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Corporate Design for Regulability. A Principal-Agent-Supervisor Model

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  • Christoph Engel

    ()
    (Max-Planck-Institute for Research on Collective Goods)

Abstract

Corporate actors differ from individuals in one important respect: technically, it may be possible to observe the formation of the corporate will from outside, and to impact on its formation. This feature can be exploited by regulators. One technology is inducing corporate actors to hire an interface actor, representing the regulatory cause at the interior of the firm. Regulators are corporate actors as well. Statutes usually do not fully determine their behaviour. Therefore, firms may induce the regulator to give an interface actor access to the regulatory arena. This interface actor has the task of representing the commercial cause in regulatory decision-making. The paper uses a principal-agent-supervisor model to analyse each of these cases separately, and to demonstrate how the reciprocal nature of the relationship may be exploited.

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File URL: http://www.coll.mpg.de/pdf_dat/2005_15online.pdf
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Bibliographic Info

Paper provided by Max Planck Institute for Research on Collective Goods in its series Working Paper Series of the Max Planck Institute for Research on Collective Goods with number 2005_15.

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Length: 29 pages
Date of creation: Sep 2005
Date of revision:
Handle: RePEc:mpg:wpaper:2005_15

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Related research

Keywords: principal-agent-supervisor; corporate actor; corporate governance; regulatory procedure; governance; interface actor;

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Cited by:
  1. Christoph Engel, 2006. "The Difficult Reception of Rigorous Descriptive Social Science in the Law," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2006_1, Max Planck Institute for Research on Collective Goods.

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