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SUMMARY:St Catharine’s Political Economy Seminar – ‘How corporate go
 vernance is central to economic policy’ Ciaran Driver - Ciaran Driver
DTSTART:20171025T170000Z
DTEND:20171025T183000Z
UID:TALK81801@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:*Date:* Wednesday 25 October 2017 \n*Time:* 18:00 -19:30\n*Spe
 aker:* Ciaran Driver\n*Talk Title:* 'How corporate governance is central t
 o economic policy’\n*Location:* Ramsden Room\, St Catharine's College\n\
 nhttps://www.politicaleconomy.group.cam.ac.uk/events/CiaranDriver2017\n\nT
 he next St Catharine's Political Economy Seminar in the series on the Econ
 omics of Austerity\, will be held on 25 October\, 2017 - Ciaran Driver wil
 l give a talk on ‘How corporate governance is central to economic policy
 ’. The seminar will be held in the Ramsden Room at St Catharine's Colleg
 e from 6.00-7.30 pm. All are welcome. The seminar series is supported by t
 he Cambridge Journal of Economics and the Economics and Policy Group at th
 e Cambridge Judge Business School.\n\n*Speaker:*\nCiaran Driver is Profess
 or of Economics in the School of Finance and Management at SOAS University
  of London. His research interests include capital investment\, industrial
  economics\, innovation and corporate governance on which he has published
  widely. He has held visiting posts at the Australian National University 
 and Stellenbosch University\, has had attachments to several global busine
 ss schools\, and has advised various national and international public bod
 ies. He co-authored with Paul Temple The Unbalanced Economy: a policy appr
 aisal\, Palgrave-Macmillan (2014) Beyond Shareholder Value (2013)\, with c
 olleagues at the TUC and NPI\; and he contributed a chapter on innovation 
 and finance to the Sage Handbook on Corporate Governance (2012). An edited
  compendium on corporate governance (with Grahame\nThompson) will be publi
 shed by OUP in 2018.  Recent journal articles deal with the effects of cor
 porate governance on R&D (Research Policy 2012)\; the economics of adverti
 sing (Journal of Economic Surveys 2015) and the perverse effects of high-p
 owered executive pay (Industrial and Corporate Change 2017). He is a Fello
 w of the Academy of Social Sciences and a Trustee of the New Economics Fou
 ndation. Full publications and further information can be found on Researc
 hgate: https://www.researchgate.net/profile/Ciaran_Driver\n\n*Talk Overvie
 w:*\nThis talk concerns the economic effects of corporate governance syste
 ms in advanced countries and how the design of governance interacts with e
 conomic policy. It starts off with a reprise of recent trends in corporate
  governance theory\, distinguishing the arguments for shareholder value (i
 ncluding agency theory)\, from critical stakeholder perspectives such as o
 rganization theory\; property rights approaches\; and externalities. The i
 mplications of the governance form for the economy are then discussed in t
 erms of forward commitments such as capital investments and R&D and the ti
 me-horizon over which these are assessed\; pay-out in the form of dividend
 s and buybacks\; and effects on labour and work commitment. The evidence f
 or corporate governance effects on macroeconomic performance is assessed w
 ith reference to country studies and the variety of capitalism literature.
  Changes to the corporate governance system are considered by discussing w
 hich particular problems of economic policy are responsive to chosen gover
 nance reforms\, ranging over: managerial approaches\; dual-class shares\; 
 engagement of investors\; and stakeholder representation.\n\nPlease contac
 t the seminar organisers Philip Arestis (pa267@cam.ac.uk) and Michael Kits
 on (mk24@cam.ac.uk) in the event of a query.\n
LOCATION:Ramsden Room
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