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Zu den offenen Fragen des Board Primacy Konzeptes in der oekonomischen Theorie der Corporate Governance

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  • Franck Egon

    ()
    (Institute for Strategy and Business Economics, University of Zurich)

Abstract

Der oekonomische Maistream propagiert die Shareholder Primacy in der Corporate Governance. Folgt man jedoch der inneroekonomisch vorgebrachten Kritik, laesst sich die Vorstellung einer Shareholder Primacy nachvollziehbar und so lange aufweichen, bis der uebrig gebliebene Rest ganz im Einklang zu der institutionellen Realitaet der Board Primacy in der Corporate Governance steht. Allerdings gelangt man zu einem unterbestimmten Board Primacy Konzept, in dem mehr darueber ausgesagt wird, was Board Primacy "nicht ist", als was sie "ist". Der Beitrag behandelt vor allem drei Fragen: Warum fuehrt die gaengige oekonomische Betrachtung zu einem unterbestimmten Board Primacy Konzept? Laesst bzw. wie laesst sich das beheben? Was folgt daraus fuer die oekonomische Theorie der Corporate Governance?

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Bibliographic Info

Paper provided by University of Zurich, Institute for Strategy and Business Economics (ISU) in its series Working Papers with number 0155.

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Length: 19 pages
Date of creation: Mar 2012
Date of revision:
Handle: RePEc:iso:wpaper:0155

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Keywords: Corporate Governance; Shareholder Primacy; Board Primacy; Treuhandpflichten; Business Judgement Rule; Fiduciary Duties;

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  1. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
  2. Raghuram G. Rajan & Luigi Zingales, 1998. "Power In A Theory Of The Firm," The Quarterly Journal of Economics, MIT Press, vol. 113(2), pages 387-432, May.
  3. Margit Osterloh & Bruno S. Frey, 2006. "Shareholders Should Welcome Knowledge Workers as Directors," IEW - Working Papers 283, Institute for Empirical Research in Economics - University of Zurich.
  4. Furubotn, Eirik G, 1988. "Codetermination and the Modern Theory of the Firm: A Property-Rights Analysis," The Journal of Business, University of Chicago Press, vol. 61(2), pages 165-81, April.
  5. Franck Egon, 2011. "Ist es an der Zeit, die Aktionärsrechte zu stärken?," Working Papers 0156, University of Zurich, Institute for Strategy and Business Economics (ISU).
  6. Fama, Eugene F & Jensen, Michael C, 1983. "Agency Problems and Residual Claims," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 327-49, June.
  7. Lessig, Lawrence, 1998. "The New Chicago School," The Journal of Legal Studies, University of Chicago Press, vol. 27(2), pages 661-91, June.
  8. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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