国际会计研究生小论文The Impact of Corporate Governance on Managerial Behavior and Company Performance.docVIP

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国际会计研究生小论文The Impact of Corporate Governance on Managerial Behavior and Company Performance.doc

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Coursework of International Financial Managemnt 1 - The Impact of Corporate Governance on Managerial Behavior and Company Performance Introduction Following the accruing of high profile corporate scandals, such as Enron scandal, WorldCom scandal, corporate governance has aroused more concern. Corporate governance is ‘the system by which companies are directed and controlled’. (Sir Adrian Cadbury, 2002, p.11) It aims to reduce the agency cost, make the owners not intervene the day-to-day operations, and ensure the managers act in the best interests of owners. In this essay, we mainly focus on two issues: the impact of corporate governance on management behavior and company performance and some conclusions are drawn. Impact of Corporate Governance on Management Behavior It is worthy of recognizing that there will be agency costs under the corporate governance, which is unable to eliminated but only reduced to minimum. These agency costs may be resulted partially from management slack somehow. Since this slack is unavoidable, ‘management behavior can be analyzed appropriately in accordance with the behavioral theory of the firm’. (Cyert R.M. March J.G., 1992; James M. Herbert S., 1958; Fox Merritt B., 1999) According to the framework of corporate governance, the objective function of managers ought to be consistent with the benefits of shareholders. They are expected to utilize existing facilities in the firm to implement as many promising new investing projects as possible and maximize positive net present value (NPV) of company’s cash flow. In obedience with the satisfaction of the owners, a great amount of management behaviors are influenced to make contributions to firm’s increasing growth. (Fox Merritt B., 1987) Some hot issues are to be discussed in the following. 2.1 Conflict of Interests To achieve goals of firms, like raising the value of corporation, management runs the firm as the agent of the owners. Usually, it is possible to lead to a conflict betwe