Journal ArticleDOI
Divergence or convergence: paradoxes in corporate governance?
TLDR
In this article, the authors compare the various dimensions in the finance literature pertaining to the Anglo-Saxon Model (Stockholder Model) prevalent in the USA and the UK with the German Model (Stakeholder model) of corporate governance prevalent in Germany and continental Europe.Abstract:
Purpose – This review paper aims to compare the various dimensions in the finance literature pertaining to the Anglo-Saxon Model (Stockholder Model) prevalent in the USA and the UK with the German Model (Stakeholder Model) of corporate governance prevalent in Germany and continental Europe. The present study identifies different strands of research on the various dimensions of these models, along with aspects of governance in emerging economies and the phenomenon of the convergence of these governance mechanisms. Design/methodology/approach – The literature review on corporate governance models has been carried out on the themes of internal and external governance mechanisms. The review considers agency theory along with principal–principal (PP) conflicts as the fundamental blocks explaining the need for governance structures. Findings – The traditional models of governance, along with the incorporation of PP conflicts, will result in a hybrid model inculcating the best of both the traditional models. How...read more
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Posted Content
The contingent governance of teams: analysis of institutional complementarity
TL;DR: In this paper, a model of governance structure, called the contingent governance, which can control the free-riding problem in teams in the second-best manner, is proposed.
Journal ArticleDOI
Sustainability and Convergence: The Future of Corporate Governance Systems?
TL;DR: In this paper, the authors describe the evolution of outsider and insider systems in the light of the increasing importance of sustainability in the board's decision-making and firm's operation to satisfy the needs of all the company's stakeholders.
Dissertation
Corporate governance and financial performance : a study of companies listed on the Johannesburg Stock Exchange
TL;DR: In this paper, the authors discuss the relationship between DeclLARATION and COPYRIGHT and ACKNOWLEDGEMENTs, and propose an approach to declare and copyrights.
Journal ArticleDOI
Board structure in listed firms: evidence from an emerging economy
TL;DR: In this paper, the determinants of board structure of listed firms at institutional, industry and firm levels within an emerging economy were analyzed at both the institutional and the firm level, including ownership patterns (family and non-family), experience in the capital markets, age and size of the firms.
Journal ArticleDOI
Foreign investors? The effects of the property structure and legal system as mechanisms of corporate governance in Brazilian regulated companies
Ruan Carlos dos Santos,Lidinei Éder Orso,Monica Cristina Rovaris Machado,Antonia Márcia Rodrigues Sousa +3 more
TL;DR: In this paper, the authors investigated the influence of the regulation on the legal attributions and the performance of the investors in the Brazilian stock market, as well as the control measures import by the regulatory agent the concessionaires of the Brazilian highways and transportation sector.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
Separation of ownership and control
Eugene F. Fama,Michael C. Jensen +1 more
TL;DR: The authors argue that the separation of decision and risk-bearing functions observed in large corporations is common to other organizations such as large professional partnerships, financial mutuals, and nonprofits. But they do not consider the role of decision agents in these organizations.
Posted Content
A Survey of Corporate Governance
TL;DR: The authors surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and presents a survey of the literature.
Journal ArticleDOI
Agency Theory: An Assessment and Review
TL;DR: In this article, the authors review agency theory, its contributions to organization theory, and the extant empirical work and develop testable propositions and conclude that agency theory offers unique insight into information systems, outcome uncertainty, incentives, and risk.
Journal ArticleDOI
A Survey of Corporate Governance
Andrei Shleifer,Robert W. Vishny +1 more
TL;DR: Corporate Governance as mentioned in this paper surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and shows that most advanced market economies have solved the problem of corporate governance at least reasonably well, in that they have assured the flows of enormous amounts of capital to firms, and actual repatriation of profits to the providers of finance.