Abstract
The legal form of the Modern Corporation inherent in the practiced Corporate Law in the US and UK and Germany have established and codified a working relationship between Corporate key players such as Managers/Directors and Shareholders by taking the conflicts among these players into consideration. E.g., the so called-Agency Theory. This paper analyses the Corporate legal framework and systems of US and Germany on a comparable basis together with pros and cons of Agency theory in the context of Shareholder versus Stakeholder Capitalism. Some policy conclusions are drawn for emerging countries to embolden their corporate legal structure.
Keywords
Shareholder capitalism stakeholder capitalism corporate governance agency theory; stewardship theory; shareholder primacy model; director primacy model
References
- Aguilera, R.V., Filatotchev, I., Gospel, H., Jackson, G. (2008), An organizational approach to comparative corporate governance: Costs, contingencies, and complementarities. Organization Science, 19(3), 475-492. Aksu, Ö. A. (1988). Halka Açık Anonim Şirketlerde Yönetim ve Kontrol. İstanbul: Unpublished Professorial Thesis. Alchian, A., & Demsetz, H. (1972). Production, Information Costs, and Economic Organization. American Economic Review, 62. DOI: http://dx.doi.org/10.1109/ EMR.1975.4306431. Argyris, C. (1973). Organization Man: Rational and Self-actualizing. Public Administration Review, 33. DOI: http://dx.doi. org/10.2307/975115. Asher, C. C., Mahoney, J. M., & Mahoney, J. T. (2005). Towards a Property Rights Foundation for Stakeholder Theory of the Firm. Journal of Management and Governance, 9. DOI: http://dx.doi.org/10.1007/ s10997-005-1570-2. Becht, M., Bolton, P., Roell, A. (2005), Corporate Governance and Control. ECGI Working Paper Series in Finance No. 2/2002. Berglof, E., Thadden, E.L.V. (1999), The Changing Corporate Governance Paradigm: Implications for Transititon and Developing Countries. Stockholme Institute of Transitions Economics. Berle, A.A., Means, G.C. (1932), The Modern Corporation and Private Property [Electronic Resource]. New York: Macmillan. Blair, M.M. (1995), Ownership and Control: Rethinking Corporate Governance for the Twenty-First Century. Washington, DC: The Brookings Institution Press.
Abstract
References
- Aguilera, R.V., Filatotchev, I., Gospel, H., Jackson, G. (2008), An organizational approach to comparative corporate governance: Costs, contingencies, and complementarities. Organization Science, 19(3), 475-492. Aksu, Ö. A. (1988). Halka Açık Anonim Şirketlerde Yönetim ve Kontrol. İstanbul: Unpublished Professorial Thesis. Alchian, A., & Demsetz, H. (1972). Production, Information Costs, and Economic Organization. American Economic Review, 62. DOI: http://dx.doi.org/10.1109/ EMR.1975.4306431. Argyris, C. (1973). Organization Man: Rational and Self-actualizing. Public Administration Review, 33. DOI: http://dx.doi. org/10.2307/975115. Asher, C. C., Mahoney, J. M., & Mahoney, J. T. (2005). Towards a Property Rights Foundation for Stakeholder Theory of the Firm. Journal of Management and Governance, 9. DOI: http://dx.doi.org/10.1007/ s10997-005-1570-2. Becht, M., Bolton, P., Roell, A. (2005), Corporate Governance and Control. ECGI Working Paper Series in Finance No. 2/2002. Berglof, E., Thadden, E.L.V. (1999), The Changing Corporate Governance Paradigm: Implications for Transititon and Developing Countries. Stockholme Institute of Transitions Economics. Berle, A.A., Means, G.C. (1932), The Modern Corporation and Private Property [Electronic Resource]. New York: Macmillan. Blair, M.M. (1995), Ownership and Control: Rethinking Corporate Governance for the Twenty-First Century. Washington, DC: The Brookings Institution Press.
Details
| Primary Language | English |
|---|---|
| Journal Section | Diğer Yayınlar |
| Authors | |
| Publication Date | April 10, 2018 |
| Submission Date | January 1, 2018 |
| Published in Issue | Year 2017 Issue: 72 |
