India: The tide rises gradually

Corporate Governance in Development: The Experiences of Brazil, Chile, India, and South Africa

Volumn 9789264106598, Issue , 2003, Pages 105-159

  Goswami, Omkar ^a  

^a Merrill Lynch   (United States)

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EID: 84917515001     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1787/9789264106598-en     Document Type: Chapter

References (4)

1. Goswami (1996) The Companies Act, 124-25.
2. Morris (1983). For national income estimates during the period 1900-47.
3. "The directors [managers] of such companies, however, being managers of other people's money than their own, it cannot well be expected that they should watch over it with the same anxious vigilance with which the partners in a private co-partnery frequently watch over their own... Negligence and profusion, therefore, must always prevail more or less in the management of the affairs of such a company" (Smith, 1776).
4. Goswami, et al. (1999). It is of course difficult to ascertain how much of this value destruction was due only to poor corporate governance, and how much also to these companies' inertia and historical inability to deal with increasing competition.