A Study on Corporate Governance in the Construction Industry
| Autor: | Ying-Liang Wu, 吳英亮 |
|---|---|
| Rok vydání: | 2012 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 100 This work starts with the examination on the basic theory and legal system associated with corporate governance. Next, this work found that there is no denying a trend to incline to Anglo-American model under the pressure of globalization. However, this work found that many factors will influence the convergence process through comparative legal study. The dominant factor to the reform of corporate governance is not based on the consideration on efficiency only. Rather, the theory of path dependence indicates that each country has its unique governance culture, political and societal background. There is a trend to present inclination to Anglo-American model, however, the tension between convergence and persistence exists eventually. A comparative legal analysis on fiduciary duty is to be undertaken following the above discovery. It reveals that while a director’s duties under UK’s company law presents categorized clauses, precedents are complementary to the abstract legal clauses in the US. Still, the statute of Taiwan’s corporate business law remains in an abstract manner. The characteristic of corporate governance in the construction industry and the implication behind the corporate failure case then are presented. Another point of this work is an empirical study on construction industry. This work intends to develop core agenda to corporate governance for construction firms through exploring the annual reports of the top 100 worldwide construction firms posted in ENR 2010. It is revealed that a total of six issues including ownership structure, governance structure, governance ethics, information disclosure, sustainable development and stakeholder engagement constitute the core agenda to corporate governance. Based on the 100 construction firms and 39 publicly listed companies in Taiwan, a comparative analysis has been conducted on the enforcement of corporate governance through such core agenda. This work mainly found that the fact the insignificant degree of separation between ownership and control may be resulted in the lack of incentive to reducing agency cost through corporate governance. Thus, although a construction firm’s annual reports indicates that while the implementation to corporate governance is complied with its legal requirement, there still is room for better enhancement to the dimension of self-regulation. In the last, such core agenda with top level involvement will be implemented by management objective. This study further provides solid action plan to be adopted by the construction industry as reference. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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