Governance arbitrage – a permanent risk?


The purpose of corporate governance is synthesising a company’s abilities to identify, assess and take advantage of opportunities for profitable growth and sustainable development. Long-term shareholder value creation – compared to a vague stakeholder orientation – still seems the most suitable concept to guide corporate governance:

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Thinking in investment cases


Directing and controlling a company includes above all setting and attaining its objectives, i.e. aspirations and goals, and aligning or at least balancing the interests of the many stakeholders. Addressing ‘governance arbitrage’ here promotes the philosophy of understanding businesses as investment cases, which makes corporate governance more measurable:

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The ‘market-to-equity’ algorithm


When thinking about a suitable approach for creating value, the attractiveness of a market (including adjacent growth opportunities) – ideally a ‘limitless’ market (Kutcher et al. (2014)) – with its momentum seems critical to success. It is a different but valid notion of the commonly used phrase ‘You can’t beat the market.’:

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