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Evolution of Corporate Governance Principles among U.S. Firms

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  • William Redmond

Abstract

This paper is about corporations and the principles by which they are guided. The focus is on conceptualization of control issues, and changes in such conceptualizations over time. Among individuals who are in a position to affect the overall direction of corporations, there are broadly shared views of the overall orientation that should be adopted. Such “conceptions of control” are a response to important contingencies in the firm's institutional environment. In the United States the most broadly shared conception of control currently is a particularly narrow one, focusing on financial measures of performance. This has not always been the case: conceptions of control are subject to evolutionary change over time. The paper traces such changes, evaluates the current situation and its relation to shareholders, and speculates as to the possibility of a future change in a more socially conscious direction.

Suggested Citation

  • William Redmond, 2010. "Evolution of Corporate Governance Principles among U.S. Firms," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(3), pages 615-627.
  • Handle: RePEc:mes:jeciss:v:44:y:2010:i:3:p:615-627
    DOI: 10.2753/JEI0021-3624440303
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    File URL: http://hdl.handle.net/10.2753/JEI0021-3624440303
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    Cited by:

    1. Ichiro Iwasaki, 2015. "Global Financial Crisis, Ownership Change, and Corporate Governance Evolution Firm-Level Evidence from Russia," KIER Working Papers 925, Kyoto University, Institute of Economic Research.
    2. M. Mulej & Lidija Hauptman & Jernej Belak, 2015. "Ethical Tax Corporate Governance of State-owned Enterprises," Systems Research and Behavioral Science, Wiley Blackwell, vol. 32(2), pages 183-189, March.

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