Эксоцман
на главную поиск contacts

Corporate Governance

Опубликовано на портале: 22-03-2007
Econometrica. 2001.  Vol. 69. No. 1. P. 1-35. 
Тематический раздел:
The paper first develops an economic analysis of the concept of shareholder value, describes its approach, and discusses some open questions. It emphasizes the relationship between pledgeable income, monitoring, and control rights using a unifying and simple framework. The paper then provides a first and preliminary analysis of the concept of the stakeholder society. It investigates whether the managerial incentives and the control structure described in the first part can be modified so as to promote the stakeholder society. It shows that the implementation of the stakeholder society strikes three rocks: dearth of pledgeable income, deadlocks in decision-making, and lack of clear mission for management. While it fares better than the stakeholder society on those three grounds, shareholder value generates biased decision-making; the paper analyzes the costs and benefits of various methods of protecting noncontrolling stakeholders: covenants, exit options, flat claims, enlarged fiduciary duty.

Ссылки
http://ideas.repec.org/a/ecm/emetrp/v69y2001i1p1-35.html
BiBTeX
RIS
Ключевые слова

См. также:
John Bennett, Elisabetta Iossa, Gabriella Legrenzi
Oxford Review of Economic Policy. 2003.  No. 19. P. 335-347. 
[Статья]
Masahiko Aoki, Gregory Jackson
Industrial and Corporate Change. 2008.  Vol. 17. No. 1. P. 1-27. 
[Статья]
Ruth Aguilera, Gregory Jackson
Academy Of Management Review. 2003.  Vol. 28. No. 3. P. 447-465. 
[Статья]
Виктория Владимировна Голикова, Татьяна Григорьевна Долгопятова, Борис Викторович Кузнецов, Юрий Вячеславович Симачев
[Книга]