Varieties of Governance
AbstractThe reform of corporate governance is again on the agenda in the wake of Enron and excessive risk-taking by financial institutions. However, the search for new and better forms of governance often seems to lack guiding principles. A theory of corporate governance ought to emerge from a theory of the firm. Yet, the literature shows how this project is both difficult and far from complete. In this paper we review how existing theory provides a variety of arguments favouring either a shareholder or a stakeholder orientation. These arguments may depend on whether the prime objective for governance is improved current performance or a more long-term focus for firms. A brief review of recent US governance reforms is given as a backdrop to discussing more far-reaching proposals that have emerged in the recent literature; a greater role for institutional investors on the one hand or a return to managerial capitalism on the other. JEL Codes ? G30, G31, M14, D21, L2, L1.
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Bibliographic InfoArticle provided by De Boeck Université in its journal Recherches économiques de Louvain.
Volume (Year): 74 (2008)
Issue (Month): 4 ()
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Web page: http://www.cairn.info/revue-recherches-economiques-de-louvain.htm
corporate; governance; shareholder; stakeholder; innovation;
Other versions of this item:
- Driver, Ciaran, 2007. "Varieties of governance," MPRA Paper 18398, University Library of Munich, Germany, revised 30 Jun 2008.
- Ciaran DRIVER, 2008. "Varieties of Governance," Discussion Papers (REL - Recherches Economiques de Louvain) 2008041, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
- M14 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
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