Human capital and the pluralistic governance of the modern firm: The emergence of flattened hierarchies at work

Virgile Chassagnon and Xavier Hollandts

Revue d'économie industrielle, 2019, vol. n° 168, issue 4, 79-102

Abstract: Recent organizational economics literature has shown that agency theory is wrong from a legal standpoint and suggests building a renewed approach to corporate governance in cognitive capitalism. This article invites a rethinking of internal governance within modern firms based on a strong specific human capital. We propose a theoretical framework based on several building blocks from a team production approach in order to exhibit an internal governance structure in firms based on human capital. The article complements the team production model of corporate governance by addressing theoretical and practical issues associated with the development of a legally supported modern internal governance structure, and it is in line with the functioning of firms, which is increasingly based on the pursuit of more democratic and pluralistic governance. JEL Codes : J50, L10, L20, M10, P12

Keywords: law and economics; governance; human capital; theory of the firm (search for similar items in EconPapers)
JEL-codes: J50 L10 L20 M10 P12 (search for similar items in EconPapers)
Date: 2019
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