Institutions of Corporate Governance
AbstractThe paper is intended to provide a broad overview of the field of corporate governance, and to integrate recent research. Corporate governance is viewed from the perspective of the agency costs involved in obtaining equity investment from minority outside stockholders in a firm controlled by others. Two mechanisms for bounding those agency costs are examined, primarily for the US, Germany and Japan: legal (fiduciary) duties imposed on those in control of the firm, and the exercise of stockholder voting rights. A tentative effort at evaluation of different governance systems concludes the paper.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 155 (1999)
Issue (Month): 1 (March)
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Web page: http://www.mohr.de/jite
Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany
Find related papers by JEL classification:
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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- Branston, J. Robert & Cowling, Keith & Sugden, Roger, 2002. "Corporate Governance And The Public Interest," The Warwick Economics Research Paper Series (TWERPS) 626, University of Warwick, Department of Economics.
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