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| Author: | Heinrich, R.P. |
| Title: | Corporate Governance - Die Bedeutung komplementarer Elemente für konsistente Reformen |
| Journal: | Weltwirtschaft
2001 : 4, p. 379-404 |
| Index terms: | CORPORATE GOVERNANCE COMPANIES COSTS COST CONTROL |
| Language: | ger |
| Abstract: | Corporate governance reform is currently on the agenda in the EU, the US, Japan and m emerging market economies in Eastern Europe and in Asia. The present paper looks at corporate governance systems as a means to minimize the sum of all costs which arise from agency conflicts at the top of the public corporation. Conflicts are governed through a variety of instruments, including pecuniary incentives, monitoring, the ownership structure, the capital structure, and intervention threats via hostile takeovers and bankruptcy. National corporate governance systems differ both in their underlying institutions and in the combinations of governance instruments employed at the firm level. The key to evaluating these systems lies m focusing on the interaction of governance instruments (original in German). |
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