Curated by our editorial team, you will find reviews of books that focus on strategic business issues confronting leadership teams & business executives around the world. These books offer expert insight, guidance & topical analysis on a broad range of topics of interest & relevance to directors, investors, advisors, academics & corporate governance professionals.
The audit profession is at a tipping point. Without significant innovation in its business model, staff recruitment strategies and audit execution processes, the audit profession may not remain relevant in the 21st century. The number of claims against auditors has significantly increased over the past twenty years due to the spate of corporate and audit failures early in the 21st century (Enron, Worldcom, Parmalat, etc.). Regulation to monitor professional and ethical standards has increased, leading audit firms to feel under even more financial pressure. In addition, the investor community is calling for greater insight and foresight from auditors. These challenges, coupled with the unlimited liability regime of auditors still applicable in many jurisdictions, are making audit firms and regulators nervous as to the systemic risk of another one of the Big 4 failing.
And yet, the audit profession is in place to protect businesses, their wider stakeholder groups, including clients and investors, and society at large. Therefore, this book asks the important question about the profession’s future and engages a broad readership in the discussion of audit failure and reform.
Intended to help readers to get up to speed with the issues and possible solutions quickly, this book assists directors, investors, business people and regulators, especially those with a non-financial background, to gain a greater understanding of the challenges and threats being faced by the audit profession, which in turn could disrupt the capital market and affect businesses across the globe. The book outlines the critical success factors needed for a sustainable audit profession.
Author: Ryohei Yanagi
This is the first book to furnish a root cause of the low valuation of Japanese listed companies by using, as qualitative evidence, unique global investor surveys, which are rarely available for Japanese companies. Also contained in this book as quantitative evidence is empirical research with regression analysis implying a positive correlation between corporate governance and value creation in Japan.
The author explains the rationale underlying the suggestion of the Ito Review on return on equity (ROE) 8% guidance, an almost 50% discounted valuation of the cash held by Japanese companies, corporate value and ROE, equity spread as a key performance indicator for value creation, an optimal dividend policy based on optimal capital structure, risk-adjusted hurdle rates for value-creative investment criteria, and the synchronization of environmental, social, and governance with equity spread.
Illustrated with relevant statistics, evidence of shareholders’ voices, case studies, and empirical research, the book is highly recommended for readers who seek qualitative and quantitative evidence of Japan’s problems and potential prescriptions in connection with value creation.
Authors: Tom Wright, Bradley Hope
The epic story of how a young social climber from Malaysia pulled off one of the biggest financial heists in history.
In 2015, rumours began circulating that billions of dollars had been stolen from a Malaysian investment fund. The mastermind of the heist was twenty-seven-year-old Jho Low, a serial fabulist from an upper-middle-class Malaysian family, who had carefully built his reputation as a member of the jet-setting elite by arranging and financing elaborate parties for Wall Street bankers, celebrities, and even royalty.
With the aid of Goldman Sachs and others, Low stole billions of dollars, right under the nose of global financial industry watchdogs. He used the money to finance elections, purchase luxury real estate, throw champagne-drenched parties, and bankroll Hollywood films like The Wolf of Wall Street.
Billion Dollar Whale reveals how this silver-tongued con man, a ‘modern Gatsby’, emerged from obscurity to pull off one of the most audacious financial heists the world has ever seen, and how the financial industry let him. It is a classic harrowing parable of hubris and greed in the financial world.
Author: John Carreyrou
The full inside story of the breathtaking rise and shocking collapse of Theranos, the multibillion-dollar biotech startup, by the prize-winning journalist who first broke the story and pursued it to the end, despite pressure from its charismatic CEO and threats by her lawyers.
In 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the female Steve Jobs: a brilliant Stanford dropout whose startup “unicorn” promised to revolutionize the medical industry with a machine that would make blood testing significantly faster and easier.
Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at more than $9 billion, putting Holmes’s worth at an estimated $4.7 billion. There was just one problem: The technology didn’t work.
In Bad Blood, John Carreyrou tells the riveting story of the biggest corporate fraud since Enron, a tale of ambition and hubris set amid the bold promises of Silicon Valley.
Author: Oliver Shah
A story of corruption, ego, greed and one terrible misjudgment. In this jaw-dropping expose, Oliver Shah uncovers the truth behind one of Britain’s biggest business scandals, following Sir Philip Green’s journey to the big time, the wild excesses of his heyday and his dramatic demise.
Sir Philip Green was once hailed one of Britain’s best businessmen. As chairman of Arcadia Group, home to brands such as Topshop, Dorothy Perkins and Miss Selfridge, Green had prime ministers and supermodels on speed dial. But the retail magnate’s reputation came crashing down when Shah, a Sunday Times journalist, uncovered the methods Green used to amass his gigantic offshore fortune, and the desperation that drove his doomed BHS deal.
In 2015, Green sold British Home Stores for £1 to Retail Acquisitions, owned by Dominic Chappell, a charlatan who siphoned off BHS’s remaining millions before filing for administration. By the time it went under in April 2016, BHS had debts of £1.3bn, including a pension deficit of £571m. Its collapse left 11,000 employees without jobs and 20,000 pension fund members facing the loss of their benefits, prompting the government to launch an inquiry into Green’s sale of the company. While one of Britain’s oldest department stores boarded up its shop fronts, former employees and shoppers protested in the streets and MPs rallied in parliament, demanding Green be stripped of his knighthood.
Corporate law and corporate governance have been at the forefront of regulatory activities across the world for several decades now, and are subject to increasing public attention following the Global Financial Crisis of 2008. The Oxford Handbook of Corporate Law and Governance provides the global framework necessary to understand the aims and methods of legal research in this field.
Written by leading scholars from around the world, the Handbook contains a rich variety of chapters that provide a comparative and functional overview of corporate governance. It opens with the central theoretical approaches and methodologies in corporate law scholarship in Part I, before examining core substantive topics in corporate law, including shareholder rights, takeovers and restructuring, and minority rights in Part II. Part III focuses on new challenges in the field, including conflicts between Western and Asian corporate governance environments, the rise of foreign ownership, and emerging markets. Enforcement issues are covered in Part IV, and Part V takes a broader approach, examining those areas of law and finances that are interwoven with corporate governance, including insolvency, taxation, and securities law as well as financial regulation.
Boards of directors are sitting ducks. Shareholders complain and even attack, management manipulates, and individual board members have little power, able to act only as part of the board as a whole. Governance issues are front and center, yet there is often little understanding, even among board members, of the key role that they play. Written in an accessible and human voice, The Governance Revolution: What Every Board Member Needs to Know, NOW! provides information and context essential to anyone seeking to understand how corporations and their stewards—the board of directors—can and should function in the volatile world we inhabit. Deborah Hicks Midanek offers useful insight into what board members of corporations actually do, the current standards for board members and why they exist. She includes a timely discussion of how clarity of purpose can improve board and director effectiveness. Informed by her long experience serving public, private, and family owned corporate boards as well as those of charitable, and government organizations, she provides essential context regarding the evolution of board practice as well as candid discussion of the issues involved in the relentless effort to improve corporate governance processes. Focused mainly on the dominant public corporation, she also explores the special challenges of serving private and family owned as well as nonprofit and public agency boards. Written by a seasoned board member, and liberally laced with stories and cases illustrating the tricky issues directors wrestle with, this book is the essential common-sense companion for anyone working with a board, serving on a board, or wanting to do so. Directors, aspiring directors, investors, and students of corporate behavior will benefit from this highly readable description of the cloistered boardroom.
Author: Richard M. Steinberg
An expert’s insider secrets to how successful CEOs and directors shape, lead, and oversee their organizations to achieve corporate goals
Governance, Risk Management, and Compliance shows senior executives and board members how to ensure that their companies incorporate the necessary processes, organization, and technology to accomplish strategic goals. Examining how and why some major companies failed while others continue to grow and prosper, author and internationally recognized expert Richard Steinberg reveals how to cultivate a culture, leadership process and infrastructure toward achieving business objectives and related growth, profit, and return goals.
- Explains critical factors that make compliance and ethics programs and risk management processes really work
- Explores the board’s role in overseeing corporate strategy, risk management, CEO compensation, succession planning, crisis planning, performance measures, board composition, and shareholder communications
- Highlights for CEOs, senior management teams, and board members the pitfalls to avoid and what must go right for success
- Outlines the future of corporate governance and what’s needed for continued effectiveness
- Written by well-known corporate governance and risk management expert Richard Steinberg
Governance, Risk Management, and Compliance lays a sound foundation and provides critical insights for understanding the role of governance, risk management, and compliance and its successful implementation in today’s business environment.
The behavior of managers-such as the rewards they obtain for poor performance, the role of boards of directors in monitoring managers, and the regulatory framework covering the corporate governance mechanisms that are put in place to ensure managers’ accountability to shareholder and other stakeholders-has been the subject of extensive media and policy scrutiny in light of the financial crisis of the early 2000s. However, corporate governance covers a much broader set of issues, which requires detailed assessment as a central issue of concern to business and society.
Critiques of traditional governance research based on agency theory have noted its “under-contextualized” nature and its inability to compare accurately and explain the diversity of corporate governance arrangements across different institutional contexts. The Oxford Handbook of Corporate Governance aims at closing these theoretical and empirical gaps. It considers corporate governance issues at multiple levels of analysis-the individual manager, firms, institutions, industries, and nations-and presents international evidence to reflect the wide variety of perspectives. In analyzing the effects of corporate governance on performance, a variety of indicators are considered, such as accounting profit, economic profit, productivity growth, market share, proxies for environmental and social performance, such as diversity and other aspects of corporate social responsibility, and of course, share price effects. In addition to providing a high level review and analysis of the existing literature, each chapter develops an agenda for further research on a specific aspect of corporate governance.
This Handbook constitutes the definitive source of academic research on corporate governance, synthesizing studies from economics, strategy, international business, organizational behavior, entrepreneurship, business ethics, accounting, finance, and law
Authors: Marc Moore & Martin Petrin
This textbook on corporate governance is written for advanced undergraduate and graduate law students, as well as scholars working in the field. It offers clear insight into this fascinating area of financial law, from the analysis of the legal and regulatory framework of corporate governance in the UK to the core laws and regulatory principles that determine the allocation of decision-making power in UK public companies.
This book also highlights how prevailing corporate governance norms operate within their broader market and societal context. In doing so, it seeks to encourage readers to develop their own critical opinions on the topic by reference to leading strands of theoretical and inter-disciplinary literature, along with relevant comparative and historical insights.