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Applied Financial Management - Essay Example

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Applied Financial Management Contents Contents 2 Introduction 3 Concept of corporate governance 3 Different system of corporate governance 5 Anglo American system of corporate governance 5 Insider system of corporate governance 6 Convergence of corporate governance 7 Views in favour of convergence 7 Views against the convergence 8 Conclusion 8 Reference 9 Introduction Enron, a leading company of United States, which rose tremendously during 1990s and was rated as the most innovative company by fortune magazine, filed for bankruptcy in 2001…
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Applied Financial Management
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Applied Financial Management

The financial statements provided a favourable picture of the organization which was not true as a result the trust of the shareholders was affected with the exposure of the accounting frauds and with the collapse of the company all the stakeholder of the company were hugely affected. Another major corporate collapse was the fall of HIH Insurance which also fell due to the non transparent financial statements. The fall of a company affects not only its members but to every stakeholders which includes the economy too. The two major collapses indicated the importance of the corporate governance. Every country follow one or the other system of corporate governance but with the increase of operation of companies in different countries, should the different system of corporate governance should be converged or not is a matter of question. In this project the concept of corporate governance including the different systems of corporate governance has been discussed. With the era of globalization were different companies are operating around the globe; the topic of convergence of the different system of corporate governance has also been discussed. ...
Corporate governance provides a basic structure to the organisation on how it should be operated. It contains the ethical standards which should be followed by the organisation. Corporate governance contains the process which the company follows, the customs and the policies which are adopted by the company. The corporate governance specifies the company’s accountability to the different stakeholders of the organisation. It establishes the relationship between the various stakeholders of the organisation. The stakeholders include the shareholders, suppliers, fund providers, customers, government and the society in which the business is operating. The stakeholders also include the internal members of the organisation like the management, board of directors, employees etc. Corporate governance is also related with the corporate social responsibility of the company. The corporate scandals and the collapse of the two different corporate giant as mentioned in the above part signified the importance of adequate corporate governance. Every person whose interest lies on the operation of the company, directly or indirectly, is associated with the corporate governance. This makes the employees of the organisation also a member of corporate governance as they receive salary and other benefits for working in the company. The other members associated with the corporate governance are board of directors, managers, other company officials, auditors, shareholders, customers, suppliers and lenders. All these members are affected by the financial performance of the company. The corporate governance directs the management on the internal and the external factors of the organisation. The internal factors range from the remuneration, power, process of internal control ... Read More
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