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Governance and Ownership: Theoretical Framework of Research

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  • Mike Franz Wahl

    (School of Economics and Business Administration, Tallinn University of Technology)

Abstract

This article reviews practical and theoretical aspects of ownership research and corporate governance in a historical view. Whom and what is a business for? The answer once seemed clear, but no longer. Jyrki Veranen (1996) argues that the governing of the company should be based on a model that allows the owners to control and support the management. Martin Hilb (2006) argues that ownership has been replaced by investment, and a companyís assets are increasingly found in its people. Ownership history and knowledge of relevant contextual factors help to frame the ìrightî questions to ask in our research efforts. An historical summary of ownership research is given. The term ìcorporate governanceî has come to mean many things; it involves various problems of asymmetric information and incomplete contracts that generate a need for public policy responses to mitigate market failures and ensuring that companies move towards ìgoodî corporate governance. It seems that all research on corporate governance is actually research on ownership. Ownership research needs delicate and sensitive information. This author is further developing a typology of capital company owners in Estonia, using cluster analysis.

Suggested Citation

  • Mike Franz Wahl, 2008. "Governance and Ownership: Theoretical Framework of Research," Working Papers 179, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    • Handle: RePEc:ttu:wpaper:179
    as

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    File URL: http://deepthought.ttu.ee/majandus/tekstid/TUTWPE_08_179.pdf
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    References listed on IDEAS

    as
    1. Simeon Djankov & Peter Murrell, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 739-792, September.
    2. Holderness, Clifford G. & Sheehan, Dennis P., 1988. "The role of majority shareholders in publicly held corporations : An exploratory analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 317-346, January.
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    More about this item

    Keywords

    corporate governance; ownership structure; history; classification; Estonia;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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