Corporate Govenance: Limits to Globalisation

Shanti P. Chakravarty
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Shanti P. Chakravarty: School of Accounting, Banking, and Economics, University of Wales, Bangor, Gwynedd, UK

Homo Oeconomicus, 1998, vol. 15, 61-70

Abstract: Recent trends towards financial liberalisation have brought in their wake pressures for developing uniform rules of property rights, based on the idea of shareholder supremacy which informs company law in the USA and the UK, to protect investors against agency problems. Agency problems arise because of the separation of management from control in modern corporations. It is argued here that these problems cannot be completely resolved by adopting uniform rules for corporate governance. The failure to resolve the problem might define the limit to the global movement of finance capital.

Date: 1998
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