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Human capital and the pluralistic governance of the modern firm: The emergence of flattened hierarchies at work

Author

Listed:
  • Virgile Chassagnon
  • Xavier Hollandts

Abstract

Recent organizational economics literature has shown that agency theory is wrong from a legal standpoint and suggests building a renewed approach to corporate governance in cognitive capitalism. This article invites a rethinking of internal governance within modern firms based on a strong specific human capital. We propose a theoretical framework based on several building blocks from a team production approach in order to exhibit an internal governance structure in firms based on human capital. The article complements the team production model of corporate governance by addressing theoretical and practical issues associated with the development of a legally supported modern internal governance structure, and it is in line with the functioning of firms, which is increasingly based on the pursuit of more democratic and pluralistic governance. JEL Codes : J50, L10, L20, M10, P12

Suggested Citation

  • Virgile Chassagnon & Xavier Hollandts, 2019. "Human capital and the pluralistic governance of the modern firm: The emergence of flattened hierarchies at work," Revue d'économie industrielle, De Boeck Université, vol. 0(4), pages 79-102.
    • Handle: RePEc:cai:reidbu:rei_168_0079
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    Keywords

    law and economics; governance; human capital; theory of the firm;
    All these keywords.

    JEL classification:

    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • P12 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Enterprises

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