and well-known
global companies, whose experiences over the course of the 1980s and 1990s
highlight the importance of corporate decision-making in effectively managing
the challenges of structural change and economic adjustment.
This volume addresses corporate governance from both economic and legal
perspectives by examining behavioural elements of decision-making; the
role of incentives, institutions and their inter-relationships within
the corporate governance process; and their effects onCanada's economic
growth performance.
About the Editors
Ronald J. Daniels
is Dean of the Faculty of Law at the University of Toronto, Toronto, Canada.
He is author of numerous scholarly articles on topics as diverse as corporate
and securities law, federalism and financial institution regulation, privatization
in Eastern Europe, and government reform. He recently served as chairman
of the Ontario Task Force on Securities Regulation and as a member of
the Dey Committee, the Toronto Stock Exchange Committee on Corporate Governance.
Randall Morck is the Stephen A. Jarislowsky Distinguished Professor
of Finance at the University of Alberta's Faculty of Business. A native
of Canada, he holds a summa cum laude honours B.Sc. in Applied
Mathematics and Economics from Yale and a Ph.D. in Economics from Harvard.
He has published numerous widely cited research articles on corporate
governance and on international business.
Table of Contents
| PART I. THE IMPORTANCE OF CORPORATE GOVERNANCE | |||
|
Ronald
J. Daniels
and Randall Morck |
Canadian Corporate Governance: The Challenge |
3
|
|
| PART II. THE GOVERNANCE OF CANADIAN CORPORATIONS | |||
|
P.
Someshwar Rao
and Clifton R. Lee-Sing |
Governance Structure, Corporate Decision-Making and Firm Performance in North America |
43
|
|
|
Vijay
Jog and Agit Tulpule
|
Control and Performance: Evidence from the TSE-300 |
105
|
|
|
David
A. Stangeland
|
Discussants' Comments on Part II |
141
|
|
|
Giovanni
Barone-Adesi
|
Discussants' Comments on Part II |
145
|
|
| PART III. THE BOARD AND BEYOND | |||
|
Jean-Marie
Gagnon
and Josée St-Pierre |
Alternative Mechanisms for Corporate Governance and Board Composition |
149
|
|
|
Ramy
Elitzur
and Paul Halpern |
Executive Compensation and Firm Value |
189
|
|
|
David
A. Stangeland,
Ronald J. Daniels and Randall Morck |
In High Gear: A Case Study of the Hees-Edper Corporate Group |
223
|
|
|
Paul
Halpern
and Vijay Jog |
Bell Canada Enterprises: Wealth Creation or Destruction? |
241
|
|
|
Clifford
G. Holderness
|
Discussants' Comments on Part III |
282
|
|
|
Vikas
C. Mehrotra
|
Discussants' Comments on Part III |
289
|
|
|
Lee
Gill
|
Discussants' Comments on Part III |
296
|
|
| PART IV. INSTITUTIONAL INVESTORS | |||
|
Jeffrey
G. MacIntosh and Lawrence P. Schwartz
|
Do Institutional and Controlling Shareholders Increase Corporate Value? |
303
|
|
|
Michel
Patry
and Michel Poitevin |
Why Institutional Investors Are Not Better Shareholders |
341
|
|
|
Stephen
Foerster
|
Institutional Activism by Public Pension Funds: The Calpers Model in Canada? |
379
|
|
|
Ben
Amoako-Adu
and Brian Smith |
Outside Financial Directors and Corporate Governance |
401
|
|
|
Mark
Huson
|
Discussants' Comments on Part IV |
421
|
|
|
Michael
S. Weisbach
|
Discussants' Comments on Part IV |
428
|
|
| PART V. INTERNATIONAL ASPECTS OF CORPORATE GOVERNANCE | |||
|
Randall
Morck
and Bernard Yeung |
The Corporate Governance of Multinationals |
433
|
|
|
Lewis
Johnson
and Ted Neave |
Corporate Governance and Supervision of the Financial System |
457
|
|
|
Randall
Morck
and Masao Nakamura |
Banks and Corporate Governance in Canada |
481
|
|
|
Roberta
Romano
|
Discussants' Comments on Part V |
503
|
|
|
Adrian
E. Tschoegl
|
Discussants' Comments on Part V |
512
|
|
| PART VI. CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY | |||
|
Robert
Howse
and Ronald J. Daniels |
Rewarding Whistleblowers: The Costs and Benefits of an Incentive-Based Compliance Strategy |
525
|
|
|
Alice
Nakamura,
John Cragg and Kathleen Sayers |
Corporate Governance and Worker Education: An Alternative View |
551
|
|
|
Ronald
M. Giammarino
|
Patient Capital? R&D Investment in Canada |
575
|
|
|
Ron
Hirshhorn
|
The Governance of Nonprofits |
591
|
|
|
Michael
Trebilcock
|
Discussants' Comments on Part VI |
624
|
|
|
Bruce
Chapman
|
Discussants' Comments on Part VI |
628
|
|
|
Jennifer
Arlen
|
Discussants' Comments on Part VI |
635
|
|
|
Roger
Heath
|
Discussants' Comments on Part VI |
648
|
|
|
Jean-Claude
Delorme
|
Corporate Governance in the Year 2000 |
651
|
|
|
Ronald
J. Daniels
and Randall Morck |
Canadian Corporate Governance: Policy Options |
661
|
|
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