Корпоративное управление

Магистратура 2020/2021

Статус: Курс по выбору (Финансы)

Направление: 38.04.08. Финансы и кредит

Кто читает: Департамент финансов

Где читается: Санкт-Петербургская школа экономики и менеджмента

Когда читается: 1-й курс, 3 модуль

Формат изучения: без онлайн-курса

Преподаватели: Муравьев Александр Александрович

Прогр. обучения: Финансы

Язык: английский

Кредиты: 4

Контактные часы: 32

Full Syllabus Ask Question

Abstract

General purpose of this course is students’ acquaintance with principles of Corporate Governance and understanding its importance for companies’ performance. It is aimed at the creation of competencies in the following fields: - Understanding CG principles; - Defining models of CG in different legal and economic systems; - Understanding the connections between CG, corporate finance, corporate performance; - Analysing the reporting; - Assessment of the CG efficiency; - Acquaintance with CG standards and best practices. Corporate Governance is a complex course, synthesizing knowledge and skills in various fields - from law to accountancy. Non-financial issues of CG are now a hot point in theory and practice and should be highlighted specially.

Learning Objectives

To make clear the principles of corporate governance (CG)
To provide tools for analysis of a company’s corporate governance system
To provide tools for analysis of a company’s corporate governance system
To develop the skills in analysis of CG relationship with companies’ performance
To acquire the knowledge of basic functions of CG, key financial and non-financial stakeholders, the role of financial and non-financial institutions in a company’s governance, key concepts of CG
To acquire the ability to analyze principles of decision-making, to determine the key interests of major stakeholders, to analyse the system of CG
To acquire the skills of matching CG decisions and a company’s strategy, alongside taking ethical and reasonable, data-driven CG decisions

Expected Learning Outcomes

Students should understand principles of corporate goals and strategy forming
Students should understand principles of corporate investment and financial decision-taking
Students should understand features of each model
Students should understand drivers of CG
Students should understand the relationship between ownership theories and corporate governance practices
Students should understand recognize stakeholders’ interests in corporate governance
Students should understand principles of board composition
Students should understand the relationship between management compensation and companies’ performance
Students should know best corporate governance practices

Course Contents

What is Corporate Governance?
Corporation as a legal entity Corporate investment and financing decisions Goals of the corporation Agency problems and corporate governance Principles of Corporate Governance
Models of Corporate Governance
Characterisitics of CG models Anglo-American Model Japanese Model German (continental) model Peculiarities of Russian CG model
Theories of Ownership and Government Cycles
Theories of ownership Ownership and principal-agent problem
Stakeholders and Stakeholders’ Maximization
Stakeholders Stakeholder theory Value-based management Ownership and principal-agent problem
The Role of the Board. Management compensation
Board composition Types of directors Management compensation types Board composition and CG efficiency
CG standards and practices
Best corporate governance practices Standards of corporate governance

Assessment Elements

Tests
Home Assignment I. Individual project. Analysis of CG system of a public company
Case Analysis
Home Assignment II. Evolution of CG model in a specific country
Exam
Activities in class

Interim Assessment

Interim assessment (3 module)
0.15 * Activities in class + 0.1 * Case Analysis + 0.4 * Exam + 0.15 * Home Assignment I. Individual project. Analysis of CG system of a public company + 0.1 * Home Assignment II. Evolution of CG model in a specific country + 0.1 * Tests

Bibliography

Recommended Core Bibliography

Monks, R. A. G., & Minow, N. (2011). Corporate Governance (Vol. 5th ed). Chichester, West Sussex, U.K.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=499656

Recommended Additional Bibliography

Erkens, D. H., Hung, M., & Matos, P. (2012). Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, (2), 389. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.corfin.v18y2012i2p389.411
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, (4), 305. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.jfinec.v3y1976i4p305.360
Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x

Course Syllabus