... Good governance equals good business. Corporate governance is important for the economic health of corporations and the well being of society as a whole. Corporate governance in the UK and US is characterized by exceptionally high levels of external intervention through a number of forms. Firstly, the UK has an extremely high level of takeover activity. Franks and Mayer(1990) believe that there are twice as many takeovers in the UK than there are in France or Germany. While in Germany there have been only four cases of hostile takeovers since the second world war Jenkinson and Mayer(1993) reported that one quarter of takeovers of publicly listed targets in the UK since the 1970s have been hostile in nature. A hostile takeover is one that has been rejected by the management of the target bid. A high level of takeover activity results in a high level of executive changes. While this coincides with ...

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