The Emergence and Development of the Governance Problem

Ira M. Millstein and Paul W. MacAvoy

Chapter 3 in The Recurrent Crisis in Corporate Governance, 2003, pp 11-31 from Palgrave Macmillan

Abstract: Abstract Any discussion of faults in governance has to begin with an explanation of the corporation’s ultimate purpose: that is, the criteria by which the corporation’s performance and success are to be measured. Throughout its development the corporation has had one stated objective: ‘the conduct of business activities with a view toward enhancing corporate profit and shareholder gain’.1 While some have argued that employees, suppliers and communities deserve at least some of the residual, or ‘profit’, this has generally been rejected as being in conflict with the conceptual model and state law and judicial decisions.

Keywords: Corporate Governance; Institutional Investor; Independent Director; Audit Committee; Board Independence (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-4688-1_3

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DOI: 10.1057/9781403946881_3

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