Local Repairs in Light of Global Ideals: Corporate Governance Reforms and Firm Ownership around the World

Jordan Otten and Marc van Essen ()
Additional contact information
Jordan Otten: Erasmus University Rotterdam (The Netherlands, Rotterdam) - EUR
Marc van Essen: University of St.Gallen (Switzerland, Saint Gallen) - HSG

Post-Print from HAL

Abstract: Agency theory's principal-agent corporate governance model has taken the fields of financial economics and management studies by storm since it was first introduced by Jensen and Meckling (1976). Its employment by scholars of both denominations has since then largely shaped the language that we employ to describe the modern corporation (Lubatkin, Lane, Collin, & Very, 2005). In fact, the large industrial corporation is primarily discussed, both in the business press and by security analysts, using such financial terms as "debts," "assets," and "cash flow" (Fligstein & Freeland, 1995). In turn, managers and owners of firms have largely begun to see their firms in exactly the same way (Useem, 1993). Firms in the United States and the United Kingdom are particularly evaluated according to a financial economics framework, and governed in light of a financially inspired view of the modern corporation (Fama, 1980; Fama & Jensen, 1983; Roe, 1994).

Keywords: Corporate; Governance (search for similar items in EconPapers)
Date: 2015-10-06
References: Add references at CitEc
Citations:

Published in Shareholder Empowerment: A New Era in Corporate Governance, Palgrave Macmillan, pp.297 - 321, 2015, 9781137376442. ⟨10.1057/9781137373939_13⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05690311

DOI: 10.1057/9781137373939_13

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().