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Books > Social sciences > Politics & government
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Corporate Governance and Finance (Hardcover)
Loot Price: R3,816
Discovery Miles 38 160
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Corporate Governance and Finance (Hardcover)
Series: Advances in Financial Economics
Expected to ship within 10 - 15 working days
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Papers in this volume focus upon corporate governance, broadly
defined as the system of controls that helps the corporation
effectively manage, administer and direct economic resources.
Questions of what and how to produce become equally important as
organizations strive to better serve demanding customers. As a
result, the design and control of effective organizations structure
has been described by the vertical and horizontal relationships
among the firm, its customers and suppliers. More recently,
researchers have come to understand that the efficiency of firms
depends upon the ability of participants to find effective means to
minimize the transaction costs of coordinating productive activity.
As financial economists have learned, resource allocation will be
efficient so long as transaction costs remain low and property
rights can be freely assigned and exchanged. An important problem
that must be addressed is the so-called agency problem resulting
from the natural conflict between owners and managers. Agency costs
are the explicit and implicit transaction costs necessary to
overcome the natural divergence of interest between agent managers
and principal stockholders. The value-maximizing organization
design minimizes unproductive conflict within the firm. Papers in
this volume show how corporate control mechanisms inside and
outside the firm have evolved to allocate decision authority to
that person or organization best able to perform a given task.
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