CEO
2000 11 2000 10 35-40
6 2003
7 60 2004 3 4
C O N T E N T S 2 4 31 47 57 63 70 72 91 117 137 156 172 174 201 217 225 232 234
2
4 300
5
6 4 1. 2 6800 1 1995 2 1994 8
7 5300
8 1. 1
9 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
1 0 10 24-30 10
1 1
1 2
1 3
1 4 1991 Cadbury Cadbury Cadbury 1997
1 5
1 6 1977 Cadbury
1 7
1 8
1 9 Contingency Monitoring & Review Primary Housekeeping 1. 2 primary contingency housekeeping monitoring review
20 COSO COSO COSO COSO
21 COSO 7 1997 10
22 Gulf Oil CRSA CRSA
23 10 14 50
24 Interbrand 62%
25 60%
26 IT 1000 300 DIY
27 Railtrack 10 1000 5
28
29 accountability responsibility Responsibility responsibility 3
30 500 450 700 500
31 100% 42% 49% 30 45% 20-25%
32 0. 2-0. 5% 0 N 20 N 1993 1995 1996 0. 2-0. 5% 0 perks 100% 100 100 1% 100 1 1% 0 100 1 13
33 5000 1000 1 50 1 30 8 8 2 3 FDI 11 12 40 R&D 40 20 20 1 1 1 10 20 N 8 1 2 2
34 3 FDI 11 N 1991 1992 29 800 3000 25 29 5 90 0 90 Entrenchment 3000
35 5! N 24
36 100 1 100 6 6 6 7 60 2 3 12-15% 8-10% 10% 1 8 1 8 1997 25% 21% 1 2 3 2 1 1 7 1 9 1 8 8. 5 9 3 3 3 3 2 1 3
37 N 2 3 3 1993 1970 1980 IBM CEO
38 100% 0 1977 Anti-Foreign Corruption Act FBI ABB CEO
39 20 1978 78% 1997 23% 10 10
40 80% 20 30 3 25
41 FBI 11 12 12 5
42
43 350 VCD VCD VCD DVD PDVD CEO
44 Fortune 500 40% GE
45 reputation 20 30
46 SEC 10% 10% 10%
47 19 19
48 free agency 50% 5 5 1989
49 1688 17 1983
50 1949 20 20 5
51 20 80 10% 90%
52 WTO WTO constitution negotiation WTO pre - bargaining cheap talk
53 6000 1000 25%
54 35% 60 99% 1 / 3 60% - 70% 70
55
56 35% 35% 10 100
57 90 100
58
59
60 32% 12 10 5 6 12 8 80 90 WTO
61 60% GDP 110% GDP 5% GDP 12% 100% GDP rent seeking rent creating
62
63 EMBA 800 1000 10000 5 1 2000 5 400 5
64 5 80 20 1993
65
66
67
68 1980
69!
70
72 100 20
73 100 20
74 25 20
76 50% * * Hansmann H. 1996 The ownership of Enterprise Belknap Harvard. 2001
77 60 70 70 80
78 1989 1989 50% 15 30 60 50 60
79 15 15 10 15
80
81 100
82! 5 19 100
83 10% 20% 10% 20% 1% 10% 10% 20% 20%
84 100
85 10 1
86 50% 1% 2%
87 30% 50% 51%
88
89 19 40 19
90 The Ownership of Enterprise stakeholders
91 1984 1998 2000 12 4000 1 9 3 6 28% 23% 40 14 1984 1984
92 1984 1984 1993 1993 1997 1998 1998 2000 84 1980
93 1993 1993 100% 36% 50%
94 50% 50% 110 1990 90 80% 90% 1999
95 1995 1996 1994 50% 5 7 148 745 50 304 304 50 10
96 148 591 130 88 70 21 430 676 57% 36% 16% 1997 12 386 16% 7. 3% 1997 29% 44% 1998 12 1998
97 50% 25 2000 12
98! 1998
99 1993 50% 50% 50%
1 00 3 4 2000 93. 2% 1990 1987 30% 50% 30%
1 01 7 4 50 800 800 19
1 02 1994 25% 30%
1 03 1988 1995 80 1980
1 04 50 50
1 05 50%
1 06 1992 1994 1989 1994 1984 20 11
1 07 65% 35% 100 20% 72. 8% 27. 2% 20
1 08 1988 1988
1 09
1 1 0 10% 1983 20
1 1 1 1980 1984 1000 100 900 1000 1000 1500 1500 300 1500
1 1 2 55% 55%
1 1 3 14 10 10 10
1 1 4
1 1 5 6 1 6 6 6000 6000 6000
1 1 6
1 1 7
1 1 8 team production 10 8%
1 1 9 20
1 20 1 1 1 1 70%
1 21 90 6 100 50% 300 50% 300 100 300 600 300 300 300
1 22 Anglo - Saxon 20% 27 30% 10% 35% 10% 2. 1 GDP GDP 1777 GDP 2700 GDP GDP GDP 100 GDP 39% 99. 5% 72% 17%
1 23 60 300 50 40 30 20 250 200 150 100 G D P 10 0 50 0 GDP 2. 1 GDP 10 60%
1 24 16% 16% 16% 96% 1. 6% 96% 4% 4%
1 25 30 30 30
1 26 concentrated ownership 10
1 27
1 28 relation - based
1 29 10% 90 1
1 30 90% 3% 3% 1% 1% 99%
1 31 50 51% 51% 10% 20% 51% 51% 51% tunneling 51% 10 20% 1 1%
1 32 10% - 20%
1 33 80 100 20 100 20 20 1986 1986 1998
1 34
1 35
1 36
1 37 20 10
1 38 6
1 39 1999 1995 1996
1 40 9 NPV 3 NPV 5% 3 5% 15% 3 100 1000
1 41 5 8 80 40 50 20 30 500 B A
1 42 2000 130% 30% 7. 5 1000 1. 3 7. 5 10
1 43 100%
1 44
1 45 GP 80% GP 99% GP
1 46 10 20 10 1 10 10 5000 5000 20% 1000 4000 CEO CXO CXO GE 1. 3 2000 1
1 47
1 48 B B B B B
1 49 B 8 VC 1200 386 30 80 60 386 1990 1992 1995 3
1 50 1985 1990 5 1995 2005 2010 1990 1990 10 15 40 1980 1985 45 1990 CPA. COM 5000 1 100 100 1990 50 80 1990 100 5 5 2005
1 51 5 8 2005 2010 WTO 5 8 3
1 52 5 5 3 5 5 8 8 15 5 4. 2
1 53 50% 10% 100% 70% 30% 30%
1 54 1200 67% 67% 500 1000
1 55 50% 100% 1000 1300 1000 500 smart money 1000
1 56
1 57
1 58 stakeholders
1 59 50% 1000 50% 400 200 homogeneous 1 10 1 10 10 1 1
1 60 internal politics 50% 10% 50% 8 WTO
1 61 10% 10% 10 10% 10 10
1 62 timing 1990 1991 1992 1993
1 63 10 Business Cost 10 10
1 64 1990 10 10 1995 1990 timing
1 65 1% 1% 200
1 66 MBO Management Buy Out 30%
1 67 6000 1000
1 68 INC. 500 500 4% 20% 1000 MBA
1 69
1 70
1 72
1 74 20
1 75 20 19 economics 19 80
1 76 19 70
1 77 1688
1 78
1 79
1 80 30
1 81 GDP
1 82
1 83 1688 300
1 84
1 85 5
1 86 7 7
1 87 1988 5% 17 18 18 80 18 1688 17
1 88 18 1990 100 10
1 89
1 90
1 91 1992 GDP 30% 40% 50% 60% 20%
1 92 50% 30 10% 70% 50% GDP 25%
1 93 50 rule of law rule by law 2% 2%
1 94 4% rule of law reputation reputation WTO Internet GDP 200
1 95 1900
1 96 50
1 97 2000 2 2
1 98 20% 10% 90% 100% 90%
1 99 20% 70% 50% 350
200 5
201
202 50 50 Network theory network 50 1970
203 13 1949 75% 15% 10% 50
204 network 30% 40% 98% 99% network 50
205 effective 10
206 1960 1961 1973 1980 1981 1981 1983 1984 1981
207 network theory 10 network 50% 100 18
208 50 network network
209 network network 1926 1927 5 network
21 0 30 5
21 1 network 70 25 90 25 23
21 2 40 50 40 CEO 50 8 11 club deals
21 3 50
21 4
21 5
21 6
21 7 24 1 10
21 8 Game is over 3 CEO 1000 5 2000
21 9 1 100 10 10 20 150 7. 5 100 150
220 copy 10 100 10 90 100-10 EVA 100 30% 400 20% 500 30 + 80 = 110 22%
221 EVA EVA A 30 30 10% 100 10% 20 100 10 EVA 20 60 10 5 7 15 18% 20% 1 2 2 3 2 3 1 8 5 8. 5 9. 5% 14% 15% 27% 23% 21% EVA EVA A EVA 3000 1000 A EVA EVA
222 4 EVA 100 100 200 15% 30
223 EVA 5 6 3 4 70% 10% 20% 0 1 1 0
224 MBA EMBA
225
226 10 10 15 5 5 15 10 10 15 5 5
227
228 10
229 20
230 OK OK
231 WTO WTO WTO
232
234 2002 2000 100 4. 1 2002 2000 23 58 24 83 51 68 84 100 5 100
235 90 2 / 3 1 / 3 1966 1976 10 150% 29% 10% 179% 1947 961 49. 3 1984 48992 49. 3 18. 4 35
236 500 1 / 3 22 80 Francis Fukuyama Trust The Social virtues and the Creation of Prosperity
237
238 CEO CEO 5
239 WTO 221 nation
240
241
242
243 Professional Management 100 2000
244 1905
245 3 3 10 MBA 100 MBA MBA MBA EM- BA MBA MBA MBA
246 22 9 MBA
247 10 100
248 1905
249
250
251 MBA
252 1000 70% - 80% 3000 8000 8000
253 Rothchild 8000
254 50% 6000 100 200 300 1 90 790 8000
255 30% 10% 8% 33% WTO WTO 1000
256 1400 30 physical capital human
257 21 100 1949 DNA