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Corporate Governance And The Public Interest

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  • Branston, J. Robert

    (Universities of Birmingham, Ferrara and Wisconsin-Milwaukee)

  • Cowling, Keith

    (Department of Economics, University of Warwick)

  • Sugden, Roger

    (Universities of Birmingham, Ferrara and Wisconsin-Milwaukee)

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    Abstract

    A theory of the firm based on strategic decision-making highlights governance as a central issue. Preferences vary over strategy but not all interests are currently being represented, resulting in a failure to govern in the public interest. As solutions, we consider the design of company law and also more immediate ways forward, focusing on regulation and democratically controlled public agencies, but stressing the fundamental significance of active, effective citizens. Throughout, the arguments are illustrated using examples from various countries and industries, including education, information technology, football and public utilities in Europe and the US.

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    File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/2008/twerp626.pdf
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    Bibliographic Info

    Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 626.

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    Length: 31 pages
    Date of creation: 2002
    Date of revision:
    Handle: RePEc:wrk:warwec:626

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    Related research

    Keywords: Governance ; Strategic Decisions ; Public Interest ; Democracy;

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    References

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    1. La Porta, Rafael & Lopez-de-Silanes, Florencio & Schleifer, Andrei & Vishny, Robert, 2001. "Investor Protection and Corporate Governance," Working Paper Series, Harvard University, John F. Kennedy School of Government rwp01-017, Harvard University, John F. Kennedy School of Government.
    2. Tirole, Jean, 1999. "Corporate Governance," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2086, C.E.P.R. Discussion Papers.
    3. Cowling, Keith & Sugden, Roger, 1998. "The Essence of the Modern Corporation: Markets, Strategic Decision-Making and the Theory of the Firm," The Manchester School of Economic & Social Studies, University of Manchester, University of Manchester, vol. 66(1), pages 59-86, January.
    4. Prowse, Stephen D., 1990. "Institutional investment patterns and corporate financial behavior in the United States and Japan," Journal of Financial Economics, Elsevier, Elsevier, vol. 27(1), pages 43-66, September.
    5. Yafeh, Yishay, 2000. "Corporate Governance in Japan: Past Performance and Future Prospects," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 16(2), pages 74-84, Summer.
    6. Jenkinson, Tim & Mayer, Colin, 1992. "The Assessment: Corporate Governance and Corporate Control," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 8(3), pages 1-10, Autumn.
    7. Kester, W Carl, 1992. "Industrial Groups as Systems of Contractual Governance," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 8(3), pages 24-44, Autumn.
    8. Elaine Sternberg, 1997. "The Defects of Stakeholder Theory," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 5(1), pages 3-10, 01.
    9. Becht, Marco & Roell, Ailsa, 1999. "Blockholdings in Europe:: An international comparison1," European Economic Review, Elsevier, Elsevier, vol. 43(4-6), pages 1049-1056, April.
    10. Bruno S. Frey & Alois Stutzer, 2000. "Happiness, Economy and Institutions," CESifo Working Paper Series 246, CESifo Group Munich.
    11. Schneider-Lenne, Ellen R, 1992. "Corporate Control in Germany," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 8(3), pages 11-23, Autumn.
    12. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, American Finance Association, vol. 52(2), pages 737-83, June.
    13. Franks, Julian & Mayer, Colin, 1996. "Hostile takeovers and the correction of managerial failure," Journal of Financial Economics, Elsevier, Elsevier, vol. 40(1), pages 163-181, January.
    14. Rydqvist, Kristian, 1992. "Dual-Class Shares: A Review," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 8(3), pages 45-57, Autumn.
    15. Cowling, Keith & Sugden, Roger, 1998. "Strategic Trade Policy Reconsidered: National Rivalry vs Free Trade vs International Cooperation," Kyklos, Wiley Blackwell, Wiley Blackwell, vol. 51(3), pages 339-57.
    16. Kenneth Scott, 1999. "Institutions of Corporate Governance," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, vol. 155(1), pages 3-, March.
    17. Franks, Julian & Mayer, Colin, 1998. "Bank control, takeovers and corporate governance in Germany," Journal of Banking & Finance, Elsevier, Elsevier, vol. 22(10-11), pages 1385-1403, October.
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