Competitive Processes and the Evolution of Governance Structures
AbstractCet article examine la concurrence entre des structures de gouvernance des entreprises. Il y est soulignÃ© quâ€™une panoplie de structures â€œconstitutionnellesâ€ peut Ãªtre observÃ©e dans le cadre marchand et que cette variÃ©tÃ© a servi des objectifs transactionnels importants sur un plan historique. Lâ€™article met en contraste les approches coasienne et autrichienne de lâ€™explication des structures de gouvernance. Nous examinons la tendance rÃ©cente du dÃ©placement de la propriÃ©tÃ© des entreprises vers les investisseurs par opposition aux arrangements coopÃ©ratifs et â€œmutuelsâ€. L â€™ a r gument a t ion sout i ent que lâ€™intervention Ã©tatique peut Ãªtre une explication importante des tendances rÃ©centes au Royaume Uni, notamment dans le domaine des institutions financiÃ¨res. Les suggestions selon lesquelles des modÃ¨les de gouvernance des entreprises par les â€œpartenairesâ€ devraient Ãªtre introduits Ã travers lâ€™intervention de lâ€™Etat ignorent Ã la fois les coÃ»ts de transaction et lâ€™importance dâ€™assurer lâ€™affectation du talent entrepreneurial en direction des ressources Ã©conomiques. This paper considers competition between governance arrangements for firms. It is argued that a variety of â€˜constitutionalâ€™ structures can be observed in the market and that historically this variety has served important transactional purposes. The Coasian and Austrian approaches to the explanation of governance arrangements are contrasted. Recent trends towards investor ownership of firms and away from co-operative and â€˜mutualâ€™ arrangements are considered. It is argued that government regulatory intervention may be an important explanation for recent trends in the UK, especially in the area of financial institutions. Suggestions that â€˜stakeholderâ€™ models of firm governance should be introduced through state intervention ignore considerations both of transactions costs and the importance of ensuring the allocation of entrepreneurial talent to the direction of economic resources.
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Bibliographic InfoArticle provided by De Gruyter in its journal Journal des Economistes et des Etudes Humaines.
Volume (Year): 10 (2000)
Issue (Month): 2 ()
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Web page: http://www.degruyter.com
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