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| Author: | Moore, M.T. Reberioux, A. |
| Title: | Revitalizing the institutional roots of Anglo-American corporate governance |
| Journal: | Economy and Society
2011 : FEB, VOL. 40:1, p. 84-111 |
| Index terms: | corporate governance stock markets efficiency agency theory work involvement law |
| Language: | eng |
| Abstract: | The topic of corporate governance (henceforth as: c-g.) has got an increasingly high-profile aspect of social-scientific scholarship during the last 30 years. According to the agency theory, the key problem of c-g. is the question of how to minimize the harmful consequences of the separation of ownership and control within public companies, first identified by Berle and Means (1932), by reference to competitive market pressures coupled with market-based incentive and disciplinary mechanisms. This article presents an alternative interpretation of the c-g. problem premised on the logic and language of institution rather than the market. This is argued to be both more empirically relevant and conceptually defensible compared to the dominant agency paradigm. This study relies on some fundamental and longstanding doctrines of Anglo-American corporate law and recent developments in the economic theory of the firm. |
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