Journal of Socio-Economics
Опубликовано на портале: 15-12-2002Patrick Raines, Charles G. Leathers Journal of Socio-Economics. 2000. Vol. 29. No. 4. P. 375-388.
The behavioral influences of large bureaucratic organizations that were noted by Schumpeter would seem to weigh heavily against the plausibility of the Schumpeterian hypothesis that large corporations are more powerful engines of technological innovations than small competitive firms. But those influences also offer clues about how cultural differences between the US and Japan resulted in large Japanese corporations in the later post-WWII era conforming closely to the Schumpeterian hypothesis.
Опубликовано на портале: 15-12-2002Peter C. Kostant Journal of Socio-Economics. 1999. Vol. 28. No. 3. P. 203-246.
Striking changes in the norms and practices of corporate governance have occurred since the 1980s. Corporate directors have become more independent and diligent and institutional investors have become more activist. If one applies Albert Hirschman's insights about the interactions of exit, voice and loyalty, it is found that over-reliance on exit as the remedy of choice of shareholders and educate managers effectively. After the wave of hostile takeovers, the extent of management failure became apparent and the increased power of voice was an important factor in accelerating changes in conduct and norms. The new Team Production Model is useful in describing how public corporations are increasingly being governed. The model helps to explain why corporate boards should function as independent arbitrators among the corporate constituents that have invested in the entity. Mechanisms to increase stakeholder voice and loyalty can help the board function effectively and may increase both efficiency and fairness. The role of corporate msel, as co-agent with corporate management, and having an independent fiduciary duty to the entity and not its management, is essential to assist the corporate board in meeting its obligations within the Team Production Model. Lawyers, as honest brokers with duties to the enterprise, can an important role in increasing stakeholder voice and loyalty.
Опубликовано на портале: 15-12-2002Elias L. Khalil Journal of Socio-Economics. 1999. Vol. 28. No. 2. P. 157-173.
Two kinds of order are distinguished: the order of the firm and other organizations, such as households and states, and the order of the market and other structures, such as networks and associations. The dichotomy parallels the difference between organisms and ecosystems. While both kinds are spontaneous, i.e., not artificial or designed by an external agency, they differ in one important aspect. While structures express efficient arrangement given the constraining variables, organizations involve political constitutions expressing coherent individuality whose nature is not premised on efficiency considerations. The dichotomy sheds light on the difference between market dynamics and organization development.