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Corporations in Evolving Diversity: Cognition, Governance, and Institutions

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  • Aoki, Masahiko

    (Henri and Tomoye Takahashi Professor Emeritus, Senior Fellow of FSI and SIEPR, Stanford University)

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    Abstract

    The 2008-9 financial crisis demands we look anew at the role of corporations, and the working of financial markets around the world. In this challenging and insightful book, one of our most eminent economists provides a compelling new analysis of the corporate firm; the role of shareholders, managers and workers; and institutional governance structures. In recent decades the firm has predominantly been seen as an organization run and governed in the interests of shareholders, where management act as the agent of shareholders, and the workers simply as instruments for share-value maximization. This book reverses this viewpoint. It sees corporations as associational cognitive systems where 'cognitive actions' are distributed amongst managers and workers, with shareholders supplying 'cognitive tools' and monitoring their use in the systems. Aoki analyses the different relationships that can exist between shareholders, managers, and workers from this perspective, and identifies a range of different models of organizational architecture and associated governance structures. He also discusses ways in which corporations act as players in social, political, and organizational games, as well as global economic games; how these inter-related social dynamics may change particular, distinctive national structures into the diversity incorporated in the global corporate landscape; and how they now call for new roles for financial markets. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/management/9780199218530/toc.html

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    Bibliographic Info

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    This book is provided by Oxford University Press in its series OUP Catalogue with number 9780199218530 and published in 2010.

    ISBN: 9780199218530
    Order: http://ukcatalogue.oup.com/product/9780199218530.do
    Handle: RePEc:oxp:obooks:9780199218530

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    Cited by:
    1. Deakin, Simon, 2013. "The legal theory of finance: Implications for methodology and empirical research," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 338-342.
    2. Degli Antoni, Giacomo & Sacconi, Lorenzo, 2013. "Social responsibility, activism and boycotting in a firm–stakeholders network of games with players’ conformist preferences," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 45(C), pages 216-226.
    3. Masahiko Aoki & Geoffrey Rothwell, 2011. "Coordination Under Uncertain Conditions : An Analysis of the Fukushima Catastrophe," Governance Working Papers 23220, East Asian Bureau of Economic Research.
    4. Aoki, Masahiko, 2011. "Institutions as cognitive media between strategic interactions and individual beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 79(1-2), pages 20-34, June.
    5. Masahiko Aoki, 2011. "The Five-Phases of Economic Development and Institutional Evolution in China and Japan," Development Economics Working Papers 23196, East Asian Bureau of Economic Research.
    6. Kay Shimizu & Kenji E. Kushida, 2014. "Syncretism: Politics and Interest Groups in Japan’s Financial Reforms," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 11(4), pages 26-31, 01.
    7. Aoki, Masahiko, 2012. "Historical Sources of Institutional Trajectories in Economic Development: China, Japan, and Korea Compared," ADBI Working Papers 397, Asian Development Bank Institute.
    8. KAWAKAMI Atsushi & ASABA Shigeru, 2013. "How Does the Market Value Management Practices? Decomposition of intangible assets," Discussion papers 13044, Research Institute of Economy, Trade and Industry (RIETI).
    9. Masahiko Aoki & Geoffrey Rothwell, 2011. "Organizations under Large Uncertainty: An Analysis of the Fukushima Catastrophe," Discussion Papers 11-001, Stanford Institute for Economic Policy Research.
    10. Brousseau, Eric & Garrouste, Pierre & Raynaud, Emmanuel, 2011. "Institutional changes: Alternative theories and consequences for institutional design," Journal of Economic Behavior & Organization, Elsevier, vol. 79(1-2), pages 3-19, June.
    11. Mitsuyama, Nahoko & Mitomo, Hitoshi, 2012. "Diverse paths in improving broadband availability: Deductive inference from the perspective of neo-institutional economics," 19th ITS Biennial Conference, Bangkok 2012: Moving Forward with Future Technologies - Opening a Platform for All 72546, International Telecommunications Society (ITS).
    12. Deakin, S., 2011. "Legal Evolution: Integrating Economic and Systemic Approaches," ESRC Centre for Business Research - Working Papers wp424, ESRC Centre for Business Research.
    13. Aoki, Masahiko, 2012. "The Five-Phases of Economic Development and Institutional Evolution in China and Japan," ADBI Working Papers 340, Asian Development Bank Institute.
    14. Kiyotaki, Fumi & Miyakawa, Toshiji, 2012. "The choice of organizational form under intrafirm bargaining rules," Journal of the Japanese and International Economies, Elsevier, vol. 26(3), pages 369-392.

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