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Why Does Corporate Governance Really Matter

Why Does Corporate Governance Really Matter

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Press Release on new book - Corporate Governance Matters
Press Release on new book - Corporate Governance Matters

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07/15/2011

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Why Does Corporate GovernanceReally Matter? New Book fromStanford Graduate School of BusinessShowcases Research into How BoardsCan Govern Better
Why Does Corporate Governance Really Matter? New Book from Stanford Graduate School of Business Showcases Research into How Boards Can Govern Better« Free Stanford GSB Corporate Governance edu
 May 19, 2011 01:47 PM Eastern Daylight Time
Corporate Governance Matters
by Professor David Larcker and Brian Tayan
STANFORD, Calif.
 – 
 
)
 –“The debate on the role of boards in the wake of the
financial c
risis has created a lot of hype and rhetoric about corporate governance,” says 
,who is James Irvin Miller Professor of Accounting and Director of the Corporate Governance Research Program at the Stanford Graduate School of Business and coauthor with
 of the new book  
 (FT Press). According toLarcker, many so-called experts are heavy on opinions about governance, but light on the facts.
“The fight for „say on pay‟ and proxy access has gotten a lot of ink – 
but it is unclear whether itwill actually create shareholder va
lue.”
 
“The FDA requires research on drug outcomes before approving a pharmaceutical,” he says.“Shouldn‟t experts that prescribe „cures for bad governance‟ be subject to a similar standard of review?”
 In their book, Larcker and Tayan, a researcher at Stanford GSB, challenge the conventionalwisdom of the many books, reports, and recommendations of blue-ribbon panels on what
constitutes “good” governance. The authors researched hundreds of companies and interviewed
many board directors to uncover the real-life consequences of corporate governance practices
 – 
 from director independence to designing appropriate executive pay packages.
“A lot of people want to measure what‟s measurable – 
 
we wanted to measure what‟sinformative,” says Tayan. “For example, certain
lightning-
rod issues, such as „excessive‟ risk 
taking and CEO compensation, get a lot of attention from outside observers, while important

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