A Relational Approach to Corporate Governance Design
Опубликовано на портале: 28-05-2008
2002
Тематический раздел:
The paper outlines a new pluralistic method for analyzing, assessing and improving
corporate governance structures in their traits relevant both for financial and for
human capital providers. The framework seeks to enlarge the rather universalistic
approach to governance structures ranking used in the economic (principal-agent)
approach, introducing sensitiveness to some relevant contingencies. Among the contingencies,
task complexity and innovativeness is supposed to matter, as well as the configuration
of motivations and preferences of capital providers which are supposed not to be
uniform but to be predictable in their main configurations. The framewok is design-oriented
and aimed at improving corporate governance configurations in a generative way, based
on the discovery of superior matches between the preferences of different cathegories
of capital providers over governance mechanisms (rather than focused, as usual, on
the comparative assessment of discrete realized models). The approach is relational
in two ways: it builds governance structures on pairwise analyses of effective matches
among preference configurations; it builds governance structures as nexuses of complementary
governance mechanisms (effective matches among mechanisms).
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