The Capital-Centered Model of Corporate Ownership
The article deals with the traditional model of corporate ownership, named “capital-centered”, which corresponds to the Anglo-Saxon model of corporate governance. The model is unfolded by reviewing the problems stemming from the separation of ownership and control in the corporate form in light of the main theoretical streams dealing with them, namely, 1) the transfer of control from owners to top managers highlighted by managerial theories; 2) conflicts between stakeholders and managers and their mitigation by the agency theory mechanisms for bringing the interests of the two groups, including the internal governance organs and external disciplining factors; and 3) raising firm efficiency by its managerial structure, internal organization, what transaction cost theory focuses upon. The traditional forms of control over a corporate enterprise are shown and in conclusion a summary of the model is made.
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Volume (Year): (2007)
Issue (Month): 1 ()
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- Williamson, Oliver E, 1981. "The Modern Corporation: Origins, Evolution, Attributes," Journal of Economic Literature, American Economic Association, vol. 19(4), pages 1537-68, December.
- 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.
- Marris, Robin & Mueller, Dennis C, 1980. "The Corporation, Competition, and the Invisible Hand," Journal of Economic Literature, American Economic Association, vol. 18(1), pages 32-63, March.
- Yarrow, G K, 1976. "On the Predictions of Managerial Theories of the Firm," Journal of Industrial Economics, Wiley Blackwell, vol. 24(4), pages 267-79, June.
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