Corporate governance in the wake of contemporary corporate collapses: Some agenda items for evaluators

Abstract

The number and scope of corporate collapses in recent times clearly illustrate that corporate accountability practices are failing to match the rhetoric of managers responsible for business probity. The malaise has continued even though regulatory enforcement is empowered by federal and state law and enforced by criminal penalties and civil sanctions. Research is now revealing that regulatory creativity may offer considerable potential for bringing about good corporate governance. New regulatory options are thus becoming increasingly sought after, especially given the inefficiencies of the current legal frameworks and the inadequacies of the traditional official line which suggests that the best response to malfeasance is (simply) more law. This paper reviews some current research agendas and evaluative findings. It sets out some evaluative questions that now need to be explored.