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Corporate governance is an active area of research and public debate. The recent generalization of 'shareholder value' ideas and institutional investment, the establishment of codes of best practice for boards of directors, and the controversy about whether market oriented or bank-relations oriented systems are better for economic performance provide cogent examples. The outcome of the debate is important for industrialized nations, developing countries, and transition economies. The volume takes stock of research in the topic, criticizes the standard agency view, and presents ideas and analysis about the role of competition, the political economy of corporate governance, the effects of different systems on growth and performance, the governance system by venture capital in the Silicon Valley, and human capital and control in the new corporation.

This volume summarizes the theoretical and empirical research on the topic of corporate governance.

정보제공 :

CONTENTS
Preface = ⅶ
Contributors = ⅷ
1 Corporate Governance : Does It Matter? / XAVIER VIVES = 1
  Ⅰ Introduction = 1
  Ⅱ An Overview of Corporate Governance Systems = 2
  Ⅲ The Agency Approach to Corporate Governance : Where Do We Stand? = 4
  Ⅳ Criticism of the Standard View = 9
  Ⅴ New Ideas and Results = 12
  Ⅵ Conclusion = 15
2 Corporate Governance and Competition / FRANKLIN ALLEN ; DOUGLAS GALE = 23
  Ⅰ Introduction = 23
  Ⅱ Different Concepts of the Firm = 25
  Ⅲ The Role of Competition = 56
  Ⅳ An Evolutionary Approach = 62
  Ⅴ Competition for Markets : A Parable = 67
  Ⅵ Concluding Remarks = 76
  Discussion = 84
    A Jorge Padilla = 84
    B Monika Schnitzer = 90
3 On the Economics and Politics of Corporate Finance and Corporate Control / MARTIN HELLWIG = 95
  Ⅰ Introduction = 95
  Ⅱ Corporate Finance and Corporate Control = 100
  Ⅲ Allocative Implications of Management Autonomy = 112
  Ⅳ The Politics of Corporate Control = 122
  Discussion = 134
    Andrei Shleifer = 134
4 How Do Financial Systems Affect Economic Performance? / WENDY CARLIN ; COLIN MAYER = 137
  Ⅰ Introduction = 137
  Ⅱ Financial and Corporate 53'stems and Economic Performance = 139
  Ⅲ Financial Development and Economic Growth = 144
  Ⅳ Financial Systems, Corporate Systems, and Types of Economic Activity : Theory = 147
  Ⅴ Financial Systems, Corporate Systems, and Types of Economic Activity : Empirical Evidence = 152
  Ⅵ Conclusions = 156
  Discussion = 160
    A Marco Betch = 160
    B Vicente Salas = 166
5 Information and Governance in the Silicon Valley Model / MASAHIKO AOKI = 169
  Ⅰ Stylized Factual Background = 171
  Ⅱ The Information Systemic Characteristic of the Silicon Valley Model = 175
  Ⅲ Governance of Innovation by Tournament = 184
  Ⅳ Further Institutional Ramifications of the Venture Capital Governance = 190
  Ⅴ Conclusions = 193
  Discussion = 196
    Miguel A. Garci' \accenti a-Cestona = 196
6 The Governance of the New Enterprise / RAGHURAM G. RAJAN ; LUIGI ZINGALES = 201
  Ⅰ How Firms Differ from Markets = 203
  Ⅱ The Traditional Corporation in the Time of Berle and Means = 207
  Ⅲ Changes and Cause of Changes = 210
  Ⅳ Power in a Human Capital Organization = 214
  Ⅴ Consequences for Enterprise Governance = 221
  Ⅵ Conclusions = 224
  Discussion = 227
    A Carmen Matutes = 227
    B Joan Enric Ricart = 229
Index = 233