Corporate Governance - A Broader Perspective

Prashant Kumar
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Abstract

In this paper it is argued that the notion of market-based corporate governance approach should be broadened to include the problem of owner-controlled firms and large block-holders and should be generalized to a model of multilateral negotiations and influence-seeking among a number of different stakeholders. In practice such a model should incorporate checks and balances between various stakeholders and outside constraints and must take into account how the political and legal system of a country affects this balance. In fact, even if there is theoretical reason to believe that ownership with its incumbent benefits and costs belongs to equity, this view is not dominant in most economies outside United Kingdom and United States of America. The broader notion of corporate governance offers hope for understanding better the developing economies in particular - and other economies in general - where anonymous stock markets are not likely to promote the necessary entrepreneurial activity and corporate restructuring. It suggests that other mechanisms, such as product market competition, peer pressure, or labor market activity, may compensate for this weakness, or more realistically, may be more promising targets for legal or political reform than the stock market.
公司治理-一个更广阔的视角
本文认为,以市场为基础的公司治理方法的概念应扩大到包括所有者控制的公司和大股东的问题,并应推广到多边谈判和在许多不同的利益相关者之间寻求影响的模式。在实践中,这种模式应包括各利益相关者和外部约束之间的制衡,并必须考虑到一个国家的政治和法律制度如何影响这种平衡。事实上,即使有理论上的理由相信所有权及其现有的利益和成本属于公平,这种观点在联合王国和美利坚合众国以外的大多数经济体中并不占主导地位。更广泛的公司治理概念为更好地了解发展中经济体以及一般其他经济体提供了希望,在这些经济体中,匿名的股票市场不太可能促进必要的企业活动和公司重组。它表明,其他机制,如产品市场竞争、同行压力或劳动力市场活动,可能弥补这一弱点,或者更现实地说,可能比股票市场更有希望成为法律或政治改革的目标。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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