Suchergebnisse

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  Case 37: Siemens (Germany, 2006)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …governance, strong corporate responsibility and ethical behaviour. But the highly visible veneer of effective governance and a strong ethical corporate… …how much Pierer knew and when. In the meantime, Pierer got under fire from corporate governance experts as well. Business administration professor… …independent auditor, the company wanted to give “a clear signal in the spirit of the best possible corporate governance”. In July 2007, a new CEO took over… …in German Corporate Governance, www.upenn.edu (University of Pennsylvania), March 28, 2007 Two more arrests in Siemens probe, Times Online, March 29…

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  Case 38: Daewoo Group (South Korea, 1999)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …confidence in U.S. and European markets. Thus, the tale of Daewoo could have served as one of the early warning signs of the massive corporate governance… …state-oriented model towards a combination of a more shareholder-oriented and stakeholder-oriented corporate governance model. Most notably, at the time of… …Daewoo’s collapse, the term “corporate governance” simply did not exist in the Korean business vernacular. The mighty, family- controlled chaebols, which… …form the basis of much of the economy, resisted pres- sure to introduce more “modern” governance concepts. But the investigation of Daewoo in 1999… …symbolized South Korea’s resolve to clean up the chaebols and to improve their inefficient governance mechanisms. The Daewoo fraud triggered a comprehensive… …scandals only some years later. References: Joongi Kim: A Forensic Study of Daewoo’s Corporate Governance: Does Responsibility Lie Be- yond the… …Chaebol and Korea? Working Paper, Hills Governance Center at Yonsei University, Seoul 2005, www.papers.ssrn.com Kim’s Fall from Grace at Daewoo…

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  Case 44: Satyam Computer Services (India, 2009)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …governance, and it is critical that it be viewed in this light,” it said in a statement. One BBC journalist commented: “I don’t believe that one bad apple… …question mark on the entire corporate governance system in India as well as on the regulatory oversight. “The Satyam crisis is not only a wake-up call, but… …it is also a great opportunity for everybody to look at the quality of corporate governance more seriously,” said Richard Rekhy, COO of the global… …high-growth economy and neglected important things like instituting an ethical corporate governance mechanism.” Discussions included topics such as… …key issues such as governance, anti-corruption, transparency and accountability to stakeholders. Most list only charity projects as their CSR… …dignity of the individual. Chander Prakash Gurnani, the new CEO, pledged to improve the company’s corporate governance and customer ties as he tried to… …fall of IT tzar Ramalinga Raju, www.news.in.msn.com/business, December 26, 2008 Satyam saga shows holes in India corporate governance, www.reuters.com… …Governance, www.upenn.edu (University of Pennsylvania), January 9, 2009 Auditor in cross hairs over fraud… …Standards: Loose Governance Facilitated Fraud, The Washington Post, January 10, 2009 Founders of Indian Company…

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  Chapter 4: Conclusion and Outlook

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …in the United States, whose accounting system and corporate governance rules had always been considered as “best practice”. But scandals have also… …characterized the scenario in Europe and in Asia, showing that probably no corporate governance system in the world is able to prevent accounting fraud… …account Conclusion and Outlook 286 the business environment, poor internal controls, poor tone at the top, poor corpo- rate governance, and of… …, Berlin 2010, pp. 359–364 Tiscini, Riccardo / di Donato, Francesca: The relation between accounting frauds and corporate governance systems: An… …Young, Michael R.: Accounting Irregularities and Financial Fraud – A Corporate Governance Guide, 2nd edition, Chicago 2004, pp. 11–13…

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  Case 34: Royal Ahold (The Netherlands, 2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Ahold chief executive in May 2003. “We knew we needed to be at the forefront of implementing corporate governance reforms.” However, the focus was not… …just on improving governance, but also on setting an example. An analyst commented: “Ahold has led other Dutch companies in seriously tackling… …corporate governance.” The Ahold fraud also caused Dutch and European regulators to rethink their approach to corporate governance. In the… …set of new (and widely praised) governance guidelines. The European Parliament, the legislative body of the EU, amended the so-called “8th… …Governance Institute: Royal Ahold: A Failure of Corporate Governance, ECGI Working Paper No. 67/2005, www.papers.ssrn.com India Center for Management…

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  Case 13: WorldCom (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …governance laws in his- tory, the Sarbanes-Oxley Act. It was signed into law by former President Bush less than two weeks after WorldCom’s downfall in July… …improve results when management felt this was needed. Governance failures at WorldCom The setting in which the fraud occurred was marked by serious… …governance system whose controls were sorely defi- cient, and a lack of courage to blow the whistle on the part of WorldCom personnel in the finance and… …at the time the fraud was discovered, thereby removing 100% of the directors who were partici- pants in governance under the regime of prior CEO… …Court for the Southern District of New York on Corporate Governance for the future of MCI, Inc., August 2003 Kay, Joseph: Threatened collapse of…

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  Case 42: Nikko Cordial (Japan, 2007)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …strengthen corporate governance. “There were things we should be ashamed of regarding professional ethics,” Kuwashima said in reference to the scandal…
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  Case 1: McKesson & Robbins (1938)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …corporate governance and auditing reforms. Within months of the discov- ery of the fraud, a special committee of the AICPA recommended significant changes to…
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  Case 10: MicroStrategy (2000)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …governance and compliance. These changes included creating an internal audit department, appointing an inde- pendent director with experience in public…
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  Case 12: Enron (2001)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …than a Pyr- rhic victory for Andersen, which had no chance of returning as a viable enterprise. Governance failures at Enron On paper, Enron had… …put in place a system of corporate governance that was well respected and appreciated by the market. For example, it had a splendid board, composed of… …Financial Disasters of our Time, 2nd edition, Berlin 2006, pp. 104–110 Peter, Henry / Maestretti, Massimiliano: Corporate Governance and Special Purpose…

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