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Books > Business & Economics > Business & management > Management & management techniques
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Corporate Governance - A Global Perspective (Hardcover)
Loot Price: R4,300
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Corporate Governance - A Global Perspective (Hardcover)
Series: Advances in Financial Economics
Expected to ship within 12 - 17 working days
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Papers in this volume focus on corporate governance broadly defined
as the system of control that helps corporations 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 have become an integral part
of financial economics. Traditionally, organization 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 around the world to allocate decision authority to that
person or organization best able to perform a given task.
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