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Is There Hope for Change? The Evolution of Conceptions of 'Good' Corporate Governance
| Content Provider | Scilit |
|---|---|
| Author | Dallas, Lynne |
| Copyright Year | 2017 |
| Description | Journal: SSRN Electronic Journal This Article is about the evolution of conceptions of good corporate governance that have influenced corporate decision-making. These conceptions are reasoned, if often flawed, responses to complex macroeconomic forces, competitive conditions, regulations or the lack thereof, and other environmental factors. More importantly, they are reflections of the culture and the thinking of the time, influenced by the views of successful business leaders, the business press, and academics. This Article utilizes a broad definition of conceptions of “corporate governance.” It refers to managers’ views on proper corporate purposes, structures and strategies. It embraces managers’ perceptions of their environment and their ideals regarding such matters as their firm’s interactions with competitors, stakeholders, and the government. Thus, this approach broadens the use of the term “corporate governance” that arose in the context of agency theory in the late 1970s that centers on the relationship between managers and shareholders and focuses on managerial self-dealing. This narrow perception is reflected in the shareholder value maximization conception of corporate governance. Most legal scholars take the current triumph of the shareholder value maximization conception as a given, so entrenched that it is unlikely to change. As this Article shows, however, conceptions of “good” corporate governance change over time, and the beliefs and circumstances that produced the current round of corporate governance are waning, setting the state for far-reaching changes. This Article includes a comprehensive examination of the forces that produced the current era of corporate governance. It explains why they are unlikely to determine the next round of corporate governance, and proposes a new, emerging model better suited to the era on the horizon. |
| Related Links | https://digital.sandiego.edu/cgi/viewcontent.cgi?article=1025&context=sdlr https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3026266 |
| ISSN | 10914358 |
| e-ISSN | 15565068 |
| DOI | 10.2139/ssrn.3026266 |
| Journal | SSRN Electronic Journal |
| Language | English |
| Publisher | Elsevier BV |
| Publisher Date | 2017-01-01 |
| Access Restriction | Open |
| Subject Keyword | Journal: SSRN Electronic Journal Corporate Governance Corporate History Corporate Social Responsibility Shareholder Activism Shareholder Primacy Corporate Culture |
| Content Type | Text |
| Resource Type | Article |
| Subject | Public Health, Environmental and Occupational Health Psychiatry and Mental Health |
