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• Colin Mayer

The paper examines interrelations between corporate governance, competition and performance. Traditional theories emphasise the importance of managerial incentives and disciplining in corporate governance, and how institutional arrangements affect financing. The paper argues that ownership and control, rather than incentives, disciplining and corporate finance, are the distinguishing features of different financial systems. The insider systems of Continental Europe and Japan may be superior at implementing policies which involve relations with stakeholders. Outsider, Anglo-American, systems may be more responsive to change. Concentration of ownership may be required to establish relations between stakeholders, and this may impede product market competition ...

Cet article examine les relations mutuelles entre modes de contrôle des entreprises, concurrence et performance de l’économie. Les théories traditionnelles soulignent l’importance des incitations et de la discipline dans la direction d’entreprise, ainsi que la manière dont les dispositifs institutionneles jouent sur le financement. L’étude soutient que ce sont la propriété et le contrôle, plutôt que les incitations, la discipline et la finance d’entreprise, qui distinguent les différents systèmes financiers. Les systèmes de financement d’Europe continentale et du Japon, qui reposent essentiellement sur le recours aux banques ou à d’autres investisseurs initiés, pourraient s’avérer plus efficaces dans la mise en place de politiques impliquant des relations avec l’ensemble des parties prenantes. De leur côté, les systèmes angloaméricains, ouverts sur les marchés, pourraient être plus réceptifs au changement. Une concentration de la propriété pourrait être nécessaire pour établir des relations entre les parties en présence, et cela pourrait faire obstacle à la concurrence sur les marchés de produits ...

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Paper provided by OECD Economics Department in its series OECD Economics Department Working Papers with number 164.

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Date of creation: 1996
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Handle: RePEc:oec:ecoaaa:164-en

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