Suchergebnisse

• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 38: Daewoo Group (South Korea, 1999)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …biggest accounting frauds in history. It predated Enron, WorldCom, Tyco, Parmalat and the other corporate scandals that more recently devastated… …confidence in U.S. and European markets. Thus, the tale of Daewoo could have served as one of the early warning signs of the massive corporate governance… …of profitability and cash flow. They passively followed the government’s administrative guidance for policy loans in corporate lending decisions… …“rags-to-riches” founder of Daewoo Group ended in a big corporate fraud scandal. Although the government prosecutor’s office released only scant details, it… …abandoned corporate ethics and circumvented the law, pushing Daewoo Group to bankruptcy. This damaged banks that lent money to Daewoo and caused a burden to… …state-oriented model towards a combination of a more shareholder-oriented and stakeholder-oriented corporate governance model. Most notably, at the time of… …Daewoo’s collapse, the term “corporate governance” simply did not exist in the Korean business vernacular. The mighty, family- controlled chaebols, which… …scandals only some years later. References: Joongi Kim: A Forensic Study of Daewoo’s Corporate Governance: Does Responsibility Lie Be- yond the…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 37: Siemens (Germany, 2006)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …governance, strong corporate responsibility and ethical behaviour. But the highly visible veneer of effective governance and a strong ethical corporate… …trated”. Siemens ended up paying USD 1.6 billion, the largest fine for bribery in modern corporate history. “The Siemens case is so shocking because… …how much Pierer knew and when. In the meantime, Pierer got under fire from corporate governance experts as well. Business administration professor… …independent auditor, the company wanted to give “a clear signal in the spirit of the best possible corporate governance”. In July 2007, a new CEO took over… …wrongdoing that brought shame to Corporate America. “One notable difference is that Enron essentially fell almost to ground zero,” said Thomas Donaldson… …typically tight on corporate controls,” Donaldson explained. “You have some dramatic failures of control in the Siemens case. Hundreds of millions of… …already reeling from recent corruption exposures. In particular, bribery revela- tions at Volkswagen had tainted the image of the country’s corporate… …in German Corporate Governance, www.upenn.edu (University of Pennsylvania), March 28, 2007 Two more arrests in Siemens probe, Times Online, March 29…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 12: Enron (2001)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …out as the poster child for corporate fraud. The crimes of Enron’s top executives resonated the most in the public mind, and the company’s name has… …become synonymous with corporate malfeasance. However, compared to other accounting frauds, the Enron fraud was very complicated; it involved many… …far-reaching, to say the least. It led to the bankruptcy of the once high-flying energy company in late 2001, marking one of the biggest corporate failures in… …Nebraska-based pipeline company. Kenneth Lay, who emerged as the top executive of the newly created firm, chose Houston, Texas, as its corporate headquarters. He… …hired a young McKinsey consultant named Jeffrey Skilling to assist in developing Enron’s corporate strategy. Skilling proposed a new and inno- vative… …, an Enron vice president of corporate development, wrote a letter to Kenneth Lay expressing concerns about the firm’s accounting. She described her… …put in place a system of corporate governance that was well respected and appreciated by the market. For example, it had a splendid board, composed of… …Enron’s top executives – principally Lay, Skilling and Fastow – created a corporate culture that fostered, if not encouraged, “rule breaking”. One former… …up short-term stock performance, and not to create medium- or long-term value. “Whistleblower” Sherron Watkins testified that Enron’s corporate… …Financial Disasters of our Time, 2nd edition, Berlin 2006, pp. 104–110 Peter, Henry / Maestretti, Massimiliano: Corporate Governance and Special Purpose…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 22: Symbol Technologies (2004)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Holtsville, New York-based com- pany was more fittingly viewed as a classic case study in accounting fraud. “This was a veritable playbook of corporate… …. He fostered an aggressive “numbers driven” corporate culture obsessed with meeting financial pro- jections. To boost the company’s stock price, he…

• Zeitschrift für Corporate Governance Ausgabe 01 2010

• Zeitschrift für Corporate Governance Ausgabe 02 2010

• Zeitschrift für Corporate Governance Ausgabe 03 2010

• Zeitschrift für Corporate Governance Ausgabe 04 2010

• Zeitschrift für Corporate Governance Ausgabe 05 2010

• Zeitschrift für Corporate Governance Ausgabe 06 2010