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Professor Thomas Clarke


Thomas Clarke is Professor of Management and Director of the Key University Research Centre for Corporate Governance at the University of Technology, Sydney. Formerly he was Chair of the Academic Board at UTS, and a member of the University Council. In the United Kingdom he was DBM Professor of Corporate Governance at Leeds Business School, and Professor of Management at China Europe International Business School (CEIBS) in Shanghai, a joint venture of the European Foundation for Management Development (EFMD) and Shanghai Jia Tong University. He has held Visiting Professorships at the University of Paris, Dauphine; and ESC Lille, France; University of Geneva, Switzerland; FGV Business School, Sao Paulo, Brazil; UAM Business School, Mexico City; and a Nuffield Foundation Visiting Research Fellowship at the University of Warwick.


In the UK he was a member of the Royal Society of Arts Tomorrow’s Company Inquiry into the sources of sustainable business success, drafting the original position paper for the Inquiry, and directing the national conference. At the OECD in Paris he participated in the review of the original OECD Principles of Corporate Governance. He was consultant to the board of PRS Ltd the intellectual property company for the British and international music business, and worked closely with the Institute of Directors in drafting and delivering the first Masters program in Company Direction.

Image of Thomas Clarke
Professor, Management Discipline Group
Director, KURC for Corporate Governance
Director, Centre for Corporate Governance
Core Member, Centre for Corporate Governance
BSocSc (Birm), MA (Warwick), PhD (Warwick)
+61 2 9514 3479
+61 2 9514 3602

Research Interests

In Australia he conducted an ARC funded national survey of The Changing Roles of Company Boards and Directors with the national law firm DibbsBarker, and completed a survey of Board Evaluation of leading ASX companies for the Australian Council of Superannuation Investors. Currently he is engaged in the EOWA national census of women in leadership surveying women board directors in the ASX 500. His research interests include international comparative corporate governance, corporate governance and innovation, governance and regulation of the financial institutions, corporate social responsibility and sustainability, and the development of the knowledge based economy.

Can supervise: Yes
Thomas has supervised many PhD students to completion in the UK and Australia, and often acts as a doctoral examiner for Australian universities and internationally. Currently he is supervising doctoral students in the fields of corporate governance in the resources sector; the legal reform of corporate governance; the governance and regulation of international resources corporations operating in Africa; and corporate policies and practices on sustainability.

Thomas teaches in the areas of MBA and EMBA corporate governance, corporate social responsibility and sustainability. He has extensive experience in international executive education in the areas of corporate governance, board and director development in the UK, France, Switzerland, China, Hong Kong, Singapore, Indonesia, Malaysia, Thailand, Brazil and Mexico.

Book Chapters

Clarke, T. & Branson, D. 2012, 'Corporate Governance an Emerging Discipline?' in Thomas Clarke and Douglas branson (eds), The SAGE Handbook of Corporate Governance, Sage, London and Los Angeles, pp. 1-35.
Clarke, T. 2012, 'Markets, Regulation and Governance: The Causes of the Global Financial Crisis' in Thomas Clarke and Douglas Branson (eds), Handbook of Corporate Governance, Sage, London and Los Angeles, pp. 533-555.
Clarke, T. 2011, 'Corporate governance causes of the global financial crisis' in William Sun (ed), Corporate Governance and the Global Financial Crisis, Cambridge University Press, UK, pp. 28-49.
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Over the last two decades there has been a notable increase in the number of corporate governance codes and principles, as well as a range of improvements in structures and mechanisms. Despite this, corporate governance failed to prevent a widespread default of fiduciary duties of corporate boards and managerial responsibilities in the finance industry, which contributed to the 2007++2010 global financial crisis. This book brings together leading scholars from North America, Europe, Asia-Pacific and the Middle East to provide fresh and critical analytical insights on the systemic failures of corporate governance linked to the global financial crisis. Contributors draw from a range of disciplines to demonstrate the severe limitations of the dominant corporate governance framework and its associated market-oriented approach. They provide suggestions on how the governance problems could be tackled to prevent or mitigate any future financial crisis and explore new directions for post-crisis corporate governance research and reforms.
Clarke, T. 2011, 'The Globalisation of Corporate Governance: Irresistible Markets Meet Immovable Institutions' in Alexander Brink (ed), Corporate Governance and Business Ethics, Springer, Dordrecht, pp. 3-30.
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This paper challenges whether a universal corporate governance system is practical, necessary or desirable. The increasingly recognized premium for governance is considered in the context of a globalizing economy. The implications of the deregulation of finance and the globalization of capital markets are examined, with a focus on the growth of equity markets and the dominant position of the Anglo-American stock exchanges. In the inevitable contest between the insider, relationship based, stakeholder oriented corporate governance system (as experienced in different forms in countries of Europe and the Asia Pacific) and the outsider, market-based, shareholder value oriented system (as practiced in the US, UK and other Anglo-American economies), it is often implied that the optimal model is the dispersed market-based ownership with shareholder foci for achieving competitiveness and enhancing any economy in a globalized world. The validity of this convergence thesis is debated in the paper, examining different theoretical arguments for and against the inevitability of convergence of corporate governance systems. Finally, the future direction of corporate governance trends is questioned, with the likelihood of greater complexity rather than uniformity emerging from current developments. While capital markets have acquired an apparently irresistible force in the world economy, it still appears that institutional complementarities at the national and regional level represent immovable governance objects.
Clarke, T. 2011, 'Corporate Governance and Reputation: A Disaster Story' in Ronald J. Burke, Canada, Graeme Martin, and Cary L. Cooper (eds), Corporate Reputation: Managing Opportunities and Challenges, Gower Publishing, Surrey, UK, pp. 267-280.
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It is often commented that it may take a company generations to acquire a solid corporate reputation and only seconds to lose it. One of the fastest ways to lose a corporate reputation is enduring a disaster in corporate governance. The scale and contagion of the recent global financial crisis has starkly confirmed this, however episodic crisis and frequent corporate governance failures have punctuated the development of the market system (Clarke 2007). There are many explanations for the recent sustained and intense interest in corporate governance including the growth of international capital markets, the scale of the multinationals, the increasing proportion of individual wealth held in securities with the development of vast investment institutions, and the dawning awareness that if these investments are to be secure there must be effective monitoring and higher standards of corporate governance.
Clarke, T. 2011, 'Human Capital in Developing Countries: The Significance of the Asian Experience' in Alan Burton-Jones and J.-C. Spender (eds), The Oxford Handbook of Human Capital, Oxford University Press, UK, pp. 618-646.
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The World Bank placed the advance or knowledge at the centre of the world economic development in their influential annual report 'Knowledge for Development' (1998). The emergence of economies based on the production, distribution and use of knowledge and information was charted by the OECD in their report 'The Knowledge-Based Economy' (1996). The determinants of the success of enterprises, and of national economies as a whole, are ever more reliant upon their effectiveness in gathering and utilizing knowledge. The development and sharing of knowledge is so rapid in the new economy that the OECD suggests that innovation has developed from a linear model to a more complex relationship-based model.
Clarke, T. 2010, 'Corporate governance and the Global Financial Crisis: The regulatory responses' in Tourani-Rad, A; Ingley, C (eds), Handbook on Emerging Issues in Corporate Governance, World Scientific Publishing, Singapore, pp. 71-102.
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The book highlights emerging topics in key areas of corporate governance with special emphasis on traditionally unexplored issues. It also aims to stimulate thinking and debate on vital aspects of practice and approaches to corporate governance. The topics covered in this book deal with timely subjects, written by eminent academics and renowned professionals with outstanding expertise in their respective fields, who bring to fore the latest theories and provide an up-to-date overview of the extant literature on each topic. More importantly, they draw readers attention to implications for future research and developments. The book not only contributes to the academic literature but also improves the decision making of regulators and investors. Aimed at advanced undergraduates and graduate students in business and management; investment professionals, policy makers, general business.
Clarke, T. 2010, 'The materiality of sustainability: Corporate social and environmental responsibility as instruments of strategic change?' in Moon, J; Orlitzky, M; Whelan, G (eds), Corporate Governance and Business Ethics, Edward Elgar Publishing Limited, Cheltenham, UK - Northampton, US, pp. 446-478.
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This important volume re-integrates corporate governance and business ethics which are too often treated as separate entities. The editors have selected seminal works which refocus on the ethical import of corporate governance foundations. This collection also traces recent ways in which the ethics of corporate governance have been articulated through reviews of practice, ethical re-evaluations, agency theory, the stakeholder concept, and comparative and international developments. It brings together a range of alternative perspectives and new directions in this vital and dynamic field. The authoritative volume will be an essential source of reference for students and scholars concerned with the power and responsibility of corporations.
Clarke, T. & Klettner, A.L. 2009, 'Implementing corporate social responsibility: A creative tension between regulation and corporate initiatives?' in Aras, G; Crowther, D (eds), Global Perspectives on Corporate Governance and CSR, Gower Publishing/Ashgate, Surrey, England, pp. 269-312.
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Clarke, T. & Chanlat, J. 2009, 'Introduction: A New World Disorder? The Recurring Crises in Anglo-American Corporate Governance and the Increasing Impact on European Economies and Institutions"' in Clarke, Thomas and Chanlat, Jean-Francois (eds), European Corporate Governance, Routledge, London, UK, pp. 1-42.
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The prolonged systemic crisis in international financial markets commencing in 2007/2008 was also a crisis in corporate governance and regulation. The most severe financial disaster sincethe Great Depression of the 1930s exposed the dangers of unregulated financial markets and nominal corporate governance. The crisis originated in Wall Street where de-regulation unleashed highly incentivized investment banks to flood world markets with toxic financial products.
Clarke, T. 2009, 'Challenging the inevitability of the globalisation of corporate governance' in Young, S (eds), Contemporary Issues in International Corporate Governance, Tilde University Press, Prahran, Victoria, pp. 207-224.
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There has never been a better time for an insightful look at international corporate governance. This rather timely, up-to-date and authoritative text is based on the latest regional and international research, with contributions coming from a hand-picked team of experts. This exciting edited text explores and analyses the issues, trends and challenges for corporate governance in the future as well as today. Key features: Contributions from eminent international governance scholars Addresses corporate governance issues that cross national boundaries Issues situated within the context of the 2008-2009 global financial crisis
Clarke, T. & Klettner, A.L. 2009, 'The development of corporate governance in Australia' in Jolly, A; Burmajster, A (eds), The Handbook of International Corporate Governance, Institute of Directors and Kogan Page, London and Philadelphia, pp. 334-345.
A well-established corporate governance framework should ensure that corporate boards effectively monitor managerial performance and achieve an equitable return for shareholders - reinforcing the values of fairness, transparency, accountability and responsibility. But new legislation - notably the Sarbanes-Oxley Act in the US, and the UK's Companies Act - means new duties and benchmarks for directors and senior managers, particularly for those with cross-jurisdictional responsibilities. With commentary from the World Bank, BP, 3i, PricewaterhouseCoopers and Watson Wyatt, "The Handbook of International Corporate Governance" looks at shareholder rights and directors' responsibilities, issues relating to control and disclosure, and the relevant legislation and codes of practice. There is a major section of the book that provides coverage of corporate governance practice for 21 separate jurisdictions, as well as five regional overviews, with each profile focusing on key areas such as the development of laws, models and codes; board structures; shareholder rights; disclosure and transparency; responsibility; directors; and, executive pay and performance.
Clarke, T. & dela Rama, M.J. 2008, 'Editors introduction: Fundamental dimensions and dilemmas of corporate governance' in Clarke, T; dela Rama, M (eds), Fundamentals of Corporate Governance (4-Volume Set), Sage Publications, London, UK, pp. xix-xl.
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Substantial introduction to 4 volume series describing the content of the 4 volume series.
Clarke, T. 2007, 'The materiality of sustainability: Corporate social and environmental responsibility as instruments of strategic change?' in Benn, S; Dunphy, D (eds), Corporate Governance and Sustainability: Challenges for Theory and Practice, Routledge, London, UK, pp. 219-251.
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In recent years, as corporations and governments have increasingly been confronted with managing the expectations of a society newly alerted to the social and environmental risks of economic development, recognition is dawning that achieving a sustainable world is dependent upon the democratic management and equitable distribution of these risks for now, and for the future. This book, the first to explore the themes of corporate governance and sustainability, argues that a better system of governance on a number of levels holds the key.
Clarke, T. & dela Rama, M.J. 2006, 'Editors' introduction - the governance of globalization' in Clarke, T; dela Rama, M (eds), Corporate Governance and Globalization, Sage Publications, London, UK, pp. xvii-xlii.
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Clarke, T. 2006, 'Privatising the world?' in Clarke, T; dela Rama, M (eds), Corporate Governance and Globalization, Sage Publications, London, UK, pp. 355-370.
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Clarke, T. 2005, 'General introduction' in Clarke, T (eds), Corporate Governance: Critical Perspectives on Business and Management, Routledge, London, UK, pp. 1-42.
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Clarke, T. 2004, 'The stakeholder corporation: a business philosophy for the information age' in Clarke, T (eds), Theories of Corporate Governance, Routledge, Oxon, pp. 189-201.
Clarke, T. & dela Rama, M.J. 2004, 'The impact of socially responsible investment upon corporate social responsibility' in Crowther, D; Rayman-Bacchus, L (eds), Perspectives on Corporate Social Responsibility, Ashgate Publishing, Adershot, pp. 161-185.
Clarke, T. 2004, 'Introduction: Theories of governance - reconceptualizing corporate governance theory after the Enron experience.' in Clarke, T (eds), Theories of Corporate Governance, Routledge, Oxon, pp. 1-30.
Clarke, T. 2002, 'Crisis and reform in corporate governance in Asia' in Haley U; Richter F-J (eds), Asian post-crisis management: corporate and governmental strategies for sustainable competitive advantage, Palgrave, Basingstoke, pp. 226-251.
Clarke, T. & Clegg, S.R. 2002, 'Future paradigms for public service' in Jun JS (ed), Rethinking Administrative Theory - the challenge of the new century, Praeger Publishers, Westport, pp. 171-186.


Clarke, T., Nielsen, B.B., Nielsen, S., Klettner, A.L. & Boersma, M. 2012, Australian Census of Women in Leadership, 1, Australian Government EOWA, Sydney, Australia.
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A research book commissioned by the Austrlan Government Equal Opportunity Agency. This work reports the results of the 2012 Australian Census of Women in Leadership. The survey includes an analysis of the ASX 500 companies boards and executives gender diversity; gender diversity in public sector boards; and comparison with international initiatives in gender diversity in leadership positions. The work provides a detailed analysis of a large data base, and analytical commentary of the results. There is an assessment of remaining obstacles to achieving greater diversity, and analysis of what is required to create a better pipeline for the development of women for leadership.
Clarke, T. 2007, International Corporate Governance: A Comparative Approach, 1, Routledge, London.
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Written by a leading name in the field of corporate governance from a genuinely international perspective, this book provides a balanced analysis of the relative strengths and weaknesses of the Anglo-Saxon, European and Asian traditions of corporate governance; offering a prognosis of the future development, complexity and diversity of corporate governance forms and systems. It: * investigates the reasons for the failure of Enron, WorldCom, Tyco, Parmalat and other major international corporations * examines the role of international standards of corporate governance, with the intervention of the OECD, World Bank and IMF * explores the continuing cultural diversity in corporate and institutional forms in the United States and UK, Europe and Asia Pacific.

Conference Papers

Clarke, T. 2007, 'Corporate Social Responsibility: The New Business Imperatives?', Financial Services Institute of Australasia (FINSIA) Public Summit, FINSIA, Sydney, August 2007 in 'Tip of the Iceberg? The Economics of Sustainability Risk Reporting, FINSIA Public Summit, Sydney, pp. 1-55.
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The Summit examined the economic impact of sustainability risk reporting on companies, investors and the Australian economy. Finsia will also release unique economic modelling conducted by Econtech. The keynote address was presented by Professor Tim Flannery, 2007 Australian of the Year, internationally acclaimed scientist, explorer and conservationist, Professor at Macquarie University, Chair of the Copenhagen Climate Council and author of 'The Weather Makers'. Other high profile speakers include: Mr Richard Gibbs, Chief Economist, Macquarie Bank; Senator Grant Chapman, Chair of the Parliamentary Joint Committee on Corporations and Financial Services; Senator Penny Wong, Shadow Minister for Corporate Governance & Responsibility; Mr Chris Murphy, Director, Econtech; and Professor Thomas Clarke, Director, UTS Centre for Corporate Governance.
Clarke, T. 2006, 'The globalisation of corporate governance? Irresistible markets meet immovable institutions', European Academy of Management Annual Conference 2006, Oslo, Norway, May 2006 in Energizing European Management! European Academy of Management Annual Conference 2006, ed Olaisen, J, EURAM, Brussels, Belgium, pp. 1-34.
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Clarke, T. 2006, 'The evolution of directors duties: bridging the divide between corporate governance and corporate social responsibility', European Academy of Management Annual Conference 2006, Oslo, Norway, May 2006 in Energizing European Management! European Academy of Management Annual Conference 2006, ed Olaisen, J, EURAM, Brussels, Belgium, pp. 1-40.
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Clarke, T. & dela Rama, M.J. 2004, 'Sustainable & Responsible Investment : Creating Knowledgeable Action', European Academy of Management Meeting, New Orleans, USA, August 2004 in -, ed -, -, -.
Clarke, T. 2003, 'Knowledge management and elearning', eLean International 2003 World Congress, Edinburgh, UK, February 2003 in Global Directions in eLearning: Assessing "Promising Practices" and the Future(s) of eLearning in Organizational Transformation, ed ---, eLearn International, Edinburgh, UK, pp. 1-26.
Clarke, T. 2002, 'The knowledge economy, knowledge-based business and knowledge management: examining the business models of the new economy', Not peer reviewed on full paper, Sydney, Australia, May 2002 in KM challenge 2002: advanced models of knowledge management - practical approaches for implementation, ed Timbrell G, Standards Australia International Ltd, Sydney, pp. 219-236.
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Journal Articles

Clarke, T. 2013, 'The advance of the MOOCs (massive open online courses): The impending globalisation of business education?', Education & Training, vol. 55, no. 4, pp. 403-413.
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Purpose + The purpose of this paper is to analyse the rapid development of the massive open online courses (MOOCs) and the implications for business education, to critically examine the educational and business models of the MOOCs, to assess their present scale and scalability, and to explore the responses of the universities to this challenge. Design/methodology/approach + The paper provides an analysis of the origins, structure and orientation of the MOOCs, assesses their future trajectory and compares this development with earlier waves of e-learning. Findings + The massive open online courses have considerable potential for growth with high quality products supported by leading universities. However they still need to resolve issues other e-learning organisations have faced including assessment, high drop out rates, and how to maintain viability. Research limitations/implications + The MOOCs remain at a developmental stage, and it is not yet apparent whether their growth trajectories will be as ambitious as anticipated. However they are a definite advance over earlier online learning systems, and are worthy of further research regarding their performance. Practical implications + The recent origin of the MOOCs involves an idealistic phase that is inspiring, but the question is will it last? Have the MOOCs the resilience to continue to develop as the universities have done over many decades? Further research will be required on this.
Klettner, A.L., Clarke, T. & Boersma, M. 2013, 'The impact of soft law on social change: Measurable objectives for achieving gender diversity on board of directors', Australian Journal of Corporate Law, vol. 28, pp. 148-176.
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In 2010 the Australian Securities Exchange's Principles of Corporate Governance were amended to include three new recommendations dealing with gender diversity in listed corporations. The recommendations suggest that companies implement a diversity policy, set measurable objectives for achieving gender diversity and measure the number of women at various levels of the organisation. This article examines companies+ early response to the amendments. It presents an empirical analysis of the disclosures made by ASX 200 companies in their 2011 annual reports. The article builds on and develops research carried out by the authors for the 2012 Australian Census of Women in Leadership which found that, although the number of women on corporate boards had increased since 2010, there was not a similar increase in women in senior executive teams. It presents evidence that there are positive changes being implemented in the majority of ASX 200 companies that should, over time, make a difference to the ability of women to reach positions of leadership. The Australian approach of encouraging change through organisation-wide policy improvements and targets will hopefully improve female representation along the length of the pipeline to leadership and not only at the top. The ASX policy was formulated in the context of an international debate regarding the relative benefits of quotas and targets in achieving gender diversity on boards. In major European countries mandatory quotas were adopted, while in Australia and other countries voluntary targets set. Quotas secure substantial change through compliance, while targets may encourage change through strategic initiatives. This research examines early evidence of the impact of both hard and soft law on social change
Clarke, T. 2013, 'Deconstructing the Mythology of Shareholder Value', Accounting, Economics and Law A Convivium, vol. 3, no. 1, pp. 15-42.
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This review article seeks to celebrate the deconstruction of the mythology of shareholder value inspired by Lynn Stout, and to dismantle the hegemony of agency theory, which originated the concepts of shareholder value and shareholder primacy. In order to offer a contextualized, historical critique of the intellectual forces that created agency theory and the concept of shareholder value, the analysis presents a broad consideration of the financialization of the Anglo-American corporation in the later decades of the twentieth century. It was in this period that the Anglo-American corporation was crudely transformed from being a wealth-creating vehicle for the wider community of stakeholders and whole economy, into a bundle of assets with the sole purpose of benefiting shareholder interests.
Clarke, T. 2013, 'The Future of Business Schools and Business Education: Internationalisation, Innovation and Engagement', Education & Training, vol. 55, no. 4/5, pp. 313-322.
The business schools and business education have come a long way in less than a century. From their beginnings in accounting, finance and management they have grown to rival in scale and scope the greatest disciplines including medicine and law. However, they have never truly resolved the doubts surrounding their purpose and role in the economy and society. Now faced with the more insistent and confronting challenges of globalisation and technological transformation, the questions regarding the identity, character and future of business schools and business education have never been more pressing. Recently many efforts have been made to illuminate these dilemmas in business education and to search for sustainable solutions (Hawawini, 2005; Global Foundation for Management Education (GFME), 2010; AACSB, 2010, 2011; Pettigrew and Hommel, 2013). This Special Issue of Education and Training makes an original and significant contribution to this essential and ongoing debate. - See more at: http://www.emeraldinsight.com.ezproxy.lib.uts.edu.au/journals.htm?issn=0040-0912&volume=55&issue=4&articleid=17090881&show=html#sthash.XiTC1oCE.dpuf
Clarke, T. 2013, 'Innovation, Finance and Governance - Investing in Long Term Innovation', Keeping Good Companies, vol. 65, no. 1, pp. 11-15.
There is a vital relationship between financial institutions, modes of financing and modes of industrial innovation and growth. This is a critical interface between finance and the real economy.
Klettner, A.L., Boersma, M. & Clarke, T. 2012, 'Women in Leadership', Keeping Good Companies, vol. 64, no. 11, pp. 648-654.
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Launching the 2012 Australian Census of Women in Leadership, the Governor General of Australia Quentin Bryce was able to announce a significant increase in the number of women on ASX 200 boards to 12.3 per cent of directorships, up from 8.4 per cent in 2002. Successive earlier Equal Opportunity for Women in the Workplace Agency (EOWA) censuses conducted over the ten years since 2002 had indicated no significant improvement in female board representation. However, now a breakthrough has occurred.
Klettner, A.L. & Clarke, T. 2011, 'Board Performance Evaluation Post-Financial Crisis', Keeping Good Companies, vol. 63, no. 4, pp. 200-206.
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Over the last ten years, the practice of conducting performance evaluations of boards of directors has become commonplace in large corporations. Not only is the process widely established but it is seen as an essential tool in achieving better board performance and effectiveness.
Klettner, A.L., Clarke, T. & Adams, M.A. 2010, 'Corporate governance reform: An empirical study of the changing roles and responsibilities of Australian boards and directors', Australian Journal of Corporate Law, vol. 24, pp. 148-176.
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This article draws together some of the legal and management literature relevant to the theory and design of qualitative empirical research in the field of corporate governance. It goes on to describe the methodology used by the authors in a project involving interviews with representatives of 67 Australian companies. One of the aims of the project was to examine the changing roles and responsibilities of company boards and directors following legal and regulatory reform.It is only through improving our knowledge of the day to day processes occurring in board rooms that we can really understand the complex relationship between the regulatory framework and the control of corporations in practice. Our evidence was that with regard to the Australian corporate governance framework, over-regulation is not as critical an issue as often suggested, instead the ++comply or explain++ mechanism is well understood and permits sufficient flexibility for companies to find an acceptable cost-benefit balance.
Clarke, T. 2010, 'Recurring crises in Anglo-American corporate governance', Contributions to Political Economy, vol. 29, no. 1, pp. 9-32.
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The prolonged systemic crisis in international financial markets commencing in 2007 was also a crisis in corporate governance and regulation. The apparent ascendancy of Anglo-American markets and governance institutions was profoundly questioned by the scale and contagion of the global financial crisis. Instead of risk being hedged, it had become inter-connected, international, and unknown. The market capitalisation of the stock markets of the world had peaked at $62 trillion at the end of 2007. By October 2008 they were in free fall, having lost $33 trillion, over half of their value, in 12 months of unrelenting financial and corporate failures. A debate has continued for some time about the costs and benefits of the financialisation of advanced industrial economies. The long progression of financial crises around the world served as a reminder that the system is neither self-regulating, nor robust. The explanation of why investment banks and other financial institutions took such spectacular risks with extremely leveraged positions on many securities and derivatives, and the risk management, governance, and ethical environment that allowed such conduct to take place demands detailed analysis.
Clarke, T. & Klettner, A.L. 2009, 'Regulatory responses to the global financial crisis - the next cycle of corporate governance reform?', Keeping Good Companies, vol. 61, no. 5, pp. 280-286.
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The causes of the global financial crisis are complex and multidimensional. A combination of factors including low interest rates, highly complex financial products, poor risk management and excessive incentive schemes contributed to the spectacular failure of many financial institutions, which in turn has damaged the wider international economy. The long-term policy response to deal with the crisis has focused on issues of transparency, disclosure, and risk management. The coordinated global effort to rebuild the financial system and restore economic growth has three essential dimensions: + containing the contagion and restoring market operations + coping with long-term systemic problems + aligning international regulation and oversight of financial institutions.
Clarke, T. 2009, 'The Global Financial Crisis and the Implications for Corporate Governance Regulation', Keeping Good Companies, vol. 61, no. 2, pp. 70-75.
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The prolonged systemic crisis In Internatlonal financial markets which commenced In mld 2007 and continues to develop, is also a crisis in corporate governance and regulation. The most severe financial disaster since the Great Depression has exposed the dangers of unregulated financial markets and nominal corporate governance. This financial crisis Is larger in scale than any crisis since the 1930s InvolVing losses estimated by the IMF In October 2008 as potentlalIy US$I,400 billion, eclipsing earlier crises in Asia, Japan and the US (see Figure 1).
Clarke, T. 2009, 'Guest Editorial: Computer Assisted Collaborative Learning: The New Generation of Simulations and Social Computing in the Business Curriculum', Education & Training, vol. 51, no. 5-6, pp. 337-342.
Guest editorial of journal on Web 2.0 technologies
Clarke, E. & Clarke, T. 2009, 'Born Digital? Pedagogy and computer assisted learning', Journal of Education and Training, vol. 51, no. 5/6, pp. 395-407.
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The purpose of this article is to examine the impact of the shift to a knowledge society, where information and communication technology (ICT) and the widening spread of internationally distributed information are creating a ++skill revolution+ , as O'Hara suggests, there is a widening culture mismatch between what members of the knowledge society need to succeed and what current systems of higher education are geared to offer and to adequately prepare people and communities to thrive in the global knowledge society.
Clarke, T. 2008, 'The business schools: 50 years on', Education & Training, vol. 50, no. 1, pp. 52-54.
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Purpose - This paper aims to offer a critique of the development of university business schools over the last 50 years and provide a perspective on the occasion of the 50th anniversary of the publication of the journal Education + Training. Design/methodology/approach - The approach is critical and reflexive, reviewing the historical growth of business schools and focusing on questions relating to their changing rationale. Findings - The main themes of the analysis are that despite the considerable growth of business schools, this is not an unqualified success story, since recurrent doubts have been expressed regarding the central purposes and objectives of advanced business education. Originality/value - The paper is of value as a critical and succinct summary of the vibrant but heavily contested growth of business schools.
Clarke, T. 2007, 'The evolution of directors duties bridging the divide between corporate governance and corporate social responsibility', Journal of General Management, vol. 32, no. 3, pp. 79-105.
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The evidence that large corporations are beginning to take social and environmental responsibilities more seriously is reviewed, drawing on international surveys carried out by KPMG and the Economist Intelligence Unit (EIU). The emergence of a dynamic stakeholder model that is driving enlightened shareholder value is noted. The challenge enterprises face in pursuing market opportunities while maintaining accountability is discussed and the way in which the duty to promote the success of the company is taking companies beyond simple compliance with the law is explored. A similar process is seen to be guiding investment solutions to address environmental, social and governance (ESG) issues in their policies and processes. The importance of corporate reporting of corporate social responsibility (CSR) is highlighted and the principles developed by the Global reporting Initiative (GRI) are outlined.
Klettner, A.L., Clarke, T. & Adams, M.A. 2007, 'Balancing Act - the Tightrope of Corporate Governance Reform', Keeping Good Companies, vol. 59, no. 11, pp. 648-653.
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Over the last five years, corporate governance has proved an insistent issue in the boardrooms of Australia. In March 2003, the Australian Stock Exchange (ASX) Corporate Governance Council launched its Principles of Good Corporate Governance and Best Practice Recommendations (the guidelines). The following year amendments to the Corporations Act 2001 came into force, designed to improve corporate accountability and auditing practices. In annual reports for 2004-2005, Australian corporations were asked to disclose more information about their corporate governance practices than ever before. This prompted a review of existing governance structures and procedures against those recommended or required by the new regulation.
Clarke, T. 2005, 'Accounting for Enron: shareholder value and stakeholder interests', Corporate Governance-An International Review, vol. 13, no. 5, pp. 598-612.
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The catastrophe caused by the failure of Enron could not compare with the damage this company would have caused if it had succeeded. The relentless emphasis on the importance of shareholder value in recent times has created the conditions for the disconn
Clarke, T. 2004, 'Cycles of Crisis and Regulation: the enduring agency and stewardship problems of corporate governance', Corporate Governance - An International Review, vol. 12, no. 2, pp. 153-161.
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Bell, M., Martin, G. & Clarke, T. 2004, 'Engaging in the future of e-learning: a scenarios-based approach', Education and Training, vol. 46, no. 6/7, pp. 296-307.
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Kenney, J.L., Hermens, A. & Clarke, T. 2004, 'The political economy of e-learning educational development: strategies, standardisation and scalability.', Education and Training, vol. 46, no. 6/7, pp. 370-379.
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Pitelis, C. & Clarke, T. 2004, '"Valuing" corporate governance: an introduction', Corporate Governance: An International Review, vol. 12, no. 2, pp. 125-128.
Martin, G., Massy, J. & Clarke, T. 2003, 'When absorptive capacity meets institutions and (e)learners: adopting, diffusing and exploiting e-learning in organizations', International Journal of Training and Development, vol. 7, no. 4, pp. 228-244.
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Clegg, S.R., Ibarra-Colado, E. & Clarke, T. 2001, 'Organization Studies Today: A Challenge for Management and Organization Studies in the Coming Century', Nankai Business Review, vol. 1, pp. 51-58.
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Clegg, S.R., Clarke, T. & Ibarra, E. 2001, 'Millennium management, changing paradigms and organization studies', Human Relations, vol. 54, no. 1, pp. 31-36.
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Many forms of knowledge may in practice enter management calculations. Many sites exist where they may be encountered: not only university courses but also popular books, training sessions, magazines, web-sites, the popular press, as well as the usual networks of sociability. There are many sites from which practical orientations might develop. The important point is that, in practical terms, university academics enjoy neither an exclusive nor a privileged role: they are not legislators of what is management knowledge but simply among its many interpreters (Bauman, 1987). For all intents and purposes, however, given the institutionalized norms of journal publication, many university academics continue to practise their craft as if they were legislators rather than particular interpreters. For others, the audiences in the lecture theatres and of the more popular journals and books, the craft of organization studies provides a set of popular recipes and tools that can serve as solutions to the problems of managing modern organizations, promoting a series of rules, representations, procedures and technologies of, and for, management thinking, rather than contingent scientific `proofs+.
Clarke, T. & Hermens, A. 2001, 'Corporate developments and strategic alliances in e-learning', Education and Training, vol. 43, no. 4, pp. 256-267.
Clarke, T. 2000, 'Haemorrhaging tigers: the power of international financial markets and the weaknesses of Asian modes of corporate governance', Corporate Governance: An International Review, vol. 8, no. 2, pp. 101-116.
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Clarke, T. 1998, 'The stakeholder corporation: A business philosophy for the information age', Long Range Planning, vol. 31, no. 2, pp. 182-194.
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Interest in stakeholder approaches to strategic management is growing around the world but at the sa me time top management's concern with shareholder value has never been greater, Managers in all kinds of firms are faced with the dilemma of how to satis
Clarke, T. 1984, 'Alternative modes of co-operative production', Economic and Industrial Democracy, vol. 5, no. 1, pp. 97-129.
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The growing self-management and producer co-operative literature tends to move from an idealized conception of the democratic possibilities of the market, through an analysis of the purely formal democratic structures of co-operative organizations, to a positivist analysis of the assumed changes in workers' attitudes towards the enterprise. This paper is devoted to showing the divergent possibilities for self-management and producer co-operatives at the economic level, organizational level, and in terms of workers' own expectations and experiences. At the level of the economy the plan versus market debate is considered; at the level of the organization stress is placed on the importance of changes in technology and the division of labour; the ambivalence revealed in self-managed enterprises towards trade unionism is examined; finally, with regard to workers involvement in self-managed organizations, the importance of participatory democracy is emphasized. In considering the range of co-operative philosophies, forms and activities, the possible directions of future co-operative development are presented.

Other research activity

Clarke, T. & Adams, M.A. 2004, 'The changing roles & responsibilities of company boards & directors', ARC Linkage Grant.
Clarke, T. & Adams, M.A. 2003, 'A review of corporate governance rating systems', ACNielsen.


Clarke, T. & Klettner, A.L. 2007, 'Tip of the Iceberg? Corporate Social Responsibility and Sustainability: The new business imperatives? An International Comparison', Financial Services Institute of Australasia (FINSIA), Sydney, Australia, pp. 1-52.
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A substantial increase in the range, significance and impact of corporate social and environmental initiatives in recent years suggests the growing materiality of sustainability. Once regarded as a concern of a few philanthropic individuals and companies, corporate social and environmental responsibility is becoming established in many corporations as a critical element of strategic direction, and one of the main drivers of business development, as well as an essential component of risk management. Corporate social and environmental responsibility (CSR) is rapidly moving from the margins to the mainstream of corporate activity, with greater recognition of a direct and inescapable relationship between corporate governance, corporate responsibility, business performance and sustainable business development.