Corporate Governance forthcoming in The New Palgrave Dictionary of Economics and the Law

نویسنده

  • Luigi Zingales
چکیده

While some of the questions have been around since Berle and Means (1932), the term \corporate governance" did not exist in the English language until twenty years ago. In the last two decades, however, corporate governance issues have become important not only in the academic literature, but also in public policy debates. During this period, corporate governance has been identi ed with takeovers, nancial restructuring, and institutional investors' activism. But what exactly is corporate governance? Why is there a corporate governance \problem"? Why does Adam Smith's invisible hand not automatically provide a solution? What role do takeovers, nancial restructuring, and institutional investors play in a corporate governance system? In this essay I will try to provide a systematic answer to these questions, making explicit the essential link between corporate governance and the theory of the rm. My goal is to provide a common framework that helps analyze the results obtained in these two elds and

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تاریخ انتشار 2001