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1、bri75829_ch18.qxd9/5/0810:15AMPage562CorporateGovernanceCHAPTER18CHAPTEROUTLINEPubliclyTradedCorporationsCorporateFormofOrganizationStockExchangesStockOwnershipPatternsGovernanceObjectivesSeparationofOwnershipandControlIncentiveIssuesSurvivalofCorporat
2、ionsBene?tsofPubliclyTradedCorporationsTop-LevelArchitectureinU.S.CorporationsSourcesofDecisionRightsShareholdersBoardofDirectorsTopManagementExternalMonitorsInternationalCorporateGovernanceMarketForcesSarbanes-OxleyActof2002CorporateGovernance:AnHisto
3、ricalPerspectiveSummaryWebAppendix:ChoosingamongtheLegalFormsofOrganizationernard“Bernie”Ebbershadworkedasabouncer,milkman,highschoolbas-ketballcoach,andhoteloperator.HemetwithbusinesspartnersatacoffeeBshopinHattiesburg,Mississippi,in1983tosketchoutani
4、deaforalong-distancetelephonecompanyonthebackofanapkin.ThislegendarymeetingresultedintheformationofacompanynamedLDDS(LongDistanceDiscountSer-vice).Thecompanypurchasedlong-distancephoneservicesfromAT&Tusingvolumediscountsandresoldtheservicestosmallbusin
5、esses.Effectively,ittookadvantageofATT’spricediscriminationstrategy(seeChapter7).LDDSgrewveryrapidlythroughacquisitionsandmergers,changingitsnametoWorldComin1995.Its$40billionacquisitionofMCIin1998was,atthetime,thelargestmergerinhistory.By2000,WorldCom
6、hadbecomeaglobalcommunicationscompanywith$39billioninannualrevenues.bri75829_ch18.qxd9/5/0810:15AMPage563Chapter18CorporateGovernance563WorldComwasoneofthe“darlingsofWallStreet”duringthe1990swithitsstockreachingahighof$64.51inJune1999.CEOBernieEbbersow
7、ned27millionsharesvaluedat$1.2billioninMay2000.His500,000-acreranchinBritishColumbiawasthelargestworkingranchinCanada.Ebbers—withhiscowboyboots,colorfulback-ground,beard,andinformalstyle—wasafolkherowhoepitomizedthe“AmericanDream.”WorldCom’sgrowthstall
8、edwhentheDepartmentofJusticeblockedits$129billionacquisitionofSprintinJuly2000.ThestockpricefellprecipitouslyfromthatpointandbyJanuary2002wasbelow$10pershare.EbbersresignedasCEOinApril2002.InJune2002,WorldComannouncedthatithadunderstate
