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Competitive Processes and the Evolution of Governance Structures


  • Ricketts Martin

    (University of Buckingham)


Cet article examine la concurrence entre des structures de gouvernance des entreprises. Il y est souligné quune panoplie de structures constitutionnelles peut être observée dans le cadre marchand et que cette variété a servi des objectifs transactionnels importants sur un plan historique. Larticle met en contraste les approches coasienne et autrichienne de lexplication des structures de gouvernance. Nous examinons la tendance récente du déplacement de la propriété des entreprises vers les investisseurs par opposition aux arrangements coopératifs et mutuels. L a r gument a t ion sout i ent que lintervention étatique peut être une explication importante des tendances récentes au Royaume Uni, notamment dans le domaine des institutions financières. Les suggestions selon lesquelles des modèles de gouvernance des entreprises par les partenaires devraient être introduits à travers lintervention de lEtat ignorent à la fois les coûts de transaction et limportance dassurer laffectation du talent entrepreneurial en direction des ressources économiques.This paper considers competition between governance arrangements for firms. It is argued that a variety of constitutional structures can be observed in the market and that historically this variety has served important transactional purposes. The Coasian and Austrian approaches to the explanation of governance arrangements are contrasted. Recent trends towards investor ownership of firms and away from co-operative and mutual arrangements are considered. It is argued that government regulatory intervention may be an important explanation for recent trends in the UK, especially in the area of financial institutions. Suggestions that stakeholder models of firm governance should be introduced through state intervention ignore considerations both of transactions costs and the importance of ensuring the allocation of entrepreneurial talent to the direction of economic resources.

Suggested Citation

  • Ricketts Martin, 2000. "Competitive Processes and the Evolution of Governance Structures," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 10(2), pages 1-20, June.
  • Handle: RePEc:bpj:jeehcn:v:10:y:2000:i:2:n:1

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    References listed on IDEAS

    1. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211-211.
    2. Meade, James E, 1972. "The Theory of Labour-Managed Firms and of Profit Sharing," Economic Journal, Royal Economic Society, vol. 82(325), pages 402-428, Supplemen.
    3. Foss, Nicolai Juul, 1993. "Theories of the Firm: Contractual and Competence Perspectives," Journal of Evolutionary Economics, Springer, vol. 3(2), pages 127-144, May.
    4. Alfred D. Chandler, 1980. "The Growth of the Transnational Industrial Firm in the United States and the United Kingdom: A Comparative Analysis," Economic History Review, Economic History Society, vol. 33(3), pages 396-410, August.
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    Cited by:

    1. Martin Ricketts, 2010. "The Governance of Financial Transactions," Chapters,in: Macroeconomic Theory and its Failings, chapter 12 Edward Elgar Publishing.

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