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Varieties of governance

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  • Driver, Ciaran

Abstract

The reform of corporate governance is again on the agenda in the wake of Enron and excessive risk-taking by financial institutions. However, the search for new and better forms of governance often seems to lack guiding principles. A theory of corporate governance ought to emerge from a theory of the firm. Yet, the literature shows how this project is both difficult and far from complete. In this paper we review how existing theory provides a variety of arguments favouring either a shareholder or a stakeholder orientation. These arguments may depend on whether the prime objective for governance is improved current performance or a more long-term focus for firms. A brief review of recent US governance reforms is given as a backdrop to discussing more far-reaching proposals that have emerged in the recent literature; a greater role for institutional investors on the one hand or a return to managerial capitalism on the other.

Suggested Citation

  • Driver, Ciaran, 2007. "Varieties of governance," MPRA Paper 18398, University Library of Munich, Germany, revised 30 Jun 2008.
  • Handle: RePEc:pra:mprapa:18398
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    Keywords

    CORPORATE_GOVERNANCE SHAREHOLDER STAKEHOLDER INNOVATION;

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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